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Bitcoin price discussion and analysis

Ann

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I am not sure a natural price floor exists, IMO this thing could eventually go to nearly $0 ones the hype is gone.
I was looking at a chart for a crypto yesterday called a Qwark. I can't find a Qwark thread so I will just drop it here if I may?
I know nothing about this stuff but I saw it seemed to be at a possible floor and may bounce up.


qwark.jpg
 

moXJO

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I think a few coins have hit a "floor".
Problem is if they are going to visit the basement. One bad news item can scare off the crowd.

There is a lot going on in the background with crypto. Banks are now jumping on board with their own blockchain. And the amount of new tech and industry that has spawned is huge.

People will need to get greedy and FOMO before we see any real gains though.
 
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I think a few coins have hit a "floor".
Problem is if they are going to visit the basement. One bad news item can scare off the crowd.

There is a lot going on in the background with crypto. Banks are now jumping on board with their own blockchain. And the amount of new tech and industry that has spawned is huge.

People will need to get greedy and FOMO before we see any real gains though.
A well known item in Canada has not done a lot to inspire confidence. Gerard Cotten contracted Crohn's disease on a visit to India: https://www.dreshare.com/gerald-cotten/
https://www.bbc.co.uk/news/world-us-canada-47203706
https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions
Crohn's Disease: https://en.wikipedia.org/wiki/Crohn's_disease
 

moXJO

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A well known item in Canada has not done a lot to inspire confidence. Gerard Cotten contracted Crohn's disease on a visit to India: https://www.dreshare.com/gerald-cotten/
https://www.bbc.co.uk/news/world-us-canada-47203706
https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions
Crohn's Disease: https://en.wikipedia.org/wiki/Crohn's_disease
Just goes to show how new the industry is. Crypto is still in its early days and these types of incidents will be big learning lessons for the future. Plenty more to come imo
 
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BTCUSD 0.17% OFF FROM $ 4060 DOWN PRICE AT $ 4043 PRICE.

FUNDAMENTAL ANALYSIS

Lightning Labs has released a new feature about the usefulness of lightning networks, a bitcoin payment channel technology aimed at increasing cryptocurrency.

Called "Lightning Loop," users will be able to accept bitcoin in increasing numbers without having to close and reopen the new payment channel.

Opening of regular bitcoin is a blockchain transaction. However, the payment channel is opened, users can send Bitcoin payments almost instantly and at a fraction of the cost.

It is expected that after the release of the produck from lightning laps, the price of Bitcoin will be able to break through $ 4126 / 1BTC.
 

Ann

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Majority of bitcoin trading is a hoax, new study finds

Key Points
  • Ninety-five percent of spot bitcoin trading volume is faked by unregulated exchanges, according to a study from Bitwise this week.
  • The firm analyzed the top 81 crypto exchanges by volume on industry site CoinMarketCap.com. They report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate.
  • “People looked at cryptocurrency and said this market is a mess; that’s because they were looking at data that was manipulated,” says Matthew Hougan, global head of research at Bitwise. More...
 
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In December 2017 when Cboe became the first exchange market to offer derivative crypto options, Bitcoin and its digital currency counterparts were traded at the nosebleed (severe) level. Now, crypto winter has lasted more than a year. When Bitcoin futures are launched, the hope is to play an important role in legitimizing crypto assets, driving demand and providing less risky ways for new investors - both retail and institutional - to participate. Is the Cboe suspension against Bitcoin futures products the beginning of cryptocurrency graduation?

Ryan Radloff, CEO of CoinShares believes this contract does not mean much to the larger crypto market infrastructure. "We are not worried about losing them," he said. He believes there will be no real impact.

For one thing, rivals the Chicago Mercantile Exchange (CME) will continue to trade Bitcoin futures. Also, Radloff notes:

"One of the 'industrial' cases for the BTC futures contract, at least in the crypto community, is to hedge income from Bitcoin mining. In the case of a CBOE cash settlement contract, the risk of getting a different maturity price from the one actually available on the market is too high to use it as an efficient hedge, so physical delivery wins every time. "

Laurent Kssis, managing director of the XBT Provider summed up:

"In the race for more transparent, professional-grade products with a mechanism for efficient price discovery and greater liquidity, Cboe seems to be giving the market to CME."

Of course, part of the problem for Bitcoin Cboe futures products is the lack of trading volume. According to CryptoCompare, from January to February 2019 Cboe volume drops by around 31% while the CME daily average increases by more than 23%.

picd84690896d6f75027c19bc05526cd371.png picd84690896d6f75027c19bc05526cd371.png

Average Daily Bitcoin Futures Volumes

Courtesy: CryptoCompare

Some of this could be because the margin requirement for BTC futures trading at CME is 35% while it is 40% in Cboe to calculate BTC volatility.

Kssis speculates that low volume costs must exceed revenue benefits given the decline in basic asset prices.

"On the professional side, market makers prefer to hedge futures contracts using completed 'physical' contracts to reduce the risk of settlement price manipulation. With cash settlement contracts, settlement prices are never really efficient at maturity. As a result, it would appear that the buyer of this contract is only a speculator, using leverage offers.

After the long-awaited physical contract came to the market, I think most contracts that are settled in cash lose their appeal because the market will usually choose one delta vehicle that is more efficient and professional when faced with opportunities. "

Some crypto market players are disappointed, but recognize that suspension is more related to business models than asset class failures. En Hui Ong, head of business development at Zilliqa, the public blockchain platform, said:

"Although some are worried that the announcement is a sign of waning institutional interest, it is actually a matter of competition and convenience. CME competitors have their own Bitcoin futures product, with a 1 Cboe contract equal to 1 Bitcoin (BTC) and 1 CME contract equal to 5 BTC, this indicates that CME has more competitive and attractive products. "

In addition, he explained, regarding the settlement, Cboe also announced that it would only take the price of the Gemini auction cryptocurrency exchange. Single source prices open opportunities for price manipulation, which leads to greater risk.

Instead, CME has taken a far more measurable approach, using prices from several exchanges while improving its ownership process to reduce the potential for price manipulation. "Thus," noted Ong, "Cboe announcements should not be considered as a reflection of the state of institutional interest in cryptocurrency. They only have products that fail to gain market share."
 

Ann

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Cryptocurrencies Are Here To Stay


Is Bitcoin doomed to failure? It is not hard to find commentary on the internet indicating that Bitcoin is bound to fail. The authors invariably point to aspects of Bitcoin’s implementation today and argue that the current state is not consistent with success.

I take these comments about Bitcoin as comments about private cryptocurrencies more generally and will treat them that way.

It is hard to foresee Bitcoin’s future. Ken Olsen said that "there is no reason for any individual to have a computer in his home" in 1977. It is easy to square that statement with computers of the day. Few would have found it worthwhile to have a computer in a dedicated computer room at a controlled temperature of about 65 degrees with backup power to avoid catastrophic damage. The statement is ridiculous in light of the computers in many people’s pockets today. A Samsung S8 is over 20 times more powerful than supercomputers of that day.

Many aspects of Bitcoin and cryptocurrencies more generally are likely to change in the coming decades. There is no reason to think that innovation in cryptocurrencies stopped with the creation of Bitcoin. There are issues. But it is not a large stretch of imagination to imagine some or all of them will be resolved in various ways.

It is fair to say that cryptocurrencies are not obviously likely to replace, for example, the dollar used in transactions in the United States given reasonably good monetary policy, a point made by Will Luther, for example. There is no obvious gain to people in the United States from changing to a different currency to buy groceries. A currency has to have problems such as hyperinflation in Venezuela for cryptocurrencies to become viable for use on a regular basis. Cryptocurrencies also are a good way to circumvent capital controls.

That said, it also is true that the current incarnation of Bitcoin has issues if it is to become a currency in common use anywhere. “Scalability” is a term that summarizes many of these issues. The number of separate transactions on Bitcoin’s blockchain is quite limited. The maximum number of Bitcoin transactions is currently capped at about 400,000 per day. This is trivial compared to the number of transactions that Visa processes, about 150,000,000 per day. More...
 

Ann

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Ex-NFL Owner Said to Be Tied to $850 Million Crypto Mystery

When New York’s attorney general last week accused Bitfinex -- one of the world’s largest crytocurrency exchanges -- of hiding the loss of about $850 million in client and corporate cash, a crucial question was left unanswered: What happened to the money?

Bitfinex contends the funds haven’t gone missing at all. The exchange says the money was deposited with a Panamanian-company called Crypto Capital Corp. and then, through no fault of Bitfinex’s, seized by government authorities in the U.S., Poland and Portugal.


The wild story took another turn April 30 when federal prosecutors announced a grand jury had indicted Reginald Fowler, a 60-year-old Arizona businessman who once had a small stake in the NFL’s Minnesota Vikings. Fowler, along with an Israeli woman named Ravid Yosef, was accused of running an unlicensed money transmitting operation tied to virtual currency trading. More..
 

Ann

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Bitcoin Jumps to 9-Month High as Cryptocurrencies Roar Back

Bitcoin surged to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

Bitcoin rose as much as 6.9% to $7,445, before trading at $7,341.37 as of 7:45 a.m. Hong Kong time on Sunday, according to Bitstamp. All five members of the Bloomberg Galaxy Crypto Index are up more than 10% since Friday, based on pricing from Bitstamp and Bitfinex. More...
 
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https://www.theguardian.com/technol...s-to-launch-globalcoin-cryptocurrency-in-2020

Facebook is planning to launch its own cryptocurrency in early 2020, allowing users to make digital payments in a dozen countries.

The currency, dubbed GlobalCoin, would enable Facebook’s 2.4 billion monthly users to change dollars and other international currencies into its digital coins. The coins could then be used to buy things on the internet and in shops and other outlets, or to transfer money without needing a bank account.

Mark Zuckerberg, the founder and chief executive of Facebook, last month met the governor of the Bank of England, Mark Carney, to discuss the plans, according to the BBC.

Zuckerberg has also discussed the proposal, known as Project Libra, with US Treasury officials and is in talks with money transfer firms, including Western Union, to develop cheap, safe ways for people to send and receive money. A report last year said Facebook is working on a cryptocurrency that would let users transfer money using WhatsApp, its encrypted mobile-messaging app.
 
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So eyeballing the chart it looks like btc could move higher to around 9.5k US, and then we continue this major bear market down to 2k US. It could take another 12 months before we bottom out.
 
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