Reddit Co-Founder Says Ethereum Price Will Reach $15,000 This Year

Reddit Co-Founder Says Ethereum Price Will Reach $15,000 This Year:

Alexis Ohanian, a co-founder of Reddit, said that he predicts the price of Ethereum (ETH) will reach $15,000 in 2018, Fortune reports May 2.

Ohanian, who now works full-time at a venture capital (VC) firm Initialized Capital, said in an interview, “At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong.” He said that he’s bullish on ETH because “people are actually building on it.”

Should Ohanian’s prediction prove true, the ETH market cap would soar from $67 bln to nearly $2.5 trln, while Bitcoin would recover to last year’s record high price and market cap of $340 bln.

Read moreReddit Co-Founder Says Ethereum Price Will Reach $15,000 This Year

Crypto Carnage Continues – Bitcoin Back Below $7,000, Ether Under $400

Crypto Carnage Continues – Bitcoin Back Below $7,000, Ether Under $400:

Despite a brief bounce overnight, cryptos are sliding once again with Bitcoin below $7,000; Ethereum below $400; and Ripple back below 50c.

“It’s a sea of red,” said one seasoned crypto-trader, adding after a stoic pause, “again!”

Amid the worst month for tech stocks in years, cryptos are in freefall…

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Unknown Group Pays $175 Million For 74,000 Acres In Nevada For Mysterious Ethereum Project

Unknown Group Pays $175 Million For 74,000 Acres In Nevada For Mysterious Ethereum Project:

All told, Blockchains bought 74,000 acres for $175 million – the largest deal since the park was developed in 1998, and more than the Gigafactory and the other corporate campuses.

A little-known company focused on the underlying technology behind cryptocurrencies such as Bitcoin has purchased a huge chunk of land at a Northern Nevada industrial park.

Storey County Commissioner and Tahoe-Reno Industrial Center broker Lance Gilman said he closed escrow last week on the sale of 67,125 total acres of land to Blockchains, LLC, a business that studies and develops applications for blockchain distributed ledger technology, the decentralized platform that makes up the backbone of Bitcoin and other cryptocurrencies

Though Gilman said he was prohibited from discussing terms of the sale, which is expected, he said that total value of the 74,000 acres in land sales closed this month at the park, including the sale to Blockchains, was worth about $175 million.

“There’s no question — they’re going to have a major footprint in the Tahoe-Reno Industrial Center,” he said.

But little information is publicly available about the company or its intentions, though Gilman says they now own more than 104 square miles at the industrial park. The land sale was first reported by Nevada Newsmakers.

According to the company’s website, which provides only a vague description of what the company does, Blockchains, LLC is a “premier innovator” in the blockchain industry, specializing in “financial services, software development of distributed applications (Dapps) for the Ethereum blockchain.”

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Ethereum traders joke about buying “Lambos,” but Lamborghini just reported record sales

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Ethereum traders joke about buying “Lambos,” but Lamborghini just reported record sales:

Lamborghini, the Italian maker of racy luxury automobiles, reported record sales today. It delivered 3,815 vehicles to customers last year, its seventh consecutive year of sales growth.

Now, correlation is not causation, but Quartz would like to point out that as Lamborghini sales have surged, so has the price of ether, the digital token used by the ethereum cryptocurrency network. Ether traders prize Lamborghinis (half-jokingly) as the ultimate status symbol in their world.

H/t reader kevin a.

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Ethereum Hits Record High Above $1,000 As Ripple Sinks On Coinbase Denial

Ethereum Hits Record High Above $1,000 As Ripple Sinks On Coinbase Denial:

Whether it is Coinbase’s denial of plans to include Ripple on its network or simply a broader understanding of the asset, 2018’s high-flyer is lagging today as investors regain their appetite for Ethereum (record highs over $1000) and Bitcoin (over $16k) overnight.

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Rotation Continues – Ripple Tops Ethereum As 2nd Largest Cryptocurrency

Rotation Continues – Ripple Tops Ethereum As 2nd Largest Cryptocurrency:

For a brief period overnight, Ripple overtook Ethereum as the 2nd largest cryptocurrency (topping $71 billion in market cap) as the recent rotation from Bitcoin, Litecoin, and Ethereum into Ripple continued overnight.

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3 Cryptocurrencies to Consider Buying Over Bitcoin

3 Cryptocurrencies to Consider Buying Over Bitcoin:

Ethereum

There’s a good reason why Ethereum is the second-largest cryptocurrency by market cap: It has a really popular blockchain. Formed earlier this year, the Enterprise Ethereum Alliance is comprised of 200 organizations that are currently testing a version of Ethereum’s blockchain in demo, pilot, and small-scale projects. These testers include governments, financial-service companies (which are expected to be the biggest benefactor of blockchain technology), and tech and energy companies.

Ripple

Another cryptocurrency that’s been very impressive of late is Ripple. Its token, the XRP, has galloped higher by more than 12,000% since the year began.

Stellar

Sticking with the theme that blockchain is king, one under-the-radar cryptocurrency you should be following is Stellar (formerly Stellar Lumens), and its coin, the XLM. This is a virtual currency that holds true to its name, as the XLM has been “stellar” this year with a 10,400% year-to-date gain.

H/t reader kevin a.

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Ethereum beating bitcoin this year with 8,000% surge

Ethereum beating bitcoin this year with 8,000% surge:

Despite all the hype surrounding bitcoin, there are virtual currencies that have seen an even more astounding rise in value. Rival cryptocurrency ethereum has just reached an all-time high, and is now up 8,000 percent this year.

The second-most valuable digital currency broke through the $500 and $600 price milestones before setting a new record of $707 at 17:20 GMT on Wednesday. It has been an amazing ride for ethereum, which began the year trading at $8.34.

Launched in 2015 by Canadian computer programmer Vitalik Buterin, ethereum’s market value is currently above $68 billion, according to Coinmarketcap.com.

Read moreEthereum beating bitcoin this year with 8,000% surge

It’s Official: Bitcoin Surpasses “Tulip Mania”, Is Now The Biggest Bubble In World History

It’s Official: Bitcoin Surpasses “Tulip Mania”, Is Now The Biggest Bubble In World History:

One month ago, a chart from Convoy Investments went viral for showing that among all of the world’s most famous asset bubbles, bitcoin was only lagging the infamous 17th century “Tulip Mania.”

One month later, the price of bitcoin has exploded even higher, and so it is time to refresh where in the global bubble race bitcoin now stands, and also whether it has finally surpassed “Tulips.”

Conveniently, overnight the former Bridgewater analysts Howard Wang and Robert Wu who make up Convoy, released the answer in the form of an updated version of their asset bubble chart. In the new commentary, Wang writes that the Bitcoin prices have again more than doubled since the last update, and “its price has now gone up over 17 times this year, 64 times over the last three years and superseded that of the Dutch Tulip’s climb over the same time frame.”

That’s right: as of this moment it is official that bitcoin is now the biggest bubble in history, having surpassed the Tulip Mania of 1634-1637.

And with that we can say that crypto pioneer Mike Novogratz was right once again when he said that “This is going to be the biggest bubble of our lifetimes.” Which, of course, does not stop him from investing hundreds of millions in the space: when conceding that cryptos are the biggest bubble ever, “Novo” also said he expects bitcoin to hit $40,000 and ethereum to triple to $1,500.

Read moreIt’s Official: Bitcoin Surpasses “Tulip Mania”, Is Now The Biggest Bubble In World History

JPMorgan Has Some Bad News For Bitcoin Bears

JPMorgan Has Some Bad News For Bitcoin Bears:

If JPMorgan is right, the implications are staggering:  contrary to expectations that bitcoin’s market cap is a rough reflection of its inflows, JPM’s calculations reveal that a mere $6 billion in net inflows since 2009 has resulted in a market cap of $330 billion. This goes to what Mike Novogratz said last week when he said that cryptos are unique, because unlike all other asset classes, there is no corresponding increase in supply when prices surge.

This also means that as new capital flows into the crypto space as more retail and institutional investors scramble for “a piece of the pie”, the potential market cap gains are unprecedented.

Putting this number in context, so far in 2017, there has been $283BN in global equity inflows ($402BN in ETF inflows and $120BN in mutual fund outflows), and $346BN in bond inflows, as this BofA table reveals:

If only a fraction of these institutional and retail flows were redirected toward bitcoin, then the next, and even more parabolic leg higher would be upon us, inviting even more bubble comparisons, even more skeptics and even more converts… just like none other than Jamie Dimon humself. In other words, shorts, beware, especially now that shorting – and short squeezes – is about to get much easier thanks to bitcoin futures.

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Crypto Carnage Continues As The Fed Warns Digital Currencies Could “Pose Serious Financial Stability Issues”

Crypto Carnage Continues As The Fed Warns Digital Currencies Could “Pose Serious Financial Stability Issues”:

Update: Bitcoin and Ethereum are holding at the lows of the day, but following ECB comments earlier (see below), The Fed’s vice chariman of supervision, Randy Quarles, warns that digital currencies like bitcoin pose “serious financial stability issues” as they grow…

Today, the vast majority of our payments by volume and value are processed by regulated financial institutions. In the U.S. payment system, digital currencies are a niche product that sometimes garners large headlines.

While these digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues may result if they achieve wide-scale usage.

Perhaps most ironic is Quarles’ description of the ‘drawbacks’ of cryptocurrencies…

But from the standpoint of analysis, the “currency” or asset at the center of some of these systems is not backed by other secure assets, has no intrinsic value, is not the liability of a regulated banking institution, and in leading cases, is not the liability of any institution at all. Indeed, how to treat and define this new asset is complicated.

So because it’s not backed by ‘other secure assets’ – analysing its value is complicated… like the dollar.

It’s a bloodbath in cryptocurrency markets this morning…

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“It’s Going A Lot, Lot Higher”: Novogratz Sees Bitcoin “Easily” Reaching $40,000 Next Year, Ethereum Tripling

FYI.

“It’s Going A Lot, Lot Higher”: Novogratz Sees Bitcoin “Easily” Reaching $40,000 Next Year, Ethereum Tripling:

Bitcoin could be at $40,000 at the end of 2018. It easily could,” Mike Novogratz told CNBC. As for “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”

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Mike Krieger & Andy Hoffman: Bitcoin, Crypto Assets and Decentralization (Video)

FYI.

Interview With Andy Hoffman – Bitcoin, Crypto Assets and Decentralization:

As most of you surely know by now, I believe a positive future for humanity requires a total displacement of the current centralized, authoritarian, and hierarchal paradigm. I believe decentralized, peer-to-peer, trustless systems will play an instrumental role in bringing about a much more free, honest and transparent system that will lead to immense human progress.

If you have any interest in the above topics, I strongly suggest listening to the interview below.

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£200 million worth of digital cryptocurrency is wiped out as bungling developer locks investors out while trying to stop hackers – #Ethereum

£200 million worth of digital cryptocurrency is wiped out as bungling developer locks investors out while trying to stop hackers:

  • A developer was fixing a bug that let hackers steal funds from virtual wallets
  • But the developer accidentally left a second flaw in its systems 
  • When the user tried to undo the damage by deleting the flaw in the code, this locked the funds in the wallets permanently
  • The only way to reverse the issue is a ‘hard-fork’, but not everyone supports this

If you’ve invested in the cryptocurrency, Ethereum, you may want to check that your funds are safe.

More than £200 million ($280 million) of the virtual currency, ether, has been lost after a developer accidentally deleted a vital part of the code while trying to fix a flaw to stop hackers.

Experts describe the error as a ‘suicide’, and predict that this loss is roughly 20 per cent of the entire Ethereum network.

Read more£200 million worth of digital cryptocurrency is wiped out as bungling developer locks investors out while trying to stop hackers – #Ethereum

Amazon Subsidiary Registers Ethereum, Cryptocurrency Domains

Amazon Subsidiary Registers Ethereum, Cryptocurrency Domains:

According to online records, e-commerce giant Amazon, often seen as the “white whale of bitcoin payments, recently registered three cryptocurrency-related domain names: “amazoncryptocurrency.com,” “amazoncryptocurrencies.com,” and “amazonethereum.com.” The move was first reported by domain industry news website DomainNameWire.

Whois records link the domains to a subsidiary of Amazon.com, Amazon Technologies, which has in the past been linked to patent filings. At press time, all three domains are a dead end, but a domain the e-commerce giant registered in 2013 – amazonbitocoin.com – redirects to its main page, Amazon.com.

Read moreAmazon Subsidiary Registers Ethereum, Cryptocurrency Domains

“Of Course It’s A Bubble” – Ethereum Founder Says He’s Not Worried About Digital Currency Valuations

“Of Course It’s A Bubble” – Ethereum Founder Says He’s Not Worried About Digital Currency Valuations:

As technology stocks and securitized mortgages have demonstrated all too recently, just because a bubble pops doesn’t mean it’s the end of the market. Hell, it doesn’t even necessarily preclude that another bubble won’t emerge years later.

Wall Street analysts trying to figure out if JP Morgan CEO Jamie Dimon and Bridgewater Associates’ Ray Dalio are right about bitcoin – i.e. that digital currencies are frauds doomed to fail – should consider this phenomenon as they try to game out different scenarios for the future of the digital-currency market, said Ethereum co-founder Joe Lubin.

When asked by Quartz about his thoughts on whether digital currencies are in a bubble, Lubin responded with an unequivocal yes.

“Of course it’s a bubble. Hopefully it’s one in a series of increasingly larger bubbles,” Lubin said. “These bubbles bring attention, they bring value into the ecosystem. That value is recognized by software developers and business developers, and they create fundamental value and projects that grow the new architecture.”

Read more“Of Course It’s A Bubble” – Ethereum Founder Says He’s Not Worried About Digital Currency Valuations