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Bitcoin and Ethereum’s Gains

It only took a few hours for Bitcoin to shoot back up from $3,894 to $4,264.26 on Wednesday, which caused the total market capitalization of the entire cryptocurrency world to surge above $150 billion.

It’s opposite team mate, Ether, also rose on Wednesday, marking the highest it’s ever been since June. These two unknowingly, drove the market cap of the digital currencies insane.

In particular, at the moment Bitcoin’s market capitalization is around $69.8 billion, which makes it twice as large as Ethereum, its closest rival.

However, Bitcoin has been a tad bit volatile lately, suffering from a 10% drop after it had crossed $4000 earlier. These fluctuations were an after effect of the scaling issue that was recently undertaken by the network. This is intended to increase the transaction sizes in the blockchain network. This new protocol is known as Segregated Witness, which is said to solve the scaling matter.

Related: Bitcoin drops below $4000

 

On the other hand, Ether rose to $324.07, its highest since June 23. It’s known to have doubled since its last low hit in mid-July. Overall, its performance has been well in 2017, as it is up more than 4000%, which brings its market cap to around $30.1 billion.

These recent increases in Bitcoin and Ether have brought together the total market cap of all digital currencies above $150 billion.

 

News Credit: marketwatch.com

 

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How To Earn Bitcoins

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Everyone wants to be rich and for this, they pick out different methods. Some of those ways are easier and quick to work, while others are not so much. Cutting to the chase, one of the quickest ways to become rich is Bitcoin – the most valuable cryptocurrency out there. There are many ways to earn bitcoin here we are going to tell you how to earn bitcoin in the easiest ways possible.

how to earn bitcoins

By Completing Tasks On Websites:

The simplest way to earn bitcoins is carrying out simple tasks on certain websites. Some of the websites that offer Bitcoin in exchange of the tasks carried out by their visitors are BitVisitor, CoinWorker, and BitForTip.

By Accepting Them As Payment:

If you are running a business, big or small; introduce Bitcoin as an additional payment option. That’s probably even easier than the one mentioned above: you already have an established business and a client base. All you have to do now is convert the entire client base, or a portion of it to paying you in Bitcoin.

Through Mining:

Mining is a bit slow method to earn bitcoins, but it is also the most common one. Mining requires a special combination of hardware and software for the generation of new Bitcoin blocks. However, the process is relatively expensive and requires a constant supply of electricity which makes it slightly out of reach for a common folk.

So, these three are the most common Bitcoin earning methods for those wondering how to earn bitcoins. Choose one that’s most convenient for you.

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Nobel Prize Winner, Richard Thaler Says “Bitcoin and Its Sisters” Seem Like a Bubble

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Richard Thaler is well-known for his expertise and work in behavioural economics, also, he’s a Nobel prize-winning economist. Recently while speaking to a Portuguese publication ECO, he stated that after taking a close look at the market, he thinks that “bitcoin and its sisters” seem like a bubble and despite his analysis, he doesn’t have any idea when this bubble might burst.

Thaler said, that he can clearly see a bubble in the debt markets, as the given rates are almost close to zero. Furthermore, he added, that the market to him seems like a bubble of “bitcoin and its sisters”. Also, the cryptocurrency ecosystem is also acting absurdly, according to Thaler.

Thaler highlighted the Long Island Iced Tea’s shares as an example, as the shares are surging above 300% following a blockchain rebrand to Long Blockchain Corp. According to Thaler, it doesn’t make sense that companies are adding blockchain to their name and by just doing that, their value is going up, and it just keeps going like this.

bitcoin and its sisters

Thaler had already paradoxically discussed the whole Long Island Iced Tea case on his Twitter account. It happened after he got the Nobel prize, for his work in behavioural economics that also warns us of the distinctions between the behaviour of reality and homo economicus.

By using the examples of the dot-com bubble and 1987 Black Monday crash, Thaler said, he didn’t try to anticipate when this bubble of “bitcoin and its sisters” will burst, because by looking at history, we can clearly see that awful things can happen when markets become irrational.

In normal markets, we don’t see extreme events like these as often as we do in the cryptocurrency markets – Richard Thaler

Last year, in an interview, he stated that it looked like he was living in the riskiest moment of his life, and the stock markets seemed to be napping, although he admitted that he couldn’t understand it. He also admitted that was anxious about the stock markets and when the investor gets nervous, then it’s obvious that he’s going to get agitated. However, he noted that nothing can spook the market.

It seems like that Richard Thaler doesn’t like bitcoin, however, he isn’t the only Nobel prize-winning economist who dislikes bitcoin. Joseph Stiglitz, who won the price in Economic Sciences in 2001, apparently doesn’t find any useful functions for Bitcoin and thinks that cryptocurrency could be regulated out of the existence. Robert Shiller (Nobel laureate), who won a prize for his work in Trendspotting in asset markets, back in 2013, predicted that we’ll see a bitcoin crash, although it won’t go to zero, but it will probably bring the cryptocurrency down.

 

 

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WARNING! Hong Kong Regulator Says ICOs are ‘Downright Fraud’

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Hong Kong securities regulator has once again warned the public about Initial Coin Offering investment. The deputy chief of Honk Kong SFC (Securities and Futures Commission), Julia Leung, repeated the previous concerns of perils related to ICOs, in a speech which took place on Friday.

While emphasizing that the interests of regulators lie in protecting the investment of public first, Leung said:

“While we acknowledge that innovative technologies such as blockchain have the potential to improve efficiency and financial inclusion, that does not entitle anyone to conduct fundraising from the public in violation of securities law.”

initial coin offering

Obscurity for Investors

As Leung is the chair of the SFC’s Fintech Advisory Group, she claimed that it would be difficult for an average investor to decrypt the extreme-technical-content and obscurity of few projects that are in quest of fundraising, as she stated that it was more suitable for proficient investors from VC funds instead. Her remarks then drew the attention to projects that claim to use blockchain technology as a “slogan” to vow high-tech claims without any innovation to fulfil those promises.

Julia Leung also added:

“Many of these fundraisings are dubious, if not downright frauds. The issuers escape the scrutiny of the police or securities regulators because of their cross-border nature and the way the crypto assets are structured to fall outside any regulator’s perimeter.”

Warning Against ICOs

These comments pursue an earlier statement, in which guidelines were provided for ICO issuers that must be followed ahead of fundraising operation. Certain ICOs could be considered as securities as well, according to Leung. Since the scrutiny, the regulator has issued a warning letter to almost seven exchanges along with domestic presence, prompting them not to trade cryptocurrency tokens as it sees them as securities without a license.

The regulator said:

“The SFC will continue to closely monitor ICOs and will not tolerate any violations of the securities laws of Hong Kong.”

Seeing growing public interest, the authorities of Hong Kong launched a “public awareness campaign” at the beginning of this year to enlighten general public about the Initial Coin Offering investment and cryptocurrencies by using, articles, advertisements, and infographics.

In her speech, Leung also pointed out the volatility of bitcoin price and added:

“Many millennials who subscribe to digital tokens in ICOs5 understand that there is no intrinsic value in the tokens but are betting on the rapid rise of the token value in the secondary market.”

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