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Is Bitcoin Really Headed to $27,000 in February 2018? A Prominent Trader Says It Is Every time Bitcoin reaches another all-time high, the bulls and bears come out of the woodwork. Fresh on the heels of its latest all-time…
As we have stepped into 2018, despite a dream run in 2017, everyone appears to be sceptical about the future of Bitcoin and other cryptocurrencies in 2018. From the dark web of the cryptocurrency sources, mining, money laundering and investments to the glorious future of its benchmark technology i.e. blockchain that every organisation and government authorities are looking forward to, Bitcoin is caught in dichotomies at several levels.
As India and China have cracked down on cryptocurrencies, ‘Virtual Currency girls’ have raised the Bitcoin curiosity with their latest song “The Moon and Virtual Currencies and Me” humming with the lyrics that says, “It’s hell if you buy at a high price!…Don’t underestimate the market!”
Cryptocurrencies are mostly unregulated at the moment, with vaporware projects competing against revolutionary technologies like Bitcoin and Ethereum for investment.
This is evident in the case of BitConnect – which is the 25th biggest cryptocurrency in the world and has a market capitalisation of over $2 billion.
The cryptocurrency was found to be engaging in fraud and the company behind the currency has been served a Cease and Desist order by the Texas State Securities Board.
The emergency cease and desist order was issued on 4 January and states that BitConnect is engaging in fraud and misleading investors.
Not all cryptocurrencies are created equal. Don’t tell that to investors in XRP, though. In the last month the currency owned by Ripple, a company that bills itself as using blockchain technology to build the payment system of the future, soared in price by a whopping 700 percent. XRP’s overall value pushed up to nearly $150 billion and briefly made Chris Larsen, Ripple’s cofounder, one of the richest people on the planet.
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The exuberance was fueled, at least in part, by a belief that anyone buying up XRP was getting in on the next Bitcoin. But for some it could end up as a very expensive lesson that what they bought into is a different animal altogether.
Bitcoin Predicted to Crash in 2018
In their 156-page report titled “Fool’s Gold: Unearthing The World of Cryptocurrency,” the firm comprehensively stated that the current bitcoin price above $14,000 is a bubble and does not reflect the true worth of the cryptocurrency. Quinlan associates argued in their write-up that the current price is unreal for bitcoin both as a store of value and a medium of exchange.
The report read:
“As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of $2,161 and $687 respectively. To value BTC as a currency, we estimated its utilisation for both legal, retail transaction payments, as well as payments in the black market. After significant testing, we calculated the price of BTC to be $1,780.”
LONDON — There’s a new gold rush. But this precious metal doesn’t actually exist.
The frenzy is for so-called cryptocurrencies — or encrypted digital money — and their value skyrocketed in 2017. The price of Bitcoin, the pioneer decentralized virtual currency, rose more than 1,300 percent last year, despite plunging 40 percent at one point in December. A Bitcoin rival, Ether, was up 8,000 percent. It is thought that the total worldwide value of cryptocurrencies could reach $1 trillion this year.
Bitcoin and its derivatives have, for the moment, proved too volatile and unwieldy for day-to-day transactions. Yet the cryptocurrency model, underpinned by decentralized blockchain ledger technology, is increasingly becoming a force in more specialized areas of the economy. The art world is one of them.
Electra ($ECA) is a “Proof-of-Stake” coin (50% annual return) that is completely driven by its community. Meaning that there are no CEOs, the community is in complete control. Also, there was never an ICO for the coin which provides a fully decentralized feel. The Electra team is comprised of people from all around the planet, working towards the whole goal of being extremely fast, secure, scalable and having little to no fee. The value of a purely community driven coin is endless and has an almost Bitcoin like feel to it, except its about 200x better. The team is planning on rolling out its whitepaper within this first quarter of 2018 along with their “Atomic Swap” feature. Atomic Swap means that you will be able to swap essentially any cryptocurrency for ECAs, saving you the time and energy of using a third party or exchange. Not only that but they also have plans to release their iOS/ANDROID wallet in Q2 of 2018.
INTERNATIONAL – Last fall, I uploaded some family videos to YouTube. Then I bought my mother an Amazon Fire TV so she could access them on her living room television.
Well, so much for being a good son. At the end of the year, as you may have heard, Google cut off access to YouTube from Amazon’s popular line of connected TV devices. Now, when my mom presses the remote-control button for YouTube, Amazon invites her to select between two web browsers, instead of taking her to the popular video sharing app.
It’s all part of an ongoing standoff between the two tech giants that’s nearly gotten lost amid the bitcoin boom, the big chip flaw, SoftBank-Uber and Donald Trump’s tweets. But the fight is significant and even frightening in its implications for customers and the principles of internet openness. Alphabet Inc. and Amazon.com Inc., two of the largest companies in the world, are slugging it out in pursuit of their own agendas, hurting customers in the process.
The battle goes back years. Back in 2011, Amazon developed its own version of the Android operating system for its Kindle Fire tablets, leaving apps like Google’s Play Store off the device and offering its own app store. More recently, Amazon has kept its Prime Video app—the service that offers up shows like the Man in the High Castle and the Marvelous Mrs. Maisel—off Apple TV and Google’s Chromecast set-top-boxes.
South Korea’s lawmakers and Ministry of Finance have reportedly shot down a crypto-trading ban proposed by the South Korean Ministry of Justice (since more than 2 million South Koreans own bitcoin, such a ban would inevitably lead to many retail traders booking heavy losses).
But China’s attempt to suppress the local crypto economy is continuing unabated as the PBOC leans on local authorities to deny resources to bitcoin miners and exchanges to encourage “an orderly exit” from the business.
Today, Bloomberg reported that ViaBTC Technology Ltd., which runs the fourth-biggest bitcoin mining collective, is jacking up maintenance fees for some of its clients Friday to 50% from 6%, according to a statement posted on its website.
The disruption in mining power has caused already soaring transaction fees to climb to all-time highs as transactions compete for space on the network.