The Bitcoin “Smile” – Cryptocurrencies Surge As Dollar Purchasing Power Plunges

The Bitcoin “Smile” – Cryptocurrencies Surge As Dollar Purchasing Power Plunges

Don’t miss:

The Drive to Cryptocurrencies, Who is Really Driving This Bus, by Lynette Zang (Video)

The Economic Reset Has Been Planned By The Central Banks & Is Happening Right Now: Lynette Zang (Video)

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Dogecoin Creator: Crypto Bubble ‘More Epic Scale’ than Dot-Com Bust

“The bigger this bubble goes, the bigger negative connotation it’s going to have….It’s going to be like the dot-com bust, but on a much more epic scale.”

Dogecoin Creator: Crypto Bubble ‘More Epic Scale’ than Dot-Com Bust:

Dogecoin creator Jackson Palmer weighed in on the cryptocurrency bubble debate, stating that he believes the markets are in a bubble and that the eventual pop will make people less likely to embrace the underlying cryptocurrency and blockchain technology.

Palmer told the New York Times that he sees parallels between the crypto finance industry–initial coin offerings in particular–and the dot-com bust, when Internet companies achieved market caps in the hundreds of millions of dollars despite not having clear business models, eventually leading to a stock market crash.

He is confident the same fate awaits the cryptocurrency markets. As he warns:

People are treating cryptocurrency now like penny stocks….It’s become a securities market.

Read moreDogecoin Creator: Crypto Bubble ‘More Epic Scale’ than Dot-Com Bust

The Economic Reset Has Been Planned By The Central Banks & Is Happening Right Now: Lynette Zang (Video)

H/t reader squodgy:

“Bitcoin appears at the same time as QE. ?????

Coincidence?

Is it slightly possible we’ve been set up again by the Bankster Cabal again?

Doh!!!!”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Hyperbitcoinization? Bitcoin Trades At 85% Premium In Zimbabwe – Priced At $7,200

Hyperbitcoinization? Bitcoin Trades At 85% Premium In Zimbabwe – Priced At $7,200:

“The use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country…”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Singaporean Banks Abruptly Terminate Accounts of Bitcoin Exchanges

Singaporean Banks Abruptly Terminate Accounts of Bitcoin Exchanges:

Earlier this week, two local bodies representing the local financial technology (fintech) industry have revealed that Singaporean banks have denied banking services to bitcoin and blockchain startups.

Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, submitted a formal complaint to the Singaporean government, requesting officials to step in and create a fair and transparent environment for fintech companies.

Read moreSingaporean Banks Abruptly Terminate Accounts of Bitcoin Exchanges

Bitcoin Soars Back Above $4100 As ECB Admits “No Power To Regulate Cryptocurrencies”

FYI.

Bitcoin Soars Back Above $4100 As ECB Admits “No Power To Regulate Cryptocurrencies”:

Cryptocurrencies are extending their post-China-crackdown gains, with Bitcoin spiking back above $4100 this morning. A number of catalysts have been posited, from chatter of Mike Novogratz new fund to talk of Japan’s shift to virtual currency before the Olympics in 2020. However, most chatter revolves around Mario Draghi’s admission that The ECB is powerless to regulate or prohibit cryptocurrencies.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

How One Trader Made Billions With Ethereum, And What He’s Doing Next

How One Trader Made Billions With Ethereum, And What He’s Doing Next:

This is going to be the largest bubble of our lifetimes… Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it…”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Governments Are Testing Their Own Cryptocurrencies

Governments Are Testing Their Own Cryptocurrencies:

 The people of Sweden are breaking up with cash. The number of banknotes and coins in circulation has fallen to its lowest level in three decades. Riksbank, Sweden’s central bank, estimates that cash transactions made up only 15 percent of all retail transactions last year, down from 40 percent in 2010, thanks in large part to massively popular mobile payment services.

The situation has left Sweden’s central bankers wondering: should the country introduce a purely digital form of government-backed money? And if so, should it use technology similar to that underlying Bitcoin?

Read moreGovernments Are Testing Their Own Cryptocurrencies

Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns: “It Will End Badly”

Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns: “It Will End Badly”:

Just a week after Jamie Dimon first attacked Bitcoin for being a “fraud,” the self-interested JPMorgan CEO has doubled down on his anti-crypto-currency tirade, somewhat exposing just how concerned he is at the potential for disruption within his industry.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Jamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments

Jamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments:

A week after Jamie Dimon made headlines by proclaiming Bitcoin a “fraud” and anyone who owns it as “stupid,” the JPMorgan CEO faces a market abuse claim for “spreading false and misleading information” about bitcoin.

Unless you have been living under a rock for the past week, you will be well aware of JPMorgan CEO Jamie Dimon’s panicked outburst with regard the ‘fraud’ that Bitcoin’s ‘tulip-like’ bubble is. To paraphrase:

“It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it.”

One week later, an algorithmic liquidity provider called Blockswater has filed a market abuse report against Jamie Dimon for “spreading false and misleading information” about bitcoin.

The firm filed the report with the Swedish Financial Supervisory Authority against JPMorgan Chase and Dimon, the company’s chief executive. Blockswater said Dimon violated Article 12 of the European Union’s Market Abuse Regulation (MAR) by declaring that cryptocurrency bitcoin was “a fraud”.

Read moreJamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments

“Most Draconian Measures Ever”: China Expands Bitcoin Crackdown Beyond Exchange Trading

“Most Draconian Measures Ever”: China Expands Bitcoin Crackdown Beyond Exchange Trading:

Last week bitcoin plunged over 40% from all time highs hit as recently as three weeks ago on news that China had ordered local exchanges to halt trading in the cryptocurrency. Since then, defying naysayers yet again, bitcoin staged a remarkable comeback, rising from under $3000 to $4000 in the last few days of trading, but China appears to be nowhere near done, and as the WSJ reports this morning, Beijing is moving toward a “broad clampdown on bitcoin trading, testing the resilience of the virtual currency as well as the idea its decentralized nature protects it from government interference” in what the paper dubs the “most draconian measures any government has taken to control bitcoin.

Read more“Most Draconian Measures Ever”: China Expands Bitcoin Crackdown Beyond Exchange Trading

7 Things China Has Banned (Other than Bitcoin Exchanges)

7 Things China Has Banned (Other than Bitcoin Exchanges):

The revelation that the People’s Bank of China (PBoC) will ban–or at least severely restrict–bitcoin exchanges from operating within the country has captured the focus of the cryptocurrency community over the past week and led to intense volatility within the markets. However, as many people have pointed out on Twitter, China has a long history of censoring even the most bizarre things, so it should not be surprising that the government is cracking down on a technology that threatens its power to control the economy. In that spirit, here are seven ridiculous things China has banned–other than bitcoin exchanges.

Read more7 Things China Has Banned (Other than Bitcoin Exchanges)

CNBC Fast Money: Want to know the difference between #bitcoin & #ethereum? @BKBrianKelly breaks it down (Video)

CNBC Fast Money: Want to know the difference between #bitcoin & #ethereum? @BKBrianKelly breaks it down

H/t reader squodgy:

“Ethereum or Bitcoin?
Remember that ETHEREUM is sponsored by Global Corporations & Banks to challenge Bitcoin, so it makes sense yid owned CNBC comes out in favour.”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Is This The Reason Why Bitcoin Just Spiked 15% Off The Lows

Is This The Reason Why Bitcoin Just Spiked 15% Off The Lows:

Update: one reason given for the sharp, 15% rebound in cryptocurrencies from this morning’s lows, is that according to Caixin, China has give two of the largest Chinese exchanges, Huobi and OKCoin until the end of October before closing. As Bloomberg notes, China’s Regulator has given Huobi.com and OkCoin the extra month to prepare closure, as the two exchanges’ trading platforms and investor base are relatively large, and they never dealt with controversial Initial Coin Offerings, or ICOs. More Google translated from Caixin:

the two platforms … had not done ICO or on-line coins, so the relevant departments decided to give Huobi and OKCoin 1 month time buffer Period, that is to say to the end of October and then shut down, but the specific program is still under study.

Additionally, Caixin adds that the regulator is still studying details of the exchange halt plan.

Could this be indicative of China getting cold feet over the exchange ban? It is unclear, although judging by the sharp snapback in cryptocurrencies, quite a few people appear to believe so.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Crypto-Carnage: Bitcoin Crashes Below $3000 After China Demands Local Exchanges Halt Trading

Crypto-Carnage: Bitcoin Crashes Below $3000 After China Demands Local Exchanges Halt Trading:

The latest bitcoin news out of China just confirmed traders’ fears about a widespread crackdown, sending the price of bitcoin world-wide spiraling lower, to levels it hasn’t touched since the beginning of the “summer of bitcoin.”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Bitcoin Crashes 35% In China: Beijing To Shut All Local Exchanges By End Of September

Bitcoin Crashes 35% In China: Beijing To Shut All Local Exchanges By End Of September:

Update: Confirming the other speculation, that China would halt all cryptocurrency exchange, Yicai reports that it is not just BTC China:

  • CHINA MAY SHUT ALL LOCAL BITCOIN EXCHANGES BY SEPT. END: YICAI

To which the response from the Bitcoin Association of Hong Kong is: “if China restricts growth in bitcoin” it will drive business to us”

* * *

Yuan-denominated Bitcoin has crashed as much as 25% 35% in Chinese trading, plunging from 25,000 yuan to as a low of 16,000 on local exchanges BTCChina (and as low as 20,000 on OKCoin), following confirmation of last week’s Caixin report that Beijing would stop cryptocurrency exchange trading. China’s second largest exchange, BTC China, said that it would halt all trading on the platform beginning September 30, launching a liquidation panic.

Read moreBitcoin Crashes 35% In China: Beijing To Shut All Local Exchanges By End Of September

JPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”

JPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”:

One day after Jamie Dimon slammed bitcoin, sending its price reeling after he called the cryptocurrency “fraud”, warning it “won’t end well”, and threatening to fire any JPMorgan trader caught trading bitcoin “for being stupid” (a move some dubbed diplomatic genius as JPM’s 20% guide down in trading revenues got zero mentions yesterday) JPMorgan has released its unofficial guide on bitcoin. While that was perhaps to be expected as we are confident the bank was flooded with phone calls from clients who were long the best performing asset class of the year, if not decade, what is much more surprising is who the author of said report was: none other than JPM’s notorious quant guru, Marko Kolanovic, who simply asks “are cryptocurrencies a new asset class or a pyramid scheme?

While we know how Jamie Dimon feels, Kolanovic’s conclusion is less draconian, if mostly along the skeptical lines of his boss’ thinking: “While we don’t know whether the price of cryptocurrencies will go up or down in the near-term, the history of currencies, governments and financial fraud tells us that the future for cryptocurrencies will likely not be bright.”

Here is the full report from JPMorgan:

Read moreJPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”