Two merchants, Brian Stutland of Equity Armor Investments and Path Trading Partners’ Bob Iaccino are least concerned about the tripling of Bitcoin’s price against gold and claim gold to still be a better bet.
While gold was exchanging at $1,280, Bitcoin has soared 240 percent this year to a high of $3,288 on Wednesday. However, Stutland and Iaccino trust gold is a superior wager than Bitcoin from technical and fundamental perspectives.
“When you look at gold over the past couple of months, [it has] tracked very well [relative] to the cryptocurrency,” Stutland told CNBC’s “Futures Now.” “If you price adjust and volatility adjust, I think gold still has a little bit of catching up to do.”
Iaccino believes that bitcoin’s popularity is undeniable yet it’s still highly unstable and could easily be replaced by another cryptocurrency.
“Bitcoin, right now, is the most popular [cryptocurrency] and it is the most valuable one,” he said. “But I don’t see it as a store of value because any [other cryptocurrency platform] could come out with a slightly better technology and completely replace Bitcoin.”
Moreover, on Wednesday, gold rose more than 1 percent, being one of the biggest safety trades during times of possible chaos. Bitcoin, on the other hand, fell back to the previous gains shown this week as it drops by 3 percent.
News credits: cnbc.com
image credits: cnbc.com
Bitcoin is basically an anonymous, centralized digital currency. So, theoretically, it was built to be the untraceable version of cash. Not money but cash. The idea of having a digital unhackable and invulnerable decentralized currency got so well liked by people that they started treating it more like a commodity than the currency. Just like gold, People started investing and hodling (the typical term of holding coins till they generate profit) the coins. It soon turned out to be an investment vehicle and the basic idea of it being a digital currency got dragged down the tunnel somewhat.
So, yeah it is basically both a currency and a commodity. Yet untraceable! Sounds like a win-win?
Bitcoin is a secure and decentralized digital currency. It’s also a trad-able financial asset like bonds and stocks. Think if you want to pay or transfer another person a hundred dollar. What you do is you transfer your money to that other person. But in reality, what actually you are doing is asking a third commodity to deduct the cash from your account and transfer it to that person’s account. Bitcoin eliminates this interference of the third or fourth entity. It establishes this direct transfer link between you and the other person.
Unlike other monetary and economic affairs, Bitcoin is not regulated by any financial body or the government entity. Unlike stock market and shares, there is no fundamental rule or practice that can predict or determine the future value of the currency. Due to its incredible price volatile nature, the transactions or investment in the currency can be extremely complicated.
Why Criminals like Bitcoin?
Bitcoin is a totally secured and anonymous network. Anybody can come up and make an account and start the transactions. It requires literally no name, address or any else personal information. This encrypted platform generates a unique user ID, wallet IDs to the operator. During the transaction, only that specific ID will be visible and displayed to the viewer.
Due to this feature of the Bitcoin structure, making all the transactions complete anonymously, a lot of criminals were attracted. They used this platform to hide their identity and their transactions to practice illegal and unauthorized dealings.
With the ability to buy or sell anything without your name ever being revealed, a huge set up of the black market started running in around 2011. Silk Bank became an online transaction hub for all these illegal activities using Bitcoin. FBI broke the phenomena resting that these Bitcoins were untraceable. They were traced and Silk Bank was shut down. All the Bitcoins were subsequently acquired by the FBI.
21 Million… Ever!
One of the most amusing and interesting things about Bitcoins is that there are only 21,000 Bitcoins to be mined. Ever!! Yes, the total amount of these bitcoins will never exceed this amount no matter what. These coins are generated through a process called ‘mining’. Around 17 million of these coins have been generated till now. These coins are in circulation around the world balancing the network. This means, only 5 million of these coins are left to be mined to reach the limited threshold.
Generally, there is a new winner every 10 minutes, winning about 12.5 coins every time. This reward of 12.5 coins is halved every year too. So that means, in about 2140 we will be able to mine all these 21 million coins once in for all. Every existing Bitcoin is created using this same method. Anyone can mine these coins, provided with suitable supporting systems.
Merchants and consumers are slowly accepting and becoming comfortable with this digital currency. So, will this sum of 21,000 million enough bearing the collective economy pressure someday?
A bitcoin is divisible up to 8 decimal parts. Being deflationary in nature, if the market rises on a continues basis making its value to trillions, there will be an adequate amount resting with every coin in circulation.
1 July 2017, 09:42 AM, entrepreneur Mark Cuban
Well-known entrepreneur Mark Cubam is now planning on switching to another cryptocurrency after dropping the value of the Bitcoin. Accordingly, your clue about the ethereum is absolutely wrong. It may be UnikoinGold.
By offering an initial coin, Cuban is going to participate in fundraising round of his company.
With more than 30 ICOs, ICO method gets popular this year. Companies effort in the different channel to enhance its capability. In that scenario, companies start to sell their own cryptocurrencies and use the return to boost their business fund.
In addition, including Asthon Kutcher, Unikrn has already erected $10 million from investors. According to the CoinDesk, these companies allow its users to place bets with its digital token.
Up to 1 billion UnikoinGold will be available for grabs and the registration for pre-sale will be started in the mid of the July.
Up to now, a company has to set down the Price of the UnikoinGold. Accordingly, investors will be able to start transactions under Ethereum’s token.
News credit: fortune.com
Theresa May, the unelected British prime minister has surprised as well as excited everyone simultaneously by calling a snap election.
“It was with reluctance that I decided the country needs this election, but it is with strong conviction that I say it is necessary to secure the strong and stable leadership the country needs to see us through Brexit and beyond,” May told the Reuters.
The surprise/excitement is there because no one expected an election as May had already firmly stated that there won’t be one.
The sudden U-turn has seen FTSE drop some 2.46%, taken the Pound to month’s highest and increased Bitcoin value by 1.50%. Great news for Bitcoin fanatics!
The outcome of the election is somewhat certain as May is 20 points ahead of Labour leader, Jeremy Corbyn, who is considered to be unelectable by the public.
The only candidate that could give Theresa tough time is the Liberal Democrats leader, Tim Farron. The party came to power in 2010 and got a severe punishment in 2015 due to raising student fees.
The major deciding factor in this election could be the Pro-EU stance of Jeremy. However, the Labour leader has been accused of lackluster Pro-EU campaigning before the referendum took place. This has led some voters believing that he is secretly Pro-Brexit.
Therefore, the only realistic choice for 48% anti-Brexit voters is Tim Farron. But it’s still early days to predict what the Liberal Democrats leader has to offer. Will he be willing to accept the referendum’s result and campaign on soft-Brexit? Only time will tell.
However, if he does so, it may very well cause the third political earth quack in just months.
Whatever the election outcome is going to be, the decision of Britain to leave must be upheld. Fingers crossed!
Eximchain was established in 2015 at the Massachusetts Institute of Technology’s (MIT) media lab and is a supply-chain focused blockchain startup, which has managed to raise more than $20 million from a group of investors. Eximchain is basically an MIT-based software development company which uses blockchain to advance the SCF (supply chain financing).
Supply Chain Financing
SCF allows investors to fund an organization through its supply chain procedure by providing them further operating capital and functioning cash flow to upsurge its effectiveness and lessen risk. Companies that effectively succeeded this cash flow have reduced their inventory by almost 30%, heading to substantially lower working costs.
Even as a startup, it has managed to raise the funds to advance its own public blockchain which runs by private smart contracts, in order to offer multiple solutions for recording, executing and disseminating information for supply chain shareholders.
Who’s behind the funding?
One of the major cryptocurrency hedges from China, FBG Capital was behind the funding. There were also many other participants included such as;
- INBlockchain, which is a blockchain capital firm. It was founded by a Chinese cryptocurrency activist, Li Xiaolai.
- Kinetic Capital, which is a Hong Kong-based investment firm.
Now moving towards the token airdrop, Eximchain says that it will see approximately 1.5 million ERC20-based EXC tokens disseminated to contributors after verifying their identity. According to the company, EXC can be also transformed into the native tokens, on the blockchain of Eximchain itself.
Hope Liu’s Statement
Eximchain’s co-founder and CEO, Hope Liu stated;
“After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems. There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry.”
The funding is actually what makes the firm one of the latest ones to join the highly popular trend of distributing airdrops, through which firms allot tokens for free to the concerned parties, rather than holding token sales in the existing ambience of regulatory obscurity.