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Chinese Billionaire Claims Bitcoin Patience Will Reap Rewards

Chinese Billionaire Claims Bitcoin Patience Will Reap Rewards

As the much-discussed intuitional investment, hailed as cryptocurrencies jumpstart to a new crypto era, still awaits, a Chinese Bitcoin billionaire calls for patience.

Zhao Dong, one of the world’s largest over-the-counter traders of Bitcoin, made the plea to the industry suggesting that it could be well into the year before the market gets the boost it needs. The entrepreneur was talking on a WeChat group called “The Public Chain Alliance Crossing The Bulls And Bears Elite Team”, when he made the call for patience.

Zhao, another advocate of a USD 50,000 Bitcoin by 2021 not so long ago, said the “only thing you need is patience”, referring to a large investor surge into the market. He said that those who believed in the future of Bitcoin should hold “as much as possible when nobody cares”. He said also:

“In the bull market, I don’t persuade people to buy bitcoin, because it seems easy to make quick money but in fact, it is not. Now [in the bear market], I start to talk people into buying bitcoin.”

Zhao certainly is not alone, with other high flyers in the industry talking up the flagship cryptocurrency this year, with just Twitter’s CEO Jack Dorsey recently predicting that Bitcoin was to become the internet’s first “native currency”.

As Bitcoin investors and traders wait for the highly-anticipated Bakkt bitcoin platform and a US Bitcoin exchange-traded fund to boost the price, Mike Novogratz predicts Bitcoin is on the recovery after a bubble burst and that it is in a period of “handing off ownership from the people’s revolution“.

 

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JPMorgan Strategist Predicts Impending Heightened Crypto Interest from Wall Street

JPMorgan Strategist Predicts Impending Heightened Crypto Interest from Wall Street

With much talk in 2018 regarding Wall Street’s potential cryptocurrency uptake somewhat fading towards the end of the year, JPMorgan’s Global Market Strategist Nikolaos Panigirtzoglou is reigniting the flame.

The market needs to grow first, claims Panigirtzoglou, predicting the long-awaited and much talked about rush of institutional investment, but it is not going to be an overnight sensation. He argues: “The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future.”

Partly, the slow uptake, according to the JPMorgan strategist, is regulators who are still a “bit slow to realize” the potential of the industry. A recent Circle report agrees, pointing out how ICO activity reduced in the second half of 2018 due to increased regulation, putting further downward pressure on the cryptocurrency market.

report points out that stablecoins, security tokens, and institutional crypto, by providing the solution of real-world problems and adding more certainty to the crypto space as a whole, are the next big thing. Last year, Cardano (ADA) co-founder Charles Hoskinson predicted that the entry of Wall Street into the sector would bring in “tens of trillions of dollars”.

Late last year, Wall Street’s previous crypto fervor cooled noticeably, with Goldman Sachs, Morgan Stanley, and Citigroup all shelving much publicized crypto-related products for a future date. Twitter CEO Jack Dorsey is biding his time and certainly holding on to his Bitcoin claiming it is “native to internet ideals”, and as such must be successful. Always resolute in his claims, Dorsey insists that:

“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”

That being the case, Wall Street won’t be too far away when it happens.

 

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Twitter CEO: Bitcoin Will Be Currency of Internet

Twitter

CEO and co-founder of Twitter, Jack Dorsey, has reaffirmed his belief that Bitcoin will be the default currency of the internet.

His opinion comes during an interview, where he said, “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet… It is of the internet.”

The CEO of the microblogging platform has made similar comments in the past, last time in May 2018, where he also said that he saw Bitcoin ruling online payments.

He is also the founder and CEO of Square, a mobile payment platform that supports Bitcoin. When asked if he would consider adding other cryptocurrencies to the platform, he clearly said no. Square, despite its rigid approach to entertaining only Bitcoin, was still declared as the financial company of the year by Yahoo Finance. Square did record business in Q3, 2018, with revenue generation of USD 43 million from Bitcoin payments alone.

On the question of Bitcoin experiencing backlashes, Dorsey said to “look at some of the major banks and their considerations on Bitcoin”. On blockchain, the technology behind Bitcoin and other cryptocurrencies, he said that through its censorship resistance and decentralized structure, data stored online would be permanent: “We’re moving to a world in which anything created exists forever, that there’s no centralized control over who sees what, that these models become completely decentralized and all these barriers that we, that exist today, aren’t as important anymore.”

Twitter is a major social platform for crypto-related community. It is plagued with issues, such as fake giveaways and scams involving unauthorized use of pictures of celebrities and leaders to attract susceptible people into funding fake crypto projects.

Dorsey has come under fire after his comments, however. Twitter has recently banned accounts such as that of the famous far-right website host, Alex Jones.

 

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Max Keiser Still Backs Bitcoin as Next Global Currency

Max Keiser Still Backing Bitcoin as Next Global Currency

The host of the Keiser Report on TV channel RT, Max Keiser, is still upping the ante on Bitcoin’s future fortunes with his latest assertion that the flagship cryptocurrency is the future of money.

Claiming that the Bitcoin is earmarked to become the next global reserve to replace outmoded paper money he said recently on air that “it won’t be the US dollar, the euro or any other fiat”. He went on to explain exactly why he feels that fiat’s days are already numbered as cryptocurrencies become a household name around the world.

“Among BTC’s traits, are the fact that it can produce a new block about every 10 minutes and its cap of 21 million coins. These allow BTC to be more stable and lead to a predictable monetary policy that is based strictly on mathematics, not on the whimsical antics of a state government or individual,” he stated.

Keiser’s views continue to echo the stance taken by VC capitalist investor and billionaire Bitcoin bull Tim Draper, who has continued to show a rock-solid conviction that cryptocurrencies will be the future of money. These VC investors are far from being alone, despite Bitcoin’s poor market performance in 2018. Twitter and Square CEO Jack Dorsey predicts, although it won’t be an overnight sensation, Bitcoin’s rise and rise will happen “probably over ten years, but it could go faster”.

Dorsey insists that the world and the internet will use Bitcoin as a single currency.

 

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Weiss Ratings Declares Now Best Time to Buy Bitcoin

Weiss Ratings Declares Now Best Time to Buy Bitcoin

Financial market analyst firm Weiss Ratings claims that at present, purchasing Bitcoin is one of the “best buying opportunities of the year”.

Bullish comments

Despite what every headline relating to the cryptocurrencies might be saying, Weiss Ratings has signaled an opportune moment for Bitcoin purchases.

#BTC is getting to such low levels that it’s becoming one of the best buying opportunities of the year. As a store of value, #Bitcoin is here to stay. We truly think it’s the least speculative investment a person can make in #crypto right now.

— Weiss Ratings (@WeissRatings) December 11, 2018

For those who have been following the crypto winter decline, these words are confounding in every sense. That said, there may still be some significant merits to the firm’s words. Within the crypto-market facet of the blockchain industry, the Weiss Ratings which observe and analyze financial markets from what they claim to be an unbiased perspective are something akin to Nostradamus for the cryptocurrency industry due to the notorious bluntness of their reports on financial markets.

Past claims

In January, as the crypto-market highs began to taper off, the firm published its first cryptocurrency ratings, which naturally garnered attention from every corner of the crypto-globe and even gave the markets a minor stir. At the time, Weiss Ratings marked Bitcoin down as a C+ (fair) and Ethereum as B (good). These scores were reportedly based on “thousands of data points on each coin’s technology, usage and trading patterns”, after which, Bitcoin was scored highly which it owes thanks to “security and widespread adoption”.

However, there were still drawbacks such as network bottlenecks and high transaction costs that prevented it from beating out Ethereum who gained the B rating due to “more readily upgradable technology at better speed”.

For investors at the time, the ratings appeared as a wink and a nod to those who had made the right choices. However, as the year went on, Weiss Ratings began to espouse bearish sentiments. In September, as the declining crypto-markets began their unprecedented freefall, Weiss Ratings Tweeted a prediction wrote a tweet predicting that within five years, Bitcoin would lose its dominance to Ethereum.

#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of ETH’s application is sky itself.

— Weiss Ratings (@WeissRatings) September 18, 2018

Current trends have seen cryptocurrency prices wither have suggested that Bitcoin is the stronger asset in its class, however. Currently, it trades at about 15% of its all-time high, while Ether has fallen well below 10%.

In December, the architect of the Weiss Crypto ratings and price prediction model Juan Villaverde spoke in a video interview with a positive outlook for Bitcoin claiming it would “rise from the dead” in 2019. In the video, he also said: “We’ve seen a lot of progress on the adoption side throughout 2018, and that pretty much guarantees that we will see a bull market again and Bitcoin will make new all-time highs again.”

 

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OKEx Seeks Branding Boost with English Premier League Partnership

Malta-based leading global Bitcoin exchange OKEx has partnered with England’s prestigious football showcase, the Premier League, in order to raise its profile among football supporters.

Prominent trading data outlets cite OKEx as one of the largest cryptocurrency exchanges in the world. In August 2018, both Live Coin Watch and the CoinMarketCap listed it as the world’s second largest cryptocurrency exchange by trading volume and markets served.

As a result of the partnership, OKEx will now be able to advertise at major games between high-quality teams. This is seen as a major boon for the company as matches in the Premier League frequently return gates of over 40,000 attendees. Liverpool, for example, has a stadium capacity of 54,000 and is sold out on most games.

Digital banners have become the latest way to advertise at football grounds of teams in the top flight. The exchange will begin with advertising during football matches until 10 December, including those of Arsenal, Chelsea, and Liverpool. OKEx Head of Operations Andy Cheung commented on the new partnership:

“We are very thrilled to see that digital technology is getting more accepted and adopted in the sports industry and we are proud to be part of it… Through the games, we want to connect to the audience, getting them to know more about the applications of digital technology, and we look forward to exploring a longer-term partnership to support the sport.”

To boost its advertising campaign, attendees at the games are encouraged to take photographs of the digital banners and place on OKEx’s Twitter page. Three winners will then be picked to win USD 50 in December.

The exchange has been in hot water recently, having had to cancel a number of transactions resulting in losses for affected customers. It appears that through Bitcoin Cash futures, OKEx has mounted a rapid recovery with recent trades of USD 135 million helping the exchange to bounce back.

Cheung described how sport and cryptocurrency have been finding a common platform, particularly with a number of recent endorsements by clubs and individuals, particularly in the world of football:

“We speak a universal language in the world of football. It is entertaining enough to connect people and unites them, regardless of tribe, race, color or tongue… It is agreeable to say that blockchain technology has similar standards and ethics. It is very amazing to see that digital technology is getting wide acceptance and even used within the sports industry. So, we are very delighted and honored to be part of this feat.”

 

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John McAfee Tweets to Sooth the Souls of Nervous Investors

Controversial investor and software guru took to Twitter this week to calm the jangling nerves of Bitcoin investors after a tumultuous week left the flagship cryptocurrency hovering above USD 4,000.

Investors may ask “why listen to John McAfee?” but they might just take a look at a recent study which revealed that the 73-year-old tech veteran was found to be the most influential figure in terms of trustworthiness when it comes to handing out trading advice. In second place, the study placed Ethereum founder Vitalik Buterin, followed by Litecoin creator Charlie Lee.

In his latest tweet, McAfee makes an analogy to the bear market and winter, arguing that a “glorious spring” is around the corner, attributing the current market disruption to confusion. He points out that investors are joining the market daily, regardless of current trends and blames the current market turmoil on institutions who took “absolutely unenforceable measures to allay their fears.”

Market forces will “burn out” in time, McAfee suggests and encourages the global cryptocurrency community to stick with cryptocurrencies in the long term, echoing the views of Blockstream’s CEO Bobby Lee, who suggested that Bitcoin could still threaten USD 3,000, but long-term, feels it will overtake gold:

“This bear market might last another 18+ months, until the next block reward halving. That’s a long time for everyone except true believers. Enough time to scare away all of the weak long positions.”

Lee certainly has an ally in venture capital partner Lou Kerner from CryptoOracle who sees gold eventually being surpassed by Bitcoin. He compared the current market instability to the early 2000 dot com burst but makes an analogy to strong coins such as Bitcoin and Ethereum and companies such as Amazon who survived the bubble and emerged to become giant players in today’s tech markets. Kerner calls Bitcoin “the greatest store of value ever created.”

As to the recent drop in values, Kerner argues that “crypto has been so weak because [for] most of it there is no underlying value outside of confidence.”

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College Student Faces $400K IRS Debt After Crypto Bull Run

A student took to Reddit recently asking for advice on how to handle an IRS tax debt of $400K after his crypto investments had bumped and dived.

The young Californian, preferring to remain anonymous, profited like many from investments made towards the end of 2017 when his $5K stake in altcoins brought him a massive return of $880K.

His laptop gamble with Coinbase certainly paid off, but then came the payback after his portfolio sunk to a $125k in the new year. “They really never do teach this stuff” he posted on Reddit when asked if he’d set something by for tax.

The student claimed he’d been trading crypto-to-crypto and that Coinbase didn’t, “ever cash out to fiat and transfer any USD into my bank accounts from these tradings.” Nonetheless, he appears to have convinced himself the IRS is coming calling after receiving a standard Coinbase 1099K form (https://i.imgur.com/1TZuh2B.jpg) warning him that the information regarding his transactions would be forwarded to the Inland Revenue.

It appears he received little sympathy from Reddit users from comments such as, get “a tax professional and stop wasting time trying to get free advice,” to, somewhat philosophical, advice from one user who suggested that his problem “not be a high point in your life, but you will get through it.”

More useful advice suggested that he stay clear of “questionable accounting methods” and get an accountant to work out a suitable tax repayment method -although re-payments to the IRS to the tune of $400k may just impact on his $12/h part-time-job whilst getting through college.

A recent Twitter poll which quizzed US cryptocurrency investors about their tax scenarios revealed that 9% of the 9,339 respondents claimed that they had “already filed and paid,” with 53% far more adventurous claiming, “they’ll never catch me.”

It looks like more clarification is needed regarding paying these kinds of taxes in the US. The IRS Advisory Committee has just requested help in dealing with cryptocurrency taxation in a bid to ease its current $25 billion tax liability. The request for more clarity has come after the IRS published its findings from a report which  highlights the current confusion surrounding how to address taxation on cryptocurrency assets in the United States

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Blockchain Report Goes Live with Daily News Video Targeting Millennials

Crypto Culture

a BitcoinNews.com series

Part 1: Blockchain Report Goes Live

In the first installment of the Bitcoin News Crypto Culture Series, we investigate a new daily news video from What’s Trending and ICO Watchdog, Blockchain Report.

On Tuesday 2 October, the first episode of a new daily blockchain news program aired, hosted by Snapchat influencer Taylor Nikolai. Blockchain Report is a combined effort from cryptocurrency financial information service ICO Watchdog, and Emmy-nominated digital media company What’s Trending.

The short videos are looking to tap into the millennial generation’s intrigue in cryptocurrencies while providing a trusted source for information, with no underhanded selling of new tokens or products that unfortunately crop up in crypto-related media.

What’s Trending founder Shira Lazar co-heads the project and has plans to use the show to highlight women in the field of cryptocurrency. Speaking to Forbes, she described her goal of using the Blockchain Report platform to showcase both well-known women, and those under the radar who have not yet had the opportunity to make headlines.

The first episode remained shy of 100 views on YouTube at the time of press but with these big names and solid capital behind the project, it looks likely to form a large following. What’s Trending boasts 3 million cross-platform followers and over 200 million YouTube views to date, while Blockchain Report’s Twitter account already has nearly 6,500 followers.

Who’s going to enjoy it?

The fast-paced, well-produced video mimics that of its partner company What’s Trending but like its videos, they are short and do not divulge a lot of detail into the topics discussed. Creators of Blockchain Report say they are targeting the millennial generation, although well-informed millennials in the space are likely to want to do further research on the topics discussed as the self-imposed five minutes of each video leaves little time to really delve into the subject matter.

Scheduled daily Monday to Friday, Blockchain Report may well become a useful, trusted source to find out the big news headline of the day, and the production quality is certainly superior to the majority of alternative daily cryptocurrency videos. Experts or individuals who are looking for a more in-depth approach may be inclined to look elsewhere, however.

What can you expect?

The first episode covered three big stories from Tuesday: Tom Lee’s claim that Ethereum is on the verge of a major rally, web browser Opera enabling built-in Ethereum support, and corporate investment company Fidelity showing further interest in cryptocurrency and blockchain.

ICO Watchdog prides itself on providing an unbiased, informative take on the ICO market, providing investors with informative publications such as ”The Six Key Factors for Analyzing an ICO“.

Its participation in the project can assure viewers that what they are watching can be corroborated by facts, while What’s Trending has the necessary background in media production to make it entertaining and accessible enough to attract younger viewers.

Blockchain Report is one to watch to grab your quick headlines but not a sole resource to rely on.

 

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Dogecoin Founder Develops Script to Combat ETH Giveaway Scams

Dogecoin founder Jackson Palmer has developed a script which helps combat the ETH giveaway scams plaguing Twitter users. Palmer delivered this script directly to Elon Musk, the founder of SpaceX and Tesla, one of many famous Twitter users been targeted by scammers.

The Twitter Ether giveaway scam is done by creating an account with the same profile picture and name as a Twitter user with a large following. The scammer uses the fake account to reply to tweets of the real Twitter account, with an offer of something like ETH 1-3 for every ETH 0.01 sent to a certain address.

The only difference visible between a scammer’s account and the authentic Twitter account is difference in the actual username. Most users spot this difference and don’t fall for the scam. However, many others do fall for the scam, since they don’t see the difference in the username, mistake it for the actual popular Twitter user. The result has been over ETH 8,000 worth more than USD 4 million scammed from Twitter users as of June 2018, and these numbers have probably grown since then.

This scam damages the reputation of Twitter itself, the celebrities that are being targeted, and financially hurts users that fall for it. The Twitter team itself has done little to stop the Ether giveaway scam, and Elon Musk is one of many who is constantly seeing this scam in replies to his tweets, so he reached out to Palmer to fix the problem.

@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated

— Elon Musk (@elonmusk) September 17, 2018

ok, *now* I can finally call it a night. https://t.co/8sTjFCQYk8

— Jackson Palmer (@ummjackson) September 17, 2018

In less than a day, Palmer did what Twitter could not, and developed a real way to combat Twitter giveaway scammers. He created a script that identifies any users replying to a Tweet that have the same profile picture as the Twitter celebrity being targeted, instantly blocking the fake accounts run by scammers.

This should help curtail Twitter crypto giveaway scammers and perhaps lead to new ideas to stop the scammers that are even more effective. Perhaps a Twitter crypto giveaway scammer could slightly alter the profile picture so the script doesn’t detect them but that already makes the scam way harder and less effective, and the algorithm can be improved to detect the typical wording used for Ether giveaway scams to make it bulletproof.

 

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