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Bitcoin: Why You Need It

Most people know little about Bitcoin. It’s a brand, like the internet was in the late 1990s that created great excitement in a small fanatical audience but confusion, indifference and often hostility in the mainstream and establishment.

“I don’t need email,” people said, while many would look blank and not know what it was. It wasn’t until the social media floodgates opened that the mainstream piled in. Now all the marvelous benefits and distractions of being connected are taken as read.

The benefits of crypto are not well understood or even considered beyond the possibility of a life change rising in value for coins that an investor might ride to riches. This may well be the future for Bitcoin so to start a list of reasons why you should hold some Bitcoin must start with:

1)  A lottery ticket to a ride that some see having a 1,000% upside.

It could happen. There are only going to be 21 million bitcoins (BTC), many of which like Roman gold coins are already lost forever. If bitcoin was to be worth just half of the gold in the world it would be  about $200,000 a coin. If all the BTC was worth $1 trillion then the price would be north of $50,000.

Today In: Money

With BTC currently at $7,400 and the ability for people to buy tiny amounts, there is a fun dividend in actually holding.

2) Blockchain is “the next big thing.”

If you want to catch that wave when it lands, you need to know a bit about it. Buying crazes on the basis of zero knowledge is the short cut to the poorhouse. Owning bitcoin and going through all the stages to “get” crypto will position you perfectly for the day “crypto IPO” hits. That day will come and it will be big. Owning bitcoin will position you to take advantage of that boom.

3) Portfolio diversification is crucial.

Everyone should have a little gold, for example, to buffer the roller coaster of other financial instruments. Bitcoin and gold are very similar in as much as they are havens. “Physical” bitcoin however is easier to store, faster to sell and has much greater upside if you are laying in assets for what you see as being extremely volatile times in the future. If you are not in the “bullets and corn beef” legion, the gold, silver and bitcoin are must haves, with bitcoin the king if you feel you might have to jump on a plane to safety. It’s easy to travel with bitcoin; with gold bars and sacks of silver, not so much.

4) Bitcoin is currently a great hedge especially for equities.

This is because for now at least, bad news for equities is good news for bitcoin. That bad news is currently the China trade war. The trade war is bad for equities and there is a clear link to moves in BTC and emergent good/bad news on the trade negotiations. Bitcoin sends the signal then the news appears, which one would imagine is because of the insider news flow in crypto-hungry China.

5) Bitcoin is useful money.

You can buy things with bitcoin, and with bitcoin debit cards you can use it to buy things anywhere that takes Visa/Mastercard. While this can prove expensive, a bitcoin debit card is another off ramp for holders wishing to spend their profits. Bitcoin is also a useful currency for B2B and while currently niche, bitcoin use for international payments is quickly expanding when products need to be bought quickly and the vendor needs to establish transfer of funds fast to cut out delays. For large sums bitcoin beats credit cards hands down as a bitcoin transaction can’t be reversed unlike a credit card payment that is always vulnerable to charge backs. Transfers can take days to materialize, so for anything that’s a “rush job” bitcoin is the best possible way to pay if the vendor takes BTC.

Every investor should buy some bitcoin, even if it’s just $1. It is always best to be too early to a financial phenomenon than too late and it turns out the bitcoin story is still in its early chapters.

If you are an investor, it was obvious you need to hold equities, bonds, gold and cash. That is still true but these days, you need to hold a little crypto, because it is a new positive sum financial instrument. If you don’t have Bitcoin, the world won’t end, but you will be less diversified and more at risk than an investor that does hold some. Bitcoin will continue to be the ‘kingpin’ of the emergent blockchain industry and everybody needs a little bit of exposure to that in the same way as they needed a little Amazon in 2002.

Forbes CryptoAsset & Blockchain Advisor cuts through the hype and identifies real investor opportunities in the emerging world of blockchain and crypto assets. Click to learn more.

Clem Chambers is the CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginner’s Guide.

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

Follow me on Twitter. Check out my website.

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. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: Bitcoin: Why You Need It

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Bitcoin Has Crashed Again—But Is This When To Buy Bitcoin?

Bitcoin and cryptocurrency investors have had their hopes of a return to bitcoin’s all-time-high in 2019 all but dashed after the latest sudden sell-off.

[Updated Nov. 25 at 7:48 a.m. ET] The bitcoin price last night fell to a six month low of $6,515 per bitcoin on the Luxembourg-based bitcoin and crypto exchange Bitstamp. The bitcoin price is down some 6% over the last 24-hour trading period, wiping billions of dollars from the value of the world’s biggest cryptocurrency.

The bitcoin and crypto industry has been rocked by a severe bitcoin and crypto trading warning out of China, which some have blamed for the latest sell-off.

Now, Wall Street veteran Peter Brandt, who made a name for himself by predicting bitcoin’s devastating 2018 bear market, has called bitcoin’s low for July 2020–two months after bitcoin’s closely-watched halving event.

“My target of $5,500 is not far below today’s low,” Brandt wrote on Twitter ahead of the weekend’s sell-off.

“But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.”

Brandt, who earlier this year said bitcoin will eventually hit $100,000 and described the bitcoin market as “like no other,” warned bitcoin bulls “must first be fully purged” before the price will rebound.

Brandt’s comments echo some of bitcoin’s biggest bulls, who have recently come out in force to reassure investors that bitcoin is far from dead.

As well as the May bitcoin halving, which will see the number of bitcoin rewarded to miners cut by half from 12.5 bitcoin to 6.25 bitcoin, bitcoin investors are hopeful next year will bring an increase in the number of bitcoin retail investors and people using bitcoin and cryptocurrencies for payments.

Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced last month it plans to launch a consumer app for cryptocurrency purchases in 2020.

U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.

Meanwhile, Bakkt’s bitcoin futures daily volume hit a new all-time high, according to data from Intercontinental Exchange, with some $20.3 million across 2,700 futures contracts on Friday.

Many in the traditional financial industry remain unconvinced by bitcoin and crypto, however.

This month, former European Central Bank president Jean-Claude Trichet slammed bitcoin and Facebook’s crypto project, warning bitcoin is “not real” and not the future of money.

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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 Has Crashed Again—But Is This When To Buy Bitcoin?

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Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY Join The Cryptocurrency Technical Analysis Academy for $40 off using the coupon code “August 2019”. In this video we analyze a head and shoulders pattern that is forming in this downtrend. Will this mean that the down trend is over and we will have a new rally? Or will Bitcoin continue moving to the downside and go even lower? – – – If you enjoyed the video, please leave a like, and subscribe! – – – Follow me on Instagram & Twitter: @cryptojebb Join the Discord! https://discord.gg/59jGjJy #Bitcoin #BitcoinToday #BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. All investments/trades/buys/sells etc. should be made at your own risk with your own capital. Spare Change? BTC 127eLjKTBKU9HTFhYowCDC4D3JBxonVk15 ETH 0x5115ACa82edf204760fE3B351c08a48d6004D89B LTC LSKXx3fQRK5LMowGznVvo6A9NtmtaQaoqP Please do not feel obligated to donate, though donations are appreciated!

Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

Crypto markets are not reeling this week because China is “cracking down on Blockchain.” Tokens have been getting slammed since the summer because most of them are unnecessary, and because the need for coins that may offer some utility is not as imminent as buyers thought it would be. This is most obvious with King Crypto, bitcoin, whose purported use-case as a store of value is not looking very compelling.

The risk-reward in bitcoin has always been an extreme one, which is why its biggest proponents/salespeople assigned astronomic price targets to it. Widespread adoption is an extremely low-probability event with an enormous payoff if the stars align. And let’s be clear: the things that need to happen for the world to turn to bitcoin – complete central bank impotence, widespread currency debasement, falling equity markets and the abandonment of traditional gold – means betting on bitcoin is essentially betting against the house. Hence the “short bankers, long bitcoin” meme. To say bitcoin will offer a 100x return yet also say it’s a highly probabilistic event is inherently contradictory and hugely dishonest.

The market is now realizing this. As the global economic slowdown of the last nine months shows signs of stabilization and the Federal Reserve sees no need for more interest-rate cuts, the case for bitcoin is taking body blows. None of the stories about adoption are turning out, big tech giants from Facebook to Google are doing everything possible to dominate electronic pay and finance, and projects designed to make bitcoin a means of exchange are either slow, fruitless, or both.

In short, the house does not look like it’s in a losing position just yet. And so bitcoin is getting killed. Sure, the U.S. and China could have a major fallout, get into a currency war, and Chinese citizens could rush to crypto as a way to get money out of the system. That’s why bitcoin will never be worthless, and why every investor should watch its price action, but that scenario is looking way, way further away from reality than the cryptoknights had so many believe.

Today In: Money

Bitcoin’s violent moves are a factor of the speculative nature described above. Because its probability of success is low, it is closer to a roulette wheel than any traditional asset class. Average people were lured into the bitcoin sales pitch in 2017 when the economy was tearing hot, cash flow was heavy, stocks were churning out huge gains, and people could afford to take a gamble. Why not roll the dice?

Now those buyers are losing faith in their chances of winning, and are using this year’s rally to get out. As the fundamental reason for owning bitcoin as a store of value also loses luster amid a stabilizing economic situation, the true believers may start bailing out too. If it continues, it should be a warning sign to more traditional investors who made a similar bet in gold, and maybe even those who ran to Treasury bonds as a hedge against chaos, too.

I am the Lead Anchor at TD Ameritrade Network, and the host of Morning Trade Live and Market On Close. I co-anchored Bloomberg BusinessWeek on TV and contributed to Bloomberg Markets and What’d You Miss while I was with Bloomberg beginning in June 2014. I also covered U.S. stocks and equity derivatives for Bloomberg News. Prior to that, I was a reporter at The Bond Buyer, primarily covering the sell side of the municipal bond industry, writing stories about bond insurers, underwriters, ratings services, bond counsel and general market trends. Early in my career I covered metropolitan news for the New York Post. I have a bachelor’s degree in materials science and engineering from Cornell University.

Source: Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

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Blockchain is currently not suitable for large communities as it’s not scalable. In this video, the CVO of Dagcoin, Kris Ress, explains why the technology behind Dagcoin is perfect for small, big and very big communities. See more from the video!

The Bitcoin Halvening Is Coming

One of the controversial things about bitcoin (BTC) is that it pays the people that keep the bitcoin blockchain running and secure. These folks are called miners, purely because the process seems slightly similar to mining. The process of mining is to run software that executes the search for the solution to a puzzle that acts as the password to creating the next record on the bitcoin blockchain. Success in cracking this puzzle and then creating the next block of records is rewarded in bitcoin. At the moment the reward is 12.5 BTC, which at the rate of $8,000 a BTC is exactly $100,000.

That sounds like a lot of money to solve a lil’ ole puzzle. The trouble is the puzzle is to mash numbers to create a result with say 23 zeros, which, because of the math involved, means you have to do literally zillions of trillions of calculations to find one password code. Miners run these bazillions of calculations, sifting through the wrong answers to get to a single right one. This takes perhaps three years for a specialist machine running flat out at 50 trillion calculations a second, burning a few thousand dollars of electricity as it goes.

That doesn’t sound like a bad business model but as new mining machines enter the game, so the game gets harder, which means that the amount of time taken by any given machine to get a result goes up and so does the cost. Bitcoins difficulty has over the years gone truly exponential, so that the money a machine can make when put into a team of machines halves every six months or so as time passes. That makes making money mining tricky because while you may make great money to start with, after about 18 months it may have fallen to nothing.

Apart from increasing difficulty, mining also gets harder because every so often the blockchain will halve the reward. This last happened in July 2016. The reward is currently 12.5 bitcoin but soon enough the reward will be only 6.175 BTC. The price should rise to pay the miners more for their smaller haul of new bitcoin. If it doesn’t, unprofitable miners must stop work so the difficulty can fall and the job can get easier for those that remain or certain miners must get way more efficient and push the less efficient miners off the pitch.

Today In: Money

The general consensus is that the bitcoin price will rise.

The reason for this is that the inflation of the BTC money supply by 12.5 BTC every ten minutes, means that there is a new supply of 1,800 coins a day, let’s call it $14 million a day. This $14 million of new supply, which is currently absorbed by buyers, will suddenly be cut in half to $7 million. The demand, however, will remain roughly constant. Unchanged demand coupled with lower supply, equals price up.

This is how it has worked in the past and this is what I’m putting my money on. There are skeptics who suggest that if the price doesn’t move up then miners will wither away, block times will slow dramatically, bitcoin will be less useful, people will panic and dump and so on. However, there are a lot of people like me who would love that and would buy a lot into such a panic. Less supply, same demand, high price, wins the simple proven logical outcome of the next halvening.

But of course people are going to preempt.

To add to the price pressure, bitcoin gets lost. That happens to gold too and was also a problem for gold when it was money. That enables bitcoin to get ever more expensive overtime.

If a Satoshi was 1 cent, bitcoin’s market cap would be 21 trillion dollars, but when you think about it, if a Satoshi was $1 or $100, then it would become a currency much like gold, which in the past was used foremostly as a store of wealth, expressed in the usage for silver coins which acted as a store of wealth for the general usage of copper coins. This is the dream of all crypto fans, bitcoin as the reserve currency of crypto, an incredibly valuable blockchain fungibly linked on top of a hierarchy of other ‘lesser’ currencies.

It could happen.

The upcoming halvening speaks to this dream and it’s coming to the BTC blockchain in May. As a hodl’er I can wait.

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 website ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide. In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

Follow me on Twitter. Check out my website.

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. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: The Bitcoin Halvening Is Coming

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With the next Bitcoin ‘halvening’ event taking place on May 22nd 2020, we are now officially less than a year away from this event occurring. In this video, I’m going to explain why I believe that this is a HUGE deal for cryptocurrency investors. DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make. ►►►Looking to get started with cryptocurrencies? Check out my crash course here (HUGE 80% OFF LINK): https://louis-thomas.teachable.com/p/… DONATIONS ♥ ETH: 0xc12f59c4e23dccd369437bbdb09470879d8c0825 ♥ BTC: 1L2LswVmTobmEK8dy6Yw9nWx93Z1zZ1jb3 ESSENTIAL CRYPTO RESOURCES ♦ Recommended place to buy Bitcoin/Ethereum: COINBASE – Sign up here: https://www.coinbase.com/join/5897724… ♦ Recommended Wallet: LEDGER NANO S – Available here: https://www.ledgerwallet.com/r/3c47 ♦ Recommended VPN provider: Nord VPN Available here: https://go.nordvpn.net/SH27y ♦ Learn to code with Ivan on Tech’s Academy. EXCLUSIVE offer – just $9 for first month: https://academy.ivanontech.com/louis SOCIAL MEDIA LINKS ● Website: louisthomas.co.uk ● Facebook: https://www.facebook.com/LouisThomasC… ● Twitter: https://twitter.com/LouisThomasYT ● Instagram: https://www.instagram.com/louisthomas… ● Steemit: https://steemit.com/@louisthomas ● Snapchat: louisxthomas

The U.S. Government Tried To Shut Down Bitcoin

Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin.

Bitcoin’s first decade has seen its price explode, making early adopters overnight millionaires, and prompting some of the world’s biggest technology companies to create their own versions of bitcoin.

Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.

“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.

“That was the first time I’d ever heard of bitcoin.”

Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.

Today In: Money

Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”

Haun, who is now the first female general partner at U.S. venture capital firm Andreessen Horowitz and co-heads its $350 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.

U.S. government opposition to bitcoin and cryptocurrencies has become far more transparent since Donald Trump entered the White House.

Earlier this year, U.S. president Trump sent shockwaves throughout the bitcoin and cryptocurrency industry when he tweeted a vicious attack on Facebook’s bitcoin rival plans, branding it and bitcoin “unregulated crypto assets.”

Others in the U.S. government were quick to tow the line, with U.S. Treasury secretary Steven Mnuchin adding his voice to the assault on bitcoin, Facebook’s planned Libra crypto project, and other cryptocurrencies, warning they pose a “national security” risk to the country.

Elsewhere, Apple chief executive Tim Cook has warned companies against creating their own cryptocurrencies.

“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.

“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”

Facebook’s libra has been under fire over the last week, with internet payments company PayPal, one of the Libra Association’s founding members, suddenly pulling out of the group on Friday.

Mark Zuckerberg, Facebook founder and chief executive, had hoped to work with global regulators to clear libra’s path to launch in June 2020 but appears to have underestimated the level of opposition to the scheme.

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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: The U.S. Government Tried To Shut Down Bitcoin

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Bitcoin miners shutting down world wide! Bitmain in trouble. And it looks like the problem is getting worse for all the big miners across the world. Makes me wonder is this is the real sign bottom is close. Thanks for watching Tip jar below. BTC 13qF5ovjByDtFyGX1hYLA7uvhXj1BDH2KX LTC LcdKQ9JSAZRuypVtevhbna7hVo8hHf5UoD Check out my Patreon if you want some gold nuggets. https://www.patreon.com/mrkristof Equipment used to make this video Samsung Galaxy Tab S4- https://amzn.to/2RpbT1E Smooth 4 cell phone gimbal- https://amzn.to/2SEokrE SanDisk 64GB memory card – https://amzn.to/2Da6B63 GoPro Hero 7 Black- https://amzn.to/2PPyerO Canon EOS M50- https://amzn.to/2qUAm3y Flexible tripod- https://amzn.to/2DYQdqf Lighting for studio- https://amzn.to/2TPveLl Gun gear that I use Serpa CQC OWB hoslter- https://amzn.to/2PLhORv Carbon Fiber OWB holster- https://amzn.to/2D6Rj2a Glock 17 sure plug- https://amzn.to/2JNmvoz Need stickers? I HIGHLY RECOMMEND THESE GUYS: http://stickeryeti.ositracker.com/111… Need something done for cheap? Check out Fiverr. http://www.fiverr.com/s2/1c08095a0e BUY A NANO LEDGER S HARDWARE WALLET www.ledgerwallet.com/r/49c8 RECOMMENDED CRYPTO EXCHANGES: If your looking to start buying alt coins Binance IS THE BEST altcoin exchange out there. Please join Binance using this link: www.binance.com/?ref=10263251 Kucoin exchange is the fastest up and comer and has coins exclusive to it you cant find anywhere else! www.kucoin.com/#/?r=28ucr CONNECT WITH ME: Add me on Telegram: @mr_kristof Add me on Snapchat: mr_kristof Find me on Instagram: mr_kristof Add me on Twitter: mr_kristof007 Add me on Xbox Live: VoxiKnight Find me on DTube: d.tube/#!/c/cryptokristof Read my blog on Steemit: steemit.com/@cryptokristof DISCLAIMER: THIS IS NOT FINANCIAL ADVICE AND I AM NOT A FINANCIAL ADVISER. AND THESE ARE SIMPLY MY OPINIONS #cryptocurrency #BTC #Bitcoin

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.”

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 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 Has Crashed–What Now?

Bitcoin (BTC) has crashed. No one really knows why but in my model we should be in for “good” news on the China trade war or some such China-related information that is strong for the Chinese currency. This is only a theory but if it is correct, bitcoin will either rally vertically if no news breaks or the news will appear very soon. This is being written at 12 p.m. GMT September 25 and the news ought to be out there by no later than the end of the week.

If I’m wrong and there is no such news and the price stays down or falls more still with no positive trade war news then my bitcoin theory, which has served so well, will be severely challenged. In any event, bitcoin has crashed. The dreaded flag has broken to the downside and the bottom is anyone’s guess. The decision what to do next comes back to the schism between believing BTC will be worth $100,000-plus a coin or $0 a coin. You have to pick your side.

Way back before this year’s rally, I stated there is another way of looking at this price action. In commodities a big bubble is followed by a series of smaller and smaller echoes of the initial price shock which erupt over time as the years pass.

Each new price eruption is smaller than the last until the original bubble is all forgotten about. If this is your model, this BTC bubble echo is now dead and BTC will fall back to the $2,000-$3,000 range or even lower. Then after a year or two there will be another small vertical and on this pattern will go, until bitcoin is all  but forgotten.

Today In: Money

The alternate model is the tech boom, where the original bubble was replaced by another bigger rally, one we have still not seen the end of. Is bitcoin a commodity or a value added instrument? Bitcoin isn’t like gold or copper, where a price rise creates a glut.

Or is it? For me this is a very tempting model because I experienced it as a youngster and saw it play out all the while everyone continued to wish for the return of the moment when copper or gold went to the moon. However, bitcoin is not going to flood the market as miners pour resources into a race to over produce.
Bitcoin protects itself from exactly the economic reason why high prices are the solution to high prices.The choice is clear for players in this game of speculation, steer clear or buy the dip. I’ll be buying the dip but not in a hurry. This is the chart of what has happened:

Bitcoin has crashed

Credit: ADVFN

The flag got broken to the downside and it’s clear as day that a lot of people took this as a cue to get out, causing a panic. I’ve put some levels equivalent to some zones where the price might settle. I will be buying a little in the coming days and more if we hit $6,000 and a lot if we see $4,000.

Meanwhile, there was been a strange crash in hash rate before this price fall, so everyone is free to link that up with this fall. There may have been a BTC miner who needed to sell a big chunk of BTC and in this fragile market with everyone staring at the same delicate chart pattern, it doesn’t take much to create an avalanche. I must admit to staring at this chart before it crashed thinking I should sell.
This would have been a good move but experience has taught me that you can win on the exit but lose on the reentry. It’s great missing a fall but you can also miss the rally which can end up even more painful. This is the basic lesson of the randomness of markets. Back the direction you believe is the long-term outcome and buy the dips or don’t play at all. Bitcoin is like backing Apple when it was on the edge of going bust: do you believe in the future or not?

If you do, you hold forever and buy the dips. The only thing you mustn’t do with the position is let that put your finances at risk or hurt your sanity. As a believer I will buy this dip, in the same way as I bought the last, little and often. For those who don’t believe in the long term you should stay well clear.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 website
  ADVFN.com

and author of
Be RichThe Game in Wall Street

and
Trading Cryptocurrencies: A Beginner’s Guide

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

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. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: Bitcoin Has Crashed–What Now?

26.6K subscribers
Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY In this video we discuss the recent Bitcoin crash, and the affects that Bitcoin crash may have on the Bitcoin market over the coming days. Bitcoin crashed nearly $2,000 yesterday while we were livestreaming, and found support around the Bitcoin support level of $11,700 as expected. Whether Bitcoin will continue it’s march ever higher from here, or if Bitcoin has now started a longer Bitcoin correction is yet to be seen, but we do know that Bitcoin has finally had opportunity to consolidate the gains Bitcoin has made over the past few weeks. – – – If you enjoyed the video, please leave a like, and subscribe! – – – Follow me on Instagram & Twitter: @cryptojebb Join the Discord! https://discord.gg/59jGjJy #Bitcoin #BitcoinToday #BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. All investments/trades/buys/sells etc. should be made at your own risk with your own capital. Spare Change? BTC 127eLjKTBKU9HTFhYowCDC4D3JBxonVk15 ETH 0x5115ACa82edf204760fE3B351c08a48d6004D89B LTC LSKXx3fQRK5LMowGznVvo6A9NtmtaQaoqP Please do not feel obligated to donate, though donations are appreciated!

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).

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

On Paxful you buy bitcoin from other people in real-time. Trading happens online via live chat. Paxful Vendors can earn six figures from the comfort of their home and many do. Once payment is made and verified by the seller, the bitcoin will be released to your wallet. We’ve built a feedback and reputation system on the advice of the very best traders in the space. Use the simplest bitcoin wallet on earth. You can’t make a mistake and know exactly where to go next.

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Warning Issued After Malware Is Found To Have Hijacked Bitcoin Blockchain

Bitcoin’s blockchain has been hijacked by a new strain of the Glupteba malware that uses the network to resist attacks, cyber security researchers have warned.

The malware uses the bitcoin blockchain to update, meaning it can continue running even if a device’s antivirus software blocks its connection to servers run by the hackers, security intelligence blog Trend Micro reported this week.

The Glupteba malware, first discovered in December 2018, is distributed through advertising designed to spread viruses through script and can steal an infected devices’ browsing history, website cookies, and account names and passwords with this particular variant found to be targeting file-sharing websites.

However, according to researchers, the new version of the malware can also mine the privacy-specialized monero cryptocurrency and threaten the security of Instagram users’ accounts.

The malware uses the Electrum bitcoin wallet to send bitcoin transactions that the attackers use to gain access to systems.

“This technique makes it more convenient for the threat actor to replace command and control servers,” Trend Micro researchers wrote. A command and control server is the centralized computer that issues commands to an infected network of devices.

The Glupteba malware, first discovered in December 2018, is distributed through advertising designed to spread viruses through script and can steal an infected devices’ browsing history, website cookies, and account names and passwords with this particular variant found to be targeting file-sharing websites.

However, according to researchers, the new version of the malware can also mine the privacy-specialized monero cryptocurrency and threaten the security of Instagram users’ accounts.

The malware uses the Electrum bitcoin wallet to send bitcoin transactions that the attackers use to gain access to systems.

“This technique makes it more convenient for the threat actor to replace command and control servers,” Trend Micro researchers wrote. A command and control server is the centralized computer that issues commands to an infected network of devices.

“If they lose control of a command and control server for any reason, they simply need to add a new bitcoin script and the infected machines obtain a new command and control server by decrypting the script data and reconnecting.”

It’s not the first time the bitcoin blockchain has been taken advantage of by criminals, with German researchers last year discovering child abuse imagery shared via the decentralized network.

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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: Warning Issued After Malware Is Found To Have Hijacked Bitcoin Blockchain

by Christian Karam & Vitaly Kamluk The blockchain is the public ledger stacking all bitcoin/altcoins transactions. It is constantly growing as “completed” blocks are automatically added to it with a new set of records. The blocks are added to the blockchain in a linear and chronological order. The blockchain has complete information about the addresses and their balances right from the genesis block to the most recently completed block through the mining process. Depending on the crypto-currency and the implementation of its protocols, there would be a fixed open space, where data can be stored, referenced or hosted on the blockchain within encrypted transactions and their records. This very versatile nature of the blockchain offers great opportunities for future innovation especially in decentralized systems. The research focus revolves around the threat of embedding decentralized chunks of malware on the blockchain by either hosting it or referencing it with cascaded pointers. Transactions and data are encrypted throughout the blockchain networks using different versions of public/private key encryption. Could malware survive eternally inside crypto-transactions? A proof of concept will be explained highlighting the concerns revolving around the “abuse and bloating” of the blockchain while comparing it to previous malware hosting and deployment models. In this talk, INTERPOL will frame the scope of this future threat and provide potential solutions for a threat surrounding the blockchain technology.

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