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Here’s Where $800 Of Bitcoin Buys You $10,000 Cash

Researchers from cloud security-as-a-service provider Armor’s Threat Resistance Unit (TRU) have been taking a deep dive into a dozen dark markets and forums. Analysis of the data compiled from trawling these English and Russian-speaking criminal marketplaces has been published in the annual Armor Black Market Report. As well as the usual tracking of the prices for stolen credit cards, bank account credentials and Distributed Denial of Service (DDoS) for-hire operators, there was one surprising new trend: a Bitcoin to cash conversion scheme that offers criminal buyers the opportunity to buy cash for pennies on the dollar. Paying $800 (£647) in Bitcoin gets you $10,000 (£8,095) in cash.

The Black Market Report

The Armor Black Market Report is the result of researchers from the Armor TRU trawling through underground internet markets and criminal forums. These “dark markets” are notorious for selling just about anything that can be stolen online, from personal and financial data to illicit services such as articles of incorporation for creating shell companies, the distribution malicious spam and even hackers for hire who will scrub your credit history.

The TRU research team analyzed and compiled data from twelve dark markets and criminal forums visited between February and June 2019. It came as no surprise to me that they found cybercriminal after cybercriminal selling credentials for as yet “unhacked” Windows remote desktop (RDP) servers. These are often used by ransomware actors looking for an entry point into corporate networks. That these credentials were being sold for as little as $20 (£16) was unexpected though. The cost of entry, quite literally, to the ransomware threat sector has never been cheaper.

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Neither, for that matter, has the cost of cold, hard cash. The TRU researchers found that, partly to get noticed in a crowded market and partly to offset the risk of monetizing stolen banking and credit card accounts, entrepreneurial threat actors are selling cash for between 10 and 12 cents on the dollar. This isn’t, as you might have guessed, a case of criminal philanthropy.

Instead, it’s a method for criminals to offload the risk of monetizing stolen account credentials by transferring the funds available rather than taking possession of them. It’s still money laundering, and it’s illegal, but it puts the most significant weight of risk onto the buyer.

Here’s how the buy cash for Bitcoin scheme works

The seller offers bundles of cash in various amounts, from $2,500 (£2,020) to $10,000 (£8,095) in exchange for a pre-paid fee in Bitcoin. That fee varies between 10% and 12%. Which means that $10,000 of cold cash can be bought for $800 in Bitcoin.

The buyer makes the payment and then chooses how they would like to collect the cash. This can be a straightforward transfer of funds to a bank or PayPal account or wired via Western Union. As well as getting a significant return on their illicit investment, the purchaser no longer has to worry about monetizing online bank account or credit card credentials. It’s a turn-key service; there’s no risky logging into compromised accounts, no money mules to worry about, just the (totally illegal) collection of cash.

“For those scammers who don’t possess the technical skills and a robust money mule network to monetize online bank account or credit card credentials, this is an offer that can be very attractive,” Chris Hinkley, head of Armor’s TRU team said, “the threat actors are still selling financial account and credit card credentials outright, but this clever service gives them an additional channel for monetizing the large amounts of financial data available on the underground.”

Money mules served well by dark market documentation

One of the other interesting things to come out of this analysis was the fact that cybercriminals are selling articles of incorporation and sole proprietorship papers on the dark market. Not shocking, but interesting. While the cash for Bitcoin transactions gets rid of the money mule requirement, there are still plenty of people who adopt that role, and these papers are aimed at them. A money mule is someone who transfers stolen money between accounts in exchange for a fee of between 10% and 20% of the value. For a money mule to be successful, they need to open business bank accounts that don’t trigger fraud alerts on larger transfer volumes. To open these accounts, they need an Employer Identification Number (EIN) assigned by the U.S. Internal Revenue Service, and that’s where the documentation to create shell companies enters the equation. The documentation does not come cheap, however. Sole proprietorship papers complete with EIN were found on sale for $1,611 (£1,298), and Articles of Incorporation with EIN were $811 (£653).

Follow me on Twitter or LinkedIn. Check out my website.

I’m a three-decade veteran technology journalist and have been a contributing editor at PC Pro magazine since the first issue in 1994. A three-time winner of the BT Security Journalist of the Year award (2006, 2008, 2010) I was also fortunate enough to be named BT Technology Journalist of the Year in 1996 for a forward-looking feature in PC Pro called ‘Threats to the Internet.’ In 2011 I was honored with the Enigma Award for a lifetime contribution to IT security journalism. Contact me in confidence at davey@happygeek.com if you have a story to reveal or research to share

Source: Here’s Where $800 Of Bitcoin Buys You $10,000 Cash

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‘Extreme’ Bitcoin Warning Spooks Crypto Market

Bitcoin and cryptocurrency traders and investors are nervously watching prices after market sentiment appeared to take a turn for a worse, dropping to its lowest level since December 2018.

The bitcoin price has been hovering around $10,000 per bitcoin for a few weeks, with many hoping bitcoin was becoming a safe haven from turbulent markets.

Bitcoin and crypto investors are worried, however, with the Crypto Fear and Greed Index showing “extreme fear,” and earlier this week dropping to a 244-day low last seen when bitcoin crashed to around $3,000.

The fear index hit an all-time high in late June as excitement around Facebook’s plans for its bitcoin rival reached fever pitch but has since dived as regulators signal their dissatisfaction with the social media giant.

“The current regulatory roadblock on Facebook’s plans for its digital token has dimmed down investor sentiment for cryptocurrencies,” said Christel Quek, chief commercial officer at Bolt Global, a cryptocurrency wallet provider and entertainment company.

The fear index is currently showing a reading of 20, but earlier this week dropped as low as 11 after falling sharply throughout August.

Since the index hit its year-to-date lows, the bitcoin price has fallen a further 2%, while the overall cryptocurrency market has seen more than $30 billion wiped from it over the last week.

Meanwhile, the bitcoin price dropped below the psychological $10,000 per bitcoin mark this week, further worrying traders and investors.

Some in the bitcoin and cryptocurrency industry pointed out the wider cryptocurrency market has declined along with the bitcoin price.

“Bitcoin and major cryptocurrencies including litecoin, ethereum and Ripple’s XRP have declined [this week], weighed down by concerns of a slowing economy,” Quek added.

The fear index, created by website and software comparison company Alternative.me, calculates the index’s value daily on a scale of 0 to 100 using volatility, market volume, social media, survey, dominance, and trends. Zero means “extreme fear,” while 100 means “extreme greed.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: ‘Extreme’ Bitcoin Warning Spooks Crypto Market

Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

The Bitcoin price has been on a tremendous run in 2019, roughly tripling its price in U.S. dollars since the start of the year. That said, Morgan Creek Digital co-founder

Anthony Pompliano thinks the party is just getting started.Pompliano has predicted that the Bitcoin price will reach $100,000 by the end of 2021, and he was recently asked to explain his point of view during an interview with CNN’s Julia Chatterley.

Digital Gold and Loose Monetary Policy

In the past, Pompliano has described the trend towards loose monetary policy combined with Bitcoin’s upcoming halving event as the “perfect storm” for the rise of the digital asset. Pompliano explained this theory during his CNN interview.

“Whenever we get to a recessive period or kind of slowing growth, central banks have kind of two tools: They can cut interest rates, which they did yesterday, and they can print money (quantitative easing). And so, when they do both of those things, it usually takes anywhere between 6 to 18 months to feel the effect of those tools, and what it’s going to do is it’s going to coincide with the Bitcoin halving,” said Pompliano.

A halving event in Bitcoin is when the amount of Bitcoin that are generated by miners every ten minutes is cut in half. Bitcoin’s monetary policy was “set in stone” when the network went live back in 2009, and the scheduled issuance of new Bitcoin is halved roughly every four years.

Originally, 50 Bitcoin were created every ten minutes. Next year, the number of new Bitcoin created in each new block will drop from 12.5 to 6.25.

While gold has historically been viewed as a safe haven asset in times of monetary easing, Pompliano covered a couple of the benefits of Bitcoin over gold during his CNN interview.

“The difference is, between Bitcoin and gold, with Bitcoin, we know exactly how many is getting created, so 1,800 Bitcoin are going to be created today. The second thing is we know the total supply available, which is 21 million. So, it’s not: Hey I wonder how much is in the ground. We know exactly how much it is, and we can actually go and audit or verify the software code of the system,” said Pompliano.

Pompliano is Not Alone

It should be noted that, back in 2017, Pompliano also predicted a $100,000 Bitcoin price by 2019. However, he’s not exactly alone with his latest forecast for 2021.

Pantera CEO Dan Morehead has said there’s a “good shot” the Bitcoin price will hit $42,000 by the end of 2019, and the data used as the basis for his prediction is even more bullish than Pompliano’s $100,000 price point.

Additionally, Tetras Capital’s Brendan Bernstein gave an in-depth presentation on the macroeconomic factors that could lead to a higher Bitcoin price in the coming years at the Bitcoin 2019 conference, and just last week, digital asset research firm Delphi Digital released a report covering Bitcoin’s utility as “digital gold” in the context of more dovish monetary policies from central banks and the possibility of an upcoming recission.

In addition to the macroeconomic trends that could help Bitcoin thrive, some members of the Bitcoin industry have pointed out that Facebook’s Libra cryptocurrency project could benefit Bitcoin in a roundabout way. President Trump has also inadvertently illustrated the utility of a permissionless, apolitical money like Bitcoin.

On top of all that, members of Congress are realizing they wouldn’t be able to ban Bitcoin in a situation where they wanted to implement such a policy.

Follow me on Twitter. Check out my website.

I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space — from being editor-in-chief at Inside Bitcoins to contributing to Bitcoin Magazine on a regular basis. My work has also been featured in Business Insider, VICE Motherboard, and many other financial and tech media outlets. I’m mostly interested in the use of Bitcoin for transactions that would be censored by the traditional financial system (think darknet markets and ransomware) in addition to the use of bitcoin as an unseizable, digital store of value. Altcoins, appcoins, and ICOs don’t make much sense to me. Find all of my work at kyletorpey.com. Disclosure: I hold some bitcoin.

Source: Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

A Stark Prediction For The Future Of Bitcoin, ETH, XRP, And LTC

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Bitcoin, ETH, XRP, and LTC prices, will be on a roller coaster for a long time. Traders and investors will make and lose fortunes in record time, betting on them. In the end, say some analysts, these cryptocurrencies will either die on their own, or be killed by the ‘establishment’ — big governments and big banks around the world that defend sovereign currencies.

Take the case for Bitcoin.

The “people’s currency” holds a great promise: to become the first true global currency, free of the control of central banks that print money and big banks that generate credit.  But to do that, Bitcoin must gain the trust of the “general public.“ This means it must be adopted as a medium of exchange, standard of value, and store of value, replacing national currencies.That isn’t easy, given the many obstacles Bitcoin has to overcome. Like lack of awareness, familiarity, and stability, etc. And that makes some experts bearish about the future of Bitcoin.

Bitcoin Price YTD

Bitcoin Price YTD

Lars Seier Christensen, Chairman of Concordium, the next-generation decentralized world computer, is one of them. “In the longer term, I am bearish on bitcoin as I believe it does not have the necessary characteristics of a longer-term valuable asset and, eventually, that reality will catch up” says Christensen.“But in the short term, price movements will likely be random as Bitcoin is affected by low liquidity and unpredictable bigger trades.”

Unpredictability will make it hard for Bitcoin to gain broad adoption as a medium of exchange. And without broad adoption, Bitcoin will remain a play for speculators and true believers, and eventually die on its own.

But even if Bitcoin overcomes all these obstacles and gains broad adoption by the general public, and was in a position to replace national currencies — ie, become the new currency — what would happen then?

Bears argue that the “establishment” cannot afford to let that happen.

For a couple of reasons, including  the loss of Seigniorage” — simply put, the profit made by the national governments by printing currency. Then there’s the profit made by banks helping circulate that money and create credit.

The establishment will do whatever it takes to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.

Recent Congressional hearings on Libra attests to the determination of the establishment to protect the dollar from competing cryptocurrencies. In a rare display of unity, Democrats and Republicans opposed Libra, and had many unkind words for Bitcoin.

“Cryptocurrencies that are ONLY there as a currency substitute, however, have no real long-term future,” says Christensen.“They will be outlawed by governments wanting to control the money supply and taxation, and in any case, cryptocurrencies have no intrinsic long-term value of significance. Hence, Bitcoin will only survive as a fringe activity.”

Not everyone agrees with this gloomy assessment, however. Dave Hodgson, Director and Co-Founder of NEM Ventures, is one of them.

“In my opinion, Bitcoin will never die nor be killed by the establishment, despite some people’s efforts to the contrary,” says Hodgson. “The recent drop we have seen in Bitcoin is within the boundaries of what our analysts were expecting from technical analysis. However, the timescale has been slightly skewed in light of recent announcements, primarily from US government representatives.”

 Corentin Denoeud, CEO and Co-founder of Blockchain Studio, is another .

“The fact that governments around the world are even talking about crypto is a sign of progress for the blockchain industry in general,” says Denoeud. “While countries such as India have called for the outlawing of cryptocurrencies, representatives from Germany’s Central Bank have responded favourably and advanced the view that cryptocurrencies are not a threat to global monetary stability. Even China, who has previously banned ICOs and cryptocurrency trading, has called bitcoin a ‘safe-haven asset’ (via its state-run media agency) and is now reportedly stepping up its own efforts to create its own cryptocurrency, following Facebook’s unveiling of Libra.”

 While it’s still unclear which side is right, one thing is clear: Bitcoin (and ETH, XRP, LTC, etc) true believers who think that cryptocurrency will eventually replace national currencies, need a 101 lesson in Money and Banking.

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I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.

Source: A Stark Prediction For The Future Of Bitcoin, ETH, XRP, And LTC

Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

Bitcoin traders eat their wallets

Traders were scratching their heads on social media Saturday in the wake of the sudden losses, with BTC/USD crashing from $10,180 to $9,410.

At press time, the pair had recovered marginally to circle $9,500, while a lack of obvious factors left commentators struggling to understand the market.

As Cointelegraph reported, a return to $10,000 earlier came as a surprise after a similar uptick occurred in a matter of minutes.

Previously, regular commentator Josh Rager had eyed a break below $9,600 as a gateway to lower levels, with the potential for $9,000 to also fall.

Some had anticipated volatility continuing in the short term. On Twitter, the trader known as CryptoCohen sounded the alarm hours before the $800 losses.

“Could be a larger correction in play – could take a lot longer too – longer than many would expect/hope. But good things come to those who wait,” he summarized.

Bitcoin’s move meanwhile had a more predictable effect on altcoin markets, with tokens in the top twenty cryptocurrencies by market cap shedding up to 4.5%.

Monthly, Bitcoin price has lost 20%, Cointelegraph noting that end-of-year and longer-term price forecasts remain bullish.

Source: https://cointelegraph.com/news/bitcoin-price-crashes-800-in-minutes-as-bears-eye-9k-support-next

Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

A brief story: from Bitcoin to Libra

The infographic illustrates the story of Bitcoin, starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and other major milestones for the system, ending with the announcement of Facebook’s Libra.

“Yesterday the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

The factors behind Bitcoin’s rise

Another part of the infographic is dedicated to explaining why Bitcoin’s value is increasing, and it cites limited supply, increased mining difficulty, that it is used as a medium of exchange and anti-inflation safe haven.

This is in line with the remarks recently made by Morgan Creek Digital Assets co-founder Anthony Pompliano, who said that the European Central Bank’s expected dovish turn will provide “rocket fuel” for Bitcoin.

Furthermore, the infographic does also mention the infamous Mt. Gox hack, the risk of speculation, and stories of lost funds. According to the image, Bitcoin’s main use case is international settlements since its fees are low compared to legacy system while transactions are faster.

As Cointelegraph reported yesterday, the CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency.

Earlier this month, Chinese media reported that China’s central bank is developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system.

Source: https://cointelegraph.com/news/bank-of-chinas-new-infographic-shows-why-bitcoin-price-is-going-up

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Pantera CEO: $42,000 Bitcoin Price By The End Of 2019 ‘A Good Shot’

A historical Bitcoin price chart on a logarithmic scale.

A historical Bitcoin price chart on a logarithmic scale.

Coin Metrics

In a recent episode of her Unchained podcast, Laura Shin interviewed Dan Morehead and Joey Krug of Pantera Capital, which is a cryptocurrency and blockchain-focused investment fund that was founded in 2013.

During the interview, Morehead commented on the potential future trajectory of the bitcoin price in response to a question related to where the blockchain and cryptocurrency industry is today in its overall life cycle. In his reply, Morehead pointed to a potential price move to $356,000 within three years based on past trends of Bitcoin’s price movements on a logarithmic scale.

Morehead’s math also indicated that a $42,000 bitcoin price by the end of 2019 is in the cards. It should be noted that crypto prime dealer SFOX also recently released a research note that could indicate a bullish move for Bitcoin during the holiday season later this year. Additionally, digital asset research firm Delphi digital recently released a report that showed how retail investor enthusiasm around Bitcoin has returned in 2019.

Bitcoin’s Neverending Hype Cycles

When asked about the current stage of development for the cryptocurrency space as a whole, Morehead first pointed to the Gartner Hype Cycle, which is a method of interpreting the wide-ranging levels of hype that can occur around new technologies.

“A small kernel of something very important gets people to be crazed about [Bitcoin] and then the trough of disillusionment [occurs]. And we’ve already gone through two of those cycles in the six years that we’ve been investing in it,” said Morehead.

Morehead added that it’s important to remember that, in his view, Bitcoin and the technologies around it are a project that will take two decades to unfold, and we’re only ten years into it at this point.

“We still have another solid ten years to go before this is fully fleshed out,” said Morehead.

Although he doesn’t believe the Bitcoin price is a great proxy for the development of the blockchain technology space as a whole, Morehead did point out that the price always tends to be going up when one zooms out more than a year.

“If you ever go back and zoom out your lens more than a year, Bitcoin as a proxy for the industry is always going up,” said Morehead.

According to Morehead, Pantera’s fund has only had one down year in its six years of existence and there has only been one year where Bitcoin’s annual low was lower than the previous year’s low.

“We’re always trying to look three to five years out and be thinking about where the industry will be then rather than worrying about these kind of manic phases of bubbles and then the crypto winters where everyone thinks it’s never going to work,” added Morehead.

Where Does the Bitcoin Price Go from Here?

When asked where the blockchain and cryptocurrency industry is today in terms of these various hype cycles, Morehead pointed out that the Bitcoin price chart is relatively consistent when graphed on a logarithmic scale. However, price bubbles, such as the ones in 2013 and 2017, are also clearly visible on the chart.

On a logarithmic price chart, price movements are tracked in terms of percentage changes rather than simple, nominal price increases and decreases.

Earlier in the year, when Bitcoin was still near the bottom of its current market cycle, Pantera graphed out what the Bitcoin price may look like if it spent the next twelve months returning to its previous trend line and the continued along that trend line for the next couple of years after that. According to Morehead, that previous trend line indicated a compounded annual growth rate of 235%.

This methodology from Pantera pointed to a $42,000 price by the end of 2019, a $122,000 price by the end of 2020, and a $365,000 price by the end of 2021.

“I know [that] sounds crazy, but essentially, we’re half way back there. It’s right on the trend line, and I think it’s a good shot that by the end of the year we hit that,” said Morehead.

Obviously, it should be mentioned that past trends are not indicative of future results. Although it was on a much shorter time scale, there were many people in various cryptocurrency forums touting the LINK altcoin due to its more than 800% rise against the U.S. dollar earlier this year. Since then, the altcoin has dropped 33% against the dollar.

In terms of what has caused the Bitcoin price to move back in a positive direction this year, theories have ranged from manipulation via the Tether stablecoin, normal activity by a store of value asset, and some indirect help from Facebook’s Libra cryptocurrency project.

Additionally, another report from Delphi Digital earlier in the year pointed to a bottoming out of the Bitcoin price based on blockchain analysis.

“[With] our first research piece that we wrote on Bitcoin, we predicted it would go to $5,000, and when it was at $100 everyone thought that was totally nuts. But these numbers in two or three years, people look back and go, ‘Oh yeah, that makes sense.’” Morehead later added during his interview with Shin.

I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space

Source: Pantera CEO: $42,000 Bitcoin Price By The End Of 2019 ‘A Good Shot’

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Bitcoin Holds Over $6,000, Beats Stocks And Gold In 2019, Will It Ever Get Back To $20,000?

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Bitcoin has outperformed stocks and gold, so far, in 2019.

The digital currency has gained close to 68% YTD, the NASDAQ QQQ Invesco ETF shares have gained 18.09%, the Russel 2000 iShares ETF has gained 15.04%, while SPDR Gold shares have lost 0.08%.

Stocks, Gold, and Bitcoin YTD

Stocks, Gold, and Bitcoin YTD

Koyfin

Meanwhile, the rest of the cryptocurrency was mixed, with 30 out of the top 100 advancing, and 70 falling over the last seven days.

Table 1

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number
Advance 30
Decline 70

Source: Coinmarketcap.com 5/10/19 at 10 a.m

“The worst of the bitcoin bear market is behind us,” says Ian King, senior research analyst at Banyan Hill Publishing, who specializes in cryptocurrencies.

He sees a number of factors driving the Bitcoin rally this time around. One of them is resilience. “In 2017-2018, Bitcoin had a boom and bust, but it’s still here,” adds King.“The November 2018 capitulation was a mirror image of the panic buying of December 2017.”

Market capitulations usually follow bad news, but are signals of strong turnarounds. “All markets bottom when they stop selling off on bad news,” says King.  “Two weeks ago, the NYAG claimed Bitfinex was missing $850mm in customer funds.  The market sold off and then rallied.”

That’s the 4th boom and bust cycle since Bitcoin’s creation 10 years ago, observes King.  “I’m more confident of this recovery than I was of the last, as there are more institutions and retail investors looking at bitcoin as a digital store of value,” adds King.

Meanwhile, Fidelity, Ameritrade, and ETrade are planning to launch institutional trading platforms within the next few weeks, raising market participation.

That’s a bullish sign for Bitcoin, according to King.

But will Bitcoin ever reach $20,000 again? Not in 2019, according to Farrukh Shaikh, Co-Founder and CFO

-Gath3r, LTD. “In the coming few months, it is not very likely at all to go near the all-time high of $20,000. However, 2020 is when the halving occurs for BTC, where mining rewards get cut in half ie reducing future supply,” says Shaikh. “This would be the 3rd halving for BTC since inception, and previous ones have been catalysts for huge price increases for BTC.”

And that could help  Bitcoin reach $20,000 by 2021, according to Shaikh. “Speaking from a technical analysis perspective. there are several scenarios where it can reach and surpass the $20,000 price point within the next couple of years,” adds Shaikh.“On a fundamental basis, real world use, adoption and acceptance of BTC is increasing with each passing month, which are also positives for its future price expectations.”

While, it’s hard to predict where the digital currency will be in a couple of years from now, one thing is clear: volatility will continue in cryptocurrency markets.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin.]

My recent book The Ten Golden Rules Of Leadership is published  by AMACOM, and can be found here. 

I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University.

Source: Bitcoin Holds Over $6,000, Beats Stocks And Gold In 2019, Will It Ever Get Back To $20,000?

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