Experts Issue Warning On Crypto That Will ‘Increase In Value Faster Than Anything Else In History’

If something seems too good to be true, chances are it is.

A new cryptocurrency has entered the market that is “designed to go higher, faster, and retain its value.”

However, currently, it values at $0.00 and is listed on only EtherDelta and Bidesk exchanges and haven’t made it to the market aggregating websites like CoinMarketCap.

This crypto-asset called HEX which is making such a bold statement is a fresh experiment in the market that market commentators are warning people against, calling it a “scam” and comparing it with the Bitconnect.

In 2016, the open-source crypto project Bitconnect was released with a high-yield investment program, a Ponzi, where users were to lend the value of BCC coin in return for interest payments.

Users traded their Bitcoin for Bitconnect Coin on the lending platform, where the interest payout was determined by “trading bot” and payouts were calculated as a fraction of the open and close price of BTC.

After rising to nearly $500 value, the coin plummeted below $1 after the platform administrators closed the learning platform in January 2018.

But What is HEX?

Originally known as Bitcoin HEX, this cryptocurrency is the brainchild of serial entrepreneur and marketing expert Richard Heart. On Dec. 2, 2019, HEX completed the snapshot and is now in circulation.

According to the HEX website, the leading cryptocurrency Bitcoin can be mined, sent, and received but doesn’t allow to earn interest on unless you entrust your BTC to a “centralized third party.”

Here, you need to send your HEX, claimed by the BTC users — 10,000 HEX per BTC — or acquired in exchange for ETH, to the same smart contract that minted the HEX in the first place and it credits you interest.

HEX is a Certificate of Deposit (CD) and the more the holders’ stake, the less the interest. Users who lock up a greater amount of HEX, and for longer periods, get to earn the highest rewards. HEX’s FAQ claim it will always be able to make the payouts.

Unlike Bitcoin’s fixed 21 million supply, the primary factor behind the narrative of it being a store of value, “only guesses can be made” about HEX’s supply as it is a function of “how many coins are staked.” And bonuses will further increase it.

Another issue with this project is its “origin address” that earns as much of the rewards as other users do. Though Hearst says this address is not under his control, the lack of transparency is surely a matter of concern.

As for its long term goal, HEX aims to replace gold as a store of value and credit card and payment companies. However, Bitcoin is the only cryptocurrency that has gained a high level of adoption among retailers and institutions alike and no other cryptocurrency from thousands available in the market has come even close to its level.

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Author: AnTy

6 Tailwinds that will Push Bitcoin Price to Double in 2020

  • The most widely traded BTC price provides good support, sustaining below this unlikely
  • In 2020, initial resistance would be at $10,000, but breaking this level should a “matter of time”
  • Declining volatility, limited supply, growing adoption, depreciating yuan, Tether dominance, mimicking gold to take us higher

After losing 16% of its value in November, the price of Bitcoin traded above $7,000 in the first week of December, going as high as $7,800. Currently, we are trading at $7,550, up by 2.80%, as per Coincodex.

Source: Coin360

Mike McGlone senior commodity strategist at Bloomberg Intelligence says 2019 was the year of Bitcoin’s transition towards the gold. This maturation process, he says would continue as volatility declines.

Just like with gold, Bitcoin is retracing a bear market, said McGlone in Bloomberg’s Crypto Outlook for December 2019 report. He sees $6,500 — the most widely traded price — as good support for the world’s leading cryptocurrency and sustaining below this “unlikely”.

Actually, he says, there are higher chances of it going to a 2019 high than to revising the $3,360 low. This is because Bitcoin has already declined 50% from 2019’s peak, “which will limit further declines.”

In 2020, the initial resistance would be at $10,000 but breaching this should be just a “matter of time” especially if gold continues to advance as expected.

According to McGlone, there are several tailwinds that makes flagship cryptocurrency capable of doubling in 2020.

Volatility Set to Decline

Bitcoin price volatility will continue to decline next year, marking the completion of the transition from a bear to a bull market. Last time, it signaled the inception of the parabolic rally to the 2017 peak.

“The all-time low in 180-day volatility (41% in October 2015) should be revisited next year,” it reads.

Increasing institutional interest and vehicle for exposure such as futures and options are meanwhile contributing to the market’s maturity process.

Limited Supply

The new quasi-currency store-of-value, the report says will continue appreciating because of the key Bitcoin price tailwind, limited supply. Bitcoin has a limited supply of 21 million and the upcoming third reward halving will further cut down the inflation rate from 3.70% to 1.80%.

The only primary bearish factor McGlone says is the BTC price has appreciated so far so fast. And the normal market maturation suggests, it will take longer to hit the 2017 peak.

Growing Adoption

Among the cryptocurrencies, Bitcoin is winning the adoption race that combined with the asset becoming increasingly scarce favors price appreciation. The fact that most altcoins are too volatile further enhances the allure of Bitcoin.

Moreover, while there are only 17% more BTC to be created, the number of tradable crypto assets has more than doubled in 2019 alone.

Bitcoin will Closely Mimic Gold

Bloomberg analyst believes Bitcoin trading will closely mimic gold’s. The yellow metal has an upward bias and the 52-week beta of the crypto asset-to-gold is also highest since 2010, about 2x.

“Bitcoin’s relative richness was last comparable to its 2017 surge.”

There is greater potential for continued climbs for Bitcoin in the long term and it shares similar factors with advancing gold.

Tether Dominance

Apart from Bitcoin, Tether is another leader of the crypto market. And Tether boosts Bitcoin as crypto standard, with little to dislodge either of them as the crypto asset leaders.

The report says while the popular stablecoin has positive implications for BTC, it has negative ramifications for most crypto assets. It increases the value of Bitcoin as an equivalent of gold while exposing the “fallacy of so-called cryptos.

“The rapidly increasing market cap of Tether is widening the disparity between Bitcoin and the most speculative digital assets (alt-coins).”

Depreciating Yuan

While Tether is appreciating Bitcoin, it is also depreciating Yuan. From 16th position by the end of 2017, Tether has grown to the fourth-largest crypto asset this year and that has been on the back of “an almost 8% decline in the Chinese yuan and 80% retreat in the Bloomberg Galaxy Crypto Index.”

The analyst also sees Bitcoin to keep on gaining recognition as the “standout independent store-of-value digital asset” just like gold.

Escalating trade tension, showing Chinese economic growth, depreciating yuan and unrest in Hong Kong are actually the “incentives” for currency diversification which would work in favor of Bitcoin.

Now as we march towards the end of 2019, 2020 has a pretty bullish picture to look forward to.

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Author: AnTy

The Infamous Bitcoin Time Traveler is Back, This Time He Wants You to “Sell your Bitcoins”

You remember that time-traveler guy from 2014 who brought the good news from 2025? He who said Bitcoin would be worth $10,000 in 2017, $100,000 in 2019 and a million in 2021?

Well, turns out he was a Bitcoin bear all along.

That’s right.

All those, “dollar is no longer used” or any central bank-issued currency for that matter, and ASICminer, IMF, Government of Saudi Arabia, and the North Korean government will be the largest Bitcoin HODLers, the wet dreams of a CT-based Bitcoin proponent are no longer his views.

He has come to realize that Bitcoin just “wastes electricity” and doing “ecological damage in an era when we should be focusing as a society on reducing our carbon emissions.”

The time traveler did all his research this time, read all those papers, and found that annual carbon dioxide emissions from the Bitcoin network are as much as the country of Jordan and accounts for 0.2% of global electricity use.

Well, there was another study that found that the majority of electricity (74.1%) used by Bitcoin actually comes from clean sources like solar, wind, and hydropower and is “more renewables-driven than almost every other large-scale industry in the world.”

But let’s not talk about that.

We have to talk about reducing the ecological damage that Bitcoin mining is causing. What do you have to do to prevent that, you ask?

Time Traveller has the answer. Unlike “you must find a way to destroy this godforsaken project in its infancy,” like last time as that ship sailed a long time back, you just have to

“sell your Bitcoins,” now.

Because let’s face it, you are gonna lose all your coins anyway as “history has shown.” This also illustrates “why Bitcoin is not a good investment option.”

And don’t even look at Shitcoins.

Time Traveler says other cryptos share Bitcoin’s flaw, most of them and let’s not forget that “these coins don’t produce anything.” Well as Mark Cuban said Bananas are better options at least you can eat them.

You may say what about fiat money, it doesn’t have any intrinsic value as well. But you see, they might be based on thin air but they have people believing in it.

I know what you are thinking, Bitcoin holders and investors believe in it the world’s leading cryptocurrency too, a bit too religiously some may say, but you just can’t just print it endlessly. So, No. Bananas for life.

And also, don’t forget that “history has shown that people who invest money in the stock market will generally end up witnessing much higher returns than people who buy gold.”

I thought one BTC was going to be worth a million in the next six years? Well, I think that theory invalidates once you realize the renewable energy Bitcoin is wasting.

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Author: AnTy

As Negative-Yielding Debt Hits Record $17 Trillion, Bitcoin’s Need Only Increases

The negative Yielding Debt continues to increase and analysts say that this is good news for the adoption of Bitcoin.

The escalating U.S.-China trade war, political tensions in Italy, Hong Kong and Argentina and disappointing economic data from China to Germany have fueled demand for haven securities this month. Strategists are increasingly speculating Treasury yields could join the below-zero club, something former Federal Reserve Chairman Alan Greenspan said wouldn’t be that big of a deal.

Government debt around the globe has rallied in sympathy with bets on U.S. rate cuts. German bund yields dropped to a new low in the build-up to the Fed announcement, while Japanese peers rose before the Bank of Japan released its monthly debt-purchase plan.

Popular crypto analyst Rhythm tweeted on the matter:

Buying into the near $17 trillion heap of global bonds with negative yields might sound like a losing proposition. But for some investors those who predicted correctly that bond prices this year would climb amid worries about sluggish global growth, negative yields actually have been a cash cow.

Whitney George, president of a precious metals hedge fund told:

“We’re now going from trade wars almost into currency wars. Gold is a currency, but it’s nobody’s obligation, so it will stand tallest when everyone else is trying to debase their currency to be competitive globally.”

Raoul Pal, the former head of Goldman Sachs’s hedge funds sales business put cryptos in the same conversation as Gold and says:

“So what the hell does a millennial do to save for your future, when almost all assets have negative imputed returns for the next 20 years, 10 years? And the answer is well, you take the optionality of cryptocurrency and Bitcoin.”

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Author: Sritanshu Sinha

Binance Jersey’s Twitter and Website Was Hacked by Security Researcher; Will Collect Bug Bounty

Binance is not having a good time with hackers lately. The company, which was allegedly hacked and lost some Know Your Customer (KYC) data recently, has just seen its Binance Jersey Twitter account be hacked as well.

An anonymous user known only as @LightningNetwo9 hacked the account claims to be a security researcher. According to him, his motives were not evil, he just wanted to expose how easy it was to take over the account and show that criminals could easily do the same in this situation.

According to him, it would be fairly easy for a skilled hacker to have made a successful attack and to use the profile for phishing scams.

Right now, Binance Jersey has regained control of the profile and deleted the tweets created by the hacker. You can see the deleted links below, originally saved by Coindesk.

It looks like it was mainly someone trying to get a job because he says that he needs work and passes a profile that people should use in case they want to contact him. He also asked the CEO of Binance, Changpeng Zhao, to message him.

Binance Jersey, as you may one, is one of the branches of the crypto exchange, together with Binance Malta, Singapore and Uganda.

The case can highlight how easy it is to take advantage of social media accounts that are not very protected. In these days, you really have to protect your social media accounts very well if you work for a high-profile company such as Binance.

Binance later came back to comment to say they have awarded the white hat hacker with a bug bounty

“We were able to restore the domain name within a few minutes and the Twitter handle a couple of hours later. We will issue a security bug bounty to the white hat hacker, as well as investigate the incident further with our service provider. […] All funds on Binance.JE are safe. No data was compromised.”

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Author: Hank Klinger

XRP’s Next Move Going to be “Explosive,” says Analyst as Ripple Looks to Break Out in 2019

XRP’s Next Move Going to be “Explosive,” says Analyst as Ripple Looks to Break Out in 2019
  • Q2 was packed with good news but lost its market dominance
  • Analyst Magic Poop Cannon: XRP has a real path to over $100

Ripple’s digital currency XRP didn’t have a good start of the year and is still down by 9.74% YTD.

XRP opened January 1st at $0.35 but dropped down to $0.28 at the end of the month. But then it saw a brief rally in mid-February, only to close the quarter trading around $0.30.

Q2 Was Packed With Good News but Lost its Market Dominance

In Q2, XRP got off to a great start just like other cryptocurrencies such as Bitcoin and Ethereum, going to $0.345 in the first few days of April. After having its share of ups and downs, XRP closed Q2 up 29% from where it opened, trading at $0,399 on the last day of trading of the quarter.

During this quarter, Ripple sold $251.51 million XRP, out of which $106.87 million XRP was in institutional direct sales. In Q2 2019, XRP lost about half of its market dominance despite being packed with announcements of partnerships and usage.

We witnessed Spanish bank Santander expanding its Ripple-powered international payments tool One Pay FX to non-customers, Ripple’s global expansion — opening offices in South America in Brazil and Switzerland, and partnership with MoneyGram.

Analyst: XRP has a real path to over $100

In Q3, we already heard of MoneyGram going live on xRapid platform that uses XRP.

Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.

An uptrend seems to be on XRP’s way as trader Credible Crypto points how the digital currency has retarced its move from the prior bull run, seen before with BTC prior to its 125x upside.

According to analyst, Magic Poop Cannon, price-wise “there is a real path to XRP prices well over $100, and even $200.” We just need to watch for a confirmation of support on the bottom of the channel, later this year, he said.

Once, it sees a big bounce there, it will be game over as the third largest cryptocurrency by market cap will “blast into another dimension.”

Magic, who is extremely bullish on XRP says even more important than price is that fact that it is the only cryptocurrency that is working with banks and regulators.

Currently, XRP/USD is trading at $0.317 with 24 hours gains of 0.86 percent. Magic says, it is “really coiling up right now,” and whichever way XRP breaks, it is going to be “very explosive.”

XRP price has a major multi month rising support at the red line and a break out to the upside, according to him, could send it “rapidly” to $0.50.

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Author: AnTy

Did you Know More Than 65% of Crashed Stablecoins Were Gold-Backed?

Did you Know More Than 65% of Crashed Stablecoins Were Gold-Backed?

The cryptocurrency sector has recorded a lot of growth in recent times, especially with all the good news that has come out of the industry in 2019.

The fact that the crypto winter successfully ended and the market has been quite impressive since April when the surge started, coupled with Bitcoin’s over 200% return this year alone, has brought many people to the sector.

There is also a lot more institutional investment than has been seen in previous years. Regardless of all these, there are still a lot of people – some of them powerful government officials – who are less than excited about cryptocurrency.

On one hand, people are bothered about the decentralization and the fact that everything goes largely untraced. However, on the other hand, the biggest problem people have (including crypto proponents) is the volatility.

Bitcoin, for example, recently gained more than $1,000 in a short period of 24 hours and another 24 hours after that, it lost more than $2,000, currently trading just a little below $11,000.

Enter Stablecoins

A stablecoin is a digital asset whose value is backed by a particular asset or a range of assets. They are specifically designed to control the usual cryptocurrency instability as much as possible. A stablecoin can either be pegged to a traded asset like gold, or to a particular fiat currency.

However, it seems like the general idea of stablecoins (especially those backed by gold) isn’t really working and a lot of them are either defunct or didn’t kick off at all in the first place.

According to information from Blockdata, a blockchain analysis service, almost 120 stablecoins have been announced since January 2017 and till date, they have all failed to kick off. Another 24 stablecoins did kick-off but didn’t do well and eventually died out leaving only 66 stablecoins active today.

Another interesting piece of information is that of the 24 stablecoins that crashed out, 16 – representing more than 65% – were not backed to fiats but to gold reserves.

It has been said that stablecoins pegged to fiat should generally be supported by a properly centralised financial figure like a bank, so as to ensure some security. While this sounds like a fantastic idea, the recent problem that Bitfinex and Tether had, has shown that there is always the chance that things don’t go as well as planned.

Gold-Backed Stablecoins Might Be A Bad Idea

The assumption can now also be made that gold reserves are not the best backing for a stablecoin. For a gold-backed coin to work, there has to be actual gold stowed somewhere for the exact purpose of backing the coin.

However, a gold backed stablecoin would still have the same volatility issues plaguing the rest of the sector. This is because gold is far from stable and is still vulnerable to price swings.

Gold has been advertised for hundreds of years as a great store of value and while this works sometimes, one has to wonder why this many gold-backed stablecoins have crashed. There’s also the fact that some of the other cryptocurrencies give better returns than any stablecoin. Ethereum for example recently recorded a 150% year-to-date return while that of Bitcoin is well past 200%.

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Author: Tolu

Blockchain Center Miami Celebrates in Style with Big Crypto Community Gathering

Blockchain Center Miami Celebrates in Style with Big Crypto Community Gathering

If you are based in Miami and you are interested in the blockchain world, we have good news for you. The Blockchain Center Miami has been finally inaugurated after months of planning. The center is set to be an important blockchain hub for the people of South Florida.

The building where the Blockchain Center Miami is based is on downtown Miami and it is set to serve as a venue for events in the community.

This new space was launched with a party full of drinks and food. There was even a DJ (DJ Yissel), according to the organizers of the event. The party attracted a lot of people from the local industry who were curious to see what the new place was all about.

Even the mayor of Miami attended the event, which can be considered a success. He cut the ribbon in order to inaugurate the place and presented the directors of the new center with a Certificate of Recognition.

As announced by the press release, the core team of the new blockchain center will include names such as Nick Spanos, Eryka Gemma Flores and Scott Spiegel. The organization will be focused on both global and local blockchain events and will cater to the local Florida crypto communities.

This is not the first blockchain center created by Spanos, though. Far from that. He first launched one back in 2013 when Bitcoin was not even five years old. The first center was located in New York and this story is featured on Banking on Bitcoin, a documentary that you can see on Netflix right now.

The New York-based center is located only 100 feet from the New York Stock Exchange, so you can bet that it is pretty well located (and that Spanos has a lot of money to invest).

During the launch, Spanos affirmed that one of the goals of the new center is to help to “unleash the minds” of Latin American youths. As you may know, Florida has a large Latin American population, so he is interested in influencing them.

Flores also talked about the launch, which she described as “exciting and surreal”. She affirmed that even as the company is pushing the decentralization of the world forward, having a physical space is very important because they are changing the narrative and creating important opportunities for the locals.

After the party happened, an afterparty event exhibited the Banking on Bitcoin movie, which was seen by the people present on a massive screen that was also able to see be seen from the street. The idea was to also involve the people passing on the street. In the future, a screen will show the projection of crypto price movements and news.

The organized also affirmed that the new center was created to be the go-to Bitcoin-related place for events in the city and the surrounding region. Not only it has a nice view but it also has offices and even entire floors that can be rented by local and international crypto companies that might want to use the space.

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Author: Gabriel Machado