According to a recent Twitter survey, Bitcoin investors are likely to turn to gold as the cryptocurrency’s most recent hype fizzles out, leaving losses in its wake. The poll, conducted by Novem Gold, reveals the extent of the disillusionment among BTC enthusiasts as prices remain largely suppressed in H2 2019.submitted by y0ujin to NovemGold [link] [comments]
This slump, however, is most alarming because it closely follows the sharp gains the coin had enjoyed after optimistic comments from the Chinese head of state regarding blockchain in October. The speech, widely regarded as a watershed moment for the cryptocurrency, could prove pivotal for Bitcoin and the crypto world. China’s massive population can single-handedly send the coin’s Bull Run back on track.
In his speech, Chinese President Xi Jinping referred to blockchain as “ an important breakthrough.” Before the statement, the prevailing sentiment was that the Chinese government was anti-blockchain. The primary signal came after its September 2017 banning of initial coin offerings (ICOs). The speech was therefore interpreted as a green light indicating that China was willing to embrace cryptocurrency trading in all its aspects, which would push Bitcoin prices once more to the moon.
China, for many years, has been the epicenter of blockchain and cryptocurrency activity. Before a large number of investors in other parts of the world grew accustomed to Bitcoin, China had already established itself as a mining hub. The East Asian nation has significantly contributed in many ways to the rise of the digital currency sector over the years.
As an illustration, as of 2017 the country’s insatiable need for crypto assets was almost 90% of crypto’s total global trading volumes. Shockingly, just a few months into 2018, this demand dipped below the 1% mark. This decline in demand also followed Bitcoin’s most significant price dip, which saw it go from a high of $19,800 to a low of $6,200 each in less than two months.
China is Pro BlockchainThe excitement over the Xi Jinping speech was therefore palpable in October when he said that his country would “seize the opportunity” that blockchain offers in research, standardization, and development. The Chinese President is the first leader of a global economic giant to make such friendly remarks towards a technology that is maligned by some of his peers.
If the government embraces cryptocurrencies, Chinese Bitcoin bulls would return and push prices through the roof. Following the unexpected speech, the price of Bitcoin temporarily surged, adding 40% after rallying to a high of $9,526 on November 4th.
Unfortunately, the rise halted and a consistent correction happened, lowering the value of the token to a $6,524 mark on November 25th, a much lower price than before the Xi effect. Bitcoin has, however, recouped some of its losses over the last few days, but it is still trading at half the price in comparison to June 2019.
The Chinese, in contrast to many other countries, have many advantages when it comes to cryptocurrency awareness. They have, for instance, long been aware of the virtues of speculation into new asset types. They are also more aware of virtual currencies and have, over time, developed cautionary optimism for digital currency regulation.
Tencent QQ’s reward program, for example, paid out in Q coins and had more than 221.4 million active users by 2006. Consequently, some of the earliest BTC adopters were Chinese. Bitcoin’s popularity in China also increased with the East Asian country’s rise to the position of the second most powerful economy on earth.
China’s 12-th strategic economic plan, released in 2011, was one of many development aspects aimed at the reduction of the poverty rampant in the nation’s rural zones. As a result of the economic success of this plan, China’s emerging middle class burst onto the scene, increasing the country’s domestic consumption from a low of 4% in 2000 to a high of 68% in 2012.
The money that was left over after savings were taken care of was channeled into speculative investing. Since this aspect of making money is a big part of the investment culture of the Chinese, the country’s investors took a quick liking to Bitcoin.
The Chinese, however, were not purchasing the digital asset for its privacy attributes but rather for its investment appeal. Unlike many Bitcoin enthusiasts in the West who love the digital currency for its P2P features, the Chinese adopted BT for its Gold 2.0 features. Speculating in gold is an investment activity most Chinese are accustomed to.
This difference is the reason why, when the Silk Road closed down, the Chinese market for crypto was hardly affected. In the West, however, the closure of the online black-market platform adversely affected Bitcoin prices.
BTC was Gold 2.0 to ChinaThe interest in BTC investment in China rose even further with the loosening of the government’s tight grip on financial markets. At the time, Beijing was in the process of developing diverse financial markets for the new elite to invest in, such as derivatives. A strengthening economy with friendly regulations was just what the Bitcoin investment frenzy required.
With the creation of BTC mining hardware in 2013, the participation of the Chinese as miners and investors soared. New 2016 to 2017 crypto regulations, however, brought the Chinese crypto trading market to its knees because they quashed the ability to speculate in Gold 2.0.
Despite the death of crypto speculative trading, the Chinese crypto community is still very vibrant despite the stringent regulations around it. This resilience is especially visible in the area of blockchain application.
Such innovation is what the Xi Jinping government is promising to support, not decentralized cryptocurrencies that make it difficult for governments to control money as they wish. Since the pro-blockchain October speech, there has been a cascade of activity in the Chinese blockchain scene.
The Chinese central bank is, for instance, readying itself to release its Digital Currency Electronic Payment System. The People’s Bank of China intends to replace the use of fiat with the DCEP blockchain-based payments solution. This move would make the country the first major world economy to embrace a native digital currency.
With the launch of the digital payment systems, China would find it much easier to extend the influence of its monetary policy to the rest of the world. While Beijing has no regard for “censorship-resistant” and permission-less digital currencies — as they endanger capital controls — it is building its centralized digital currency to supplant Bitcoin.
This effort is a true testament to Bitcoin’s significance and the Chinese government’s appreciation that the world’s monetary system is dependent on technological advancements. Unlike the West, China has harnessed the power of internet connectivity without losing its control over freedom of expression. The economic giant is now strategizing ways that it can harness the power of blockchain, albeit minus its decentralized aspects.
It could be that the Chinese government’s interest in the blockchain is part of the drive to end the age of the USD. This is an opportunity to move the country past its dependence on US-owned foundational technologies. According to Xi China, through blockchain, will “take the leading position … occupy the commanding heights of innovation, and gain new industrial advantages.”
China, however, is determined to make its cryptocurrency more acceptable to the international and domestic markets than Bitcoin has ever been. The second-largest economy has been amassing massive amounts of gold, which analysts say will back its native digital currency.
A gold-backed digital currency is acceptable in any part of the world and will significantly enhance Beijing’s de-dollarization policy. It is therefore expected that the county will maintain its leading gold mining and buying positions in 2020, which should add more fuel to the ongoing global gold rally.
submitted by kivo360 to CryptoCurrency [link] [comments]
Let's get real. [Vitalik talks about this constantly]. The cryptocurrency/blockchain community has a cultural problem.Edit: Links here suck. I put quotes around them so you can spot them out. I did a lot of research for this post.
Edit #2: Put square brackets around links. Now they should be clearly visible.
TLDR: The ills Vitalik talks about are primarily about psychology. New scalable solutions can fix it partially, but we have to deal with people first.
Before I dig deep into this post, I want to let you know what it's about. Yes, you'll see some emotional content. You'll see ideological ideas. However, this post ain't about ideologies. It's about something I deem as a real problem. Its about the corrupt mindsets that we have as community since the prices spiked early 2017. To advance forward, I want to analyze them, distill the problem into the most basic form possible, then point people into a direction I deem would be good for the cryptocurrency community. The format will go like this:
Why I'm HereTime travel back into pre-2017 and you'll see that the cryptocurrency/blockchain community was filled with hopeful young nerds that dreamed of making the world into a better place; A much more open, peaceful and freer place. I was going through a hard time with my life 2015-16 -- my twin died, I was on the verge of going homeless with nobody else to rely on, had to go unbanked in America, almost entirely dropped out of college and my first contracting business failed. I couldn't get my life right at all, and I didn't see any hope. The future was bleak to me. However, I found people here in the blockchain community actually trying their hardest to do things that would solve the world's problems, [even if that was mainly reporting the news for people and addressing people live in chat to create a community]. That drew me in well before the price of cryptocurrencies spiked; almost in a manic like way -- I read about it constantly, practiced solidity, talked to everyone I could that would have the capacity to understand cryptocurrencies and more.
Even now, when I attend conferences, I meet good-hearted, sleep deprived developers, marketers, business owners and specialist that aim to solve the world's greatest problems in the best ways they can. Many are in small corners of the world helping each other out. Inside of this community I found hope and meaning. My depression lifted, my anxiety went away, my life got back on track, and that hope propels me though the field years since I joined this movement. I'm now more confident than ever knowing that collectively this industry will possibly be the epicenter of change for not only money, but for everything. We'll [eliminate poverty], [solve global warming], [prevent hyper-inflation like we've seen with Venezuela], [improve supply chains] around the world, improve healthcare, and solve the [social ills of the world like corruption]. That's just the tip of the iceberg. I believe intensely in the vision set for crypto.
The community is filled with brilliant people that will make a difference. That excites me.
I'm for freedom, boosting happiness of individuals, increasing health, making life more fun and less stressful for the common person, open discussions to progress everyone forward, and a more livable planet. I'm thinking of all people and I'm not against any group. However, I'm not for FUD, greed while abusing others, bigotry, trolling, hatred, racism, evil acts and stealing. Those are against my values. I think that's against the values of many of the cryptocurrency community's foundational members.
A problem we can't ignoreIn 2017, as the prices exploded and the returns grew in for the average person, I noticed the community was starting to get tainted. People were no longer focusing on technology, freedom and community. No longer focusing on creating better lives for people in their communities around the world. We were missing the altruism I originally felt in the community. [If I were in Vitalik shoes, where I'd invest 80-100 hours a week into a vision, I'd feel extreme frustration too]. People are instead focusing on [needless politics], searching for the next big price pump, the next big score. Instead of people figuring out about how to use blockchain and crypto for making people's lives better, I've heard people say HODL and scam more than I ever have in the history of the community. This saddens me and frustrates me at the same time. On one end I see great potential and beauty in the community, and at the same time I see the beast within us come out that hasn't been even thought about deeply enough to be accurately tamed. Trolls, profiteers running away with ICO money, market manipulators and scam artist ruining the reputation and progress of the community.
While I could complain about what I see, I decided to instead dissect it in this post. I wanted to know what's causing this on a larger scale. See, by training I'm a psychologist, social scientist and computer scientist. I've been transitioning over to economics and data science because I feel it's a solid cornerstone of the industry. My perspective will be coming from those first. Allow me to explain. If our community is going to "grow up and actually solve problems", the corruption of minds because of money needs to be fully explored first.
Only by understanding the problem thoroughly can we solve it.
Explicitly stating the problem: Its the extreme predatory, egotistical, harsh behavior we as a community have adopted.
The Psychology And Behavioral Science Of FinanceLet's start with the biggest premise. Money is an idea. It exist because people communicate, produce, share, trade, have scarcity for goods and have needs. Money is an ideological binding agent for people.
Money and the MindOur mind is complex. Beyond the usual processing of information people have (our 11 senses), we people have 2 primary centers for decision making and control.
The first one is the limbic system. It has gone by the nickname of "the lizard brain" in recent history. It's responsible for storing memories, handling stress responses, attention and emotional processing. In a sense, it controls all of intuition and fast heuristic choices you make.
The second system is known as the prefrontal cortex. It controls higher order functions such as planning, reasoning, serial processing and how we think about emotions.
These two centers are not mutually exclusive. You brain has circuits to make decisions about everything. The two parts talk to each other to do so. Any dysfunction in behavior is usually due to a lack of communication between these two decision centers, rather than a lack of communication between the centers of your brain. This is heavily seen in mental disorders. According to the book [Upward Spiral ], a book that looks at mental disorders from a neuroscientific view and explains how to reverse the ill effects of them, here's now some disorders can play out inside of our heads:
How Crypto FitsThis should hopefully be the first question we have. It's easy to only pay attention to the ill behaviors of the more recent cryptocurrency industry and say "shame on you!". But what if people had a hard time actually controlling themselves? Inside of the book Upward Spiral, Alex Korb, the neuroscientist that wrote it explored that people with depression and anxiety had a hard time not being depressed and anxious by choice. Because the depressed person's circuitry is skewed, they act on it subconsciously in a forever perpetuating loop. In fact, the only way to reverse depression is to reverse the circuitry that holds it together.
Part of what makes anti-depressants more effective is that the serotonin improves sleep and makes a person's brain more susceptible to positive changes. That would be doing things like doing gratitude journals everyday to make your anterior cingular cortices notice more positive events, being around people who love you to boost your serotonin and cut down stress hormones, or getting a little exercise everyday to send oxygen to your brain.
So that leads us back to the original question. What if people didn't have a fully conscious control over how they acted about money and crypto? I did some research between many different articles and found that this was absolutely the case. People don't have much control. They tend to be on extremes of some end all the time.
How Does Finance Play With The Brain?
Of the many ways, there's one key way it does. Money plays with people through the the hypothalamus stress response. It charges people into fight or flight mode, and can literally destabilize the homeostatic systems. This can do all sorts of things. It can make the anterior cingulate weaker in strength (known to help us control emotions and learn), and therefore reduce the power of our prefrontal cortex. When people are stressed about finance, or even excited about it, it will put people into extreme states. [Meaning the lizard brain takes the show]. That can make people easily make haphazard decisions.
Of course, there's other things that happen with the introduction of more money, but that IS the most intense thing to take note of.
If we want to solve the problem of relinquishing poor community, like Vitalik continuously makes comments about, we need to look at the problem in this way. If we don't see it this way, we're screwed. The problem wont be solved, companies like Microsoft will continuously kill off their implementations due to price fluctuations, the cryptocurrency community wont pass go and wont make a huge impact. Instead we'll blame, shout at each other, and create another Wall Street 2.0. In fact, we'll become worse than them. We will have more leverage over resources than any other group in history and the corruption will be strong.
Money affects decisions, period.
Solving the Cultural problemI'm nervous. As I type this response, I know that by revealing my idea to the public I could be condemned by the community for "shilling", and even worse, somebody else can pick it up and run with it. That is the most nerve wreaking thing I could ever consider. Months of 80 hour weeks and extreme sacrifices to bring out a vision because I didn't see much of a choice. If we don't remove what limits us soon as a community we will get engulfed by outsiders that don't want to create virtuous society.
My solution: Algorithmic Trading
Now, before you tell me that the market is entirely unpredictable, I'd like to be one to say that the notion is false. We see everywhere that people using AI and more complex forms of math to be able to make reasonable gains in the financial world. Companies like Bridgewater predicted the financial crash of 2008 with reasonable accuracy, and other people like [mathematicians are able to do the same]. Realistically, the market has some degree of predictability. However, much of the access to that is limited.
Even beyond that, the financial industry is one of the only social fields that is highly transparent to many actors, through the news and price information, and reflects ideas and beliefs through the markets. If we can better analyze markets, we could discover all sorts of social phenomenon that previously made no sense. With algorithmic trading we're heavily incentivized to learn, as that will produce a direct outcome of earning money.
We could better solve the social ills of the world quickly and efficiently over time. On top of that, we will be able to stabilize the market and protect against bad agents if algorithmic trading becomes coordinated and effective enough throughout the industry.
Again, How Does it Fit With Cryptocurrency?
Bitconnect could answer how automated trading fits.
Before I continue, let me be clear. People lost their money through that scam. It was awful. I know some people that had a lot of money taken from them. Many of them are now fearful of cryptocurrency.
However, I don't think Bitconnect was 100% wrong with their idea. Yes they were a ponzi scheme, yet realistically many of the people I met that fell for it felt as though the crypto markets were already complex. They were losing money while HODLing, making rash decisions and trading.
Bitcoin and the entire industry carries too much of a cognitive burden for a person to keep track of beyond their normal everyday life. News, prices, scams, hacks and technical information. That's a lot to keep track of if you have 3-4 part-time jobs as a single mom or dad while raising 2 kids. That's a lot to keep track of if you're old and don't have the technical capacity to read into the crypto markets all day everyday.
Therefore, even while people were making less money from investing into Bitconnect, on paper it required less thinking and they were still getting benefits that they cared about. They could share with friends because they thought that there money would not shrink in value heavily due to a random market crash. As a consumer, it isn't wrong to believe that you can be apart of something big without having to work an extra 5 hours everyday reading blogs and watching youtube videos just to keep up with the happenings of the industry.
It doesn't require us to be judging people for falling into a ponzi scheme. It requires a bit of caring and empathy to see people's main intentions. They want a better life compared to the one that has been crushing them with student debt and poor job prospects. People want to have a better life without being as stressed beyond belief like they currently are.
And for the everyday trader, giving them the incentive they seek, while giving them the capacity to do some research for themselves is important. Choice matters a lot for some people.
Steps I've taken towards this:Here comes the shill part you've been waiting for. Over the last year I've been building an application that would help us solve the problems we face today as a community. It I'll reduce the stress response of people worrying more about money, with technology like it getting standardized throughout the entire industry, it'll make things a lot more stable. It's an automated AI-based trading platform that aims to make reduce the cognitive load and worry about holding your funds in crypto. The aim of it is to dynamically trade for people while also letting them have 100% control over their funds. For now, that's by using exchange API keys. Though in the future, that can be through decentralized exchanges, meaning no middle man.
My product's name: It's [Funguana.com]. [Internally meaning the interconnection of all Dhrama in the Huayan Buddhist religion].
I've already received controversial reviews, and feel crazy for putting it back out there. However, I'm now confident I can follow through, and maybe by explaining my reasoning behind why I built it the community will respond differently this time.
To make it more trust-able, 4 months after public release, if my resources allow me to, I plan to open source the infrastructure code so people can implement their own platform within a matter of weeks, then systemically open many of the algorithms so they can appropriate powerful algorithms together over time (many not based on AI). I have to be strategic though. If I open it too soon, too many bad actors can enter the space and cause havoc early, without much chance to keep them in check.
Edit: I made changes to the page to make the links more obvious. Now they're in bold and italic
Edit 2: Adding quotes to make links more obvious again.
And what I point out is in that world that a cashless society is an intermediated society because if you remove cash as an option that means every single transaction that you do is going to be intermediated by some bank, corporation, or payment provider and what that means is that every transaction is going to be surveilled, it’s going to be seen by a third party and the transaction can be blocked or you know, either selectively or you can be blocked completely from the ability to transact.When you have that that is a real challenge to a liberal, open society and so then I basically give some examples of how for example in China this is being used. China is really a remarkable case study because in the span of just a few years cash has been almost eliminated, people have just moved completely to using Alipay, WeChat Pay and those two account for I think like 90% of all mobile payments in China. And so what you have there is a world where all transactions are visible by those two companies, which basically means it’s visible to the state and they will block you if you’re trying to do things that in the words of what an executive from Alipay, are not healthy. The other thing that they’ll do is feed into the Chinese social credit scoring system. And this means that you know what you buy and what you do is going to feed into your social credit score which affects things like what schools you can send your kids to, what flights you can take etc. So really this is kind of having an intermediated society really opens up a door for a more authoritarian control of one’s life. That’s state control. You also have corporate potential misuse and the example I gave is Target. There was a case study that I highlight where I this happened five years ago. There was a father of a teenage girl who walked into a Target and basically chewed out the manager said. He had a mailer in his hand that was for baby products right and said “what are you trying to do?” This was sent to my house address to my daughter and she is 16 years old. What are you trying to do, do you think she should be pregnant? The manager looked at it, didn’t know what it was, he apologized and the father went away. A couple days later the manager called the father and said “hey I’m just calling to apologize again”, and the father said “no, actually I owe you an apology, turns out there’s been some activity my house I didn’t know about and my daughter’s due in a couple months.” How did Target know that that girl was pregnant? They know because every time you buy something at Target, Target is tracking you and making a dossier on you. And so what they would do is when you use you don’t even have to opt into this by the way, whenever you shop at Target you are assigned a customer number unbeknownst to you and this is tied to for example, whatever credit card you use that is associated with you and they keep a list of everything that you buy.
So what Target did is that they had a program for expecting mothers where they give them discounts and stuff. And so they knew that this cohort of people who had opted in were pregnant. They then basically just correlated the purchasing activity of those people who they knew were pregnant with their wider universe of customers and just using data mining they could figure out quite specifically who was pregnant and even when they were probably due, based on just the shopping habits. And so this girl was deprived of her privacy and she was deprived of her autonomy, right? She was deprived of her ability to tell her father about her pregnancy on her own terms and she didn’t opt into anything. So what is the only option that you have if you don’t want to participate in that, it’s cash, right? She could have paid in cash. So as we move to an increasingly cashless world we need to preserve a form of cash. And that’s as we all know, cryptocurrency. Right? To me cash isn’t just mean money; cash is a very specific kind of money. It’s money that is person-to-person, its bearer, it is censorship resistant, permissionless, and it is private. And so that’s important.Listen to the audio on headliner
And so you have this vibrant ecosystem and when you have Facebook coming in with a project like this, I think there is a possibility that one cryptocurrency all of a sudden gets a lot of attention for policymakers, and number two Facebook becomes the base of cryptocurrency, even though the project that they’re building is, I would say not a cryptocurrency and completely unlike any of these other things, and so we’ve begun to see folks who reach out to us a little confused about the distinction between something like Libra and Bitcoin or Ethereum. And so part of what we’ve been trying to do is explain these things are completely different, there’s some similarities but they’re very different, and what’s important is that those technical differences drive different policy outcomes.Listen to the audio on headliner
Bitcoin and cryptocurrency markets are highly volatile and, according to new research, incredibly unpredictable, appearing to move independently of most traditional or expected indicators.submitted by bitnewsnow to u/bitnewsnow [link] [comments]
The bitcoin price, which has doubled so far this year after recording heavy losses throughout 2018, is hovering around $8,000 per bitcoin. Most other major cryptocurrencies, including ethereum, bitcoin cash, litecoin, and Ripple's XRP, have also made significant gains in recent months.
Now, it's been revealed that bitcoin and cryptocurrency markets do not respond to any of the things that usually move traditional currencies, stocks and shares, or commodities, data provider Indexica has found.
Bitcoin has swung wildly in price over recent months, exploding higher in April after months of declines.
"We tested bitcoin and other major cryptocurrencies including ethereum and bitcoin cash in the same way we've tested popular stocks and traditional currencies," said Zak Selbert, chief executive of Indexica.
"From our extensive research, and we've done more testing around bitcoin and cryptocurrencies than we have for pretty much any other asset we've analyzed, it simply appears the bitcoin price and crypto markets just don't respond as we would expect them to."
Stocks, traditional currencies, and commodities generally move on company announcements, government policy, and technological developments, while bitcoin and cryptocurrency prices do not, according to Indexica.
It's been suggested that the bitcoin and cryptocurrency market's relatively young age could be behind the difficulties in pinpointing what's caused market moves.
"As we're dealing with an emerging asset class, crypto evaluation metrics are still largely being developed," said Mati Greenspan, senior market analyst at brokerage eToro. "Stocks, bonds, currencies, and commodities all have decades if not centuries of price discovery, so analysts more or less know what to expect.
"The crypto market has only begun to mature in the last two years, so we don't have any of that. What does work well for crypto analysts are simple technical analysis tools like support and resistance points, especially psychological barriers, as well as sentiment, trend, and above all momentum indicators."
"Bitcoin and crypto prices are all about excitement or lack of," said Glen Goodman, a veteran trader and author of investment advice book, The Crypto Trader. "Nobody really knows for sure whether or not bitcoin will become a major store of value like gold or even a new global reserve currency like the dollar. So any news short of an outright global ban of bitcoin tends to have little lasting impact on bitcoin's price.
"For example, China banned initial coin offerings and bitcoin exchanges in September 2017, which was a huge blow as China was the epicenter of crypto development. Yet within a few weeks, bitcoin's price reached another all-time high!"
Volatility has, meanwhile, returned to the bitcoin market recently, with the bitcoin price recording daily moves that appear to mimic moves last seen at the end of 2018. The daily price change for the month of May averages 4.7%, compared with 3.5% in April and 1.1% in March, according to data compiled by Bloomberg.
Earlier this month, however, Indexica found bitcoin has matured as an asset and there had been a "coming of age" for bitcoin over the past few years, based on the study of the language used in thousands of text documents.
Indexica found bitcoin now is being spoken about in the same way as a company stock, with those in the industry increasingly looking ahead to future developments and less back to the heyday of 2017.
This latest research was designed to examine what has caused the wild swings in the bitcoin price by analyzing data from things like news articles and white papers.
The bitcoin price fell sharply before recovering ground over the last year, though attempts to analyse what exactly moves the price have failed.
"Sadly, it appears that if you want to know what's moving the bitcoin and cryptocurrency markets, we're not the right people to ask," Selbert said. "Though I don't think anyone could make a better attempt than we have."
"The fact that we couldn't find what drove bitcoin, frankly, means that there isn't a predictive signal to be found," Selbert added. "If there was, we would have found it. What is driving bitcoin isn't easily identifiable with any level of statistical confidence."
The bitcoin price rose from under $1,000 per bitcoin to almost $20,000 throughout 2017 before losing more than 80% of its value last year. A partial recovery so far this year has restored some investors' and traders' faith in bitcoin and cryptocurrencies.
The epic 2017 bitcoin bull run is thought to have been triggered by expectations institutional investment in the bitcoin and cryptocurrency market was imminent but when that failed to materialize in the way many thought it would, the market pulled back sharply.
Some think the latest bitcoin price rally over the last few months is down to interest in the cryptocurrency industry from Silicon Valley tech giants, including social network group Facebook.
Forbes Special Offer: Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential.
Bitcoin Pizza Day, celebrated mainly by the cryptocurrency community, takes place on the anniversary of the date that cryptocurrency was used to pay for goods for the first time. On May 18, 2010, Laszlo Hanyecz of Florida posted in the bitcointalk.org forum, offering 10,000 bitcoins in exchange for some pizza, saying in part, "I'll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day." His call was answered, and on May 22, 2010, he posted, "I just want to report that I successfully traded 10,000 bitcoins for pizza." A teenager named Jeremy Sturdivant, who went by "jercos" on the forum, sent Hanyecz two Papa John's pizzas, and received 10,000 bitcoins in return. Sturdivant paid about $25 for the pizza, and the 10,000 bitcoins he received became valued at $41.
The events of the first Bitcoin Pizza Day were monumental because they paved the way for the use of cryptocurrency in the future. Nine months after the transaction, the worth of the bitcoins totaled $10,000, meaning each bitcoin had the value of a dollar. On the five year anniversary, the value of the 10,000 bitcoins had risen to about $2.4 million. At one point in 2017, the value rose to over $100 million. As of September 2018, a bitcoin is valued at about $6,000, meaning the value of the 10,000 bitcoins used to pay for the pizza would be about $60 million.
The history of bitcoin dates to the early 2000s, when attempts were made to create a cryptocurrency, although none were fully developed. In 2008, a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" was posted online. The following year, bitcoin became the first cryptocurrency. Its software was made available to the public, and it began being mined. Mining is "the process through which new bitcoins are created and transactions are recorded and verified on the blockchain." With Hanyecz's transaction for goods on the first Bitcoin Pizza Day, bitcoin gained a specific monetary value—up to that point it had only been mined. Rival cryptocurrencies, often known as altcoin, soon emerged. They usually have been created to try to improve an aspect of bitcoin. Early altcoins were Litecoin and Namecoin, and there are now over 1,000.
In 2013, bitcoin's value reached $1,000, but then crashed to about $300. It took a few years to recover. Over time, as it could be spent at more places, bitcoin's popularity continued to grow, as did its value. Time will only tell if the value of bitcoin will continue to rise, but on Bitcoin Pizza Day we can all remember the day the first cryptocurrency transaction for goods took place, and how the value of a transaction for two pizzas once rose to over $100 million.
Canadian Immigrants Day celebrates those who have immigrated to the United States from Canada. Canada is one of the most sparsely populated countries in the world, and most of its inhabitants live within a few hundred miles of its border with the United States. The border is 5,525 miles in length (this includes the border with Alaska) and is the longest border in the world that is not patrolled by military forces. Besides sharing a border, Canada and the United States share many cultural similarities.
Most Canadians immigrate to the United States by getting a green card, which they usually have obtained because they have immediate relatives in the country, or because they are sponsored by an employer there. Canadians migrate to the United States more than they do to any other country. In 1960, about ten percent of the US foreign-born population was Canadian. Although this was down to two percent in 2012, about 800,000 Canadian immigrants lived in the United States at that time.
The first wave of Canadian immigrants arrived in the 1860s; they were largely unskilled and came for factory jobs. A second wave arrived between 1900 and 1930, and were pushed by the discrimination they had faced in employment, education, and because of their religion. Immigration to the United States began to decline after this, as the Canadian economy began to grow after World War II. During the last half of the twentieth century, especially after the passage of the North American Free Trade Agreement in 1994, there was a diversification of Canadian immigrants which included students, those looking to reunite with their families, educated professionals, and retirees with wishes to move to a warmer climate.
Harvey Milk Day honors gay rights activist Harvey Milk and also focuses on stopping discrimination against gays and lesbians. Harvey Milk was born in Long Island, New York, on May 22, 1930. He served in the U.S. Navy during the Korean War, and worked at a Wall Street investment firm for a time afterward, living a closeted gay life at the time. In the early 1960s, his political views were conservative, and he campaigned for Barry Goldwater in 1964. Once he got involved in the New York bohemian theater scene, he began befriending a more avante-garde crowd, and his politics began to shift more progressive. He moved to the San Francisco Bay area in 1969, became involved in the gay social scene, and protested against the Vietnam War. After being fired for participating in an antiwar rally, he returned to New York City in 1970.
After some time working in New York theater, he returned to San Francisco in 1972 and opened a camera shop on Castro Street—the epicenter of the gay community. The following year he ran for a seat on the San Francisco Board of Supervisors for the first time, in part because he thought a tax on small businesses was unfair. He did not win a seat but did manage to finish 10th out of 32 contestants. Afterward, he co-founded the Castro Village Association, which supported gay business owners on Castro Street. He started the Castro Street Fair in 1974, and became known as "Mayor of Castro Street."
He once again lost an election for Board of Supervisors in 1975, and ran for the California State Assembly and was not successful in that bid either. In 1977, he worked to broaden his appeal beyond the gay community, by focusing on taxes, housing, and day-care centers for working mothers. In November 1977, Harvey Milk became the first openly gay person elected to California office, and the first openly gay person elected in a major U.S. city. The rise of Harvey Milk reflected the rise of the gay rights movement across the country, and he was at the forefront of it.
During his tenure in office, Milk pushed for visibility of gay people as well as for social equality. He worked to pass a gay rights ordinance—to ban discrimination in housing, employment, and public accommodations. He spent the summer of 1978 working to defeat Proposition 6—also known as The Briggs Initiative—which would have banned gays and lesbians, or anyone supporting gay rights, from teaching or working in public schools in California. It was defeated at the ballot box that November.
On November 27, 1978, Harvey Milk was assassinated by Dan White, a former Board of Supervisors member, who had resigned a few months earlier and wanted to be reinstated. White first killed San Francisco Mayor George Moscone, and then walked across the building and shot Harvey Milk five times. Dianne Feinstein, who was President of the Board of Supervisors at the time, announced to the press what had taken place. Dan White was convicted of voluntary manslaughter instead of murder, in part because his team used the "Twinkie defense". He was released early and committed suicide in 1985.
Harvey Milk's profile continued to rise after his assassination. In 1982, a biography titled The Mayor of Castro Street was released, bringing Milk's attention to a wider audience. This was followed by an Academy Award-winning documentary, The Times of Harvey Milk, in 1984. Many buildings in California were named after Milk. In 2008, another Academy Award-winning film, Milk, was released. Harvey Milk was posthumously given the Presidential Medal of Freedom by President Obama in 2009. That same year, Harvey Milk Day was established by the California legislature and signed into law by Governor Arnold Schwarzenegger on October 11. California schools commemorate Milk with activities, events, and projects, and equal rights are focused on. The Harvey Milk Foundation organizes events worldwide.
Sherlock Holmes Day celebrates Sherlock Holmes and the author who created him, Arthur Conan Doyle, who was born on today's date in 1859 in Edinburgh, Scotland. At a young age, Doyle became enthralled by stories his mother told him, which was the spark that eventually would lead him to become a writer. He was sent to a Jesuit preparatory school in England at the age of 9. After a few years, he went on to study at Stonyhurst College, and after graduating in 1876, he went on to pursue a medical degree at the University of Edinburgh. There he met Professor Dr. Joseph Bell, who became his mentor, and later became the inspiration and model for Sherlock Holmes.
While in medical school, Doyle wrote the short stories "The Mystery of Sasassa Valley" and "The American's Tale," the latter of which appeared in London Society magazine. He also worked as a ship surgeon on a whaling ship in the Arctic Circle while in school, which inspired him to write Captain of the Pole Star. After becoming a doctor he moved around for a bit, focusing on his practice, but also continued to write. He also left his Catholic faith and became a Spiritualist. Eventually, he gave up being a doctor and focused solely on his writing and his faith.
Sherlock Holmes and his assistant, Watson, were introduced in the novel A Study in Scarlet, which first appeared in Beeton's Christmas Annual in 1887. It was with this novel that Doyle's writing career finally began taking off. Sherlock Holmes, a "consulting detective" who pursued criminals in London, around England, and throughout Europe, has endured as perhaps the most noteworthy detective character of all time. In all, Doyle wrote 60 stories that featured Sherlock Holmes. Some of Doyle's most noteworthy books that include Sherlock Holmes are The Sign of Four, The Adventures of Sherlock Holmes, The Memoirs of Sherlock Holmes, and The Hound of the Baskervilles.
In 1893, Doyle tried to kill off Holmes in the short story "The Final Problem," because he wanted to focus more on his writing on Spiritualism. His readers weren't happy—20,000 readers even canceled their subscriptions to Strand Magazine, a magazine which Sherlock Holmes stories often appeared in. Eventually, Doyle was convinced to bring Holmes back. He reintroduced him in 1901 in the novel The Hound of Baskervilles, and then brought him back to life in the story "The Adventure of the Empty House" in 1903. One of the reasons he decided to bring him back was so he could use the profits from the stories to help fund his missionary work. The final twelve Sherlock Holmes stories appeared in the 1928 compilation titled The Casebook of Sherlock Holmes.
Besides his works featuring Sherlock Holmes, Doyle wrote other books such as Beyond the City, The Stark Munro Letters, and A Duet with an Occasional Chorus, as well as a series of works on Spiritualism. He was diagnosed with Angina Pectoris towards the end of his life. On July 7, 1930, Arthur Conan Doyle died in his garden with one hand to his chest and one hand holding a flower. The stories of Sherlock Holmes have continued to have been read, and Sherlock has also lived on in theater and film adaptations of his stories. Today we celebrate both Sherlock Holmes and the author who created him!
As the soaring value of Bitcoin sets off a flurry of excitement, a whole new industry—cryptocurrency mining—is erupting in unexpected parts of the globe, causing rifts in the communities that host it. CBS correspondent Errol Barnett heads to the epicenter of cryptocurrency mining, to explore how this phenomenon is unfolding, and the controversy over its future.https://www.youtube.com/watch?v=S00MWI3YeP4
"According to the Federal Reserve, Americans still use cash more frequently than any other payment method, but could the rise of cryptocurrencies change that? Duke University finance professor Campbell Brown argues that the United States should ditch paper currency for fully trackable national version of Bitcoin. "https://www.youtube.com/watch?v=41sWJOJ35d4
Bitcoin -- and cryptocurrencies in general -- have received a lot of attention over the past year. Garry Tan, managing partner of Initialized Capital, explains how blockchain, the underlying technology behind Bitcoin, has the potential to reshape the world.https://www.youtube.com/watch?v=_eC25Un1c9o
-Lets talk bitcoin -Crypto Voices -Epicenter -CryptoVerse -The Ether Review -BlockChannelPortfolio Watching/Management
-Blockfolio -Altpocket -EveningStarGood news
-EveningStar news aggregator -Bitcoin Magazine -Crypto Primer -CoinTelegraph (can be sensational)Good youtube
-crypt0 -DataDash -Ameer Rosic -CryptoPortfolio -Aantonop -Crypto Coins (Still working on this one, here's a post with more options: https://www.reddit.com/CryptoCurrency/comments/7ax5dc/guys_ive_made_a_list_of_crypto_youtubers/)Good Blogs: (mostly a curated list from Jameson Lopp's BTC resources page, more BTC heavy)
-https://thecontrol.co/ -https://medium.com/@cburniske -https://medium.com/@jimmysong -https://jpkoning.blogspot.mx/ -https://medium.com/@nopara73 -http://blog.oleganza.com/ -http://www.ofnumbers.com/ -http://www.truthcoin.info/archive/ -https://medium.com/@tuurdemeester -http://unenumerated.blogspot.mx/ (Not much new content, but Nick Szabo) -https://vinnylingham.com/Thanks for your help.
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Epicenter Bitcoin is a show about the technologies, projects & startups driving decentralization and the global cryptocurrency revolution. Every week, hosts Brian Fabian Crain and Sébastien Couture talk to some of the most influential people in the cryptocurrency space about their projects and get their perspectives on recent events. Charlie Shrem learned of Bitcoin in an IRC chat in 2011 and quickly became one of the industry’s first builders and evangelists Charlie Shrem is a legend in the cryptocurrency space. In an ... So there’s tree branches, so one branch is things that are trying to be money or stores of value. Bitcoin, Bitcoin Cash. Second is, second path could be smart contract, native tokens like Ether, Neo. One of these could become store of value. And the third branch is perhaps people do succeed in building a block one resistance like the stablecoin. Over the past 10 years, bitcoin’s growth in acceptance and value has kept rising and the currency has shown its resilience over many peaks and troughs throughout its short lifetime. Epicenter – Stocks with Uncommon Value During Uncommon Times COVID-19 UPDATE: Surprisingly, no "payback" in daily cases which come in at 30,059, -8,146 vs 7D ago. NYC opens for "indoor dining" --> big deal
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Epicenter Bitcoin is hosted by Brian Fabian Crain & Sébastien Couture. ... Ethereum Q&A: Private chains misunderstand the fundamental value of blockchains - Duration: 3:45. aantonop 9,196 views. This is your beginners guide on how to invest in bitcoin and how to invest in cryptocurrency in 2020. In this video, we will cover how to get started with cr... Is mining Bitcoin BTC still profitable in 2020? Let's review mining profitability, Bitcoin, Bitcoin Cash, and Bitcoin SV. Block reward halving, network diffi... Chamath Palihapitiya interview: Bitcoin Halving, Tesla Stock, BTC 2020, Crisis Chamath Palihapitiya 167,277 watching Live now #BreakingBitcoin Market Analysis!🔴 Crypto & FOREX Live!🔴Tuesday ... Bitcoin core developer Mike Hearn is concerned about the lack of incentives for developers and therefore development progress on the Bitcoin protocol, telling Epicenter Bitcoin recently that "the ...