This Week in Cryptocurrency: November 02, 2018
Happy Birthday, Bitcoin! You Big 10 Year Old Baby!
Big week for the world’s most loved cryptocurrency as it turned ten years old on Wednesday (based on the publication date of the white paper). It’s amazing to look back and realize just how far Bitcoin has come in the past decade. Growing from a simple, unknown concept to being hailed as everything from a scam to the most influential invention ever, it’s clear that it has already made a significant mark on the world. Here’s to you, Bitcoin, and here’s to (at least) ten years more.
Unfortunately, the crypto market doesn’t feel the same way. The market fell victim to the classical inverted Bart chart pattern this week, but the rally towards the end wasn’t enough to leave us in the black. Over the week, the entire market cap fell from $208.7B to $206.0B, leaving us with a 1.29% loss.
Our top three coins continue to show lackluster movement as well:
Bitcoin, the birthday boy, dropped 2.11% to just under $6,340.
Ethereum fell 1.94% and now sits at right below $200.
XRP bucked the falling trend with a 0.36% rise in price to around $0.46.
Crypto Millionaire Plans Blockchain Utopia: Earlier this week, the New York Times published on Jeffrey Burns, owner of Blockchains LLC, and his plans to create a blockchain utopia in the Nevada desert. Earlier this year, Burns bought an enormous plot of land in the area for $170 million – in cash. He plans to build a “distributed collaborative entity” on the land in which the decision making and profits are distributed among the employees, residents, and investors. His aim is to take the value of decentralization that exists in Bitcoin and other cryptocurrencies and apply it to an entire community. That’s a bold strategy, Cotton. Let’s see if it pays off.
People Saying Things
Ron Speaks Truth: Libertarian bad boy Ron Paul published a short article this past Monday titled Trump Is Right, the Fed Is Crazy. In it, he criticizes government-backed currency and central banks’ ability to “constantly increase and decrease the money supply in an attempt to control the economy by controlling the interest rates.” Although he didn’t mention Bitcoin or cryptocurrency at all, we can read between the lines. We know you’re a Bitcoin believer, Ronnie boy…
Jamie Don’t Care: At an Axios conference this week, JPMorgan CEO Jamie Dimon stated that, in regard to Bitcoin, “I don’t really give a sh*t.” He went on to say that he believes blockchain technology to be real but doesn’t believe Bitcoin could replace a fiat currency. For a guy who supposedly doesn’t care about Bitcoin, he sure does talk about it a lot.
Charlie Shrem on the Evolution of Crypto, Centralization, and Stablecoins: We talked with one of the original Bitcoin entrepreneurs. Read what he had to say.
DocuSign Integrates Ethereum Blockchain Technology into Its Document Encryption Program: DocuSign is joining in on the blockchain party as Ethereum’s plus one.
Binance CEO Lauds Fidelity Investments Move into Crypto Market: Some crypto advocates are against the entrance of banks. CZ isn’t one of them.
Knowing When to Exit a Winning Trade: Yeah, you’re up on your trade. But do you know how to successfully exit it without risking your gains?
Bitit Exchange Review | Is It Right for You?: The French exchange wants to be the easiest way to purchase crypto. However, that doesn’t seem to be the case.
Price Cycles Tutorial: Trading the First Pullback: Up and down. Up and down. Crypto prices often move in predictable cycles. Here’s how to capitalize on them.
The Winkdex Blended Bitcoin Index: How it Works: The Winklevii are more than just early Bitcoin adopters. Learn how their Winkdex powers pricing mechanisms around the web.
Is It Too Late to Buy Bitcoin in 2018? Things to Consider: You may be thinking that you’ve missed Bitcoin boat. We’ve got a few reasons why you should probably think otherwise.
Justin Sun on the Future of Tron, BitTorrent, and Project Atlas: We spoke with the face (and brain) of Tron about everything the project has done in the past year.
How to Buy Litecoin on Coinbase Using Your Phone: Because not everyone has the time to sit down at the computer and make a purchase.
How Genesis Mining Took Over the Cloud Mining Sector: Cloud mining: scam or legitimate? Genesis Mining has made it entirely clear that they fall in the latter.
Coin Dance | Community Driven Cryptocurrency Statistics: Coin Dance is aiming to decentralize data analytics, starting with, you guessed it, Bitcoin data.
KJ Erickson Wants Public Market to Become a Household eCommerce Name: A quick chat with the project’s CEO about the value of token network effects and how Public Market implements them.
China Pulls the Ol’ Switcharoo: For what seems like the hundredth time, the Chinese government has once again changed its mind about Bitcoin’s legality. According to Chinese news site cnLedger, a Chinese court has confirmed that Bitcoin possession is protected by law. This ruling, from the Shenzhen International Court of Arbitration, outlines that both owning and transferring bitcoin in the country are legal activities.
1/ Chinese court confirms Bitcoin protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law bc its property nature and economic value.
— cnLedger (@cnLedger) October 26, 2018
Brazil Starts Collecting What’s Owed: You know what they say. In this world, nothing is certain except death and (Brazilian) taxes. The Brazilian Department of Federal Revenue published a document on Tuesday outlining new rules for cryptocurrency tax claims. One of the new rules: Crypto exchanges will now have to send in monthly reports on the transaction activity and identity of their customers. Additionally, both individual and institutional investors must report all transactions they’ve made on foreign exchanges if they total more than $2,700 in the month. The penalty for failing to report? Up to three percent of the transaction value.
It seems like only yesterday people were tepidly excited about receiving a $1,200 check from the U.S. government to lessen the hardships of stay-at-home orders and pandemic-induced loss of jobs. However, rent is due today. Grocery bills for June have yet to rack up. That $1,200, regardless of how one tried to stretch it, is…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.