Diehard Bitcoin Believers are What makes BTC so Valuable: AngelList Founder

The world’s largest cryptocurrency is known for being programmable money and a limited supply of 21 million BTC.

The digital gold is slowly climbing up the ranks of the largest asset by market cap. It is portable, fungible, and, most importantly, censorship-resistant.

In 2020, the leading cryptocurrency attracted legendary investors, celebrities, and companies to adopt it as a safe haven asset, a hedge against inflation.

But according to AngelList founder Naval Ravikant, who is a crypto and DeFi proponent, it’s not the institutions that have been coming in masses to Bitcoin this year or even the miners who are responsible for securing the network that make it valuable.

It is because of the bitcoin community that’s simply crazy about it.

“Bitcoin isn’t valuable due to tech or miners or exchanges or institutions. Bitcoin is valuable in direct proportion to diehard believers that agree to transact directly with each other under its rules,” said Naval on Twitter on Friday.

“Someone, somewhere, is always ready to give you their house for Bitcoin. It’s the best such ruleset ever designed. Its believers are ideological,” he added.

Many still don’t believe in this digital asset, which can’t be printed mindlessly by the central banks, but this is the side you need to be on to, according to Ravikant, who’s an investor in both Bitcoin and Ethereum.

“Betting against Bitcoin has been, and will continue to be, an expensive proposition.”

And if you think you can change his mind, that is impossible because it can only be changed if Bitcoin suffers an “irrecoverable technological failure.” Since it was created in 2009, bitcoin has been running non-stop, with its running time being 99.9%.

“Certain attacks due to lack of fungibility and failure of Bitcoin to upgrade in response. Emergence of a better technological platform with a diehard user base” are other reasons that could change Ravikant’s mind about the flagship cryptocurrency, but in his opinion, “they’re each unlikely and priced in.”

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Author: AnTy

Ripple Getting Rich on XRP Price Jump & Selling the Surging MoneyGram Shares

A year later, Ripple is selling about one-third of its stake in the payments company MoneyGram.

San Francisco-based fintech startup is selling up to 4 million shares, which means roughly 33.3% of its stake, as per the filing with the US SEC on Friday.

In Nov. 2019, Ripple had made a $50 million investment in MoneyGram.

After the sale, Ripple would still own nearly 4.45% of MoneyGram, with the ownership of 3.22 million shares.

Ripple also has the warrant to buy up to 5.95 million additional shares at the predetermined price, which brings its stake at MoneyGram at around 11%.

In June 2019, when the initial investment was originally announced, Ripple bought MoneyGram’s shares at $4.10 each, which was at a “significant premium” to the market share price of $3.18 at the time.

However, currently, MoneyGram shares are trading at $7.42, rallying almost 175% in the past two months, which could profit Ripple.

The news of Ripple taking off some profits from cashing out its stake in MoneyGram came not long after it was revealed that Ripple gave yet another $9 million to the company in Q3 2020 for using its digital asset XRP.

Besides selling the stake in MoneyGram, Ripple, which still has the dominant ownership of XRP, is also benefiting from the huge surge in the price of the digital asset.

Recently, the company started buying back XRP as well — $46 million worth of XRP in Q3 2020.

The third-largest cryptocurrency is currently trading above $0.60, back on the rise today after falling under $0.50 on Thursday.

Before the big drop along with the rest of the crypto market, XRP went as high as $0.78, last seen in Sept. 2018. Now, on the weekend, the digital asset seems to be making another attempt at $1 as the cryptocurrency market enjoys the greens.

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Author: AnTy

BitPrime Partners with Simplex to Provide a Solution to Buy Crypto with Credit Cards

First-to-market crypto offering in New Zealand enables a safe and convenient way to purchase crypto using debit and credit cards by joining forces with Simplex.

Christchurch, New Zealand – 26 November 2020 – BitPrime, New Zealand’s leading cryptocurrency retailer, today announced it has partnered with Simplex, the market-leading fiat/crypto infrastructure provider. The partnership provides a safe solution for those wishing to buy cryptocurrency using a credit card or debit card (Visa or Mastercard).

Available for the first time in New Zealand, the partnership takes advantage of Simplex’s fully protected, fraud-free platform for digital asset purchases and offers BitPrime customers yet another practical payment option to onramp to the crypto ecosystem.

The option to purchase crypto with a credit card has been one of the most highly requested features by current BitPrime customers over the company’s three-year history. The partnership with Simplex enables BitPrime users to easily onramp with a trusted partner that has an industry reputation for transparency and security.

The launch of this new payment solution comes as the price of Bitcoin reaches its highest since the all-time high of nearly NZD30,000 in February 2017.

BitPrime has partnered with Simplex to utilize the company’s state-of-the-art AI technology that analyses the risk of every payment and actively blocks fraudulent users. Simplex also provides all users with award-winning customer support, available 24/7, should they need help to complete their purchases.

Ross Carter-Brown, CEO of BitPrime, said “We’re taking cryptocurrency to the world. Our new credit card payment gateway allows us to service customers from 178 different countries. We know that New Zealand is a desirable jurisdiction to do business for many people, especially for financial services. That’s due to our strong personal property protections, political stability, and low corruption. Our partnership with Simplex is a crucial piece of infrastructure that will help meet that demand”.

”Simplex gives anyone, anywhere the ability to buy any digital assets easily and securely”, said Simplex founder and CEO, Nimrod Lehavi. “Our partnership with BitPrime empowers millions to onramp conveniently, using their bank cards.”

BitPrime allows customers to purchase as little as $100 worth of cryptocurrencies and the newly launched payment solution also supports international customers.

To learn more about this service, or to try it out, visit

ABOUT BITPRIME

New Zealand owned and operated, BitPrime is at the forefront of full-service cryptocurrency trading solutions in the country. We’re passionate about our professional service and have a strong focus on providing free education and tech support for beginner’s through to professional investors. BitPrime is here to make it easy and secure to trade digital assets. BITPRIME LIMITED (FSP595609) Registered.

ABOUT SIMPLEX

Simplex has been changing the status quo of crypto on/off ramps since 2014. As the market leader, Simplex pioneered the first riskless global fiat onramp using credit and debit cards, promising a zero-chargeback guarantee. Working alongside the biggest names in the crypto ecosystem, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem. As a licensed EU financial institution, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020.

Disclaimer: This is a paid press release from BitPrime. BitcoinExchangeGuide does not endorse, nor are we responsible for the content included in this paid release. We encourage all of our readers to do their research before interacting with the company.

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Author: Bitcoin Exchange Guide News Team

FUD of the Week: China and US Treasury Unsuccessful in Attacking Bitcoin

This week as we reported, China Police seized more than $4.2 billion worth of the crypto asset from the PulsToken Ponzi scheme.

However, it was the officials informing the public, as the crypto market has known all along, about how and where these funds have been moving thanks to the transparency of the blockchain technology.

Researcher Ergo has been updating the community about the sale of these tokens over the years, which peaked in mid-2019. Only about 15k of the BTC are left of the original 201k BTC now.

What is really interesting about China’s latest summary is that the authorities might be the ones involved in the sale of crypto assets all this time.

“Chen Bo, the mastermind of PlusToken (arrested in June 2019), was entrusted with selling PlusToken’s BTC, via a third party business, on behalf of the CCP?” commented ErgoBTC adding, “In return, he only gets 8 years in the gulag for architecting a multi-billion $ Ponzi? What kind of communism is this?”

The good news about this all is the market won’t be getting smashed as most of the Bitcoin has already been dumped into the open market through OKEx and Huobi. It was this sale-off at that time in mid-2019 that sent BTC crashing from $14k to $6k in six months.

There isn’t really anything left to send to China’s national treasury as they already sold most of it all. However, the same can’t be said of ETH and other altcoins, including LTC, EOS, DASH, XRP, DOGE, BCH, and USDT.

“Most importantly, this can be seen as the first government attack toward Bitcoin via liquidity games and price manipulation. IT FAILED,” said market analyst David Puell.

The price of cryptocurrencies had already taken a big drop before this news hit the market, sending BTC to nearly $16,300. Today, the crypto market is actually green.

Besides, over-leverage and BTC already rallying 85% in less than two months being the reason for the crash, Coinbase CEO Brian Armstrong spreading the U.S. Treasury FUD is another one.

While “false, it should be taken seriously,” said Puell.

Regulating self-custodied wallets is already forced upon exchanges in countries like Switzerland, Singapore, and the Netherlands.

While the crypto community continues to oppose these regulations, more rules and laws are expected, which means “privacy and ownership, even more so than price, will be the most contested subjects in Bitcoin in the next few years.”

The implication of this in the US on the price of Bitcoin in the long term, however, isn’t expected to change anything.

“The fundamentals remain the same, so in my view, even if we continue correcting ($14k, 12k, or whatever), the cause would be simply out of major market actors taking profits with the aim to buy cheaper,” Puell said.

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Author: AnTy

Here’s Why Another Dump is ‘Extremely Bullish’ for Bitcoin

Besides being healthy for the Bitcoin price after an 85% uptrend in less than two months and mirroring the 2017 bull market when there had been an average of 30% pullbacks, another decline in BTC price means it is acting just like gold.

The crypto market has long been pointing how Bitcoin is the digital gold not only because it is now the hedge against inflation and in limited supply, but because the price of the digital asset also follows the same trajectory as the precious metal.

This has been pointed out by legendary investor Paul Tudor Jones in May when he announced that he had become a Bitcoiner and Tom Fitzpatrick, the Managing Director of Citibank, in his call for $300k per Bitcoin.

And this is why this is all bullish dumping.

“Any continued dump in BTC would be extremely bullish as it would reveal we are following the gold fractal from the 1970s, as per below by Paul Tudor Jones–the legendary macro investor who successfully used fractals to predict the 1980s stock market supercycle,” said Su Zu, chief executive officer of Three Arrows Capital.

This week, while the stock market made a new all-time high, Bitcoin lost big time, seeing a drop of 17% to nearly $16,300 level.

But Bitcoin wasn’t the only one; bullion has been falling for months now, going to $1,774 today — down 13.5% from its ATH in August. BTC, which climbed to $19,500 on Wednesday, is currently down 17% from its record high.

Even the greenback has gone down to 91.75, touching a three-month low and closing its lowest since April 2018.

“Over the longer term, this is probably the right trend for the dollar. We think the dollar has further room to the downside,” said Bipan Rai, North America head of foreign exchange strategy at CIBC Capital Markets.

Coming back to Bitcoin, it is trading above $17,150, as of writing, up over 1% with $2.59 billion in volume.

But of course, the pain is not over, and we can decline as much as to $13,500. The market, however, is uncovered and busy buying the dips.

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Author: AnTy

Youtuber Casey Neistat: Mining Bitcoin ‘Yielded More Heat Than the Lava on Mustafar’

YouTuber Casey Owen Neistat took to Twitter on Thursday to share with his 2 million followers that he had mined Bitcoin in the past.

While sharing his story of running the Bitcoin mining operation, the filmmaker, vlogger, and co-founder of the multimedia company Beme further commented on the mining machines’ extreme heat. He said,

“I once ran a bitcoin mining operation of questionable legality out of a NYC office building. I had to eventually shut it down because it sounded like I had a dozen lawnmowers running 24/7 and it yielded more heat than the lava on Mustafar.”

Neistat also shared that Sam Sheffer, who has worked at Engadget, Verge, and Mashable, was his accomplice in the Bitcoin mining endeavor.

This is not the first time Neistst shared his love for Bitcoin and all things crypto.

Earlier this month, the day the digital asset was trading above $15,000, he tweeted “BTC.”

The same day, he shared that he is also an investor in the second-largest cryptocurrency, Ethereum, which he bought at $40 in 2017 and is “still holding.”

The crypto market has been on a rampage for these past two months; while Bitcoin ran-up over 85% to hit $19,500, ETH jumped to $620. However, this week, cryptos are experiencing a pullback, with BTC trading around $16,880 and ETH at $509.

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Author: AnTy

What’s Up with Treasury Secretary Targeting Self-Custody Wallets as Forewarned by Coinbase CEO

Late Wednesday night Coinbase CEO, Brian Armstrong took to Twitter to forewarn the crypto community about the plan of the US Treasury Secretary to “rush out some new regulation regarding self-hosted crypto wallets before the end of his term.” Armstrong said,

“I’m concerned that this would have unintended side effects.”

Jake Chervinsky, a General Counsel at Compound Finance, praised Coinbase for taking a stand on the right side of the issue while calling out, “We must oppose them.” He added,

“Restrictions on self-custody are the definition of bad regulation, imposing huge burdens on commerce & individual financial freedom without conveying any benefit to gov’t whatsoever.”

Former Coinbase CTO and general partner at Andreessen Horowitz, Balaji Srinivasan also called out the community to resist this move by the regulators vigorously.

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One trader said that while this could kill Coinbase, it will “never stop crypto innovations or bitcoin” neither in the US nor in the rest of the world.

As we recently reported, the central bank has forced Dutch crypto exchanges to verify the legitimacy of the owner of a given bitcoin address by asking their users to upload a screenshot of their wallet or by signing a message.

Su Zhu, the CEO of Three Arrows Capital, pointed out how these laws are also already in effect in Switzerland and passed in Singapore.

“I think it’s only natural for regulators to take this approach, given existing laws,” said Su Zhu, adding:

“I’ve long warned folks in DeFi that govts will certainly not grant DeFi projects a regulatory arbitrage moat vs. preexisting financial companies.”

Embrace the Open Nature of Cryptocurrency

In his long Twitter thread, Armstrong shared his concerns about why regulating non-custodial or self-custody wallets that do not rely on third parties is harmful to the industry.

He said the poised regulations are likely to require financial institutions like Coinbase to verify the self-hosted wallet owner by collecting identifying information about them before allowing the withdrawal. Armstrong said,

“This sounds like a reasonable idea on the surface, but it is a bad idea in practice because it is often impractical to collect identifying information on a recipient in the crypto-economy.”

This is so because many reasons, including cryptocurrency, are sent to smart contracts or various merchants online or to people in emerging markets where it is difficult to have meaningful KYC information.

Not only do many recipients value their financial privacy, but crypto is also being used with new types of apps online, like upvoting content on Reddit. Coinbase CEO added,

“This additional friction would kill many of the emerging use cases for crypto. Crypto is not just money – it is digitizing every type of asset.”

“The open nature of cryptocurrency is what makes it a powerful tool for innovation,” and creating a walled garden would mean pushing US citizens to use foreign unregulated crypto companies and cutting the US off from innovation happening in the rest of the world.

Armstrong argued that the US needs to embrace crypto just like it did the internet, from which it “benefited enormously.”

While Coinbase has sent a letter to the Treasury citing all the concerns, Coin Center, the cryptocurrency policy think tank in the US, is also “making a case for protecting the right to hold our own stuff.”

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Author: AnTy

Nouriel Roubini and Peter Schiff Can’t Stop Talking About Bitcoin Day In, Day Out

2020 has been all about people coming out of fiat’s influence and finding the importance of Bitcoin. But among these high-profile names, celebrities, legendary investors who have found love for Bitcoin do not include Nouriel Roubini and Peter Schiff.

These two people have been bashing Bitcoin for a decade now; either they like to be wrong way too much or are just holding Bitcoin secretly while keeping up with the appearances.

Like a broken record, they started calling names to the leading cryptocurrency yet again as BTC took a drop of 17% to nearly $16,300. Since October, the loss came after a new 2020 high of $19,500, a rally of more than 85%. Even now, BTC is up 135% YTD.

In his latest attempt to do… something, Peter Schiff, a gold proponent, attributed this rally to CNBC promoting Grayscale and covering Bitcoin non-stop positively, which led “greedy speculators” to jump in.

Meanwhile, Nouriel Roubini felt the need to share, yet again, that it is not a currency. A highly volatile store of value, “Bitcoin has no role in institutional or retail investors portfolios,” he said.

“In every bubble those who don’t participate always look like fools for missing out. It’s only after the bubbles pop and the air comes out that the real fools are exposed,” said Shiff in another tweet.

If only he would have just put his investment in Bitcoin, like his son, if not done already, that is, instead of seeing these declines after explosive rallies as a way to criticize bitcoin, he would have been buying the dips and accumulating wealth.

According to him, once bitcoin’s bubble deflates, “the real gold remains the best safe haven and store of value left standing.”

He didn’t share with his followers that ever since making a new all-time high above $2,000, the price of the precious metal has declined more than 13% to $1,800.

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Author: AnTy

OKEx Record Outflow of 29,300 BTC Since Resuming Withdrawals, Following a Five-Week-Long Suspension

Cryptocurrency exchange OKEx recorded a significant bitcoin outflow right after the full range of five-week-long withdrawal suspension was lifted on Thursday at 08:00 UTC.

About 2,822 BTC was moved from the Asian exchange in block number 658,728 mined at 08:12 UTC — this was the most significant single-block outflow since May 2019.

In total, 24,631 BTC were moved out of OKEx yesterday, which is an 8-month high since March 13 this year, according to blockchain analytics firm CryptoQuant. The same day, Binance saw an inflow of 28.2k BTC.

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Combining today’s outflows, so far, with yesterday’s results in 29,300 BTC, which have been cleaned out of OKEx. During the same time period, 21,600 BTC has also been deposited.

This has reduced OKExs balance to ~212k BTC, as per crypto data provider Glassnode.

Meanwhile, the price of Bitcoin continues to oscillate between $16k and $17k following the big crash the night before Thanksgiving when the price was trading at the highs of $19,600.

This price drop started as soon as BTC whales began depositing their crypto assets to exchanges. As per IntoTheBlock, more than 93,000 Bitcoin were deposited into centralized exchanges.

If these whales continue to do so, the flagship cryptocurrency price is likely to go either sideways or drop.

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Author: AnTy

Coinbase Front-Runs an Upcoming “Negative” New York Times Article

On Wednesday, Coinbase not only cautioned the industry of the Treasury Secretary’s intentions to regulate self-custodied wallets but showed another bout of transparency.

In its attempt to front-run the New York Times, the San Francisco-based cryptocurrency exchange said NYT is “planning to publish a negative story about Coinbase” in the next few days regarding its apolitical stance.

Coinbase says it doesn’t care what NYT thinks, but what they do care about is “our employees,” and as such, they put out this explanation for everyone.

The story, for which The Times reporter Nathaniel Popper has been reaching out to Coinbase employees, reportedly will allege that “several Black employees had negative experiences at Coinbase over the last few years,” wrote the exchange. It further said,

“The story will likely imply that Black employees were discriminated against during this process; this is false.”

While the story is likely to allege that several Black employees filed complaints with the company, the reality is there have been “only three” such people that did that.

Coinbase is basically expecting the story to paint “an inaccurate picture” as such, the exchange wants to convey that it is “committed to maintaining an environment that is safe, supportive and welcoming to employees of all backgrounds,” don’t be political at the workplace, of course.

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Author: AnTy