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Complete Scam: Buterin is Loud and Clear on Bitcoin Cash

Vitalik Buterin’s stance on Bitcoin SV is only getting harsher. In the recent interview for the YouTube channel, Hardcore Crypto, Buterin slammed Craig Wright’s project and called it a complete scam.

“It’s obvious that BSV is a complete scam, but the delisting from Binance is interesting. There are arguments that are for and against it.”

When Changpeng Zhao decided to delist BSV, many crypto exchanges followed him almost instantly. The opinion that BSV is a complete scam is shared between many in the crypto community, but the worry about Binance’s centralization of power isn’t.

Binance is a way scarier threat than BSV, even if it turns out to be a complete scam

In reality, Binance presents a much bigger threat than BSV ever could. With Craig Wright’s obnoxious claims and questionable decisions, it’s only a matter of time before the currency hits the bottom.

Sure, BSV could hitch a ride on bitcoin’s back for a few rallies, but inevitably it will crash and burn. Many investors will probably burn with it, but that’s just how the market goes.

Binance however, has a longstanding history of extortionist policies from projects, as well as many other shenaningans.

Buterin clarified:

“They have consistently asked for unreasonable listing fees. They also pressure the win/lose outcome of coins by deciding their trading pairs. That’s why it’s weird to criticize the delisting while ignoring all the other decisions.”

A little over a month after the hash war ended, Buterin started throwing punches on BSV.

Buterin started warning people about Binance a while ago. He stated:

“I hope all centralized exchanges would burn in hell.”

At the time, people didn’t really realize the threat of centralized exchanges. Most people and even experts don’t currently either. Buterin mentioned that a large-scale success of centralized exchanges would render both Binance and BSV obsolete.

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Ian Karamanov

About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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Source: Complete Scam: Buterin is Loud and Clear on Bitcoin Cash

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Bitcoin Is The New Gold

I always write about this basic idea when it comes to any investing: which way is the market going, up or down?

If you know, you are in great shape; if you don’t, you should not be playing at all.

This is the question on bitcoin.

All last year I was saying, “It’s going down, hopefully to about $2,500.” It hit the low $3,000s.

Now bitcoin is going up and I will be saying “It’s going up.” I think it will hit $6,000 soon and go on to $10,000.

At $10,000 I will look to recalibrate.

For now the crypto winter is over.

Here is the chart:

The Bitcoin chart: the crypto winter is over

This is a simple chart with some guidelines and there is a clear pathway upwards.

There is apparently a lot of China interest in crypto right now, with tether selling at a premium. This makes sense if the market considers a yuan dollar depreciation on the cards. Tether has been shown to be resilient, even if it is still a controversial coin. It remains a good place to stash capital from short-term moves, be that from bitcoin volatility or ‘fiat’ privations.

Money flowing into stablecoins is going to lift bitcoin because fundamentally  money flowing into crypto is what sustains and raises prices.

Bitcoin and altcoins have to have positive money flow because they are “mined” and have their monetary bases expanded with every block. For bitcoin $9 million of new money must enter every day to match new supply. It’s not that straight forward because if miners hodl on to some or all of their bitcoin, less money needs to enter on a daily basis to prop up the price. In the end, however, supply and demand creates the price and for new supply to be matched at current levels, more than $3.3 billion dollars has to flow into bitcoin to make it go up.

That might seem a lot but it is not when you see the scale of modern markets. Gold production is $140 billion, so that’s the amount of fiat that most come into the system to keep its price around $1,300 an ounce.

Both assets have about the same emission as a percentage; the difference being the market cap of gold is about $5 trillion and bitcoin is $0.09 trillion.

Gold is the global asset to hedge against risk and investors are incredibly interested in it. It is a mainstream asset dwarfing equities and other assets in the mind of the man in the street as an “investment.”

Google searches for gold and Bitcoin in the US

Google searches for gold and bitcoin in the U.S.

Credit: Google

When you drill down into mindshare, when you look at interest in the financial news,  you can see what looks like bitcoin eating into the interest in gold, at least in the U.S.

If you look at the global picture this trend can’t be seen as clearly and when you appreciate global interest in gold is driven by countries with low tech penetration it suggests that as time passes, bitcoin and crypto will increasingly share the flight capital/risk asset crown with gold.

Google searches for gold and Bitcoin worldwide

Google searches for gold and bitcoin worldwide

Credit: Google

Even if bitcoin takes 20% of that market, bitcoin will be through its previous $20,000 high. That is without bitcoin continuing to be used for transactions or any other emergent use case or situation.

Bitcoin winter is over, the price is going up, the only question is how high. For now $6,000 is an easy target and $10,000 a coin this year is not such a hard target. I’m still accumulating.

Forbes Special Offer: Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

Clem Chambers is the CEO of private investors Web site ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide.

In November 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

 

Clem Chambers Clem Chambers Contributor

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer….

Intelligent Investing is a contributor page dedicated to the insights and ideas of Forbes Investor Team. Forbes Investor Team is comprised of thought leaders in the area…

Source: Bitcoin Is The New Gold

BSV Network Is Vulnerable To Double Spending

https://www.pivot.one/share/post/5c0f917bad59e77d3376e90c?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Here’s What to Do if You Had Bitcoin Cash on Top Crypto Exchanges Before the Fork – Justine Pope

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Amid all the confusion around the Bitcoin Cash hard fork, one of the biggest issues is dealing with coins that are left the cryptocurrency exchanges. Here’s how the top exchanges have handled the situation. As announced on their blog, Binance has distributed Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to their users, and has opened up trading for both pairs on its platform. Users who held Bitcoin Cash (ticker symbol BCC on Binance, BCH on others) on Binance were distributed 1 BCHABC and 1 BCHSV for each BCC on the exchange………….

Read more: https://www.cryptoglobe.com/latest/2018/11/here-s-what-to-do-if-you-had-bitcoin-cash-on-top-crypto-exchanges-before-the-fork/

 

 

 

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