Bitcoin to Follow the Same Trend as Amazon to Recover its All-Time Highs: Coin Shares

  • The ‘Big Bang’ of 2018 dwarfed by other asset bubbles
  • Bitcoin outperformed every other asset class
  • Why aren’t investment professionals allocating to BTC

The investment of the decade which recorded 9,000,000% gains is currently sitting at just around $7,100.

In the short term, Bitcoin is expected to experience a lot of pain ahead that would surely be mixed with its own dose of gains as well.

But as we reported, in the long term, a poll run by Mati Greenspan, founder of newsletter Quantum Economics found that a staggering 49.2%, nearly half of respondents believe that Bitcoin is going to climb to $1 million by the end of the next decade.

The Big Bang of 2018 Dwarfed by other Asset Bubbles

It all started at the end of 2013 when Bitcoin became a billion dollar market during a short-lived price run following the seizure of Mt. Gox and arrest of Ross Ulbricht.

In December 2017, BTC hit its peak at $20,000 while the crypto market cap nearly reached one trillion dollars, $835 billion, during the first week of January following a rapid run up in Ethereum, XRP and other altcoins as well.

This “big bang” was relatively large resulting in a 20x price increase in a year, but Meltem Demirors, Chief Investment Officer of Coin Share and Marty Stenson, Associate, who authored the 2019 Crypto Trends Report “the value created (and destroyed) is dwarfed by other asset bubbles.”

Bitcoin outperformed every other asset class

The world’s leading cryptocurrency is already the best performing asset of the decade with a whopping 9,000,000 percentage gains.

According to the digital asset management company Coin Shares, It took seven to seventeen years for Amazon to recover its all-time highs and Bitcoin is expected to “follow a similar trend.”

However, Comparatively, bitcoin has been a much volatile asset, “but on an absolute basis, it’s outperformed every other asset class over a comparable time scale.”

Why aren’t Investment Professionals Allocating to BTC?

As a recent report by Bank of America Securities stated, if you invested $1 in bitcoin at the beginning of the decade, it would now be worth over $90,000.

On the other hand, Demirors notes that more than half of all stocks underperform the risk-free rate (US Treasuries) and “many lose money.” Actually, less than 1% for stocks drive more than 75% of stock market returns, she added.

This is why “it’s odd to me that investment professionals aren’t allocating to bitcoin or a passive basket of crypto (which is still >70% bitcoin),” said Demirors.

She illustrates how ARK Invest, a fintech company made a small allocation, less than 1% to Grayscale Bitcoin Trust to their Innovation ETF in 2015 that was one of the best performing ETF of 2017.

But she notes, “This strategy requires conviction. Riding the trend on the way up is a risky proposition, given how volatile bitcoin is. Secular trends take time to develop, and cyclical volatility can be a major deterrent.”

But as we saw in the case of the dotcom bubble, a few like Amazon came out at the top as winners. As such, “investment decisions *today* should be shaped by our perspective on where the world is headed *tomorrow.*”

“I believe bitcoin is a massively important part of the future,” added Demirors.

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Author: AnTy

The Asset Class of the Decade With 9,000,000% Gains Is Still in Danger of A Crash to $5,500

  • Bitcoin is ending the year at gains just below 90% around $7,150
  • While the asset class of the decade was recording 9,000,000% gains, mainstream media has been writing an obituary for the digital asset
  • $1 million might be on the horizon as per Bitcoins but in the short term, $5,500 still a possibility until we break $8k

Bitcoin is officially closing the month around $7,150. We started the year at about $3,360 that took us to $13,900 at the end of June. But ever since, BTC continued its descent, falling to $6,200 in mid-December.

Now, we have capped the 2019 gains just below 90%.

Despite these gains, in comparison to the 2018 losses when we crashed 84% from the all-time high, this hasn’t been a spectacular year but it’s a start that looks better on a log scale.

Overall, with 9,000,000% gains, Bitcoin has been the best performing asset of the decade. While Bitcoin has been enjoying its parabolic rise, during that time, the mainstream media has been writing its obituary.

From being labeled “expired” by Wired when BTC was trading at $13 to Reuters writing an “early obituary” at $821 and “Fool’s gold”, Wrong”, “Ponzi,” “Joke,” “Ash heap”, “Disappointment”, and “Spells doom,” from news sites like Bloomberg, NYTimes, Business Insider, USA Today, and CNN, among others, Bitcoin has heard it all.

And while BTC has rising to be the best performing asset class of the decade, the S&P 500 just tripled in that period and gold has been up a mere 25%.

But now moving into 2020, Bitcoin would be in its next stage as David Tawil, president of ProChain Capital told Bloomberg,

“Certainly the numbers are what appeals to investors. The next 10 years need to be a totally different stage of growth based on totally different factors than the first stage.”

During its next decade, CoinList’s Andy Bromberg said,

“Bitcoin is finding its own narrative as digital gold. It feels like that narrative is picking up steam and it’s breaking away on its own. I would define success for most crypto assets as doing exactly that.”

As for the BTC price, Bitcoiners see it climbing to $1 million dollars.

In the short term meanwhile, trader Cold Blooded Shiller says on the basis of Bitcoin Wyckoff schematics, from a volume perspective BTC’s drop to $6,200 didn’t scream that it was the bottom. He is expecting to see $5,400 that would be the bottom of the flagship cryptocurrency.

TraderXO is of similar opinion who sees BTC going to $5,500.

“Apparently they say the lows are in after a few weeks of consolidation…Might want to zoom out a little, break the channel and reclaim 8k first,” he said.

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Author: AnTy

Justin Sun’s BitTorrent Onboards Largest Decentralized Live Streaming Platform DLive

  • On December 30, BitTorrent made the announcement that the blockchain-based platform DLive is going to join its ecosystem.

This partnership will give BitTorrent’s monthly active users, who are more than 100 million, the opportunity to share peer-to-peer content and to live stream. This is what the CEO of BitTorrent, Justin Sun, had to say about decentralized content platforms:

“It’s unfortunate to see content platforms such as YouTube taking down crypto-related content, this is the issue with centralized agencies. Decentralized content platforms such as TRON’s newest partner DLive are the platforms of the future.”

DLive Hosts PewDiePie and Other Famous YouTubers

Launched almost 2 years back, DLive already has 5 million users that are active every month, plus an interesting live streaming lineup of YouTube celebrities that use it for co-streaming. These celebrities include PewDiePie, James Charles, Ninja, and Jack Black. Sun said DLive is a leader in the blockchain-based live streaming world.

DLive’s Account Systems Will Merge with BitTorrent’s

In order to integrate communities further, the DLive account systems will merge with BitTorrent’s. BLive, which is a BitTorrent live streaming platform launched at the beginning of 2019, is going to migrate and merge with DLive, while DLive will introduce ads for their services and products into the BitTorrent networks.

DLive Is Going to Migrate to the TRON Blockchain

The collaboration will have DLive migrating to the TRON blockchain. TRON was acquired in July 2018 by BitTorrent to create the largest file-sharing decentralized protocol. Currently working on the Lino blockchain, DLive will continue to support Lino until it has completely transitioned to TRON.

However, the LINO cryptocurrency DLive is using to pay content makers is no longer going to be the main unit of value. DLive will offer rewards and benefits to its existing users that make the transition into the BitTorrent ecosystem by using BitTorrent’s BTT cryptocurrency. The BitTorrent Filesharing System (BTFS) will be used by DLive as well.

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Author: Oana Ularu

40% Of Hedera Hashgraph Council Nodes Drops Offline, HBAR Price Down 54% In Last 30 Days

  • 4 of Hedera Hashgraph’s nodes have gone offline without any warning, indicating the network is perhaps more centralized than it was believed to be.

The closing of 4 nodes out of a total of 10 allows Sybill attacks to happen in an open network. Hedera Hashgraph is known to run public nodes, yet the Council Nodes are the ones that decide resources and software updates for the network. Hedera Hashgraph’s nodes should be run by the project’s largest platforms, like Boeing, IBM, Deutsche Telekom, and others.

Hedera Hashgraph Was the Big Sensation of 2019

Since it was a sensation in 2019, Hedera Hashgraph got immediately listed on Binance. Its CEO and co-founder, Mance Harmon, presented the project’s traditional business structure and organized a token sale that gained a lot of hype and many important buyers in the pre-sale periods.

The HBAR Token Failed

Soon after the exchange’s launch, the HBAR token began to unravel itself. The news on the node shutdown has caused the asset to go down by 9% once more, reaching the $0.011 value, after the initial $0.40 trading levels. HBAR has been made available for early buyers, last time on December 31, making retail token holders become reluctant bagholders.

Hedera Hashgraph had an attempt to manage the price slide of the token by offering ICO buyers who haven’t invested too much in HBAR future rewards if they held onto their pre-launch tokens and gave up on getting active HBAR. This is how the HBAR price is expected to change in 2020, according to distribution:

Every distribution almost coincides with immediate selling and causes the price to go down without any hope of stopping. Binance is the main liquidity source as it liquidates HBAR:

hedera-hashgraph hbar charts

hedera-hashgraph hbar charts

hedera-hashgraph hbar charts

Hedera Hashgraph Among the Biggest ICO’s in 2019

Hedera Hashgraph is a project that became one of the biggest ICOs in 2019. It has raised an impressive sum of $100 million in spite of having its token sales mostly frozen. However, its community soon discovered the technology behind it is not enough, also that misleading tokenomics were presented to insider buyers, which lead to crypto players who were enthusiastic about the project to suffer losses.

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Author: Oana Ularu

Poloniex Exchange Users Urged to Reset Passwords After Email Data Leak on Twitter

The Poloniex crypto exchange is once again in the spotlight after the firm confirmed that the password and email data of their clients had indeed been leaked on Twitter. The exchange has since sent out an email to all its users warning of potential account hacking threats following this incident.

Given the sensitivity of the leaked data, Poloniex has opted to force all current traders to reset their passwords.  According to an email sent out on Dec 30, the U.S based digital currency exchange saw this as the best course of action to protect its users;

“While almost all of the [leaked] email addresses listed do not belong to Poloniex accounts, we are forcing a password reset on any email addresses that do have an account with us, including yours.”

As it stands, the damage caused by this leak has yet to be quantified in terms of any compromised accounts. It seems Poloniex might just be cautious and trying to avoid any real hacks. In addition, Poloniex is still uncertain as to how the passwords and email addresses were posted on Twitter.

The Poloniex customer support team has consequently found itself in a difficult situation as some users of the exchange did not take the warning email seriously. In fact, one user took to Twitter claiming that the email was a scam claiming there wasn’t a need for any actions. This comment was quickly addressed by the Poloniex team who emphasized that the email sent out is real and urged the client to reset their password.

Poloniex and Tron 2019 Highlight

This recent threat to the Poloniex exchange is a big deal and could affect the platform’s volume. The firm has made considerable milestones over the course of 2019. Circle let go of the platform and informed US customers to remove funds by Dec 15th. Tron’s founder, Justin Sun became an “investor” and then the exchange has taken a heavy affiliation with TRX products.

Poloniex moved to acquire the TRXMarket as part of an expansion strategy of its line of products. The exchange went on to further add a super representative from the TRON team. Analysts within the industry speculate that their spin-off from Circle and integration with TRX is a step in the right direction for capital growth.

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Author: Lujan Odera

Ethereum Muir Glacier Update: Parity Upgrade Alert Due to Attack, 75.7% of Node Operators Ready

  • Those running Parity nodes are asked to update their clients “ASAP”
  • 75.7% of the node operators are ready for Muir Glacier
  • Down 92% from ATH, it is still one of the best performers of the decade, with nearly 18,000% gains

Just a day before Ethereum’s latest and unexpected network upgrade Muir Glacier, Ethereum client Parity came under attack.

Parity Ethereum took to Twitter to announce that on investigating the reports of some of the Parity Ethereum nodes not syncing, they came to believe there may be an attack underway.

Reportedly, valid blocks with manipulated directions, added or replaced, caused the client to stall, according to GitHub. Sergio Demian Lerner, a cryptocurrency security consultant, explained:

“The attack is simple: you send to a Parity node a block with invalid transactions, but valid header (borrowed from another block). The node will mark the block header as invalid and ban this block header forever but the header is still valid.”

New versions v2.6.8-beta & v2.5.13-stable have been released that will protect against this attack. As per this upgrade,

“Make sure to not mark block header hash as invalid if only the body is wrong.”

Those running Parity nodes are asked to update their clients “ASAP.”

Parties involved were already unhappy with the situation as Ethereum chose New Year’s Day for the upgrade. And now Parity underwent an attack.

Moreover, currently, 75.7% of the node operators are ready for Muir Glacier, as per Ethernodes.org.

Binance however, has announced its support for the ETH Muir Glacier upgrade. Because of which, deposits and withdrawals of ETH will be suspended.

When it comes to mining pools, only one, Ethermine is ready while the rest Sparkpool, F2Pool, Nanopool, Zhizhu, and MiningPoolHub still showing ‘no information’.

Earlier this month, the Ethereum network has its Istanbul upgrade and now they are ready for another. Ethereum was forced to have another update (EIP-2387) in less than a month due to a mistake and to delay the difficulty bomb feature that will slow down the Ice Age by about 611 days.

2020 to be the year of Ethereum?

The second-largest cryptocurrency by market cap is currently trading at $131, down 92% from its all-time high of $1,570. Ethereum’s 2019 performance surely has turned negative by 3.50% but it is still one of the best performers of the decade, with nearly 18,000% gains.

For the next year, Ethereum might be in for some good time as it might have hit the bottom.

Trader Crypto Michaël also sees 2020 a good year for Ether as he says, “Each massive breakout of ETH in January showed a significant move.”

Historically, he says Q1 of the year has been a great period for altcoins and their dominance bottoming. So “Let’s rock in Q1 2020!”

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Author: AnTy

Over 49% Bitcoiners Believe the Bitcoin Price is Going to a $1 Million Dollars in the Next Decade

  • BTC ready to end 2019 with 92.5% and the decade at about $7,200
  • Currently, the market is in consolidation meaning “weak die off but the strong get stronger”
  • BTC will print a trend reversal if it closes above $7,800 until then the price will range

We are just a step away from entering into 2020 and Bitcoin is going to end the year at a positive return of 92.5%.

At the time of writing, BTC/USD has been trading at $7,200. Meanwhile, as the holidays continue, trading volume continues to sink as in the past 24 hours, Bitcoin recorded a trading volume of a mere $254 million.

So, what season is it exactly?

Mati Greenspan, founder of investment firm Quantum Economics in his Monday newsletter notes that after turning into spring at the beginning of this year from 2018’s crypto winter, now we are simply in consolidation.

And what it means is,

“The weak die off but the strong get stronger. It’s the way of nature and though may seem painful at times is actually a positive progression.”

As we reported, analyst Willy Woo has called it a “re-accumulation phase of a bull market.” Su Zhu of Three Arrows Capital also made an accumulation observation.

BTC Trend Reversal Patterns in the Making

Meanwhile, trader Josh Rager says we need to break above $7,800 and close above that for the market to signal a trend reversal.

“Until then, price continues to range with possible accumulation (over five weeks in this range),” added Rager.

Trader Jonny Moe also notes two potential BTC reversal patterns in progress, double bottom with a neckline at about $7,875 and inverse head and shoulders with a neckline at $7,700.

Along with this is another positive facet which is “year-end is traditionally a very important time for BTC trend reversals/confirmations.”

Also, we are seeing a miner capitulation completion signal that has occurred only a handful of times, 9 times in Bitcoin’s history.

“Hash Ribbons Buy confirmed. This is just the 10th time these conditions have been met for Bitcoin. It is highly likely we never see BTC under $6000 ever again. All other occasions saw an average gain-to-cycle-peak of +5000%,” points out Charles Edwards of digital asset management firm Capriole.

However, Moe warns that none of these positive signals matter until we break the necklines of $7,875 and $7,700.

Bitcoin to $1 Million

In the short term, Bitcoin has a lot of pain and gain coming its way but in the long term, people see it jumping past a million dollars.

A poll run by Greenspan on Twitter found that a staggering 49.2%, almost half of the 2,854 respondents believe that Bitcoin will be worth more than $1 million by the end of the decade.

It won’t be a big feat for Bitcoin, given that it has been the best performing asset of the decade already.

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Author: AnTy

Poll Hints Majority Doesn’t See XRP Hitting $1 Ever, Is Ripple at Fault?

  • XRP is the second biggest loser among the top 10 cryptocurrencies of 2019
  • The digital asset to face selling pressure from Ripple and adoption issues within the network
  • XRP never hitting $1 or as soon as next year, some extremely bullish with $589 next month

The third-largest cryptocurrency XRP is down 95% from its all-time high of $3.92. And according to the majority of the voters to the Mati Greenspan, founder of investment firm Quantum Economics’ poll, the digital asset isn’t ever going to $1.

While 39.4% of the respondents out of the total 1,831 voters, till now, sees $1 “never” happening, with 37.5% votes, a close second comes 2020. So, overall it’s more of a tie between $1 never coming or happening next year.

Some crypto enthusiasts (12.6%) also see the digital asset climbing to $1 in 2027 while a few (10.5%) are extremely bullish, seeing $589 next month.

XRP Continues to Lose

The first time, XRP hit $1 was during the 2017 bull run on December 21st. But since hitting its peak in January 2018, XRP has been crashing. It is the second biggest loser among the top 10 cryptocurrencies after Stellar Lumens of 2019.

Currently, we are trading at $0.192 and went as low as $0.186 last week, which was 27-months low.

But why is the third-largest cryptocurrency dragging on so much?

According to Greenspan, “XRP tokenomics is a bit funny that way.”

What’s Behind its Poor Performance?

The former analyst at eToro pointed out two main issues with XRP’s poor performance. The first one is Ripple holds a large portion of XRP tokens and selling them into the rallies.

The company owns 60% of all the XRP ever created. Also, Ripple has sold more than $1.2 billion growth of XRP since Q4 of 2016 and the company books its XRP sales as revenues, notes Messari. Out of the $1.5 billion Ripple raised since it was founded in 2012, $1.2 billion belongs to XRP sales.

“XRP tokenomics” is to blame.

“XRP tokenomics” is to blame.

“XRP tokenomics” is to blame.

However, recently, on this, Ripple CTO David Schwartz replied,

“Nobody buys XRP to give Ripple money to do things. We were vc/angel-funded and were going to build regardless. We started selling XRP only after there was a market price and for negligible amounts compared to our other funding.”

The second issue behind the poor price performance of Ripple’s XRP token according to Greenspan is

“Usage of the network does not necessarily require XRP tokens. Banks can use Ripplenet w/o ever touching the token.”

As Ripple announced during its SWELL 2019 event, the company has now more than 300 banks and financial institutions as partners. And currently, only about 17 of them use XRP to move funds.

The market in consolidation, People returning to the King

In the long term, however, prospects he said are “quite bullish.”

But in the short term, XRP faces selling pressure from Ripple itself and adoption issues within the network.

In a separate tweet, Greenspan explained that the market is currently in a “great consolidation” period where the entire is returning to the king, Bitcoin.

“People are realizing that many of the altcoins had exaggerated valuations beyond what the projects were worth” added Greenspan.

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Author: AnTy

Ethereum’s Hard Fork ‘Muir Glacier’ Launches In 2 Days, Will The ETH Community Be Prepared?

While the entire world is preparing for the New Year, Ethereum has scheduled Muir Glacier, its long-awaited hard fork, for January 1 of the year 2020.

The Ethereum (ETH) Istanbul hard fork that happened just a few weeks ago didn’t make things easier when it comes to Ethereum’s so-called “difficulty bomb”, so many are expecting Muir Glacier to change everything. As the holiday season is one of the busiest in a year, the hard fork is still waiting on support from the most important infrastructure providers, exchanges and mining pools.

SBI VC Trade to Support the Hard Fork

The Japan-based virtual currency exchange, SBI VC Trade, which is an SBI subsidiary, said it will support the hard fork. Its customers have been informed about the hard fork lasting until January 3, 2020 and being planned to reach the 9,200,000 block height. SBI VC Trade has also cautioned people about the blockchain instability caused by the hard fork by saying:

“If ETH is received by us during this period, we may not be able to confirm it properly due to blockchain stability issues. In that case, please note that we cannot respond at all.”

Bittrex and Bitso Ready for Muir Glacier

The CSO of Blockstream, Samson Mow, has said in a tweet that platforms are not ready for Muir Glacier, while others members in the ETH community have expressed their confusion over the strange choice made by Ethereum Foundation for the hard fork’s date. The only crypto exchanges ready for Muir Glacier seem to now be only Bittrex and Bitso.

The Istanbul Hard Fork Had Some Readiness Problems Too

It looks like the Ethereum project didn’t have enough support from its team of developers, as these were focused on upgrading the ETH 2.0. The Istanbul hard fork had the same problem and updated most of the nodes last minute. However, it still was successful, so Muir Glacier has all the chances to be a hit too.

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Author: Oana Ularu

Nearly 70% Of BCH Hashrate is Controlled by Unknown Mining Pools, Is A 51% Attack At Risk?

  • BTC.top formerly controlled 15% of the hashrate, which has dwindled to almost nothing.
  • No information has come from Bitcoin Cash on how this user gained such substantial control.

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One of the biggest threats to the cryptocurrency industry is that of a 51% attack, which is the possibility that holding over half of the control of the blockchain. According to recent reports from CCN and data from Coin Dance, it looks like this threat is heavily present on the Bitcoin Cash network, as an unknown miner presently has 69.44% control of the hashrate.

Surprisingly, the miner has managed to take over the hashrate, despite the presence of more significant mining pools, like BTC.top and Antpool. Though BTC.top accounted for close to 15% of the total hashrate on the network last week, that percentage has essentially disappeared. Antpool’s mining presence dropped by 50%.

The takeover got the attention of a supporter of Bitcoin Cash, who posted the current circumstances to Reddit. The post showed followers that the last 24 hours have significantly changed Bitcoin Cash’s network, remarking, “They can’t be up to much good.”

Right now, there still has yet to be a lead on exactly what is going on within the network. However, there is clearly a chance that some major changes will happen that could change the course of the network, if this mysterious miner uses the power for evil, rather than for good.

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Author: Krystle M