Bitcoin

Bitcoin Surges Back Above $8500 As Goldman Doubts Cryptocurrency Survival

by

– Bitcoin Surges Back Above $8500 As Goldman Doubts Cryptocurrency Survival:

Following reassuring words from US securities regulators yesterday, Bitcoin has extended its rebound back above $8500 (from below $6000), shrugging off Goldman Sachs’ latest report questioning cryptocurrencies’ long-term existence.

…

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Bitcoin Bloodbath Builds – Now Among Biggest Crashes Ever

by

– Bitcoin Bloodbath Builds – Now Among Biggest Crashes Ever:

Update 1305ET: Bitcoin just traded at $7,000 for the first time since Nov 14th 2017.

This leaves Bitcoin down 47% year-to-date, the worst start to a year for the cryptocurrency since inception…

…

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Bitcoin Crashes Below $9,000 – Lowest Since Thanksgiving

by

– Bitcoin Crashes Below $9,000 – Lowest Since Thanksgiving:

Bitcoin is now down 50% from its record highs in mid-December, plunging to an $8000 handle this morning following headlines from India (which appear to have been misunderstood)…

Bitcoin is at its lowest level since Nov 26th 2017…

…

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Bitcoin Battered On Report Bitfinex, Tether Were Subpoenaed Last Month

by

– Bitcoin Battered On Report Bitfinex, Tether Were Subpoenaed Last Month:

U.S. regulators are scrutinizing one of the world’s largest cryptocurrency exchanges as questions mount over a digital token linked to its backers. This follows reports of the company severing its relationship with its auditor.

…

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

‘Without this Bitcoin price would collapse’: Fears grow over tether ‘printing press’ as auditors part ways

by

– ‘Without this bitcoin price would collapse’: Fears grow over tether ‘printing press’ as auditors part ways:

BITCOIN’S price could crash by up to 80 per cent if this scheme unravels, experts have warned. And the signs aren’t looking good.

BITCOIN could crash up to 80 per cent if it turns out the price has been artificially pumped up by controversial crytpocurrency tether, analysts have warned.

Tether, a so-called “stablecoin” which aims to maintain a value of one US dollar per tether, has been described as the “ticking time bomb” of the cryptocurrency world which could trigger the next “bloodbath” similar to the 2014 collapse of the Mt. Gox exchange.

Read more‘Without this Bitcoin price would collapse’: Fears grow over tether ‘printing press’ as auditors part ways

Theresa May: We’re “Very Seriously” Considering Action On Bitcoin

by

– Theresa May: We’re “Very Seriously” Considering Action On Bitcoin:

“Action on crypto-currencies may be needed precisely because of the way they are used, particularly by criminals…”

…

Speaking of criminals…

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

More Than 10% Of $3.7 Billion In ICO Profits Has Been Stolen By Hackers

by

– More Than 10% Of $3.7 Billion In ICO Profits Has Been Stolen By Hackers:

Investing in ICOs – and the cryptocurrency space more broadly – has frequently been compared to investing in penny stocks, like those sold by Jordan Belfort’s Stratton Oakmont – the firm from “The Wolf of Wall Street.”

But this is a facile – though convenient – comparison. A more precise analysis of the risks associated with ICOs will find that most of more than 800 coins that have been created over the past 18 months will inevitably confirm that ICOs are far more risky than the average penny stock.

Indeed, incompetence and outright fraud aren’t just rampant in the ICO space: They’re the norm; even the largest – and purportedly most credible – ICOs – have been tainted by scandal. Offerings like Tezos, which raised more than $230 million and was backed by widely respected VCs like Tim Draper – have been hit with dozens of lawsuits from investors alleging negligence, embezzlement and fraud, according to Reuters.

By some estimates, up to 90% of these offerings will lose money for their investors.

Read moreMore Than 10% Of $3.7 Billion In ICO Profits Has Been Stolen By Hackers

“I’m So Proud Of Me”: 50 Cent Makes Millions From Album Sales In Bitcoin

by

– “I’m So Proud Of Me”: 50 Cent Makes Millions From Album Sales In Bitcoin:

It’s “Get Rich or Die Tryin”, the Crypto edition.

Rapper and actor 50 Cent recently revealed that he made one of his best business decisions a few years back when he decided to accept payment in bitcoin for his new album, Animal Ambition, released in June 2014, back when a single coin was worth about $660.

50, i.e. Curtis James Jackson III, eventually amassed around 700 bitcoins from the album, totaling about $400,000 in sales during the time frame. That sum has since swelled to roughly $8 million (depending on what time of day one checks).

Read more“I’m So Proud Of Me”: 50 Cent Makes Millions From Album Sales In Bitcoin

Crypto Carnage Continues – Ripple Now Down 40% Year-To-Date

by

– Crypto Carnage Continues – Ripple Now Down 40% Year-To-Date:

Overnight reports from South Korea started it; European regulator comments extended it this morning; and Shanghai “scrutiny” headlines just sparked another slam as cryptocurrencies are getting hammered today…

We detailed the anxiety over a more widespread crackdown on crypto-trading overnight, and since the US came back from its MLK-Day vacation, things have got worse.

It started with a repeat of South Korean finance ministry shutdown headlines.

Then Steven Maijoor, chairman of the European Securities and Markets Authority, said investors “should be prepared to lose all their money” in bitcoin, in a Bloomberg TV interview in Hong Kong. “It has an extremely volatile value, which undermines its use as a currency,” he said. “It’s also not broadly accepted.”

Read moreCrypto Carnage Continues – Ripple Now Down 40% Year-To-Date

Welcome To The “Crypto Castle”: This Is How Bitcoin Millionaires Spend Their Fortunes

by

– Welcome To The “Crypto Castle”: This Is How Bitcoin Millionaires Spend Their Fortunes:

Lamborghinis. Diamond-encrusted jewelry fashioned into the shape of the bitcoin logo. Large homes converted into communal living spaces. These are just some of the things that the newly minted bitcoin millionaires of San Francisco spend their fortunes on – well, the comparatively small fragment that they feel comfortable spending.

In a feature story for the New York Times, longtime tech reporter Nellie Bowles chronicles the lives of some of bitcoin’s earliest and most fanatical devotees. Many of these people – men in their earlier 20s (men control more than 90% of extant bitcoin wealth, the Times notes) – are committed to furthering the “blockchain revolution” that they believe will reshape the world.

But for now, at least, many of them are hunkered down in living spaces with nicknames like “The crypto castle”, where they’re working on startups and telling anybody who will listen to invest.

Read moreWelcome To The “Crypto Castle”: This Is How Bitcoin Millionaires Spend Their Fortunes

New Survey Reveals Staggering Number Of People Are Buying BitCoin On Their Credit Cards

by

– New Survey Reveals Staggering Number Of People Are Buying BitCoin On Their Credit Cards:

A few weeks ago we presented anecdotal evidence from Joseph Borg, director of the Alabama Securities Commission, suggesting that people are taking out home equity loans and cash advances on credit cards just to purchase BitCoin in the hopes of getting rich quick (see: “It’s In The Mania Phase”: Securities Regulator Warns That “Mortgages Are Being Taken Out To Buy Bitcoin”)

“We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.

“This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”

“You’re on this mania curve. At some point in time there’s got to be a leveling off. Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is bitcoin or not, I don’t know,” Borg said in an interview with “Power Lunch.”

Now it seems that the speculation by Borg has been confirmed by a new survey conducted by LendEDU which found that, among other things, nearly 20% of people who have purchased BitCoin have done so using their credit cards.

…

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP