Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

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ChuChu Rocket wrote: Wed Nov 21, 2018 3:47 pm ...
Is Bitcoin a Fraud?
...
But he isn’t exactly alone. You also have central bankers and JP Morgan boss Jamie Dimon who mentioned in 2017 that Bitcoin was a fraud. He warned that it could eventually blow.
...
People forget much to fast. Jamie was right because he was part of the fraud, see here.
dw13 wrote: i was so sure that bitcoin is going to rise again. but now my intuitions are saying it is going to go really low. :/
No, BTC will die as many many other cryptos as well. Just watch how many crytos there are - it the same like the dot-com bubble in 2000. Two or three cryptos will survive, but which these are nobody knows now. Which will be not I know - there is no hope for BTC. Its blockchain needs far too much energy, but the concept of a blockchain is good. IOTA e.g. has a nice and usable approach for their blockchain - for the industry it's perfect.
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Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

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Krelian99 wrote: Wed Nov 21, 2018 5:32 pm
BTC will die as many many other cryptos as well.
Spot on, absolutely agree with you bro.
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Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

73
Krelian99 wrote: Wed Nov 21, 2018 5:32 pm

People forget much to fast. Jamie was right because he was part of the fraud, see here.



No, BTC will die as many many other cryptos as well. Just watch how many crytos there are - it the same like the dot-com bubble in 2000. Two or three cryptos will survive, but which these are nobody knows now. Which will be not I know - there is no hope for BTC. Its blockchain needs far too much energy, but the concept of a blockchain is good. IOTA e.g. has a nice and usable approach for their blockchain - for the industry it's perfect.
ok
i learn of something brand new today but krelian are u a angry HODLER?????????????????? :lol: u sound angry today
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Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

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moey_dw wrote: Wed Nov 21, 2018 5:41 pm ok
i learn of something brand new today but krelian are u a angry HODLER?????????????????? :lol: u sound angry today
No, I'm not angry and I'm no hodler, I'm just raelistic. Sure, I missed the big chance last year, but it was too hot for me. I decided to watch the game from the outline. It's interesting but I scalp FX - that's the right dose of action for me.
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‘Crypto Bubble Went Bust for Good’

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‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini


As bitcoin suffers one of its worst corrections in its nearly decade-long history, one of crypto’s fiercest critics is calling it: the crypto bubble has burst, and prices are never coming back.

Taking a preemptive victory lap on Twitter, economist Nouriel Roubini gleefully reported that the crypto market’s recent struggles had “vindicated” his multitudinous criticisms of the still-nascent asset class.



Roubini, nicknamed “Dr. Doom” for his oft-bearish market predictions, further opined that the fair market bitcoin price was “sub-zero” aside from marginal collector’s value as a museum curiosity.

[The] fair value of BTC is sub-zero once u impose the right environmental externality tax. And I am sure some crypto zealots would buy it at negative with such tax as BTC will have a numismatic value in museums of dead pseudo-currency.

Of course, Roubini has been bashing bitcoin since it was below $10, and — year-long bear market or not — BTC has a long way to go before it reaches that mark. Even ardent crypto skeptic Vanguard founder Jack Bogle said he’d discuss investing in bitcoin if it fell back to $100, so it’s unlikely that any investor who purchased bitcoin when Roubini first said it was a bad buy will ever see a negative return on that investment.

Nevertheless, that’s unlikely to stop Roubini from declaring victory, as crypto skeptics have done more than 315 times in the past, according to the unofficial “ Bitcoin Obituaries” index. Each of those predictions has thus far been proven wrong. Time and market forces will tell if Roubini’s forecast becomes just another data point on that list.

Source: https://www.ccn.com/crypto-bubble-went- ... l-roubini/
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Crypto miners dump computers en masse

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As BTC hodls to zero, miners dump computers en masse



It’s happening worldwide:

Major U.S. crypto mining and blockchain firm Giga Watt has filed for bankruptcy on Monday, Nov. 19, Washington daily newspaper Wenatchee World reported yesterday, Nov. 20.

The top-five crypto mining firms entrant has reportedly filed for Chapter 11 protection in the Eastern District of Washington bankruptcy court, claiming that the firm is “insolvent and unable to pay its debts when due.”

According to the court documents, Giga Watt is holding between zero to $50,000 worth of assets, with estimated the number of creditors accounting for not more than 50, while liabilities are evaluated between $10 million to $50 million.

Apart from bankruptcy, the crypto mining company is also facing eviction in Douglas County, as the Port of Douglas County has reportedly launched an eviction process.

Plenty more hodling ahead:


Source: https://www.macrobusiness.com.au/2018/1 ... -en-masse/
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Bitcoin falls again $3,456

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Bitcoin Price Plunges to New Yearly Low at $3,456: What's Causing it?


On Coinbase and other major fiat-to-cryptocurrency exchanges, the Bitcoin price (BTC) has dropped to a new yearly low at $3,456.

Over the past 24 hours, despite its relatively low daily volume at around $5.2 billion, BTC demonstrated a drop of over 12 percent, showing weakness in short-term momentum.

The volume of BTC has since risen to $6.3 billion, mostly due to an overwhelming amount of sell orders.

Free Fall
The drop in the price of the dominant cryptocurrency on November 25 remains a troubling sign for the short-term trend of the crypto market because the sell-off was materialized with low volume.

Without immense sell-pressure, BTC dropped to a new yearly low at $3,456. In contrast, when the price of BTC initially dropped to the low $5,000 region in early November, the volume of BTC averaged around $8 billion.

On November 23, when the Bitcoin price dropped to $4,100 for the first time in 2018, the volume of BTC was still relatively low at $5.1 billion. In the past week, Bitcoin has experienced one of its worst sell-offs in the year without the presence of large sell orders from bears.

A CCN report read:

“One alarming trend of both Bitcoin and other major cryptocurrencies is that the prices of leading digital assets are dropping by relatively large margins with low daily volumes. The volume of BTC is averaging at around $5.1 billion, which suggests that BTC has fallen by more than 3.5 percent in the past 24 hours without significant sell-pressure from bears.”

Peter Brandt, a prominent trader and technical analyst, stated that Bitcoin had entered a phase during which newcomers and casual retail traders capitulate while strong hands continue to accumulate more BTC.

“BTC is entering the stage of its life cycle when stale and weak money capitulates and strong hands accumulate strategically.”

As Coinbase CTO Balaji Srinivasan said at TechCrunch: Sessions held in Zug, Switzerland, the cryptocurrency market tends to go through a bubble-burst-build-rally cycle, and major investors in the sector believe the latest crash of BTC is no different.

One of the major factors subsequent to the in-fighting between Bitcoin Cash and Bitcoin Cash SV that has affected the cryptocurrency market is the abrupt decline of the US stock market and its impact on the global economy.

Due to the sell-off of investors in US markets, the stock markets of China, South Korea, Japan, and other leading economies in Asia have started to suffer as a consequence.

No Inverse Correlation Yet
Cryptocurrency is still an asset class in its infancy with relatively low liquidity and volume. For BTC to operate as an inversely correlated hedge against the global financial market, it would have to achieve multi-trillion dollar market valuation.

Until then, major cryptocurrencies are expected to be vulnerable to instability in the global economy especially during periods of uncertainty and doubt wherein the world’s largest asset managers and banks experience net outflows.

Source: https://www.ccn.com/bitcoin-price-plung ... ausing-it/
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Re: Crypto miners dump computers en masse

79
mlawson71 wrote: Mon Nov 26, 2018 1:54 am I don't get it, why dump these machines and not just sell them? They're probably in good working condition.
Exactly. I think it's bullshit, I mean what's with the whole overreacting and dumping good computer gear out?

Even thought Bitcoin is worth less than it costs to mine now you'd think they would at least HODL onto their gear right? :lol:
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Breaking: Bitcoin Wallets May Have Been Compromised

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It seems like Bitcoin is just riddled with bad luck......

Breaking: Numerous Bitcoin Wallets May Have Been Compromised by Rogue Developer


A Node.js module called event-stream is used in millions of web applications, including BitPay’s open-source bitcoin wallet — Copay — and this module was reportedly compromised thanks to what can objectively referred to as social engineering, laziness, and incompetence.

A user with very little coding activity on GitHub requested publishing rights to the event-stream library from its previous maintainer, Dominic Tarr, who said that he had not maintained the repository in years and gave control to the new user, called right9ctrl.

The library event-stream is used in many Node.js applications. According to a complainant on GitHub, the new maintainer right9ctrl either pulled a sneaky move to inject malware or unknowingly had the same effect as if he had, that effect being that it would leak private keys from applications that relied on both the event-stream and copay-dash modules.

Ayrton Sparling wrote:

“He added flatmap-stream which is entirely (1 commit to the repo but has 3 versions, the latest one removes the injection, unmaintained, created 3 months ago) an injection targeting ps-tree. After he adds it at almost the exact same time the injection is added to flatmap-stream, he bumps the version and publishes. Literally the second commit (3 days later) after that he removes the injection and bumps a major version so he can clear the repo of having flatmap-stream but still have everyone (millions of weekly installs) using 3.x affected.”

Basically, the developer updated the module with malware and then patched the problem to avoid detection, but the numerous people who had already installed it remain affected. Copay — whose open-source code is itself used by many crypto applications — would be just one of many that use the library, but it happens to be built and maintained by a multi-million dollar Bitcoin payment processing company — BitPay — which raises questions on its own.

Why Does BitPay Use Upstream Libraries?


Those outside of open source development may have the misconception that it is all done for free due to ideals or hobbyism, but this is far from the case. The majority of major and important open source development, such as work on Bitcoin Core or work on the Linux Kernel, for instance, is done by developers who are employed by companies with a stake in the development of such software.


Companies like Red Hat contribute code to the Linux Kernel and companies like Blockstream employ Bitcoin Core developers. The reason is obvious: while they could simply wait on releases and rely on the work of others, these companies understandably have aims to achieve in development and also, most importantly, have a lot of money at stake in kernel development.


This model works for major software development, and this author believes that there is no reason it shouldn’t be applicable here. Rightfully, BitPay should arguably not be using software on a trust basis. Millions upon millions of dollars in client wallets are being entrusted to them, not upstream developers. If BitPay is not interested in actively developing libraries like event-stream, then they should use forked versions, verifying that each update is safe. Instead, as many industry stakeholders have alleged, they’ve demonstrated incompetence.

CCN has reached out to BitPay for comment and will update this article upon receiving a reply.

Source: https://www.ccn.com/breaking-numerous-b ... developer/
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