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since the last update, and “its price has now gone up over 17 times this year, 64 times over the last three years and superseded that of the Dutch Tulip’s climb over the same time frame.”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 more

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.

* * *

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

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…

* * *

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

“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.”

* * *

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

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.

* * *

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

£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

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 more

“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

Ethereum Goes Mainstream: First Ever Ether ETN Launched On Nasdaq Stockholm

Ethereum Goes Mainstream: First Ever Ether ETN Launched On Nasdaq Stockholm:

At a time when the SEC is still debating whether to permit bitcoin-based ETFs in the US, Europe has been one step ahead thanks to the Swedish-based XBT Exchange Traded Notes (from provider CoinShares). And today, remaining one step ahead of the US, the same team behind the XBT ETN has launched the first ever ETN for Ether, the native token of the Ethereum platform, which will be listed on the Nasdaq Stockholm.

The two ETNs, COINETH:SS and COINETHE:SS are denominated in SEK and EUR respectively, and similar to the group’s bitcoin ETNs, the ether products are structured to track the price of ether, as determined by an index rate comprising the average of the 3 most liquid ether exchanges, daily. The factsheet for the ETN creator, CoinShares, can be found here.

Read more

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

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

Ethereum, Bitcoin Crash After China Declares Initial Coin Offerings Illegal

Ethereum, Bitcoin Crash After China Declares Initial Coin Offerings Illegal:

Ethereum and bitcoin are crashing this morning, after China confirmed its recent threat of an ICO crackdown, when the central bank said on Monday that initial coin offerings are illegal and disrupt financial markets. “This is a positive move given the rapid proliferation of low quality and possibly fraudulent coin sales promising the moon.”

* * *

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

BREAKING: BANKERS’ NEW SDR CRYPTO BLOCKCHAIN WILL ENSLAVE HUMANITY?? – Lynette Zang (Video) – FEAR & LOATHING IN CRYPTO LAND (Video) – THE ACChain CONTROVERSY — JSNIP4 & BRAD PETERS (Video)

FYI.

BREAKING: BANKERS’ NEW SDR CRYPTO BLOCKCHAIN WILL ENSLAVE HUMANITY?? – Lynette Zang

Aug 9, 2017

The new Chinese-created ACChain crypto currency blockchain will be the SDR-related world currency that will allow the international banking elite to digitize every tangible asset on earth, and they will then exert total control over all of it.

FEAR & LOATHING IN CRYPTO LAND

Aug 10, 2017

This is a response to my friends Jsnip joe, Bix Weir and Andy Hoffman regarding their reactions to my latest CONVERSATION with ITM Trading’s Lynette Zang in which we discuss the new ACChain blockchain and the bankster’s goal to chip, track, trace and own EVERYTHING on the planet.

THE ACChain CONTROVERSY — JSNIP4 & BRAD PETERS

Aug 11, 2017

Intel senior software engineer Brad Peters and Joe from the Jsnip4 Realist News you Tube channel join me to discuss my recent interview with ITM Trading’s Lynette Zang and the ACChain SDR blockchain controversy.

In summary:

George Carlin: The American Dream (Video):

* * *

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

Cryptocurrencies Are Crashing Again

Cryptocurrencies Are Crashing Again:

The largest cryptocurrencies are under presure again today – Bitcoin, Ethereum down around 10% – as it seems some anxiety remains ahead of the August 1st scaling decision deadline, chatter about Russian Bitcoin viruses, and a new report from BofA has raised more questions than answers about the future of virtual currencies.

* * *

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