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Bitcoin slumps

財經新聞 © Straits Times

  • Some love them. Some hate them. But many things that Cryptocurrency roller coaster ride is here to stay.
  • The price of bitcoin fell 11 percent on Wednesday to US$10,000. That almost half what it was worth earlier last month.
  • Investors continue to be (spoon) by fear (raised) earlier in the week about regulator(s) clamping down on the asset.
  • I think it needs to be putting into wider context of where it was even this time last year. It’s still well above the level(s) that we were a year ago.
  • And it did really go on accelerated on (spar). I think there is some concern about convertibility.
  • And maybe that prompting a little bit of profit taking. As some investors start to cash out and take a little bit of profit.
  • In December bitcoin came close to US$20,000. A rise of nearly two thousand percent of the year.
  • But this year, South Korea is clamping down hard on what it called the irrational investment (craze). It even considering banning trading Cryptocurrency altogether.
  • China authorit(ies) may also introduce a ban on centralized trading of virtue currency, as well as one on individuals and businesses that provide related services.
  • It’s electric currency holder wondering to get off the ride altogether, in the hope of a better one (rebuilt). Or hang on regardless and put up with a bit of motion sickness.

How Money Got Free

© Talks at Google

Summary

  • Bitcoin is a form of commodity money.
  • Its original promise was to be a truly universal currency.
  • A form of electronic cash that could be sent around the globe in minutes.
  • Transactions were anonymous, or at least were supposed to be.
  • It all happened on a network that existed independently of any government or bank.
  • Peter Thiel – When he was building PayPal, his original ambition was to create an internet currency that would replace the US dollar for online transactions. (4:22)
  • Satoshi Nakamoto – The creator of Bitcoin did, is he didn’t find a new company like PayPal. Instead, he built a decentralized system that no one would own, but anyone could participate in. (4:53)
  • The technology underlying Bitcoin is called the blockchain.
  • Blockchain is a tamper proof of ledger for recording and verifying transactions.
  • The revolutionary thing about it is that it allows for transactions to be recorded ad verified without the need for central authority.
  • businesses and services of blockchain technology can be decentralized, which simultaneously cuts out middlemen that add cost to the system.
  • When banks want to send money across borders, they use what’s called the corresponding banking system. A payment might have to make as many as five different hops to get to where it’s ultimately going across all these different financial institutions. (6:41)
  • Migrants from Sub-Sharan Africa, for instance, pay an average of 9.81% when they send money home.
  • Remittances are a $600 billion market today.
  • (7:48) The idea is that Bitcoin or maybe another digital currency that surpasses it has a chance to grab a piece of that market while putting billions of dollars back into people’s pockets.
  • Abra – A company using Bitcoin to provide cheaper remittances to more than 100 countries.
  • Many of the hottest blockchain assets today are not digital currencies at all. They’re these things called tokens.
  • They don’t have blockchain networks of their own to run on. Instead, they run on top of an existing bockchain network, such as Bitcoins or Ethereums.
  • (9:47) There’s one called Golem, which is meant to power a peer-to-peer marketplace for computation.
  • (9:53) There’s one called Augur, which is for a crowdsourced prediction market and so on.
  • Perichains – Think of it as a kind of connective glue that would allow all the different blockchain networks to communicate with each other.
  • So right now they’re isolated, but with Perchains, applications and smart contracts built on one system would be able to interact with the assets and data on the other systems.
  • So users could flow easily from one to the next to the next, strengthening the whole ecosystem.
  • Very few Bitcoin or blockchain startups are focused only on developing nations. Because crytocurrency is a tool of international inclusion.

by Brian Patrick Eha

Cryptocurrency for Beginners

© In For A Shilling

Highlights

What are the best cheap coins to buy? (8:10)

“If people are recommending cheap coins for you to buy, they either don’t know what they’re on about, or they’re trying to increase the value of their own investment in a so call “pump”, so that you increase the price for them and they get to sell at a higher price and turn over a really nice profit.

The price alone has really no bearing on whether you should invest in a cryptocurrency. Now let’s look at this: just because ripple has a price of $2, it doesn’t mean that it’s got loads of room to grow. If you ever think that ripple is going to reach the price of Bitcoin at $13,000, then you are absolutely mental.

I often see people saying that ripple will be worth $500 or $1,000 in the future. I’m gonna do a quick calculation now to work out what the market cap of ripple would have to be if it ever reached a price of $1,000.

If ripple which currently costs $2 was ever to reach a price of $1,000, it’s market cap would be 39 trillion dollars. This is just impossible. There is no way that ripple will ever be worth 39 trillion dollars. Which means a price of $1,000 per coin is virtually impossible.

The only way ripple ever reach $1,000 in coin is if they burn a load of the supply. Which means that there’s less coins in the market. That would mean that the market cap still never reach 39 trillion dollars.

Please bear this in mind when you see people recommending cheap coins., you need to understand where the potential is for a coin to grow. Just because it’s cheap, doesn’t necessarily mean it has room to grow.”