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Bitcoin Prices Continue to Surge, Regularly Breaking Records – Futurism

May 10, 2017 | Author: admin

In Brief

Early adopters of Bitcoin, the novel currency sweeping the globe, have plenty to celebrate this year. The cryptocurrency has grown in value by 85 percent in 2017. It has enjoyed steady growth, topping $1,700 for the first time ever today. This is the latest milestone for the digital currency, however back in March, Bitcoin surpassed the value of gold for the first time in its history. And, there are no indications of it slowing down.

The previous success of the currency has been tied to the uncertainty in markets after the results of the 2016 US elections. However, that explanation cant continue its potency for thatlong. Even more, the US Securities and Exchange Commission (SEC) still has to rule on whether or not they will reverse a previous decision to reject a high profile exchange-traded fund (ETF), so the reasons behind the currencys burgeoning strength remain unclear.

Last month, Japanese policymakers made Bitcoin a legal method of payment. This was followed closely by an announcement that Russia would consider adopting Bitcoin (among other cryptocurrencies) in 2018. However, not all countries are readily willing to consider legitimizing Bitcoin. China, for example, has recently decided to restrict its trade.

Even with some minor hiccups, Bitcoin is set to revolutionize the way that we pay. Its footing keeps getting stronger as it continues to be the top-performing currency since the start of the decade, save for 2014.

The Japanese adoption of the currency could be a considerable boon toward it hitting the mainstream. Experts are expecting retailers in more than 260,000 stores across the country tobe accepting Bitcoin. The ease afforded by the currency being international could make it a favorite for travelers as well.

The future of Bitcoin may not be entirely clear. But, if this upward trend continues, it will be difficult for policymakers to deny its rightful place in the pantheon of finance.

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Bitcoin Prices Continue to Surge, Regularly Breaking Records - Futurism

Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs – MarketWatch

May 10, 2017 | Author: admin

Either way, this one wont end well.

Bitcoin exploded past $1,700 Tuesday, taking out new highs as 2017s remarkable run for all virtual currencies spilled into another day.

A man going by the cyber handle gingerbreadfutters, if his post on Reddit is to be believed, isnt taking profits. No, in fact, just the opposite. He says hes taking out an equity loan of $325,239 on his house to buy 191 bitcoin BTCUSD, +2.34% Yikes.

The catch, he claims, is that he has an undisclosed terminal disease, which frees him up to take such a ridiculous risk.

I decided to make my newest lunge, using what equity I have accrued on my estate over the past 10 years since the 2008 financial crisis, he wrote. If bitcoin reaches the 10k mark which I see as a distinct possibility, or I would not have taken such a risk I plan on moving to the West Coast and getting away from all the angry people here where I currently reside.

Angry people were quick to criticize, as hundreds of comments poured in.

A fellow Reddit user by the name of Dispairsquid16 said the story rings familiar: Almost like a high school chemistry teacher deciding to begin making and selling crystal meth due to a change in life circumstances.

Some well-wishes from CryptoInvestor: Firstly, let me wish you good luck. Second, let me tell you how much of an idiot you are.

Is this the top? Indeed, says HukusPukus. This is it. This is the signal Ive been waiting for. Time to sell all my bitcoins and buy a house, he wrote

Even the uber bitcoin bulls, like loserkids, had a hard time with this one.

Though Im 100% bullish on bitcoin long-term this is an incredibly stupid idea, he wrote. But youve already heard it from others. Either way, good luck.

If Spencer Bogart, head of research at Blockchain Capital, has it right, gingerbreadfutters is definitely setting himself up for financial disaster.

The virtual-currency market has all the trappings of a bubble, Bogart said, adding that he thinks it could have more room to rise before a correction occurs. Its definitely unsustainable, he explains, though I dont know if its in its final moments right now.

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Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs - MarketWatch

Bitcoin Price Breaks $1700 – PYMNTS.com

May 10, 2017 | Author: admin

Bitcoin pricecontinues to surge, breaking records along the way. On Tuesday (May 9) of this week, bitcoin saw values surge above $1,700 for the first time in history.

At the time of writing on Tuesday afternoon, CoinDesk pegged bitcoin was worth $1,734.01, up 5.78 percent for the day, though down from a high of a whopping $1,747.06 earlier in the morning. The digital currencys market cap stood at just about $28 billion with some 16.3 million in circulation.

Bitcoins value has grown 73.9 percent from $997 at the beginning of 2017 and a full 285 percent year on year.

The most recent rise, which really began to take off at the tail end of April, still has no readily apparent catalyst on the market. One hypothesis is that investor optimism is rising in response to the Securities and Exchange Commissions (SEC) decision to review its rejection of the Winklevoss bitcoin-based ETF.

It seems unlikely that the SEC will renege on its earlier decision.

Still, with growth like this, the outrageous prediction that bitcoin could hit $2,000 in 2017 doesnt seem quite so out there. (To be fair, the exact circumstances around the price rise from Saxos report were far different.)

With the latest rise, exchanges have seen a dampening of the widened exchange spread trends over the past few weeks. Bitfinex saw trading about $50 higher than average, a significant decrease from recent $100 disparities.

But its not just bitcoin. Practically every cryptocurrency has seen an uptick in value in the last month with the total cryptocurrency market cap growing from $27.8 billion to over $52 billion in just over 30 days.

Whether or not this growth represents a bubble looking to burst is an open question.

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Bitcoin Price Breaks $1700 - PYMNTS.com

Don’t Buy Bitcoin! Says German Central Bank – newsBTC

May 10, 2017 | Author: admin

A German Central Bank board member has urged people to refrain from investing in Bitcoin amid its growing price. Read more...

The Bitcoin community is rejoicing due to the recent market activities, especially yesterdays surge in cryptocurrencys price which broke all the previous records. However, Germanys Central Bank or at least few of its board members dont seem to be enjoying the price rally.

Carl-Ludwig Thiele, a Bundesbank board member recently warned people against investing in Bitcoin. Thiele made the statement while speaking to a German newspaper. The news outlet quoted the board member saying,

Bitcoin is a means of exchange which is not issued by a central bank, but by unidentified actors. I do not see it as a currency. If you think Bitcoin would be as safe as the euro or the dollar, you have to take responsibility for it. We can only warn people not to use the bitcoin to preserve purchasing power.

The warning seems to be a bit out of place following the recent developments in the cryptocurrency sector. While many countries are considering options to legalize Bitcoin, Germany has stuck to its grounds. Also, the lack of economic stability in the European Union gives more reasons for people to opt for alternatives like Bitcoin and other cryptocurrencies instead of seeing strict withdrawal limits slapped on their bank accounts (e.g. Greece during the economic meltdown).

However, as a bit of relief, Thiele didnt call for a ban on cryptocurrencies. A German online publication stated his standpoint. According to the publication, he stated that there is no need to ban such a method of payment as long as it doesnt violate any existing money laundering laws. Bitcoin still remains a niche market, showing signs of mass adoption. Once the domestic cryptocurrency community grows in sufficient numbers, the country will be forced to recognize Bitcoin as a legal tender.

The rising Bitcoin price trend is speculated to continue, with the cryptocurrency reaching the $4000 mark within a year. The cryptocurrencys growth is expected to be fed by increased usage of blockchain infrastructure across industries and the introduction of new cryptocurrencies.

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Don't Buy Bitcoin! Says German Central Bank - newsBTC

Bitcoin Price Reaches New ATH of $1760, Then Pulls Back – The Merkle

May 10, 2017 | Author: admin

After breaking out from a reverse head and shoulders pattern and setting a new all time high of $1760 on Bitstamp, Bitcoin has slightly calmed down as its price pulled back 2%. What does the future hold for Bitcoins price? Keep reading to find out.

Some traders see this as the market meeting the61.8% Fibonacci retracement level, which is right around the $1740 area. As discussed in our previous bitcoin analysis article, sinceBitcoin is currently trading in uncharted territory, the only somewhat reliable indicator is the Fibonacci retracement. Rest assured that Bitcoins price wont stay at this level for long. Currently the price is at a critical point in the Fibonacci indicator, and traders will either use it as resistance or support to decidethe next market action.

Another metric to keep an eye on is the RSI (Relative Strength Index). Currently it is booming at 89 out of 100, anything of 70 means the market if overbought. However, during this rally the RSI hasnt been of much use since it showed an overbought market since late April, when the price was only at $1400. As long as the volume stays high, there will be enough fuel to keep this rally going, otherwise if bitcoin trading volume starts dying down, the price might too.

Reasons for the Rally?

As a recap, the common speculation as to the current price hike is Japans adoption of the cryptocurrency and political tensions between the east and the west. Another reason Bitcoins price is so high, is the approach of the SECs appealed Bitcoin ETF decision date. In fact, the SEC is supposed to make a decisionon May 15h regarding the application.

Let me remind you what happened two months ago when the price also rose to incredible heights days before the ETF decision, only to dump back down after the SEC denied the application. The agencys reasoning behind their decision was that Bitcoin markets werent regulated enough.

While its nice to see traders remain hopeful about a positive outcome on the appealed application, the reality is that nothing has reallychanged in 2 months regarding Bitcoin regulation in the US. Moreover, any application for an ETF is allowed a second chance at reconsideration, so the fact that the SEC is reviewingthe Bitcoin fund once again is not anything special.

If you are holding a position in Bitcoin one thing is for certain, when the SEC makes a decision the price will move heavily in either direction. Make sure to mark May 15th on your calendar as you wouldnt want to miss that.

Dislaimer: This is not trading advice, this article is for educational purposes only. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

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Bitcoin Price Reaches New ATH of $1760, Then Pulls Back - The Merkle

Top 4 South Korean Cryptocurrency Exchanges – The Merkle

May 10, 2017 | Author: admin

Slowly but surely, Bitcoin and other cryptocurrencies are gaining traction in different regions around the world. South Korea could prove to be an important ally on the road to mass cryptocurrency adoption. Several exchanges are active in this market, although not all of them are known by the public. We have listed four of the main platforms serving customers in South Korea.

This fairly unknown Bitcoin exchange has been around for quite some time now. Unfortunately, they only made media headlines due to a recent hack affecting the platform. Over 3,000 bitcoins were lost, and Yapizon was forced to reduce user balances by a sizable amount to recover the losses. A reward program has been put in place to compensate affected users moving forward, though.

Another relatively unknown cryptocurrency exchange operating in South Korea goes by the name of Coinone. The company offers three main trading markets: Bitcoin, Ethereum, and Ethereum Classic. All of these currencies can be traded against the Korean Won, but not against one another. It does appear the exchange is doing quite well, though, as it generates a fair bit of volume every single day.

As we have come to see from other exchanges focusing only on fiat currency trading markets, the maker-taker fee structure depends on how much volume is traded. In the western world, a similar tactic is employed by platforms such as Kraken. It will be interesting to see if Coinone decides to add other currencies and trading pairs to its platform in the future. For now, South Korea seems very keen on ETH, ETC, and BTC, that much is evident.

One of the oldest Korean exchanges goes by the name of Korbit. The platform has built up a solid reputation over the years, mainly due to being the first BTC/KRW exchange in history. As time progressed, the company decided to add Ethereum and Ethereum Classic to its trading market as well. Interestingly enough, the platform also lists Monero, Litecoin, and XRP, although they are not openly advertised, so to speak. It looks as if all of the supported currencies can only be traded against the Korean Won as well.

Although very few people had heard about this exchange just a few months ago, things have changed quite a bit ever since. Bithumb has quickly become one of the most dominant cryptocurrency markets in all of South Korea. That is quite an impressive feat, and it looks like the overall trading volume continues to grow every single week.

It is possible Bithumb will only become more popular ever since they recently added a Litecoin trading pair. Other supported currencies include Bitcoin Dash and Ethereum, both of which can be exchanged for the Korean Won. Bitcoin is the platforms largest trading market for now, although Ethereum and Litecoin see decent daily volumes as well.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

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Top 4 South Korean Cryptocurrency Exchanges - The Merkle

Palmerston North retiree makes a mint ditching gold for … – Stuff.co.nz – The Dominion Post

May 10, 2017 | Author: admin

PAUL MITCHELL

Last updated20:16, May 9 2017

MURRAY WILSON/FAIRFAX NZ

Palmerston North retiree Bruce Thompson made over $140,000 investing in cryptocurrencies over the past year.

A pensioner stands at an airport security checkpoint with a backpack full of gold bullion, a knife and false beard.

Why? To understand that, you need to know a little about Palmerston North retireeBruce Thompsonand why he's so excited about "cryptocurrency".

Aformer IT worker, and earlyadopter,Thompson has followed the rise of digital currencywith avid interest.

SUPPLIED

People from around the world trade in cryptocurrencies through online exchanges such as Poloneix.

He's made $146,000 since he started dabbling withcryptocurrencyin June 2016, $108,000 of that in the past month and a half.

READ MORE: * A beginners guide to Bitcoin: what you need to know * Cryptocurrency in crossfire as surge in dodgy transactions reported to police intel * Agribusiness Investment Showcase startups vie for investment * KiwiSavers harshly taxed compared to property investors, book claims

Cryptocurrencies are digital currencies that use encryption to secure transactions and control how new "coins"are made.Bitcoin is the most famous, but there are others, such as Ehtereum and Dash.

Each "coin"has a unique computer-generated number, andonly a limited amount can be created. They can be used anonymously.

In mid-March, Thompson readabout amajor international bankbuying Ethereum,andsaw the currency's valuestart to tick upwards in the online exchanges.

He realised itwasabout to skyrocket. So he made a snap decision to dip into another investment he'd made over the years his gold bullion.

That's how Thompson came to be standing at a checkpointin Wellington Airport, with a bemused security guard giving him the side-eye.

The problem washis gold was in a safe deposit box in the State Insurance building in Wellington, and the vault was closing in only three hours.

He snatched up a backpack and dashed to the bus stop in Palmerston North, and arrived in thecapital with an hour to spare. And he needed every bit of it to navigate the vault's tight security,so he sprinted three blocks through thecrowded centralWellington streets.

Soon he was back on the street with his backpack$103,000 in gold bars heavier, and was ready to fly to Auckland to cash it in.

But in his rush to the vault, he'd never checked to see what else was in his backpack.

The knife was from a hiking trip, and the fake beard was part of a costume for an amateur musical production. It took some explaining, but he was eventually on his way,minus the knife.

"It was all a bit of a risk, but it has paid off hugely for me."

Thompson said he wanted to share the wealth, so he madeastarter's guide to buyingcryptocurrenciesto make it a bit easier for others to seize the opportunity.

"When you make $140,000 basically overnight, you feel a bit guilty.

"You think, how can this just be happening to me?I should tell everyone else."

He said investing in cryptocurrency wasa solid gamble, because it changed money and banking the same way digital technology was changing so many areas of life.

Thompson said people shouldn't invest with money they couldn't afford to lose, and they should practise with $10 until they got a handle on the market.

"I could be fatally wrong.ButI've got enough put aside, I own my own house, and I'm a pensioner ,so I'm all right."

-Stuff

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Palmerston North retiree makes a mint ditching gold for ... - Stuff.co.nz - The Dominion Post

BTC/USD: Bitcoin Prices Surge on Fed-Speak as Cryptocurrency Adds $1Bn in Market Value – Economic Calendar

May 10, 2017 | Author: admin

The value of bitcoin has risen to new highs this week, with the Federal Reserve playing a hand in stoking demand for the worlds most popular cryptocurrency.

Bitcoin (BTC/USD) rose 1.3% to $1,728.55 at 7:48 a.m. ET on Wednesday, according to CoinDesk BPI. Prices hovered between $1,690.40 and $1,731.56 during the session.

The cryptocurrency jumped on Tuesday to a fresh record after Minneapolis Fed President Neel Kashkari gave a bullish assessment of blockchain, the underlying technology powering bitcoin.

I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself, Kashkari, who is also a member of this years Federal Open Market Committee (FOMC), said at a technology conference, according to Reuters.

Kashkaris comments suggest the friction between central banks and digital money is slowly eroding. This would-be alliance certainly isnt out of convenience, given that central banks are primarily responsible for printing and regulating fiat money the very thing bitcoin is trying to combat.

The latest upsurge added $1 billion to bitcoins market capitalization in just 24 hours. The worlds most actively-traded digital currency now boasts an overall market value of more than $28 billion.

But the gains havent stopped there. Ethereum has also posted record highs this week, bringing its total market cap to $8 billion. Ripple has also surged this week, bringing its market value to nearly $7 billion.

Two other cryptocurrencies Litecoin and NEM also joined the billion-dollar club this week as the gold rush to digital coins continued.

Digital currency adoption is enjoying unprecedented strength as governments, banks and merchants begin to explore the value of a globally decentralized exchange system. Regulatory efforts in Japan last month could push back the adoption barriers and serve as a guidepost for other governments looking to legalize cryptocurrency.

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BTC/USD: Bitcoin Prices Surge on Fed-Speak as Cryptocurrency Adds $1Bn in Market Value - Economic Calendar

eMusic Relaunches Indie Focused Music Hub with Free, Discounted Downloads, Cloud Storage – hypebot.com

May 10, 2017 | Author: admin

A pioneer in digital music, eMusic has relaunched with an indie focus similar to its early days. TriPlay acquired eMusic in September of 2015 and has rebuilt the platform from the ground up.

_________________________________

eMusic has been resurrected as a home for the indie music aficionado with free cloud storage for existing music collections and a catalog of 32 million tracks available for download at at up to 55% off retail.

In an age of streaming, its decidedly risky yet artist and indie label friendly approach. "eMusic is for fans who value ownership of music at a competitive price," says the company, "while knowing they are also fairly supporting musicians and songwriters."

In addition discounted tracks, a free cloud music locker and player apps anchor the new eMusic. Free users get "anywhere access" to their music collection with unlimited cloud storage, plus a free daily music download from an emerging artist. Paid plans start at $3.99 per month, with unlimited access to songs at up to 55% off retail, and range up to $29.99 per month, for the "music connoisseur."

Analysis

eMusic's indie focus will be frustrating for many fans.

Even those who consume mostly indie music, occasionally want the hits. The latest Drake release on the site was from 2005, for example; and indie labels may be hesitant to deep discount their own hit tracks. As for cloud storage, Amazon and Apple both offer affordable music lockers.

Still, the new service stands a chance if it can become an indie music hub, like the original site was. That is clearly its intent. "eMusic Members have spent countless hours growing and curating their private music libraries and see value in the power of their personal cloud througheMusic," insistsTamir Koch, CEO of eMusic owner TriPlay. "In fact, when eMusic Members listen to music, 80% of the time they are listening to their own music collections. We are proud to give our Members an easy, convenient and affordable platform that allows them to expand their collections and access their music from anywhere."

Add more curation, editorial, fan comments and access (even without discounts) to more music, and eMusic could become a home for indie music fans and a boon to indie artists and labels.

Key Features

Some of the features available in the new eMusic include:

Music gives its users a variety of service level options:

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eMusic Relaunches Indie Focused Music Hub with Free, Discounted Downloads, Cloud Storage - hypebot.com

Massive data centers store info "on the cloud" but at what cost? – My Fox Boston

May 10, 2017 | Author: admin

Updated: May 9, 2017 - 11:48 PM

BOSTON - All of your music, photos and videos are probably saved "up in the cloud" instead of your phone for safekeeping -- but the cloud is actually made up of huge data centers.

Some critics claim it has a dark lining, thanks to the massive amount of power required. Boston 25 News reporter Ted Daniel shows us what really goes into maintaining all that data.

Massive data centers like Microsofts buildings in Quincy, Washington have transformed the landscape. The data centers are the engine or brain of a company. Inside, a large group of connected servers store, process, and distribute all of the things we access online.

Supporters say they brought a financial windfall in the form of jobs, and a surge in real estate. But critics say the data centers are adding something else to the air, thanks to the diesel generators, designed to make sure that the power never goes out.

When they start up, without controls, they give that black puff. And that was never considered in the air quality permits until we got involved. You can still see it, said former Quincy mayor Patty Martin.

There are an estimated 3 million data centers in the U.S. alone. That's about one for every 100 people in the country.

One of the largest in New England is located above the Macy's building in Bostons Downtown Crossing. The 920,000 square foot facility stores data for financial, healthcare, bio-tech, and entertainment companies - plus information for the the government

We dont see an end in sight with respect to having new data centers coming online, said Vanderweil Engineers principal Jim Gikas.

The leading data management design firm says data centers need an enormous amount of power, in part, because they operate 24 hours a day, require precise temperatures, and lots of redundancy.

Data centers use 20-100+ times the amount of electrical energy used in office building, said Gikas.

At Vanderweil, engineers are focused are trying to find ways to reduce the power draw and make data storage more environmentally friendly. We do have to be sensitive and really creative in helping people optimize the energy use, said Vanderweils Mike Kerwin.

In Massachusetts, data centers are also located in Watertown, Bedford, Worcester, Needham and Chicopee.

2017 Cox Media Group.

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Massive data centers store info "on the cloud" but at what cost? - My Fox Boston

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Bitcoin Prices Continue to Surge, Regularly Breaking Records – Futurism

Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs – MarketWatch

Bitcoin Price Breaks $1700 – PYMNTS.com

Don’t Buy Bitcoin! Says German Central Bank – newsBTC

Bitcoin Price Reaches New ATH of $1760, Then Pulls Back – The Merkle

Top 4 South Korean Cryptocurrency Exchanges – The Merkle

Palmerston North retiree makes a mint ditching gold for … – Stuff.co.nz – The Dominion Post

BTC/USD: Bitcoin Prices Surge on Fed-Speak as Cryptocurrency Adds $1Bn in Market Value – Economic Calendar

eMusic Relaunches Indie Focused Music Hub with Free, Discounted Downloads, Cloud Storage – hypebot.com

Massive data centers store info "on the cloud" but at what cost? – My Fox Boston

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