Why the beef, Peter?
Peter Schiff is pretty OG. He’s involved in everything from stocks, commentator, CEO, and radio personality. The dude even ran for US Senate. He’s ambitious. He’s also an outspoken critic of Bitcoin. With such a large pulpit, what he says carries weight.
An apearnace on Joe Roggans podcast showed fundamental misunderstandings of Bitcoin and cryptocurrency. From claiming Bitcoin is a tlip bubble, that Bitcoin has no inherrent value, lack of adoption by retailers, and the list goes on. And we are here to set the record straight. Read the full rebuttal on Why Peter Schiff is Wrong About Bitcoin here.
There been lots of chatter about how much marketcap we’re losing during this recent sell off, but let’s not forget the crypto marketcap year over year we are still up 58% ($135m Aug 2017, $214m Aug 2018). So yes we are struggling with price now, but the market continues to grow and bring in new investors. The overall cryptocurrency market played nice the past week moving from $224bln to $209bln representing a 6% decline, but it was ETH that stole the show with an incredible sell off.
Bitcoin (BTC): The past three weeks have been brutal. There’s no other way to spin it. Week to week price action was very volatile topping off at $6,600 and reaching lows of $5,985. Bitcoins has settled at $6,340 representing a slight gain of 2% the past week.
Ethereum (ETH): What.A.Beating. I don’t think anyone expected to see this sell off. Let’s take a look at the month to give us some perspective. In July ETH reached highs of $500 while also experiencing an $11m spike in volume. Check back today and we are sitting at $290 representing a crushing 42% decline in the past 30 days. Are ICOs to blame?
Monero (XMR): Monero is the top dawg amongst the privacy coins. Monero is a private, anonymous, fungible coin with a number of appealing advantages over pseudonymous coins like Bitcoin. It’s not possible to trace a person’s spending of Monero with their public key. In fact, Monero uses a completely different system with multiple keys and signatures to ensure this.
Monero has many other features such as stealth addresses, ring signatures (to protect senders), is ASIC resistant, and dynamically scalable. Of the privacy coins, and cryptocurrency in general, Monero is one to keep a close eye on.
If you want to know more check out our guide What is Monero.
WHAT’S NEW AT CRYPTO IS COMING
Why Peter Schiff is Wrong About Bitcoin – Euro Pacific Capital CEO Peter Schiff is a businessman, former US Sentate canditate, an outspoken critic of Bitcoin – and he’s completely wrong.
How Market Volatility, Illiquidity Can Be Quite Profitable for Bitcoin Traders – We examine some identifiable factors for the profitability of Bitcoin trading. Join us and learn.
Bank of China To Increase Investment in Blockchain Technology – At a press conference on August 9, the Bank of China announced it would increase its investment in innovation, research, and development. Holding 11 blockchain patents, the bank ranks first in the domestic banking industry.
Estimating Bitcoin Annual Carbon Footprint – With fresh new research available we take another look at whether the massive cost of the Bitcoin network to the environment justified the project itself.
Northern Bitcoin Enters New Phase of Growth – As a pioneer in the world of cryptocurrency, Northern Bitcoin, based out of Frankfurt, Germany, specializes in the eco-friendly Bitcoin mining.
Financial Conduct Authority Issues warning on “clone” companies in the UK – The United Kingdom financial regulator FCA has issued a warning to investors about clone firms of that operate under the guise they are registered by the FCA.
Indian Government may Launch Crypto Tokens for Financial Transactions in the Country – The government in Indian may launch crypto tokens for financial transactions in the country. This is happening at a time when cryptocurrencies had been ban in the country sometime back.
Ukraine Plans on Recognizing Cryptocurrencies as Financial Instruments – A government official stated crypto assets are not currencies, but more similar to stocks or bonds. This decision comes after an initial announcement regarding regulation of crypto trading.
CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
US Investors Can Now Invest in Bitcoin Through Their Traditional Brokerage Account – CoinShares, a digital asset management firm domiciled in the Channel Island of Jersey, has announced a bitcoin exchange-traded note (ETN) product that Americans can now get their hands on more easily
The SEC Will Decide on 9 Bitcoin ETFs in the Next 2 Months – The U.S. Securities and Exchange Commission (SEC) is set to make final decisions on nine proposed bitcoin exchange-traded funds (ETFs) in the next two months.
South Korea Budgets $4.4 Billion For Blockchain And Other Technologies – The government of South Korea has announced the budget for 2019, of which $4.4 billion (5 trillion South Korean won) will be spent to develop innovative technologies.
China’s Communist Party published a guide to blockchain – The publisher of the Communist Party-affiliated newspaper, People’s Daily, has published a blockchain guide called Blockchain—a Guide for Officials
Bitmain Holds Nearly 6% of Bitcoin Cash Supply, Accused of Price Manipulation for IPO – Surfaced documents suggest that Bitmain has accumulated nearly $1 billion worth of Bitcoin Cash, raising eyebrows over the cryptocurrency’s role in a prospective $18 billion initial public offering (IPO).
Crypto firm Pantera Capital is looking to raise up to $175 million for a new venture fund – Pantera Capital, a San Francisco firm that has made its mark in recent years by investing early and often in a wide variety of digital assets, is looking to raise up to $175 million for its third venture fund
Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange – Seriosuly, what took so long?
Volumes Surge on Turkey’s Crypto Exchanges as Lira Tanks – Trading volume on Turkey’s cryptocurrency exchanges surged Friday as the country’s fiat currency plunged to record lows on economic jitters. And they say crypto has no inherent value.
Binance CEO teases demo of its new decentralized exchange desk – Binance has been working on a new decentralized version of its platform , and it appears CEO Changpeng Zhao is finally ready to share a glimpse into the upcoming project.
Could Cryptocurrencies Eradicate Corruption In The Beautiful Game? – Gibraltar United who play in the Gibraltar Football League’s Premier Division has announced that they will give their players the opportunity to be paid in cryptocurrency over the upcoming season.
ICOs Being Blamed For Ethereum (ETH) Sinking Price – The massive number of ICOs being built on the Ethereum blockchain was the primary catalyst for Ether’s price gain, now the very same usability is leading to price decline that is outpacing Bitcoin
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