Dear Steemians!
Here is the daily press review for bitcoin and other crypto currencies.
Can Bitcoin Be Considered A Real Asset Class Or Currency?
So don't be too quick to discount bitcoin as a form of currency with real value. Humanitarians can donate Bitcoin to those in need, who can then use Bitcoin to purchase goods through online retailers. While the value of Bitcoin can (and does) change quite dramatically, the shifts aren't as violent as the devaluation of Bolivar. With over 700 digital currencies in existence, by transitive properties from bitcoin, does it also mean that they all have real value? Additional disclosure: I may increase my position in bitcoin and initiate a position in Waves due to current market weakness. (seekingalpha.com)
What Is Affecting Bitcoin's Price?
According to coindesk data, Bitcoin’s price (BTC) peaked at $3017.78 on June 12. Other factors affecting the price of bitcoin are profit-booking, cyberattacks on two Bitcoin exchanges, and the heated debate on Bitcoin’s block size scaling issue. The crucial debate on Bitcoin’s scaling issue is heating up. When the dust settles, three possible scenarios can emerge: Number one, UASF gets activated in which case I expect a major Bitcoin price rally. This phenomenal rise in the price of Bitcoin, Ethereum and the other virtual currencies added about $15 billion to the overall market capitalization that had already hit $100 billion. (investopedia.com)
First Look: Bitcoin Scaling Proposal Segwit2x Gets Alpha Release
The working group behind the Segwit2x bitcoin scaling proposal has announced that the first version of its code is now ready for review and testing. "We are planning to conduct rounds of testing against the new testnet5 including everyone from the working group who would like to participate," BitPay senior developer Justin Langston said in another email to the working group. One working group participant argued there is potential for 'replay attacks' in the event of a hard fork. Some Bitcoin Core developers have also criticized Segwit2x's development timeline as being too short, because it often takes a significant amount of time to catch all errors associated with bitcoin code changes. "Segwit2x development has been moving quickly according to plan, and the project is in good shape," Belshe said, in the message to the working group. (coindesk.com)
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Bitcoin storms back
Coindeskexplained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size — an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets." Bitcoin gained about 180% from the beginning of April through the middle of June. Bitcoin has come all the way back from Thursday's steep slide. That run prompted tech billionaire Mark Cuban to call bitcoin a "bubble." Additionally, Goldman Sachs head of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy." (businessinsider.com)
Exchange-Traded Bitcoin Vehicle Announces Cold Storage Deal
Bitcoin held offline in 'cold storage' on behalf of investors in XBT's exchange-traded bitcoin note (ETN), which is available on the Nasdaq Stockholm exchange, will now be secured by the Switzerland-based company. XBT Provider, a Swedish bitcoin investment company based in Stockholm, has announced a new partnership with cryptocurrency storage startup Xapo. "The team of professionals at XBT Provider has deep expertise in digital currency and extensive experience in financial services. Products like XBT's provide a way for investors to gain exposure to bitcoin markets without having to purchase or hold the digital currency itself. Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Xapo. (coindesk.com)
The Remaining 'Ifs and Buts' About Bitcoin
Gox in 2014 – then the largest Bitcoin exchange – and in August 2016 when hackers stole $65 million from Hong Kong-based Bitfinex. And this week Bitinfex, along with another major Bitcoin exchange, reported cyberattacks, though the attacks did not this time affect clients’ funds. Though Bitcoin’s value has more than doubled since the beginning of the year, its altcoin rivals have recently wrested a sizeable chunk of the market for themsleves. So, ignoring this week’s plunge, Bitcoin is presently a commodity to buy, rather than a currency for general adoption. On one side are the Bitcoin Core developers, who are seeking to keep the block size smaller for as long as possible, to support small-time miners and keep Bitcoin decentralized. (cryptoinsider.com)
Why Bitcoin Went Down Hard
There has been a FED hike, competing crypto currency Ethereum nearly overtook Bitcoin as the leader in market cap and there have been DDoS attacks on major Bitcoin exchanges. As volatility begets volatility Bitcoin and alt currencies could drop further and it wouldn't surprise me. Bitfinex, the largest U.S. dollar-based bitcoin exchange, reported it suffered a second DDoS attack on Wednesday after suffering one on Tuesday. I can understand platforms may not want to talk about DDoS attacks or admit it fazes them. In the medium term I expect the exchanges manage to shrug off the DDos attacks, trading to become less volatile. (seekingalpha.com)
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Bitcoin Price Watch; Finally Some Reprieve...
After a pretty rough overnight session in the bitcoin price, it looks as though we are finally getting some reprieve on the correction that has dominated this week’s action. Going forward, we can be a little bit more neutral, as long as price continues to act as it did overnight last night. Stop losses on both positions will ensure we are taken out of the trades in the event of a bias reversal. Those who have been with us all week will know we have been looking primarily to the downside for our breakout entries. Standard breakout rules apply, so a close above resistance will put us in long towards 2520. (newsbtc.com)
South Korean Government to Auction Off $518,000 Worth of Bitcoin
Since the beginning of 2017, the South Korean bitcoin exchange market has transformed into a major bitcoin exchange market after overtaking the Chinese, European and Japanese bitcoin exchange markets in terms of daily trading volume and market share over the global bitcoin exchange market. In consideration of the explosive demand toward bitcoin and other digital currencies and assets such as Ethereum, Ripple and Ethereum Classic within South Korea, it is unlikely that the bitcoins at the auction will be sold at a substantially lower rate than the South Korean bitcoin exchange market rate. Once auctioned, KAMCO stated that 3 percent of the auctioned amount will be considered as a fee and the rest of the amount will be returned back to the South Korean treasury. On June 14, Local publications including the Seoul Economic Daily revealed the plans of the South Korean government to auction of 216 bitcoins worth around $518,000 at the time of reporting, seized during a series of previous investigations into illicit financial activities. The Korea Asset Management Corporation (KAMCO), an asset management arm of the South Korean government which oversees state-owned properties and taxes, announced in a press conference that digital currencies such as bitcoin can be auctioned off by the government because they are not considered as non-auctionable assets by the South Korean law. (cryptocoinsnews.com)
Raoul Pal warns Bitcoin is a speculative bubble, "scarcity" may be a myth and it isn't a "store of value"
Since March, the price of Bitcoin in terms of the U.S. dollar has risen by a whopping 210 percent. (Natural News) A bitcoin investor who purchased the popular cryptocurrency several years back when it was only about $200 – it’s now valued at almost $3,000 U.S. – recently sold everything he had and moved his money elsewhere. This rapid increase has drawn many a first-time investor to view Bitcoin as a tool for getting rich quickly. Bitcoin developers have been trying for quite a while to implement a similar system of seamless integration, but so far they’ve been unsuccessful. This built-in scarcity feature is what drew so many people to Bitcoin in the first place, but with talk of it going away many are wondering if Bitcoin is still even a viable store of value. (naturalnews.com)
Should I Short Bitcoin?
There are several exchange-traded products that loosely track its value: BTCS Inc. (OTCPK:BTCS), The Bitcoin Investment Trust (OTCQX:GBTC), and others. Regardless of the difficulties involved in shorting Bitcoin, it can be done. First off, shorting Bitcoin (Pending:COIN) isn't the easiest thing to do. Even though Bitcoin has issues in scalability, shorting the asset may end up being riskier than buying it. Investing in Ethereum may prove to be a better alternative than shorting Bitcoin as the smaller cryptocurrency looks likely to continue taking Bitcoin's market share. (seekingalpha.com)
A little-known Chinese firm threatens to derail bitcoin rally
A little-known Chinese company is threatening to put a fork in the high-flying bitcoin rally — a “hard fork,” to be precise. The change, which they call a “soft fork” in the currency, will make bitcoin transactions speedier and cheaper, they say. An outage at a key US bitcoin exchange played a role this week, as did warnings from analysts at Goldman Sachs and Morgan Stanley that bitcoin looks overvalued. Bitmain is about 20 percent more efficient than average when it comes to mining bitcoin, and the upgrades in the Aug. 1 proposal could threaten that advantage, according to van der Chijs.“They would lose their efficiency,” van der Chijs said. Aug. 1 is when a big contingent of bitcoin users has pledged to impose new standards for bitcoin “mining,” a costly, computer-intensive process for clearing transactions and creating new ones in the process. (nypost.com)
More details on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-friday-june-16-2017/