Is Bitcoin Cash BCH Mining A Ponzi Scheme
The CrushTheStreet Staff Is Consistently Researching The Most Important Investment Research. Our Goal Is To Magnify Your Financial Education At These Critical Times. Gain Immediate Access To Our Wide-Range of Top-Conviction Reports Bitcoin Cash (BCH) Price Rockets As Bitcoin Surpasses PayPal! Down But Not Out? With many breathing a sigh of relief in the aftermath of the, many have assumed Bitcoin Cash (BCH) would be dumped and forgotten about like so many other altcoins In the last 24 hours, Bitcoin Cash has surged above $600, and at the time of writing, it is around $650, with a market cap of over $10 billion! This is giving BCH miners a boost in profits after the price slumped to $200 due to many users dumping their “free” Bitcoin Cash. Mining Difficulty Adjusting Could Benefit BCH Miners!
There’s more good news for the Bitcoin Cash supporters, as an 8MB block was mined successfully. Despite it being a spam attack, unconfirmed transactions in the memory pool spiked within a few hours from the hundreds to above 80,000! As the chart below illustrates, the sudden high volume was promptly worked through on two occasions.
You can find more stats and information regarding the 8MB block and. Also happening over the weekend, the mining difficulty is set to drop by up to 50% once a specific block is reached, enabling greater rewards from mining and making Bitcoin Cash a more profitable chain to mine than Bitcoin (BTC).
Bitcoin’s Momentum Slowed Down After Flippening With PayPal! After reaching greater highs, Bitcoin (BTC) has dipped below $4,200 and sits around the $4,100 region. Regardless, Bitcoin’s market cap remains above $67 billion and a slight dip could be healthy after its recent price rally.
What should the ticker for Bitcoin Cash be? It seems its run like an affiliate ponzi scheme. The ticker for Bitcoin Cash will just be BTC soon enough. At Bitcoincom Bitcoin cash BCH, the result of a bitcoin fork. Alleged Ponzi Scheme Hits. To get bitcoins without mining bitcoin employment opportunities. Bitcoin Cash is a SCAM. It could be seen as the worlds biggest ponzi scheme. Roger Ver and his Bitcoin.com mining pool wants BCH to replace and become BTC. Million Bitcoin Cash is a new type of cryptocurrency that is totally unrelated to Bitcoin (BTC) or Bitcoin Cash (BCH). Find out how it works today in our review. BitcoMine.net is the latest Bitcoin mining site to prowl into existence. Directly related to this absurd Ponzi scheme! 1 Bitcoin, you can allegedly cash-out.
At one point this week, Bitcoin surpassed PayPal’s $70.2 billion cap, a huge achievement for the community and blockchain overall. Interesting Outlook Both BTC and BCH have had an eventful and productive month. With the slight differences each chain have, we could see some very interesting developments as we reach the end of summer. With and big blocks competing, the last months of 2017 could prove to be the most exciting yet.
// -- Discuss and ask questions in our. DBS Bank Calls Bitcoin a Scam “We see bitcoin as a bit of a ponzi scheme,” David Gledhill, chief information officer at DBS, on Wednesday. Bitcoin is already too expensive with multiple fees “hidden through the crypto-mechanisms,” he said while attending an event in Singapore. In his view, entering the bitcoin space doesn’t make much sense for DBS at this stage in the game. Despite calling bitcoin a scam, Gledhill did acknowledge that the digital payment system will eventually scale.
This will bring much needed efficiency and affordability to a space that he believes has run amuck. Ufasoft Viacoin VIA Miner Exe. // -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. -- // DBS, or the Development Bank of Singapore, has 482 billion SGD in total assets. It is one of the region’s biggest lenders, with over 200,000 institutional banking customers and over seven million consumer banking/wealth management customers.
The bank employs more than 22,000 people. Of course, the views expressed by Gledhill are nothing new. JP Morgan Chase CEO Jamie Dimon regularly rips on bitcoin, even calling its investors “stupid.” Then there’s Dennis Gartman, the commodities guru who has taken an extremely negative stance on cryptocurrency. In a recent interview with, Gartman said bitcoin is a market for criminals and millennials. (We’re not sure whether the latter is supposed to be an insult.) “How can you buy or sell a painting using bitcoin, when the change in volatility is 20-30-40 percent in the course of a week? It’s nonsense,” he said. Bitcoin Price Levels Naturally, bitcoin’s dramatic appreciation has caught many sensible market participants by surprise.
The coin has added more than 600% this year, and has reached multiple record highs in the process. Bitcoin faced an extreme selloff last week as prices shed more than $1,200. However, the market has quickly regained its footing, with BTC/USD valued back to trading in the $6,800-$6,900 range. At press time, bitcoin was up 5% at $6,850.28. Factoring in current price levels, bitcoin is capitalized at roughly $114.7 billion, with 24-hour trading volumes exceeding $3.3 billion. Blockchain alternative Bitcoin Cash (BCH) also gained ground on Wednesday, rising 3.5% to $1,322. The BCH hard fork surged to record highs last week after backers of Segwit2x abandoned their mission to upgrade the original blockchain.
BCH’s market cap is currently sitting at $22.2 billion. Its total value peaked above $30 billion last week.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrency. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions. Trade recommendations and analysis are written by our analysts which might have different opinions.
Read my 6 Golden Steps to Financial Freedom. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate.
Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 0 votes, average: 0.00 out of 5) You need to be a registered member to rate this. // -- Discuss and ask questions in our. Trump’s Agenda In his first State of the Union, President Trump applauded the improving economy and took ownership of the surging stock market. The speech touched on infrastructure spending, national security and immigration, highlighting the Trump administration’s focus over the next 12 months. After a rocky start, the Republican-controlled Congress scored its first major legislative victory in December by delivering a $1.5 trillion tax reform bill.
The GOP had previously struck out on healthcare, followed by several failed attempts at replacing the tax code. Despite an unconventional presidency, Trump avoided controversy on Tuesday and even pledged to work with Democrats on key issues. He also advanced his pledge for more border security, and said such measures would support American workers. // -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. -- // Trump’s proposed infrastructure plan, though not yet announced, is expected to add up to more than $1.5 trillion through a combination of government and private spending.
According to analysts, expectations of an infrastructure boost could be the next leg in the bull market, now in its ninth year. Stock futures were trading higher following the State of the Union address, with the Dow, S&P 500 and Nasdaq mini contracts all moving in the positive direction. Focus Shifts to Federal Reserve Rate-hike jitters helped fuel back-to-back selloffs on Wall Street this week, as investors turned their attention to the Federal Reserve’s first meeting of 2018.
The central bank will hand down its rate decision Wednesday afternoon, and while no change is expected, the official statement could provide clues about the future of monetary policy. This week’s Federal Open Market Committee (FOMC) meeting will be the last chaired by Janet Yellen. Beginning next month, Trump appointee Jerome Powell will take the helm as Fed boss. Powell is expected to continue down the path set forth by Yellen, but could tweak the Federal Reserve’s forward guidance strategy as it relates to interest rates. Last month, Fed officials predicted three interest rate hikes this year on the back of a stronger economy fueled by President Trump’s tax cuts. The International Monetary Fund (IMF) U.S.
GDP growth of 2.5% for the year, unchanged from its previous forecast. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions. Trade recommendations and analysis are written by our analysts which might have different opinions.
Read my 6 Golden Steps to Financial Freedom. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
( 0 votes, average: 0.00 out of 5) You need to be a registered member to rate this. // -- Discuss and ask questions in our. Let’s take a look at the whole statement from Mr.
David Stockman himself: “It’s basically a class of really stupid speculators who have convinced themselves that trees grow to the sky. It will burn out in a spectacular crash. All of these latter-day speculators will have their hands burned to a crisp, and they will learn the proper lesson.” Now let’s break down the statement and explain what he actually meant by “stupid speculators” and “spectacular crash”. Analyzing Cryptocurrency Mass Adoption The trend of investing huge financial resources into the cryptocurrency market was triggered by the recent surge in bitcoin, the original blockchain that has revolutionized our concept of value. This has attracted several investors towards blockchain-based digital currencies, which have sprung up almost like mushrooms in recent years. Of course, bitcoin is not the only game in town. It isn’t even the best, according to many industry insiders.
Coins like Ethereum, Ripple, Dash, Litecoin, Monero, bitcoin cash and others also offer compelling value propositions and use cases. // -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. -- // Analysts have cited bitcoin’s fluctuating and highly unstable price as the reason for Stockman’s comments.
According to some views, bitcoin’s volatile price swings over a short period makes it practically useless from the standpoint of credible currency alternative. As seen recently, the “bears” have been influenced by the launch of bitcoin futures contracts on mainstream regulated exchanges like CBOE and CME. Backers of bitcoin futures hope that, with more institutional money flowing into cryptocurrency, the market will eventually stabilize. At the very least, it will be less prone to wild fluctuations. In this vein, exchanges and fund providers are scrambling to list the first bitcoin ETF, something that will take a lot of convincing at the Securities and Exchange Commission (SEC). However, it is worth bearing in mind that bitcoin alone does not dictate the whole of the cryptocurrency market. In fact, altcoins currently account for roughly two-thirds of the total market. Figure 1: Stockman Bitcoin- Bubble Comparison Stockman’s Opposing Views There’s no denying that bitcoin surged to meteoric levels throughout 2017, reaching a high near $20,000 in the final month of the year.
However, in Stockman’s view, price is hardly an apt indication of value. Value is what one gets, whereas price is what they pay. According to him, derivatives such as the bitcoin ETFs do not legitimize the market but have quite an opposite effect. The introduction of bitcoin derivatives would only embolden predator firms on Wall Street, which can take advantage of an ordinary investor’s fascination with bitcoin’s rapid appreciation. In short, he believes that every cryptocurrency on the market will fall in value in the near future.
Figure 2 The “Bubble” Cycle for Cryptocurrencies Arguments against Stockman Even though elitist economists and professionals like David Stockman express a bearish stance on the global stock market, there are various loopholes in this argument. Firstly such economists fail to provide any substantial argument against cryptocurrency adoption being favorable. Bitcoin is a “bubble” according to them, with price not reflecting the actual value of the instrument. This would make them unfit for widespread adoption. However, even though the statement is partially true, the lack of intrinsic value is true for any currency, including fiat currencies. In faulty economies, especially in nations having significant political instability, fiat currencies are not stable in value, even though they are controlled by their respective governments. This is because their valuation depends on the market and demand from investors, which ultimately revolves around the use of the U.S.
Hence, if businesses, investors and individuals, shy away from utilizing the U.S. Dollar, the values of all other related financial instruments will also fall. If we take the example of bitcoin, the value revolves around the people’s acceptance of it as a means of exchange. The value of bitcoin and indeed several other cryptocurrencies are backed by the value of electricity, as well as the infrastructure and equipment required to mine it. This draws the comparison to the value of Gold, which is also based on the average difficulty of extracting it from the ground.
It should be noted that not all cryptocurrencies should be bundled up into one category and considered at par. The market also experiences frequent movements in small periods of time. Closing Thoughts Even though the cryptocurrency market is still prone to experience short-term bubbles, the term cryptocurrency is not synonymous to the term “bubbles”. It is one of the most liquid markets in the world, with bitcoin still leading the way in terms of market capitalization. It is already proven to be more liquid than the stocks of Apple itself.
That Stockman’s claims have hinted that cryptocurrencies are not actually “real money” is also flawed and up for debate. In fact, barring bitcoin, transactions on leading public blockchain systems like Ethereum, Litecoin, Dash, Ripple, etc. Use a stable network with a well-thought-out fees structure and consensus protocol algorithm. While bitcoin is certainly unpredictable, the core concepts of decentralized ledger, blockchain technology, and the larger scope of censorship resistance or “decentralization” are certainly worth looking into.
Technology companies and MNCs alike have started investing in their own prototypes of cryptocurrency systems. All said and done, the emerging cryptocurrency craze revolving up and coming coins have driven the investing community towards widespread awareness and adoption. All the signs point towards this digital revolution gathering speed in the coming years, especially in 2018. Featured image courtesy of Getty Images. Important: Never invest (trade with) money you can't afford to comfortably lose.
Always do your own research and due diligence before placing a trade. Read our Terms & Conditions. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate.
Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 6 votes, average: 4.83 out of 5) You need to be a registered member to rate this. // -- Discuss and ask questions in our.
Insider Trading Controversy FSC director Choi Heung Sik has reported the incident after being questioned by Ji Sang-wook, a member of the opposition party. When asked whether employees of the FSC unloaded bitcoin before the Justice Minister’s statement, Choi responded, “yes.” At a financial committee hearing, Choi indicated that several members of his staff sold bitcoin after obtaining knowledge of Justice Minister Park Sang-ki’s statement. The government is now investigating the matter further. No officials have yet to be named in the insider trading probe. Justice Minister Park triggered a global outcry last week after he said Seoul was on the verge of banning cryptocurrencies. It didn’t take long for the government to rebuke the statement by claiming that a ban was only one of several measures being considered by lawmakers.
// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. -- // Blue House, the executive office of President Moon Jae-in, attempted to quell the rumors by issuing the following: “The cryptocurrency trading ban proposal introduced by Justice Minister Park Sang-ki was a suggestion made by the Justice Ministry on December 28 to bring speculation within the cryptocurrency market under control. The proposal will be discussed and changed by the task force participated by the Ministry of Strategy and Finance, central bank, Fair Trade Commission, and other agencies.” By selling just before the Justice Minister’s statement, investors would have avoided a 50% drop in bitcoin. Short-sellers would have then been able to snatch up the digital currency at a fraction of its all-time high. As one might expect, South Koreans are vehemently opposed to any ban on cryptocurrency trading, with the president’s office receiving a petition signed by more than 250,000 people urging government to reject such measures.
South Korea is particularly known for its heavy speculation in cryptocurrency, with the nation driving a huge chunk of daily trade volumes. Seoul is still considering appropriate measures to rein in crypto speculation, but officials have not committed to any new course of action. Last month, government announced a series of measures aimed to tame the speculative market, including banning anonymous trading accounts and closing new registrations. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions. Trade recommendations and analysis are written by our analysts which might have different opinions. Cryptonex CNX Mining Machine For Sale here. Read my 6 Golden Steps to Financial Freedom.
Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 9 votes, average: 5.00 out of 5) You need to be a registered member to rate this.