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The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

Author: Christian Hsieh, CEO of Tokenomy
This paper examines some explanations for the continual global market demand for the U.S. dollar, the rise of stablecoins, and the utility and opportunities that crypto dollars can offer to both the cryptocurrency and traditional markets.
The U.S. dollar, dominant in world trade since the establishment of the 1944 Bretton Woods System, is unequivocally the world’s most demanded reserve currency. Today, more than 61% of foreign bank reserves and nearly 40% of the entire world’s debt is denominated in U.S. dollars1.
However, there is a massive supply and demand imbalance in the U.S. dollar market. On the supply side, central banks throughout the world have implemented more than a decade-long accommodative monetary policy since the 2008 global financial crisis. The COVID-19 pandemic further exacerbated the need for central banks to provide necessary liquidity and keep staggering economies moving. While the Federal Reserve leads the effort of “money printing” and stimulus programs, the current money supply still cannot meet the constant high demand for the U.S. dollar2. Let us review some of the reasons for this constant dollar demand from a few economic fundamentals.

Demand for U.S. Dollars

Firstly, most of the world’s trade is denominated in U.S. dollars. Chief Economist of the IMF, Gita Gopinath, has compiled data reflecting that the U.S. dollar’s share of invoicing was 4.7 times larger than America’s share of the value of imports, and 3.1 times its share of world exports3. The U.S. dollar is the dominant “invoicing currency” in most developing countries4.

https://preview.redd.it/d4xalwdyz8p51.png?width=535&format=png&auto=webp&s=9f0556c6aa6b29016c9b135f3279e8337dfee2a6

https://preview.redd.it/wucg40kzz8p51.png?width=653&format=png&auto=webp&s=71257fec29b43e0fc0df1bf04363717e3b52478f
This U.S. dollar preference also directly impacts the world’s debt. According to the Bank of International Settlements, there is over $67 trillion in U.S. dollar denominated debt globally, and borrowing outside of the U.S. accounted for $12.5 trillion in Q1 20205. There is an immense demand for U.S. dollars every year just to service these dollar debts. The annual U.S. dollar buying demand is easily over $1 trillion assuming the borrowing cost is at 1.5% (1 year LIBOR + 1%) per year, a conservative estimate.

https://preview.redd.it/6956j6f109p51.png?width=487&format=png&auto=webp&s=ccea257a4e9524c11df25737cac961308b542b69
Secondly, since the U.S. has a much stronger economy compared to its global peers, a higher return on investments draws U.S. dollar demand from everywhere in the world, to invest in companies both in the public and private markets. The U.S. hosts the largest stock markets in the world with more than $33 trillion in public market capitalization (combined both NYSE and NASDAQ)6. For the private market, North America’s total share is well over 60% of the $6.5 trillion global assets under management across private equity, real assets, and private debt investments7. The demand for higher quality investments extends to the fixed income market as well. As countries like Japan and Switzerland currently have negative-yielding interest rates8, fixed income investors’ quest for yield in the developed economies leads them back to the U.S. debt market. As of July 2020, there are $15 trillion worth of negative-yielding debt securities globally (see chart). In comparison, the positive, low-yielding U.S. debt remains a sound fixed income strategy for conservative investors in uncertain market conditions.

Source: Bloomberg
Last, but not least, there are many developing economies experiencing failing monetary policies, where hyperinflation has become a real national disaster. A classic example is Venezuela, where the currency Bolivar became practically worthless as the inflation rate skyrocketed to 10,000,000% in 20199. The recent Beirut port explosion in Lebanon caused a sudden economic meltdown and compounded its already troubled financial market, where inflation has soared to over 112% year on year10. For citizens living in unstable regions such as these, the only reliable store of value is the U.S. dollar. According to the Chainalysis 2020 Geography of Cryptocurrency Report, Venezuela has become one of the most active cryptocurrency trading countries11. The demand for cryptocurrency surges as a flight to safety mentality drives Venezuelans to acquire U.S. dollars to preserve savings that they might otherwise lose. The growth for cryptocurrency activities in those regions is fueled by these desperate citizens using cryptocurrencies as rails to access the U.S. dollar, on top of acquiring actual Bitcoin or other underlying crypto assets.

The Rise of Crypto Dollars

Due to the highly volatile nature of cryptocurrencies, USD stablecoin, a crypto-powered blockchain token that pegs its value to the U.S. dollar, was introduced to provide stable dollar exposure in the crypto trading sphere. Tether is the first of its kind. Issued in 2014 on the bitcoin blockchain (Omni layer protocol), under the token symbol USDT, it attempts to provide crypto traders with a stable settlement currency while they trade in and out of various crypto assets. The reason behind the stablecoin creation was to address the inefficient and burdensome aspects of having to move fiat U.S. dollars between the legacy banking system and crypto exchanges. Because one USDT is theoretically backed by one U.S. dollar, traders can use USDT to trade and settle to fiat dollars. It was not until 2017 that the majority of traders seemed to realize Tether’s intended utility and started using it widely. As of April 2019, USDT trading volume started exceeding the trading volume of bitcoina12, and it now dominates the crypto trading sphere with over $50 billion average daily trading volume13.

https://preview.redd.it/3vq7v1jg09p51.png?width=700&format=png&auto=webp&s=46f11b5f5245a8c335ccc60432873e9bad2eb1e1
An interesting aspect of USDT is that although the claimed 1:1 backing with U.S. dollar collateral is in question, and the Tether company is in reality running fractional reserves through a loose offshore corporate structure, Tether’s trading volume and adoption continues to grow rapidly14. Perhaps in comparison to fiat U.S. dollars, which is not really backed by anything, Tether still has cash equivalents in reserves and crypto traders favor its liquidity and convenience over its lack of legitimacy. For those who are concerned about Tether’s solvency, they can now purchase credit default swaps for downside protection15. On the other hand, USDC, the more compliant contender, takes a distant second spot with total coin circulation of $1.8 billion, versus USDT at $14.5 billion (at the time of publication). It is still too early to tell who is the ultimate leader in the stablecoin arena, as more and more stablecoins are launching to offer various functions and supporting mechanisms. There are three main categories of stablecoin: fiat-backed, crypto-collateralized, and non-collateralized algorithm based stablecoins. Most of these are still at an experimental phase, and readers can learn more about them here. With the continuous innovation of stablecoin development, the utility stablecoins provide in the overall crypto market will become more apparent.

Institutional Developments

In addition to trade settlement, stablecoins can be applied in many other areas. Cross-border payments and remittances is an inefficient market that desperately needs innovation. In 2020, the average cost of sending money across the world is around 7%16, and it takes days to settle. The World Bank aims to reduce remittance fees to 3% by 2030. With the implementation of blockchain technology, this cost could be further reduced close to zero.
J.P. Morgan, the largest bank in the U.S., has created an Interbank Information Network (IIN) with 416 global Institutions to transform the speed of payment flows through its own JPM Coin, another type of crypto dollar17. Although people argue that JPM Coin is not considered a cryptocurrency as it cannot trade openly on a public blockchain, it is by far the largest scale experiment with all the institutional participants trading within the “permissioned” blockchain. It might be more accurate to refer to it as the use of distributed ledger technology (DLT) instead of “blockchain” in this context. Nevertheless, we should keep in mind that as J.P. Morgan currently moves $6 trillion U.S. dollars per day18, the scale of this experiment would create a considerable impact in the international payment and remittance market if it were successful. Potentially the day will come when regulated crypto exchanges become participants of IIN, and the link between public and private crypto assets can be instantly connected, unlocking greater possibilities in blockchain applications.
Many central banks are also in talks about developing their own central bank digital currency (CBDC). Although this idea was not new, the discussion was brought to the forefront due to Facebook’s aggressive Libra project announcement in June 2019 and the public attention that followed. As of July 2020, at least 36 central banks have published some sort of CBDC framework. While each nation has a slightly different motivation behind its currency digitization initiative, ranging from payment safety, transaction efficiency, easy monetary implementation, or financial inclusion, these central banks are committed to deploying a new digital payment infrastructure. When it comes to the technical architectures, research from BIS indicates that most of the current proofs-of-concept tend to be based upon distributed ledger technology (permissioned blockchain)19.

https://preview.redd.it/lgb1f2rw19p51.png?width=700&format=png&auto=webp&s=040bb0deed0499df6bf08a072fd7c4a442a826a0
These institutional experiments are laying an essential foundation for an improved global payment infrastructure, where instant and frictionless cross-border settlements can take place with minimal costs. Of course, the interoperability of private DLT tokens and public blockchain stablecoins has yet to be explored, but the innovation with both public and private blockchain efforts could eventually merge. This was highlighted recently by the Governor of the Bank of England who stated that “stablecoins and CBDC could sit alongside each other20”. One thing for certain is that crypto dollars (or other fiat-linked digital currencies) are going to play a significant role in our future economy.

Future Opportunities

There is never a dull moment in the crypto sector. The industry narratives constantly shift as innovation continues to evolve. Twelve years since its inception, Bitcoin has evolved from an abstract subject to a familiar concept. Its role as a secured, scarce, decentralized digital store of value has continued to gain acceptance, and it is well on its way to becoming an investable asset class as a portfolio hedge against asset price inflation and fiat currency depreciation. Stablecoins have proven to be useful as proxy dollars in the crypto world, similar to how dollars are essential in the traditional world. It is only a matter of time before stablecoins or private digital tokens dominate the cross-border payments and global remittances industry.
There are no shortages of hypes and experiments that draw new participants into the crypto space, such as smart contracts, new blockchains, ICOs, tokenization of things, or the most recent trends on DeFi tokens. These projects highlight the possibilities for a much more robust digital future, but the market also needs time to test and adopt. A reliable digital payment infrastructure must be built first in order to allow these experiments to flourish.
In this paper we examined the historical background and economic reasons for the U.S. dollar’s dominance in the world, and the probable conclusion is that the demand for U.S. dollars will likely continue, especially in the middle of a global pandemic, accompanied by a worldwide economic slowdown. The current monetary system is far from perfect, but there are no better alternatives for replacement at least in the near term. Incremental improvements are being made in both the public and private sectors, and stablecoins have a definite role to play in both the traditional and the new crypto world.
Thank you.

Reference:
[1] How the US dollar became the world’s reserve currency, Investopedia
[2] The dollar is in high demand, prone to dangerous appreciation, The Economist
[3] Dollar dominance in trade and finance, Gita Gopinath
[4] Global trades dependence on dollars, The Economist & IMF working papers
[5] Total credit to non-bank borrowers by currency of denomination, BIS
[6] Biggest stock exchanges in the world, Business Insider
[7] McKinsey Global Private Market Review 2020, McKinsey & Company
[8] Central banks current interest rates, Global Rates
[9] Venezuela hyperinflation hits 10 million percent, CNBC
[10] Lebanon inflation crisis, Reuters
[11] Venezuela cryptocurrency market, Chainalysis
[12] The most used cryptocurrency isn’t Bitcoin, Bloomberg
[13] Trading volume of all crypto assets, coinmarketcap.com
[14] Tether US dollar peg is no longer credible, Forbes
[15] New crypto derivatives let you bet on (or against) Tether’s solvency, Coindesk
[16] Remittance Price Worldwide, The World Bank
[17] Interbank Information Network, J.P. Morgan
[18] Jamie Dimon interview, CBS News
[19] Rise of the central bank digital currency, BIS
[20] Speech by Andrew Bailey, 3 September 2020, Bank of England
submitted by Tokenomy to tokenomyofficial [link] [comments]

The Manipulation of Crypto 2018, Outlined.

This entire downward trajectory and war on crypto started with Bill Gates, February 28th saying "cryptocurrency kills in a fairly directly way" in a reddit AMA. Previously Bill has been very positive on bitcoin. Microsoft has accepted it for years. It wasn't priced in psychologically as it lingered until March 7th. The day in which there was fake news about a Binance hack which never existed.
CHECK THE PRICES
https://imgur.com/a/1EvzfeR March we had Google banning ads MARCH 14TH. Then you had Facebook ban ads one week. YouTube the next, Twitter the next. Taking their time to suppress further and further.
CHECK THE PRICES
https://imgur.com/a/wCCgfph
https://imgur.com/a/wlwGBuF
Then in May we had Warren Buffett, Bill Gates, and Charles Munger interviewed on CNBC. Attacking relentlessly. It was one of the 1st questions in the interview with 3 very important people in finance as they asked them collectively. If you don't think this was planned, please reevaluate. Interviews with people of this magnitude have pre-written questions that are approved ahead of time. The Federal Reserve openly attacking it publicly in May. Authorities looking into "price manipulation". When the only price manipulation was the actual news about price manipulation.
https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe
May charts - The interview was May 7th.
https://imgur.com/a/WxIHfnX
After that it was probe "cracking down" on crypto. When they have had tools to track crypto for chain analysis for years. There's been a major piece of FUD news at least once a month for the past 7 months. Look at the charts for correlation. If you see a big dip, you will see there was FUD that day.
South Korea ban MARCH 6TH, South Korea unban, South Korea exchange raids MARCH 11TH. China reiterating their ban. India ban JULY 3RD, India unban, India ban. SEC same cycle (has been + lately). CFTC same cycle. Russia same cycle.
South Korea -
https://cointelegraph.com/news/south-korean-government-bans-officials-from-crypto-holding-and-trading
https://www.coindesk.com/south-korea-may-lift-ico-ban/
https://imgur.com/a/PzrROKg
https://www.coindesk.com/indias-supreme-court-continues-ban-on-cryptocurrency-exchanges/
https://cointelegraph.com/news/is-india-about-to-reverse-its-crypto-trade-ban
https://imgur.com/a/WmsTfFg
https://imgur.com/a/oldr1gr
Now recently the FUD play is coming from banks. JP Morgan (has crypto patents DYOR) is bullish and might offer custodian services. The next month Dimon calls it all a scam. Same from Goldman. Same from Mastercard (has crypto patents DYOR). Same from PayPal (has crypto patents DYOR) and American Express (has crypto patents DYOR).
Mastercard CEO - July 26th.
https://cointelegraph.com/news/mastercard-ceo-calls-anonymous-cryptocurrencies-junk-again
https://imgur.com/a/W3VsvHA
https://www.bloomberg.com/news/articles/2018-06-18/regulated-crypto-custody-is-almost-here-it-s-a-game-changer
AUGUST 4TH -
https://cointelegraph.com/news/jpmorgan-ceo-jamie-dimon-returns-to-bitcoin-bashing-calls-cryptocurrency-a-scam
https://imgur.com/a/gbuYloF
Goldman Sachs FUD - confirmed as fake news.
September 5th -
https://www.cnbc.com/2018/09/05/bitcoin-falls-after-goldman-reportedly-drops-crypto-trading-plans.html
https://imgur.com/a/gGtN16h
Corrective report, it didn't matter considering it was already priced in and everyone was panicked
https://cointelegraph.com/news/goldman-sachs-cfo-recent-reports-about-crypto-trading-desk-are-fake-news
In addition, how many times will we be played by FUDdesk or coin-sell-graph with unnamed sources and unconfirmed reports? Or using "A NYSE trader" as a legitimate source.
https://cointelegraph.com/news/nyse-trader-following-bakkt-launch-bitcoin-is-very-iffy/
Or "An IT worker" today.
https://cointelegraph.com/news/it-analyst-jason-bloomberg-what-im-really-saying-is-shut-down-permissionless-blockchains
How many times are we going to be this stupid? Will this ever end? Go ahead and down vote me into nothing you astro turfing, hired bots. See the bigger picture. All tactical analysis stems from news. News has been controlling the price down to get retail to sell as illustrated. As you can see, centralized institutions have seized power in this space, not surprisingly. Convince me otherwise. Thank you for reading.
submitted by HitWithTheWOWeffect to ethtrader [link] [comments]

Dash Competitive Basket Index for Monday, 28 October, 2019. Better. And let's take a step back and look at real world use.

Dash Competitive Basket Index for Monday, 28 October, 2019. Better. And let's take a step back and look at real world use.
Better than yesterday (again), but still nothing to write home about. We’re still in the top 20, so that’s something. Since Thursday, Dash gained 17.9% in dollar value. That certainly helps the buying power of the monthly Treasury. Everybody gained dollar value except the stable coins. All three of the moving average numbers went up again.
But let’s look for just a moment at real world use. Let’s be totally honest here, sooner or later, real world use of the actual crypto products HAS TO MATTER. Otherwise, crypto really is just another tulip mania like Jamie Dimon says it is. Jamie Dimon is wrong. Fundamentally, foundationally, bedrock level wrong. Somebody is going to become wildly successful at offering the unbanked and underbanked access to honest, simple, person to person digital cash. Duh….that’s Dash.
So let’s look at real world use numbers. When Dash got started in early 2014, LiteCoin had 8-10x the number of transactions that Dash had. Ever since then, Dash has been gaining on LiteCoin. Look at the transaction numbers on the chart below. We regularly beat LiteCoin. Why are we not crushing LiteCoin? In terms of features, governance, innovation, community support and number of transactions, we ARE crushing LiteCoin.
For the previous 7 day time frame:
  1. Dash outperformed 7 of the 18 coins ranked above us (39%). The 30 day SMA* is 31.2%.
  2. Dash outperformed 5 of the 10 coins ranked below us (50%). The 30 day SMA* is 33.3%.
  3. In total, Dash outperformed 12 of the top 28 coins (43%). The 30 day SMA* is 32.0%.
  4. Bitcoin dominance dropped 6/10’s after yesterday’s enormous gain. (67.1%).
  5. 5 of the top 28 coins beat Bitcoin (17.9%).
  6. 25 of the top 28 cryptos were in the green (92.6%).
* The 30 day SMA is the Simple Moving Average for the last 30 days. It is represented with the red line.
As always, this is not investment advise. This is presented for entertainment and educational purposes only. Do your own homework. Don’t trust some rando guy on the internet. All crypto is risky. Don’t invest more in crypto than you can afford to lose.
^ Dash vs LiteCoin transactions since forever. Look at the transaction numbers in the upper left hand.

^ I'm not just cherry picking, look at the 90 day chart. We are neck and neck with LiteCoin and routinely surge above them in transactions. We absolutely will surpass LiteCoin.

https://preview.redd.it/kb03zdaygav31.png?width=1319&format=png&auto=webp&s=74da6a12e3e6d790d2ba04602aa8c260d2097122
Dash vs the 18 coins listed above us. Meh, better, but not great. Again I return to today's thesis, the rankings matter because that's what everybody looks at, and it affects our dollar value which affects our treasury. But the whole crypto industry should be looking far more at the use metrics, not the popularity contest on CoinMarketCap and CoinPaprika.

^ Dash vs the 10 coins listed below us. Woo hoo, looks like we finally made a bottom. But again, we should be looking 90% at real world use, and only 10% at market cap rankings.

^ Dash vs the top 28 crypto projects in the world. Back above the MA, and looks like a bottom. And this data should be almost irrelevant compared to real world usage data.
submitted by solarguy2003 to dashpay [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

My friend made these arguments againt bitcoin...thoughts or rebuttals?

One of my roommates who is an EE student and avid programmer was arguing about Bitcoin and how it was useless and a complete bubble, more critical of it than Jamie Dimon or economists ever have been. He started questioning why I even put a little money into it, and said to mark his words within a year it'll be near worthless. I wanted to keep an open mind, but I almost kind of regret letting him rant to me. He basically went on a long tirade and said stated a few attacks that went like:
-"You can't use it for anything, it's just a bubble. If you look at the chart here's how it goes: it reaches a new high, dips back down and reaches a lower high, dips back down and goes to a lower high, and you can draw a line through this and see it's going to 0." (I tried to get him to actually look at an arithmetic and logarithmic graph and assumed he was looking at the recent dip but he insisted this is what it's doing and will be worthless in a few months).
-"Blockchain isn't even that great. It's just a buzzword. It's basically I give you five dollars. I write down on a piece of paper I gave you five dollars, your friend copies that down on a piece of paper that I gave you five dollars and so forth. And that's literally all it is! I could've invented this system. Satoshi really isn't that great or a genius. Cryptography itself isn't that complicated."
-"Blockchain is going to be obsolete, and because Bitcoin keeps growing this much it's definitely a bubble that will go to 0. If I were you I'd put money in the alternative like Litecoin instead for the long run. Blockchain is just a buzzword like the cloud was, and it's going to fade away."
Any rebuttals? Thoughts?
submitted by InfiniteWaters108 to Bitcoin [link] [comments]

Stablecoins: Captain Marvel That Saves Floundering Economies

[Source]
The Holy Grail of Cryptocurrency’, ‘The New and Improved Bitcoin’. This superhero is known by many names and has created hype so unsurmountable, even Captain Marvel find it a struggle to compete with. Yes, I am talking about stablecoins and the heroic powers it possesses.
The release of JPM Coin by banking behemoth JP Morgan on Feb. 14 sent a clear message to every player in the traditional finance industry: cryptocurrency is here to stay and it’s time to get in the game. The announcement came as a surprise to crypto enthusiasts mostly because its CEO, Jamie Dimon, has long been notorious for his anti-Bitcoin stance. What was it that made Jamie Dimon change his tune? Well, the answer is simple: cryptocurrencies are the gateway to an economy immune to hyperinflation, and here is the reason why:

Its Supply Is Transparent, Limited And Very Much Predictable
Processing img 3tir5pszv0k21...
Broadly speaking, inflation can be classified into two categories:
(a) monetary inflation: increased money circulation
(b) price inflation: increased price levels
When the economy hits rock bottom, the conventional response from the government almost always come along the lines of increasing money supply. Venezuela and Zimbabwe are two of such examples. As time culminates, the notes printed become virtually worthless and prices spike, leading to extreme inflation.
In the case of cryptocurrencies, supply control is far from the grubby hands of political elites. Not only is supply fully decentralised and limited by codes in the coins’ protocols, the total in circulation is well within grasp which makes for accurate projection of its demand and supply. Additionally, any rule or regulation made is transparent to the public at any point in time. If the success of fiat-based economies depends on central banks and their opaque policies, then the crypto economy mitigates this risk by removing the need to trust them altogether.
However, cryptocurrencies have their drawback - they are extremely volatile. Hence, the need for a superhero to swoop in and save the day: stablecoins. Not just any other stablecoin but the stablecoin 1SG.

Why 1SG?

https://preview.redd.it/oj06fgh9w0k21.jpg?width=677&format=pjpg&auto=webp&s=0be1ded368c1c60bf078da9f59654509c89d9949
Stablecoins as we all know are digital tokens pegged with a stable asset to ensure its low volatility. These assets can range from material goods like gold to fiat currencies like the USD. Currently, most stablecoins saturating the market such as USDT, TrueUSD, USDC, Dai and Tether are pegged to the USD. This presents a disadvantage as the sheer volume of stablecoins pegged to the USD may adversely affect the price of the US dollar, especially with a looming dollar inflation ahead due to an increase in deficit spending and printing of treasuries.
1SG, on the contrary, is a stablecoin pegged to the national currency of Singapore, SGD. Singapore has long been dubbed the “Asian Tiger” for its aggressive economic growth throughout the years. With GDP records climbing off the charts and an annual increase in GDP with little financial debt, SGD is proving to last through the greater economic crises and has even emerged on equal footing with the Australian Dollar (AUD) earlier this year.
With the security of the SGD, and its high liquidity and frictionless spendability, 1SG is definitely a stablecoin too good to be missed. What are you waiting for? It’s time to start your journey with 1SG today!
About 1SG:1SG is a stable coin, issued by the Mars Blockchain Group which overcomes the problems of today’s cryptocurrencies, while providing open, transparent, efficient KYC/AML process. With the key features of stable value and high liquidity, Mars Blockchain is a start-up committed to becoming a leading stable coin in global cryptocurrency market. 1SG circumvents the volatility of other major cryptocurrencies by maintaining a fixed peg to $1 SGD through financial markets.For more details, check out www.1.sgFor more information on 1SG, keep up with its following social media:Telegram: https://t.me/SGoneReddit: https://www.reddit.com/use1-SG/Twitter: https://twitter.com/1SG_2018Instagram: https://www.instagram.com/1sg_sg/YouTube: https://www.youtube.com/channel/UC_p_8y1geOe0lmB4F3i6FpgTo trade 1SG now, head over to these exchange platforms:P2PB2B: https://p2pb2b.io/BitMart: https://www.bitmart.com/TOP.ONE: https://top.one/indexKryptono: https://kryptono.exchange/k/homeOEX: https://www.oex.com/index
submitted by 1-SG to 1SG_ [link] [comments]

Predictions for the lowest we'll see Bitcoin this week?

The media keeps on replaying Jamie Dimon's comments throughout TV/articles, combine that with the China situation, fear mongering is at an all time high. I still don't see Bitcoin going under 3,000 at this moment. My guess is lowest is 3.5K based on the charts I studied but who knows. Thoughts?
submitted by universeatom to Bitcoin [link] [comments]

Jamie Dimon hated bitcoin. Now JPMorgan is getting ahead of the crypto revolution (current BTC/USD price is $3642.92229841)

Latest Bitcoin News:
Jamie Dimon hated bitcoin. Now JPMorgan is getting ahead of the crypto revolution
Other Related Bitcoin Topics:
Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Bitcoin (BTC) Validation as Jamie Dimons Sentiment Shift (current BTC/USD price is $3621.82759926)

Latest Bitcoin News:
Bitcoin (BTC) Validation as Jamie Dimons Sentiment Shift
Other Related Bitcoin Topics:
Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

On Bitcoins 10th birthday, JP Morgan CEO says he doesnt really give a shit about it (current BTC/USD price is $6315.20776737)

Latest Bitcoin News:
On Bitcoins 10th birthday, JP Morgan CEO says he doesnt really give a shit about it
Other Related Bitcoin Topics:
Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

SWISSBORG´S DAILY INSIDER - WEEK 23

DON'T MISS OUT ON THE NEWS!

https://preview.redd.it/lxjzqc7lxx111.png?width=1000&format=png&auto=webp&s=6add4c8a95d1b8973aecb44b67efc3d829f1c5df

Want to stay updated on the most current news, market trends, and analysis? Subscribe to our daily SwissBorg Insider!

Friday, 8 June 2018

New Physically-Backed Bitcoin ETF Proposal Filed with SEC | NewsBTC A Bitcoin ETF has long been talked about but never got past the U.S. SEC. However, two firms might have come up with a solution.
'Just Beware' Is All Jamie Dimon Will Say About Bitcoin - CoinDesk Jamie Dimon once called bitcoin a fraud – now he's saying "just beware."
Japan Blasts Crypto Exchange Execs in First-Ever License Rejection - CoinDesk Japan's financial regulator has formally issued its first denial to a business registration application filed by cryptocurrency exchange FSHO. → Mining Giant Bitmain’s CEO Wu ‘Open’ to Hong Kong IPO, Report Says The CEO of Bitcoin mining tech giant Bitmain has appeared to confirm he would be interested in conducting an IPO for the company in future.
Daily Performances
General Comment: Calm before the storm? The broad market continues to drift sideways in thin volumes, and with trading ranges narrowing by the day. Volatility has all but disappeared, but most likely only for the short term. Technicals indicate that a breakout is likely within the next several weeks, probably triggered by external factors ensued by a big gap move as participants try to capture the movement in a vacuum.
https://preview.redd.it/iw1qmpnzqx211.png?width=909&format=png&auto=webp&s=f8b2d5e9bd1d258e899c1e48e6dde1c6d63e5836
Technical Analysis - BTC
Bitcoin price moved higher and broke a major resistance near $7,650 against the US Dollar. The pair may correct a few points in the short term, but dips remain supported around $7,600. BTC/USD remains buy on dips near the $7,600 and $7,500 support levels.
https://preview.redd.it/m730hni2rx211.png?width=1344&format=png&auto=webp&s=637c208b5d6d11c39e72cde01d63171a53dd2a7d
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Thursday, 7 June 2018

Bitcoin in Brief Wednesday: German Banks Trade Cryptos, US Universities Invest in Crypto Hedge FundsAt least six German financial institutions are involved in cryptocurrency trading.
Coinbase Acquires Financial Services Firm to Become SEC-Regulated Broker DealerThe acquisition of securities dealer Keystone Capital Corp will allow Coinbase to become a fully regulated broker dealer by the US Securities and Exchange Commission (SEC).
Susquehanna Is Opening Crypto Trading, Starting with BTC FuturesSusquehanna International Group is opening cryptocurrency trading to its clients, initially in the form of Bitcoin (BTC) futures, the New York Times reported June 5.→ Why Does Blockchain Makes More Sense After GDPRWhile there could be some initial hiccups about complete compliance with GDPR, technology like blockchain offers a bright spot on the horizon.
Daily Performances
General Comment: The market continues to trade sideways in thin volumes, with BTC trading right around the 20DMA level. Technicals show a narrowing uppelower band (BTC USD7'000/9'000) that indicates a breakout in the near future, and when it does the the low volume/low volatility environment could change drastically at least for a short while.
https://preview.redd.it/iu8spgnwgk211.png?width=907&format=png&auto=webp&s=8706108c4dd87265a517ec9039cb5eef329d2bf7
Technical Analysis - BTC
BTCUSD is locked in the 7'700-7'000 range, if it manages to break above 7'700 we would expect to test 8600, if it breaks 7'000 we expect an important fall to below 6'000
https://preview.redd.it/btss3i91hk211.png?width=1344&format=png&auto=webp&s=859ffb619003919d6cf45194870dd442f3ca7154
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Wednesday, 6 June 2018

Money20/20: Central Bank Execs Conclude Crypto Is No Threat to Fiat, YetWhy fiat is not particularly threatened by crypto..
Binance Official: ‘If the ICO Bubble Bursts, It’s a Good Thing for the Industry’The ICO bubble needs to burst in order for truly valuable projects to come about.
Magic Number? Chart Data Hints at June 6 Bitcoin BoostA major reprieve just may be in the offing for the battered bitcoin bulls in the next 36 hours – if, that is, historical patterns repeat themselves.
Daily Performances
General Comment: We continue to see sideways movement with no strong directional conviction. However, a prolonged period of very low volumes and dangerously low volatility juxtaposed with the narrowing of critical technical levels - BTC USD7'000 psychological support that must not be broken, and USD8'000 level broken above that may pull in buyers to test the upside band of USD9'000 - indicates a potential violent break out of recent range over the next several weeks. The BTC market has been flirting with both sides. Keeping a very close check on potential news triggers (Crypto and non-Crypto) would be highly advisable.
https://preview.redd.it/chgs44f9bc211.png?width=912&format=png&auto=webp&s=65ad2714afb3041d07cf357d5cf7f2c2178a0c18
Technical Analysis - BTC
BTCUSD is locked in the 7800-7000 range, if it manages to break above 7800 we would expect to test 8600, if it breaks 7000 we expect an important fall to below 6000.**05.05.2018
https://preview.redd.it/090l1uyfbc211.png?width=1344&format=png&auto=webp&s=dd73a94c497be4c25bd8ec37a425398c313b0a4f
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Tuesday, 5 June 2018

LinkedIn Co-Founder Is Raising $20 Million for Token Project - CoinDeskOne of the co-founders of LinkedIn is raising as much as $20 million in a SAFT sale.
OKEx Latest Industry Giant to Launch Cryptocurrency Index FundOKEx has become the latest industry giant to launch a cryptocurrency index fund.
Crypto Exchange Coinbase Plans Expansion With Japanese OfficeCoinbase Inc., one of the largest U.S. digital-currency exchanges, is expanding into one of the world’s hottest crypto markets.
Daily Performances
General Comment: The broad crypto market drifted sideways to slightly softer overnight. Market cap is at USD330 billion. We continue to see more of the same - low volumes, extremely low volatility and high correlation across currencies. Yesterday we failed to reach short term upside targets for confirmation of longer term consolidation (BTC USD 8000, ETH 650). On the news front, lots of news coming out from the crypto exchange business in Japan with regards to both new entrants (HitBTC, Coinbase) The move reflects the overall trend to be compliant with local regulation, which is healthy for the long term.
https://preview.redd.it/nd2kkmmbac211.png?width=920&format=png&auto=webp&s=e5e95fdb01d33841116e3b59a66d3df62ad9cf4d
Technical Analysis - BTC
BTCUSD is locked in the 7800-7000 range, if it manages to break above 7800 we would expect to test 8600, if it breaks 7000 we expect an important fall to below 6000.
https://preview.redd.it/lgpzm2ckac211.png?width=1344&format=png&auto=webp&s=83b4eb9d9d78a43ef68ea59b956322c4be7001d7
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Monday, 4 June 2018

Initial Coin Offerings Have Already Topped 2017's Record PaceSales of digital tokens by technology companies this year have already surpassed the record amount raised in all of 2017.
The EOS Blockchain Launch: What Should Happen (And What Could Go WrongThe world's fifth most valuable cryptocurrency is set to formally release its software this weekend.
Cryptocurrency Exchange Hitbtc Suspends Services in JapanHitbtc has suspended its services for Japanese residents to avoid any trouble with the country’s financial regulator since it is not authorized to operate in Japan. → Binance Reveals Plan for $1 Billion Blockchain Startup FundBinance has announced it is launching a $1 billion "Social Impact Fund" to foster the growth of blockchain and cryptocurrency startups.
Daily Performances
General Comment: Over the weekend the broad market recovered steadily but in quiet trading. What appears to have been an ETH led sell off last week has reversed nicely (as can clearly be seen in ETH/BTC back to 0.08), with BTC holding the critical USD7000 level and now testing the “all clear” point of USD 8'000. The equivalent ETH level to the upside is around USD 650, both of which broken above indicate a possible test of higher ranges. XRP appears to have fully recovered this level.Developments in “off-chain” markets and mounting concerns of European sovereign debt continue to be the next possible catalyst for crypto markets.
https://preview.redd.it/7s6p0le0yx111.png?width=873&format=png&auto=webp&s=5822c471a38c39452c016c79bfa58bed017e17e5
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Many thanks to Mariem @SwissBorg for providing us with THE latest news.
Disclaimer: Insider aims to provide our community with updates and information regarding financial markets and the blockchain world.This is our way of communicating with our community. It is meant to be used for informational purposes not to be mistaken for financial advice.Our opinion, when shared, is just that, it may not apply directly to your individual situation. Any information gleaned here is to be used at the readers' own risk, SwissBorg does not accept any responsibility for individual decisions made based on reading our daily blog. Any information we provide on our daily blog is accurate and true to the best of our knowledge, there may be omissions, errors or mistakes.
Copyright © 2018 SwissBorg, All rights reserved
submitted by lioness444 to swissborg [link] [comments]

[uncensored-r/Bitcoin] This sub is train wreck this week

The following post by CONTROLurKEYS is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
reddit.com/ Bitcoin/comments/70365o
The original post's content was as follows:
  • completely trite posts about price
  • complete shit memes, hodl, buy the dip
  • complete shit "this is why I...." -- we don't care...like at all
  • complete shit Jamie Dimon this, Jpmorgan that,
  • complete shit china this china that
  • complete shit n00b posts - why dip, why china, why why why - STFU and lurk more noobs
  • complete shit TA posts, fuck off with your chart gambling
Declaring this sub a train wreck. yes this is a shit post too and yes inbox replies are off and yes I don't give a fuck about your lame sarcastic/facetious reply to this.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

Some of the most notable news and events over the past year:
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submitted by BitcoinChronicler to btc [link] [comments]

Ripple Price Analysis

Ripple prices are making a triangle pattern in the short term charts, that should excite bulls but before the bulls get excited they would do good to themselves to read the fine print of this triangle formation - base of the triangle has a start that can't be trusted.
XRP/USD is currently down more than 4 percent on day at $0.676, almost near the low point of the day, which is at $0.6752. On the 240-minute chart, there's a triangle formation in the making which is a bullish sign, but here's a hitch. Starting point of the base of the triangle is formed by a candle when XRP saw sudden steep decline and then a sudden bounce, usually such candles are formed either by a fat finger or an algo gone wrong. Since institutional investors still not big time into the cryptos, chances of this being an algo trade seems slim and hence chances of this triangle resulting into a false triangle are on a higher side. Immediate strong resistance for now is at $0.71, around the upper line of the triangle, while support is placed at $0.665.
JP Morgan, whose exec Jamie DImon has been one of the earliest opponent and the most critique of Bitcoin and cryptocurrencies, has hired a 29-year old Oliver Harris as its new head of crypto-asset strategy. Harris has been running the bank's In Residence fintech program for the past two years.
submitted by cryptomastr to CryptoGuard [link] [comments]

Golden Rasberry Token Awards 2017

Tom the commentator: Joing now, liiiive, on channel 0100100001100101011011000110110001101111. The Golden Raspberry Token Awards 2017, presented to you by Seth Macfarlane and Jamie Dimon, sponsored by Bcash and Ripple.
(LIGHTS, MUSIC) (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
Jamie Dimon: Hello and good evening ladies and gentlemen. Seth Macfarlane: Welcome everyone, it is our big pleasure to present to you for the very first time in history, the Golden Raspberry Token Awards!
(BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
Jamie Dimon: In 2017 the cryptoworld increased to an incredible high volume of money and many people start trying to get their own little piece of the cake, Seth?! Seth Macfarlane: Thaaats right Jamie! on the other hand there a lot of companies and cryptocurrencies out there that screw up with you like a ratchet and you think to yourself, hey why not just give that money to my local banker, he burns it even quicker?!
(BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE)
Jamie Dimon: Don´t look at me Seth!
(BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE)
Jamie Dimon: Seth, there were a lot of cryptocurrencies or companies out there this year who were pretty scammers, banana heads, or just really stupid.
(BEEP BEEP: AAWWWWWW)
Seth Macfarlane: Ha ha, don´t be to rude Jamie, otherwise we won´t have any winners tonight!
(BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE)
Jamie Dimon: Your right about that.
Seth Macfarlane: At least i am right about something Jamie, can´t say that from my blockfolio this year.
(BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE)
Jamie Dimon: A lot of cryptocurrencies made it to this years nominees so we are going to split them in different catagories.
Seth Macfarlane: Correct, Jamie. The nominated coins and token are separated in five groups. These groups are, „the worst goldcoin“, „the less trustworthy coin“, „worst longterm coin“, „the worst ICO“ and last but not least, but maybe the most tricky one „the worst major coin“.
Seth Macfarlane: Here are the nominees for the 2017´s Golden Raspberry Token.
(BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
gold: Bitcoin Gold, Ethereum Gold, Neo Gold, Zcash Gold
trust: Ethereum Dark, Chaincoin, Swiss Coin, Confido
longterm: SNT, Ethereum Classic, Melon, Omni
ico: PLBT, HKN, WAX, NAGA
major: Doge, Steem, Siacoin, GNT
Seth Macfarlane: And the winner in the catagory GOLD, ladies and gentlemen, is...... ..... NEO GOLD
(BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
Tom the commentator: So the first victory in 2017 goes to NEO GOLD, a coin based on the ETH platform with no white paper.
Jamie Dimon: And the winner in the catagory TRUST is...... ..... CONFIDO
(BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
Tom the commentator: Confido, a platform that raised over K300$ in its ICO with the model of trustworthy smartcontracts like paypal, dissapeared over night and is now under investigation by the FBI. Well played Confido team.
Seth Macfarlane: Boy, this is exciting.
(BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE)
Seth Macfarlane: And the winner in the catagory LONGTERM, ladies and gentlemen, is...... ..... SNT (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
Tom the commentator: SNT, promoted as eventually one of the biggest gainers in 2017. Starting with a 220 mio$ market cap SNT´s charts should better be watched up side down these days.
Jamie Dimon: And the winner in the catagory ICO is...... ..... HKN
(BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE)
Tom the commentator: Hacken, a cyber security company, advised by JMA, promising major exchanges from the beginning, which led to yobit, where token got lost for good. Asked by the fact the CEO granted, „getting on exchanges is not so easy“, what an incredible performance by the hacken team this year.
Seth Macfarlane: And now ladies and gentlemen the winner in the catagory MAJOR is......
(Click)
TV OFF
submitted by ManyFacedDude to CryptoCurrency [link] [comments]

Subreddit Stats: CryptoCurrency top posts from 2017-01-10 to 2017-10-18 06:04 PDT

Period: 280.96 days
Submissions Comments
Total 1000 72857
Rate (per day) 3.56 258.46
Unique Redditors 712 14541
Combined Score 284827 402111

Top Submitters' Top Submissions

  1. 10061 points, 49 submissions: CryptoCurrencyNews
    1. Korean Court Rules Bitcoin Cannot Be Confiscated (1012 points, 55 comments)
    2. President of European Central Bank: “Not Within Our Power to Prohibit or Regulate Bitcoin” (854 points, 55 comments)
    3. Cryptocurrency Site Coinmarketcap Now Among Top 400 Most Visited Websites Worldwide (581 points, 54 comments)
    4. Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies (445 points, 88 comments)
    5. Jamie Dimon’s Bitcoin Statements Reported as Market Abuse in Sweden (312 points, 30 comments)
    6. Poland’s Largest Food Delivery Website with 5000+ Restaurants Starts Accepting Bitcoin (306 points, 26 comments)
    7. American Billionaire Investor Mark Cuban Claims Cryptocurrencies and Blockchain Are Future (267 points, 35 comments)
    8. Peach Airline Decides to Accept Bitcoin after Japan Recognizes it as a Valid Currency (259 points, 29 comments)
    9. Japan Endorses 11 Different Crypto Exchanges, Turns Into Friendliest Asian Bitcoin Market (258 points, 17 comments)
    10. Bitcoin, Altcoin Exchange Bittrex Eyed With Suspicion Due to Thousands of Mysterious Account Closings (250 points, 38 comments)
  2. 9829 points, 1 submission: tokentrader
    1. Biggest Crypto Scam going on right now (9829 points, 392 comments)
  3. 6558 points, 4 submissions: marmarbinkz
    1. To all the nubs today... (2021 points, 144 comments)
    2. McLaren is now accepting bitcoin (1716 points, 178 comments)
    3. Have you heard of this Altcoin? (1438 points, 102 comments)
    4. This picture says it all (1383 points, 56 comments)
  4. 5140 points, 1 submission: Midorfeed69
    1. Warning! This sub has some of the worst investing advice I've ever seen and is full of people who essentially won a billion dollars in the lottery, so now they think that makes them Warren Buffet. (5140 points, 563 comments)
  5. 3396 points, 2 submissions: Sebt1890
    1. Me explaining Crypto to new people (1957 points, 144 comments)
    2. Buy Bitcoin sign behind Janet Yellen who's the Chair of the Federal Reserve (1439 points, 145 comments)
  6. 3219 points, 16 submissions: CryptoCurrency_News
    1. Mark Cuban Confirms Investment in Bitcoin, Rejects Jamie Dimon (1006 points, 171 comments)
    2. Vietnam Is Preparing to Legally Recognize Bitcoin in 2018 (284 points, 25 comments)
    3. Major Bitcoin Hardware Wallet Ledger Begins Monero Integration (269 points, 47 comments)
    4. Russian Finance Minister: 'No Point in Prohibiting' Cryptocurrencies (198 points, 37 comments)
    5. Australia May Fully Legalize Bitcoin (196 points, 32 comments)
    6. JPMorgan Clients Purchase Bitcoin in Stock Market Despite CEO’s Warnings (162 points, 9 comments)
    7. Bitcoin Price Maintains $3,500 Value as China Situation Becomes Irrelevant (150 points, 12 comments)
    8. Monero Price Hits Record High Near $100 on New Exchange Listing (136 points, 48 comments)
    9. Kim Dotcom Claims “Everybody Will Use Cryptocurrency” in the Near Future (123 points, 18 comments)
    10. Bitcoin Prices Dip Below $4,000 to Hit 7-Day Low (115 points, 93 comments)
  7. 2839 points, 7 submissions: notsonot
    1. Full-page crypto ad in this morning's Wall Street Journal (1464 points, 103 comments)
    2. Venezuela's Cash Is Now Worth Less Than Currency in 'World of Warcraft' (386 points, 107 comments)
    3. China to Start Using Blockchain to Collect Taxes and Send Invoices (336 points, 90 comments)
    4. Bitcoin Surges Above $4400 As World Realizes Jamie Dimon & China Don't Matter (237 points, 51 comments)
    5. Wikileaks has added support for Monero (203 points, 22 comments)
    6. Korea’s Largest Messenger App Launching Exchange With 110+ Cryptocurrencies (117 points, 17 comments)
    7. "K.im and Bitcache will introduce crypto to hundreds of millions of new users. Don't worry about #Bitcoin price. Everybody will use crypto" — Kim Dotcom (96 points, 29 comments)
  8. 2817 points, 1 submission: newrole8123
    1. Amazon Petition to Accept Litecoin and Bitcoin Now Has Over 10,000 Signatures (2817 points, 326 comments)
  9. 2777 points, 1 submission: OhCrapMyNameIsTooLon
    1. Well, thanks everyone (2777 points, 149 comments)
  10. 2642 points, 6 submissions: BTC2018
    1. How to Find Assets BEFORE They Are Popular (1521 points, 277 comments)
    2. Knowing When To Sell. (277 points, 108 comments)
    3. Making a Million Dollars. (267 points, 98 comments)
    4. Surviving the Inevitable Crypto Big Bubble. (246 points, 162 comments)
    5. Everyday is a Good Day in Crypto! (192 points, 17 comments)
    6. How to Invest a Thousand Dollars or Less! (139 points, 117 comments)
  11. 2516 points, 2 submissions: Heph333
    1. When you open to the hourly chart, and then switch to the weekly chart. (1375 points, 53 comments)
    2. Let's play "spot the HODLer" (1141 points, 82 comments)
  12. 2361 points, 1 submission: TacoWarez
    1. A gif of me trying to daytrade (2361 points, 144 comments)
  13. 2246 points, 2 submissions: Goal1
    1. Me trying to balance out my portfolio (1593 points, 58 comments)
    2. I finally made it to $1 million dollars in crypto! (653 points, 102 comments)
  14. 2169 points, 1 submission: Konjitsu
    1. Crypto Ecosystem (2169 points, 344 comments)
  15. 2136 points, 2 submissions: ImBrittle
    1. I've spent the past couple of weeks putting together a guide where people can find all the information I was I had when I started out. (1880 points, 157 comments)
    2. Detailed report projects NEO to be worth $1.3 Trillion (256 points, 153 comments)
  16. 2069 points, 14 submissions: helmsk
    1. Federal Judge Sides with Coinbase Customer Against IRS (312 points, 22 comments)
    2. Korean Bitcoin Exchanges Divided Whether to Support Bitcoin Cash (252 points, 4 comments)
    3. Revised Tax in Effect From Today In Japan, Lifts the 8% Consumption Tax on Bitcoin (192 points, 21 comments)
    4. Bitcoin, Ether, Dash and Litecoin Now Sold at 1800+ Austrian Post Offices (159 points, 11 comments)
    5. CFTC Approves First Regulated Bitcoin Derivatives Exchange and Clearinghouse (158 points, 27 comments)
    6. Russia Discusses Starting Cryptocurrency Mining With Its 20+ Gigawatt Surplus (136 points, 23 comments)
    7. South Korea to Sell 216 Bitcoins in First Public Auction (125 points, 13 comments)
    8. 50 Bitcoin Exchanges Have Filed with the Japanese Financial Authority (122 points, 6 comments)
    9. Germany's Largest Food Delivery with 11,000+ Restaurants Now Accepts BTC (112 points, 16 comments)
    10. Australian Senators Push to Make Bitcoin Official Currency (106 points, 11 comments)
  17. 1972 points, 1 submission: theantnest
    1. It's happening! (1972 points, 219 comments)
  18. 1880 points, 1 submission: shendo-tech
    1. This is exactly what happens when you don't HODL. (1880 points, 128 comments)
  19. 1812 points, 2 submissions: macmac360
    1. It's all in good fun guys (1719 points, 204 comments)
    2. PSA: Make a habit of looking at the post history of anyone who seems to be pumping anything (93 points, 24 comments)
  20. 1738 points, 2 submissions: Nismoman
    1. You wanna make money in Crypto? Well read this... (1639 points, 301 comments)
    2. What do you guys think about ARK (99 points, 110 comments)
  21. 1737 points, 1 submission: mel3b
    1. Why Cryptocurrency can save us... (1737 points, 364 comments)
  22. 1683 points, 1 submission: Engin33rh3r3
    1. Crypto market be like... (1683 points, 68 comments)
  23. 1666 points, 1 submission: jbhewitt12
    1. Julian Assange - "My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return." (1666 points, 159 comments)
  24. 1651 points, 1 submission: io-error
    1. Jamie Dimon, CEO JP Morgan Chase ... upvote this post so this is the top image that shows up for him on Google (1651 points, 40 comments)
  25. 1639 points, 1 submission: deen5526
    1. Trading shitcoins (1639 points, 63 comments)
  26. 1579 points, 1 submission: mtlynch
    1. How I Stole Your Siacoin (1579 points, 148 comments)
  27. 1509 points, 1 submission: Zooooooooo
    1. Rare leak of secret upcoming DOGECOIN anonymity features. Wow much bullish (1509 points, 142 comments)
  28. 1492 points, 1 submission: DefNotJRossiter
    1. "Bitcoin is a fraud and a scam" (1492 points, 110 comments)
  29. 1467 points, 7 submissions: GoodMiner
    1. Vertcoin & Litecoin Atomic Swapping!! (533 points, 143 comments)
    2. Bitcoin Gold & Vertcoin (284 points, 169 comments)
    3. What is Vertcoin? – A VTC Overview (177 points, 103 comments)
    4. We're excited to officially announce, Vertcoin is coming to the Ledger Nano S and Ledger Blue!! (153 points, 6 comments)
    5. Vertcoin Development Update September 16, 2017 (118 points, 35 comments)
    6. The Vertcoin Dev Team is hosting a LIVE AMA Saturday Aug 26 @ 11am EST! (108 points, 20 comments)
    7. Vertcoin Lightning Network Demo (94 points, 10 comments)
  30. 1437 points, 7 submissions: notlikethis1994
    1. OmiseGo: What Is It and Should You Invest? (334 points, 130 comments)
    2. Antshare/NEO's new whitepaper (English) (277 points, 67 comments)
    3. Why Is ETH Crashing? (255 points, 166 comments)
    4. Timeline Of The Chaincoin Scam - Massive Cryptocurrency Pump And Dump Scheme (219 points, 68 comments)
    5. What's Antshares/NEO and Why You Should Be Watching It? (150 points, 95 comments)
    6. Technical Analysis And Cryptocurrencies - Why You Shouldn't Use It (107 points, 62 comments)
    7. Big Banks Are Rallying Behind Cryptocurrencies (95 points, 12 comments)

Top Commenters

  1. socialcadabra (2629 points, 312 comments)
  2. senzheng (1501 points, 397 comments)
  3. TheArtofSaul (1389 points, 106 comments)
  4. xmronadaily (1370 points, 99 comments)
  5. Zouden (1118 points, 255 comments)
  6. Bitcoinfriend (1111 points, 108 comments)
  7. _manoftheyear_ (1095 points, 61 comments)
  8. veqtor (1069 points, 5 comments)
  9. tokentrader (1040 points, 16 comments)
  10. Nelsono9 (976 points, 23 comments)
  11. OsrsNeedsF2P (932 points, 89 comments)
  12. DavidSonstebo (881 points, 36 comments)
  13. algar32 (856 points, 167 comments)
  14. Towerrrr (852 points, 42 comments)
  15. GenghisKhanSpermShot (809 points, 206 comments)
  16. LotteriaCustomer (778 points, 1 comment)
  17. addsAudiotoVideo (747 points, 242 comments)
  18. Grotein (740 points, 60 comments)
  19. Light_of_Lucifer (718 points, 104 comments)
  20. zimmah (714 points, 171 comments)
  21. Trasfixion (703 points, 92 comments)
  22. mutantpop (694 points, 89 comments)
  23. make_love_to_potato (688 points, 99 comments)
  24. 7tryker (676 points, 26 comments)
  25. JoshuaSP (650 points, 90 comments)
  26. ILoveJuices (643 points, 78 comments)
  27. KrisBkh (643 points, 2 comments)
  28. 987963 (636 points, 2 comments)
  29. buqratis (634 points, 27 comments)
  30. tempMonero123 (626 points, 87 comments)

Top Submissions

  1. Biggest Crypto Scam going on right now by tokentrader (9829 points, 392 comments)
  2. Warning! This sub has some of the worst investing advice I've ever seen and is full of people who essentially won a billion dollars in the lottery, so now they think that makes them Warren Buffet. by Midorfeed69 (5140 points, 563 comments)
  3. Amazon Petition to Accept Litecoin and Bitcoin Now Has Over 10,000 Signatures by newrole8123 (2817 points, 326 comments)
  4. Well, thanks everyone by OhCrapMyNameIsTooLon (2777 points, 149 comments)
  5. A gif of me trying to daytrade by TacoWarez (2361 points, 144 comments)
  6. Crypto Ecosystem by Konjitsu (2169 points, 344 comments)
  7. To all the nubs today... by marmarbinkz (2021 points, 144 comments)
  8. It's happening! by theantnest (1972 points, 219 comments)
  9. Me explaining Crypto to new people by Sebt1890 (1957 points, 144 comments)
  10. I've spent the past couple of weeks putting together a guide where people can find all the information I was I had when I started out. by ImBrittle (1880 points, 157 comments)

Top Comments

  1. 1062 points: veqtor's comment in Biggest Crypto Scam going on right now
  2. 778 points: LotteriaCustomer's comment in Why is ARK the only crypto that goes up in this market?
  3. 637 points: KrisBkh's comment in Girlfriend dumped me and wants half my cryptocurrency
  4. 623 points: 987963's comment in I finally made it to $1 million dollars in crypto!
  5. 535 points: warproxxx's comment in Biggest Crypto Scam going on right now
  6. 512 points: deleted's comment in Girlfriend dumped me and wants half my cryptocurrency
  7. 501 points: deleted's comment in Am I missing something? Markets tanked 10-15% in a matter of minutes?
  8. 499 points: buqratis's comment in Trading 101
  9. 467 points: mikenz1234's comment in Bitcoin's market value is now larger than Goldman Sachs and Morgan Stanley
  10. 441 points: realxoins's comment in If you ever get rich from crypto don't let anyone say you didn't work for that money. So many non-crypto people refer to it as "free money" when I'm explaining it. HODLing is full time work!
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

So... The insurer whose "solvency" is most dependent on maintaining the fiction that the riskiest assets in Exter's Inverted Pyramid (derivatives) are actually worth something - is now paying the devs who write the code for the solidest asset in that pyramid (Bitcoin). What could possibly go wrong?

https://en.wikipedia.org/wiki/John_Exter
Exter's Pyramid
Exter is known for creating Exter's Pyramid (also known as Exter's Golden Pyramid and Exter's Inverted Pyramid) for visualizing the organization of asset classes in terms of risk and size.
In Exter's scheme, gold [and now Bitcoin?] forms the small base of most reliable value, and asset classes on progressively higher levels are more risky.
The larger size of asset classes at higher levels is representative of the higher total worldwide notional value of those assets.
While Exter's original pyramid placed Third World debt at the top, today derivatives hold this dubious honor.
I like to think that the graph in the link below provides a nice, updated version of "Exter's Pyramid", although the layout isn't exactly triangular (but the sizes of each asset class are actually more accurate):
http://www.businessinsider.com/all-of-worlds-money-in-one-chart-2015-12
Note that Bitcoin is the safest asset in the system - and derivatives are the riskiest.
And there is very, very little Bitcoin - versus a shitload of derivatives.
But if you hold Bitcoin (ie, you hold your private keys), then you have absolutely no counterparty risk. Versus if hold a derivative, it could be totally worthless - depending on whether the counterparty behind it is "solvent" or not.
And I would think that the battle between "people who hold Bitcoin" versus "people who hold derivatives" will shape up to be a million times more massive than the battle between savers and borrowers that we've already seen in the world.
In other words, an insurance company like AXA, which is more dependent on derivatives than any other insurer, is probably freaked out that they'd lose over a trillion dollars if Bitcoin were to succeed.
So... Can people start to see why I'm so freaked out about AXA funding Bitcoin development via their "investment" in Blockstream?
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
https://np.reddit.com/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
http://www.actuaries.org.hk/upload/File/ET210513.pdf (see where AXA is on the graph on page 5)
https://duckduckgo.com/?q=axa+blockstream&ia=web
It's really poignant to see some clueless people wondering what AXA's "business model" might be for investing in Bitcoin.
Those clueless people need to wake the fuck up and face the reality of how bankers continue to print trillions of dollars to enslave the world.
AXA has absolutely zero interest in becoming some kind of two-bit Red Hat earning chump change in "support fees" or even "transaction fees" from being the maintainers / developers of some kind of open-source cryptocurrency sidechain code.
I can pretty much guarantee you: that is not their "busines model" for wanting to control Bitcoin development via investing in Blockstream.
As of 2007, AXA already had 1.123 trillion Euros in AUM (Assets under Management).
http://www.wikinvest.com/stock/AXA_%28AXA%29/Assets_Management
That's over a million million Euros.
And as of 2014, one half of AXA (just their "AXA IM" part) had AUD 891 billion of Assets under Management.
http://www.professionalplanner.com.au/cut-and-paste/2015/03/06/axa-im-reaches-record-assets-under-management-34877/
So, for a giant insurer like AXA, "investing" $55 million in Blockstream is like dropping a fraction of a penny on the ground.
And any paltry few million dollars - or even billions of dollars - which AXA might make or lose from Blockstream / Lightning or whatever, would still be pretty insignificant bordering on immaterial when compared with the half a trillion or so dollars of derivatives which are on AXA's balance sheet - and which they must desperately try to continue to prop up, by continuing to keep people believing in the whole charade of the worldwide derivatives casino.
That's what is at stake here. The very definition of the worldwide accounting ledger itself - not a few entries in it. And as we know, Bitcoin provides an entirely new - and transparent, and unforgeable - ledger.
That's why companies like AXA want to control Bitcoin development. Not to make millions or even billions of dollars on fees. But to to continue to prop up the so-called legitimacy of their legacy accounting ledger containing hundreds of trillions of dollars. (Remember, the derivatives market is a ledger with entries currently totally $1.2 quadrillion dollars - ie, 1200 trillion dollars - and that ledger itself is what Bitcoin's very existence is threatening to "uber".)
AXA does not give a fuck what happens to the $55 million that got invested in Blockstream in that second funding round they participated in back in February 2016. The only purpose of that money is to sprinkle a few hundred thou around per dev per year to control useful idiots like Gregory Maxwell and Adam Back and outright lunatics like Luke-Jr - to let those economically ignorant coders keep on toiling away on their idealistic pie-in-the-sky mathematical cypherpunk daydreams, while the Bitcoin network goes into paralysis due to artificially small blocksize due to doctrainaire dolts like the current crop of "Core" devs.
AXA does not give a fuck if Blockstream or SegWit or Lightning succeeds.
The only reason AXA is interested in Bitcoin is because Bitcoin is real money, and AXA's balance sheet uses a legacy ledger based on the fiction of fantasy fiat money - and Bitcoin threatens to destroy all that.
AXA knows that it must destroy Bitcoin - or else Bitcoin will destroy AXA.
And before some brainwashed amateurish sophomoric loser wanna-be astroturfing troll from r\bitcoin wanders over here again and tries to spout some meaningless nonsense disruptive bullshit to sidetrack this serious topic (responses in the previous thread linked above included gibberish like "get a job!" or "MtGox!" or "but scammers!") - I would appreciate it if someone around here could divert about a half hour of their precious multitasking time and brainpower towards addressing the 800-pound gorilla of a question in the room, namely:
Do you think it's a good idea for the insurance company with the biggest exposure to the "legacy ledger" of derivatives in both $ and % terms (AXA - with $464 billion in notional derivatives exposure, over 50% of their balance sheet in this 2013 report - see graph on page 5) to be paying the devs who are in charge of "upgrading" our Bitcoin code - or do you think there might be the tiiiniest chance of some kind of conflict of interest there???
This could be the biggest issue in Bitcoin right now.
But it doesn't seem to get addressed head-on very much.
You don't hear the name "AXA" or the word "derivatives" used very much - although these might be the most important aspects of the issue here.
This isn't about earning or losing a million dollars here or a billion dollars there.
This is about redefining the very heart and soul of the world's ledger - which Bitcoin has a chance to do.
This is about that tiny speck called "Bitcoin" at the top of the chart in the link below:
http://www.businessinsider.com/all-of-worlds-money-in-one-chart-2015-12
organically growing and blossoming and eventually destroying that grotesque metastazising mass called "derivatives" at the bottom of that chart.
That is why AXA is interested in Bitcoin.
It's about the ledger itself - not the payment rails - not even the tokens - and certainly not the fees.
Trust me, no company with 1 trillion dollars of Assets under Management is going to pay any attention to some miniscule little runt like Bitcoin with a mere $7 billion in market cap - unless they think that miniscule little runt actually might contain the code which might possibly replace their whole precarious phoney fiat fantasy accounting ledger which pays their billion dollar bonuses and buys their mansions and yachts.
That is why AXA is "investing" in Bitcoin. To control it - not to earn some pathetic tiny fees from it.
And it's time we started addressing this issue seriously.
The main question is:
Do you want a massive, derivatives-dependent, legacy fiat insurance company like AXA controlling Bitcoin development??
Upvotes on these kinds of posts are certainly nice (and drive-by troll-snark is of course tedious and annoying).
But what I would really like to know is whether there is anyone on these forums who wants to spend some time seriously discussing things like:
  • the $1.2 quadrillion derivatives casino,
  • that other notorious insurance group (AIG) which engaged in massive and fraudulent derivatives shenanigans that almost took down the world's economy in 2008,
  • the massive and glaring conflict of interest in letting a company whose very façade of solvency depends on maintaining the fantasy legacy ledger which Bitcoin threatens to replace
  • etc etc etc
Do we want a corrupt derivatives monster like AXA (which is probably only steps away from becoming the next AIG) to be in charge of paying Bitcoin devs?
I don't have all the answers. I'm just some shmuck who spent a few years writing code for some major financial institutions, and I heard and saw a few things, and I watched how those scumbags almost brought down the world's economy in 2008, and I am fully convinced that they do not want something like Bitcoin to "uber" their legacy ledger.
So I am simply raising the question, and I really would like to know if anyone else has anything substantive to say about this:
Should the insurance company with the biggest exposure to derivatives (the riskiest asset in the world), which is totally dependent on maintaining the charade of the world's legacy fantasy fiat accounting ledger, be in charge of paying the devs writing the code for the solidest asset in the world (Bitcoin), which threatens to "uber" that very ledger?
Could there be a conflict of interest in this kind of situation?
Am I the only person around here who finds this absolutely outrageous?
Or does everyone just think it's fine and dandy - and maybe we could even just put someone like Blythe Masters or Jamie Dimon or Lloyd Blankfein in charge of paying Bitcoin devs?
Henri de Castries might not be a household villain name like some of those above. He's probably a more behind-the-scenes guy. But he is the chairman of the Bilderberg group, and he is the CEO of AXA, and he is going to move to HSBC this fall - and now he is paying Greg Maxwell's and Adam Back's and Luke Jr's salary.
And then we sit here and keep wondering why "our" devs keep ignoring us when we've been begging them for over a year to pretty-please give us bigger blocks so the Bitcoin network won't die.
Well, maybe there's more to the story than meets the eye here.
Maybe it's time for us to start to recognize the magnitude of who we might actually be up against here, and how they might have used social engineering to infiltrate and neutralize the Bitcoin development process, and how desperate they might be to maintain the so-called legitimacy of their make-believe legacy accounting ledger which Bitcoin is poised to replace.
Maybe it's time to stop bringing a pocket-knife to fight a SWAT team.
Like I say, I don't know what the answer will turn out to be. (Maybe a spin-off, but who really knows at this point.)
But I do think it's time for all of us to sober up and start asking some serious questions about this bullshit we've been getting from Blockstream.
We need to be realistic about who and what we're up against - and how many trillions of dollars they know are at stake - and how dirty and sneaky they're willing to fight.
And we need to liberate Bitcoin development from the people who stand to lose the most from Bitcoin - and put it back in the hands of people who stand to win the most from Bitcoin.
submitted by ydtm to btc [link] [comments]

Jamie Dimon Says Today in Bitcoin (2017-09-14) - Jamie Dimon is Terrified about Bitcoin - NK Mining - BTC Mainstream Another $200B+ Bailout as Jamie Dimon Exposes JP Morgan is the Beggar!! (Bix Weir) BITCOIN PULLBACK BEFORE 8000? - Jamie Dimon - Italian Red Cross Bitcoin Donations - Cryptopia drama Ethereum Goes Crazy! / KodakCoin? / Fraudster Jamie Dimon / Block Explorer = BCH Is Bitcoin / More!

Jamie Dimon 2017: Bitcoin is a fraud. You’re all idiots. I will fire anyone who touches it. Is Dimon a Bitcoin Genius? The idea that Jamie fabricated the crash to get a discount is, of course, merely a conspiracy theory floating around in the cryptosphere. But it underlies an important fact about Bitcoin. The only control Jamie Dimon has over ... Jamie Dimon: ‘I don’t really give a shit about bitcoin’ (MarketWatch) Another day, another Jamie Dimon quote about Bitcoin. The best part of this article is the graph that shows what Dimon has said over the years and compares it to a price chart of Bitcoin. For instance, he trashed the digital asset until it peaked. By Aaron Brown JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon made news last week by criticizing bitcoin. Asking a bank CEO what he thinks of bitcoin is like asking the head of the post office what he thinks of e-mail. In a perfect world, Dimon would note the reasons why people use the cryptocurrency along with the dangers, and explain how JPMorgan is working to provide its customers ... Dimon is mostly known among the crypto community for his derisive statements about Bitcoin (BTC). In September 2017, Dimon called Bitcoin “a fraud” right before its historical peak. On another ... Each colored band in the chart below shows how long it took for bitcoin to climb from one psychologically key level to the other. ... Jamie Dimon really doesn't like bitcoin. ... Dimon on bitcoin ...

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Jamie Dimon Says "Bitcoin Investors Will Pay the Price".

Binance Reopens Registrations - Jamie Dimon Backs Off "Bitcoin Fraud" Comments ... BTC, ETH, LTC voodoo test charts! Price targets & pivots - NO MIC! OPTICALARTdotCOM 225 watching. Ethereum Goes Crazy! / KodakCoin? / Fraudster Jamie Dimon / Block Explorer = BCH Is Bitcoin / More! Crypt0. ... Bitcoin Ethereum Litecoin BCH GNT Technical Analysis Chart 1/10/2018 by ChartGuys ... CRAZY BITCOIN CHART PREDICTS A 3 YEAR BULLRUN from NOW!!! - Duration: 11:46. ... Jamie Dimon calls Charles Scharf an 'excellent' choice to run Wells Fargo - Duration: 5:56. Today in Bitcoin (2017-09-14) - Jamie Dimon is Terrified about Bitcoin - NK Mining - BTC Mainstream ... Bitcoin Ethereum Litecoin Technical Analysis Chart 9/14/2017 by ChartGuys.com - Duration: 16:20. Jamie Dimon Says "Bitcoin Investors Will Pay the Price" The CEO of JPMorgan Chase & Co. Jamie Dimon comments on bitcoin during a panel discussion at the annual meeting of the Institute of ...

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