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Posts Tagged ‘Bitcoin’

Bitcoin in 2019

In Financial competency on 03/01/2019 at 7:57 am

FT reports that San Francisco-based Pantera Capital in early 2018 predicted the price of bitcoin could reach US $50,000 by 2019. Now at US$3,800.

Now telling its clients to believe in fairies i.e. keep the faith.

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Getting out of Bitcoin

In Uncategorized on 22/02/2018 at 2:49 pm

Further to Bitcoin exchanges are not safe, on the first day of CNY, I heard of a cryptocurrency wannabe trader being made to take out his money (initial investment and profits in weekly tranches).

He stopped trading after this experience.

Bitcoin: Price on Fri

In Uncategorized on 18/02/2018 at 6:02 pm

Just under US$10,000, according to CoinMarketCap.

Bitcoin: Happy days are here again?

In Uncategorized on 16/02/2018 at 11:34 am

On Thurday NYT time

Bitcoin’s up 12 percent over the last 24 hours, at $9,972, according to CoinMarketCap.

NYT;s Dealbook

Mkt that has fallen 50% in a month

In Uncategorized on 10/02/2018 at 5:46 am

The combined value market value of cryptocurrenciies has fallen from more than US$800bn to less than US$400bn in a month, FT reports.

As for Bitcoin, it’s back above US$8,500, having fallen to below US$6,000 earlier in the week. It rose above US$19,000 towards the end of 2017. Now taz real volatility.

Bitcoin falls are worse

In Uncategorized on 06/02/2018 at 6:02 am

Think equity and bond mkts falls are bad?

Well according to Reuters, Bitcoin on Monday fell 8.1% to US$7,524, its lowest level since November 18, 2017.

So far Bitcoin has fallen 40% this yr from its Jan high.

And more UK banks are thinking of joining Lloyds in banning the use of credit cards to buy Bitcoin: UK bank bans Bitcoin purchases on its credit cards.

Banks don’t want the credit and reputational risks involved. BS that they want to protect customers.

Wonder when the banks here will ban the use of credit cards to buy Bitcoin?

UK bank bans Bitcoin purchases on its credit cards

In Uncategorized on 05/02/2018 at 5:23 pm

Lloyds Banking Group, a major UK bank, has banned its customers from today from buying Bitcoin on their credit cards following a sharp fall in the value of the digital currency.

It will not apply to debit cards, only to the banking group’s eight million credit card customers.

Lloyds fears people are buying Bitcoin to make a profit if its value rises but face debts if it falls.

It is concerned it could end up footing the bill for unpaid debts should the price continue to fall.

http://www.bbc.com/news/business-42940728

 

Bitcoin exchanges are not safe

In Financial competency on 04/02/2018 at 5:35 pm

Did you know this?

A third of the world’s bitcoin exchanges were hacked between 2009 and 2015, say US authorities.

FT

The FT reported this in its article about the U$500m theft of XEM coins by an anonymous hacker from Coincheck, a Japanese virtual currency exchange. It claimed the day before the theft that “Cryptocurrency exchanges are already down to 1.5 players. We’re top …”

“Will crypto-crime end the Bitcoin bubble?”

In Financial competency on 04/02/2018 at 10:42 am

But first, did you know virtual currencies lost US$100 billion in 24 hours on thursday?

Coming back to:”Will crypto-crime end the Bitcoin bubble?”

Likely because the marshalls are taking more action because criminals are trying to take advantage of the interest in crypto-currencies.

[T]he cyber-security firm Digital Shadows produced a report on the latest fashion in cyber-crime: profiting from the crypto-currency boom.

The report – titled The New Gold Rush – details the various types of scam, from fake ICOs to raids on exchanges to simple phishing attacks. Its author, Becky Pinkard, tells Tech Tent that cyber-criminals have decided to jump on the bandwagon as the frenzy of popular excitement about the rise in value of Bitcoin has grown.

“We have people all the way down to my grandmother asking about Bitcoin and what it means and whether I can make money from it,” she says.

“What that does is then create the type of exposure that criminals need in order to come in and take advantage of folks who don’t really know what they’re doing.”

Digital Shadows has been scouring criminal forums on the dark web and has found plenty of conversations about ICOs – and how to profit from them.

“Just set it up, people will come and they will drop the money on you,” said one comment.

The mood about ICOs and other manifestations of the crypto-currency boom certainly seems to have shifted this week. Facebook has announced that it is to ban all adverts promoting any kind of crypto-currency product.

Meanwhile there has been a sudden slew of prominent thinkers casting doubt on everything from the value of Bitcoin to the significance of the blockchain technology underpinning it.

The boss of MIT’s Media Lab, Joi Ito, wrote a piece headlined The Big ICO Swindle. The respected economist Nouriel Roubini weighed in with Blockchain’s Broken Promises, casting doubt on a technology that proponents claim has great potential, whatever happens to Bitcoin.

Such downbeat assessments, combined with growing regulatory pressure, seem to be having an effect. Bitcoin and other so-called altcoins have taken another sharp lurch downwards in recent days,. The crypto-bandwagon may not have halted but at least one of the wheels looks like it is coming off.

http://www.bbc.com/news/technology-42917172

“Is Someone Manipulating the Price of Bitcoin?”

In Financial competency on 03/02/2018 at 7:21 am
(Added at 11-05am: Btw it’s down 40% since 1 January. Sorry for the omission.)

Given that the price of Bitcoin price has just fallen below USA$8,000 for first time since November 24, “Is Someone Manipulating the Price of Bitcoin?” (the title of the u/m piece from NYT’s Dealbook) is laughable because price manipulation must have been the other way or failed:

New questions about Bitcoin’s price

Regulators are increasingly worried that Bitfinex, a widely used (and famously opaque) exchange, has been propping it up. The Commodity Futures Trading Commission has subpoenaed the company, whose Tether digital token is often used to buy other virtual currencies.

More from Nathaniel Popper of the NYT:

Hundreds of millions of dollars worth of new Tether were created; almost always when the prices of other virtual currencies were heading down. The Tether were used on the Bitfinex exchange to make big purchases of Bitcoin and other tokens, helping push their prices back up, according to multiple analyses of data from Bitfinex.

“This became more and more concerning, because every time the markets went down, you have seen the same thing happen,” said Joey Krug, the co-chief investment officer at Pantera Capital, which runs several virtual currency hedge funds. “It could mean that a lot of the rally over December and January might not have been real.”

Where we stand: According to CoinMarketCap, Bitcoin is trading at $9,545, down almost 7 percent over the last 24 hours, Ethereum’s Ether at $1,099, and Ripple’s XRP at $1.05, down 7 percent.

The digital money flyaround

• How Goldman Sachs was rushed into supporting Bitcoin. (Bloomberg)

• Meet Bibor, a proposed interest rate for lending Bitcoin. (Bloomberg)

• Samsung is making specialist chips for mining virtual currency. (CNBC)

____________________________

Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York, and Michael J. de la Merced and Amie Tsang in London.

Bitcoin keeps on falling, amid more bad news

In Financial competency on 01/02/2018 at 5:47 pm

January has been the worst month for the virtual currency in three years, with its price down 30 percent. And it’s because of the very thing that Bitcoin and other digital currencies were supposed to be free from: central authorities and regulators.

(NYT Dealbook)

What the central authorities and regulators are doing to make mining or trading virtual currencies a lot harder:

• The S.E.C. froze a $600 million initial coin offering by AriseBank.
• China has continued to clamp down on Bitcoin mining.
• South Korea is still weighing legal checks on virtual currency trading.

Then also Facebook’s ban ads for digital money

But amid all this, NYT Dealbook reports

The Japanese messaging service Line has plans to open its own virtual currency exchange, while the embattled publisher of Penthouse magazine wants to promote its own adult-entertainment-focused token.

Bitcoin buyers: Young and male

In Uncategorized on 12/01/2018 at 10:55 am

And East Asian: the int’l financial media reports that the Chinese and Koreans are the most active traders based on info on which exchanges are used.

As to young and male, a FT reporter reported that in December

a survey released by Blockchain Capital, a venture capital firm, found that while two per cent of Americans have owned bitcoin, four per cent of millennials — generally seen as those born between the early 1980s and the early 1990s — have dabbled or owned the digital currency. Among male millennials that share rises to 6 per cent. More than 50 per cent of millennials polled said bitcoin was a positive technological innovation and more than a quarter considered bitcoin safer than banks.

Blockchain’s the casino and bitcoin the chips

In Uncategorized on 11/01/2018 at 10:58 am

Maybe taz why Jamie Dimon the boss of JPMorgan now regrets calling bitcoin a “fraud,” though he’s still not interested in it.). He wants his bank to be the dealer.

Seriously, an FT reporter reported hearing someone describe “blockchain was the casino and bitcoin the chips”. She said this was “an apt description since investing in cryptocurrencies is very much like gambling.”

From NYT Dealbook

“That’s made it the best penny stock and the worst currency in the world.”

— Matt O’Brien of the WaPo, writing about why Bitcoin is doing well as a speculative investment and terribly as a way to buy and sell things.

 

Trying to take profit from bitcoin

In Financial competency on 27/12/2017 at 4:19 am

BBC reporter’s experience of converting it into cash

I have been selling some of the Bitcoin I bought 18 months ago, paying about £60.

In theory that is simple enough and indeed I have sold £500 worth for a small fee. But actually getting that cash into my sterling bank account is far from seamless – so far I am a week in to what promises to be a two-week process.

Hardly the frictionless finance that was promised by Bitcoin’s advocates and if the rush to sell gathers pace there is a good chance that the system seizes up completely.