Crypto Funds Doubled Inflows Last Week, Bitcoin Leads the Pack

 

BeInCrypto –

Digital asset management firm CoinShares has released its weekly report on fund flows for the crypto market. The highlight of the report, published on Oct 11, is that the amount of new capital flowing in has doubled in the past week.

Welcome to Hong Kong! The Bitcoin Tram Has Arrived!

 BitcoinlBe your bank ad seen on a public bus as it drove round the city in Hong Kong, China.

Chinese Authority Freezes Thousands of Cryptocurrency Traders' Bank Accounts

Several thousands of bank accounts belonging to cryptocurrency traders have reportedly been frozen by Chinese police as a result of an extensive crackdown on illicit activities. Frozen accounts are not necessarily involved in wrongdoing and supposedly can be unfrozen if the authority finds no evidence of illicit activities.

Open Letter to Peter Schiff That Claims Bitcoin Has No Intrinsic Value

Peter Schiff is number 1 un-educated person about the meaning of Intrinsic value of Bitcoin. This is why I don't like many uneducated people about BTC.
 

1) Bank Bureaucracy

Many people just don't get it. There was a time you could only send 2 letters per month between you and your parent living abroad. If anyone told your parent that time that one day you would be able to send 40messages per 30 minutes. They would probably think you have gone crazy. That was in the 70s and here we are, I can send 40 messages within 3mins. If the receiver replies, we could have a chat via testing in 5 minutes with over 100 messages.

Binance has no offices in China; Your Funds are Safe if I Go Missing, CEO Assures

Zhao reaffirmed that Binance has no offices in China. Since the September 2017 ban on cryptocurrency exchanges in China, after which Binance left the country in October 2017, Binance does not maintain a single office at all. Both Binance’s employees and himself only travelled to China for business meetings and conferences.

Amazon of China goes big on Bitcoin

 

One of the world's most successful retailers, Alibaba, has unexpectedly entered the world of crypto
, partnering with bitcoin rewards app Lolli.

Alibaba—a China-based retailer who counts multinational behemoth Amazon among its closest rivals—has entered into a partnership allowing customers to earn 5 percent in bitcoin for every purchase.

Top Stories This Week: Bitcoin Bombshell, Libra Rivals, Twitter Spats: Hodler’s Digest, Aug. 19–25

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Bitcoin finally wins as Chinese Court Declared BTC Legal as Virtual Property

Bitcoin (BTC) has now been declared as a legally recognized virtual property by a Chinese court. As per the Hangzhou Internet Court ruling, Bitcoin has the characteristics to be regarded as a virtual property and thus owning Bitcoin will be legal in China. The court also said that the digital currency thoroughly meets the criteria of a virtual property’s definition as it is scarce, has value, and is disposable too. Moreover, all those who hold BTC will find themselves protected by the legal system of the nation, as first reported by The Beijing News.

Chinese tech giant Bitmain Produces Ethash ASIC Miner

Chinese tech giant Bitmain announced that they're releasing an Ethash ASIC miner, in accordance with a tweet April 3. In the tweet, Bitmain says that the Antminer E3 would be the “world's most effective and efficient EtHash ASIC miner.” The units will retail for $800 each and in line with the tweet, aren't for sale in China, nor would they be shipped to Hong Kong, Macau, or Taiwan. Orders are limited by one per person. Bitmain will simply accept Bitcoin Cash (BCH) and US dollars for payment in this first batch of units.

What is Venezuela’s Petro? It’s socialism to bitcoin’s rescue

by Ramin Mazaheri
The simplest way to answer that question is: The Petro is a bond sale for foreign investors, with the proceeds going to pay the infrastructure costs required to implement the first-ever mass national adoption of crypto-currency.
Now that is a government taking on “good debt”, unlike the West’s banker bailouts….

How to Boycott China's central Government Ban on BTC/Altcoins or ICOs' Website

In September 2017, China banned both ICOs and cryptocurrency exchanges. Some of these businesses responding by relocating off the mainland to Hong Kong. Now, Sina reports, Chinese government plans to mitigate that by banning domestic and foreign “virtual currency exchange websites.”

Meanwhile, the South China Morning Post news site reported that after the terms, in Chinese, “bitcoin,” “cryptocurrency,” and “ICO” were searched on Chinese search-engine Baidu and microblog Weibo, no paid sponsored content came out alongside the expected organic results.

Asia: Crypto Market Losses Up to 40%

Bitcoin and altcoins lost as much as 40% in value the morning of Tuesday, Jan. 16, as regulatory pressure from China and South Korea generally seems to upset optimism.

Cross-exchange data from CoinMarketCap reveals the extent of bear sentiment arising from the confused situation in Seoul and the headlines of additional trading sanctions from Beijing.

‘Expected Dip?’ Bitcoin Rediscovers ₦4,690,250 ($12,850), Altcoins Drop To 40%

Bitcoin dipped as little as ₦4,692,075 ($12,855) Friday morning as traders watch a steep new correction unfold across cryptocurrency markets.

From highs of ₦7.28 Mln over ($20,000) on some exchanges last weekend, Bitcoin tumbled by as much as 30 percent, echoing behavior seen during China's exchange ban in September and the conclusion of a significant bull run in May of the year.

China, Nigeria lead world Bitcoin transactions in 2017

China and Nigeria lead the world’s peer-to-peer (P2P) bitcoin transactions in the year 2017 outpacing major European countries, the United Kingdom and the United States of America, according to data from LocalBitcoins.com.

Despite the clampdown on bitcoin exchanges and orders for start-ups that embarked on initial coin offerings (ICOs) to return investors’ money in China in 2017, transactions stayed bullish growing more than 2,000 per cent in dollar terms this year.

Bitcoin on its way to another level– as grandpa buys in, leftists say: ‘What’s bitcoin?’

by Ramin Mazaheri for the Saker blog

Some are talking of “fear and euphoria” in the crypto-currency world, but what’s to fear?

Last month Bitcoin’s multi-year existential crisis was surprisingly resolved with only a couple days of panicking.

Happy Birthday: Bitcoin clocks 9 today as it hits ₦2,2Mln ($6k )

Tuesday marks nine years since Satoshi Nakamoto announced the creation of the Bitcoin “Peer-to-Peer Electronic Cash System.”  The Bitcoin whitepaper, still available for a passing fancy Bitcoin.org domain because it was in October 2008, provides an increasingly fascinating view into the niche project which in October 2017 includes a market cap of over ₦3.67 Trillion ($100 bln). The document famously begins:

How Much Oil How can you buy with One Bitcoin?

 

The Bitcoin boom has forced the mining sector to try and keep up, as the energy and effort put into mining a single coin is paying higher and higher. However, it’s also causing the mining sector to go into overdrive seeking the elusive prize.

One way that miners have sought to gain an additional edge in the game is to try and cut their energy costs. It’s good for the miners, for Bitcoin and for the environment if energy usage plummets.

Bitcoin Threatens the "Establishment" as Richest Saudi Prince Issues 'Fatwa' on Bitcoin

Richest Saudi Prince Says Bitcoin Will Collapse Like Enron.

In the land of countless princes and billionaires, prince Alwaleed bin Talal may be the richest of them. He's the grandson of the founder of Saudi Arabia, King Abdulaziz Alsaud. Based on Forbes, he's the 45th richest man in the world. Through his venture Kingdom Holding Co, he holds stakes in a number of companies including Lyft, Twitter, Citigroup and even the Savoy Hotel in London.

He'd built a reputation for himself being an early-stage investor in technology companies like Twitter and AOL, but appears to have missed the Bitcoin plane. He once was involved with controversy after being accused of exaggerating his wealth to make it to the set of Forbes top 10 billionaires.

Agrees With Jamie Dimon

Speaking on CNBC's Squawk Box, the prince said:

“I don't believe in this Bitcoin thing. I think it will probably implode one day. I believe it is Enron in the making.”

Notwithstanding his reputation being an early-spotter of new and successful technology trends,  the prince stated that the possible lack of a centralized governing authority was exactly why Bitcoin's failure is certain. He's much in accordance with Chase CEO Jamie Dimon for the reason that regard.

“It doesn't make any sense. It's not under the supervision of the United States Federal Reserve or some other central bank. I don't rely on it at all. I'm in agreement with Jamie Dimon.”

Why Enron?

Enron was a textbook case of fraud - a business using accounting loopholes to provide an inaccurate picture, auditors conniving with management and a Board blind to the faults of the managers and executives. Caused by this systemic fraud was the bankruptcy of Enron and the dissolution of Arthur Andersen, that was one of many five largest audit firms on the planet at that time.

You will find hardly any similarities between a fraudulent company and a decentralized currency. The prince apparently believes that Bitcoin's price will collapse, as Enron's share price collapsed from $90 to under $1.

Bitcoin Threatens the " Establishment "

What Jamie Dimon and Prince Alwaleed don't realize (or don't desire to realize) is that being beyond your control of a main governing authority isn't Bitcoin's weakness, but its strength. We've seen authoritarian governments, including China, attempt to muzzle Bitcoin by turning off exchanges and proposing stringent regulation. Bitcoin threatens the establishment by letting people take control of their own money. It's no surprise that Wall Street royalty and Middle Eastern Princes feel threatened enough to bring it down.
 BuyBitCoinsInNigeria Blog

Bitcoin breaks through ₦2.16 Mln ($6k), Market Cap Now Exceeds ₦36 Trillion ($100 Billion)

Bitfinex, the greatest volume BTC/USD exchange, broke the ₦2.16 Mln ($6,000) barrier earlier today and has been joined by all the major exchanges. At press time, the price tag on Bitcoin had reached ₦2.16 Mln ($6,041) according to Coinmarketcap.com, causing its market capitalization to exceed ₦36 Trillion ($100 bln) for the first time ever.

Despite Potential Forks and Volatility, Bitcoin Price Eyeing ₦2.17 Mln ($6,000) in 2017

There are certainly a few rocky months left in the season for Bitcoin, but experts are predicting that the digital currency could still rally another 40 percent to finish on ₦2.17 Mln ($6,000) for the year.

Many experienced stabs at predicting the Bitcoin price by the end of in 2010 of rapid rise, from stock picker Ronnie Moas who said he sees Bitcoin reaching ₦1.815 Mln ($5,000) by the end of the year - though it already crossed that boundary recently.