PQC: The assault on cryprocurrencies and the Bitcoin has turned into such a kind of “silly nasty” that any “expert”, any government official can say anything about the Bitcoin…If you are confused, you are excused. That’s exactly what the assault is all about.
IMHO, If you are a bitcoinner, now it’s a good time to collect some more Bitcoin into your Wallet.
Bitcoin either will be the common global medium of exchange or it will be useless and perished by the time the 21 millions bitcoins is reached. The people and the market will decide its fate. Bitcoin cannot be an asset if it does not have an exchange value, or in monetary term, “store of value”. Thus any “currency” that does not circulate as a medium of exchange, it will be dead! for it does not store of values at all. Period.
Think about this, Bitcoinners!
Bitcoin to go mainstream & return to its roots as cryptocurrency – expert
Talking to RT on the sidelines of the Davos Economic Forum, he said bitcoin is “no more a passing fad than the Internet was a passing fad.”
Over time cryptocurrencies will be “used like credit and debit cards, like payments from PayNow or Alipay. It is very different from what people used to imagine, things always keep changing,” Papermaster said.
Bitcoin certainly has the opportunity to be treated like a currency, the entrepreneur said, adding it will “become mainstream in 3-4 years.”
The digital currency will be part of how you do any type of purchasing, an everyday thing for an investment vehicle in the next couple of years.
“I think it will be part of the mix of how you invest, how you buy or pay for things. Just over time it will change,” Papermaster said.
According to him, it will take time for the regulators, different countries and different financial systems to get used to the prospect of a new type of currency but it “happened many times before and it will happen this time as well.”
Talking about bitcoin’s price prospects for 2018, the expert said it will go up and down many times and will be tremendously volatile while it’s still a new form of asset class. “So, it’s only a matter of where it ends up by the end of the year. But I think the overall trend is that there’s a lot of capital moving in this market, and fundamentally it will be up.”
The founder of Nano, which includes artificial intelligence, has advised investors to look at the cryptocurrencies that are backed by very sound real businesses.
“Wherever you have real value, over time it will be reflected in the underlying investment vehicle. In this case a cryptocurrency backed by building real value will go up,” he said.
Bitcoin could hit $50,000 this year & such volatility is normal, expert tells RT
Singh has been operating in the cryptocurrency space for the past 6 years and claims it is common for virtual currencies to fluctuate by 70 – 80 percent or even more.
At the moment there’s a speculative bubble in the cryptocurrency market because those who “got there at very late stages are losing money.” But it doesn’t bother those who’ve been there for a very long time because they are used to the volatility, Singh explained.
“If you look at Microsoft or Apple when they went public their stocks were very volatile because the market wasn’t mature,” he said.
Currently cryptocurrencies are used more like a store of value, Singh said, adding that people tend to hold currencies which are deflationary and have more value over time. “There are not so many vendors right now who accept cryptocurrencies but there’s huge adoption on the black market.” In countries which have huge inflation like Indonesia and Thailand, people are now accepting cryptocurrencies. There’s also a high rate of adoption among coffee and tobacco farmers.
“In different countries bitcoin is qualified differently,” he said. It is a commodity in the US, a currency in Switzerland “but to me it’s more than a currency.”
Singh predicted “bitcoin could definitely see $50,000 in 2018” despite the fact that “we will probably go through a suffering period of volatility.”
1-Major payment system dumps bitcoin, says it fails as currency
“Over the past year or two, as block size limits have been reached, bitcoin has evolved to become better-suited to being an asset than being a means of exchange,” the company said in a statement.
Stripe was the first among major payment systems to support bitcoin, the company noted, and was hoping that bitcoin could become a real alternative in places where credit cards are not widely used.
“Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. Furthermore, fees have risen a great deal. For a regular bitcoin transaction, a fee of tens of US dollars is common, making bitcoin transactions about as expensive as bank wires,” the company stated.
This has led to a steady decline in demand for bitcoin among businesses that are ready to pay and accept payment in bitcoin rather than trade it, Stripe said. The company will stop working with bitcoin from April 23.
Stripe added that it remains bullish on cryptocurrencies, naming the most promising projects, including Lightning, OmiseGO, Ethereum, Bitcoin Cash, and Litecoin. The company will probably include Stellar cryptocurrency in the list of services it provides.
Gaming company Steam dumped bitcoin payments for similar reasons in December.
In 2017, bitcoin’s price surged from under $1,000 to $20,000 at one point in December. It has fallen back to around $10,000 this month.
US Fed will kill bitcoin eventually, investor warns
“The currency itself isn’t a great medium of exchange, it’s not a great store of value. It has a fixed amount so the Fed would have to kill it at some point because they wouldn’t be able to engage in monetary policy,” Chiavarone said in an interview with CNBC. “But blockchain behind it, we think is more real than people are giving it credit.”
Banks have admitted that blockchain can improve the efficiency of clearing and settlement, make cross-border payments faster and cheaper, significantly cut red tape and modernize customer identification systems.
According to Chiavarone, the cryptocurrency market is dominated by greed, and it is the first sign of greed since the economic crisis of 2008, dubbed the ‘Great Recession.’
“Investors wanted to be on the roller coaster in the ‘90s. They wanted high returns. They didn’t mind volatility,” Chiavarone said.
“The Great Recession put the fear in a lot of folks and they wanted to go on the merry-go-round. Folks really want to get on that risk trade.”
Bitcoin could follow the fate of Pets.com – one of the biggest dotcoms to crash when the tech bubble burst in early 2000s, Chiavarone said.
The cryptocurrency market was growing on Wednesday, with bitcoin trading above $11,000. All digital currencies from Coinmarketcap’s top 20, and 87 out of the top 100, were gaining after two days of losses.
Bitcoin and other cryptocurrencies have fallen as much as 50 percent this year, as investors were scared off by news of crackdowns in China and South Korea. Some analysts say investors just wanted to cash in after prices soared due to the mainstream success of cryptocurrencies.
‘I’m coming for you Crypto’: May makes a beeline for bitcoin
Speaking at the World Economic Forum in Davos, Switzerland, Prime Minister May warned about the dangers of cryptocurrencies… while hardly giving the clear impression that she actually understands the tech at all.
“I think in areas like cryptocurrencies like bitcoin we should be looking at these very seriously precisely because of the way they can be used, particularly by criminals,” May said.
“It is something that has been developing. I think it is something that we do need to look at.”
In a separate speech, Chancellor of the Exchequer Philip Hammond reiterated the Prime Minister’s reservations about the cryptocurrency, calling for caution and regulation.
“I am interested in bitcoin. The Bank of England, as you know, among the central banks, has been leading on looking at bitcoin,” he said.
“Look, it is a very interesting, new development. I think we should be cautious about bitcoin.
“And possibly, we do need to look at the way we regulate this environment before the amount of outstanding bitcoin becomes large enough to be systemically important in the global economy.
“It’s not there yet, but it could get there soon.
“What is really important is that in regulating cryptocurrencies, we don’t inadvertently constrain the potential of the technology that underlies it, the blockchain technology, which has a wider and more important application.”
Following the comments by May and Hammond on Thursday the price of bitcoin plunged, dropping £1,100 ($1,567) in only a day.
It wasn’t just bitcoin that the Davos duo have their eyes set on. Theresa May took a swipe at tech companies that she feels should be building back-doors for the government to allow them access to the encrypted messages of criminals.
@theresa_may Bitcoin & cryptocurrency are here if you like it or not. Go on, attack bitcoin & put Britain behind the rest of the world. This country used to innovate and lead. Now it it just restricts and regulates. Sad.
— mauritiusgold (@mauritius_gold) January 26, 2018
“Technology companies still need to do more in stepping up to their responsibilities for dealing with harmful and illegal online activity,” May said.
“Companies simply cannot stand by while their platforms are used to facilitate child abuse, modern slavery or the spreading of terrorist and extremist content.
“These companies have some of the best brains in the world. They must focus their brightest and best on meeting these fundamental social responsibilities.”
The agenda is you want people to use cards more than cash and this helps it..Then you will get rid of cash and it will be replaced something like bitcoin that you parasites can control..
— Philip Wright 🇬🇧 (@redphil250505) January 13, 2018
“And just as these big companies need to step up, so we also need cross-industry responses because smaller platforms can quickly become home to criminals and terrorists,” May added.
“We have seen that happen with Telegram. And we need to see more co-operation from smaller platforms like this. No-one wants to be known as ‘the terrorists’ platform’ or the first choice app for pedophiles.”
What May doesn’t seem to comprehend is that software with end-to-end encryption cannot be decoded, even by the app developer. Governments therefore fear that such software can be used by extremists to plot attacks on Western targets without tipping off the intelligence agencies… but on the plus side, it is definitely a safe way to send nudes.
Perth Mint, Australia’s largest gold refiner, has announced plans for the development a cryptocurrency backed by physical gold. If successful in developing the altcoin, it will join a long list of virtual currencies seeking to entice cryptocurrency investors to experiment with commodity-backed virtual currencies, including Venezuela’s soon to be launched ‘petro’.
Australian Gold Refinery to Develop Cryptocurrency
The chief executive of Perth Mint, Richard Hayes, states that the company has identified a significant opportunity in “bring[ing] investors back to precious metals after a boom in alternative investments such as cryptocurrencies,” the Australian Broadcasting Corporation reports.
“I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings,” Mr. Hayes stated, adding “And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”
Perth Mint CEO Claims Metal-Based Crypto Potentially Offers Price Stability
Mr. Hayes explained Perth Mint’s decision to develop a gold-backed cryptocurrency, emphasizing the purported benefits of using distributed ledger technology for fast and efficient settlement, whilst potentially affording the cryptocurrency greater price stability than unbacked virtual currencies. The CEO stated that “us[ing] precious metals to back something […] allied to blockchain […] retains its intrinsic value,” adding that unbacked cryptocurrencies “rely on everyone believing that there’s something behind it.”
“With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it,” Mr. Hayes stated. “So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”
Commodity-Backed Cryptocurrencies Proliferate
If successful in launching the cryptocurrency, Perth Mint’s altcoin will join a long list of virtual currencies purporting to be backed by gold. Last year, the initial coin offering (ICO) for Onegram – a purportedly Shariah-compliant, gold-backed, cryptocurrency – garnered significant international media attention for what the company hoped would be a more than $500 million USD token-sale.
At the closure of the first phase of the ICO, Onegram only saw the sale of 16,926 of the 12,400,786 Onegramcoins (OGC) that the company had hoped to sell – comprising less than 0.14% of the company’s goal. Presently, Onegram claims that the platform is still in development, and has given its investors the option to resell their OGC for a meager 25% return should they wish to liquidate their holdings.
Venezuela also recently announced that it will launch a commodity-backed cryptocurrency, the ‘petro’ – a national cryptocurrency purportedly backed by 5 billion barrels of Venezuelan crude oil. In recent weeks, Venezuelan officials have urged neighboring countries to adopt the cryptocurrency. At present, it appears as though the Venezuelan government will seek to sell the crypto in “private placements at a discount of up to 60 percent,” with the sale set to start of February 15.
What are your thoughts regarding gold-backed cryptocurrencies? Share your opinion in the comments section below!