DueDEX: What’s Happening in Crypto World Today? — Nov. 17th, 2019
- Mainstream Currency Price as of 1:00 PM UTC from Coinbase Pro:
· BTC — 8561.93 USD
· ETH — 185.35 USD
· EOS — 3.435 USD
· XRP — 0.2651 USD - The Fear & Greed Index: 38 — Fear
- Crypto Updates:
· Bitcoin Revolution Meets Protestant Reformation, Crypto Drives Change?
A bit of historical research was making the rounds on social media recently, a monograph that compares the 21st century emergence of Bitcoin, encryption, the internet and millennials with the Protestant Reformation that shook Europe in the 16th and 17th centuries.
The two events have similar dynamics, argues Tuur Demeester, whose white paper, “The Bitcoin Reformation,” is packed with bold predictions about the crypto and blockchain future, such as, “Bitcoin savers could accelerate a revolution in the history of thought.”
· ‘Extremely Dangerous’ — Bobby Lee Regrets Backing Bitcoin SegWit2x
Bitcoin’s (BTC) failed hard fork attempt from 2017, SegWit2x, was “extremely dangerous and irresponsible,” says a CEO who was formerly one of its biggest supporters.
In a series of tweets on Nov. 16, Bobby Lee admitted he was wrong to tout the long-dead Bitcoin scaling solution.
Lee: “Bitcoin is the real Bitcoin”
Co-founder of cryptocurrency exchange BTCC and CEO of wallet manufacturer Ballet, Lee was one of the original signatories of SegWit2x, which aimed to increase Bitcoin’s network capacity by doubling its block size to 2 megabytes.
“2 years ago, I thought SegWit2x was the best path forward for Bitcoin,” Lee wrote. He continued:
“I‘ve since come to realize that it was extremely dangerous & irresponsible to push for a contentious hard fork w/o replay protection, esp. when there wasn’t consensus. Mea culpa! Bitcoin is the real Bitcoin.”
SegWit2x was widely viewed as an attempt by its corporate sponsors to commandeer Bitcoin’s development, contrary to the ethos of decentralization.
At the time, Lee’s willingness to embrace it saw pushback even from his own brother, Litecoin (LTC) creator Charlie Lee, who described his perspective as “extremely lame.”
· ‘Plan A Has Failed’ — Global Debt to Hit $255T or $12.1M per Bitcoin
The world’s combined debt will hit $255 trillion by the end of 2019 — equal to $32,500 for each person on the planet or $12.1 million per Bitcoin (BTC).
Bitcoin figures reacted with shock to the latest figures from the Institute of International Finance, which this month updated its Global Debt Monitor.
$12.1 Million per single Bitcoin
By the end of the year, the world’s debt will have expanded by an extra $12 trillion compared to the end of 2018.
The timely data comes as United States national debt alone hits $23 trillion, with the Federal Reserve undaunted by the idea of debt continuing to expand.
As Cointelegraph reported, while Fed chair Jerome Powell has described the current debt trajectory as “unsustainable,” he considers there to be no critical problems with not paying it off.
For Bitcoin proponents, however, the verdict on the fiat economy creating over $12 million of debt for each Bitcoin that will ever exist was obvious.
“Plan A has already failed,” online analyst Rhythm summarized on Nov. 15.
· Bitcoin ATMs Worldwide Hit New Milestone, Surpassing 6,000
The number of Bitcoin (BTC) ATMs installed worldwide has now surpassed a new milestone surpassing 6,000.
Online resource CoinATMRadar shows that there are currently 6,004 machines installed worldwide, over 65% of which are in the United States. - Trader’s View:
· CryptoComes from Trading View: BTC/USD: Are Bulls Ready to Return to $9,000?
Bitcoin has broken through the resistance at $8,500 and is trading higher. In addition, a figure resembling a double bottom has formed, which is also in favor of growth. The short-term aim is to firmly gain a foothold above $8,500 and gradually push the price up to finally break through the resistance of the downward wedge . Currently, there are all prerequisites for it to happen as a high trading volume between $8,650 and $8,750.
· xosignals from Trading View: #BTCUSD#Bitcoin,A week with a clear trend? Or continue shuffling
A very positive sign in the daily graph (after a long period of dryness) The previous daily candle closes in a star shape (usually emerges at the end of a current trend) at these moments the current candle is green and this is confirmation of the above theory but the day is not over yet.
The Stochastic scratches the bottom with intersecting lines, a bullish sign.
The 7900 support line has not yet been breached and our proximity to the support line is a good time to buy.
Target: $ 9200
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