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Thread: All Information About Bitcoin

  1. #41
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    Bitcoin Is an Emerging Systemic Risk

    Recent news stories make it pretty clear that the new people in bitcoin have no idea what they’ve gotten themselves into.

    Bitcoin is the Gom Jabbar of high finance. Cypherpunks who have populated the space to date hold the line because they do not care about money, and therefore do not fear.

    These new people are different. The only reason they are here is the money.

    They reek of fear.

    When we consider that money from fresh, naive amateurs is flowing into the sector at a rate of millions of people per month, we should also understand that these amateurs are more susceptible to the animal spirits than their stoic, abrasive, less-socially-adept, battle-hardened forebears.

    They will be prone to cut and run.

    As such, a shock to the system, such as an exchange being taken down in a necessary and overdue enforcement action, could lead to a loss in confidence in the entire cryptocurrency ecosystem as a whole and a stampede for the exits the likes of which bitcoin has not seen to date.

    In a recent post on my own blog, I pointed out that bitcoin, by setting itself up as a sort of decentralized bank, was also creating an unreasonable expectation to its new "depositors" that they will always be able to redeem their assets at par, given a wild mismatch between its $200 billion "market cap" and new investor money – which is clearly well shy of that number.

    This expectation is dangerous as it means, in the event of a liquidity crunch, people will behave not as people necessarily behave when there’s a sharp sell-off in a stock, but more along the lines of when their bank’s solvency is being called into question. Remember bank runs?

    As bitcoin qua decentralized bank is running a fractional reserve with a chronic shortage of dollars, a shock therefore has the potential to not just drive the price of bitcoin down a little bit, but also lead to a major liquidity crunch and abject panic.

    Credit comes to crypto

    In my post, I wrote:

    "In the current environment, there are a number of ways such a shock could arise. To begin with, I seriously question the intermediaries’ and traders’ ability to top up their USD holdings quickly enough to catch up with their depositors’ and counterparties’ paper gains in bitcoin. There is also the possibility that, in the event of a correction or an enforcement action, a risk-averse bank to a major service provider withdraws either credit or banking services to that provider, compromising that service provider’s ability to convert BTC into dollars, provide margin lending, or even to hold fiat deposits at all."
    I had a hunch people were lending into the sector. I just didn't know the degree of alacrity with which this lending was taking place.

    Fortunately, I was reading CoinDesk this afternoon and the reporting from the Consensus:Invest conference delivered:

    "Dan Matuszewski, the head of trading at Circle Internet Financial, said during a morning panel that there is a ‘real strong need’ for the ability to borrow in this market.

    It would not only facilitate short positions but also provide working capital for trading desks to make markets, he said.

    During his talk, Boonen of B2C2 acknowledged the irony of the situation given that bitcoin was born as a reaction to the 2008 credit crisis.

    ‘Bitcoin enthusiasts really, really do not like credit,’ he said. But, he added, ‘for better or for worse, credit is an important part of a functioning and liquid financial market…’

    …Even before the institutional money started flowing in, he noted, 'by necessity, credit did creep back into bitcoin and crypto markets in general,' with the major exchanges offering leverage to the early retail investors."
    So someone's lending directly into the market, we just don't know who, nor how much, nor where the liquidity for these lines of credit is ultimately coming from.

    Leverage sneaks into the ecosystem in other ways, too; for example, Coinbase accepts credit cards, which is basically margin trading for grandmas, without collateral and with 20%+ rates of annual interest.

    Given that rather a lot of people seem to be interested in buying bitcoin in this way, and that platform is racking up a few hundred thousand new users a week, there’s undoubtedly systemic risk building up there.

    Then there’s Bitfinex and Tether, which I do not intend to discuss save to share this passage from The New York Times:

    "One persistent online critic, going by the screen name Bitfinex’ed, has written several very detailed essays on Medium arguing that Bitfinex appears to be creating Tether coins out of thin air and then using them to buy Bitcoin and push the price up."
    Long story short, these neophyte masters of the universe, too young (or too busy working as a dev in California) to know what a financial crisis feels like, and too dilettantish to find out, are successfully (a) getting buyers to leverage to buy coins, in some cases probably up to the hilt, or (b) convincing institutions to lend into this titanic, one-way, unhedged, $300 billion insanity trade, and trying to convince more of them to do so in greater amounts.

    This could become serious

    There are two not necessarily mutually exclusive ways people are responding to the Great Bubble of 2017: anticipatory schadenfreude on the one hand, abject horror on the other.

    So far the response from mainstream finance has been the former, with The Wall Street Journal’s treatment of the subject being more or less a long-form joke.

    But while there is something ineffably twee about a retiree trying to show how they’re hip and "down with the kids" thanks to their position in "big coin," the fact that they are doing so raises very serious questions about bubble-driven risk (and attendant negative externalities to society) which merits closer attention. As of right now, the notional value of the cryptocurrency sector is roughly a third the size of Long-Term Capital Management at its peak.

    Cryptocurrency is, admittedly, much smaller than the subprime bubble that popped a decade ago, which was roughly two orders of magnitude larger than bitcoin today. But bitcoin has shown, on several occasions, a persistent ability to defy detractors like me to grow an order of magnitude in less than 12 months; if it does so again, it will be three times larger than LTCM. LTCM on its own very nearly ruined the world in 1998.

    If we aren’t careful, this is the kind of market where a financial institution can get in serious trouble extremely quickly (imagine the damage a character like Nick Leeson or Kweku Adoboli could have done trading Bitcoin contracts – which are coming soon to both the CME and, reportedly, Nasdaq).

    We know that cryptocurrency marketing is writing checks the technology can’t cash; most of these systems are unusable as backbones for global finance. It is a matter of time before the punter on the street becomes as disillusioned as I, an irascible blockchain software entrepreneur, have become. It’s just that none of the newcomers know what they’re doing, and most of the old-timers who have figured this out are keeping their mouths shut out of self-interest.

    Put another way, this is a disaster waiting to happen. Fortunately for us, 2008 is not ancient history, and the fact that Bitcoin is a classic, manic bubble is so transparently obvious that it should be impossible for thinking people to deal with it otherwise. There are no excuses for not doing right by the societies and taxpayers who had to bail out the financial services industry last time around.

    Just say no

    So, banks, shadow banks, and anyone else of systemic importance, I implore you: for the good of everyone, by which I mean for the good of the human species, keep this garbage, and anything connected to it, the hell off of your balance sheets.

    For once, please have the good sense to not load up on frothy bubble-driven financial assets, which you have done hitherto with such predictable regularity that the European Central Bank can model it and write a 52-page paper on the subject which is actually fun to read.

    That way, when regulators finally bring this party to the bitter end it so richly deserves, the rest of the ship won’t go down with it.

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  3. #42
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    Bitcoin extends gains, rises above $12,000 to record high

    Bitcoin retained its overnight momentum and rose to a record high of $12,205.46 on Wednesday, continuing its rally from below $1,000 at the year’s start.

    The cryptocurrency was last up 4.35 percent at $12,185.70 on the Luxembourg-based Bitstamp exchange.

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    Bitcoin rises above $14,000 on Bitstamp to record high

    Bitcoin soared to a record high of $14,047.40 on Thursday, continuing its surge from below $1,000 at the beginning of the year.

    The cryptocurrency was last up 2.94 percent at $14,030.00 at the Luxembourg-based Bitstamp exchange BTC=BTSP.

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    Asia cheers China trade boost, bitcoin shoots for the stars

    Asian shares rallied for a second session on Friday as economic news from China and Japan beat all expectations and investors marvelled at the meteoric ascent of bitcoin, the market’s new crypto-star.

    Beijing reported exports surged 12.3 percent in November from a year earlier, more than double the forecast, while imports climbed almost 18 percent.

    Iron ore and copper imports enjoyed a stellar rebound, which could help stem a recent pullback in commodity prices.

    Japan’s Nikkei led the way as the yen eased on the dollar, rising 1.1 percent on top of Thursday’s 1.45 percent bounce to be almost back where it started the week.

    Revised data showed Japan’s economy growing twice as fast as first thought as business spending jumped.

    Australian stocks put on 0.3 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent.

    Bidders were encouraged by a steadier performance on Wall Street, where the Dow rose 0.29 percent. The S&P 500 gained 0.29 percent and the Nasdaq 0.54 percent.

    Still to come was U.S. nonfarm payrolls, with investors looking for 200,000 new jobs in November and much talk wages might show some welcome strength.

    Also on the radar are negotiations between the United Kingdom and Ireland on how to run their post-Brexit land border. British Prime Minister Theresa May was reported to be meeting European Union chief executive Jean-Claude Juncker in Brussels early Friday.

    Speculation about an agreement saw sterling rebound to $1.3492, having been as low as $1.3320 at one point on Thursday.

    It was one of only a few currencies to gain on the U.S. dollar, which was otherwise broadly firmer.

    The U.S. currency cleared 113.00 yen to reach 113.34, while the euro touched a two-week low at $1.1763. Against a basket of currencies the dollar held firm at 93.848.

    DIGITAL DARLING

    Bitcoin crested above $16,666 on the Bitstamp exchange having doubled in value in just two weeks. Other exchanges quoted prices as high as $22,000, intensifying the debate about whether it is a bubble about to burst.

    It was last quoted at $15,120 in very choppy trade.

    The largest U.S. cryptocurrency exchange has been struggling to manage record traffic, with an imminent launch of the first bitcoin futures contract further fuelling investor interest.

    Some, however, warned the coming of futures might prove to be the downfall of the digital darling.

    “Dragging bitcoin into the futures market poses a risk of big players opening doors to short-selling hell,” said Naeem Aslam, chief market analyst at Think Markets UK.

    “Futures markets make it possible to short in decent size with a lot of liquidity, thus affecting the price discovery in the underlying asset market.”

    The spectacular rise of the cryptocurrency has stolen some thunder from gold bulls, providing an asset that is also seen as a hedge against inflation and government interference.

    Gold steadied at $1,258.10, having finally breached its recent tight trading range to hit a four-month trough at $1,245.60.

    “Demand for gold relative to supply has had centuries to reach an equilibrium,” noted Alan Ruskin, a macro strategist at Deutsche Bank. “Bitcoin global demand is still finding its place relative to constrained/inelastic supply.”

    Oil prices had gone the other way as a threatened strike by oil workers in Nigeria forced a bout of short covering.

    Brent futures were barely changed at $62.19 a barrel, having climbed 98 cents overnight. U.S. crude was off 4 cents at $56.65.

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    Bitcoin futures surge past $17,000 on launch day

    The front-month bitcoin futures contract on the Chicago-based CBOE Futures Exchange surged past $17,000 on Monday, the first day of trading.

    The January contract opened at $15,460 in New York on Sunday evening, before leaping to a high of $17,170 during Asian hours. They were last quoted at $17,120, a more than $1,000 premium to the price on Gemini Exchange.

    The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

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    'Bitcoin Jesus' is 'really, really concerned' about the future of the digital currency
    • Roger Ver, nicknamed "Bitcoin Jesus," says he's worried about the future of bitcoin since it's not as usable as its offshoot, bitcoin cash.
    • Ver says bitcoin can run up a lot more in the short run, but it's "just a game of hot potato at this point."
    • Ver supported bitcoin cash when it split off from the original bitcoin in August.

    An early bitcoin investor said Monday the digital currency can run higher, but the hype has far outpaced its usability.

    "I think in the short run it can run up a lot more," Roger Ver, CEO of Bitcoin.com, said Monday on CNBC's "Fast Money." But "it's no longer a cryptocurrency. It's just a game of hot potato at this point, and games of hot potatoes can go on for a long time, and lots of people can pump a lot of money into it and it might go on for even decades. But as far as its [being] used as money, the developers behind that have destroyed that at this point."

    "I'm really, really concerned about the future of bitcoin," he said.

    Man who bought bitcoin at $1 now sees this
    2 Hours Ago | 07:40
    An early bitcoin investor said Monday the digital currency can run higher, but the hype has far outpaced its usability.

    "I think in the short run it can run up a lot more," Roger Ver, CEO of Bitcoin.com, said Monday on CNBC's "Fast Money." But "it's no longer a cryptocurrency. It's just a game of hot potato at this point, and games of hot potatoes can go on for a long time, and lots of people can pump a lot of money into it and it might go on for even decades. But as far as its [being] used as money, the developers behind that have destroyed that at this point."

    "I'm really, really concerned about the future of bitcoin," he said.

    Bitcoin could be the biggest bubble in history Bitcoin could be the biggest bubble in history – here's how
    3:48 PM ET Thu, 7 Dec 2017 | 02:00
    Nicknamed "Bitcoin Jesus," Ver was an early proponent of bitcoin and bought $25,000 worth in 2011 that is now worth $425 million. However, in the debate over how to improve bitcoin's transaction speeds and costs this summer, Ver sided with a minority of developers behind an offshoot called "bitcoin cash."

    "The fact of the matter is, the utility of bitcoin has been damaged," Ver said. "If you feel like you missed out on bitcoin back in 2011, take a look at bitcoin cash, give it a use. I think you'll be really, really impressed with the usefulness."

    On Sunday, the median transaction fee for bitcoin was $12.42 versus 1.8 cents for bitcoin cash, according to BitInfoCharts.

    Bitcoin cash launched in August and was trading more than 7.5 percent higher Monday at $1,425, according to CoinMarketCap. The original bitcoin, which some call "bitcoin core," traded 12.7 percent higher, near $16,950, according to CoinDesk's bitcoin price index. In the last several months, sharp gains or losses in bitcoin have corresponded with losses and gains in bitcoin cash.

    Bitcoin investors at the time of the split should have received equal amounts of bitcoin cash. Coinbase, the leading platform in the U.S. for buying and selling bitcoin, plans to add support for bitcoin cash by Jan 1. Ver said Monday his company was nearing 1 million bitcoin cash "wallets."

    The bitcoin futures launched on Cboe on Sunday track the original bitcoin. The new futures, which expire in January, soared nearly 20 percent in their debut to $18,545.

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    Bitcoin hits another record high in march towards $20,000

    Virtual currency bitcoin hit another all-time peak on Tuesday, two days after the launch of the first ever bitcoin futures on a U.S. exchange and ahead of the start of another futures contract next week, as investors grew optimistic that the $20,000-mark is within reach.

    On Sunday, Chicago-based derivatives exchange Cboe Global Markets (CBOE.O) launched bitcoin futures, enabling investors to get exposure to the currency via a large, regulated exchange.

    The CME Group (CME.O) is expected to launch its futures contract on Dec. 17.

    “We’re going to see bitcoin emerge as a payment network,” said Trevor Koverko, chief executive officer of Polymath, a securities token platform.

    “Currently bitcoin is being used as a speculative asset and store of value. But as scaling solutions...emerge, bitcoin’s utility dramatically increases along with its price,” Koverko said.

    Bitcoin, the world's biggest and best-known cryptocurrency, was quoted at $17,310 on the Luxembourg-based Bitstamp exchange BTC=BTSP, up 5.1 percent on the day. Earlier on Tuesday bitcoin hit a record high of $17,428.42, registering a roughly 20-fold increase in its price for the year as it drew in millions of new investors.

    A Reuters technical analysis that measures the ups and downs in trading prices, known as waves, showed bullish momentum for bitcoin.

    The technical analysis suggests an extension of a wave, which could mean that bitcoin would easily surge above the psychologically important level of $20,000, according to the Reuters analysis.

    “It’s remarkable how back in November $10,000 seemed like a psychological end-of-year target,” said Lukman Otunuga, research analyst at FXTM. “With the current gravity-defying bullish momentum, it may be no surprise if bitcoin concludes 2017 on $20,000.”

    But as bitcoin set a new record, digital currency exchange operators Coinbase and Bitfinex reported problems with service through their websites on Tuesday, frustrating traders seeking to cash in on the latest surge in the value of bitcoin and other cryptocurrencies.

    The newly launched one-month bitcoin futures on the Cboe Futures Exchange were slightly tepid, with prices generally steady and volumes about a third of those seen on Monday. Bitcoin futures maturing in January XBTF8 were at $18,450, with just 1,416 contracts traded as of late afternoon in New York, compared with 3,956 contracts on the first day.

    A total of $26.4 million was notionally traded so far on Tuesday, compared with around $73 million on Monay.

    “The trading volume was huge yesterday as bitcoin price fluctuated in a wide range over the weekend,” said Park Nok-sun, a cryptocurrency analyst at NH Investment and Securities in Seoul.

    “Now that the exchange price is relatively calm, it is obvious for futures trading volume to fall.”

    While market participants are still heavily divided over the digital currency’s utility, value and safety, they expect the futures contract to offer a legitimate means for institutions to bet on bitcoin. Some investors even expect the futures will offer markets an easier means to take short positions on the cryptocurrency.

    The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

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    A bubble? We don’t even know how to value Bitcoin

    Bitcoin is a “speculative mania” according to the governor of the Reserve Bank of Australia. But it’s not so easy to say that Bitcoin is a bubble – we don’t know how to value it.

    Recent price rises (close to $18,000 in the past three months) may be too great and can’t continue. But the Bitcoin market is only just maturing as an investment and as a currency, and so it may still have room to grow.

    A bubble is when the price of an asset diverges from its “fundamentals” – the aspects of an asset that investors use to value it. These could be the income that can be earned from a stock over time, a company’s cash flow, the state of a country’s economy, or even the rent from property.

    But Bitcoin does not pay out profits (like shares) or rent (like property) and is not attached a national economy (like fiat currencies). This is part of the reason why it is hard to tell what the underlying value of Bitcoin is or should be.

    In the search for fundamentals some have suggested we should look at the supply of Bitcoins in the market (which is regulated by the technology itself), the number of Bitcoin transactions through the market, or even the energy consumed by Bitcoin miners (the computers that validate transactions and are rewarded with Bitcoins).

    Diverging from fundamentals
    If we take a close look, we can see how the price of Bitcoin may be diverging from these fundamentals. For instance, it is becoming less profitable to be a miner, especially as the energy required increases. At some stage the cost may exceed the price of Bitcoin, making the network less worthwhile to both mine and invest.

    Bitcoin may be the best known cryptocurrency but it is also losing marketshare to other cryptocurrencies, such as Ethereum and Litecoin. Bitcoin currently accounts for 59.4% of the total global cryptocurrency market but at the beginning of 2016 it was 91.3%. Many of these other cryptocurrencies have more functionality than Bitcoin (such as Ethereum’s ability to execute smart contracts), or are more efficient and use less energy (such as Litecoin).

    Government policy, such as taxation or the establishment of national digital currencies, may also make it riskier or less worthwhile to mine, transact or hold the cryptocurrency. China’s ban on initial coin offerings earlier this year reduced the value of Bitcoin by 20% in 24 hours.

    Without these fundamentals the price of Bitcoin largely reflects speculation. And there is some evidence that people are simply buying and holding Bitcoin in the hope it will keep rising in value (also known as greater fool investing). Certainly, the cap on the total number (21 million) of Bitcoins that can exist makes the currency inherently deflationary – the value of the currency relative to goods and services will keep increasing even without speculation and so there is a disincentive to spend it.

    Bitcoin still has room to grow


    Many big investors – including banks and hedge funds – have not yet entered into the market. The volatility and lack of regulation around Bitcoin are two reasons stopping these investors from jumping in.

    There are new financial products being developed, such as futures contracts, that may reduce the risk of holding Bitcoin and allow these institutional investors to get in.

    But Bitcoin futures contracts – where people can place bets on the future price of stocks or markets – may also work against the price of Bitcoin. Just like gamblers place bets on horse races rather than buying a horse, investors may simply buy and sell the futures contracts rather than Bitcoin itself (some contracts are even settled in cash, rather than Bitcoin). All of this could lead to less actual Bitcoin changing hands, leading to less demand.

    Although the rush to invest is apparently encouraging some people to take out mortgages to buy Bitcoin, traditional banks won’t lend specifically for that purpose as the market is too volatile.

    But it is not just on the finance side that the Bitcoin market is set to expand. More infrastructure to support Bitcoin in the broader economy is rolling out, which should spur demand.

    Bitcoin ATMs are being installed in many countries, including Australia. Bitcoin lending is emerging on peer-to-peer platforms, and new and more regulated marketplaces are being created.

    Many companies are accepting Bitcoin as payment. That means that even if the speculation dies down, Bitcoin can still be traded for some goods and services.

    And finally, although the fundamentals of Bitcoin are still up for debate, when it comes to transaction volume through the network there appears to be a lot of room for growth.

    It’s good to remember that people have been calling Bitcoin a bubble for a long time, even when the price was just US$35 in 2013.

    In the end, this is uncharted territory. We don’t know how to value Bitcoin, or what will happen. Historical examples may or may not apply.

    What we do know is that the technology behind most cryptocurrencies is enabling new models of value transfer through secure global consensus networks and that is causing excitement and nervousness. Investors should beware.

    • Alicia (Lucy) Cameron owns 1.5 Bitcoin as well as Ethereum and Litecoin. Kelly Trinh does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article. This article was originally published on the Conversation.

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    Analyst who predicted bitcoin's rise now sees it hitting $300,000-$400,000

    • Ronnie Moas in July put a $5,000 price target on bitcoin when it was at $2,600
    • The founder of Standpoint Research now sees the cryptocurrency rising by another 500 percent

    An Amazon strategy for bitcoin An Amazon strategy for bitcoin
    6 Hours Ago | 03:21
    Bitcoin will surge past $20,000 and continue its meteoric march into six figures, according to independent research analyst Ronnie Moas.

    "Bitcoin is already up 500 percent since I recommended it in the beginning of July, and I'm looking for another 500 percent move from here," said Moas, the founder of Standpoint Research, a self-described "one-man operation" based in Miami.

    Over the summer, Moas put a $5,000 price target on bitcoin for 2018. At the time, the digital currency was trading at just $2,600. Since then, it has surged to $18,168 as of Monday, according to prices tracked on Coinbase.

    "The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world," Moas told CNBC's "The Rundown."

    The analyst's comments came as the CME, the world's largest futures exchange, launched its own bitcoin futures contract. The Cboe did the same earlier this month.

    His aggressively bullish call — a near-$380,000 dollar appreciation on today's prices — is based on the idea that since only 21 million bitcoin can ever exist. Increasing demand for the digital currency will naturally drive its price up, he said.

    "I don't know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher," Moas said.

    Not everyone agrees
    Moas said he believes his price target is a conservative call, but others disagree.

    "We think that it's risky," Vasu Menon, vice president of Wealth Management at Singapore-based bank OCBC, told CNBC.

    "I don't see strong fundamental drivers for this bitcoin rally," he said.

    But Moas says the party is just getting started.

    "I look at bitcoin the same way I look at Amazon," he said. "The way to play Amazon for the last 15 years was to buy it, hold it, and add on the dips. That's exactly the way I think people should be playing bitcoin."

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    Bitcoin drops more than 8% as top cryptocurrency marketplace starts supporting rival bitcoin cash

    • Coinbase said Tuesday that customers can now buy and sell bitcoin cash
    • Coinbase is the leading platform for buying and selling bitcoin in the United States
    • Bitcoin cash split off from the original bitcoin on Aug. 1 after a group of developers decided to try to improve bitcoin transaction speeds and costs

    Coinbase, the leading platform for buying and selling bitcoin in the United States, said Tuesday that customers can now buy and sell bitcoin cash.

    "Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours," Coinbase said in a blog post Tuesday.

    Bitcoin cash split off from the original bitcoin on Aug. 1 after a group of developers decided to try to improve bitcoin transaction speeds and costs. Roger Ver, an outspoken and early bitcoin investor, is a major supporter of bitcoin cash

    The majority of developers who supported the original bitcoin failed to reach an agreement this fall on their own up****e proposal, SegWit2x.

    The offshoot currency soared more than 60 percent Tuesday evening ET to all-time highs near $3,540, according to CoinMarketCap.

    The original bitcoin was down about 8 percent to near $17,390, according to Coinbase, after earlier dropping as low as $15,005.

    Investors in bitcoin at the time of the split should have received an equivalent amount of bitcoin cash, but Coinbase did not immediately do so, and said it would provide support by January. On Tuesday, Coinbase said all customers at the time of the split would have bitcoin cash.

    The announcement follows news in the last few days that a large bitcoin payments processor BitPay and major cryptocurrency storage company Blockchain would support bitcoin cash

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Forex Forum Nigeria – Presentation
You are welcome to the Forex Forum Nigeria serving as a virtual salon for communication of traders of all levels. Forex is a dynamically developing financial market which is open 24 hours a day. Anyone can get access to this market via a brokerage company. On this forum you can discuss the numerous advantages of trading on the currency market and all aspects of online trading on MetaTrader4 and MetaTrader5 platforms.

Forex Forum Nigeria – Trading discussions
Every forumite can join a discussion of various issues, including those related to Forex but not limited to. The forum has been designed for sharing opinions and helpful information and is open for both professionals and beginners. Mutual assistance and tolerance are highly appreciated. If you would like to share you experience with others or deepen your knowledge of trading craft, you are most welcome to the forum threads dedicated to trading discussions.

Forex Forum Nigeria – Dialogue between brokers and traders (about brokers)
In order to be successful on Forex, it is crucial to choose a brokerage company with due diligence. Make sure you broker is really reliable! Thus you will be impervious to many risks and will make profitable trades on Forex. On the forum a rating of brokers is represented; it is based on comments left by their customers. Post your opinion about the brokerage company you work with, it will help other traders avoid mistakes and choose a good broker.

Unleashed communication on Forex Forum Nigeria
On this forum you can talk about not only trading issues, but any other topics you like. Offtopping is allowed in a special thread too! Humour, philosophy, social problems or practical wisdom – converse about anything you are interested in, including forex trading if you like!

Bonuses for communication on Forex Forum Nigeria
Those who post messages on the forum can receive money bonuses and use them for trading on an account of a forum sponsor. The forum is not meant for gaining profit; however forumites can get these small bonuses as reward for the time spent on the forum and sharing views on the currency market and trading.