Facebook Join My List Logo

October 24th, 2017- In This Issue:

Bitcoin Price Alert! Bitcoin slips below $5,700.00

Mainly due to the Bitcoin Gold hard fork taking place, (see article below) traders are moving their money into other altcoins where much of the money for the latest rally  came from. Now that the snapshot has taken place, traders can sell their bitcoins without missing out on the bitcoin gold airdrop, and they began to do so almost immediately after the fork. We expect continued weakness in the days to come but as usual  buy on the dips and hold in the long term. 

Tell your friends, the relatives you still like and anyone else you truly care about, about bitcoin, give them a chance to take advantage of what may turn out to be the greatest opportunity for financial gain in a generation. 

Happy trading and good luck to us all.

Visit  BitvestIRA  for information on using your IRA to invest in bitcoin at 20% below spot price. Or call us directly with any questions at 1-844-BIT-VEST (1-844-248-8378)

Bitcoin is sliding after bitcoin gold goes live

  • Bitcoin is trading down 4.5% Tuesday following a split in the cryptocurrency's blockchain network. 


  • Bitcoin gold, the new digital coin formed by the split Tuesday morning, follows the bitcoin-bitcoin cash fork in August. 


  • The project website for bitcoin gold is down following a DDoS attack, according to cryptocurrency watcher CoinDesk. 


  • The bitcoin community is split over whether forks are good or bad for bitcoin

Bitcoin, the red-hot digital currency up more than 400% this year, was trading down 4.42% Tuesday morning after the blockchain network underpinning the coin split again. 

As reported by cryptocurrency watcher CoinDesk,  bitcoin gold officially split from the bitcoin network Tuesdaymorning. The new cryptocurrency is a clone of the original bitcoin blockchain, but it will play by different rules than the original digital currency.

"Instead of scaling bitcoin to support more users,  bitcoin gold tweaks bitcoin in an effort to 'make bitcoin decentralized again,'" CoinDesk reported. "This, proponents argue, will make the network, designed to offer an egalitarian way to send payments digitally around the globe, more accessible to users."

Bitcoin cash separated from bitcoin earlier this year following mounting disagreements amongst the coin's power brokers over how to scale the cryptocurrency. Since bitcoin is open-source, folks can freely update its underpinning software. 

Goldman Sachs Will Start Bank Money 'Stampede' Into Bitcoin: Ritholtz CEO

Ritholtz Wealth Management CEO Josh Brown has said the "stampede is coming" for Bitcoin from banks - as soon as next year.

In a piece on  Reformed Broker, Brown, who is a legacy finance figure openly supportive of cryptocurrency, said Goldman Sachs is rumored to be the major institution to take Bitcoin mainstream with Wall Street.

"I mentioned a few weeks back that you can practically smell it in the air - the big money is coming into this space. I can't imagine how that doesn't blow the price up into the stratosphere," he wrote.

"The big rumor going around last night is that Goldman Sachs is going to launch market-making in crypto currency for their clients in the third quarter of 2018. I don't know if that's true or not, but multiple people who don't know each other are saying it."

Put 10% Savings in Bitcoin, Mark Cuban Tells Vanity Fair 'Adventurers'

Investor and entrepreneur  Mark Cuban has upped his cryptocurrency advocacy, telling Vanity Fair readers to put 10 percent of their money into it.

In a  video guide on "getting rich," Cuban produced nine tips on maximizing potential wealth long-term.

Among them in fifth place was advice to "invest up to 10 percent of savings" in so-called "high risk" assets, specifically  Bitcoin and  Ethereum.

"If you're a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in Bitcoin or Ethereum," he said.


Should I buy bitcoin?  As a technology reporter, the questions I receive from random people at birthday parties, say, or seatmates on a plane, are usually emblematic of what is going on in the digital world. (And, increasingly, the real one, too, for that matter.) 

Not too long ago, the predominant question was Should I buy the new iPhone?  Then it became Do I need to be on Twitter?  or Do I need to be on Facebook?  or Do I need to be on Snapchat?  (That question has since come full circle to Should I quit Twitter and Facebook? ) These days, the question I hear the most-well, besides whether Twitter should ban Trump-is Should I buy bitcoin?

I usually respond with the story of  Laszlo Hanyecz.  If you've come within  500 feet of bitcoin , or any other cryptocurrency, over the past few years, the name alone will make you cringe.

Back in 2010, when the currency was in its infancy, Hanyecz went "mining" for bitcoins for a few months and collected 10,000 of them; he subsequently traded them, in what would be the first cryptocurrency transaction in history, to a guy who bought him two Papa John's pizzas with a couple sides of that tasty, buttery garlic sauce. Back then, Hanyecz's bitcoins had no value, and the $30 value of two pies and an accoutrement made his individual bitcoin units worth 0.003 cents apiece. Today, at their current market valuation, bitcoin units are worth around $5,800 each, which means Hanyecz's 10,000 bitcoins would be worth around $58 million. "It wasn't like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool," Hanyecz  told me  in 2013, when bitcoin was already valued at $1,242 each. "No one knew it was going to get so big."

Stock Market Bear Sets $1 Million Bitcoin Price Target

Hedge fund manager Mark Yusko forecasts that the bitcoin price has the potential to reach $1 million over the long term as the network effect leads increasing numbers of investors to use it as a store of value in place of traditional commodities such as precious metals.

Yusko, who founded Morgan Creek Capital Management and serves as the firm's chief investment officer, is noted for his bearish outlook on the stock market. Earlier this year, he  predicted  that the U.S. economy is "going to have a crash and it will be massive."

Anticipating a coming recession, he believes actively-managed funds will outperform passive index funds that track the S&P 500 or other major indices, which is one reason why he accepted  Warren Buffet's offer  to conduct a decade-long wager pitting an S&P 500 index fund against a basket of hedge funds, even though the last investor who took that bet is slated to lose by a considerable margin. Buffet, 87, has since withdrawn the offer for a second wager, citing his age.

LedgerX Trades $1 Million in Bitcoin Derivatives in First Week

The first regulated cryptocurrency derivative trades have taken place on a U.S. exchange.

In a statement to the press today, bitcoin trading platform LedgerX confirmed rumors that it has already begun trading cryptocurrency derivatives, an offering it first received approval to begin selling to institutional investors  in July.

According to figures provided by the company, LedgerX saw 176 swaps and options contracts traded in its first week, with notional values of more than $1 million.

LedgerX CEO Paul Chou said in a statement:

"This week, a new standard is set for transparency, oversight and counter-party assurance. Institutional investors and traders can now rely on a guaranteed clearing and settlement process when transacting bitcoin contracts."

Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold

Steve Wozniak (aka the 'Woz') thinks Bitcoin is better than gold and the U.S. dollar, which he called "phony," because the government can always print more.

On Sunday, October 22, 2017, the co-founder of Apple Computers shared his thoughts on cryptocurrencies and blockchain technologies at Money20/20 in Las Vegas where he was interviewed by Deirdre Bosa, technology reporter at CNBC. The conversation was around artificial intelligence, but the topic of Bitcoin emerged as well.

Wozniak feels a currency is more "stable" when it cannot be diluted and, while Bitcoin has a fixed future supply (only 21 million bitcoins will ever be mined), the same cannot be said about government-backed fiat currencies.

"There is a certain finite amount of bitcoin that can ever exist," Wozniak said in explaining that the U.S. government could wind up printing more dollars for political reasons. He described the U.S. dollar as "kind of phony" in that sense, while describing Bitcoin as more "genuine and real.

Similarly, he said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

"Gold gets mined and mined and mined," Wozniak said. "Maybe there's a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics."

News Round Up Archives.

Missed any of the issues of our news round ups? 

Here is a link so you can catch up.    

Click Here