Day: December 8, 2017

Korea could follow China in outlawing cryptocurrency exchange for fiat, and possibly go further, reports suggest.

Global banking regulator Stefan Ingves sees Bitcoin as a bubble and thinks fintech cannot and will not replace legacy banking systems, while others disagree and see signs of the future.

It is evident everyone with a sense of adventure aims to buy Bitcoin right now. These colossal price gains throughout 2017 have not gone by unnoticed whatsoever. However, one also has to question the reason for buying Bitcoin now. Most people couldn’t care less about this innovative technology or using it as a currency. Instead, they see this as a way to make a quick buck. Vinny Lingham is thinking along the same lines in this regard.

One could argue Bitcoin has some sort of identity crisis right now. More specifically, no one knows for sure how to label the world’s leading cryptocurrency. It’s far from a currency, as the network simply can’t process enough transactions per second. Nor is it a store of value per se, as the price is far too volatile. All of the questions need to be asked, yet very few new investors worry about these things. All they see is a vehicle to score quick profit and cash out when the time is right.

Vinny Lingham Worries About Bitcoin’s Future

For a project that was once touted for its technology, Bitcoin has certainly come a long way. Whether or not that is a good thing, remains to be determined. For speculators, Bitcoin is the next holy grail right now. Once people start to realize it’s nothing more than a volatile store of value, things will get very interesting. Its price volatility, high transaction fees, and lack of scaling are all pressing matters. Unfortunately, few people seem to care about these things. As Vinny Lingham points out, it’s all about profits first and foremost.

Just remember, the people buying Bitcoin today don’t love it for the technology, they love it for the promises of the riches it will bring. If those promises are ever broken, they’ll quickly move onto the next big thing… #humancondition

— Vinny Lingham (@VinnyLingham) December 7, 2017

On paper, there is nothing wrong with this approach whatsoever. Early investors envisioned Bitcoin to become the next global payment solution. The past few years have shown that is not feasible with the current technology. Merchants drop Bitcoin support due to the lingering issues.If one can’t spend Bitcoin, it will never become a currency. Using intermediary tools such as Bitcoin debit cards can alleviate some concerns. However, one has to agree with Vinny Lingham in this regard. People care about the riches and everything else isn’t important.

How all of this will play out for Bitcoin, remains to be determined. Vinny Lingham is just one of the people who see the writing on the wall. Bitcoin isn’t the currency it was supposed to be, and it remains doubtful it can ever become that in the future. This doesn’t mean the Bitcoin price will suddenly drop overnight either, though. One just needs to realize buying Bitcoin is mainly profit-driven more than anything else. Until the Lightning Network goes live, this uneasy situation will remain in place.

The post Vinny Lingham Points out new Bitcoin Investors Only Want Profit Rather Than Innovation appeared first on NEWSBTC.

Bitcoin prices are taking a hit in the early U.S. session today, after a record spike to over $17,000 yesterday.

The old adage could be coming true again: ‘Buy the rumor, sell the news’ as futures are days away from coming into effect.

The most recent endorsement of celebrities is for SIRIN labs by Leo Messi, the famous footballer. SIRIN’s newest devices are powered by IOTA’s Tangle

The National Association of Federally-Insured Credit Unions has become the latest member of the Enterprise Ethereum Alliance.

In spite of approval from the CFTC, government regulators warn that they will pay careful attention to Bitcoin futures to ensure that they are not manipulated.

The world of cryptocurrencies is still firing on all cylinders as we speak. The wild Bitcoin price fluctuations have certainly introduced a lot of changes and most altcoins are still reeling. The IOTA price is certainly picking up once again, thanks to another 26.19% gain overnight. With an IOTA price of $4.25 right now, it is a matter of time until a new push toward $5 occurs. Whether or not it will succeed, is a different matter altogether.

IOTA Price Mounts Another Comeback

It is evident there are a lot of things happening in the world of cryptocurrency right now. More specifically, the Bitcoin price is making all other currencies look bad, which is not entirely surprising. It is unclear what all of this means in the long run, though. For now, the individual currencies are trying to recover in price. The IOTA price is making some interesting moves in this regard, although it is still too early to speak of a major recovery.

More specifically, the IOTA price has risen by 26.19% overnight. While that is that spectacular, it may also be only the beginning of what is yet to come. More specifically, the IOTA price hit an all-time high of over $5.5 before it started collapsing earlier this week. With this Bitcoin bull rush still firmly intact, it is evident most altcoins will remain pretty volatile, for the time being. At the same time, it creates excellent buying opportunities for fans of specific altcoins.

In the case of the IOTA price, no one knows for sure how things will play out. it is evident all worthy altcoins will mount a comeback of sorts in the coming hours and days. This Bitcoin price momentum cannot be sustained forever and the weekend will introduce a lot of interesting price action. This may also mean we will see some big changes to the IOTA price, although it is still too early to make any accurate assessments in this regard.

With over $1.11bn in trading volume, one has to acknowledge the demand for IOTA is still very strong. This altcoin has successfully garnered a lot of support among cryptocurrency trades in recent weeks, that much is evident. It is also thanks to this trading volume we see the IOTA price rise by 26.19% in USD value and 18.16% in BTC value over the past 24 hours. An interesting future lies ahead in this regard, although there will be plenty of volatility along the way as well.

As has been the case for most of the time, Bitfinex leads the markets in terms of trading volume. With nearly $500m in 24-hour volume, this company is doing something right. Binance has successfully claimed the second spot right now, although the BTC market on Bitfinex is not too far behind in terms of volume. Coinone is the fourth exchange generating over $100m in 24-hour volume right now. CoinFalcon is excluded for the time being due to their lack of trading fees, albeit they generate over $2m in volume as well.

It will be interesting to see what the future holds for the IOTA price. With every individual MIOTA valued at $4.25 right now, the market can easily swing in either direction. These are promising and fertile times for all cryptocurrencies, yet no one knows for sure how things will play out in the coming days and weeks. With the weekend almost upon us, interesting things are bound to happen sooner or later.