Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
- Start date
Greedy bastards. Fuck her.
Elon Musk agrees to pay $20 million and quit as Tesla chairman in deal with SEC
Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.
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Bitcoin bounces back but the crypto turmoil isn't over
The cryptocurrency market stabilized Thursday, with bitcoin climbing back above $40,000. Even so, the world's largest digital currency has lost more than 30% in market capitalization since its peak in mid-April.
www.cnn.com
Bitcoin bounces back but the crypto turmoil isn't over
https://www.cnn.com/profiles/anneken-tappe
By Anneken Tappe, CNN Business
Updated 10:53 AM ET, Thu May 20, 2021
New York (CNN Business)The cryptocurrency market stabilized Thursday, with bitcoin (ARSC) climbing back above $40,000. Even so, the world's largest digital currency has lost more than 30% in market capitalization since its peak in mid-April.
The wider crypto market looks similarly bruised.
Several digital currencies are still showing double-digit percentage losses from where they were before the latest turmoil. And all the crypto bloodletting points to a big warning: invest at your own risk.
Since May 12, the global cryptocurrency sector has lost more than 30% of its total market value, according to data from CoinMarketCap. By Thursday morning, the world crypto market value had fallen to nearly $1.8 trillion, down from more than $2.5 trillion just last week.
This week's steep selloff came on the heels of China cracking down on cryptos. In response, bitcoin tumbled to just above $30,000 as digital currencies across the board sold off.
But investors shouldn't be surprised about the volatility, William Quigley, managing director at crypto-focused investment fund Magnetic said on the CNN Business digital live show Markets Now Wednesday. Cryptos are still a relatively new asset, Quigley noted, and are therefore far less predictable than more traditional investments.
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"Keep in mind as well, we all tend to focus on day-by-day, week-by-week. But that's not how most people buy cryptocurrencies, or even stocks," Quigley said.
Meanwhile, ethereum co-creator Vitalik Buterin told CNN Business that he believes cryptos are in a bubble. And it's hard to tell when bubbles will burst.
Then again, the momentum could keep building: Since the start of the year, ethereum (ELX) and joke-turned-crypto dogecoin have increased in value nearly 290% and more than 8,000% respectively — even after accounting for the recent rout. Bitcoin is up more than 40% in that time frame, according to Coindesk data.
Ups and downs
Bubble or not, the crypto landscape looked to be on the road to recovery Thursday.
"The bigger the drop, the higher the bounce," Fawad Razaqzada, market analyst at ThinkMarkets, said in a note.
Bitcoin is up some 18% and was at more than $41,900 early Thursday. Ethereum rose 22% to around $2,900.
"But it remains to be seen whether the recovery will hold," Razaqzada added. "Cryptos will likely stay volatile for a while as speculators weigh the impact of China's ban and Tesla's U-turn against the recent growth in institutional interest."
Tesla (TSLA), which in February announced a $1.5 billion investment in bitcoin and said customers could use it to pay for its cars, walked back the latter decision last week, citing the environmental impact of bitcoin mining.
Strategists at JPMorgan (JPM) said earlier this week that institutional investors are pivoting out of cryptos and back into gold, although it wasn't yet clear why.
Bitcoin plunges below $40,000 as China widens its crypto crackdown
Bitcoin and other cryptocurrencies are plunging as anxiety spreads through the market — this time, after China took more steps to crack down on the digital coins.
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Bitcoin plunges below $40,000 as China widens its crypto crackdown
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https://www.cnn.com/profiles/michelle-toh-profile
By Laura He and Michelle Toh, CNN Business
Updated 4:01 PM ET, Wed May 19, 2021
Hong Kong (CNN Business)Bitcoin and other cryptocurrencies are plunging as anxiety spreads through the market — this time, after China took more steps to crack down on the digital coins.
The world's most heavily traded cryptocurrency plunged as low as $30,202 per coin early Wednesday after starting the day around the $40,000 mark, according to data from Coindesk.
Bitcoin then recovered slightly but was still down more than 10% at around $38,700 per coin around the time of the New York stock market close.
Alongside bitcoin's fall Wednesday, several other major cryptos also were down. Ethereum plummeted below $2,000 per unit after trading above $3,000 on Tuesday, before reclaiming some of its lost ground. Ether was down around 22% at nearly $2,600 Wednesday afternoon. The meme-turned-cryptocurrency dogecoin lost more than 24% of its value.
Cyrpto trading platforms Coinbase (COIN) and Coindesk experienced outages as a result of the selloff.
Bitcoin was already dropping this month after Tesla (TSLA) CEO Elon Musk said he was wary of its environmental impact. But a new announcement from a trio of Chinese finance and banking watchdogs appears to have shocked cryptocurrency markets even more.
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The agencies said Tuesday that financial institutions and payment companies should not participate in any transactions related to cryptocurrency, nor should they provide crypto-related services to their clients.
"Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back. This seriously harms the safety of people's property and disturbs normal economic and financial orders," said the statement from regulators supervised by the People's Bank of China and the China Insurance and Banking Commission.
China's chilly stance toward cryptocurrency goes back years. While the country doesn't completely ban cryptos, regulators in 2013 declared that bitcoin was not a real currency and forbade financial and payment institutions from transacting with it. At the time, they cited the risk that bitcoin could be used for money laundering, as well as the need to "maintain financial stability" and "protect the yuan's status as a fiat currency."
Musk's mixed messages on bitcoin stoke anxieties about cryptos in Corporate America
Members of the public can hold or trade cryptocurrencies, but major exchanges in mainland China have been shut down. Authorities in 2017 also banned initial coin offerings, a way for tech startups to raise money by issuing crypto tokens to the public.
The growing crackdown may also be in part to boost China's state-backed digital yuan initiative, which authorities are working to implement so it can keep money flows under its strict oversight.
While the 2013 notice mentioned only bitcoin by name, some observers have taken it to apply to all cryptos given Beijing's distaste for the currencies. The state-owned China Times on Wednesday described the latest announcement as a "risk warning in nature." While not a national law or regulation, it represents an "industry standard to some extent," the outlet wrote, citing Zhu Youping, an official from the State Information Center, a policymaking think tank.
Bitcoin mining in China could soon generate as much carbon emissions as some European countries, study finds
Still, it shows that China isn't changing its tack on crypto anytime soon — and that seemed to be enough to worry traders.
"The Chinese position on cryptocurrencies is clear from the beginning: trading and usage of cryptocurrencies are simply forbidden," wrote Ipek Ozkardeskaya, senior analyst at Swissquote, in a Wednesday research note. "Therefore, the news is nothing 'new', but given that crypto traders are too sensitive to negative news nowadays, it adds to the downside pressure on cryptocurrencies."
Even before the latest announcement from China, Tesla's Musk had already sent crypto markets on a wild ride.
He flip-flopped last week on a plan to allow his electric carmaker to start accepting bitcoin as payment for its cars, by suspending the program and citing sustainability concerns around the mining of bitcoin. The cryptocurrency then fell 12%. It kept dropping into the start of this week after Musk appeared to suggest that his automaker may have dumped its holdings of the digital currency, though he later clarified that it hadn't.
Dogecoin, meanwhile, tumbled earlier this month after Musk — the coin's most prominent supporter — joked about it on "Saturday Night Live."
Even so, the two cryptos are still astronomically higher than they were a year ago. Bitcoin is up more than 30% in the year to date, according to Coindesk, while Ethereum and Dogecoin have rallied more than 255% and more than 7,500%, respectively.
Exclusive: The 27-year-old behind ethereum isn't surprised by the crypto crash
The crypto crash of the past few days has shocked investors around the world. Vitalik Buterin isn't among them -- even though the meltdown wiped out a huge chunk of his personal wealth.
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Exclusive: The 27-year-old behind ethereum isn't surprised by the crypto crash
https://www.cnn.com/profiles/matt-egan
By Matt Egan, CNN Business
Updated 10:24 AM ET, Thu May 20, 2021
New York (CNN Business)The crypto crash of the past few days has shocked investors around the world. Vitalik Buterin isn't among them -- even though the meltdown wiped out a huge chunk of his personal wealth.
In fact, the 27-year-old co-creator of ethereum told CNN Business in an exclusive interview Tuesday morning he believed cryptocurrencies are in a bubble.
He stressed, however, that it's "notoriously hard to predict" when bubbles will pop.
"It could have ended already," Buterin said. "It could end months from now."
By Wednesday morning, ether, the in-house currency on the network Buterin invented, crashed below $1,900 -- a staggering drop of more than 40% from Tuesday night, according to Coinbase. Ether rebounded to around $2,700 Thursday morning, but that's still down sharply from the record high of $4,384 on May 11.
The nosedive may have cost Buterin, a Russian-Canadian programmer who dropped out of college, his newfound status as a crypto billionaire. The value of ether in Buterin's closely watched public wallet stood at approximately $870 million Thursday morning, down from around $1.1 billion the morning before.
Even though he's just 27, Buterin is a veteran of these crypto boom-bust cycles, at least as much as anyone can be.
"We've had at least three of these big crypto bubbles so far," said Buterin, who co-founded Bitcoin Magazine in 2012. "And often enough, the reason the bubbles end up stopping is because some event happens that just makes it clear that the technology isn't there yet."
'Crypto isn't just a toy anymore'
Buterin laid out his vision for ethereum in a 2013 white paper, and ethereum launched two years later. Today it's the second-largest cryptocurrency, behind only bitcoin.
Unlike bitcoin, which is viewed as "digital gold," ethereum is a blockchain-based platform for developers to build and operate apps. It's like the Android or iOS of the crypto space.
In late 2017, Buterin published a tweet storm that questioned whether the crypto space had really earned its market valuation, which at the time had just surpassed half a trillion dollars. He noted how little had actually been accomplished and crypto prices soon tanked.
Bitcoin plunges below $40,000 as China widens its crypto crackdown
Unlike then, Buterin is encouraged by the "huge" progress the technology and applications have made in recent years.
For example, ethereum activity has skyrocketed in recent months because it is the network that backs the sale of many non-fungible tokens, or NFTs.
"It feels like crypto is close to ready for the mainstream in a way that it wasn't even four years ago," Buterin said. "Crypto isn't just a toy anymore."
Buterin added that although he's not sure, there is a "possibility" that ethereum eventually catches up and surpasses bitcoin in market value.
The Elon factor
Yet ethereum, and cryptocurrencies broadly, still have problems. One, they remain extremely volatile, especially for retail investors used to tamer moves in the stock market.
And some billionaires appear to be treating crypto as playthings. Elon Musk's on-again, off-again love affair with various coins have sent shockwaves through the entire space.
Crypto sentiment took a turn after Musk tweeted on May 12 that Tesla (TSLA) would stop accepting bitcoin as payment because of concerns about the cryptocurrency's environmental footprint. (The complex bitcoin mining process requires vast amounts of computer power and electricity.) A stunning $365 billion vanished from the crypto space that day, according to CNBC.
Elon Musk is holding steady on bitcoin as crypto markets tumble
Buterin acknowledged that crypto markets tend to be "vulnerable" to disruptive events before they "build up an immune system over time."
"Elon Musk tweeting is something that the crypto space has only been introduced to for the first time literally last year and this year," Buterin said. "I think it's reasonable to expect a bit of craziness. But I do think that the markets will learn. Elon is not going to have this influence forever."
The Tesla billionaire also repeatedly pumped up dogecoin, a cryptocurrency that started as a joke, before poking fun of it during his Saturday Night Live appearance earlier this month.
Buterin chalked up Musk's dogecoin fascination to an innocent interest.
"The fact that he is a 100-plus billionaire and he runs Tesla and SpaceX and all these things doesn't change the fact that ultimately he's a human -- and humans get excited about dog coins. That's just a thing that humans get excited about," Buterin said. "I don't think that Elon has a kind of malevolent intent in any of this."
Vitalik Buterin, the co-creator of ethereum, says governments can't completely stop blockchain but they can make it harder for people to access.
Buterin: Please stop gifting me random coins
Another dog coin that humans get excited about is Shiba Inu, which was started as a joke that plays off dogecoin (yes, a parody of a parody).
Shiba collapsed by about a third last week after Buterin donated what was at the time worth a billion dollars to a Covid-19 relief fund in India. The selloff underscored the lack of liquidity in some of these alt coins.
"The challenge with these dog coins is that the markets for them are still fairly thin," Buterin said. "There is not actually a way to sell a billion dollars of Shiba coin and get more than a couple of million dollars out of hit."
Ethereum's 27-year-old creator is now a billionaire
Buterin also recently announced plans to burn, or remove from circulation, 90% of his Shiba holdings, which had been gifted to him. In the transaction hash, Buterin said he didn't want to be a "locus of power of that kind." During the interview, Buterin stressed he doesn't want "random people" who create coins to give him coins for "marketing" purposes.
"First of all, I don't really know or understand many of these projects well. So, I can't endorse them," he said. "I see in my wallet that I have like a few thousand dollars of something called free coin. I don't know what free coin is."
Buterin urged people who want to "do something warm and fluffy" with coin supply to donate it to charity directly.
Governments can make life difficult for crypto
The latest crypto crash was triggered in part by concerns about a crackdown in China. A trio of Chinese finance and banking watchdogs said Tuesday that financial institutions and payment companies should not participate in any transactions related to cryptocurrency, nor should they provide crypto-related services to clients.
Speaking before the China news, Buterin acknowledged that regulation "is always a concern," though fears of outright bans have faded.
Bitcoin mining in China could soon generate as much carbon emissions as some European countries, study finds
"It just seems much harder and much less realistic to do anything like that," Buterin said. "At the same time, governments do have a lot of power to make it more painful to participate in the crypto sector."
Even though the blockchain is decentralized and "governments can't completely take them down," Buterin said government can block or limit access.
"It's important to listen to regulators to try to do our best to address concerns," Buterin said, adding that the risk is the relationship between crypto and regulators becomes "more confrontational than it needs to be."
Buterin is 'very confident' ethereum fees will tumble
Billionaire Mark Cuban complained to The Defiant in February that ethereum is being limited by "ridiculous" transaction costs, a problem that is inhibiting its growth.
Buterin acknowledged transaction fees are "very high right now" and that the ethereum blockchain can only process between 20 and 50 transactions per second despite very high demand.
But the ethereum inventor said he's "very confident" costs will come down because of a major technical makeover underway that will allow it to rapidly scale up.
Ethereum is moving away from Proof of Work, the original algorithm in blockchain technology, toward a newer concept called Proof of Stake. In short, the upgrade will mean that participants are incentivized with a reward, paid in ether, to remain online and keep the network in check. This will do away with the energy-consuming race that comes with proof-of-work.
The climate problem
At the same time, the switch to proof of stake will allow ethereum to cut its energy usage by between 1,000 and 10,000 times, Buterin said.
"We go from consuming the same energy as a medium-sized country to consuming the same energy as a village," he said.
Bitcoin, on the other hand, runs on proof of work -- a key difference that Buterin argues legitimizes the environmental worries around bitcoin.
"I definitely think [those concerns] are real," he said. "The resource consumption is definitely huge. It's not the sort of thing that's going to break the world by itself, but it's definitely a significant downside."
Buterin added that it's not just the power consumption of bitcoin miners, but the hardware required to do the mining.
That's why Buterin said there will be more calls within the bitcoin community to either switch to proof of stake, or move towards a hybrid, as it evolves and adapts to technological progress.
"If bitcoin sticks with its technology exactly as it is today," he said, "there's a big risk it will get left behind."
Dogz look it up. It's not hard to find this stuff
You have to learn how to DYOR.
I did, didn’t find anything about the swap site.
I misspoke It's a $Zil BRIDGE
All love bro. Same thing with shiba, Reddit is going crazy talking about a shiba exchange, i cant find anything official
offtopic, but for those of us following your Voyager link and opening an account, are you receiving credit?
Yes, We Both do (Thank You)
I been there from the beginning and have 30+ referrals I think
Joe and Uncle Sam want in.
Just feels like no one cared that much about crypto up until a few weeks ago. Now after all the hype with Elon everyone has it on their radar.
Shibaswap is officially coming, I’m late to the party. Will it increase in value like uniswap and pancakeswap?
if it ever drops
Here's why bitcoin is a danger to the environment
The cryptocurrency’s environmental impact has so far been largely ignored by governments, environmental charities and banks that facilitate this vast industry. But since Elon Musk’s recent bitcoin comments, institutions have started to take notice.
Post them up.Man I see some many new technical words now, I feel lost compared to 2018....
I’m have to start researching the meanings
we can create a glossary / reference thread.
This man. Ever since this fool got on its like he’s ruining crypto.
Like when hip hop was better when it was underground. Now it’s mainstream and everybody fucking it up.
Ignorance
This is the shit that is going to force regulations
Exactly
Bitcoin is back at 32K. Tomorrow is going to be interesting when the market opens back up.
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For all those that want to be rich.
BUY when everyone is SELLING and SELL when everyone is BUYING
Right now, people are SELLING so you should be BUYING
Thank Me Later
BUY when everyone is SELLING and SELL when everyone is BUYING
Right now, people are SELLING so you should be BUYING
Thank Me Later