Cryptocurrency News for 30 Aug 2017

Bitcoin Going Away Is ‘Delusional’ Thinking: Finance Advisor To Investors

A traditional asset manager has said it is “delusional” to think Bitcoin is a “fad”, as interest from investors snowballs.

Speaking to the Financial Advisor, Neil Waxman, managing director of Capital Advisors, said that the investment community requires “education” on virtual currencies as a financial opportunity.

“Anyone who thinks this is a fad is deluding themselves – clients really need to be educated on this topic,” he told the publication.

Virtual assets are still in the midst of multiple metamorphoses, with US regulators ironing out the legislative landscape for coins and tokens while Bitcoin faces challenges of its own.

Full story at http://bit.ly/2xymrlN

Source: CoinTelegraph

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Telegram Founder Believes Bitcoin Will Undermine US Hegemony

According to the site, the founder, Pavel Durov, said: “For the first time in 70 years, the global financial system has a chance to escape from the hegemony of the United States, which imposed its national currency as a reserve on the whole world and since then, in fact, has been collecting tribute from all the countries paying its debts with endlessly printed dollars and buying assets worldwide with them.”

In other words, central planners print money at will and earn profits from manipulating the currency supply. Bitcoin changes this dynamic by introducing a fairer money into the economy. The fact that bitcoin’s supply is set to 21 million units means no entity can manipulate the supply for their own gains. This allegedly throws a wrench into the gears of the banking system. It allows countries to escape debt cycles perpetrated by US banking.

The founder took his praise of bitcoin a step further. He also criticized Russian considerations on heavily regulating bitcoin. According to the article, he implies their idea of only allowing “qualified” investors to get involved in bitcoin is restraining. It may harm the individual investor. It may even inhibit bitcoin growth.

“Instead of taking the chance to make the world more balanced and together with Japan and other Asian countries to recognize the status of new cryptocurrencies, which are replacing dollar, the Russian government is voicing ideas ‘to ban and restrict [use of cryptocurrencies].’ There is an impression that Bitcoin imposed sanctions on Russia.”

Full story at http://bit.ly/2xxvLqj

Source: Bitcoin News

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$160 Billion: Cryptocurrency Market Sets New All-Time High

Investment in cryptocurrencies continues to increase.

Spurred by increases in investment, the total value of the more than 800 publicly traded cryptocurrencies and crypto assets pushed past $160 billion for the first time ever, according to data provider CoinMarketCap.

With the move, the figure is now up 1,500 percent from the $10 billion observed at the start of the year.

Notably, the new high was set even as bitcoin, the market's largest asset, continued its recent pattern of sideways trading, hovering in the $4,400-range, or about 1% below its all time high of $4,522.13 on the CoinDesk Bitcoin Price Index (BPI).

Full story at http://bit.ly/2xyhee2

Source: CoinDesk

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Bitcoin Price Hits New All-Time High, Industry Expects $5000

Bitcoin has reached a new all-time high of $4580 as prices shoot up a further six percent in 24 hours.

Data from Coinmarketcap shows averaged exchange trading values at $4576 as of press time Tuesday, a clear $130 higher than the previous all-time high on Aug. 15.

Reacting to the news, industry commentators were quick to praise previous bullish price forecasts from figures such as John McAfee and Max Keiser, who are confident $5000 per coin is an imminent occurrence.

There’s been similar action for Ethereum (ETH), which has grown upwards to challenge its own previous highs this week. Meanwhile, Litecoin is also charting new territory, capping 1400 percent yearly gains.

Full story at http://bit.ly/2xvAiJy

Source: CoinTelegraph

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How To Use Luno Exchange For Bitcoin In South Africa

When venturing outside of my comfort zone into the world of Bitcoin at the end of 2015 two Exchanges were available (to my knowledge they are still the only options).

When considering cryptocurrency trading it is easier to have some coins on hand and ready to trade when the price is right. So I purchase my bitcoin at Luno and use Bittrex exchange for smaller cryptocurrencies.

Ice3X (ZAR and Naira) trade in Bitcoin, Ethereum and Litecoin. Offering BTC/ZAR, LTC/ZAR and ETH/ZAR or BTC/NGN and ETH/NGN.

Full story at http://bit.ly/2xtMwT3

Source: Steemit

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Citi Speaks: State-Backed Cryptocurrency Key to Blockchain Adoption

State-backed cryptocurrencies are key to the adoption of blockchain technology, according to an executive at investment banking group Citi.

In an exclusive interview with CoinDesk, the bank's recently appointed head of core cash management for Asia-Pacific, Morgan McKenney, positioned its new CitiConnect blockchain project within a larger context – one in which the ultimate success of distributed ledger technology depends on the advent of fiat currencies issued on a blockchain.

According to McKenney, every payment method has an environment in which it's best suited, and to fully unlock the project's potential – and any number of blockchain environments – cryptocurrency is the most suitable payment method.

But in spite of current limits that have been placed on the $187 billion bank's research into the technology, she explained how atomic swaps could be further empowered if any number of cryptoassets could be purchased with a blockchain-based fiat currency.

Full story at http://bit.ly/2xxBXyx

Source: CoinDesk

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