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Crypto Teen Millionaire Spells Out Bitcoin’s Problems That Needs Resolving Or it Will Die

Despite Bitcoin being the oldest, most well established, and functional cryptocurrency around, there is no doubting that there are some issues that need resolving. Those issues have been placed under the magnifying glass in more recent times with the emergence of other cryptocurrencies that are looking at being better than Bitcoin.

Teenage Bitcoin millionaire Erik Finman has said that the major cryptocurrency needs to resolve some of this issues surrounding it or else it will die. He has pinpointed four issues which he believes need to be fixes, and they range from its complexity with regards to use, high transaction fees, slow processing speeds and in-fighting among development teams.

Long term dead

Despite making his fortunes off some savvy and early investing in Bitcoin, Finman said in December last year that he believes that Bitcoin is “Long Term Dead”, but added that cryptocurrencies in general are here to stay.

His four issues that need clearing up for Bitcoin to continue being viable and for it not to die are:

“1. Solve Speeds

2. Solve Transaction Fees

3. For the ppl working on the above to stop being cultish

4. Have an EASY on ramp for new users —this is the biggest problem,” he tweeted.

None of these assertion are ground breaking, and they are mostly easy to agree with as the Bitcoin blockchain is susceptible to a number of issues which include its performance, but also its community.

Still hodling

Finman, now approaching 20, made his cryptocurrency fortunes when he was 12. This was after being gifted $1,000 by his grandmother which he invested in the low priced and emerging cryptocurrency.

Over the years Finman has been trading cryptocurrencies managing to grow his holdings to a reported BTC. At the current prices, this hoard is worth about $3.6 million, and despite his thoughts, he is still holding onto them.

His reason for this is that he believes that the cryptocurrency will still have a few more big up and down runs which will allow him, and other smart traders, to make a lot of money – he predicts about two or three more Bull runs.

A commentary

Finman is right in two regards, that Bitcoin needs to sort out some of its deep seated issues, and that it is a good idea to buy, own, and hold Bitcoin currently. Fixing Bitcoin’s issues would allow the coin to become a better currency and to knock off any emerging competition, and to keep holding and buying it now proves it is nothing more than a traders tool as it stands and has not got a long term future.

The post Crypto Teen Millionaire Spells Out Bitcoin’s Problems That Needs Resolving Or it Will Die appeared first on Ethereum World News.

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BitMEX CEO: A Bitcoin ETF is Great For Adoption, Triples-Down On $50k Prediction

Despite the SEC declining the Winklevoss Twins’ ETF proposal, the discussion of such a fund is still a hot topic within the cryptocurrency community. CNBC Africa’s “Crypto Trader” show, hosted by Ran NeuNer of OnChain Capital, recently spoke with BitMEX’s CEO regarding what an ETF means for this nascent industry.

Taking into account Bitcoin’s current price action, Ran opened up the interview by asking Arthur Hayes how BitMEX has been performing. For those who are unaware, BitMEX is one of the highest volume cryptocurrency mercantile exchanges in the world, offering up to 100x leverage for traders of the XBT (BTC) contract.

The CEO of BitMEX noted that the exchange has been doing well, as a direct result of the volatility seen in the cryptocurrency markets.

Hayes also added that the exchange had done “four to five times” the amount of volume it had facilitated in the entirety of 2017. This figure took many by surprise, as a majority of other exchanges have been seeing declining volumes. However, taking into account that BitMEX supports leverage trading, it makes sense why this may be the case.

Arthur Hayes Speaks On Crypto-Based ETFs 

The Crypto Trader host went on to question Hayes about his outlook on Crypto-backed ETFs. The exchange executive first noted that there are two proposals that have verdict dates set for September, and another two in February 2019. Extrapolating what this information means, Hayes stated that he sees a “50/50 chance that we see some decision in Q3, and again we have another two ETFs looking for approval in February of next year.”

Speaking more on the highly-anticipated VanEck and SolidX’s ETF proposition, the executive said that “I don’t know.” Although those three words may be vague, he later elaborated on this specific proposal. Hayes stated:

“I think at the end of the day that the SEC wants to keep people interested in the financial markets and if retail continues to ask for these particular products (ETFs), at some point they are going to have to approve one of them.”

The CEO went on to call out the gold ETFs, pointing out the industry surrounding one of the most valuable metals in the world is unregulated, so “how could regulators not allow a Bitcoin ETF?”

Later speaking more on the most recent ruling on the Winklevoss ETF, Hayes commended the brothers for laying the groundwork for this aspect of the crypto industry, adding that other issuers will benefit from the work completed by their unsuccessful predecessors.

Ran, seemingly not fully satisfied with that answer, went on to query the industry leader on the SEC’s fears of the “underlying” Bitcoin price manipulation. Hayes brought attention to the fact that the SEC has not shown “empirical evidence” of what the regulatory body sees as manipulation, justifying that this reasoning is just an “excuse.”

What Does An ETF Mean For The Cryptosphere?

BitMEX’s CEO sees that acceptance of such a fund will produce a capital influx from retail investors, as an ETF streamlines the process of onboarding fiat into this industry, stating:

“Retail traders do not want to have to worry about securing a Bitcoin wallet, where do they buy it from, using the different exchanges. So if all they have to do is to click on their E*Trade, Scottrade, Interactive Brokers, 401k (etc.), to buy an ETF that gives them exposure to Bitcoin, but not allow them to experience the risks of holding it, that is a very powerful way for them (retail investors) to get involved”

Closing off his time on the show, Hayes tripled-down on his $50,000 price prediction, expecting that a positive ETF verdict will push the price of Bitcoin to the stratosphere.

While some may be skeptical of his analysis and speculation, Hayes perpetually keeps his ear to the ground of this industry, so it is likely that his statements hold some credence.

Title Image Courtesy of MaxPixel