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Showing posts with label alternative currency. Show all posts
Showing posts with label alternative currency. Show all posts

Tuesday, March 28, 2017

As future of Bitcoin continues to be up in the air, investors looking towards other crypto-currencies for less risk

While the future of Bitcoin is still up in the air due to the fight between two conflicting paths on how it should be managed and processed, speculators who have been at the core of recent price moves are now seeking alternative crypto-currencies that may provide less risk.

At the current time Bitcoin is not likely to implode if either of the two camps (Segwit and Bitcoin Unlimited) are successful in overtaking the other in their goals to improve upon the original and outdated blockchain setup, but the outcome will effect confidence in what is still a fringe and slowly maturing alternative form of money.  And as such many of the individuals and institutions who currently are in Bitcoin are appearing not to be afraid to take their profits and invest in other burgeoning crypto-currencies that at this time are less expensive.

Image result for crypto currencies
It's been a volatile period for bitcoin investors, as holders of the crypto currency prepare for a potential 'fork' in the blockchain. 
From Friday morning until Monday afternoon, bitcoin was trading under the $1,000 level, and even fell beneath $900 on Saturday. This is significant as, barring the weekend of March 18 and 19, bitcoin has traded above $1,000 since early February and hit a fresh all-time high of around $1,325 on March 10. 
Bitcoin faces a scaling issue, where the number of bitcoin transactions that can happen on the blockchain at any one time is limited. This is creating a backlog of transactions that are needed to be processed and slowing down the system. 
As a result, investors are hedging their bets or selling out of bitcoin, waiting to see whether or not the fork will happen, and if so, which blockchain will be favored by the market. 
Data from Bitfinex indicates around 49 million more coins have been sold than bought, or roughly 5 percent of total coins traded, in the last 30 days. Through March, the number of long bitcoin positions held by investors has decreased from 26,858 to above 23,142, while the number of short positions has increased from 9,820 to 14,731. 
Meanwhile, the market cap of blockchain assets other than bitcoin, such as ether, dash and monero, has more than doubled since March 10 from $3.5 billion to more than $7 billion, according to Chris Burniske, blockchain products lead analyst at ARK Invest. 
"At the same time, bitcoin's market cap has gone from $19 billion to $16 billion. Hence, bitcoin's market cap has lost $3 billion in value while the combined market cap of all other blockchain assets has added more than $3 billion," he told CNBC via email. 
"Given these market indicators, it would appear investors are diversifying their blockchain asset holdings, positioning themselves for a generally rising tide in this emerging asset class." - CNBC

Thursday, March 2, 2017

As global currencies roil in turmoil, Bitcoin has now officially reached parity with the price of gold

After shifting Westward since the beginning of the year, when Bitcoin's price movements were primarily tied to Chinese influence, the crypto-currency has not only reached a new all-time high on March 2, but it has also achieved parity with the current price of gold.

Diverging together at $1236 apiece just minutes ago, the alternative choices to holding fiat currencies are now justifiably vying for the market share of individuals around the world who experiencing severe crises in their own economies and local currencies.

Bitcoin Chart:


Gold Chart:

Live New York Gold Chart [Kitco Inc.]

Global currency troubles:

Venezuela: The Central Bank of Venezuela says the country is down to just $10.5 billion in foreign reserves. At the same time, Caracas has to meet debt obligations of $7.2 billion this year.

Greece: Now, fresh tensions over the country’s bailout are putting that progress at risk. About 1.3 percent of deposits were pulled from the banks in January, while bad loans crept higher, an increase Bank of Greece Governor Yannis Stournaras blamed on borrowers using the deadlock with creditors as an excuse to avoid making their payments.

Greek officials are meeting in Athens this week with representatives of the euro area and International Monetary Fund to set out the policies Greece must undertake to unlock more loans. The government foresees an accord in March or early April, but the scale of pending issues raises concerns they may be politically hard to sell at home.

U.S.: On March 15, the latest suspension expires and the debt limit will likely reset a little north of $20 trillion.

If Congress has not voted by mid-March to either extend the suspension or raise the ceiling, Mnuchin will have to start using special accounting measures just to keep paying the country's bills without violating the borrowing limit.

With the gold price currently being held down through the Comex and London derivatives markets, the likelihood of Bitcoin's price soaring well past that of the yellow metal is very real, especially as the Federal Reserve has come out in recent days almost assuring the markets of another rate hike.  And this will only add more fuel to the crypto-currency's legacy as it officially becomes one of the world's most popular alternatives to holding one's wealth in any sovereign currency.

Tuesday, October 27, 2015

With a Spanish city set to create parallel currency, is the EU on the brink of losing monetary control?

The European Union (EU) was originally setup to be a trade union that expanded decades later into a monetary union.  But with the European Central Bank (ECB) at the heart of financial destruction created in nations in Southern Europe, several peoples within these insolvent countries are now fighting back with the use or establishment of alternate forms of currency.
On Oct. 24, an official in the city of Barcelona announced that the municipality is planning to engineer a parallel currency to the Euro, and forge ahead with a localized form of money that goes far beyond the black market currencies now being seen in places like Greece and Argentina.

Read more on this article here...

Saturday, August 22, 2015

Greece to have 1000 Bitcoin ATM’s installed as corrupt banking forces alternatives

With the final vote made last night to accept the parameters of the Greek bailout deal, the people of Greece are expected to have to endure another decade of high unemployment, capital controls, low GDP, and of course austerity.  But as with most societies that finally recognize that their governments and financial systems no longer work for their benefit, the rise of black markets and alternative means of commerce rise as an example of necessity being the mother of invention.
And besides the ongoing TEM currency that has been functioning in the Greek economy for close to a decade now, those in the Bitcoin community have partnered up with a service provider of the crypto currency, and are expected to install 1000 Bitcoin ATM’s all across the beleaguered European nation.

Read more on this article here...