Max Keiser Report on Bitcoin Revolution ~ forex factory trading system
Max Keiser talks about the Bitcoin revolution in his recent video from the Keiser Report. Love this guy and his segments are always very interesting. And in this episode, I thought it was noteworthy to mention two points he brought up.
Max Kaiser:
"Bitcoins are increasingly becoming an asset class, and he believes this will boost Bitcoin prices to the hundreds of thousands."
Is that too far-fetched? What do you think? Is the Bitcoin boom still at its infancy?
"In todays failing economy, theres only three refuges: Gold, Silver and Bitcoin. Thats it. If youre looking to decapitalize the Banks and preserve your own economic sovereignty, you have only these 3 choices. Full stop."
Can Bitcoin really gain enough value and stability to stand alongside Gold and Silver as hard assets?
What the video for yourself!
Keiser Report: Bitcoin - Resistance Starts Here! (E516)
Tell me what you think in the comments section below! =)
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Is the Bitcoin train ever turning back 1000 by year end ~ vegas forex trading system
Could it be that the Bitcoin train is never ever turning back from here? Since BTC prices soared past the previous April high of $266, its been surging up to a high of $440 and building up a resistance level, hitting this peak for the second time in 12 hours. On the 5 day chart, we can form a support at $370. I think this resistance and support levels are highly significant now, and my guess is that the BTC prices will be hovering between $370-$440 (MtGox price) for a good 4 days, at least until the 18th of November. If it breaks above this resistance, I feel like the train is never turning back. Will we ever see bitcoin prices at $250, or even $300, ever again?
Some of you may already know about the Homeland Security hearing on the 18th of November. Why is this important? Well, it really depends on the outcome. But judging from how the US is treating Bitcoins now, siezing MtGox bank accounts, silkroad etc., Im skeptical about any good news coming out of this hearing. If its bad news, we could easily see prices slide to $266, or even way below $200. Otherwise, if news is neutral or positive, we could see Bitcoin prices soar to $800, even $1000, by the end of the year. In the past month, some big names in Bitcoin and businesses have valued Bitcoin at $100k, even $1 million. Do you think thats possible? Tell me in the comments below.
Bitcoins rising demand can also be attributred to more businesses offering BTC as a payment option, since Baidu first did so on 22st October 2013. Some notable brands include Shopify, Subway, with eBay considering it. While in China, you can buy real estate with BTC, and beer for BTC in Singapore!
On the other hand, there have also been a significant increase in the number of hackings. Several exchanges have fallen just this month alone, along with some wallet services such as inputs.io. Could the vulnerability of such services compromise the price of Bitcoins significantly?
How would you value a Bitcoin? Author Squeaky Wheel categorizes 3 ways in which we can measure the valuation of bitcoins:
1) compare to gold (GLD),
2) compare to a company providing similar service such as Western Union (WU) or Paypal (EBAY), or
3) calculate values needed to support the transactional value.
I personally agree with the third method, because I believe that the value of Bitcoins are purely dependent on demand, which is in turn increased as more services are built to make it easier transact in cryptocurrncies. Of course, political and regulatory factors will also have a large effect on Bitcoin prices. So lets see what happens on the 18th of November 2013.
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Sources
Vinkelvoss twins: Bitcoin should be worth over 100 times its worth today http://www.cnbc.com/id/101190181
How High Could Bitcoin Value Soar? - Satoshis Billion Dollar Pizza
http://www.youtube.com/watch?v=yXMYXY2T6Ws
EBay eyes use of Bitcoins in online commerce http://www.dw.de/ebay-eyes-use-of-bitcoins-in-online-commerce/a-17202747 As Bitcoin Plunges 25% On Government Scrutiny, The First BTC "Fair Value" Reco Has A Stunning Price Target http://www.zerohedge.com/news/2013-11-10/bitcoin-plunges-25-government-scrutiny-first-btc-fair-value-reco-has-stunning-price- China, buying real estate with bitcoins http://www.coindesk.com/bitcoin-exchange-btc-china-experiences-time-price-high/
Shopify now takes Bitcoins http://thebitcoinnews.co.uk/2013/11/12/shopify-now-takes-bitcoin-brooklyn-bodega-discount-subway-bitcoin-in-pennslyvania-redo/
Beer for bitcoins singapore http://www.youtube.com/watch?v=R2fDYJFMXEg
$1.2M Heist Doesn’t Bode Well For Bitcoins as Secure Currency http://socialtimes.com/1-2m-heist-doesnt-bode-well-bitcoins-secure-currency_b137530
Bitcoin Part 2: Valuation? http://seekingalpha.com/article/1833202-bitcoin-part-2-valuation
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Bitcoin Where does it go from here ~ the forex snake trading system v2.0
So youve heard about Bitcoins. Since its boom in April 2013, Bitcoins have garnered immense media attention and continued to show impressive strength, rising steadily and finally breaking the $200 psychological barrier today. Even the recent Silk Road closure couldnt dampen the demand for Bitcoins, as prices continued to rally after Baidu (the Google of China) announced its acceptance of Bitcoins as a payment mode.
The popularity of Bitcoins can be attributed to two characteristics of the currency; it is decentralized, and there is a finite amount of bitcoins that can be mined. As such, Bitcoins are very often said to be similar to be Gold. These two characteristics can be said to give Bitcoins their perceived value.
However, the question on everyones mind is, what gives Bitcoins their intrinsic value (See a Reddit discussion on Bitcoins intrinsic value here)? As a relatively new commodity that is still in its infancy stage, there have been attempts by a large number of parties to predict its price, and to reason its market fluctuations with existing Economic theories. However, in attempting to analyse the Cryptocurrency market, we must keep in mind its infancy, and hence the significance of non-economic factors. The real problem is not what the price will be, but whether or not Bitcoin will even be here in five, ten years from now. The question we should be asking then, should be, what factors determine the viability of Bitcoins as an alternative currency?
In my opinion, the most important factor driving the demand of Bitcoins is its adoption by corporations. Basically, the more companies accept Bitcoins as payment for products and services, the better it will be for Bitcoins future. However, this can turn into a chicken-and-egg issue, because corporations will never consider transacting in Bitcoins because of its instability. Until Bitcoins find a stable price, it is highly unlikely that this will happen. As MeldrumLaw pointed out in this Reddit discussion, "Bitcoin needs to stabilize (or all fiat alternatives need to simultaneously collapse) before widespread commercial adoption occurs."
It is true that Bitcoins have no intrinsic value, in the numismatic sense. Yes, Bitcoins solve some algorithmic problems through the mining process. However, these computations do not generate any kind of useful data, or solve any real life problems; there is a lack of "useful" input/output in solving alogorithms. Cryptocurrency needs to be more "useful" and solve a problem, in the same way that Duolingo translates the web while allowing users to learn a new language. With this in mind, I believe that a new cryptocurrency will emerge and overshadow Bitcoin, that actually solves a real world problem or generate useful data from all the computational data used. Imagine what could happen if Google is currently working on their own decentralized cryptocurrency?
Bitcoin prices skyrocketed during the financial crisis in Cyrpus as a result of peoples distrust in FIAT currency and an increasing demand for an ungoverned and limited alternative. Coupled with the large (and growing) number of services built around Bitcoins, I believe that Bitcoins, or at least Cryptocurrencies, will be here to stay for good.
In my next article, Ill be talking about alternative cryptocurrencies, and why Litecoins are a good buy right now. Stay tuned!
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Homeland Security Hearing 18th November (updated) will be Bad News for Bitcoin ~ forex volume trading system
On the 18th of November at 8PM GMT+0, Homeland Security will hold the first of two hearings about Bitcoin and the future of cryptocurrency after Silkroad. I believe these hearings will have a negative impact on Bitcoin prices, and heres why.
The FBI probed for investigations into Bitcoin, following the statement: “Indeed, it is not clear at this point whether virtual currencies will become a long-term, prevalent fixture of the electronic commerce world. But given the increased demand from consumers and investors, as well as demonstrated concerns regarding money laundering, regulators would be remiss if they turned a blind eye to virtual currencies,” Mr. Lawsky said in Thursday’s announcement.
There are two panels for the meetings, on one side being Bitcoin representatives, and the other consisting of members from the United States government. They are:
Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network – US Department of the Treasury
Mythili Raman, acting assistant attorney general – Criminal Division US Department of Justice
Edward W. Lowery III, special agent in charge at the Criminal Investigative Division of the US Secret Service – US Department of Homeland Security
A little background search of these representatives gave these results:
Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network – US Department of the Treasury
“Digital currencies are just a financial service and those who deal in them are [financial institutions],” Jennifer Shasky Calvery, the director of the Financial Crimes Enforcement Network
FinCEN is dedicated to learning more about digital currency systems, along with other emerging mechanisms, to protect those systems from abuse and to aid law enforcement in ensuring that they are getting the leads and information they need to prosecute the criminal actors.
Mythili Raman, acting assistant attorney general – Criminal Division US Department of Justice
announcing that he will hold hearings that could help determine whether virtual currency companies will need to apply for a special “bitlicense” to operate in the state.
Acting Assistant Attorney General Mythili Raman said: “As charged, Liberty Reserve operated, on an enormous scale, a digital currency system designed to provide cyber and other criminals with a way to launder their profits without leaving a trace. The company’s very purpose was to launder its users’ criminal proceeds through the U.S. and global financial system.
Edward W. Lowery III, special agent in charge at the Criminal Investigative Division of the US Secret Service – US Department of Homeland Security
Ed Lowery, special agent in charge of the U.S. Secret Services criminal investigative division, said the agency is working "aggressively with our international partners" to pursue cyber crime and the companies that permit the misuse of digital currencies. He declined to comment specifically on Bitcoin.
The toughest comments came from the Department of Homeland Security. “The anonymity of cyberspace affords a unique opportunity for criminal organizations to launder huge sums of money undetected,” wrote DHS Acting Assistant Secretary for Legislative Affairs Brian de Vallance. “With the advent of virtual currencies and the ease with which financial transactions can be exploited by criminal organizations, DHS has recognized the need for an aggressive posture toward this evolving trend.”
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