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Thread: All Information About Bitcoin

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    Bear Revival? Bitcoin Risks Fall Below $8K After 3.5-Week Low

    Bitcoin's (BTC) bears have unraveled the minor rally in prices since Saturday and are now looking to pull the cryptocurrency below the $8,000 mark, the technical charts indicate.

    The bears' comeback comes after bitcoin saw minor gains after the May 12 low of $8,204, but the bulls repeatedly failed to cut through the key falling trendline hurdle. As a result, bitcoin fell to a 3.5-week low of $8,100 on Bitfinex earlier today.

    As of writing, BTC is changing hands at $8,366 - down 4.7 percent in 24 hours.

    The above chart shows that bitcoin has dipped below the 50-day moving average (MA), currently located at $8,290. As discussed yesterday, a close (as per UTC) below the 50-day MA would signal resumption of the sell-off from the recent high of $9,990 and could yield deeper sell-off to $7,800.

    The rejection at the descending trendline hurdle and a drop to $8,100 has reinforced the bearish view put forward by the short-term moving averages (5-day and 10-day), which are sloping downwards in favor of the bears.

    The retreat from $8,884 to $8,100 has also established a falling top (lower highs pattern) - a (you guessed it) bearish setup. While the 10-day MA has crossed the 100-day MA from above (bearish crossover), and the relative strength index (RSI) is also biased bearish (below 50.00 and falling).

    As a result, there is a high probability that bitcoin will now go on to close today (as per UTC) below the 50-day MA and confirm a bear revival.

    The bad news (for the bulls, at least) continues in the 4-hour chart. The downside break of the expanding channel (bearish breakdown) indicates the sell-off from the May 5 high of $9,990 has resumed and could yield a drop to $7,524 (target as per the measured height method).

    Note, the major moving averages (50, 100 and 200) are sloping downwards (bearish).

    View
    BTC will likely close below $8,290 (50-day MA) today and confirm a bear revival.
    The cryptocurrency looks set to test support at $7,787 (61.8 percent Fibonacci retracement of the rally from April 1 low to May 5 high) and could go as low as $7,524 (expanding channel breakdown target) in the next 24-48 hours.
    An unexpected break above $8,884 would abort the bearish view.

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    Bitcoin will surge again this year. But here's what needs to happen first, says CoinShares chairman

    Bitcoin was priced around $8,300 Wednesday evening, 5:30 p.m. ET. While the coin has recovered from lows earlier this year — briefly dropping below $6,000 in February.
    Bitcoin is still far away from its mid-December peak around $19,500.

    Bitcoin will rally this year and reach its previous highs, CoinShares Chairman Danny Masters predicted.

    But here's what needs to happen first: Better structures and a life cycle post initial coin offerings (ICOs) — the fundraising process that helps launch new cryptocurrencies.

    "We need to see this structure continue to build," Master said on "Fast Money" Wednesday. "We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we're talking about and measure our performance."

    "We need to do more mature work around the ICOs, so that post ICO we have a token life cycle," he continued. "And just give investors more clarity, better expectations, more transparency."

    Bitcoin was priced around $8,300 Wednesday evening, 5:30 p.m. ET. While the coin has recovered from lows earlier this year — briefly dropping below $6,000 in February — bitcoin is still far away from its mid-December peak around $19,500.

    CoinShares, an investment firm specializing in cryptocurrency, launched the world's first publicly traded bitcoin and ethereum fund.

    Investors were optimistic that Blockchain Week New York and Monday's Consensus event would help boost the large-cap coin. But bitcoin has under-performed, down 5 percent since Monday.

    Masters pointed out that three years ago, the market and number of people interested in cryptocurrencies was very small. This week, however, more than 8,000 people showed up for Blockchain Week New York.

    Bitcoin will see new highs in 2018, according to Coinshares chairman
    3 Hours Ago | 11:59
    Bitcoin will rally this year and reach its previous highs, CoinShares Chairman Danny Masters predicted.

    But here's what needs to happen first: Better structures and a life cycle post initial coin offerings (ICOs) — the fundraising process that helps launch new cryptocurrencies.

    "We need to see this structure continue to build," Master said on "Fast Money" Wednesday. "We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we're talking about and measure our performance."

    "We need to do more mature work around the ICOs, so that post ICO we have a token life cycle," he continued. "And just give investors more clarity, better expectations, more transparency."

    Bitcoin was priced around $8,300 Wednesday evening, 5:30 p.m. ET. While the coin has recovered from lows earlier this year — briefly dropping below $6,000 in February — bitcoin is still far away from its mid-December peak around $19,500.

    CoinShares, an investment firm specializing in cryptocurrency, launched the world's first publicly traded bitcoin and ethereum fund.

    Investors were optimistic that Blockchain Week New York and Monday's Consensus event would help boost the large-cap coin. But bitcoin has under-performed, down 5 percent since Monday.

    Masters pointed out that three years ago, the market and number of people interested in cryptocurrencies was very small. This week, however, more than 8,000 people showed up for Blockchain Week New York.


    In fact, he said, bitcoin's life cycle "is still very early."

    "In derivatives, indices, pricing models and so on that go on around We're nowhere near that part yet," Masters said.

    "We're not even at the part yet where I'd say institutional investors even started in commodities. Because these things — indexation, custody and so on — aren't there to bring in those bigger people just yet."

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    Cryptocurrency investor names his favorite — and least favorite — digital currencies

    Ran Neu-Ner, host of CNBC Africa's "Crypto Trader," has tips for cryptocurrency investors.
    Bitcoin cash and ethereum might be worth holding on to, he says. But he passes on bitcoin and ripple.

    With so many digital coin options out there, it can be difficult for investors to know how to navigate the cryptocurrency universe.

    Ran Neu-Ner, founder of Onchain Capital and host of CNBC Africa's "Crypto Trader," offered a few tips to "Fast Money" traders on Thursday. Here are some of his favorite and least favorite digital currencies.

    Bitcoin
    Neu-Ner is an early investor of the large-cap coin. But he still said to sell.

    "I like bitcoin," he said, but pointed out that it's, "priced too low." The coin, valued as high as $19,500 late last year, was trading around $8,100 on Thursday evening.

    "It's going to continue to go up, slowly and in a stable way," he said. "But there are more exciting cryptocurrencies out there."

    Bitcoin cash
    One of them might be bitcoin cash.

    The coin, priced around $1,200 Thursday evening, was down by about $100 from Tuesday. But that's still almost double its April 17 level of $763.

    With a solid team behind the coin, Neu-Ner said he sees a lot of potential.

    Ethereum
    Hold this coin, Neu-Ner said, "for sure."

    He pointed out that ethereum has many potential uses and one of the biggest communities in the industry, with thousands of people, "the smartest people in the room."

    But it's not just ethereum Neu-Ner is excited about.

    "I'm excited for a new generation of protocols like ethereum," he said. Some picks: Oasis, Zilliqa and Thunder Token.

    "Ethereum has scalability issues," Neu-Ner said. "They're doing 15 transactions per second. That means, that's not real-world stuff. But some of the other blockchains are resolving this. They're promising 10,000 transactions per second."

    Ripple
    Definitely a sell, the crypto trader said of Ripple.

    "I'm throwing it in the garbage," Neu-Ner said.

    While he pointed out that Ripple the company is "one of the best companies I know," he said its token, the XRP, is not.

    "I can't find a use case for the token," he said. XRP is also a centralized token, which Neu-Ner said defeats the point of blockchain technology.

    "I'm out," he said.

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    Opinion: The Bubble is Not Bitcoin

    Although the market is positive overall, at the time of writing, the sentiment is quite negative. Maybe due to the high expectations over Consensus, which did not create that much demand over bitcoin, at least not as much as it happened during previous years.

    I understand it’s your money that is at stake and the market has been quite bearish. But it’s also mine and everyone else’s who decided to change from fiat-currency to cryptocurrency. To most people you know bitcoin is an investment vehicle; maybe a bit more worrying, is the fact that the focus is not even bitcoin anymore, it’s mostly altcoins. Where else we could we get those massive gains (bruh)?

    But greed comes at a cost.

    I love new ideas, new projects, new ways of thinking and innovation in general. I also love the concept of decentralizing trust and money and the super-power/super-responsibility that comes with it. Obviously, the debate is considerably more interesting when the total marketcap of (insert top-10 project name) is worth billions.

    At some point we need to stop and ask ourselves, how happy are we with the actual progress of the cryptocurrency space? So many companies have surged, yet where is the real change? Is there a bubble or is the market undervalued? Is price aligned with technology development and adoption, in any way?

    I have absolutely no idea, plus I couldn’t care less. Don’t take me wrong, I hope the market turns bullish and we do see a massive bull-run, breaking the CME futures market trend of keeping Bitcoin below 10k. I hope all projects deliver upon their promises. I hope price, technology development and business development align themselves. My desire is that everything works out just fine and everyone who invested takes home some profit.

    The problem is, of course, reality works a little bit differently.

    Maybe in a different universe where we make no bad choices and aren’t greedy by nature, that could happen.

    What I see is many projects being clearly overvalued, a definite lack of research on actual proven concepts and too much money wasted on marketing campaigns, ads, advisors, ICO trackers, paid promotional content instead of focusing on actual product development and fixing important issues.

    Sure. Welcome to the VC western mentality world. You either think big or go home, right?

    No. That’s not why I joined cryptocurrency.

    I do want to make money, get rich and don’t have to worry about anything else for the rest of my days, focusing only at doing what I love. But there are many ways of achieving that goal. You don’t need 1000 BTC to start a decentralizing (whatever business) platform with economic incentives. Or at least you shouldn’t. One of the things that drive my passion towards cryptocurrency is what’s about to come: when people with an actual need for the technology start participating, hordes at a time.

    Sure, our gains are important. But there’s something way bigger coming which will influence the entire marketcap.

    Imagine when those 33% unbanked people around the world realize they can simply download an app and get paid in a currency accepted everywhere. The true beauty of bitcoin and other cryptocurrencies remains to be its decentralized, permissionless and transparent nature.

    But in order for that to happen, we might need to put greed aside for a second and think of ways of better-redistributing money. If you don’t see how that is important for your personal gain, let me clarify.

    Think of what happens when you include 2.3 billion people on the financial system.

    Can you even do it?

    I cannot conceptualize the impact on our daily lives, but from a financial standpoint, this is what I see: 2.3 billion more customers for every business, potentially. By financially including people who did not have a chance to participate in the world economy, you can now reach new customers everywhere; because the means of exchanging are borderless and permissionless, no one can be blocked from exchanging value and services. The digitalization of the world, via mobile smart-phones with internet access, could change how we do business forever.

    For example, if you do business in Africa or Latin American countries you might know it’s near impossible to take money away, due to the many currency-related restrictions. You can now hop over that problem, just by transacting in cryptocurrency.

    Or maybe if you’re willing to train a whole new workforce, who needs much less cash to sustain an acceptable standard of living. It might not be easy but with the right set of tools, motivation and people we might see new specialized businesses flourishing through developing countries.

    In order to get to the bottom of that question, first we need to worry about adoption.

    I personally believe there are 3 reasons that could lead to potentially increasing worldwide adoption of cryptocurrency:

    A Better User Interface;
    A Better redistribution of money;
    Standardized multisig/escrow contracts.
    If you think I forgot about scalability, transaction fees or block size, please rest assured I haven’t. To me those aren’t real problems; as the network grows in security (more miners), user adoption and developer community, I believe we will see those issues getting resolved. Some others will appear, of course, but that’s the nature of innovation.

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    A Bank In Argentina Is Now Using Bitcoin for Cross-Border Payments

    Argentina's Banco Masventas has revealed that starting Monday it will enable customers to send cross-border payments using bitcoin.

    A partnership with Latin America-focused exchange startup Bitex, founded in 2014, the news finds the regional bank using bitcoin as a payments rail in international transactions as an alternative to Swift.

    Bitex chief marking officer Manuel Beaudroit told CoinDesk that the startup believes this marks the first time that a domestic bank has adopted bitcoin for cross-border payments.

    In statements, Jose Dakak, principal shareholder of Masventas, credited the move to a broader drive by the bank to enhance its digital, smartphone-based services, as well as to lower the bank's cost of service.

    "One of the actions was to contract Bitex as a strategic partner in the implementation of the Bitex platform for payments and collections operations for our clients abroad," he said.

    While no real-world transactions have been launched yet (the service began today), the bank will soon use bitcoin for real customer transactions, Beaudroit said.

    He told CoinDesk:

    "The customers will ask the bank to do an international payment, and the bank uses Bitex as a provider. For the customer, it's transparent, they don't touch, they don't see the bitcoin. We are a provider for them, and they are not touching bitcoin."

    Argentina flag image via Shutterstock

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    Bitcoin Price Faces Bear Indicator Not Seen Since 2014

    Following bitcoin's recent losses, a key long-term trend indicator is looking increasingly bearish.

    Notably, the five-month moving average (MA) has rolled over in favor of the bears and looks set to cut the 10-month MA from above - a bearish crossover that hasn't been seen since June 2014.

    If that occurs it could be a worrying signal for the long-term price outlook. Back then, following an identical crossover in June 2014, the cryptocurrency subsequently dropped by 70 percent (from $580 to $166) in the seven months leading up to January 2015.

    This time around, the bearish crossover will likely occur at the turn of the month, if bitcoin extends the current decline towards the $7,000 mark, and would open the doors for a deeper sell-off towards the $5,000 mark.

    Currently, the five-month MA is seen at $8,916 and the 10-month MA is located at $8,379, according to Bitfinex data. Meanwhile, bitcoin is changing hands at $7,820 - down almost 5 percent in the last 24 hours.

    The observed lower-highs and lower-lows pattern (marked by circles) and the downward sloping 5-day and 10-day MAs indicate a bearish setup. The chart also shows a bearish crossover between the 10-day and 50-day MAs.

    Further, the relative strength index (RSI) is below 50.00 (in the bearish territory), but holding well above 30.00 (oversold territory), indicating enough room for a sell-off towards $7,000.

    Acceptance below the 50-week MA, currently seen at $7,620, would only bolster the already bearish daily chart technicals and increase the odds of the bearish five-month/10-month MA crossover.

    The 50-week MA worked as a strong support in April, so a break below that level could yield a sharp sell-off.

    View
    BTC risks deeper pullback towards $7,000. In such a case, the 5-month MA will cross the 10-month MA from above, signaling a bearish crossover and opening doors for a drop to $5,000.
    Bullish scenario: A solid rebound from the 50-week MA at $7,620 and a convincing break above $8,644 would signal a bullish reversal.

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    Grayscale Investments LLC stated Intercontinental change Inc’s (ICE.N) NYSE Arca alternate withdrew a request with the U.S. Securities and change commission (SEC) to list its Bitcoin funding consider (GBTC.PK), in the latest setback to the digital forex.

    “even though digital forex market regulation continues to rapidly evolve, right now Grayscale does now not agree with there had been sufficient regulatory tendencies to prompt the SEC to approve the ... utility,” the fund’s issuers stated in a declaration. They said they could maintain their talk with regulators, however could not are expecting while they'll get accredited.

    The Bitcoin funding agree with is presently traded “over the counter” in much less formal exchanges than the ones used for typical stock transactions and at a long way better prices than the bitcoin it holds. On Wednesday, shares closed at $739.50, whilst the bitcoin it holds had been worth much less than $373, in step with the provider.

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    U.S. Launches Criminal Probe into Bitcoin Price Manipulation

    The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according to four people familiar with the matter.

    The investigation is focused on illegal practices that can influence prices -- such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling, said the people, who asked not to be identified because the review is private. Federal prosecutors are working with the Commodity Futures Trading Commission, a financial regulator that oversees derivatives tied to Bitcoin, the people said.

    Authorities worry that virtual currencies are susceptible to fraud for multiple reasons: skepticism that all exchanges are actively pursuing cheaters, wild price swings that could make it easy to push valuations around and a lack of regulations like the ones that govern stocks and other assets.

    Bitcoin extended its Thursday declines after Bloomberg News reported the investigation, and was down 3 percent to $7,409 as of 9:32 a.m. London time. It’s down more than 20 percent since a May 4 peak.

    Such concerns have prompted China to ban cryptocurrency exchanges and nations including Japan and the Philippines to regulate them, contributing to a slump that has sent Bitcoin below $8,000 this year. Still, digital coins continue to be a global investment craze, drawing legions of loyalists to industry conferences, generating celebrity endorsements and increasingly attracting the attention of Wall Street.

    Traders Colluding?
    The illicit tactics that the Justice Department is looking into include spoofing and wash trading -- forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said. In spoofing, a trader submits a spate of orders and then cancels them once prices move in a desired direction. Wash trades involve a cheater trading with herself to give a false impression of market demand that lures other to dive in too. Coins prosecutors are examining include Bitcoin and Ether, the people said.

    A Justice Department spokesman declined to comment and CFTC officials didn’t respond to requests for comment.

    Spoofing Is a Silly Name for Serious Market Rigging: QuickTake

    The investigation, which the people said is in its early stages, is the U.S.’s latest effort to crack down on an industry that was initially embraced by those who were distrustful of banks and government control over monetary policy.

    But Bitcoin’s meteoric rise -- it surged to almost $20,000 in 2017 after starting the year below $1,000 -- has been a lure for mom-and-pop investors. That’s prompted regulators to grow concerned that people are jumping into cryptocurrencies without knowing the risks. For instance, the Securities and Exchange Commission has opened dozens of investigations into initial coin offerings, in which companies sell digital tokens that can be redeemed for goods and services, due to suspicions that many are scams.

    Read More: SEC Tries to Scam ICO Investors to Show Them How Easy It Is

    Cryptocurrency trading is fragmented on dozens of platforms across the globe, and many aren’t registered with the CFTC or SEC. As a derivatives watchdog, the CFTC doesn’t regulate what’s known as the spot market for digital tokens -- which is the trading of actual coins rather than futures linked to them. But if the agency finds fraud in spot markets, it does have authority to impose sanctions.

    Fraud Target
    The limited oversight of crypto trading makes it a target for crooks, said John Griffin, a University of Texas finance professor who has studied manipulation, including in digital-coin markets.

    “There’s very little monitoring of manipulative trading, spoofing and wash trading,” Griffin said. “It would be easy to spoof this market.”

    Signs are emerging that some crypto exchanges realize the industry’s growth could be constrained if large swaths of investors conclude that trading platforms have a “buyer beware” approach to oversight.

    The Winklevoss twins, who are known for getting rich off Facebook Inc., hired Nasdaq Inc. last month to conduct surveillance of digital coins trading on their exchange, Gemini Trust Co. Cameron and Tyler Winklevoss have also urged trading platforms to band together to form a group that would serve as a self regulator for the industry.

    Read More: A Crypto Giant Fights Cheating. Another Says That’s Mind Control

    Some market participants have alleged that crypto manipulation is rampant. Last year, a blogger flagged the actions of “Spoofy,” a nickname for a trader or group of traders that have allegedly placed $1 million orders without executing them.

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    Bitcoin Faces First Close Below This Key Long-Term Support in 2.5 Years

    Bitcoin risks closing below the 50-week moving average (MA) – an important long-term support not breached for over 2.5 years.

    With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611.

    More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended.

    As seen on the chart above, the long-term moving average had acted as a strong support in the first quarter. BTC found strong bids in mid April following the repeated failure (marked by a circle) on the part of the bears to penetrate the 50-week MA.

    The rally from the 50-week MA to $9,990 (May 5 high) reinforced the moving average as a strong long-term support. Hence, a downside break would raise the odds of a slide to fresh 2017 lows below $6,000.

    As of writing, bitcoin is changing hands at $7,400 on Bitfinex, and price chart analysis suggests that bitcoin is likely to end the week below the key $7,611 level.

    To start with, the weekly relative strength index (RSI) is below 50.00 (in the bearish territory) and trending south in favor of the bears. The RSI has also found acceptance below the key support zone of 53.55–55.00, which only strengthens the bear case.

    Meanwhile, the daily chart below also shows scope for a drop below $7,000.

    The bears currently have the upper hand, as indicated by the lower highs and lower lows pattern, downside break of the channel, downward sloping (bearish) 5-day and 10-day MAs.

    The RSI is holding below 50.00 (in the bearish territory), but well above 30.00 (oversold region), indicating room for sell-off to $6,870 (triangle support).

    Despite the bullish price RSI divergence on the hourly chart, BTC failed to cross the falling trendline hurdle, underscoring the strong bearish sentiment in the market.

    View
    BTC looks set to close below the 50-week MA (at $7,611) for the first time since October 2015, signaling a major bearish breakdown and opening the doors for a re-test of $6,000 (2018 low).
    A corrective rally may save the day for the bulls, however, the probability of a bearish weekly close below the 50-week MA will remain high as long as bitcoin is trading below $8,644 (May 21 high).

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    some financiers have stated the cryptocurrency is an unwise funding due to its volatility or supposedly weak store of cost, however bank chiefs have every other cause to dislike bitcoin, stated Rainer Michael Preiss, government director at Taurus Wealth Advisors.

    "Of route, in case you run a totally massive U.S. bank, maximum in all likelihood you are afraid of blockchain and bitcoin," stated Rainer Michael Preiss, executive director at Taurus Wealth Advisors.

    His comments came after JPMorgan CEO Jamie Dimon called bitcoin a "fraud" last Tuesday.

    Preiss countered, but, that cryptocurrencies may want to gift investors with a viable alternative given the uncertainty from banking's lack of transparency.

    "The concerns are about the fractional reserve banking gadget, and the balance sheet of the Federal Reserve at $four.5 trillion, in which the Fed officially refuses an audit," he said. "on the other hand, at the bitcoin blockchain, you have got an audit regular because it's open-sourced."

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