Bitcoin 2 - BTC2 price history, 1 day charts, Current
Bitcoin price, charts, market cap, and other metrics
Why it matters if bitcoin is a currency or a commodity
HashFast's $1 Million Question: Is Bitcoin a Currency or
For *** sake can we agree that this subreddit is here to discuss bitcoin as a concept/currency/commodity/item not circlejerk over the current price or jack of over how the rising price has changed our lives?
And for anyone about to say the price isn't rising can you sober up and look at a 3 month chart? edit: jack *off
Is Bitcoin a commodity or currency at these prices?
Is this what Satoshi Nakamoto envisioned with his/hetheir creation? A departure (disappearance) happened by Satoshi when Bitcoin was "growing too fast." That was 2011. Now it's 2013 and Bitcoin has grown by 1500% in 9 months and is on the cusp of tripling its 2011 high. Is Bitcoin still a currency at these prices or has it now become a commodity like gold, oil & pork rinds? As a retailer accepting Bitcoin at multiple sites we've noticed an inverse curve correlation of Sales to Popularity since the start of the year. In other words, as Bitcoin gains more value sales at merchant sites have slowed. Why would a customer spend a coin on Monday that could be worth 20% more by Thursday? The community has always had Hoarders. And we've always had Spenders. But with this crazy rise in popularity and value we are starting to see a new breed of "Holders." A variant of hoarders that play Bitcoin as an equal to oil & gold and with no intention of buying something online with the coins. This leads me to my first question: Is Bitcoin a commodity or currency at these prices?
I keep hearing "Deflation before massive inflation"
So what can we do about it? Any ideas are welcome. It has a lot of "what if's"... It depends how tax and law play out with it.Historically speaking:
Commodities and things people use every day become expensive,
Luxury goods fall in value.
Inflation wipes out all savings, there is often a rush to spend money while it has value. "Bank runs" and "Bank Bail in's" where the bank will limit your withdraws to prop up the bank temporarily. Sure here the FDIC may insure it, but its nothing if your money is losing value by the hour and it takes months to get it actually into your hands. And many countries have issues with a person holding cash..."You're automatically a drug dealer! >your money is now drug money! >Asset forfeiture" ...I cant count how many times this happens.
People yell " physical gold and silver!" ... yeah, those do hold value well, however the gov does tax that at 26-30% when sold, and will often ban its use in dire times. ....huge grey / pirate area.
Mining stock is the same in the tax range, and nearly anything you "resell", imposed taxes and royalties can be added leaving you high and dry.
Precious metal holdings have been banned in the past, even here in the USA...aka Government confiscation.
Nationalization of Precious metals mines have happened.
Edit: I now realize there are many ways stocks can play out.
Real Estate will raise in value hugely, However so will the taxes, longer contracts at fixed rates benefits the lendee.
Things that you use, if you can stock or invest in it.
-I stock bulk diesel for my cars while following historical averages to buy cheap.
-Rotating food stock
-Extra maintenance items, including the big things like a roof on your home if its coming time. Not joking I have a spare water heater and backup heating options, along with minor parts and filters to fix them. Same with cars and engines, (spark plugs, filters (all different filters), oil, cheap sensors that usually go bad and are only 4-10$ each, 1-2 extra alternator per vehicle, belts, mowing belts, bearings, grease, ... and I've literally had to use everything on that list and reorder.)
Things that directly pay you back or are insurance. Saving money is making money.
-Security, Locks, Alarms, Cameras, people steal.
A deep freezer for instance can stock food you use and buy on sale.
Solar energy and solar heating supplements energy you use anyways
Rainwater can be collected and used rather than buying from a source.
A cooking gadget vs eating out.
Tools and learning to fix things vs hire.
House insulation.-Better insulative windows, and sealing.
Bidet on toilet (lol serious though...)
Your education can be a huge one, not just for prepping but also in your work.
Things that prevent rot, fire, flood / humidity, or failure. Humidity is a silent killer to many preps. (water sump pumps, dehumidifiers, leak prevention, fire extinguishers / sprinklers, )
Things that last and can be resold on the street if need be. This list can be huge, you have to balance it with liquidity, what you use but can also sell before it goes bad / fails.
Honestly and unpopularly, Things that can avoid tax when the price inflates out of control and you wish to sell. The numbers can be so distorted in both price and taxing of income. Eggs for instance, in many countries from Weimar Republic of Germany to Venezuela, increased 15,000%+, So that $15,000 egg / $150,000 dozen that you sold from your chickens gets taxed in the highest tax bracket? (which can go into the 90% range if rules aren't changed for the massive inflation) Taxes usually try raising during this and many companies flee the country, add robots / machines, or downsize as the result of more taxes making work and jobs even more of an issue. .. honestly history shows the whole thing being a cluster-duck in so many ways. Alternative currencies pop up, actual trades happen and go unreported, crime even shifts when things get too bad, again with Venezuela, I read that criminals were moving to other countries because the people were too poor to even make anything robbing! You can also have a business where you write off so many things that you would use anyways. The numbers get... err... odd, play the game.
It is usually around 10 years of chaos before things start "stabilizing." and even then, so much damage has occured.
This is a serious thing that has happened to once prosperous people / civilizations in the past...don't think you're exempt, especially when the numbers are at historical limits in many countries. Invest in yourself and what you use regularly.
Multi apartment clustered cryptocurrency mining rig
So you’ve probably just heard all your classes are online. And now you’re trying to sublet your apartment but no one’s gonna take it. So now you’re gonna be paying at least $1000/month for an empty apartment. I have a proposal that can reduce that cost and possibly turn a profit. Firstly, we have a very high risk credit market on our hands. The Federal Reserve has been pumping money into the economy and at some point the US dollar will have to inflate while growth stagnates (aka stagflation). During stagflationary periods in the past the price of non-fiat currencies like gold or silver has skyrocketed. Recently cryptocurrencies have emerged with the same general economic properties of such commodities. Therefore we may see an increase in their values as the Fed keeps pumping more money into the economy. As of now in order to generate enough money per month to pay off rent in South Campus Commons, each apartment would need a Bitcoin rig capable of generating ~2200 TH/s (since you don’t pay for electricity). For the Varsity and View this might have to be higher considering the cost of electricity. This is definitely possible with new ASIC chips that are solely built for the purpose of running Bitcoin hashing algorithms. For other cryptocurrencies (Ethereum, Litecoin, Dogecoin), these rates may be different. But like any good portfolio manager, diversifying our investments will ensure we have a profitable outcome. If enough students come together to construct a Bitcoin mining rig in their apartments we could essentially create a multi apartment clustered miner to be able to generate Bitcoin. On top of that, because campus server resources will be diminished due to online classes, we can in turn utilize that computing power to help mine such cryptocurrencies. As a result we won’t have to find people to sublet our apartments to and won’t have to worry about the financial undertakings associated with it. TL;DR: Corona collectively fucked everyone in the ass and we should build a massive Bitcoin rig to pay off our rent.
Accumulation by institutions: Overlay the NASDAQ chart over bitcoin and you see incredible increase in correlation since November 2019. What has happened here? Simple, the retail investors/miners who have been selling for the last 3 years have been selling to institutions, rather than fellow retail investors. Bitcoin did not die, it was just entered a bear market where money traded hands from retail and into institution's hands.
Buy the rumor sell the news: digital dollar. For those of you who do not know, there has been strong bipartisan interest in the United States creating their own digital currency, using blockchain technology. There was legislation hidden for the creation of this digital dollar inside one of the early stimulus bills that almost passed.
Technical analysis: If it bitcoin breaks 10.5k, expect an explosive price pump to 14k, and I honestly don't think 14k will be very strong resistance, I honestly would expect the most serious level of resistance will be around 19-20k. If bitcoin fails to break 10.5k, expect a shakedown to the 20 week moving average which currently is around 8.2k.
Gold fundamentals are bitcoin fundamentals, both are stronger than ever: The idea of having a currency that is finite, and divorced from any centralized bank or government is super attractive in the post covid world we live in today. Countries have getting a little too comfortable pressing the print button to print their way to riches. On the very long time frames, birth birthrates are freefalling on the global level, especially among the wealthiest countries whose currencies' supply are inflating exponentially to record highs. The supply of unbacked fiat will at some point surpass the demand and we will see the age of centralized banks come to an end.
Bitcoin has already overtaken silver: Bitcoin has a market cap about 4 times larger than silver, and gold has a market cap about 75 times larger than bitcoin. Bitcoin has plenty of room to grow in this niche, and the digitization of it's nature could allow for it to expand in many areas where gold can not.
The inflation rate gets cut in half every four years: it's current yearly inflation rate is 1.80%. In four years, the inflation rate will be approximately 0.9%. In 8 years, the inflation rate will be at ~0.45%, etc... Even if the demand stays the same for gold and bitcoin, bitcoin will overtake gold's market cap in a few decades just by looking at the stock to flow ratio of both commodities.
Keep in mind that you guys are in an echo chamber as you read what my thoughts are on bitcoin. I honestly dont see the currency being accepted as a global currency in the near or distant future. if theres only 21 million bitcoin that can possibly exist and that amount is reached in 2140, the amount of bitcoin that will be bricked due to lost passcodes and people dying whilst in ownership of such currency in the next 10 generations will cause circulative supply to drop to such a low that the majority of bitcoin in circulation will be owned by less and less people and thus create a stagnant ecosystem. Its price will be determined by fewer and fewer individuals that have the majority of bitcoin. This goes against the spirit of community and human values that value a certain level of governing control through a majority consensus. If it is to be accepted by the billions of people on earth then it has to have a stable price and value that can be controlled by the communities that use it or it will warp a large % of peoples minds into valuing it as an appreciating commodity and not a currency. The effort to get people to learn fractions and technology that involve phones and usb-like devices is also a major hurdle to accessibility for most people. Our current global infrastructure does not support widespread use of crypto. But when does, which wont be in the near future, Fiat currency will remain the leader in value because through law it can be bound to a physical asset such as gold. So to me, if I bought bitcoin, I personally see that as a move only motivated by distrust in government. People dont realise that they are their government and they have a say in it by either becoming a representative of the people or electing someone as such. When Andrew Yang (the only technologically literate candidate to ever run for office) eventually becomes president and America is systematically reformatted to a modern up to date country, Intelligent use of fiat currency will bounce back and will be a very strong norm. Governing bodies can fund programs that value community and human centered values. Universal basic income and a booming population will require fiat currency as its stable medium of trade. Bitcoin cannot offer a properly run governing body any benefits because it literally represents the human ego in a trade able commodity that is only ever viable in a land of fear and uncertainty with donald trump. (i dont see him being reelected but he did his job throwing a monkey wrench into the gears of a broken system). Lets talk about what the future will look like if crypto currency is actually used as a currency instead of a commodity that is only purchased for the sole reason that it will be sold for more than it was purchased for: Think about hundreds of millions of people using the cryptocurrency trading the 10,000 bitcoins between one another in fractions in the distant future(not literally the exact amount but as an example). Then imagine a legacy owner of the currency dumping their 100,000 bitcoins into the market on a whim because they want to crash its value. Theres no governance that can step in to stop this from happening. Bitcoin isnt backed by any physical asset such as gold and its value cannot be inforced by a governing body. The one action of one individual can negatively affect the majority of other people with no safeguards. That should be more terrifying to people than a fiat currency being printed by a central banking system and then distributing funds in a less disruptive manner that allows for programs such as universal basic income to be viable that will be an inevitability in the future or community run organisations that benefit the spirit of community. Sure, Bitcoin is stable on paper, but its value is all speculation and subject to mass psychology. This bitcoin narrative all over twitter and youtube actually require you to believe them to keep bitcoin viable. without your belief in it, its worthless. of course you can say the same thing about fiat currency, but there are benefits fiat provide that bitcoin cannot. With Bitcoin you have tax avoidance? reduced funding for community run organisations? failure of funding for public services that many use? Bitcoin does nothing for community as a whole. Fiat curreny and a competent government fills this very important role. The fact that the way bitcoin was designed doesnt factor in the fact that the population of the human race will only keep growing; makes it an inferior means of trade on a large scale and merely a commodity to add to the list next to gold. By inferior i mean it isnt widely accepted. most stores wont accept gold nor will they accept bitcoin. If there is any takeaway from this it is or added notes: -Bitcoin represents the ego of the human race as a trade able currency -Bitcoin does nothing to propagate community values by its very nature which is why it will not succeed in the future. -As difficult as it is to mine bitcoin, most people that use money in general dont really care what you did to earn it. People value stability in a currency. not rampant volatility. -Youtube videos on bitcoin value is all speculation no matter how much you want to justify its value. People dismissing the billionaires that publicly state their gut beliefs against crypto by creating conspiracy theories are actually the real insecure people of the crypto community. -Bitcoin is a COMMODITY dont be fooled into thinking that is a currency. It will never be a fully accepted global currency unless it can be controlled by a(competent) centralised governing body. And because it does not possess that capacity, it will never succeed in the distant long term.
Firstly, let me say, I hate how energy-intensive Bitcoin is and would never support the market for mining it in the long-term. However, below are what I believe to be a series of perceived catalysts for MARA as a swing play. Yes, some are more compelling than others. And yes, some should never even be graced with the name 'catalyst', but in the era of Lambos and rocketships, they will very much (unfortunately) be taken as such by those more naive to the space. What does MARA do? MARA mines Bitcoin. What is Bitcoin? In essence, a digital currency. A form of value not governed by any government or centralized institution. Hopefully this isn't news to you, but if not, here is a good place to start. What is mining? In essence, the process that is required to generate new bitcoins (better explanation here). Much like mining for gold or drilling for oil, you need to follow a process in order to generate more Bitcoin. Much like other commodities too, the price that they are selling for has a big impact on how profitable miners are. Why MARA, why now? Bitcoin has been flirting with the $10,000 mark for some time now. $10k for Bitcoin is a bit like $1 for a penny stock. It's tough to break, but once you do, a lot of heads start to turn. If Bitcoin moves, MARA is more than probably going to follow suit. Catalysts
Last time Bitcoin broke $10k price on 2nd June, MARA jumped from 0.72 to 0.91 (26% up) at the opening and ended the day at 0.82 (14% up). Bitcoin chart & MARA Chart
Companies with exact same business model are up 100-200% in the past month (DPW & NETE)
Message volume is up 40% on MARA StockTwits ("change in social interest or social momentum.")
Convertible Note Fully Converted to Equity reducing long term debt reduced to zero in May (here)
The sector is heating up due to Bitcoin price increases recently. MARA have managed to secure additional mining capacity despite it becoming increasingly hard to do so.
"The company now has additional mining capacity scheduled to arrive in May, July, and August of this year. Only one NASDAQ listed company has announced more hashing power coming online this summer than Marathon". (here)
"With the recent price increase of Bitcoin, the forward months of each batch of production capacity of Bitcoin miners has been selling out. The company has worked very aggressively to acquire miners with the nearest delivery dates so the miners may be put into production as soon as possible." (here)
Company Estimates 280% Increase in Operating Hashrate to 129 PH/s when miners are received and deployed in July (here)
Q2 revenue should show a significant jump given the additional capacity and rise in Bitcoin price.
Reported revenues of $592,487 during the three months ended March 31, 2020 - up 157% from the same period year before.
This was with far less mining capacity and a Bitcoin price sitting far lower at between $7,000-8,500. (here)
https://preview.redd.it/ol0xunboaf951.png?width=864&format=png&auto=webp&s=3bc261b6916c16487d48e8241f2467bb64429406 new version of my self-created linux command line tool: https://github.com/fatrattombala/bash-btc-quote The shell (bash) script uses the coingecko API and is capable of displaying all crypto currencies available through that API. There are a lot of cross-currencies (55 at the moment, including some Cryptos, as well as the commodities Gold (XAU) and Silver). The script startet with the argument "--c" shows them all with name and ticker. I like this kind of command line tools a lot - I don't want to be constantly informed about the Bitcoin (or other crypto) price, but from time to time, I hack in "btc" - and get it. The script was more or less the outcome of a small shell script programming learning project. have fun
Cryptocurrency is being manipulated so BTC can be artificially overvalued
So far, crypto has become the centralized entity it claims to hate. It's clear as day that Bitcoin's price is being severely manipulated so whales can profit off of others' optimism and speculation. It's pretty clear what's happening. You almost never see such a volatile asset - that especially has a market cap over $150 billion - because the liquidity and high volume should be high enough to cover big orders to the point where market manipulation doesn't happen. It seems that BTC's price is being overly-inflated through Tether (USDT), a token back by absolutely nothing. USDT managed to get success through market manipulation. Bitfinex flooded Kraken with a high volume of trades to give the illusion that the market valued USDT as much as USD, despite there being no actual cash reserves to back it up. Since Tether isn't backed by any commodity, asset, or even cash, what stops Bitfinex from printing more tether to give Bitcoin a false rise in value? Bitcoin and the price of other cryptocurrencies rise because of Tether printing more tokens to manipulate the market, increasing the perceived "market value". This increase in the perceived value of Bitcoin causes an increase in hashrate, thus fulfilling the prophecy. What stops Tether from ensuring the failure of any currency they don't support? They can simply mint more Tether, repeatedly dump the currency, and then make it go to 0. It's hard because even if Tether was found guilty of fraud, it would still cause crypto market prices to plummet.
Stablecoin — A Crucial Element For Cryptocurrency Market
Despite the ups and downs of the cryptocurrency market this year, stablecoin has become the biggest winner in the first quarter of 2020. According to statistics from the media The Block, the transaction volume of stablecoins in the market surged in the first quarter of this year, an increase of 8% compared with the fourth quarter of last year, and exceeded the $90 billion mark for the first time in history. In contrast, the total transaction volume of stablecoins last year was $250 billion. https://preview.redd.it/94q7bfl7kl851.png?width=900&format=png&auto=webp&s=8e6443e43cdd9b3f01488cf74c563295ab5ebec1 What is stablecoin? One of the problems with cryptocurrencies is their volatility. As a digital asset that has no actual connection with the real world, cryptocurrencies have failed to gain the expected global recognition due to their volatility. The concept of stablecoin came into the picture to solve this issue and promote the mass adoption of cryptocurrency across the world. Stablecoin refers to a cryptocurrency with a financial value that is “pegged” to another currency, such as the US Dollar. Stablecoins allow users to buy, sell, and trade blockchain assets that mimic the prices of government-issued currencies. Stablecoin is a type of cryptocurrency with a lesser-volatile price when compared to other assets such as gold, fiat currencies, and other commodities. Stablecoin is currently being used in the crypto market to minimize risks during high stability periods in the market.
Types of Stablecoins
The following are the three types of stablecoins in the market.
This is the common form of stablecoins. Fiat-backed stablecoin are coins that are fully backed by fiat money. Fiat-backed stablecoins are backed 1:1, meaning $1 of stablecoins is equivalent to $1 of fiat money. The idea is that their stablecoin is ‘backed’ by real fiat in real bank accounts. This category of stablecoins is indeed the most simple but also the most centralized. 2. Commodity-backed stablecoin This category of stablecoins are backed by commodities. Commodities are fungible assets that are interchangeable for trading in the same market.The most common commodity to be collaterized is gold, which is a form of precious metals. 3. Cryptocurrency-backed stablecoin Crypto-Backed stablecoins are coins backed by other digital currencies, usually the top-ranked cryptocurrencies with large market capitalization such as Bitcoin (BTC) or Ether (ETH). Typically, crypto-backed coins are backed by a mix of cryptocurrencies rather than being backed by just a single currency. This allows for better risk distribution.
Advantages of Stablecoin
Stablecoin is digital, programmable and blockchain-based, so it has a series of advantages:
Being globally acceptable and useful is an advantage of cryptocurrency. Just like Bitcoin, stablecoins can also be traded over the Internet, regardless of country, bank or any type of intermediary agency.
Transaction processing fee has been costly for fiat and crypto. The conversion from fiat to crypto or vice versa has even higher charges. Stablecoin can help reduce these costs when the currency is converted to stablecoins to complete the transaction.
Faster Processing Speed
Processing financial and crypto transactions using stablecoins takes less time. Especially when traders need to convert fiat to crypto or vice versa, the time taken for the process is quite long. This can affect their investment as the prices change midway. By converting crypto to stablecoins, the process is simplified and also allows traders to complete the transaction before the price fluctuates again.
As stablecoins are traded on the blockchain network, full transparency is possible.
Use Cases for Stablecoin
Making Payments: By using stablecoins to make payments, people can save the amount spend on transaction charges, which are usually anything between 2%-3% or even more).
Trading Market: Stablecoins, especially the famous Tether, is already being fully utilized on the crypto exchanges to reduce the exposure of crypto before the traders fully cash out.
Escrow: Escrow is a financial agreement in which a third-party service provider is enlisted to hold the money/ paperwork for a short time until the transaction is finalized between the actual parties. Stablecoins have automated this process by providing the required stability.
Safety: Be it storage or time duration, stablecoins are a safe option for people who want to keep their investments safe over time and cannot save the investments in the bank.
Cross-border Remittances: Making cross-border payments has become easier with stablecoins. There is no need to worry about the changes in price after currency conversion and the additional charges one has to pay for international remittances.
Lending Advantage: Stablecoins are delivering a whopping 15% interest rate for debt investors in the market. No wonder many institutions are busy hiring the services of Stablecoin Development Company to build their exclusive stablecoins.
Employee Payroll: Nippon Yusen Kaisha, a Japanese shipping company, has first started using stablecoins to pay employee salaries in November 2018. This has made it easier for overseas employees to manage their finances.
24*7 Settlements: Settlements take time to be delivered due to the restrictions in the banking hours. Since stablecoins are operated on a blockchain network, they are active 24*7. The amount will immediately be reflected in the account of the receiver.
Decentralized: Stablecoins allow for a better-decentralized ecosystem when compared to cryptocurrency. This is due to the stability of the coin.
In sum, stablecoin is a crucial element for a dynamic cryptocurrency landscape. Advancing mainstream cryptocurrency adoption requires stablecoins to be a viable hedging mechanism in this highly volatile market. With national banks and financial institutions developing their stablecoins, we might see this digital asset slowly integrate the general market with the crypto market. At ByteBulls, we offer customized stablecoin development services to our global clients. Backed by a cross-functional team, we deliver complete solutions — from coin development, smart contract development to marketing — to deliver tangible business outcomes. Whether you want to build a gold-backed stablecoin, crypto-backed stablecoin, or fiat-backed stablecoin, we help you accomplish your business goals with our mission-driven solutions. Schedule an obligation-free call with our experts to learn how you can capitalize on the upcoming crypto opportunities. 👉Telegram Learn more about us: 🏦 ByteBulls White Label Exchange 🎰 ByteBulls White Label Blockchain Games 🔗ByteTrade Blockchain You can also find us on: 👉Facebook 👉LinkedIn 👉Crunchbase
Thoughts On The Market Series #1 - The New Normal?
Market Outlook: What to Make of This “New Normal”
By ****\* March 16, 2020 After an incredibly volatile week – which finished with the Dow Jones Industrial Average rallying over 9% on Friday – I suppose my readers might expect me to be quite upbeat about the markets. Unfortunately, I persist in my overall pessimistic outlook for stocks, and for the economy in general. Friday’s rally essentially negated Thursday’s sell-off, but I don’t expect it to be the start of a sustained turnaround. We’re getting a taste of that this morning, with the Dow opening down around 7%. This selloff is coming on the back of an emergency interest rate cut by the Federal Reserve of 100 basis points (to 0%-0.25%) on Sunday… along with the announcement of a new quantitative easing program of $700 billion. (I will write about this further over the next several days.) As I have been writing for many weeks, the financial bubble – which the Fed created by pumping trillions of dollars into the financial system – has popped. It will take some time for the bubble to deflate to sustainable levels. Today I’ll walk you through what’s going on in the markets and the economy… what I expect going forward and why… and what it means for us as traders. (You’ll see it’s not all bad news.)
Coronavirus’ Strain on the Global Economy
To start, let’s put things in perspective: This asset deflation was coming one way or another. Covid19 (or coronavirus) has simply accelerated the process. Major retailers are closing, tourism is getting crushed, universities and schools are sending students home, conventions, sporting events, concerts, and other public gatherings have been cancelled, banks and other financial service firms are going largely virtual, and there has been a massive loss of wealth. Restaurant data suggests that consumer demand is dropping sharply, and the global travel bans will only worsen the situation. Commercial real estate is another sector that looks particularly vulnerable. We are almost certain to see a very sharp and pronounced economic slowdown here in the United States, and elsewhere. In fact, I expect a drop of at least 5% of GDP over the next two quarters, which is quite severe by any standard. Sure, when this cycle is complete, there will be tremendous amounts of pent-up demand by consumers, but for the time being, the consumer is largely on the sidelines. Of course, the problems aren’t just in the U.S. China’s numbers look awful. In fact, the government there may have to “massage” their numbers a bit to show a positive GDP in the first quarter. Europe’s numbers will also look dreadful, and South Korea’s economy has been hit badly. All around the world, borders are being shut, all non-essential businesses are being closed, and people in multiple countries are facing a lockdown of historic proportions. The coronavirus is certainly having a powerful impact, and it looks certain that its impact will persist for a while. Consider global tourism. It added almost $9 trillion to the global economy in 2018, and roughly 320 million jobs. This market is in serious trouble. Fracking in the U.S. is another business sector that is in a desperate situation. Millions of jobs and tens of billions of loans are now in jeopardy. The derivative businesses that this sector supports will be likewise devastated as companies are forced to reduce their workforces or shut down due to the collapse in oil prices. This sector’s suffering will probably force banks to book some big losses despite attempts by the government to support this industry. In a similar way, the derivative businesses that are supported by the universities and colleges across America are going to really suffer. There are nearly 20 million students in colleges across the U.S. When they go home for spring vacation and do not return, the effect on the local businesses that colleges and university populations support will be devastating. What does this “new normal” mean going forward? Let’s take a look…
The new normal may become increasingly unpleasant for us. We need to be ready to hunker down for quite some time. Beyond that, the government needs to handle this crisis far better in the future. The level of stupidity associated with the massive throngs of people trapped in major airports yesterday, for example, was almost unimaginable. Instead of facilitating the reduction of social contact and halting the further spread of the coronavirus, the management of the crowds at the airports produced a perfect breeding ground for the spread of the virus. My guess is that more draconian travel restrictions will be implemented soon, matching to some extent the measures taken across Europe. This will in turn have a further dampening effect on economic activity in the U.S., putting more and more pressure on the Fed and the government to artificially support a rapidly weakening economy. Where does this end up? It is too early to say, but a very safe bet is that we will have some months of sharply negative growth. Too many sectors of the economy are going to take a hit to expect anything else. The Fed has already driven interest rates to zero. Will that help? Unlikely. In fact, as I mentioned at the beginning of this update, the markets are voting with a resounding NO. The businesses that are most affected by the current economic situation will still suffer. Quantitative easing is hardly a cure-all. In fact, it has been one of the reasons that we have such a mess in our markets today. The markets have become addicted to the easy money, so more of the same will have little or no impact. We will need real economic demand, not an easier monetary policy. It won’t help support tourism, for example, or the other sectors getting smashed right now. The government will need to spend at least 5% of GDP, or roughly $1 trillion, to offset the weakness I see coming. Is it surprising that the Fed and the government take emergency steps to try to stabilize economic growth? Not at all. This is essentially what they have been doing for a long time, so it is completely consistent with their playbook. Next, I would anticipate the government implementing some massive public-works and infrastructure programs over the coming months. That would be very helpful, and almost certainly quite necessary. But there’s a problem with this kind of intervention from the government…
What Happens When You Eliminate the Business Cycle
The Fed’s foolish attempt to eliminate business cycles is a significant contributing factor to the volatility we are currently experiencing. Quantitative easing is nothing more than printing lots and lots of money to support a weak economy and give the appearance of growth and prosperity. In fact, it is a devaluation of the currency’s true buying power. That in turn artificially drives up the prices of other assets, such as stocks, real estate and gold – but it does not create true wealth. That only comes with non-inflationary growth of goods and services and associated increases in economic output. Inflation is the government’s way to keep people thinking they are doing better. To that point: We have seen some traditional safe-haven assets getting destroyed during this time of risk aversion. That has certainly compounded the problems of many investors. Gold is a great example. As the stock market got violently slammed, people were forced to come up with cash to support their losing positions. Gold became a short-term source of liquidity as people sold their gold holdings in somewhat dramatic fashion. It was one of the few holdings of many people that was not dramatically under water, so people sold it. The move may have seemed perverse, particularly to people who bought gold as a safe-haven asset, but in times of crisis, all assets tend to become highly correlated, at least short term. We saw a similar thing happen with long yen exposures and long Bitcoin exposures recently. The dollar had its strongest one-day rally against the yen since November 2016 as people were forced to sell huge amounts of yen to generate liquidity. Many speculators had made some nice profits recently as the dollar dropped sharply from 112 to 101.30, but they have been forced to book whatever profits they had in this position. Again, this was due to massive losses elsewhere in their portfolios. Is the yen’s sell-off complete? If it is not complete, it is probably at least close to an attractive level for Japanese investors to start buying yen against a basket of currencies. The major supplies of yen have largely been taken off the table for now. For example, the yen had been a popular funding currency for “carry” plays. People were selling yen and buying higher-yielding currencies to earn the interest rate difference between the liability currency (yen) and the funding currency (for example, the U.S. dollar). Carry plays are very unpopular in times of great uncertainty and volatility, however, so that supply of yen will be largely gone for quite some time. Plus, the yield advantage of currencies such as the U.S. dollar, Canadian dollar, and Australian dollar versus the yen is nearly gone. In addition, at the end of the Japanese fiscal year , there is usually heavy demand for yen as Japanese corporations need to bring home a portion of their overseas holdings for balance sheet window dressing. I don’t expect that pressure to be different this year. Just as the safe-haven assets of yen and gold got aggressively sold, Bitcoin also got hammered. It was driven by a similar theme – people had big losses and they needed to produce liquidity quickly. Selling Bitcoin became one of the sources of that liquidity.
Heavy Price Deflation Ahead
Overall, there is a chance that this scenario turns into something truly ugly, with sustained price deflation across many parts of the economy. We will certainly have price deflation in many sectors, at least on a temporary basis. Why does that matter over the long term? Price deflation is the most debilitating economic development in a society that is debt-laden – like the U.S. today. Prices of assets come down… and the debt becomes progressively bigger and bigger. The balance sheet of oil company Chesapeake Energy is a classic example. It’s carrying almost $10 billion worth of debt… versus a market cap of only about $600 million. Talk about leverage! When the company had a market cap of $10 billion, that debt level didn’t appear so terrifying. Although this is an extreme example for illustrative purposes, the massive debt loads of China would seem more and more frightening if we were to sink into flat or negative growth cycles for a while. The government’s resources are already being strained, and it can artificially support only so many failing companies. The U.S. has gigantic levels of debt as well, but it has the advantage of being the world’s true hegemon, and the U.S. dollar is the world’s reserve currency. This creates a tremendous amount of leverage and power in financing its debt. The U.S. has been able to impose its will on its trading partners to trade major commodities in dollars. This has created a constant demand for the dollar that offsets, to a large extent, the massive trade deficit that the U.S. runs. For example, if a German company wants to buy oil, then it needs to hold dollars. This creates a constant demand for dollar assets. In short, the dollar’s status as the true global reserve currency is far more important than most people realize. China does not hold this advantage.
What to Do Now
In terms of how to position ourselves going forward, I strongly recommend that people continue with a defensive attitude regarding stocks. There could be a lot more downside to come. Likewise, we could see some panic selling in other asset classes. The best thing right now is to be liquid and patient, ready to pounce on special opportunities when they present themselves. For sure, there will be some exceptional opportunities, but it is too early to commit ourselves to just one industry. These opportunities could come in diverse sectors such as commercial real estate, hospitality, travel and leisure, and others. As for the forex markets, the volatility in the currencies is extreme, so we are a bit cautious. I still like the yen as a safe-haven asset. I likewise still want to sell the Australian dollar, the New Zealand dollar, and the Canadian dollar as liability currencies. Why? The Bank of Canada, the Reserve Bank of Australia, and the Reserve Bank of New Zealand have all taken aggressive steps recently, slashing interest rates. These currencies are all weak, and they will get weaker. Finding an ideal entry for a trade, however, is tricky. Therefore, we are being extra careful with our trading. We always prioritize the preservation of capital over generating profits, and we will continue with this premise. At the same time, volatility in the markets is fantastic for traders. We expect many excellent opportunities to present themselves over the coming days and weeks as prices get driven to extreme levels and mispricings appear. So stay tuned.
VipMex Crypto and Futures Contract Trading Platform Gives Away 346 USDT to Celebrate Launch
vipmex.com A new trading platform called VipMex has entered the market, allowing users to invest in cryptos and futures contracts with ease. About the Company Hong Kong-based VipMex is a company specialized in providing all-inclusive financial investment options and management for crypto assets and futures. The team behind VipMex is made up of many highly educated professionals with a background in various advanced technologies. Their main goal is to develop accessible futures and cryptocurrency options by establishing a secure investing environment which can be navigated by clients of all levels of experience. This cryptocurrency exchange relies on a powerful trading system that serves as the basis of a comprehensive and strong trading environment. VipMex focuses on providing low cost and easy to use crypto investment alternatives that can be accessible to all users. VipMex Risk Strategy The VipMex exchange was built on providing exposure to cryptocurrency markets for all kinds of investors at competitive and low rates. Usually, when the clients have opposing positions, let’s say one Bitcoin contract is long and the other Bitcoin contract short, both sides of the trade are covered, with the exchange making its profits from the fees of the trades. If most clients trade in the same position, VipMex will hedge in the underlying market or derivates markets, meaning they might actually buy Bitcoin or long Bitcoin futures if the majority of clients take long positions on Bitcoin contracts. This allows the platform to pay out all its clients if their positions turn out to be correct. In case of unforeseen market developments, the exchange will store a certain percentage of its profit in a Risk Reserve Fund to always pay out the revenues of their clients. USDT Base Currency On the VipMex crypto exchange, the Tether (USDT) stablecoin is used as the base currency, meaning that the exchange rates of the other digital assets are generally quoted against Tether. USDT is the most popular and used stablecoin in the crypto market, having its value pegged to that of the US dollar. The coin recently surpassed XRP and became the world’s third-largest crypto according to a market cap of $8.805.483.772. USDT is also the most traded crypto based on its 24-hour volume, surpassing even Bitcoin. With the occasion of platform launch, VipMex is giving 346 USDT to users who register on the crypto exchange and perform trading activities. Fees and Discount Bonus VipMex users can withdraw USDT from their account without having to pay any fees. A one-time transaction fee which is 0.05% becoming the best cost-effective comparing with Binance, Huobi, SnapEx, OKEX etc. for each position opened. The crypto exchange offers zero spread accounts, which have no difference between the bid and ask price. This allows traders to know their entry and exit levels when they open a position. There are no slippage costs (the difference between the projected price of a trade and the price at which the trade is completed) and no clawback (take back money as a form of taxation). Moreover, VipMex also introduced a system where users can gather bonus for missions or trading and then use these bonus to deduct their margin. Multi-Currency Account VipMex supports the trading of multiple digital assets and commodities from one single account. This means that users do not have to go and create multiple accounts to hold and manage different cryptos or futures. All trading can be done from one account, simplifying matters for investors who want a diverse trading portfolio. In addition to cryptocurrencies, users can also trade using fiat by making deposits on the platform’s Over The Counter exchange. This way, those who are new to crypto and do not yet own the assets can still invest by using their fiat funds. Up to 500x Leverage VipMex users can engage in margin trading and leverage anywhere from 10x to 500x. While margin trading is riskier compared to other types of trades, it can bring higher rewards. The trading platform incorporates a unique “close all” function. Also, in order to protect clients’ profitability and hedge against risk exposure, in certain extreme market conditions, VIPMEX might temporarily prevent clients from opening new positions in a single direction until it is safe to open trades on that position again. Accurate Price Listing VipMex displays its crypto prices by using a K-line weighted average based on the data sourced from 3 of the biggest crypto exchanges on the market, namely Binance (30%), OKEx (40%), and Huobi (30%). This is done in order to feature cryptocurrency prices in the most accurate way. Binance is the world’s first crypto exchange in terms of 24-hour trading volume, while OKEx is sixth. VipMex is ready to help investors find easy crypto trading solutions, as well as futures contract options, and help them get the best profits by adopting risk-mitigating strategies.
The Dow fell 973.65, or 4.44%, to 20,943.51, the Nasdaq lost 339.52, or 4.41%, to 7,360.58, and the S&P 500 declined 114.09, or 4.41%, to 2,470.50. The stock market retreated more than 4% to start the second quarter on Wednesday, as President Trump warned that the next two weeks will be "very painful" in terms of coronavirus fatalities. The S&P 500 (-4.4%), Dow Jones Industrial Average (-4.4%), and Nasdaq Composite (-4.4%) each fell 4.4%. The Russell 2000 underperformed with a 7.1% decline. In COVID-19 news, The Hill reported that Florida Governor Ron DeSantis said he will sign an executive order requiring the state's residents to limit their movement outside of their homes. DeSantis has faced intense criticism for refusing to issue a stay-at-home order, the report noted. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 911,308 confirmed cases of COVID-19 and 45,497 deaths due to the disease. The coronavirus task force on Tuesday estimated that deaths attributed to COVID-19 could total 100,000-240,000 in the U.S. with daily deaths projected to peak in two weeks. To help contain the outbreak, and hopefully bring these figures down, Florida, Nevada, and Pennsylvania joined the growing list of states to issue 'stay at home' orders for 30 days. Original assumptions made by the medical community were based on the data coming out of China, which the U.S. intelligence community said underrepresented the real number of cases and deaths in the country, according to Bloomberg. The White House's projections, based on new data being released every day, had the market worried about the social and psychological effects on the economy. In U.S. data, ADP reported private payrolls fell "only" 27,000 in March, which was not as bad as many had forecast. However, ADP acknowledged the data don't really reflect the realities on the ground as a lot of the firings have taken place after the week that ended its survey. The ISM manufacturing index dropped 1.0 point to 49.1 in March, which was also not as bad as feared. Markit's manufacturing PMI was revised down to 48.5 in the final print for March. That was a little lower than the 49.2 flash reading for the month and down 2.2 points from February's 50.7 reading. Construction spending dropped 1.3% in February. In China, the Caixin manufacturing PMI climbed 9.8 points to 50.1 in March, almost fully recovering from the 10.8 point drop to the record low of 40.3 in February. The better than expected bounce is in line with the surprising 16.3 point jump in the official index to 52.0. In turn, no S&P 500 sector was spared in today's sell-off with ten sectors losing at least 3.0%, including 6.1% declines in the real estate and utilities sectors. The consumer staples sector performed relatively better with a 1.8% decline. In M&A news, TMUS announced that it has officially completed its merger with S to create the new T-Mobile. The company also announced that with close of the merger, it has successfully completed its long-planned CEO transition from John Legere to Mike Sievert ahead of schedule. Among the notable losers was XRX, -7.1% withdrawing its offer to acquire HPQ, -14.5%, MAR, -7.6% disclosing a data breach that affected 5.2 million customers, and M, -9.8% being removed from the S&P 500. Shares of GM fell 7.3% after the automaker announced that it delivered 618,335 vehicles in the U.S. in the first quarter of 2020, a decrease of about 7% compared to a year ago. "The industry experienced significant declines in March due to the outbreak of COVID-19," noted GM in its sales announcement. Meanwhile, FCAU reported a 10% decline in its first quarter sales to 446,768 vehicles, also noting that "the strong momentum in January and February was more than offset by the negative economic impact of the coronavirus in March." Additionally, Toyota North America (TM) reported that sales in March fell 36.9% on a volume basis and 31.8% on a daily selling rate basis year-over-year. Among the noteworthy gainers was KGC, which rose over 11% after it said its mines continue to operate and have not materially been impacted by the COVID-19 pandemic. The company also withdrew guidance for fiscal 2020 in light of the outbreak. Also higher was AMRN, which surged 24.5% after Jefferies analyst Michael Yee hosted a conference call with life sciences patent lawyer Jacob Sherkow to discuss the Vascepa patent litigation. During the call, Sherkow said that he believes Amarin has a 50% chance to win an appeal and a more than 80% chance of getting an injunction. In the oil market, the Wall Street Journal reported that Cherony7 is scheduled to meet Friday with the heads of some of the largest U.S. oil companies to discuss government measures to help the industry weather an unprecedented oil crash. The meeting is to take place at the White House and will include Trump, XOM Chief Executive Darren Woods, CVX Chief Executive Mike Wirth, OXY Chief Executive Vicki Hollub and Harold Hamm, executive chairman of CLR, according to the Journal. Stocks in Asia were lower on Wednesday as a private survey showed Chinese manufacturing activity expanding slightly in March. In Japan, the Nikkei 225 led losses among the region’s major markets as it dropped 4.5% to close at 18,065.41.
The dollar advanced on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions in decades as the world confronts the coronavirus pandemic. The U.S. Dollar Index rose 0.6% to 99.65, approaching yesterday's high.
EUUSD: -0.9% to 1.0933
GBP/USD: -0.4% to 1.2373
USD/CNH: +0.6% to 7.1290
USD/JPY: -0.3% to 107.16
U.S. Treasuries ended the midweek session on a mixed note for the second day in a row, but shorter tenors underperformed today while longer tenors recovered yesterday's losses. The long end outperformed from the start after Treasury futures rallied overnight. That rally took place as most global equity markets faced renewed selling pressure to begin Q2. 10s and 30s built on their opening gains during the first two hours of trade, while the 2-yr note headed in the opposite direction before rallying toward its high into the close. Interestingly, the late push in the 2-yr note took place as longer tenors slipped to fresh lows.
2-yr: +2 bps to 0.22%
3-yr: UNCH at 0.27%
5-yr: -1 bp to 0.37%
10-yr: -6 bps to 0.64%
30-yr: -6 bps to 1.29%
Gold prices firmed on Wednesday as investors sought safe-haven assets after somber U.S. economic data exacerbated fears of a economic downturn amid increasing lockdowns and other restrictions globally to combat the coronavirus pandemic.
WTI crude: -1.0% to $20.32/bbl
Gold: -0.1% to $1592.40/ozt
Copper: -2.3% to $2.176/lb
U.S. grain and soybean futures fell in tandem with a sinking stock market on Wednesday, with wheat down more than 3% in its largest slide in more than a month after nearly two weeks of gains fueled by coronavirus grocery stockpiling. Soybeans fell more than 2%, the most in 2-1/2 weeks, and most corn contracts posted fresh life-of-contract lows as worries over burdensome supplies weighed on prices.
Following Bitcoin’s bout of consolidation within the mid-$6,000 region, the benchmark cryptocurrency has seen a slight decline that has led it down towards the support that has been established around $6,000.
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Proof-of-work in colonial Maryland: Burning tobacco for paper money, burning electricity for $BTC
The colonists established their first settlement in Maryland in 1634. Lord Baltimore urged them to develop a diversified economy of farming, lumbering, fishing, mining, and more. But the lure of profits from growing tobacco was too hard to resist. Tobacco shaped colonial life and tobacco became so important it became money. Items were bought and debts were settled in pounds of tobacco, and Maryland designated it as the official medium of exchange in 1637. This was partly due to a severe shortage of coinage in England, which affected American settlements.
“The most widespread use of commodity money was tobacco, which served as money in Virginia. The pound-of-tobacco was the currency unit in Virginia, with warehouse receipts in tobacco circulating as money backed 100 percent by the tobacco in the warehouse.”
Murray Rothbard, A History of Money and Banking in the United States: The Colonial Era to World War II But having tobacco as the primary engine of the Maryland economy led to some problems. The slightest change in tobacco prices in England or Europe had a great impact on their lives. Boom times and depressions happened often during the 17th and 18th centuries. The export of British currency and the establishment of colonial mints were prohibited by English Law at the time. This led to currency shortages were common in Maryland and merchants often paid British firms with bills of exchange. Until legislative action in 1747, tobacco-for-bills was frequently used as the internal trading economy. In order to replace the then-current use of tobacco as money, each taxpayer was to be given 30s in notes in return for burning 150 pounds of tobacco.
The first Maryland issue
The notes were to be redeemed by the loan office starting in 1748 with profits realized through investments made in Bank of England stock. Shortly after, they transitioned to paper money. In this system, there was a continuing problem of farmers increasing their quantity of money by growing more tobacco. Vigilante squads got created. They roamed the countryside burning tobacco fields. All to keep the amount of tobacco under control: The money supply was controlled by burning tobacco grown by farmers.
Over to Bitcoin.
Bitcoin burns through a lot of electricity to maintain its network. It currently consumes approximately 7–8 gigawatts of power. This is around~$9 million per day of energy at a marginal cost of 5 cents per kWh. The bitcoin network consumes as much power as approximately 6 million homes. This is based on national averages in the U.S. In the “Gradually, then suddenly” series, Parker Lewis explains something interesting: “economic stability depends on the function of money and bitcoin provides a more sound monetary framework which is why there is no more important long-term use of energy than securing the bitcoin network.” The main difference with the tobacco economy is that the bitcoin network does not arbitrarily burn through energy. It’s done mathematically. Proving that energy production is vital to the functioning of our society. Some energy input is required for everything that we consume in our daily lives.
The coordination of those energy inputs is dependent on the reliability and stability of the money we use. — Parker Lewis
A fraction of all the computing power on the Bitcoin network is on these shelves. (image: EEE Spectrum) But Bitcoin doesn’t care. It consumes all necessary energy in the free market to secure its monetary network. The more people that value the long-term stability it provides, the more energy it will consume. This consumption makes sure all other derivatives of energy consumption fulfills. Much like Maryland’s tobacco economy 350 years ago. That’s why there’s no other long-term use of energy more important than securing the bitcoin network. (if you enjoyed this post you will love this newsletter. Sign up and get one case study on money and tech each Monday)
Coinviva BTC/USD Hourly Chart The Bitcoin price moved within an upward channel last week but struggled to break above the barrier at $9,900. It formed a lower high at $9,835 on June 9th, which indicated a reversal of the existing upward trend. The BTC market opened with a 3% drop at $9,447, which confirmed that the trend is reversed. It is consistent with the reversal of the US stock market last week. The BTC price will likely test the support at $9,000 and then make a bounce before testing the next support at $8,800. Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice. Review of the week: JPMorgan Chase, one of America’s biggest banks, praises Bitcoin's resilience in a Bloomberg report in terms of liquidity when compared to traditional assets such as U.S. stocks during the all-out collapse, while its strategists highlights the ‘longevity’ of the novel asset class after Bitcoin managed to recover from the cataclysmic crash that sent shockwaves around the cryptocurrency back in March. Back in May, JPMorgan welcomed Coinbase and Gemini as their first cryptocurrency clients. Yet JPMorgan insists that Bitcoin is still used as a speculative investment vehicle, not as a store of value. Former Chairman of the US Commodities and Futures Trading Commission Chris Giancarlo, who attended a Congress hearing about Financial Services on June 12th, emphasizing the importance of moving with purpose to develop a Fed-backed central bank digital currency (CBDC) to compete with similar assets being rolled out in China. Giancarlo also said any “digital dollar” should function exactly the same as physical cash, with all the privacy and portability that entails. He stressed that these features are an essential part of what makes the US dollar the world’s standard reserve currency, and that if legislators fail to act the country could lose much of its international clout, including the ability to effectively sanction targeted countries like North Korea or Iran. About Coinviva: Coinviva aims to create the best crypto financial services ecosystem for both institutional and individual investors. We provide reliable fiat funding options, excellent trading liquidity, bank security level custody and one-stop high liquidity provision on-site & off-site. Our founding management team all come from top tiered investment banking (e.g. JP Morgan, Morgan Stanley, Bank of America Merrill Lynch), with fully comprehensive financial institution operation experience. Homepage: https://coinviva.com/ Telegram: https://t.me/coinviva
Arguments rage about cryptocurrencies. They're a scam or a fraud - or are they the future of money? People I talk to are often divided on the question on what amount to political grounds! At the same time their underlying political positions may be very close. "Cryptocurrencies are a symptom of the worst excesses of the financial industry! It's fake wealth at its most obvious" or "Crypto is the way the common man can be freed from the tyranny of central banks". I'm not really sure who is the closest to the truth on that one. In my opinion cryptos are in effect much like precious metals: their monetary cost is hugely greater than the value of their utility and there are limitations on their supply. Crypto coins do have inherent value - by design they can be stored and exchanged independently and easily. Their supply is also limited by the way they work - this leads them having a price. There is no more volatile asset class. A daily 10% move is commonplace. Nevertheless, in most periods since Bitcoin's inception investors would have made money. At this stage in history it's fair to say that they have been good investments. They're different from other asset classes in their histories too: stocks, commodities, currencies, interest rates all existed hundreds of years ago. These legacies remain in the way they're traded and who trades them. By contrast crypto was invented in 2008 by technologists. Their exchanges were created, mostly, by technologists with little history in finance. The results were - by the standards of the financial world - disastrous. Multi-day outages - outages every day! Clients' actual assets lost permanently! But they continue... This is the clearest example of the great distinction between crypto and other asset classes: they come from Wall Street, crypto from Silicon Valley. While crypto exchanges may have the reliability of websites, they gain natural benefits from Silicon Valley too: openness. Stock exchanges don't waste time making their data available - unless there's money in it - and only for reputable clients. Brokers guard their data jealously. With crypto exchanges trading data is free to all on day one, by default - no-one would have discussed any other option. The same with electronic trading: these exchanges were build on web protocols, therefore the API comes for free, basically. This leads to unforeseen results: algotrading. For equities, when finally approved users have to fight through unwieldy, buggy authentication sequences before they can get a trade in with their online brokers like Schwab and TDAmeritrade and remain second-class citizens in getting to the order book. With crypto - there's no broker! You trade straight to the exchange just as an professional trader does. E.g. if you have a BitMEX account, you can be algorithmically trading there in less than 5 minutes from now. I've pointed this out to people - to reactions of stunned amazement: algotrading is supposed to be for professional financial geniuses! But no, it's for everone and I think it's going to change the world. So that's why I created this Subreddit: crypto trading is a special area and algo is its native way to trade.
Over the past 100 days, Grayscale has bought every third bitcoin
Over the past 100 days, Grayscale has bought every third bitcoin The Grayscale Investments cryptocurrency investment fund acquired every third bitcoin mined in the last 100 days. And in April, the fund bought 50% of all ETH mined. At the same time, despite the financial crisis and the fall of the cryptocurrency market in March, shares of Grayscale crypto funds in the first quarter of 2020 attracted record investments, which indicates a growing interest of institutional investors in the crypto industry. Why does the company need so many coins, what is its current position regarding the crypto market and what role does it play on it?
Aggressive Grayscale crypto purchases have recently been spotted with respect to ether. So, by April 24, the company had bought about 756 539 ETNs (accurate data are not publicly available) for its Ethereum Trust fund. This is about 48.4% of all 1.5 million coins mined since the beginning of this year. As a result, the company already owns 1% of all coins in circulation and only increases the pace of purchases. The first user to notice this was Reddit under the nickname u/nootropicat. According to the latest quarterly report by Grayscale, the flow of investments in ETN reached a record level for the first three months of 2020 — $110 million. This is a very sharp increase, given that total investments in ETN for the previous two years amounted to $95.8 million. The total demand for the Ethereum fund grew over the quarter is almost 2.5 times compared with the fourth quarter of 2019. From the beginning of the year until the end of April, the company issued 5.23 million shares of the fund at 0.09427052 ETN apiece. At the same time, shares are traded with a premium of 420% relative to the current price of the coin — $92 against $17.70. That is, investors are willing to pay extra pretty much not to deal with cryptocurrency on their own. Most likely, the increase in the rate of purchase of the coin is associated with the upcoming upgrade of the network to the state of Ethereum 2.0. It can take place at the end of July, but, most likely, it will happen not earlier than the end of the year. After the upgrade, the network will become more scalable and there will be the possibility of staking — validators will be able to receive passive income for providing their funds to confirm the blocks. The crypto market, by the way, is also preparing for the transition of the ecosystem to a new stage. ETH has grown 55% since the crash in March, from $110 to $202 on the day of publication. At the end of April, CoinDesk drew attention to the increase in the number of long positions in ETH futures — this indicates expectations for further growth of the coin.
Last quarter — the most successful in the history of the company
In May, Grayscale released a report on the results of the first quarter of this year. “Despite the decline in risky assets this quarter, Grayscale’s assets continue to approach record highs, as does our share of the digital asset market,” the document says. And this despite the coronavirus pandemic, the global recession and the traditional cryptocurrency market volatility. A record $503.7 million investment was raised in the first quarter. This is almost twice the previous quarterly maximum of $254 million in the third quarter of last year and accounts for 83% of the total capital of $1.07 billion raised for the entire 2019. New investors accounted for $160 million of raised funds. The main products of Grayscale Bitcoin Trust and Grayscale Ethereum Trust raised $388.9 million and $110 million, respectively. It is noteworthy that the company reduced the premium on stocks of funds relative to the price of assets. 88% of investments came from institutional investors, among which hedge funds prevail; 5% — from accredited individuals, 4% — from pension accounts (yes, pension funds are extremely conservative in nature, but also invest in bitcoin against the background of a decrease in the profitability of other assets); 3% came from family offices, and 38% of customers invested in several products at once. It is noteworthy that two years ago the share of institutional investors was about 50% — it is obvious that they no longer consider bitcoin as something criminal. “Many of our investors see digital assets as medium and long-term investment opportunities and the main component of their investment portfolios. Quarterly inflows doubled to $ 503.7 million, demonstrating that demand is reaching new peak levels even in conditions of “risk reduction”, the document says. Today, more than 46.5% of the inflow of funds was attracted from multi-strategic investors. Crypto investors accounted for only 11.2% of the inflow, according to the report. Grayscale currently operates ten cryptocurrency investment products targeted at institutional investors. They cover PTS, ETN, ETS, BCH, ZEC, XRP, LTC, ZEN, XLM. The value of the assets under his management is more than $3.8 billion. GBTC is the most demanded product, most investors invest in it and it takes about 1.7% of the total volume of circulating bitcoins. Aggregate quarterly flow of funds to different Grayscale products. Pay attention to the growing share of investors diversifying portfolios with products tied to altcoins. Since January of this year, the Grayscale Bitcoin Trust has been registered with the US Securities and Exchange Commission (SEC). According to it, the company provides quarterly and annual reports in the form of 10-K. The status makes it possible to sell shares of a trust in the secondary market after 6 months, rather than 12, as before, and also increases the confidence of conservative investors. Other products comply with OTCQX reporting standards in the OTC market and are approved by the US Financial Services Regulatory Authority (FINRA) for public offering. Amount of assets managed by Grayscale as of May 20, 2020. It is noteworthy that the news about the success of Grayscale comes amid news of how panicky investors in traditional assets are fleeing from market turmoil. So, the largest fund managers — BlackRock, Vanguard and State Street Global Advisors — lost several trillion in capitalization of their assets, and BlackRock in the first quarter for the first time in five years saw a net outflow of funds from its long-term investment products.
Bitcoin is the best asset for hedging portfolios in crisis
At the end of April, Grayscale also released a separate report on the analysis of the impact of regulators during a pandemic and the crisis caused by it and how it affected the bitcoin and cryptocurrency market as a whole. The document said fiat currencies are at risk of devaluation as central banks print more and more money. Even the US dollar, which is the world’s reserve currency, risks being devalued if the US Federal Reserve continues to print the currency in trillions. A decrease in interest rates to zero and negative values deprives government bonds of the status of “safe haven” during the crisis. Therefore, investors are trying to diversify their portfolios with alternative instruments. Cryptocurrencies are the best choice for this, according to the authors of the report. The text emphasizes the historical significance of gold as a global standard, but it is noted that in the modern digital world it is becoming increasingly burdensome for investors — it has complex logistics. Bitcoin seems resistant to the problems that other assets face. Therefore, in times of economic uncertainty, the first cryptocurrency is one of the best assets that investors can use to hedge their portfolios. The coin performs better than any other asset, including fiat currencies, government bonds, and traditional commodities like gold. The authors of the report emphasize that Bitcoin has already begun to show signs of becoming a protective asset. At the same time, the company believes that bitcoin is an excellent asset not only in times of crisis. So, in December 2019, Managing Director of Grayscale Investments Michael Sonnenshine said that the company expects an influx of investments in bitcoin after the transfer of $68 trillion of savings between generations in the next 25 years. Today, this capital is invested in traditional assets, but a significant part of these wealth millennials will invest in cryptocurrencies. Already, according to him, investments in GBTC are among the five most popular among young people, ahead of, for example, investments in Microsoft and Netflix.
The unprecedented financial measures taken by the US Federal Reserve, as well as the worsening recession, are forcing even the most conservative investors to rethink their current strategies and portfolio composition. Many of them are increasingly beginning to appreciate the fixed emission and non-correlation of Bitcoin — it is becoming a tool for risk diversification. Growing institutional interest is driving the acceleration of coin prices. Subscribe to our Telegram channel
The Dow plunged 1190.95, or 4.42%, to 25766.64, the Nasdaq lost 414.30, or 4.61%, to 8566.48, and the S&P 500 dropped 137.63, or 4.42%, to 2978.76.
It was a frenetic day of trading action on /thewallstreet. The stock market extended its recent sell-off by more than 4% on Thursday in a volatile session, as the widening spread of the coronavirus heightened pessimism among investors. The S&P 500 dropped as much as 3.5% shortly after the open, then cut its losses to 0.6% by midday, but ultimately closed at session lows with a 4.4% decline. The Dow Jones Industrial Average (-4.4%), Nasdaq Composite (-4.6%), and Russell 2000 (-3.5%) experienced similar price action. Each of the major indices fell into correction territory, which is often defined as a decline of at least 10% from a recent high, and today's drop sent the S&P 500 well below its 200-day moving average (3046.58) amid heavy selling into the close. From a sector perspective, all 11 S&P 500 sectors fell between 3.3% (health care) and 5.6% (real estate). Other notable moves included WTI crude falling 3.0% to 47.24/bbl to extend its weekly decline to 12.1% and the CBOE Volatility Index surging 42.1% to 39.16 in a protection trade against further equity weakness. Regarding COVID-19, the CDC acknowledged the first coronavirus case of "unknown origin" in the U.S., which raised concerns about a community spread of the virus. California's governor fueled concerns by saying 28 people have tested positive and another 8,400 people are being monitored because of their travel. The impact to global supply chains or consumer spending remains uncertain, but Goldman Sachs warned there could be no U.S. earnings growth in 2020 if the virus becomes widespread. MSFT -7.1%, meanwhile, was the latest high-profile company to issue a quarterly revenue warning, specifically for its More Personal Computing segment. Current, and past, Fed officials offered their views on the matter. In an opinion piece for The Wall Street Journal, former Fed Governor Kevin Warsh argued that the Fed and other central banks should cut rates due to the coronavirus, while Chicago Fed President Evans reiterated the Fed's stance that it's still premature to provide guidance without more data. Besides the coronavirus news, equity investors appeared to be taking cues from the Treasury market. For instance, the S&P 500's early morning low coincided with the high in the Treasury market. At session's end, the 2-yr yield declined five basis points to 1.10%, and the 10-yr yield declined basis points to 1.30%. Not all stocks closed lower, though. Face mask company (MMM) +0.8% and Bleach company (CLX) +0.4% managed to eke out small gains amid speculation that demand for some of their products will increase due to the coronavirus. Among the noteworthy gainers were VIR and NVAX, which surged 50% and 18%, respectively, as coronavirus fears mount. Both companies are working on coronavirus vaccines. Also higher were ETSY and SQ, which gained a respective 16% and 11% after reporting quarterly results. Among the notable losers was TSLA, which slid 8% after Bloomberg reported registrations of new Teslas in China plunged 46% last month as the coronavirus outbreak adds to a slump in the country's car market. SPCE fell 17% after Morgan Stanley analyst Adam Jonas downgraded the shares to Equal Weight and Credit Suisse analyst Robert Spingarn also downgraded the stock to Neutral following with the shares up 185% year-to-date. In earnings news, BBY reported better than expected sales and earnings for the fourth quarter and raised its quarterly dividend by 10%. Last night, BKNG reported "strong" Q4 results, but also cited a significant impact from the coronavirus on its forward outlook, stating that its wider than typical guidance ranges are due to "the high level of uncertainty in forecasting the coronavirus and its associated impact on the company and the travel industry generally." In its own more optimistic coronavirus update,SBUX said it is "seeing the early signs of a recovery" in China. In a letter to employees posted on its corporate blog, Starbucks CEO Kevin Johnson reported that the coffee giant now has 85% of stores open across China as it continues to assess the ongoing impact of the disease outbreak. Elsewhere in Europe, Stoxx 600 closed 3.6% lower provisionally, officially entering correction territory as it was off more than 10% from its record high notched on Feb. 19 last year.
The U.S. Dollar Index slid 0.5% to 98.51, widening this week's loss to 0.8%.
EUUSD: +1.0% to 1.0986
GBP/USD: UNCH at 1.2892
USD/CNH: -0.2% to 7.0051
USD/JPY: -0.4% to 109.99
The Treasury market has been the epicenter of concerns about the global growth outlook, as well as the frayed psychology pertaining to the COVID-19 outbreak. The 10-yr note yield is down four basis points this morning to 1.27%, leaving it down 19 basis points on the week and 65 basis points on the year. Today, the fed funds futures market expects that a rate cut will happen as soon as the March 18 meeting, followed by another cut in June. Treasuries briefly turned negative in midday trade but returned toward their opening levels after California Governor Gavin Newsom said that 28 people in California have tested positive for the coronavirus while more than 8,000 other people are being monitored.
2-yr: -5 bps to 1.10%
3-yr: -3 bps to 1.09%
5-yr: -3 bps to 1.11%
10-yr: -1 bp to 1.30%
30-yr: -1 bp to 1.78%
Oil prices continued their steep decline on Thursday, with U.S. West Texas Intermediate crude falling more than 5% at the low to $45.88 per barrel — a price not seen since Jan. 2019 — as fears of the coronavirus outbreak, and what it could mean for crude demand, continue to batter prices.
WTI crude: -4.88% to $46.35/bbl
Gold: -0.4 at $1640.70/ozt
Copper: -0.52% to $2.55/lb
Bitcoin was fighting to keep support at a key level on Feb. 27 as markets worldwide continued to suffer from fears over coronavirus.
Bitcoin: $8,873.19 (24hr: +0.77%)
Ethereum: $231.34 (24hr: +1.52%)
Ripple: $0.24 (24hr: 3.09%)
FAAMG + some penny stocks -4.5% YTD
Spoos -7.8% YTD
Old man -9.7% YTD
Russy -9.8% YTD
BYND reports EBITDA: $9.5M (est $5.76M), Net Rev: $98.5M (est $79.8M).Sees 2020 Net Revenue: $490M To $510M (est $485.7M)
Thoughts on Corona
It is becoming abundantly clear that the spread of the coronavirus is not going to be stopped. What is not clear is the extent of the economic damage that is going to be done by its spread before the world gets comfortable with the notion that the coronavirus is debilitating, but not necessarily deadly for most sufferers. The latter is the accepted perspective when dealing with the flu, but because COVID-19 is so new and won't reportedly have a vaccine to guard against it for some time, there is some understandable fear about contracting the virus that is prompting some extreme measures to contain it. Those measures have been detrimental to the world economy in a number of respects, which include but are not limited to shutting down supply chains, restricting travel, and preventing people from going to work. At the same time, some considerable psychological damage is being done with the understanding that governments around the globe are scrambling to deal with COVID-19 in a way that hasn't been seen in a really long time. China locked down entire cities. Japan announced today that it will be closing elementary, middle, and high schools nationwide until late March. President Trump last night announced that Vice President Pence is being put in charge of the U.S. response to COVID-19. The stock market, therefore, has been getting punched by a left-right combination of growth concerns and frayed investor psychology. That combination has led to some rapid-fire selling for a market that was already stretched and counting on stronger earnings growth in 2020, which now seems unlikely to pull through as expected. The uncertainty surrounding the earnings outlook is a major headwind for the market at the moment. Summaryscrapedfromtheinterweb.Took2.30seconds.
Leads you to a comprehensive understanding of Forbes
https://preview.redd.it/1dra1br1xu351.png?width=740&format=png&auto=webp&s=925b38326cb8aa4f4b2863670ada61005ee72c4c What is the hottest blockchain project in 2020? Besides GFS, GFS is still GFS in my mind! GFS currency - the only token of Forbes cross chain blockchain! Forbes is the latest generation of blockchain, which can be said to be a new blockchain mode, or it is not a pure blockchain project. As we all know, in the era of blockchain 1.0, the bitcoin of Nakamoto brings decentralized distributed bookkeeping book, which enables human beings to have just assets for the first time; in the era of 2.0, the Ethereum smart contract created by V God makes the blockchain have divergent applications; in the era of 3.0, innovation public chains such as EOS make the application of blockchain easier to land. It will open Forbes in the era of blockchain 4.0 and create a distributed financial era of "ten thousand chain interconnection". My feeling is that Forbes is going to overthrow the traditional Internet and the classic blockchain, and reshape a financial world built directly on the blockchain. The most classic sentence on the Internet is: change your life, but it has nothing to do with you. In this way, Forbes uses the philosophy of blockchain and further technology to redo blockchain and bring blockchain to a new dimension. Today's bitcoin looks like a monument and a myth, but Forbes is using its cross chain technology and financial deployment to gently reinterpret the blockchain. Next, I will expand what you are concerned about and what I see in the form of Q & A: 1. Is it investment or speculation to participate in Forbes? Although we do not exclude speculation, there is no doubt that participating in Forbes is one of the best investment behaviors in 2020, no less than investing in bitcoin in 2013 and Ethereum in 2016. Forbes is a pure technology project, with no messy black box operation. As Forbes early deployed the ore field to facilitate the construction of cross chain system, early users can rent the Forbes BTC miner loaded with self-developed bitcoin ASIC chips by way of mortgage, with the strongest configuration on the ground. Moreover, in the process of mining, the early nodes do not even need to pay a penny, only mortgage deposit can deploy the physical miner. The income obtained can also participate in the early stage node plan carried out by Dao organization, and part of the income can be converted into GFS through Forbes wallet. And the deposit is not a routine, all the mortgage deposits will be locked in the chain. With the shortening of the lease term, each day will be returned to the user's wallet through the "deposit smart contract", without any centralized individual and organization participation in the whole process. In this way, it is equivalent to zero risk investment! After all, Forbes, with its cryptology and open source spirit, is inherently powerful. What Forbes wants to change is the life of centralization! And then there's no more. Jane is not simple. 2. Why do you like Forbes? Very simple, blockchain 4.0 First of all, let's not talk about anything. Forbes has solved a problem - mining hegemony. In the past, blockchain seems that nodes can enter and leave freely, but in fact, it needs a huge threshold to become nodes and obtain mining rewards. Whether it's bitcoin, you need to buy very expensive and complex mining equipment (ASIC miner), or EOS, Tron and other POS projects, and you need to hold a large number of coins to be elected as nodes. All in all, most of the current blockchain systems need very high mining costs, which in essence violates the principle of zhongbencong's blockchain design. The powerful thing about Forbes is that it creatively constructs dpoc as a consensus mechanism of trunk chain (main chain). Dpoc is a kind of common understanding of POC. There is no big deployment threshold for mining with hard disk miner. As a result of the consensus between Forbes blockchain Multi Chain Design and dpoc, all mining machines that do not have the relay chain node selected can pack the interaction information between the parallel chain and the relay chain, and can also obtain the block reward. In essence, such a design realizes Zhongben Cong's idea that everyone can dig. Let alone Forbes to build a mine pool, to build the strongest mining machine that can dig out the Forbes token GFS. With this in mind, which blockchain product can match. Layout of Forbes The vision of Forbes: to build the most universal distributed financial system in the world, driven by Forbes, the most widely used cross chain system in the world. I saw two key words: cross chain, distributed Finance Cross chain is the most urgent problem in current blockchain ecology. In the past 10 years, various blockchain systems have been deepening in security and performance, but no progress has been made in chain and chain scalability. As you can see, the chain and the chain is an island. Can EOS players and wave players break the bond? In the human financial life, transaction, loan, personal credit, supply chain finance, stock, commodity... They are directly full of interaction and connection. It can be said that human beings are dealing with all kinds of transactions all the time. Can the isolated blockchain really solve the problem? Forbes is born to be a global distributed financial system and truly a financial ecosystem. Imagine what a change it would be if you could smoothly carry out blockchain financial activities with foreign small partners. This pattern is too big for me to say. But please believe that if this is done, it can be described as a complete disaster. https://preview.redd.it/ee15vfv8xu351.png?width=1450&format=png&auto=webp&s=b36e2aa2548e0320b127d30e67d28511a666b30b 3. Is it better to mine or invite new people? Since this is my experience interpretation, I think: invite, boldly invite new people. Every time you invite one, you add a certain amount of calculation power. It's good to mine in Buddhism, but if you can participate in the birth of a great project, you can get more profits. Why not? Let's take a different perspective: now that you recognize Forbes, you recognize its value. Or you're not going to dig, are you! So, why can't we add more yards! Since we are trying to change our destiny, this is the highest lever. If it does, which lever can be bigger than Forbes! So, invest money or energy, and do what you can. 4. Do I want to join the Forbes pool project? Do you want to do it. They all recognize the value, so they can download the application directly. My original intention: First of all, GFS coin is a new mining model - POC hard disk mining that "everyone can dig, everyone can benefit". It avoids pow (proof of work workload) which is a large power consumption mode. In the initial stage of the main network online, Forbes opened the mine pool plan, leasing the mine machine at zero cost, becoming the earliest node of blockchain 4.0 representing the project, and obtaining the maximum benefit. Why not? You know, GFS production is also halved in four years. To dig now is to dig bitcoin before 2013, without cost. Secondly, in this stage, we can also increase the number of invited nodes. After the completion of the mining pool plan, we can only rely on hard indicators to increase the computing power. Now we can also rely on our efforts to get more profits. Therefore, in the face of equal opportunities for all, this is a great opportunity to take the initiative. Still hesitant? 5. Blockchain is my knowledge blind area. What can I do if I don't understand cross chain knowledge? First of all, you have to ask you, this is the excuse you don't want to get wealth? Not only Forbes is your knowledge blind area, but blockchain is a knowledge blind area for ordinary people. However, you should know that in 2020, the State advocates blockchain, the central bank DCEP has been put into trial operation, and blockchain has been applied in many aspects. Are you still in your blind spot? Of course, it's not good to pull the national flag. Let's talk about something practical. Opportunity always appears in new things. Ask, what's the matter with you, a solidified model? You have money or connections. I believe that choice is more important than effort. A road, if we choose the wrong direction at the beginning, the harder we work, the farther away we are from our goal. Therefore, the knowledge blind spot is not my problem, but whether you have a heart willing to contact new things! Among the miners I know, there is a 67 year old elder brother who has been a soldier, a factory, a traditional businessman and a cell phone. Do you still have his blind spot? 6. Will Forbes succeed? To be honest, I don't know. But I know that it is the blockchain project that I hope to reach the most in 2020. For details, please refer to the second question, why I like Forbes. If you really question Forbes, you can choose to only participate in the "miner Alliance Plan" and choose to mine at zero cost. No matter how the Forbes project progresses, you can get the benefit of mining without cost. Why not? Besides, when the Forbes project is really implemented, you can decide whether to invest in GFS. I'm sure you will have your own judgment at that time. 7. What is the most important thing to dig GFS? Insist, insist, or insist. We must make full use of our efforts in the earliest planning activities of the mine pool. After all, mining at zero cost + inviting to increase the calculation power and increase the support in the wet season. At this stage, we must dig more coins and exchange more for GFS. Maybe the reward coins you dig out in three months can't be found in a year after you try to buy hard disk mining machines for nodes. https://preview.redd.it/wi81roocxu351.png?width=750&format=png&auto=webp&s=0cd677f420071cfad942e426d4b415165915c2d0 8. There are so many people who rent mining machines first. Do I have a chance? People die more than people, and goods are thrown away more than goods. Don't compare with others, just be yourself. God said, I can fulfill your one wish, but I will give you twice as many neighbors. You will choose 10 million positive choices, Or one less arm in the dark? Mining is like this. Those old miners are your neighbors. Dare to own 10 million good, do not think about neighbors than you 10 million. Is that right? And when there are 10000 GFS, do you still want someone to have 100 more than you? 9. How much is GFS worth? To be honest, I don't know. The number of GFS is 21 million bitcoin, and the price of bitcoin is about 60000 yuan. The GFS main network has just been launched. In some markets, its price has increased more than 10 times in five days, far exceeding the price of bitcoin before the half reduction. The miners who rent mining machines in advance are blessed. As for the future, with the start of the implementation of blockchain financial facilities this year, GFS must be just the beginning. Where is the top? We witnessed it together. 10. Which do I want, kusd or usdt? For now, it doesn't matter which one you use. Although usdt has a lot of potential risks, there are still many people using it. However, we all know that it will have a thunderstorm sooner or later. As a cross chain gold stable currency, when cross chain finance begins to integrate into public life, kusd will show its power, which is better than issuing a usdt once in a chain. Moreover, more than 95% of the value of each kusd is based on gold, which can be exchanged by major gold exchanges in the world. The stability of gold. Have you seen it clearly in this epidemic? This is beyond the dollar.
Bitcoin Prices The Cryptocurrency Coin Prices page provides all cross rates for the specified currency. The page is updated throughout the trading day with new price information, as indicated by a "flash" on the fields with new data. Get the latest commodity trading prices for oil, gold, silver, copper and more on the U.S. commodities market and exchange at CNNMoney. But both pricing it as a commodity when no commodity exists and trying to make it behave as a currency seem problematic. The problem with bitcoin is not that it is not issued by the government Crypto Exchange Data Shows Traders Long After Bitcoin Price Breaks $9.6K There are few indicators capable of accurately detecting professional traders’ sentiment on Bitcoin ( BTC ). Bitcoin is a purely decentralized digital currency, which makes it unlike any other asset that came before it. Before the digital age, everyone transacted in physical forms of currencies, from livestock and salt, to silver and gold, and finally to banknotes.
Bitcoin ( BTC ) price begins a new week ranging north of $9,000 as it awaits cues from macro markets — what could be in store for the coming days? Cointelegraph takes a look at the major factors ... Bitcoin ( BTC ) must reclaim $9,400 as soon as possible in order to change its bearish course, says Cointelegraph Markets analyst filbfilb . In an update on social media on July 16, the popular ... Please Subscribe, Crowdfund, Smash The Like, Hit the Bell & Comment Below. It Has No Value To You But Has Great Value To Me. :) Content: In this video I show some easy avenues to making ... Let's discuss this live today and some cryptocurrency trading technical analysis (TA) + speculative price prediction(s) + current 2020 market news for cryptos in today's video/live stream! This comes in spite of the fact that 77% of the Bitcoin supply was accumulated at a price lower than current. That’s to say, 77% of all BTC can currently be sold for profit.