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Showing posts with label cryptocurrencies. Show all posts
Showing posts with label cryptocurrencies. Show all posts

Tuesday, June 6, 2017

Massive overnight surge in Bitcoin and other cryptocurrencies shoot industry market cap to over $100 billion

With so many economic and geo-political events causing confidence in local currencies to falter, overnight buying of Bitcoin and other cryptocurrencies out of Asia have skyrocketed the entire industry to achieve a milestone market cap of over $100 billion.

Bitcoin and Etherium are of course still leading the way as the father of all cryptos achieved a new all-time high (excluding local markets with high premiums) of over $2900 per coin.  And at this price, Bitcoin has risen over 200% since just the beginning of 2017.

Bitcoin approaches a new all-time high (ATH) in price and market cap as we re-enter a mode of price discovery. All of this occurs in the settling of an unresolved block size and scalability debate set to be disrupted with the UASF on August 1. Cryptocurrencies, as a whole, now hold over $100 billion in market cap for the first time. While bitcoin (BTC) leads the pack at just over $46.6 billion, or 47.9 percent of all cryptocurrencies, the recent surge in these other coins has helped to push the total cap over the top. - Bitcoin Magazine
In relation to other global markets, the market cap of cryptocurrencies is still relatively low when you compare them to several other markets, including a few of the major currencies traded in the Forex markets.

Gold: - $7,809,188,577,120

Forex: (Daily trading) - $5,300,000,000,000

S&P 500 - $20,000,000,000,000

Chinese investors looking for any and all safe havens out of Yuan as gold imports soar to highest level since 2013

While Chinese regulators attempt to tweak Bitcoin and other cryptocurrency use within its borders, the virtual money is not the only save haven investors are seeking to move into as a way to get out of the Yuan.  In fact, 2017 has once again seen a surge in gold imports and purchases after a slight slowdown last year.

China, the world’s biggest gold market, may boost imports through Hong Kong by about half this year as local investors seek to protect their wealth from currency risks, a slowing property market and volatile stocks, according to the Chinese Gold & Silver Exchange Society. 
Mainland China is set to import about 1,000 metric tons from the territory in 2017, said Haywood Cheung, president of the century-old exchange in Hong Kong which trades physical gold and silver. That compares with net purchases of 647 tons last year and would be the biggest since 2013, data from the Hong Kong Census and Statistics Department compiled by Bloomberg show. - Bloomberg
With the ongoing frenzy in the cryptocurrencies encompassing not just China, but all of Asia, gold is looking like a under-valued asset in comparison to Bitcoin which is now more than twice the price of an ounce of gold.  And couple this with geo-political chaos in the Middle East and in Britain over the past month, and it appears more and more that trust in sovereign currencies are losing favor as the shift to alternative wealth protections outside the Yuan had become a high priority.


Monday, June 5, 2017

Bitcoin now affecting company stock prices as investors flock to businesses who claim a cryptocurrency presence

There is no way around ignoring the comparisons between today's cryptocurrency mania, and the Dot Com boom of 20 years ago.  In fact, with the number of cryptocurrencies expanding almost daily, and investors piling into them without even having the slightest idea of what these cryptos represent, Bitcoin mania is now even affecting equity markets and stock prices in countries such as Japan.

The speculative frenzy in bitcoin is spilling over into the Tokyo Stock Exchange. Remixpoint Co., Infoteria Corp. and Fisco Ltd., have all seen volatile swings in their share prices after announcing businesses related to digital currencies. 
Remixpoint has more than doubled since tying up with Peach Aviation Ltd. to let customers pay for tickets with bitcoin. Infoteria, up 58 percent in the past month, is testing ways to let shareholders vote by proxy using blockchain, bitcoin’s underlying technology. Fisco, a financial information services provider, began operating a bitcoin exchange last year and is up 26 percent since early May. 
All of these gains coincide with bitcoin’s rally, with the value of the virtual currency doubling against the U.S. dollar since early May. That has made the stocks of the these small-cap companies an attractive way for speculators to invest in cryptocurrency markets without buying them directly. That’s because investors can make bets via their brokerage accounts instead of taking risks with bitcoin exchanges, according to Naoki Murakami, a well-known day trader in Japan. 
“From about a month ago when all these virtual currencies started spiking like crazy, we began seeing the so-called ‘stocks of the virtual currency bubble,”’ said Murakami, a frequent speaker at investor conferences. “Not everyone is sure they can trust bitcoin exchanges. And some don’t have accounts there. That’s why they’re using the stock market to speculate.” - Bloomberg
Bottom of Form
With money being extremely cheap today for investing just as it was during the Dot Com boom of the middle to late 1990's, and the wealthy having little trust in the value and stability of their own sovereign currencies, then cryptocurrencies and the businesses which are tied to them will continue to see billions poured in to provide a means of wealth protection, and that ever elusive demand for something that provides a modicum of yield.

Saturday, June 3, 2017

Long time Bitcoin advocate changes course and says sell your cryptos and buy gold

While not on par with the biggest cryptocurrency advocates in the alternative sphere, economist Raoul Pal has for a long time been one of the most well known, especially for his forecast months ago in which he said the value of Bitcoin would one day climb to over $1 million.

However in the past few days the strong supporter of cryptocurrencies has had a change of heart and is now selling his Bitcoin, as well as calling for others to do so, and to instead shift their wealth preservation assets back into the long-standing solidity which one has in physical gold.

Raoul Pal, one of the most effective critics of mainstream economics, is cashing in his Bitcoins. Gold is a better wealth preservation tool, says Real Vision Television’s co-founder. 
Yesterday Pal, who once thought that Bitcoins could eventually be worth as much as $1 million each, informed Real Vision Publications subscribers that he was selling the digital currency. 
“Bitcoin not a store of value people thought it was,” he told Sprott Money News, in a telephone interview this morning from his Cayman Islands home. “If core developers are talking about changing the Bitcoin code or how it works, what happens if - at some future point - they decide to allow the number of coins to expand?” 
Pal also cited lack of a Bitcoin “killer app,” and the commoditization of blockchain technology - as new players chip away at the market - as motivating his thinking. 
Pal’s call is also important for another reason: if Bitcoin’s allure as a store of value and a hedge against systemic collapse is dimmed, this would increase the relative value of other solutions. 
That includes gold, for which Pal’s partner Grant Williams has been a particularly strong backer. 
Despite Pal’s pessimism about Bitcoin’s future, the alternative investment guru admits that the digital currency “may go up in price, maybe a lot more,” before its ultimate future is decided. 
But Pal won’t be going along for that last leg. - Sprott Money

Friday, June 2, 2017

Russia announces they looking to introduce a sovereign cryptocurrency in the future at St. Petersburg Economic Forum

Those who are strong advocates for Bitcoin and other cryptocurrencies know that one of the best features in these digital monies is the fact that they are decentralized and not under the control of both central banks, and sovereign governments.  And it is this factor that has allowed individuals to use crptocurrencies as a means to get out of sovereign controlled fiat currencies and into perceived safe havens for their wealth.

But the biggest fear in the cruptocurrency community has always been the co-opting of the Blockchain by The Powers That Be to use the technology to create their own digital currencies which could then allow governments to outlaw the decentralized ones, and force individuals into using their own controlled ones.

To date regulations on cryptocurrencies has been far from standardized, with countries like the U.S. labeling them as securities (property), countries like Japan welcoming and legitimizing them as currencies, and countries like China imposing strict oversight on investors who buy and sell them.  But now on June 2 one country has announced their intention to create a sovereign national cryptocurrency which changes the ballgame entirely for the crypto community.

The Central Bank of Russia has plans to introduce a national cryptocurrency of its design, according to Deputy Governor Olga Skorobogatova. 
"Regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency. This is the future. Each country will decide the issue of a specific time and maturity independently," said Skorobogatova, speaking at St. Petersburg International Economic Forum (SPIEF 2017).
Skorobogatova said testing of a national virtual currency has already taken place on the Masterchain and Hyperledger platforms. 
She added that the details of the project could be revealed in two to three years. 
While Russian officials have been divided on cryptocurrencies, the technology has been backed by the financial sector, most notably by Herman Gref the head of Russia’s largest lender Sberbank. 
During the Forum, First Deputy Chairman of the Bank of Russia Sergey Shvetsov also said that one of the Russian stock exchanges is planning to allow trading in virtual currencies. 
“There is a discussion whether it is a commodity or not," he told RIA Novosti.
Cryptocurrencies could be recognized in Russia by 2018, said Deputy Finance Minister Aleksey Moiseev in April. Although he expressed concern about the anonymity of transactions. 
“The state needs to know who at every moment of time stands on both sides of the financial chain,” Moiseev said in an interview, as cited by Bloomberg. “If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.” - Russia Today

Sunday, May 28, 2017

Mainstream business analysts finally get on board with Bitcoin as they start to advocate ownership of cryptocurrencies in clients portfolios

It is ironic that as mainstream business shows such as CNBC, Bloomberg, and Fox Business News vilified Bitcoin and all cryptocurrencies for years, they are all of a sudden now getting on board once the digital currencies showed themselves to be the best performing assets of 2017.

Yet this acknowledgement of Bitcoin, Ether, Ripple, and many other crypto's being a viable investment appears to be only the beginning as more and more investment managers are advocating to their clients that cryptocurrencies need to be a vital part of their investment portfolios.

Boris Schlossberg of BK Asset Management has joined the cadre of investment advisors who see bitcoin as a way for investors to hedge their bets against market uncertainty. Schlossberg, according to CNBC, sees bitcoin as an addition to an investment portfolio in the wake of political uncertainty. 
Schlossberg sees parallels between bitcoin and gold, and he noted that bitcoin is being called the “new gold,” due to its ability to retain value over time. 
He noted that bitcoin is holding steady following its 92% rally this year. Speaking Wednesday on “Trading Nation,” Schlossberg said the cryptocurrency is holding at steady highs, and that when there is a big move for any type of instrument, there is usually some continuation. 
Bitcoin is clearly signaling more demand, Schlossberg observed. He favors it as a hedge play moving forward. - Crypto Coins News
Additionally, a contributor to CNBC on May 28 analyzed Bitcoin the same way he would an investment and highlighted the risk - reward potential that it and other cryptocurrencies offer.
"I wish I’d invested in Bitcoin," is a response I usually hear when I tell people how much they could have made off the cryptocurrency if they had bought it at the start. Just to be clear, if you bought US$100 worth of Bitcoin in 2010 when it was worth 0.003 cents each, you’d be sitting on more than $88 million. 
It all sounds so easy. But for regular investors in Bitcoin - those not heavily involved in the cryptocurrency world - Bitcoin has a confusing reputation. It’s known to be highly volatile with wild price swings, but at the same time some, such as Bobby Lee, the co-founder and chief executive of Bitcoin exchange BTCC, have called it a safe-haven asset. 
"When the existing money system has problems, people turn to Bitcoin, sort of like people used to go to gold in the old days," Mr Lee told CNBC in a recent interview. - The National AE
While most in the crypto world believes Bitcoin is a currency, most of Wall Street and the rest of the mainstream financial world believes it to be a security.  And with more and more brokers and institutions starting to advocate its purchase and ownership of cryptos in personal and joint portfolios, the volatility will continue to be high, and everyone who owns a cryptocurrency must respect this and trade accordingly.

Friday, May 26, 2017

Bitcoin's market cap is now larger than that of Germany's largest bank

With the extraordinary moves in price for Bitcoin and other cryptocurrencies since the beginning of the year, it was only a matter of time before their market caps began to compete with some of Wall Street's biggest companies.  However with the price more than doubling in just the past 20 days alone, an interesting fact has emerged that could soon shake the entire financial industry.

Because as of May 26, the market cap of Bitcoin is now greater than that of Germany's largest financial institution Deutsche Bank.
Bitcoin’s market cap is now $2 bln higher than that of Deutsche Bank, as an upwards price correction takes it over $40 bln once more. 
Data uploaded to Reddit shows Deutsche Bank’s market cap at €35 bln ($39 bln) and trending downwards, while Bitcoin has mostly recovered from yesterday’s losses, CoinMarketCap shows.
Bitcoin Charts

It is perhaps not as ironic as one would think that a completely virtual form of money would grow to have a larger global footprint than longstanding financial institutions that primarily deal in sovereign fiat currencies since the wealthiest industries today in regards to market cap are almost all tech companies listed on the S&P 500.  And it is also a signal to economies that digital forms of money are quickly supplanting the long-standing paradigms of physical cash ownership, and could soon become the standard just as robots soon replace workers in any myriad of industries.

Wednesday, May 24, 2017

Bitcoin mining going mainstream as brokerage house Fidelity admits to mining the cryptocurrency

It is one thing for a sovereign government, central bank, or finance ministry to simply accept a cryptocurrency as money, but when a Wall Street brokerage house creates a desk to actually mine Bitcoin, then you know that the digital money has become accepted at the highest levels of finance.

In what bitcoin geeks undoubtedly interpreted as a sign of bitcoin’s renewed relevance now that its price is at all-time highs, Fidelity CEO Abigail Johnson told CoinDesk’s Consensus conference that her company is now in the business of mining bitcoin. 
Per the FT: 
“Ms Johnson noted that Fidelity has also set up a bank of computers built by 21 Inc that can crunch complex algorithms to be rewarded with bitcoin. 
“My…computer has mined over 200,000 satoshis,” she said, using the name for the smallest unit of Bitcoin. - Zerohedge
In the halls of Wall Street, if there is money to be made then no irrelevant asset class or idea is discarded or looked upon as trivial.  And if brokers across the spectrum really decide they want to financialize cryptocurrencies en masse, then regular individuals better be wary because the financial centers of the universe have the capital to buy it all up, and after that the real fun begins.

Tuesday, May 23, 2017

U.S. Congresswoman submits bill to tie cryptocurrencies to terrorism but real threat is fear of Bitcoin supplanting the dollar

On May 18 U.S. Congresswomen and member of the House Counterterrorism and Intelligence subcommittee Kathleen Rice, pushed through a bill that would call for a threat assessment of all cryptocurrencies and their ties to terrorism and the funding of it.  However according to cybersecurity experts, the real reason for the this bill is the growing fear by Washington that Bitcoin and other cryptocurrencies could, and are supplanting the dollar and other global sovereign fiat currencies.

US Congresswoman Kathleen Rice has introduced a bill tasking Homeland Security with conducting a threat assessment for terrorists using virtual currencies such as Bitcoin, despite evidence terrorist groups use such payment methods is scant. A cybersecurity expert has told Sputnik the real fear is Bitcoin supplanting national currencies. 
"We will see an increase in terrorist groups using it as more and more members of the public use it. More people know about it, more and more websites accept it as a payment method, it's becoming increasingly pervasive in the digital world. It can be used for good or bad, but I hope it'll become a universal currency. There is no central authority with Bitcoin — no banks or financial organizations control it, the people who own it do — and users can bypass a lot of financial services fees as a result," he adds. 
Still, Dr. Curran believes there's "no doubt" Bitcoin will be the currency of the internet in years to come. It will become more regulated, and politicians will progressively view it as a threat to mainstream financial institutions and currencies as it becomes further accepted. Moreover, he's certain it'll be difficult if not impossible for governments to truly put a stop to it — the internet has no borders, and national bans won't be effective. - Sputnik News
For all intents and purposes, nearly every war is a 'banker war', or the need for the U.S. to ensure that dollar hegemony reigns supreme over the global financial system.  And when you look at the true underlying reasons behind the ousters of Libya's Muhmmar Ghaddfi, and Iraq's Suddam Hussein, and the insurgencies of Ukraine and Syria, then you would find that every one of them either had to do with protecting the dollar as the global reserve currency, or protecting the petrodollar system that is being supplanted by Russia's new pipeline projects.

Thus anyone who doesn't believe that as Bitcoin and other cryptocurrencies rise in both popularity and use that the U.S. government will not take steps to ensure their failure or encapsulation, is someone who has not paid attention to history and the willingness of Washington to use any means necessary to protect their monetary dominion over the rest of the world.