Interesting debate from the house financial services on whether the government should consider cryptocurrencies as money. In our opinion I don't think it went well and we also think it didn't go bad. The fellows that were for Bitcoin and cryptocurrency as an alternative form of money didn't come with strong points in our opinion. If we had been asked we would of ripped out the house. One positive: Dr. Michel commented on the benefits of cryptocurrencies and technological advancements in general, and pointed out that the US government should not make new tech illegal simply because criminals use it. “Yes, it is true that criminals have used Bitcoin, but criminals have also used airplanes, computers and automobiles. We shouldn’t criminalize any of those instruments simply because criminals use them.” Dr. Michel also spoke about the removal of capital gains tax on cryptocurrency purchases. To be honest with you I don't think the 4 witnesses came with any strong points. We need Andreas Antonopoulous or Max Kasier to testify in front of Congress and i guaranteed it would be a different ball game. #bitcoin#instagood#btc#ethereum#ripple#US#congress#cryptocurrencies#crypto#trader#instagood#fx#forex#trading#blockchain#technology#digital#gold#money#cash#tokens#coins#wallstreet#stocks#entrepreneurs#currency#litecoin#neo#iota#eos
This week's news announcements alone have been absolutely positive for our ecosystem. Current price and the state of the crypto market shouldn't make anybody fearful of price declining further. Just look at what's going on behind the scenes... If it's not banks or institutions taking more interest, we have talks of potential ETFs and crypto exchanges attempting to diversify themselves. All these news announcements are a tell tell sign leaving crumbs for what's about to come in the next few months. Even if we remain stagnant moving sideways in regards to price for months or even until the end of 2018, theres too much going on behind the scenes to not see another exponential explosion to the upside. If you have been following the market for years like we have you start to realise that these central banks and so called governments have spread FUD from day 1 and made everybody scared of this new disruptive technology called cryptocurrencies. While they have been unable to shut this new innovative disruptive technology down started by Bitcoin and Blockchain technology, they have been scheming from day 1 to take it all away from us. Us being the average person, whereby for once we can take control of our money and essentially be our own bank. The hands that be are mining it as we speak, they are making everybody scared so they can panic sell back to them. They are trying there up most to take back the power they always had. If you control the money, you control the world. That is just a brute fact... When we see people panic sell because we have corrected over 70% since Decemeber 2017, we shake our heads in disbelief ♂️. We will never ever get an opportunity to purchase these cryptocurrencies at these current prices ever again. Don't be that guy or girl that said "I could of made x amount of money" Do your own research and see that we wil witness the biggest exponential rise in any financial asset class in history. #bitcoin#cryptocurrencies#future#crypto#ethereum#ripple#litecoin#trading#investing#fx#forex#blockchain#technology#digital#gold#money#cash#tokens#coins#instagood#cryptocurrency#neo#iota#bitcoincash#eos#stocks#wallstreet#trader
Analysis posted in last weeks news article (link in bio). As the daily Bitcoin chart (23.06.2018) in the picture suggests, if price action rallies up from $5900 we could potentially have a chart pattern called a Double Bottom from where the blue area is highlighted. If we look left historically we can see price action had tested $5900 previously which is circled in yellow, where price had rebounded and rallied up from this zone of support. However in the grand scheme of things Bitcoin is still in a downtrend making a series of Lower Highs and Lower Lows. If price action continues to break below $5900 we have a high probability of heading towards our first Fibonacci target of $5000. To be honest lots of weak hands will be selling right now panicking. If we see our fibonacci targets of 5k and 3k met, many will tweet that crypto is dead, CNBC will be reporting that there’s no way back for Bitcoin and cryptocurrencies . However we will be licking our lips alongside all the institutions who have already set their buy orders at these key even handle psychological levels. Current market conditions are offering a tasty opportunity. Will we ever see Bitcoin and a lot of alts at these prices ever again ♂️?? (Focus on the sats guys and not USD ratio) If we see them key levels of support hit, we will pull the trigger without hesitation ... Treat this game like a business and not like a game of roulette. How will YOU respond to an opportunity of a lifetime ?? #bitcoin#technicalanalysis#trading#btc#forex#charts#fx#trader#stocks#wallstreet#instagood#digital#coins#tokens#gold#cash#money#blockchain#technology#ethereum#eos#litecoin#bitcoincash#stellar#neo#iota#usd#fibonacci#ripple#monero
According to CoinDesk Phil Porter the Chief Strategy Officer for crypto exchange Bitfinex has reportedly left the company. Phil Porter and Bitfinex also have links to Tether which is supposedly a ‘stablecoin’ backed by US dollars. This comes days after law firm Freeh Sporkin and Sullivan LLP released a report explaining that Tethers USDT token is in fact fully backed by US dollars. USD Tether created back in 2014 has come under a lot of scrutiny after being hacked last year in November 2017 whereby many people in the crypto community questioned whether or not USDT is fully backed by US dollars. The purpose of USDT is to facilitates transactions between Cryptocurrency exchanges with a rate pegged to the US dollar. This allows for high speed capital transfers without resorting to slow bank wires. This has been very appealing for crypto exchanges as they tend to find it hard securing banking relationships. Tether Limited has claimed that all their coins in circulation are fully backed by actual fiat currency assets held in reserve accounts. Reports claimed months ago that US Tethers relationship with Friedman LLP (who were working along side them to perform an audit) relationship had dissolved. A report conducted by Griffin and Shams on the 13th of June over a week ago, investigated the interaction between Bitcoin and US Tether. The report had suggested that US Tether had been used to artificially manipulate the price of Bitcoin by being over printed and transacted between many different exchanges. Using algorithms to analyse both Bitcoins and USD Tethers blockchains, they concluded that their findings supported that price manipulation was in fact used to distort the Cryptocurrency eco-system. A week after this report was released to the public, USD Tether had given a transparency update with law firm Freeh Sporkin and Sullivan LLP suggesting that they do in fact hold reserves fully backing every USDT coin with US dollars. Although we encourage everybody in the crypto space to conduct their own research, PLEASE take everything you read with a pinch of salt. This news of Bitfinex’s Phil Porter leaving literally the same week...
South Korean Crypto Exchange Bithumb Hacked according to their Twitter account. South Korean cryptocurrency exchange Bithumb has suspended deposits and withdrawals after losing $30 million worth of cryptocurrencies as the result of an apparent hack as seen in the first picture. This was later deleted by Bithumb as they no longer have this tweet update available for the public to see. Bithumb said that the company will cover all losses so that users will not be affected, other than by the temporary inability to move their assets. What causes concern is that a few days before (if you scroll to the last picture) Bithumb announced on twitter that they were transferring all their assets to a cold wallet in order to upgrade their security ♂️. The incident marked the second time a South Korean exchange had been hacked this month. Less than two weeks ago, Coinrail lost approximately $37.2 million worth of coins. Although hacks are not unusual in the space, it’s just a little shady how Bithumb ‘updated’ their security than a few days later we’re apparently hacked ♂️ These ‘centralised’ exchanges can do whatever they like it seems... “Your Keys, your coins, not your keys, not your coins” (Andreas Antonopoulos) #bitcoin#btc#bithumb#cyber#attack#mood#ethereum#ripple#litecoin#neo#cryptocurrency#cryptocurrencies#crypto#trader#fx#forex#trading#blockchain#technology#blockchaintechnology#digital#coins#tokens#gold#money#cash#stocks#wallstreet#instagood