Bitcoin Shatters $7k Barrier After Futures Trading Announcement by CME Group

Bitcoin continued its five-day surge, rising from $5,750 on Oct. 28 to just over $7,000 at press time on the GDAX exchange. The currency’s definitive smashing of its most recent all-time high and the $7,000 barrier seems to be tied to its increasing integration in mainstream finance.

Futures and derivatives
Just yesterday, the CME Group, World’s Largest Options Exchange, announced they will begin trading in Bitcoin futures by the end of 2017, pending regulatory approval. CME Group is the largest options and futures exchange in the world, and owner of Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade and part-owner of the Dow Jones Indices.

Following the announcement, Bloomberg reported that CME’s imprimatur makes Bitcoin “legit” in the world of mainstream finance. CME becomes the latest mainstream player to jump on the Bitcoin bus, following the Chicago Board Options Exchange’s (CBOE) announcement that they will trade Bitcoin options and futures, and LedgerX’s opening of their regulated Bitcoin futures market.

ETF?
The trading of Bitcoin futures on regulated markets, particularly by major entities such as CBOE and CME, make it exceedingly likely that a Bitcoin exchange-traded fund (ETF) could be possible in the near future. When the SEC rejected the Winklevoss Twins’ attempts to register such an ETF earlier this year, the regulator pointed out that it might revisit its decision if regulated futures markets should arise.

Sky is the limit
With Bitcoin’s increasing acceptance by Wall Street financiers and traders, the sky is quite literally the limit for the digital currency. While Bitcoin’s $116 bln market capitalization is large by the cryptocurrency world’s standards, it’s minuscule in comparison to the $639 tln derivatives market. If even the tiniest fraction of those funds were to enter Bitcoin, its value would be inconceivable.

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Industry CEO Believes Bitcoin’s Anonymity Dooms It, Predicts Governments Will Ban

In its short lifespan of 10 years, Bitcoin has seen many obituaries. The latest one is by SocGen CEO, Frederic Oudea, who feels that Bitcoin has no future because of its anonymity.

Governments will clamp down

Fredric Oudea believes that the future of Bitcoin and other virtual currencies is dim, primarily because he expects governments and regulators to clamp down on them. The reason he gives is the anonymity involved in these transactions, which might facilitate illegal activities ranging from money laundering to terrorist financing.

Speaking to CNBC at the Web Summit conference in Portugal, Fredric Oudea said:

The benefit so far is it provides anonymity to the people who are making the transactions. I can't see a future of this when I see the attention paid by all governments and regulators on anti-money laundering, on anti-tax evasion, on anti-terrorism financing. The anonymity of the transaction is a problem I think which would put pressure on Bitcoin.

Anonymity or pseudonymity?
While there are virtual currencies whose primary use case is privacy and processing anonymous transactions, Oudea may be off the mark when he calls Bitcoin transactions anonymous. Bitcoin addresses are pseudonymous, i.e. Bitcoin addresses are not directly linked to real world identities.

All Bitcoin transactions are recorded in the Blockchain and are publicly visible. While precautions may be taken by criminal to obfuscate the flow of transactions, Oudea has erred in calling Bitcoin transactions anonymous.

Echoes Jamie Dimon

The views of Frederic Oudea echo those of Jamie Dimon, the CEO of JP Morgan, who called Bitcoin a fraud. The common underlying theme behind these views is that they believe that Bitcoin will fail not because the market will reject it, but because the Government will step in.

This by itself seems to be an admission of Bitcoin's strength and its ability to be adopted by the masses. The same people who criticise Bitcoin because of its unregulated and decentralized nature sing paeans about the Blockchain and its ability to improve efficiency and cut cost.

What about cash?

When entrenched market players attack Bitcoin on its pseudonymous nature, they conveniently ignore the fact that cash provides greater anonymity and can be transferred without leaving a trace. However, nobody is expecting governments and regulators to ban cash.

The attackers of Bitcoin also fail to realize that more and more governments, ranging from Japan to South Korea, are embracing virtual currencies. Regulations are evolving with the development of technology and banks' business models have to change. Otherwise, banks, not Bitcoin, might meet the fate of the dinosaurs

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Why Cryptocurrencies Could Push The Dollar From World Reserve Currency Status

This year, blockchain technology has skyrocketed in popularity -- and for good reason. Blockchains have the potential to decentralize how trust is guaranteed in anything that can be stored digitally, which includes money, data, identity and ownership records. It is hard to exaggerate the potential disruption of legacy institutions and business models. In late September, the head of IMF, Christine Lagarde, cautioned that cryptocurrencies can displace central banks, conventional banking and national monies in the long term.

What has gotten less attention, however, is how blockchain will impact international politics in general and economic statecraft in particular. A key foundation of the predominance of the West, and particularly the United States, is the reliance on economic power. It is codified in the Bretton-Woods institutions and the role of the U.S. dollar as the world’s reserve currency. Since all financial actors need to function on the U.S. market, the U.S. treasury’s domestic powers are in effect international. If they designate an entity a money-laundering concern or suspect of terrorist activity, the possibility to do business or transfers would vanish.

Blockchain-based cryptocurrencies, however, threaten to disrupt this foundation by decentralizing the operation of the financial system outside sovereign states’ control. This ties well into the goals of revisionist states, who long have sought to de-dollarize the world economy. The most noteworthy actor in this regard is Russia, who announced on the 15 October that it will issue a blockchain-based CryptoRuble

https://www.forbes.com/sites/laurashin/2017/11/07/why-cryptocurrencies-could-push-the-dollar-from-world-reserve-currency-status/#7e89df9a6a9e
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TV Show The Big Bang Theory To Dedicate Full Show To Bitcoin!

The popular US TV series, The Big Bang Theory could open the flood gates for even greater widespread Bitcoin adoption.

Since it’s 2007 premier on CBS , the show is now one of the world’s most popular TV shows. Currently on season 11, the producers have decided to create an episode named ‘The Bitcoin Entanglement’! The episode will air on 30th November 2017 and could very well cause a spike in the Bitcoin price.

The popular cryptocurrency now has a market cap of over $100 Billion, worth more than the majority of companies around the world, and the possibility of mass adoption is quickly growing.

The price for one Bitcoin has risen by over 700% in 2017 alone, and it shows no signs of slowing down.

Other popular public figures are coming out of the woodwork to show support for cryptocurrencies, such as the recent announcement from the singer Bjork that she will be accepting cryptocurrency for her new album.

It’s an exciting time for Bitcoin enthusiasts as the much loved cryptocuurrency is finally getting the attention it deserves!

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ICO Investments Guide: Part 1

I had to dig up detailed information from well researched sources to put up a comprehensive guide on ICO Investments,

* Important warning before we start: ICOs are a high-risk way of fundraising. Never invest anything you can’t completely afford to lose. Keep in mind that due to a lack of regulation, you will have difficulty getting back your lost money in case of any failures

Up till July of 2017, the total dollar amount raised in Initial Coin Offerings (ICO) was a staggering USD$1,252,676,352. That’s over a billion dollars raised within a span of 7 months. With a total market capitalization of over USD$100 billion, the cryptocurrency market has attracted the attention of many, from traders wanting to make a quick buck to experts that are concerned with its lack of transparency.

What is an ICO?
An initial coin offering (ICO) is a means of crowdfunding, through the release of a new cryptocurrency or token to fund project development.

There are currently more than 1,000 coins available on different exchanges, with hundreds more in the process of being listed on exchanges. It’s important to understand that not all cryptocurrencies have their own blockchain, as most are issued on top of another Blockchain. A good example is ERC-20 tokens, which represents a standard of interoperability within the Ethereum Blockchain. Ethereum is a general purpose blockchain where different tokens can be issued on top of its blockchain without creating their own infrastructure

Advantages of ICO
Democratization: Allow projects to circumvent the traditional method of asking Banks/Venture Capitalists that may take a lot of time and resources. Anyone can invest and can earn the possibly huge returns just like how the big boys are accustomed to. Of course, investing in ICO’s is a high-risk venture.

Immense Profit Potential: Many in the space want to invest in the “next Bitcoin”, potentially riding the wave of buying coins at pennies on the dollar and selling them later at an astronomical valuation. Most ICOs have only a conceptual white paper with little to no proof of concept, thereby validating a high payoff potential due to the extremely high-risk investors are taking

Main Issues
Absence of Regulatory Oversight: Regulations are good in that it protects people/investors/YOU. Currently, the ICO market is unregulated and can attract bad actors that are fraudulent/manipulative/scammers. It’s easy to raise money through ICO; just write a white paper and you’re good to go. Conclusion? Be very careful, have due diligence before investing

No Track Record: The majority of ICOs don’t even have a working product, just a conceptual white paper that outlines how the coin will work. Not only that, ICOs have been asking for an incredibly large amount of funding. For instance, the biggest ICO was the recent Tezos crowdsale, which netted a whopping $232 million. Valuations like this is non-existent in a traditional setting.

How Can I Participate?
Research on Upcoming ICOs
Look at resources or outlets that features the latest ICOs. Knowing which ICOs are coming up will enable you to plan ahead, especially for ICOs that has a whitelist. A whitelist ICO means that you have to register in advance to participate in the ICOs, which are usually hallmarks of popular ICOs that have a limited number of coins to offer

Perform Your Due Diligence
You should perform your own research to ascertain that the ICO is a good project. There are many key factors that must be considered for you to effectively assess an ICO.

First, read the ICO’s whitepaper: whitepapers typically contain technical information, but getting acquainted with information provided in this document is crucial when considering an ICO investment. By doing so, you will be in a better position to evaluate the soundness of the ICO offering.

Second, you need to review a company’s key personnel. Begin by asking how well qualified is the team behind the offer? The answer to this question may very well determine whether you are making a sound investment decision or not. Besides, when researching a company’s competency, assess who are its top executives, technology developers, and critical operations personnel.

You can obtain valuable information from online profiles of team members. In this vein, where team members lack credible online profiles, don’t hesitate, it is time to run.

Probe around the community: various channels exist through which you can get feedback on your concerns. For instance, you can learn a lot by using forum posts, emails, or Slack channels. While doing so, consider the responsiveness of the startup’s developers and the quality of its provided information.

Weigh Up The Opportunity

Ideally, you should commence with an evaluation of any digital currency immediately after collecting the relevant information. If you cannot understand the investment or where it fails to attract considerable interest from investors, just walk away. By doing so, you act by the advice of the renowned investor Warren Buffett.

He advises that you should only invest in what you know or can understand. Similarly, this principle is valid when it comes to investing in digital currency startups. For this reason, it is imperative that you ask several questions such as:

What does the currency hope to accomplish?
What gap does it seek to fill? The answer to this question will assist you in identifying the rationale for its existence as well as why it needs funding.

How will the currency accomplish its goals? Beware of the existence of alternatives or previous attempts of a similar idea.
What is the magnitude or enormity of the task the currency seeks to rectify? In doing so, you will get a perspective of the currency’s market potential? An excellent example is BitCoin which sought to create a decentralized banking system as well as a new currency. A digital currency with such potential is worthy of your consideration.

How much of the digital currency’s value is dependent on future market fluctuations? And how much of its price is pegged to existing value?

ICOs are a high-risk way of fundraising. Never invest anything you can’t completely afford to lose. Keep in mind that due to a lack of regulation, you will have difficulty getting back your lost money in case of any failures

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2017, Bitcoin Journey to $10,000
"buy bitcoin" overtakes "buy gold” on Google keyword search after hitting $10,000 earlier today.

Coinbase App- trending on iOS AppStore

With a market Cap of $168,463,613,136, Bitcoin now Bigger than #PayPal, #McDonald’s, #IBM, #Disney, #GeneralElectric

The average electricity used to mine bitcoin this year has surpassed the annual energy usage of some 159 countries. According to a cryptocurrency index from Alex de Vries, also known as #Digiconomist, bitcoin miners can consume more than 24 terawatt hours of electricity per year in producing bitcoin. The amount of electricity consumed in bitcoin mining is comparable to the amount used in Nigeria, a nation of 186 million residents, in one year.

Another major contributing factor for Bitcoin’s sizeable gains is the reality that Bitcoin futures will soon be traded on major regulated markets. Two of the world’s largest futures markets, the Chicago Mercantile Exchange (#CME) and the Chicago Board of Options Exchange (#CBOE), will soon launch Bitcoin futures.

With More institutional investors arriving, hedge fund legend, Michael Novogratz says easily Bitcoin could hit $40,000 by 2018. Very Bullish?

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“Ban Bitcoin!” Says Nobel Prize Winner

In a statement that will be widely approved and vilified by opposing camps, Joseph Stiglitz said on Bloomberg TV that cryptocurrencies like Bitcoin should be banned. His commentary is based on analysis saying that the market for Bitcoin is driven mostly by its potential to circumvent government agencies.

His rant continued, stating that the Bitcoin market will ‘go up, and then come down,’ leaving many investors injured, and therefore it should be banned, adding that it doesn’t serve any ‘socially useful function.’

Ban it all, Joe, ban it all
Apparently, Dr. Stiglitz may also desire to ban the famous FANG stocks (Facebook, Apple, Netflix, and Google), which, on the same day as the recent price decline for Bitcoin, faced far greater losses.

In fact, while Bitcoin lost around $3 bln in market cap, the FANG stocks lost $60 bln - twenty times as much. If consumer protection is the main goal, the FANG stocks are a far greater risk, and worthy of the ban.

Impossible?

In the final analysis, however, regardless of the opinions of economists, the very nature of Bitcoin may make it impossible to ban. Instead, governments must simply deal with the cryptocurrency, and regulate its trade in reasonable and rational ways. According to Kain Warwick, Founder of Havven:

"Thankfully it’s somewhat irrelevant whether anyone in particular thinks Bitcoin should be banned, because one of its strongest points is that it is, in practice, not able to be banned."

This post first appeared on Cointelegraph
https://cointelegraph.com/news/ban-bitcoin-says-nobel-prize-winner-while-ignoring-fang-losses

As part of the customary press briefing from the White House, the President’s Press Secretary made it clear that the White House was monitoring cryptocurrencies. Further, the Department of Homeland Security was also part of the conversation.

While the press conference ranged widely on topics, including President Trump’s Twitter posts and the Press Secretary’s strep throat, the issue of cryptocurrencies came up through reporter questions.

According to the secretary, the topic was broached this week during a conversation with Homeland Security, and, while no specific statements were made, it was clear that the President’s office was aware of and monitoring the current situation.

https://cointelegraph.com/news/presidents-staff-monitoring-cryptocurrencies

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Bitcoin Bitcoin bitcoin
now over $13,000

If you are not stock piling bitcoin you are doing yourself harm.

We are now at an S-Curve segment.
Whales and bears are out.

Bitcoin is now $15,000
I am sure it will be $20,000 before next year
Of please continue with your updates.
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