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A Major Bitcoin Exchange Has A ‘Massive’ Problem

Bitcoin exchanges and platforms never seem far from scandal, with crypto investors always nervously awaiting the next bitcoin hack or data breach. The bitcoin price has been known to swing wildly following reports of major bitcoin thefts, though sometimes fails to react at all.

Now, Seychelles-based bitcoin futures exchange BitMEX has sparked panic among bitcoin traders and investors after accidentally exposing thousands of its users’ emails–with the exchange’s Twitter account then compromised shortly after.

BitMEX this week sent out thousands of its users’ email addresses along with a weekly newsletter after inadvertently CC’ing recipients instead of BCC’ing them.

Today In: Money

“We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users,” BitMEX said in a statement posted to its blog, adding an apology for the leak.

“Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact. Rest assured that we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.”

The exchange has blamed a bug for the leak claiming the error has been “identified and fixed.”

BitMEX, known for offering 100-times leverage trading, is currently being investigated by the U.S. Commodity Futures Trading Commission (CFTC) for allowing U.S. traders to use its platform without a licence.

“This kind of thing is a massive privacy breach with potentially serious consequences,” Jake Chervinsky, general counsel at Compound Finance, said via Twitter, adding: “[It’s] the last thing a derivatives exchange needs to deal with during a CFTC investigation.”

BitMEX has requested its users add BitMEX’s support email to their contact lists to decrease phishing emails along with adding 2-factor authentication.

Shortly after BitMEX warned users about the email leak, the exchange’s Twitter account @BitMEXdotcom posted two tweets that were promptly deleted.

The first read “Hacked” and the second advised followers to: “Take Your [bitcoin] and run. Last day for withdrawals.”

The bitcoin price, which is still choppy after a roller-coaster October, barely reacted to news of the leak, remaining steady at a little over $9,000 per bitcoin.

Last month, the bitcoin price was suddenly heavily sold off before rebounding sharply just a couple of days later.

Meanwhile, Malta-based bitcoin exchange Binance, the world’s largest bitcoin and cryptocurrency exchange by volume, warned its users to change their Binance-registered email accounts following BitMEX’s blunder.

BitMEX, known for offering 100-times leverage trading, has been criticised previously for potentially exposing traders to too much risk, with economist and bitcoin skeptic Nouriel Roubini attacking the exchange and claiming it “may be openly involved in systematic illegality.”

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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: A Major Bitcoin Exchange Has A ‘Massive’ Problem

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Happy Halloween! Bitcoin just hit a major milestone. Right now this is news. At some point it will turn into history. Like. Comment. Subscribe. Follow us on Twitter: https://twitter.com/AltcoinDailyio Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund https://cointelegraph.com/news/canadi… Bitfinex adds native SegWit support for bitcoin withdrawals https://www.theblockcrypto.com/linked… The milestones just keep coming this week! https://twitter.com/APompliano/status… For our next speaker announcement, we wanted a Bitcoiner who has taken a counterculture mainstream… Super stoked to announce Tony Hawk as that featured speaker! https://twitter.com/tonyhawk/status/1… Chinese Communist Party Launches Very Own “Xitcoin,” Thanks Zuckerberg for the Idea https://coinjazeera.news/chinese-comm… Local government in China offers $150 million to fund blockchain projects https://decrypt.co/10882/local-govern… Ripple CEO Confirms Rumor on MoneyGram’s Use of XRP, Says Bitcoin and Crypto Activity Remains Largely Speculative https://dailyhodl.com/2019/10/30/ripp… Excited to integrate our Ledger Hardware Wallets with @Samsung https://twitter.com/Ledger/status/118… *********************************************************************** 🏺Support The Channel!!🏺 Protect and store your crypto with a Ledger Nano: https://www.ledger.com?r=4b0f6c5711dc Sign up for Coinbase & get $10 in free Bitcoin: https://www.coinbase.com/join/59ebcf3… Earn Bitcoin For everyday online purchases: https://lolli.com/ref/3fFthESfAq 🏺Buy Me A Beer 🏺 ►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4 ►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4 *********************************************************************** #bitcoin #like #cryptocurrency #news #btc #ethereum #eth #cryptocurrency #litecoin #altcoin #altcoins #eos #forex #money #best #trading #bitcoinmining #invest #trader #cryptocurrencies #top #investing #entrepreneur #business #success #investment #finance #bitcoins #motivation #coinbase #stocks #wallstreet #investor #ico #wealth #bullish #bearish #cryptolive #altcoindaily #cardano #xrp #ripple ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, cryptocurrency, crypto, altcoin, altcoin daily, blockchain, decentralized, news, best investment, top altcoins, ripple, ethereum, tron, stellar, binance, cardano, xrp, litecoin, 2019, 2020, crash, bull run, bottom, crash, tether, bitfinex, rally, tone vays, ivan on tech, chico, video, youtube, macro, price, prediction, podcast, interview, halloween, china, depth, buy, trade, bitfinex, canada, ontario, approved, 31Q, milesone, tony hawk, brad garlinghouse,

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Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals Libra Woes

Bitcoin and cryptocurrency markets went into meltdown this week, with the bitcoin price suddenly falling off a cliff.

The bitcoin price lost some 15% in a shock sell-off on Tuesday, dragging down the wider bitcoin and crypto market and catching traders, who had hoped the hotly-anticipated Bakkt crypto platform launch would give bitcoin a boost, off-guard.

Now, Facebook chief executive Mark Zuckerberg has revealed his libra cryptocurrency, which is largely credited with sparking bitcoin’s bull run earlier this year, may not launch in 2020, as previously expected.

“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” Zuckerberg told Nikkei Asian Review, a Japanese business newspaper. “But right now I’m really focused on making sure that we do this well.”

Facebook’s libra has run into opposition around the world as countries, including India, France and the U.S., warn it will undermine their national currencies, with U.S. president Donald Trump launching a blistering attack on libra, bitcoin, and crypto earlier this year.

Bitcoin traders and investors have closely-watched the development of Facebook’s libra, which has been adopted as something of a cryptocurrency regulatory bellwether and a tacit endorsement of bitcoin’s underlying blockchain technology.

“A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward,” Zuckerberg added.

The bitcoin price lost further ground yesterday, dropping some 5% and dipping below the psychological $8,000 per bitcoin mark.

Bitcoin cash, an offshoot of bitcoin itself, led the cryptocurrency market lower, recording losses for the day of over 5% and taking its weekly decline to almost 30%.

The bitcoin sell-off comes after a muted launch of the New York Stock Exchange owner Intercontinental Exchange’s Bakkt crypto platform, which was unveiled last year boasting software giant Microsoft and coffee chain Starbucks among its partners.

Bakkt’s platform allows traders and institutional investors to swap so-called “physically” settled bitcoin futures contracts, meaning traders and investors are not able to sell more bitcoin than they actually have, but the total number traded came to just 72 by the end of its first day, compared to over 5,000 traded on the first day of CME’s cash-settled futures, launched at the peak of bitcoin-mania in December 2017.

“Bitcoin staged a brief recovery yesterday but is again below [$8,000], currently trading at $7,990,” Marcus Swanepoel, chief executive of bitcoin and cryptocurrency exchange Luno, said in a note to traders.

“Similar losses have been recorded by all the main altcoins. The loss of value is certainly as a result of the overall global market negativity, but the change in the structure of the market with the launch of the bitcoin futures on Bakkt is thought, by a number of traders, to have been a contributing factor.”

Facebook’s libra, considered by some to be a competitor to bitcoin, is being pitched as a global currency, with the social media giant aiming to bring as many countries on board as possible.

However, the primary target is developing countries where banking and access to finance is low.

Facebook and Zuckerberg, who launched the platform in 2004, are both still reeling from a string of data-sharing and privacy scandals that have plagued the company in recent years and led to questions around the power of some of Silicon Valley’s biggest internet companies.

“Part of the approach and how we’ve changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out,” Zuckerberg said.

“And that’s a very different approach than what we might have taken five years ago. But I think it’s the right way for us to do this at the scale that we operate in.”

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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: Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals Libra Woes

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Facebook CEO Mark Zuckerberg is speaking at the social media giant’s annual F8 Conference, where it will announce new services. » Subscribe to NowThis: http://go.nowth.is/News_Subscribe #Facebook #F8 #MarkZuckerberg Connect with NowThis » Like us on Facebook: http://go.nowth.is/News_Facebook » Tweet us on Twitter: http://go.nowth.is/News_Twitter » Follow us on Instagram: http://go.nowth.is/News_Instagram » Find us on Snapchat Discover: http://go.nowth.is/News_Snapchat NowThis is your premier news outlet providing you with all the videos you need to stay up to date on all the latest in trending news. From entertainment to politics, to viral videos and breaking news stories, we’re delivering all you need to know straight to your social feeds. We live where you live. http://www.youtube.com/nowthisnews @nowthisnews

Bitcoin Market Falls Sharply As Litecoin Suddenly Crashes

Bitcoin and cryptocurrency market watchers were on high alert today as the eagerly-anticipated Bakkt crypto platform went live.

The bitcoin price failed to perform, however, with bitcoin losing around 2% of its value since Bakkt began trading its “physically” settled bitcoin futures contracts, with some $8 billion wiped from the wider cryptocurrency market today.

Meanwhile, litecoin, the fifth largest cryptocurrency by market value, has suddenly gone into free fall, losing almost 10% of its value in a matter of minutes.

The reason for litecoin’s sudden sell-off was not immediately clear, however litecoin is down some 50% since June, thought to be a response to the gains litecoin made earlier in the year as traders cashed out of their positions.

Today In: Money

Litecoin, which has been called the silver to bitcoin’s gold, surged in the first half of 2019 as traders bet an August so-called halvening of the cryptocurrency, where miner rewards for finding blocks are cut, putting a squeeze on supply, would spark a crypto bull market.

Bitcoin is itself due to undergo a halvening event in May next year and many have suggested this will be the catalyst for the next major bitcoin leap higher.

However, many had also expected bitcoin and the broader cryptocurrency market to get a boost when the Bakkt platform began operating today.

Bakkt, an Intercontinental Exchange-backed bitcoin and crypto platform, was unveiled last year and boasted computing giant Microsoft and coffee chain Starbucks among its partners–promising to open up bitcoin to institutional investors and bring crypto spending to the high street.

Trading of Bakkt’s hyped “physical” bitcoin futures, meaning that traders and investors are not able to sell more bitcoin than they actually have, have been muted today, however.

There were just five bitcoin futures contracts traded via the platform after the first hour, rising to 28 ten hours after launch.

Traders and bitcoin industry executives were quick to play down Bakkt’s slow start.

“Bakkt will be likely first a trickle and then a flood,” Su Zhu, chief executive of Singapore-based hedge fund Three Arrows Capital, said via Twitter.

“The reality is that most regulated futures contracts get low adoption on day one simply because not all futures brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems.”

Follow me on Twitter.

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: Bitcoin Market Falls Sharply As Litecoin Suddenly Crashes

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The cryptocurrency market has fallen sharply over the past couple of days and is currently at $241 billion market capitalization at the time of recording. While the Bithumb hacking and Japanese regulators’ strict outlook towards cryptocurrency exchanges are being cited as reasons for the sharp decline, the likely cause is that we are still stuck in a long-term bearish cycle. We have still not discovered the bottom of the market, and chances are that the market will continue to be in a state of decline for some time. EOS has taken the biggest hit after a stop-start mainnet launch and controversies surround centralization and constitution. We strongly recommend cryptocurrency investors to take a mid-to-long term approach towards investing and hodl strongly. We believe that mainstream adoption and regulation will brining institutional investors and the next set of retail investors to the market driving prices up in the ling run. References: Correction Deepens as Coin Values Approach 2018 Lows: https://hacked.com/cryptocurrency-mar… Cryptocurrency Market Drops to $241 Billion, EOS Takes a Huge Beating: https://www.ccn.com/cryptocurrency-ma… Bitcoin Price Hits 2018-Low at $5,825, Where Will it Bottom Out?: https://www.ccn.com/bitcoin-price-hit… Follow Crypto Dost on Twitter: https://twitter.com/TheCryptoDost For enquiries, write to thecryptodost@gmail.com Disclaimer: Please keep in mind that I have made this channel to share my experiences in the cryptocurrency market. I am not a professional financial advisor and the information provided is solely for educational purposes. Consult your own financial advisors and do your own research before investing in cryptocurrencies. Investing in cryptocurrencies is inherently risky and you can also lose all the amount you invested. Only invest the amount you can afford to lose. The channel shall not be liable to the viewer for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the viewer from or in connection with the information obtained on this channel.

 

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.

Today In: Innovation

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).

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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.”

Follow me on Twitter.

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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