Is Cryptocurrency a Risky Business?

BIT COIN HAD NO VALUE PER SE, THEY WENT UP OVER $20,000 PER COIN. MANY PEOPLE HAVE MADE EASY MONEY AND THIS HAS CAUGHT THE ATTENTION OF ONLINE INVESTORS.

COULD PUTTING YOUR MONEY INTO CRYPTO CURRENCY BE RISKY? SOME FINANCIAL EXPERTS ARE GIVING THEIR WARNINGS.

TO MOST OF US, CRYPTO CURRENCIES ARE A RISKY AND UNKNOWN WORLD. PEOPLE THAT SAY THAT ARE SCARED THAT MONEY DON’T MAKE MONEY Reporter: HE CLAIMS HE HAS DONE QUITE WELL AND THE MARKET TAKING ADVANTAGE OF THE VOLATILITY.

BANKING AND SECURITY SECRETARY AND CERTIFIED FINANCIAL ADVISORS SAY THERE ARE A NUMBER OF REASONS TO BE CONCERNED. RETRIEVAL AND HAVING YOUR CURRENCY IS ONE RISK. THERE IS NO AUTHORIZED AND REGULATED MARKET FOR THE ISSUANCE OF THESE COINS. NOT ONLY DO YOU NOT KNOW WHICH BANK TO GO TO, THERE IS NO GUARANTEE BEHIND IT.  MEANING LIKE THE FDRC GUARANTEEING YOUR BANK ACCOUNT, IT’S LIKE BEING ON THE NET WITHOUT A NET.

THE EXPERTS CRINGE AT REPORTS THE PEOPLE HAVE MORTGAGED THEIR HOMES TO GET INTO THE CRYPTO CURRENCY MARKET IN HOPES THE BIG ONE FALLS. I THINK THAT IS EXTREMELY FOOLISH AND DANGEROUS. IT SMOOTH AND EASY TO LOSE. IF YOU HAVE ANY INTEREST IN INVESTING IN THEM, IT SHOULD BE A SMALL AMOUNT OF MONEY THAT YOU CAN AFFORD TO LOSE. THAT IS EXACTLY THE APPROACH THAT THESE PEOPLE SAY.

As found on Youtube

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Bitcoin Has Gone Mainstream. That’s a Very Big Deal

Bitcoin Has Gone Mainstream. That’s a Very Big Deal

As crypto-asset prices have gone haywire this past month, the whole world has started talking about bitcoin, cryptocurrencies and blockchain technology – around dinner tables, at holiday parties, in boardrooms, at trade conferences, in government meetings.

At this stage, it’s not a sophisticated conversation. Knowledge and understanding are still seriously lacking. But people are gripped with curiosity, and that’s no small matter.

This human conversation can’t be separated, either, from the widening engagement of institutions, big and small. Business news shows and websites are now running the BTC ticker on their home screens alongside the Dow Jones Industrials. Every day, mainstream newspapers and online publications run high-profile articles on bitcoin, ICOs and decentralized approaches to everything from ridesharing and supply chain management to social media and healthcare.

Established companies are forming research consortia with their suppliers, vendors, competitors and new crypto startups to define the future open-source protocols of their industries. The World Bank, the IMF and other multilateral institutions are setting up blockchain labs for development and humanitarian objectives. Central banks are exploring programmable, digital fiat currency prototypes that, despite being government-controlled and centralized, could disintermediate banks and stoke a global competition for new monetary models.

Meanwhile, tens of thousands of entrepreneurs in dozens of different countries are launching moon-shot ideas to disrupt virtually every market on earth.

There is no turning back. The age of cryptocurrency has arrived.

More than market mania

To battle-hardened cryptographers and Wall Street veterans alike, it all looks a bit disturbing.

They cringe as newbies pile into digital assets while touts of varying integrity woo them with blockchain schemes based on untested, undeveloped or often non-existent technology.

The cynics’ concerns are justified. People will lose money. A lot. Fingers of blame will be pointed. Mostly at the wrong parties.

But there’s much more to this than the hype-stoked crypto markets. The intense attention on this unprecedented economic phenomenon is prompting people to ask some key, probing questions.

Where does this fervor for bitcoin come from? What’s underlying it? Why does blockchain technology matter? Is it an opportunity for me, for my business, for society? Or is it a threat?

In the end, it matters not whether it’s bitcoin, ethereum, or some other decentralizing technology that ends up framing our economic future. The most important thing is that people everywhere are starting to think about how a decentralized system of record-keeping and value exchange can flatten organizational hierarchies, reduce friction, expand access, open new markets and promote shared prosperity.

It’s early days, but this unplanned global conversation could give rise to a “Big Bang” of crowdsourced ideas and entrepreneurship, one that evolves into an unstoppable wave of world-changing innovation.

Welcoming the chaos

What’s exciting about this – and, let’s face it, also scary – is that it’s near impossible to predict where it will all go.

The important thing is to let the conversation and ideas happen while also encouraging as wide public input as possible into how this technology is governed, tested and allowed to evolve.

We know this from the history of the internet. The value of TCP/IP and of the various other open-source protocols of the internet was that, together, they formed an extensible platform. Anything could be built upon it. We just didn’t know what.

Engineers at DARPA, MIT, Stanford and other places who worked on what was then known as Arpanet say that, when first contemplating its possibilities, they imagined sending DOS-based text messages to each other or sharing files without having to carry a floppy disk from one computer to another. But that was about it.

They couldn’t foresee everything else: blogs, Wikipedia, social media, online search, streaming audio and video, the cloud, e-marketplaces or ridesharing, much less how the internet would become the backbone of the entire global economy.  That unforeseeable future required a much richer, collective imagination, one with global input.

What those engineers also couldn’t foresee was that a failure to establish a truly decentralized trust-management system would allow new, centralized institutions to monopolize control of the global digital economy – the Googles, Amazons, Alibabas and Tencents of this world.

Now, at the dawn of the age of cryptocurrency, we have an obligation to get it right, to build a more open economy.

We must let the ideas flow, from every corner of the globe and from every community and interest group. And let those who generate them find the opportunity and the resources to turn them into something they can test, deploy and, hopefully, bring to market. We must promote a decentralized system of open-access that gives everyone a chance to succeed.

If the past few weeks are any indication, we’re in for a chaotic ride. But our world’s problems are too big to entrust to anything less than chaos.

https://www.coindesk.com

Multi-Billion Dollar Japanese Tech Conglomerate to Pay Employees in Bitcoin

Multi-Billion Dollar Japanese Tech Conglomerate to Pay Employees in Bitcoin
Korea’s Justice Ministry Mulls Total Ban on Bitcoin Trading: Report

GMO Internet Inc., a multi-billion dollar Japanese technology conglomerate, will process salaries of its 4,710 full-time employees in bitcoin.

According to the official statement of GMO Internet, employees within the company and its subsidiaries will be able choose to receive their salaries in bitcoin with the newly integrated payroll system in the near future.

“The GMO Internet Group has decided to introduce a system that allows part of the salary payment to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency,” read GMO Internet’s statement obtained by Bitcoin.com.

At first, GMO Internet will limit the amount of bitcoin employees can receive on a monthly basis to 100,000 yen, around $881. As the number of bitcoin-receiving employees increase and the new payroll system continues to operates seamlessly, the company will increase the maximum limit of $881.

GMO Fully Committed to Serving Japanese Bitcoin Market

In May, GMO announced the launch of Z.com Coin, a cryptocurrency exchange targeted at institutional investors and retail traders, to address the rapidly growing demand from investors within the traditional Japanese finance sector for bitcoin.

Since May, for more than seven months, GMO’s Z.com Coin have been operating a cryptocurrency FX and cryptocurrency trading platform, as an exchange regulated by the Japanese Financial Services Agency (FSA). At the time, GMO emphasized that the Japanese cryptocurrency market could reach a market valuation of 1 trillion Japanese yen (JPY) in the next few years, expressing their optimism towards the exponential growth rate of the Japanese cryptocurrency market.

In October, GMO revealed the company’s long-term plans to compete in the global bitcoin mining industry, challenging dominant players within the market such as Bitmain. The firm stated that it will design and manufacture its own ASIC miners and mining equipment in partnership with a local semiconductor manufacturer.

“We will use cutting-edge 7 nm process technology for chips to be used in the mining process, and are currently working on its research and development with our alliance partner having semiconductor design technology to realize high performance computer for mining. It will be possible to reduce power consumption compared to the existing mining machines with the same performance, and achieve a computational performance of 10TH/s per chip,” said GMO.

GMO further emphasized that its mining center and operations will relocate to Northern Europe to utilize “plentiful renewable energy” and take advantage of the regions’ naturally cold climate to prevent ASIC miners and bitcoin mining equipment from overheating.

In the upcoming months, GMO is expected to allocate nearly 10 pecent of the company’s capital in improving its cryptocurrency exchange and mining ventures, to remain at the forefront of Japan’s cryptocurrency market.

Importance of GMO’s Bitcoin Payroll

Currently, bitcoin is widely adopted and recognized as a robust store of value and censorship-resistant money. The majority of bitcoin holders utilize the cryptocurrency to store or transfer their wealth. As such, several analysts including JPMorgan strategist Nikolaos Panigirtzoglou and ACG Analytics strategist Larry McDonald noted that bitcoin is already penetrating into the multi trillion dollar market of gold.

GMO’s integration of bitcoin into its payroll system participated by thousands of employees is crucial because it sets a precedent across the nation and for other conglomerates in the country. Given that bitcoin is a legal currency in Japan, in the long-term, an increasing number of conglomerates will likely adopt

https://www.cryptocoinsnews.com/

Arkansas to Tackle Cyber Crime by Mining Bitcoin

 Arkansas to Tackle Cyber Crime by Mining Bitcoin

The Benton County sheriff’s office in Arkansas aims to pilot a new program to help tackle cyber criminals. Part of its Cyber Crimes Division, the primary target of the operation will be purveyors of child pornography, and those using the dark web to prey on vulnerable young people.

As part of the program, law enforcement hope to mine Bitcoin. The cryptocurrency is often favoured by criminals online thanks to its pseudonymity. However, because it’s possible to track every transaction occurring on the Bitcoin network, it is difficult for those investigating cyber crime to remain undetected by the targets of their scrutiny.

The Benton County sheriff’s office have taken the bold step to set up a cryptocurrency mining operation to create”clean” Bitcoins that can be used to gather evidence on dark web pedophile rings. Detective David Undiano commented that mining Bitcoin was also cheaper than buying the currency through exchange websites. He went on to state:

Earn Residual income

People are selling child pornography on the dark web and on the internet. They are accepting bitcoins, not payments. We can’t use the sheriff’s office credit card, and we cant exchange child pornography. We need some type currency to get this and then identify who we are getting it from. That way, we can go arrest that person.

County Sheriff Shawn Holloway first announced the plan at a conference on October 17. According to him, Bitcoin would become a “tool in our belt to be able to… keep our great community safe”. He also went on to say that it was vital for law enforcement to keep up to date with criminal developments such as using Bitcoin to pay for illegal goods.

Nathan Smith, a Benton County prosecuting attorney who law enforcement have been consulting with, was pleased with the development and efforts to tackle those who believe they can act with impunity thanks to anonymous browsers such as TOR:

The sheriff’s office deserves credit for creating a pilot program with the goal of depriving criminals of that safe haven. Ultimately, attacking crime online has a direct impact on the safety of our communities, and I am grateful that our law enforcement officers are being proactive in that effort.

Whether or not the pilot will be successful in battling cyber crime remains to be seen. Setting up sufficient hashing power to mine Bitcoin isn’t cheap in today’s industry. Some argue that this will result in a greater tax burden on the citizens of Benton County for an unproven scheme. Another fact worth highlighting is that if law enforcement feel that criminals are savvy enough to track the buyers of cryptocurrency, they’ll probably be suspicious of payments starting to flood in from new wallets loaded with nothing but freshly minted Bitcoin

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Bitcoin price is heading to $10,000, CNBC survey says

 The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said.

During the week, CNBC ran an unscientific survey online asking: “Where does bitcoin go from here?”

Forty-nine percent of the 23,118 people who voted said above $10,000. Similar calls have been made by market participants. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees bitcoin heading to $10,000 in the next six to 10 months.

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One option that people could also vote for was: “Jamie Dimon is correct, you’ll pay the price for buying.” JPMorgan Chase CEO Dimon has been critical of bitcoin, calling it a “fraud” and said “if you’re stupid enough to buy it, you’ll pay the price for it one day.” Just over a third (35 percent) of people sided with Dimon.

And 16 percent of respondents went with the final option of bitcoin heading to between $6,000 and $8,000.

Cryptocurrencies like bitcoin are not mature enough to regulate says ECB chief Mario Draghi

Cryptocurrencies like bitcoin are not mature enough to regulate

The president of the European Central Bank, Mario Draghi, also had something to say about digital currencies. Some days ago, it had been the Nobel Prize winner, Robert Shiller. Bitcoin continues to generate debates, controversies, and strong opinions.

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Draghi, an Italian banker with a long history and great experience, spoke about the risks involved in virtual currencies, and more specifically Bitcoin. The official, number one at the European Central Bank, said that it would be good to remember the last great crisis and its connection with financial innovations. If financial innovations are concerned, Bitcoin is in the lead.

“One of the lessons of the great financial crisis is that financial innovation, in this case it’s financial and technology innovation… should be embraced with lots of attention to its potential risks”, the Italian banker stated.

When Draghi was asked about the regulation, he said that “bitcoin is not mature enough to subject it to regulation.” “With anything that’s new, people have great expectations and also great uncertainty. Right now, we think that especially as far as bitcoins and cryptocurrencies are concerned, we don’t think the technology is mature for our consideration”, Draghi said.

The current situation

These days, the price of the most famous cryptocurrency is around $ 5,700 per unit. Since the beginning of this year, the price of Bitcoin has increased by more than 500%. In turn, its capitalization has increased and reached 90,000 million dollars.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future

The Russian “CryptoRuble” – Real or Fake ?

Russian President Vladimir Putin has officially stated that Russia will issue its own ‘CryptoRuble’ at a closed door meeting in Moscow, according to local news sources. The news broke through Minister of Communications Nikolay Nikiforov.

russian cryptocurrency cryptoruble

According to the official, the state issued cryptocurrency cannot be mined and will be issued and controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the CryptoRubles came from, a 13 percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale. Nikiforov said:

“I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.”

Embracing and rejecting

While the announcement means that Russia will enter the cryptocurrency world, it is in no way an affirmation or legalization of Bitcoin or any other decentralized cryptocurrency. On the contrary, Putin quite recently called for a complete ban on all cryptocurrencies within Russia.

The statement from Putin seemed apparently to contradict the earlier comments from other ministers who seemed pro-crypto, but only with regulations, as well as Putin’s recent meetings with Buterin and others. Now, with the issuance of the CryptoRuble, the apparent contradiction has been made clear.

BREAKING NEWS : Amazon To Accept Bitcoin Payments By October

Amazon To Accept Bitcoin Payments By October

According to a newsletter from The James Altucher Report, Amazon will soon begin accepting Bitcoin, which they will officially announce as early as October 26th during their earnings conference call. 

How Reliable is the Source?

The top 13 qualities of terrible leaders - Business InsiderJames Altucher has (co)founded more than 20 companies, authored 11 books, and has been a contributor to several major publications.

He is a former hedge fund manager and venture capitalist turned activist blogger/podcaster and offers a subscription based mailing list – the source of the Amazon information.

Reading through some of his articles and listening to his podcasts he provides very intelligent insights into basically how to take advantage of the greed based world we live in – in a very positive way. He is often more right, than wrong.

On whether insider trading should be illegal for example, he says this, and it makes a lot of sense:

I don’t think it should be illegal. When someone makes a trade in the market, the knowledge they had in their heads is now encoded directly into the stock market.

The more “knowledge” that is baked into the market, the more efficient the market is. The more insider knowledge that is in stock, the more smoothly they will move and the more they will reflect the actual things that are effecting a company.

I’d rather have insider trading be legal and let the government go after the funds that actually steal money, like the Madoffs.

His newsletter really does offer some amazing information, such as delving into what exactly cryptocurrencies are and how to invest, but what I find the most intriguing is his focus on positivity.

It’s simple physics. The frequency you emit is the frequency you will attract. You want a happier life? Emit a happier frequency.

Will Amazon Begin Accepting Bitcoin?

Still a speculative statement, yet Google just started, Ebay and PayPal already do, countries like Japan and Russia officially recognize bitcoin as legal payment – it really is only a matter of time before Amazon follows suit …

… or creates their own currency. 

Amazon Web Services back in 2016 did partner up with Digital Currency Group, one of the biggest investors in bitcoin and blockchain firms and startups, in order to:

“… provide such a service so the blockchain providers in DCG’s portfolio can work in a secure environment with clients who include financial institutions, insurance companies and enterprise technology companies.”

In other words, Amazon’s goal is to be the intermediary between DCG’s portfolio and their clients in transacting digital currency.

From Altucher’s newsletter:

Amazon is “working with financial institutions and [crypto experts] to spur innovation and facilitate frictionless experimentation.”

Certainly seems as if Altucher is right about this, and once this news is announced it very well could cause a surge in bitcoin’s value, but the greed is distracting from the bigger picture.

What has helped make cryptocurrencies so attractive is their ability to combat everything from government overreach to unethical banking practices since no centralized server exists.

These tech giants know this and are beginning to intertwine themselves into the blockchain process by becoming covert intermediaries that will be able to monitor and ultimately affect all digital transactions.

Sure Google accepts bitcoin, but only through their Payment Request API. They will be able to see and record every transaction.

Will Amazon be any different?

Related article: Amazon On Track to Control the World’s Food Supply

UPDATE (Sept. 25) Since the release of this article, dozens of pingbacks originating from Switzerland, all within a second of each other spammed this article with a message that Amazon will not accept Bitcoin in the near future.

Sounds like damage control.

The truth is everyone will eventually accept Bitcoin, it cannot be stopped

Bitcoin is Unstoppable. Let the Revolution Begin.

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