Sunday, 16 June 2019

Will Bitcoin ever hit ₦355m ($100k), why or why not?

In my opinion, yes, absolutely, Bitcoin will eventually hit $100,000 US dollars per coin.

But my prediction isn’t really about Bitcoin.

My prediction is about the dollar.

In some sense, your question can be restated like this: “Will the Federal Reserve keep printing dollars?” And the answer is “yes, absolutely.”

If Bitcoin is meant to replace centralized Fiat currency, what should its value be described in other than US dollars?

My answer is Time.
I think everyone should measure everything - including cryptocurrencies, fiat currencies, and anything they own - in the most important asset there is: time.
And my answer applies regardless of whether or not Bitcoin replaces fiat currencies.
My answer comes from two simple ideas:

Do you believe Bitcoin will be a commonly used currency for the general public in the next 5 years?

No, I do not believe Bitcoin will be a commonly used currency for the general public in the next 5 years, or ever, but it’s not because of the limited transaction processing capability.
Even if Bitcoin could implement upgrades and become “infinitely scalable,” a simple truth remains: Bitcoin is too good at being money to actually be used in day-to-day transactions.
I wrote a post about this here: If Bitcoin stops being used as currency, what WILL it be used for?

Sunday, 2 June 2019

Las Vegas Bitcoiner, Morgan Rockcoons sentenced to Jail for selling BTC on

Morgan Rockcoons, a Nevadan man accused of wire fraud and operating an unlicensed Bitcoin exchange for using LocalBitcoins, was sentenced to nearly 2 yrs in prison. Based on a government press release, Rockcoons will also need to forfeit $80,600 in illicit profits.

Operating unlicensed Bitcoin exchange results in a 2-year prison sentence
Morgan Rockcoons, who also passes Morgan Rockwell, was sentenced to 21 months in prison by U.S. District Judge Anthony J. Battaglia for wire fraud and operating an unlicensed money transmitting business.