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The point of using a digital currency is that it’s completely decentralized and disconnected from any government control. Yet, some exchanges completely defeat the purpose of digital currency by placing it into third-party systems. It is essential to understand that we no longer have to give up our control over our assets and shouldn’t be dependent on governments to protect them.

This is a review of “Tim Swanson’s” – “Eight Things Cryptocurrency Enthusiasts Probably Won’t Tell You.” Read on to know more.

Here are eight areas that require your attention:

crypto world

1. Bitfinex

A Hong Kong-based digital currency exchange that is known to be hacked several times in the past. A little over a year ago, $65 million dollars’ worth of bitcoins were stolen from the exchange. Till now, Bitfinex has failed to provide evidence as to how they were hacked or where those funds led to. Users were fooled by the potential for returns but in turn faced a major loss as their accounts were left empty.

2. Ransomware, Ponzi’s, Zero-fee and AML-less exchanges

A report from Xinhua was released last month that read:

China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products.”

In simple words, these exchanges were functioning while charging zero-fees by using customer deposits to invest in other financial products without the customer’s knowledge. According to insiders and reporters that many exchanges in China carried out similar practices. Also, exchanges in developing countries lacking AML and KYC measures majorly benefit from scams and thefts.

3. Initial Coin Offerings (ICOs)

Many investors are chasing quick profits instead of utility. Recently, many firms are aiming towards scamming practices due to which several other legitimate ICOs are suffering. Several ICO boot camps in China were set up with past experience in pyramid schemes, this leads to not just single fraud incidents but very frequent ones as well.

4. VC-backed entities

5. The decline of Maximalism

6. Market caps

We have very little idea of what is really happening with Bitcoin transactions or any cryptocurrency for that matter.  Market cap is based mainly on a company’s assets and future cash flows but with cryptocurrencies, it is completely misleading. Especially, when random meaningless coins sell a small segment of their total supply then, claim a huge market cap.

7. Buy-side analysts and con media

Many big-name media companies practice a biased reporting which mainly focus on the benefits of coins but not equally shed light on the potential risks as well. They cover basically everything and anything regarding market caps, statistics and basic buy/own cryptocurrencies articles. But what if these major companies are funding other odd companies side by side?

The point is, that if these firms want to be taken seriously, they might as well take on the best practices so they support long-term capital inflows.

 

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ICO News – Louisiana City Plans to Launch Its Own Cryptocurrency

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According to the Acadia Advocate, the mayor of Lafayette, Louisiana has offered the city to create its own cryptocurrency in order to raise money for public finance, taking a prompt from Berkeley, California. The proposal was made by the mayor-president of Lafayette, Joel Robideaux, at Heymann Center, during his annual address as he called the city a ‘technology hub’ that will advance the government services and diversify the local economy. Currently, the city is in extreme economic straits and the government is planning for the additional taxes.

public finance

Public Finance

Joel Robideaux sees cryptocurrency as a mean to public finance work; also, it allows citizens to contribute in the financing. For him, cryptocurrencies are an alternative for financing public infrastructure. Robideaux said, he was distinguishing that the domain of finance, banking and payment systems has changed persistently, and almost every industry will be soon disrupted. Robideaux dropped the idea of cryptocurrency being promoted by worldwide libertarians in quest of undetectable and unregulated digital currency transactions.

Robideaux didn’t give any detail about how his suggestion for cryptocurrency application to municipal finance will operate, and how he will be encouraging investors to support his idea. Whereas, Berkeley is considering to promote its cryptocurrency with municipal-ties and is looking forward to offer cryptocurrency-enabled “microbonds” in order to support reasonable housing projects.

What does Robideaux see?

According to Joel Robideaux, an ICO will fund a living-lab of blockchain developers, however, he didn’t clarify what the lab would exactly consist of and where it would be sited. He added, the city must diversify its economy to deal with the unemployment which was resulted after the oil crash (2014). Robideaux said the cultural economy of the city is already in existence and will turn out to be the alleviating force in its budget; however, the budget is still in a crisis mode as the over-all fund has been reduced.

Even as the cryptocurrency project of Berkeley is in the developmental phase, councilors in Berkeley have joined with Jesse Arreguin (the mayor) along with “Neighborly,” which is a tech-startup with software engineering support from UC Blockchain Laboratory of Berkeley and its aim is to offer an ICO that would encourage transactions inside the local area.

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Goldman Sachs – “Most Cryptocurrencies Will End Up Hitting Zero”

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According to Goldman Sachs, the cryptocurrency markets will not recover from their present correction. On 5th February, Steve Strongin (Goldman Sachs head of investment research) said, the high correlation between several cryptocurrencies makes him really anxious. Some currencies that do not survive are expected to trade to zero due to the lack of intrinsic value.

Strongin is worried about the possibility that maybe one or a few of the existing cryptocurrencies could ascend from the speculative bubbles, just like the crypto equivalents of Google or Amazon. However, he said that he doesn’t think that most of the coins will ever recuperate to their all-time highs.

There have been many questions arising like, is there any cryptocurrency that’ll be like Google or Amazon? Or are they going to end up just like the other now-defunct search engines? Strongin said that this doesn’t mean that the prices of cryptocurrency cannot increase at all because they are in a speculative bubble at this time. But at the same time he said, that most of the cryptocurrencies might bounce back to their all-time highs, but some of them are never going see their current peaks ever again.

most cryptocurrencies will end up hitting zero

This clearly shows that the speculative bubble is coming to its end and rather than as a collective asset class, investors are going to start judging the cryptocurrencies from their individual merits as a lot of casual retail investors are already familiar with it. It also seems like the ICO (initial coin offering) success will suddenly come to its end.

Strongin said that the winners-take-most sight of the market is not very unique to Goldman Sachs. On Wednesday, the founder of DCG (Digital Currency Group) Barry Silbert, offered the same remarks at “Yahoo Finance All Markets Summit: Crypto” with explicably more positive stance on the entire industry.

According to Silbert, a huge majority of crypto-assets are facing a binary outcome. They are either going to become extremely valuable or they are going to become worthless. He added, this is why Grayscale Investments (a DCG portfolio company) launched its newest product, a fund related to crypto-asset investment and it holds the market cap (weighted positions) in the most major five cryptocurrencies and balances it again quarterly to imitate market movements.

Many other experts have also warned the investors on cryptocurrencies. Nouriel Roubini, who’s a well- known economist said on Tuesday, that the price of bitcoin would also crash to zero. Warren Buffett also said in a recent interview that cryptocurrencies are definitely going to have a bad ending.

 

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What Are Some Easiest Ways to Earn Bitcoin

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Easiest Ways to Earn Bitcoin

Bitcoin is the most popular form of digital currency. The use of bitcoin is increasing each day, and it’s becoming progressively hard to earn them. If you are one of the people who are keen on starting a venture in the world of Bitcoin, and looking for ways to generate your own coins, here are some killer tips that will help you learn how to earn Bitcoin – the most valuable cryptocurrency out there.

The Killer Ways to Earn Bitcoin – Accept It as A Form of Payment:

One of the easiest ways to earn bitcoins. If you own a large corporation, run a small business, are a shopkeeper or just provide your services online, start accepting bitcoins in payments.

To accept bitcoins payment, you will need to follow a few steps. The steps include:

Get a Wallet:

To switch to bitcoin payments, you will need a bitcoin wallet. It’s a virtual wallet which is used to store Bitcoin.

Display “Bitcoin is Accepted Here” Logo:

Once you have the wallet, display the logo that says “Bitcoin is accepted here”. This will help your clients realize that you accept Bitcoin payments.

Check out our guide on how to accept Bitcoin payments here.

Earn by Completing Specific Tasks on Websites:

There are several websites that offer bitcoins for completing certain tasks. Some even offer bitcoins just for visiting their home page. The concept is similar to the good old free TV. You watch numerous ads, and in between these ads, you get to see something that grabs your intention, like a funny clip or a song.

Earn Through Mining:

One of the easiest ways to get bitcoins. In Bitcoin mining, the miners from all across the world connect with each other through mining computers and the internet to form groups. These groups are then given certain problems to solve. Those who successfully solve these problems are rewarded with bitcoins.

To do the mining, you will need a powerful computer, fast internet and electricity to keep the computer running 24/7.

Earn Bitcoins Through Tips:

Accepting bitcoin through tips is similar to accepting bitcoin as payment. You will need a wallet, QR code with bitcoin wallet address on it and people who can potentially give tips in bitcoins.

Here are some ways through which you can get in touch with people who deal in bitcoins:

  • If you have a shop, simply display the QR code and keep an eye on what’s coming in.
  • If you don’t own a shop, no worries. You can also accept tips through blog posts. Simply put your QR code somewhere where the users can easily see it and then decide how they want to tip you.
  • Another cool way for getting online tips is Bitfortip. The service directs you to people who are willing to give away bitcoin tips

Conclusion:

These are some easiest ways to earn bitcoins. Putting it in a nutshell, you can earn Bitcoin by accepting it in the form of payment, writing online blogs, visiting different websites and completing specific tasks, and via tips.

Good luck with your venture.

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? Bitcoin Trading – Trade Bitcoin for Beginner level | Bitcoin Volatility Index

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Bitcoin Cash Down By 42% In Single Day – Will It Recover?

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Out of 10 biggest cryptos, Bitcoin Cash took the biggest hit on Friday as its value dropped by ~42% in one day.

Over the previous week, the South Korean crypto market‘s Bitcoin Cash frenzy and the reconciliation of BCH on the CoinBase and its digital currency exchange GDAX prompted a meteoric boost in the value of Bitcoin Cash.

Within seven days, the cost of Bitcoin Cash surged from $1,760 to $4,300, increasing by more than 144 percent.

As allegations against Coinbase’s potential insider exchanging of Bitcoin Cash rose, the cost of Bitcoin Cash encountered a minor revision, from $3,500 to $3,300. Still, a couple of hours later, the cost of Bitcoin Cash crested at $4,300, because of the rising interest for the crypto in South Korea.

For a concise timeframe, CoinBase and GDAX suspended Bitcoin Cash exchanging given its unforeseen unpredictability and suspicious value development of BCH before the coordination of Bitcoin Cash by CoinBase and GDAX. CoinBase CEO Brian Armstrong composed:

“I take the confidentiality of non-public data very seriously as CEO. Given the cost increment in the hours driving up the announcement, we will lead an investigation regarding this issue. If we discover confirmation of any worker or contractual worker damaging our arrangements — directly or indirectly — I won’t falter to fire the person quickly and make a legal move.”

So, Is BCH Going To Recover?

The latest slump in the cost of BCH isn’t just specific to BCH. Each and every digital currency in the market, from the biggest to top 100 have fallen in value. Bitcoin, Ethereum, Litecoin, Ripple, Monero, and IOTA have recorded more than 30 percent slump in cost in the course of recent hours.

Thus, the cost of Bitcoin Cash will probably recoup if the crypto market can recuperate quickly. Throughout 2017, the whole digital money market had not encountered a hit of this size in which each cryptocurrency in the market was influenced.

However, experts have noticed that the current cost adjustment of crypto money was essential, given the exponential increment in value and market valuation of cryptographic money since January 1.

Story Credit: ccn.com

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