DTube. Ethereum Up. Neo Down. Here is Why! Costa Rica Bitcoin-ATMs

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Hello everyone. My name is Nick, the host of Sobuka where we give commentary and opinions on what is going on in the cryptocurrency industry with respect to the southern and eastern hemisphere. Today I am trying out a different format with myself back on camera but only for a little bit. Let me know what you guys think. We are always looking for ways to make our content and interaction better with the audience. Suggestions is definitely appreciated. So the area that I cover on this channel includes regions like Africa, Latin America, Middle East, and the South Asian Pacific. My focus today will be on Costa Rica and what is happening with respect to cryptocurrencies, but first I will look at some market anomalies in the cryptocurrency space that my viewers in the past have asked me to perform. Today it will be on Ethereum hitting as high as $370.00 and Neo falling to about the $33.00 price range.

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Ethereum Up

So let’s start with why Ethereum is up by more than 25% this week. First, for folks who are new to Ethereum, it supposedly acts as a "decentralized" platform where smart contracts are created. Simply think of it as creating miniature robots and tasking them to do different types of work. One of the possible reasons for its high price moves lately could be attributed to the following reasons:

The first reason is... It will be undergoing a hard fork called Metropolis later this September. Simply think of this hard fork as an upgrade to the Ethereum network. For techies out there, simply google the term ‘Metropolis and Ethereum.’ You will find all types of granular details on what is going on with the platform this coming September. From a high level perspective, it’s essentially an upgrade to make the network much faster and to create less mining issues in the future.
The second reason is... The huge timing of Ethereum price also comes at a time in which just recently new organizations have been added to the Ethereum alliance. This occurred within the past month. The Ethereum alliance is composed of industry experts. The goal of the group is to leverage different industry core competencies to stay competitive given the changes and adaptations of blockchain technology. This is not a group where anybody can walk up to and join. Well maybe with Ethereum Classic someday, but definitely not with Ethereum. So what you have are major institutions that include banks, universities, and Fortune 500 tech companies coming into this space, all with a lot of money!
The third reason is... And my last thoughts about this huge price movement comes with common sense. I suspect someone very big with a lot of money came in to buy several billion dollars worth of Ether this past week. Whether it’s outsiders looking into being added to the Ethereum alliance, insider members, or external institutions can be anyone's guess quite frankly. All we know is that several billion dollars of Ether was bought and this is definitely not coming from a mommy and daddy trader.

All these are just my common sense speculation and perspective. Since a lot of these cryptocurrency exchanges are private, a lot of information is really kept in secret. There is a lot of back door dealings that are not public. It does not make it illegal though. Let me know what you guys think about the price of Ethereum. I will be happy to hear your thoughts on this.

Neo Down

Alright so let’s go into NEO. As for NEO, there is not much going on with it so I do not understand why people are frustrated. I am not a financial advisor and this is not recommendation to buy any of these tokens or cryptocurrencies that I am mentioning here. I am just sharing my perspective. So NEO currently looks like it’s going through a normal correction phase. It’s had more than a 5-10 fold increase during the past few weeks, so a correction like this is honestly very normal and quite healthy. And I understand that there are a lot of panicky people out there wondering about the price. But all I have to tell you is that this is a normal price correction. I would just be concerned if it falls below $30.00. So there you have it! I personally would pay more attention to it below that price. Now I know folks are saying that the reason why the price of NEO is down is due to some news about China cracking down on ICOs. And while this news is true, I have to clarify something since I keep up with foreign cryptocurrency news on this channel. What is going on in China is that they are cracking down on bad ICOs that resemble pyramid schemes. They are not cracking down on ALL Chinese ICOs. So I personally think that this is good for NEO because more credible Chinese companies will be using their network. This move by the government of China is very positive for NEO because it will cut down on the fake ICOs and scams coming from that specific region that are taken advantage of people across the globe.

Cista Rica Will Soon Have its First Bitcoin Machine

So moving on to country analysis with respect to Costa Rica. A Venezuelan company located in Panama called Cryptobuyer will install the first Bitcoin ATM in Costa Rica.[1] These ATMs will allow customers to purchase Bitcoin through a Bitcoin wallet installed on their smartphone. Given that Venezuela has so many economic problems, this definitely sounds like better news to look forward to for businesses in that country. I have already covered how several countries in Latin America are looking at Bitcoin-ATMs. Those include Argentina and Panama.[2][3] My sources can be found on previous Steemit articles referenced below so feel free to check them out. I personally think that with these ATMs becoming widespread in the 2nd world countries, we will start to see more uses and justification for cryptocurrency credit cards like TenX and Monaco. These crypto, credit card companies allows people to use their cryptocurrencies like cash as like a debit card which I think is pretty cool for regions where their country’s concurrency is very weak and frowned upon from others. But let me know what you guys think of that analysis.

Alright...That’s all I have for this segment ladies and gentlemen. If you want me to look at any specific country in detail as it relates to cryptocurrencies, please let me know. My only restriction is that the country must be in the areas I cover on this channel such as Africa, Latin America, Middle East, and South Asian Pacific. And lastly, If you like this content, please click the Like button on YouTube. You can also Upvote/Re-Steem this content on Steemit. For new people, you can also choose to follow me here on Steemit or subscribe on YouTube. So please feel free to post your questions below and if there is any specific cryptos you want me to look at, please let me know. I promise to get back to all of you!

Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Sarah here from time to time.

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Relevant Sources

[1]. “Costa Rica Will Soon Have Its First Bitcoin ATM.” By Laura Alvardo. 8/26/2017. http://news.co.cr/costa-rica-will-soon-first-bitcoin-atm/64873/

[2]. "1 Bitcoin = 2.60 oz of Gold. Australia Venezuela Mexico South Africa India and Kenya." By Sobuka. 8/7/2017. https://steemit.com/gold/@sobuka/1-bitcoin-2-60-oz-of-gold-australia-venezuela-mexico-south-africa-india-and-kenya

[3]. "Bitcoin Countdown. 11 Days Till Aug 1st. Whites-Only BTC-Like Coin. Panama BTC ATMs. Egypt Shoots BTC Rumor." By Sobuka. 7/29/2017. https://steemit.com/southafrica/@sobuka/bitcoin-countdown-11-days-till-aug-1st-whites-only-btc-like-coin-panama-btc-atms-egypt-shoots-btc-rumor