Category: Bitcoin
The analysis published under this category are as follows.
Wednesday, May 28, 2014
Bitcoin at Major Crossroads / Currencies / Bitcoin
By: Mike_McAra
Very briefly: we don’t support any short-term positions in the Bitcoin market now.
Today, we read an interesting piece on CoinDesk on the potential of Bitcoin derivatives. The article discusses why derivatives might be needed for the Bitcoin market and how liquid derivatives markets might emerge for the cryptocurrency.
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Tuesday, May 27, 2014
This Chart Proves the Bitcoin Market Is Maturing / Currencies / Bitcoin
By: Money_Morning
David Zeiler writes: One of the biggest knocks on the Bitcoin market has been the volatility of the price of Bitcoin, and looking at the price charts over the past six months, it's easy to see why.
But as crazy as the Bitcoin market has been - just take a look at the timeline - the lack of any major news over the past few weeks has had a distinct calming effect on the digital currency.
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Monday, May 26, 2014
No Stop for Bitcoin Price before $600? / Currencies / Bitcoin
By: Mike_McAra
In short: we don’t support any short-term positions in the Bitcoin market.
We frequently repeat that it is hard to exactly pinpoint what’s behind a given price move. While some reasons given by the media might have merit, in most of the cases claiming that “Bitcoin moved because X” (plug whatever you want for X) might not be warranted. This is probably done for the sake of a “good story” but does not have to have much to do with actual reasons for the price fluctuations.
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Saturday, May 24, 2014
Two Scenarios for Bitcoin / Currencies / Bitcoin
By: Mike_McAra
Cutting right to the chase: we don't support any short-term positions in the Bitcoin market at the moment.
Forbes' Kashmir Hill posted an article yesterday in which she discusses the possibility of sending bitcoins to people living in emerging markets:
Read full article... Read full article...Earlier this week, many in the Bitcoin community got very excited about a short film that demonstrates a promising use for Bitcoin. Ronah, a Ugandan woman who emigrated to Brookline, Massachusetts in 2011, regularly sends tuition money to her 20-year-old brother, Ronald, who is studying accounting and finance in Kampala. (...)
Friday, May 16, 2014
Bitcoin Possible False Calm / Currencies / Bitcoin
By: Mike_McAra
In short: we still support short speculative positions in the Bitcoin market, stop-loss $470.
At least 10 members of the Bitcoin Foundation have left in the wake of the election of Brock Pierce as a new director, Reuters reported. We can read:
Some of the members cited Pierce’s troubled past. That includes allegations in lawsuits from three employees of Pierce’s first company, bankrupt web video business Digital Entertainment Network, that he provided drugs and pressured them for sex when they were minors.
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Tuesday, May 13, 2014
Bitcoin - Time to Back Out? / Currencies / Bitcoin
By: Mike_McAra
In short: we still support having short speculative in the Bitcoin market, stop-loss at $470.
MasterCard is lobbying on Bitcoin, The Hill reported. The credit card company is thought to be one of the businesses that might potentially lose most if Bitcoin was to become a reliable and widely-acceptable payment network. The article:
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Monday, May 12, 2014
Squawk Showdown: Bitcoin or Gold? What’s Next for Currency / Currencies / Bitcoin
By: Submissions
Georgi Ivanov writes: Our recent Squawk Walk on the streets of Taipei surveyed people at random what they would decide, given a choice to walk away with a gram of gold or a USB stick, loaded with one bitcoin. The responses varied, but with a slight margin, bitcoin won the competition. We have to ask – are virtual currencies on the path to revolutionizing the global financial system, or are they just a lot of hot air? The truth would have to be somewhere in the middle: changes are coming, but they will not be revolutionary, yet, cryptocurrencies do offer a new opportunity for the unprecedented democratization of global finance.
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Friday, May 09, 2014
Bitcoin Price Up Move Might Be Less Bullish Than You Think / Currencies / Bitcoin
By: Mike_McAra
To the point: we still support short speculative positions in the Bitcoin market, stop-loss at $470.
Bitcoin is sometimes viewed as a highly disruptive innovation with the potential to change the payment system. While it surely provides a lot of opportunities, it doesn’t necessarily mean that it will cut the banks out of the system. Bloomberg posted a piece yesterday in which it argues that the very banks that would feel any kind of threat from Bitcoin are currently studying the innovative nature of Bitcoin to possibly come up with their own kinds of seamless payment systems:
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Tuesday, May 06, 2014
Bitcoin Price Reaction or Lack of Reaction to News from China? / Currencies / Bitcoin
By: Mike_McAra
In short: we don’t support any short-term positions in the Bitcoin market at the moment.
More news from China coming our way. BTC China, a prominent Bitcoin exchange, announced today it would stop taking yuan-denominated deposits from the Bank of China as of today:
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Tuesday, May 06, 2014
Bitcoin is a Fascinating Story, and I Think it's Real / Currencies / Bitcoin
By: Bloomberg
Michael Novogratz, principal of Fortress Investment Group, spoke with Bloomberg Television anchor Stephanie Ruhle from the Sohn Investment Conference in New York today.
Novogratz talked about Bitcoin, saying, "Intellectually it's a fascinating story to me, and I think it's real. If you look at the total market cap of Bitcoin, it's probably somewhere between $4.5 billion, $5 billion. There are in best estimates somewhere 30,000 individual programmers working on Bitcoin. My college roommate lives down in Barbados. He was the smartest guy that we went to school with. He full time works on derivatives of Bitcoin. So there's this open source community where there's huge brain power, let alone all the VC money that's going in. And so from Marc Andreessen and his company to Benchmark...there's lots of smart money going in. I've never seen a small project with more human capital going into it, and so I kind of want to bet just on that alone."
Friday, May 02, 2014
Bitcoin Price Moving Down but What Kind of Move Is It? / Currencies / Bitcoin
By: Mike_McAra
Briefly: we don't support any short-term positions in the Bitcoin market now.
Bitcoin's popularity has spread in the recent months and this is acknowledged by the number of articles there are out there on cryptocurrencies. Articles also posted by news services and financial websites. Now the popularity of Bitcoin has been confirmed by Bloomberg. The company has recently decided to include Bitcoin in the vast universe of financial instruments reported within Bloomberg's data stream.
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Wednesday, April 30, 2014
Bitcoin Price at the Beginning of a Move up? / Currencies / Bitcoin
By: Mike_McAra
In short: we don’t support any short-term positions in the Bitcoin market at the moment.
It looks like Mt. Gox’s creditors in Canada and the U.S., or at least those of them who took part in the class action lawsuits, have come to an agreement with potential investors. Today, Reuters posted a story according to which former Mt. Gox customers had agreed to settle the class action lawsuits in exchange for the 200,000 bitcoins found at Mt. Gox, $20 million in other currencies and, perhaps most importantly, for a 16.5% stake in a revived Mt. Gox.
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Tuesday, April 22, 2014
Bitcoin Implications of Lack of Price Action / Commodities / Bitcoin
By: Mike_McAra
In short: we support short speculative positions in the Bitcoin market at the moment.
Reuters posted an article supposedly giving some insight into how things had worked (or not worked) at Mt. Gox and providing us with Mark Karpeles’ (the CEO of the exchange) profile. We read:
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Saturday, April 19, 2014
Save MtGox - Bitcoin Important Implications of Going Down / Commodities / Bitcoin
By: Mike_McAra
Cutting right to the chase: short positions might be the way to go now (stop-loss at $550).
A group of investors has come up with an initiative to convince the Tokyo Distric Court to not liquidate Mt. Gox's assets but instead give a go-ahead to the plan to rehabilitate the failed exchange. A website Save Gox has been set up and the plan has been outlined on it. We can read:
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Monday, April 14, 2014
Bitcoin Price Strong Appreciation to Be Followed by Declines? / Currencies / Bitcoin
By: Mike_McAra
In not too many words: we don’t support any short-term positions just now.
First of all, a security update coming from Bitcointalk, a forum for Bitcoin aficionados. The following message was posted on the site:
A bug in OpenSSL, used by Bitcoin-Qt/Bitcoin Core, could allow your bitcoins to be stolen. Immediately updating Bitcoin Core to 0.9.1 is required in some cases, especially if you're using 0.9.0.
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Friday, April 11, 2014
This Bitcoin Price Rally Might Be a Fake One / Currencies / Bitcoin
By: Mike_McAra
Cutting right to the chase: we still don’t support any short-term positions in the market.
Yesterday, we wrote that Chinese Bitcoin exchanges BTC100 and BTCTrade were ordered by the Chinese government to close their bank accounts used to receive customer deposits. Today, Reuters reported that another exchange, Huobi.com, issued a statement that the bank handling their account would close them by Apr. 18.
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Tuesday, April 08, 2014
Bitcoin Price - Are We About to See Another Move Down? / Currencies / Bitcoin
By: Mike_McAra
Briefly: we don’t support any short-term positions now.
New Bitcoin-related products seem to be hitting the market every day now. New types of altcoins, new kinds of wallets, new services. The currency is surrounded by a wide umbrella of solutions which might help bring it to the attention of the mainstream public. So, what’s stopping us from using bitcoin debit cards? Cryptex, a Hong-Kong-based company asked themselves the same question and couldn’t think of a good reason not to.
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Saturday, April 05, 2014
Bitcoin Trading Clues from Price and Volume / Currencies / Bitcoin
By: Mike_McAra
In short: we don’t support any positions in the Bitcoin market at the moment.
The Financial Post reported that Bill Downe, CEO of the Bank of Montreal, expressed the view his company would consider dealing in Bitcoin was the currency a stable means of exchange:
If it was reliable and if it was regulated, “then there’s no reason why we couldn’t be an intermediary in bitcoin-related transactions,” Bill Downe said in an interview after the company’s annual general meeting in Toronto.
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Tuesday, April 01, 2014
Bitcoin Price Moving up to $500 but Is This to Last? / Currencies / Bitcoin
By: Mike_McAra
In not too many words: we don’t support any short-term positions in the market now.
Mobile payments company Square announced yesterday it would accept Bitcoin on its online website Square Market, which enables retailers to feature their merchandise. Ajit Varma, Square Market Lead wrote:
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Monday, March 31, 2014
Bitcoins, Are Cryptocoins Money? / Currencies / Bitcoin
By: Michael_S_Rozeff
The bottom line is that cryptocoins are not money. The Austrian analysis rules.
Money’s key property is that it is a numeraire for goods. Wikipedia puts it this way:
“Numéraire is a basic standard by which value is computed. Acting as the numéraire is one of the functions of money, to serve as a unit of account: to measure the worth of different goods and services relative to one another, i.e. in same units.”
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