People are ‘underestimating’ the ‘great potential’ of bitcoin, billionaire Peter Thiel says

People are 'underestimating' the 'great potential' of bitcoin, billionaire Peter Thiel says

  • People are “underestimating” bitcoin and it has “great potential left,” billionaire investor Peter Thiel said on Thursday.
  • Speaking at the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel compared the cryptocurrency bitcoin to gold.
  • “I’m skeptical of most of them (cryptocurrencies), I do think people are a little bit … underestimating bitcoin especially because … it’s like a reserve form of money, it’s like gold, and it’s just a store of value.
  • “If bitcoin ends up being the cyber equivalent of gold it has a great potential left.”
  • Thiel said that bitcoin is based on the “security of the math” which means it can’t be hacked and it’s secure.

Peter Thiel said he is “skeptical” of most cryptocurrencies except bitcoin.
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Stocks down for the week for the first time since September [Video]

LIVE: #Bitcoin action today -

  • Stocks down and lower for the week for the time since September as hopes for tax reform has the street concerned.
  • And – earnings…scandals… and possible government interference?
  • Just another week in the world of media.
  • Stocks in the red include Redfin as the real estate brokerage site missed on both profit and revenue, Finish Line as Cowen downgrades shares to underperform citing concerns over margins, and Nordstrom – despite an earnings beat, comp sales missed estimates as the department store operator claimed the hurricanes hurt…
  • Stocks in the green today include Esko Bionics on its partnership with Ford to use the company’s exoskeletons for factory workers, JC Penney as the retailer beat on revenue and comp sales, and Nvidia – yes shares surging again to a new all-time high as the chipmaker easily beat on…

Stocks down and lower for the week for the time since September as hopes for tax reform has the street concerned. Plus – the world’s biggest shopping day is here – we have the latest on China’s Singles Day. And – earnings…scandals… and possible government interference? Just another week in the world
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The bitcoin bubble

  • More people will trade in Bitcoin and that means more demand, and thus the price should go up.
  • The last factor makes Bitcoin appealing to criminals (although this is even more true of cash) creating this ingenious valuation method for the currency of around $570 .
  • A much more plausible reason for the demand for Bitcoin is that the price is going up rapidly (see chart).
  • People are buying Bitcoin because they expect other people to buy it from them at a higher price; the definition of the greater fool theory.
  • If everyone tried to realise their Bitcoin wealth for millions, the market would dry up and the price would crash; that is what happened with the Mississippi and the contemporaneous South Sea bubbles.

PUT the word Bitcoin into Google and you get (in Britain, at least) four adverts at the top of the list: “Trade Bitcoin with no fees”, “Fastest Way to Buy Bitcoin”, “Where to Buy Bitcoins” and “Looking to Invest in Bitcoins”.
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Regulators begin to tackle the craze for initial coin offerings

Regulators begin to tackle the craze for initial coin offerings:

#ICOs #fintech #blockchain

  • Virtually unknown a year ago, ICOs are now more celebrated than initial public offerings (IPOs), the conventional way of floating a firm.
  • Many regulators in Western countries have by now made clear that they consider at least some of the coins (or “tokens”) that are distributed in an ICO to be securities, which need to be regulated as such, with all that this entails in disclosure and other requirements.
  • Investors send ether to an ICO’s smart contract, which generates tokens that can be traded.
  • For other issuers the problem is that the tokens they are selling are for projects that exist only on paper, and so have no other function than to bring in money.
  • One increasingly popular legal construct in America is called SAFT (“Simple Agreement for Future Tokens”)—in effect, options to buy tokens, rather than tokens themselves, thus dodging the problem posed by projects that do not yet use the tokens.

“I’M GONNA make a $hit t$n of money on August 2nd on the Stox.com ICO.” Written in July on Instagram, these words made Floyd Mayweather, a boxer, the first big celebrity to endorse an “initial coin offering”, a form of crowdfunding that issues cryptographic coins, or “tokens”.
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Bitcoin tumbles from record after upgrade is called off, but offshoot ‘bitcoin cash’ surges more than 20%

  • Bitcoin fell Friday to its lowest since Nov. 1 as traders bet on its offshoot, bitcoin cash, instead.
  • Bitcoin cash split off from the original version of bitcoin in August as a minority group of developers decided to implement an upgrade in an effort to increase transaction speeds for the digital currency.
  • Investors at the time of a bitcoin split technically receive equal amounts of the offshoot currency.
  • Disagreements over upgrade proposals have caused uncertainty over the future of bitcoin, but some traders had been buying bitcoin ahead of splits in order to benefit from a payout of a new digital currency and a potential relief rally in bitcoin following the split.
  • The digital currency’s price is up seven times this year and in a sign of growing interest from institutional investors, the world’s largest futures exchange, CME, is planning to launch bitcoin futures by the end of the year.

Bitcoin price sinks as traders bet on its offshoot, bitcoin cash.
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Bitcoin slides by over $1000 in less than 48 hours

#Bitcoin slides by over $1000 in less than 48 hours

  • A bitcoin (virtual currency) coin placed on Dollar banknotes is seen in this illustration picture, November 6, 2017.
  • REUTERS/Dado Ruvic/Illustration – – LONDON (Reuters) – Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday.
  • Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange (BTC=BTSP) by 1200 GMT, before recovering a little to $6,870 just over 20 minutes later.
  • As bitcoin fell, Bitcoin Cash – a clone of the original that was generated from another split on Aug.1 – surged, trading up as much as 35 percent on the day at around $850, according to industry website Coinmarketcap.
  • Despite losing almost 7 percent this week, bitcoin is still up more than 600 percent so far this year.

Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday. Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange (BTC=BTSP) by 1200 GMT, before recovering a little to $6,870 just over
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Mnuchin: We are looking ‘very carefully’ at bitcoin

Mnuchin: We are looking 'very carefully' at bitcoin @nicoleusinclair

  • Bitcoin prices have been surging, sending its market cap past a $100 billion as more people are becoming believers in the value of this cryptocurrencey.
  • When asked about bitcoin, Secretary of the Treasury Steven Mnuchin said he is primarily concerned about its use for illicit purposes.
  • “The first issue and the most important issue is to make sure that people can’t use bitcoin for illicit activities.
  • So we want to make sure that you don’t have the dark web funded in bitcoins.
  • For more from Secretary Mnuchin, please see: – – Please also see: – – Benioff: Companies like Facebook and Twitter must take ‘full responsibility’ for what they’ve created – – Marc Benioff: We can’t leave anyone behind during the ‘fourth industrial revolution’ – – Mellody Hobson: Diversity isn’t about do-gooderism—it’s…

Treasury Secretary Steve Mnuchin speaks to Yahoo Finance on bitcoin.
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