by Simon Black, Sovereign Man:
On March 29, 1879, a widely circulated newspaper called the American Register published a scathing editorial stating that “it is doubtful if electricity will ever be [widely] used” because it was too expensive to generate.
Several months later, the Select Committee on Lighting and Electricity in the British House of Commons held hearings on electricity, with experts stating that there was not “the slightest chance” that the world would run on electric power generation.
It’s not that electricity didn’t exist at the time. It did. Serious study and research had been devoted to electricity since the 1600s.
But even by 1879 it was still considered an expensive fantasy.
by Jeff Berwick, The Dollar Vigilante:
I’ve said it many times in the past. Blockchain technology is the biggest evolution since the internet.
We’ve seen bitcoin quickly become a challenge to fiat currencies and central banks.
We’ve seen Ethereum change the very nature of apps into dapps or decentralized apps. And, it’s barely even begun yet.
And now we are seeing ICOs, Initial Coin Offerings, change how companies are formed and funded.
ICOs, similar to bitcoin, threaten entire industries.
It threatens the traditional investment banking industry… could that be why Jamie Demon hates it so much? Ya think? Over $3 billion has been raised by ICOs in the second quarter of 2017 surpassing the total funds raised via traditional equity financing for the first time.
It threatens the traditional stock exchanges.
And it certainly threatens the government regulators.
And the businesses that are being built with the ability for their tokens to be tradeable without third parties will threaten almost every other traditional business sector in the world.
To say all of this is a massive paradigm shift is an understatement.
ICOs have proliferated in the last year and, so far, on average, they have performed very well for investors.
ICOs remove the stranglehold on investment capital that has been monopolized by the big investment banks and made prohibitively expensive and restrictive by criminal government regulators.
The Chinese government has, as we’ve seen, been one of the first to, as Christine Lagarde puts it, “banned the initial, um, offer of, um, bitcoins.”
And, I have zero doubt that the criminal SEC will soon violently attack those who peacefully and voluntarily participate in the ICO market.
But, like with bitcoin, they can’t stop it. They can only do what all governments do; threaten violence and extort people who try to make the world a better place.
So, there will definitely be a lot of bumps along the road… the same as there will be for bitcoin… as governments and central banks try to stop progress from occurring.
And, there will be plenty of failures, scams, and drama as always occurs in the free market.
But, there will also be investment opportunities potentially of a lifetime.
Read More @ TheDollarVigilante.com
by David Dinkins, Coin Telegraph:
Despite speculation that Bitcoin futures would make the famously volatile asset easier to short, the launch of CBOE futures trading this evening sparked a huge rally for the currency. Futures trading began at 5 PM Central time on December 10 at a price of $15,000, matching the price of one Bitcoin on the Gemini exchange.
As of press time, roughly five hours later, the price of Bitcoin has risen to $16,800 on Gemini. Futures expiring in January 2018 are trading at $18,500, a $3,500 rise. This rapid rise in the futures price has already triggered two “circuit breakers” and is threatening to trigger a third. CBOE has implemented so-called circuit breakers to give traders a chance to pause and reconsider in the event of large price movements. Any gain or loss of more than 10% triggers a two minute stop to trading, while a move of 20% or more will cause trading to pause for five minutes.
As we reported earlier tonight, CBOE’s launch of its Bitcoin futures product (which trades under the “XBT” ticker) caused such a sharp increase in demand that the exchange’s website went down almost immediately. In the last five hours, about 2,000 contracts have traded hands. Each contract represents one Bitcoin, implying a trading volume of greater than $30 mln in just a few hours. This is especially noteworthy considering Wall Street traders generally only work Monday through Friday. Odds are good that tomorrow will be a very big day, indeed.
by Ana Alexandre, Coin Telegraph:
Technology entrepreneur and Tesla CEO Elon Musk said that Bitcoin’s (BTC) structure is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” Musk made his remarks during an interview on advisory services firm ARK Invest’s podcast on Feb. 19.
In response to a question about whether Bitcoin becomes the only native cryptocurrency of the Internet, Musk said that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”
by Shannon Liao, The Verge:
Coinbase has launched an internal probe to identify whether its employees engaged in insider trading of Bitcoin Cash shortly before the cryptocurrency was officially introduced to the exchange yesterday. Increased trading led to a spike in Bitcoin Cash’s valuation, and just four hours after its introduction, Coinbase suspended trading of the digital currency.
Coinbase’s ethics policy prevents employees from “trading on ‘material non-public information,’ such as when a new asset will be added to our platform,” wrote Coinbase CEO Brian Armstrong in a Medium post today. That includes sharing that information with friends and family. In the hours before Coinbase added Bitcoin Cash to its exchange, the price of the cryptocurrency had already begun to rise. The price for a single Bitcoin Cash coin soared past $8,000, or more than double its price a day earlier.
I dont care how you slice it, this is INSIDER TRADING! Someone with alot of Bitcoin knew @coinbase would add Bitcoin Cash BCH and took one BIG chunk of profit from the #flippening. Whoever you are you are your making crypto look like wall st. Shame on you. pic.twitter.com/g9YU9jGm0T
— CryptoSoldier (@NoTimeToSearch) December 20, 2017
Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.
— Coinbase (@coinbase) December 20, 2017
Armstrong warned, “If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.”
Coinbase’s swift shutdown of Bitcoin Cash support came in the midst of many on Twitter raising suspicions last night about the unusual spike of Bitcoin Cash prices.
Very strange accumulation and pump on Bcash in the hours leading up to the @Coinbase BCH add. If I didn't know better, I'd think that was potential insider trading activity. @GDAX 'ed? #bitcoin #bcash #bch pic.twitter.com/leX8ro0MFf
— Whalepool (@whalepool) December 20, 2017
Back in August, bitcoin split into two, creating Bitcoin Cash, in what’s called a “hard fork.” The fork was backed by one bitcoin group that wanted to combat bitcoin’s high transaction fees and the size limit that made mining larger blocks of data invalid. Bitcoin users who controlled their own private keys benefited from the split by keeping the bitcoin they had along with an extra amount of Bitcoin Cash.
When the fork occurred, several trading platforms like CEX.io offered support for the new currency. But to users’ chagrin, Coinbase rejected Bitcoin Cash, with the company’s director of communications writing in a Medium post that “it is hard to predict how long the alternative version of bitcoin will survive.”
Now, Coinbase has decided to enable support for Bitcoin Cash, which has become the third largest cryptocurrency after Bitcoin and Ether in terms of market cap. Although Bitcoin Cash has seen less extreme growth in valuation than Bitcoin, which skyrocketed past $15,000 per coin this month, Bitcoin Cash’s value has steadily risen. It’s currently worth around $4,154, up from $1,500 last month.
Read More @ TheVerge.com