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Bitcoin (BTC) Supply To Be Increased With Proposed Mining Of 17 Millionth Coins

A data from Blockchain.info revealed that there may be an increased supply of Bitcoin due to the 17 millionth bitcoin alleged to be mined in some days. This is a huge progress for bitcoin, due to the fact that Bitcoin’s byelaw stipulates that only 21 million bitcoin can ever be created. The first thing to note is that Bitcoin was made to be scarce economically with the said 21 million which could be created, but now there is potential availability for the coin.

According to different reports, it is easy to guess the time that the bitcoin would be mined due to the common software sync. In the views of many, like Tetras Capital founding partner Alex Sunnarborg, when contacted by . Bitcoin, revealed that the result could best be interpreted as 80 percent of all the bitcoin that will be ever created have now been mined, stating that just 1/5 of the supply is apportioned to future miners and buyers.

Tim Draper sees it as an “awesome,” milestone, for the fact that the founders did not imagine Bitcoin could go this far.

“I would bet the founders wouldn’t have imagined how important bitcoin would become in their wildest dreams.”

Some also, in their observation believe the mine is an enlightenment on the future of the coin and even other cryptocoin. Many do not know that unless those behind Bitcoin make changes, it is impossible to introduce more bitcoin to the crypto space.

The Futures of Bitcoin.

The recent statement that from Nasdaq on Bitcoin give more credence to the coin. People are doubting the legitimacy of Bitcoin and the cryptospace entirely. However, they are now opening their minds to the fact that cryptocurrencies have come to stay.

Yesterday, Adena Friedman, CEO of Nasdaq, made it clear that crypto has no possibility of dying any moment from now.

“I believe that digital currencies will continue to persist…it’s just a matter of how long it will take for that space to mature,” Friedman opined on CBNC.

“Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”

Above statement by Nasdaq CEO is making many people have a rethink of cryptocurrency. Soon, government will start embracing the coin.

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Respected Wall Street Strategist Says Bitcoin (BTC) Will Reach 25k in 2018

The cryptocurrency space has witnessed many FUDs, it has witnessed uncountable ups and downs, but it seems there is a promising future for cryptocurrencies this year. With just a two-day surge in the price of bitcoin, enthusiasts are raising trust in the cryptocurrency space, saying there is igh possibility the space receives increased boost than it witnessed last year.

One very noticeable, respected Wall Street strategist who believes that bitcoin is on the verge of tripling in price is Thomas Lee, co-founder and head of research at Fundstrat.

Mr. Lee reinvented his bullish forecasts on Thursday, April 12, while conversing on CNBC’s program, “Futures Now”. Lee says the price of bitcoin could reach $25,000 within eight months.

“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year.”

Commentators have weighed in on the sudden surge in the price of bitcoin from around $6,800 to over $8000. Many of them are of the opinion that the beginning of the much-awaited bull run has started.

Lee, who also believe it is time bitcoin increased in price, made known that the time is “overdue”.

“It’s overdue. Bitcoin was incredibly oversold,” he said.

“When you look at metrics like price-to-book, which is money cost, or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”

If bitcoin rises to $25,000, it amounts to a 225 percent increase using its Thursday value as a yardstick.

Meanwhile, the increasing price of cryptocurrency is not only helpful to Bitcoin alone. It reflects in the value of Ethereum, Litecoin, Ripple and so many other altcoins. However, none can really say what is behind the sudden increase after many months of decline. Many are of the opinion that it is just time for the cryptocurrency world to witness another sudden increment.

Ed Cooper, head of mobile at fintech startup Revolut, in a conversation with The Independent, also holds to this assertion. He said the rise “doesn’t appear to be driven by any significant news stories.”

“Most likely there was a change in sentiment today and traders started to buy thus raising the price.”

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Mysteries About @Bitcoin Twitter Account Suspension And Reactivation.

The hit on @bitcoin’s twitter account signals or wholly indicates that it had violated the rule of the social media platform. There is no doubt that bigwig social media like Twitter, Facebook and their contemporary have guidelines which they use in regulating their activity and users so as to keep the platform as modest as possible.

On Sunday, April 8, @bitcoin was suspended. Although a clear reason has not been aired, but it’s suspected to have resulted from the lasting arguments between BTC and BCH enthusiasts as a sizeable number of the former’s lovers lodged complain.

The CEO of Blockchain start-up @Space Chain, Jeff Garzik, in a tweet said:

“The @Twitter curation of its namespace is amazingly poor, @jack. Squatters and bots abound. The @bitcoin account griefer-jacking is just the latest episode”.

Different speculations continue to rouse as the real reason for the ban is still under obscurity but most agreed that it must have resulted from a bad vice.

Jeff Garzik, in another tweet, said:

“Twitter is rewarding bad behavior. To review, #Core fans – Reported @Bitcoin acct for abuse – Reported my Reddit and GitHub accounts for abuse – Drowned Bitpay and Xapo apps with one-star reviews and votes etc. This is how they “debate” with those who disagree”.

Twitter Rules

Twitter’s rule which can be attributed to having caused the embargo includes the following:

  • Targeted harassment of someone or [inciting] other people to do so.
  • You may not promote violence against, threaten, or harass other people on the basis of race, ethnicity, national origin, sexual orientation, gender, gender identity, religious affiliation, age, disability, or serious disease.

While the account is used to promote Bitcoin Cash, another rule of the social media that can be said to have been perpetrated is;

  • You may not impersonate individuals, groups, or organizations in a manner that is intended to or does mislead, confuse, or deceive others.

Therefore, Maybe Twitter attributed promoting Bitcoin Cash on a platform impersonating the coin but not affiliated to it as a deceit.

The Reinstatement Of The Account And The Mystery Of It.

Surely, after every darkness, there is lightening. 16 hours back, the account owner twitted “I’m back”.

Source: Twitter

Not just coming back, but there had been a mysterious journey before the reinstatement and after.

By default, according to the social platform’s policy, after a ban, the owner is granted an appeal while the account name is reserved. Alternatively, the username was made open to the market.

The account owner, after the reinstatement, in a statement tweeted that within 24hrs of the ban, “A new account using the same username began posting nonsense”.

Another controversial event which the ban ushered is the claim that Twitter’s Jack Dorsey, an investor of Lightning Network, a challenger of Bitcoin Cash for low-cost transactions was believed to have underpinned the taking down of the account.

“In any case, I’d love to hear a public explanation from @twittersupport about why #bitcoin competitor #LightningNetwork investor @jack disabled this account, gave it to someone else”, @bitcoin twitted.

Lastly, the account owner complained that its account which previously had about 700, 000 followers, when returned, had been slashed.

Source: Twitter

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Another Critic Adds up on Bitcoin’s List – Jordan Belfort “Fraud”

Jamie Dimon previous critic naming Bitcoin a fraud has been joined by another prominent figure: the “Wolf of Wall Street” Jordan Belfort.

Jordan Belfort has echoed recent comments from JP Morgan CEO Jamie Dimon who asserted that bitcoin is ‘fraud‘, in a conversation with The Street. “I think he’s right,” Belfort stated, agreeing with Dimon’s much-publicized comments. “I don’t think that it is a great model.”

From his point of view, the virtual currencies will take a place in society only when they are supported by a central gov.

“The biggest problem I see with bitcoin – why I would never buy it – is that they could steal them from you. They hack into your phone…I know people who lost all their money like that.”

Belfort, now an author and motivational speaker, plead guilty to stock market fraud in 1999 and spent 22 months in prison as a part of his plea agreement. Belfrot’s memoir ‘The Wolf of Wall Street’ was adapted into a Hollywood movie directed by Martin Scorsese in 2013.

His main criticism is that of a decentralized currency which would run independent from any central authority:

 “[Any] currency [is] always air I guess, when you think about it…But this [bitcoin] is specifically being backed by nothing other than a program that creates artificial scarcity. It seems bizarre to me that it can ever really be sustainable.”

According to the ‘Wolf’ it is a matter of time before a central bank or a consortium introduces its own cryptocurrency which is truly going to hold.

“I’m not saying that you should or shouldn’t buy bitcoin. What I’m saying is I personally myself would be very very careful about investing a lot of money in something that could vanish very quickly.”

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