Bitcoin Bull Run 2018

Bitcoin Bull Run 2018 – Bitcoin is up 20% in the Past Seven Days and Rising Every Hour

Bitcoin Bull Run 2018 has many winners; every major coin is up with Bitcoin Cash nearly doubling in value the past week, Ethereum is up 40% and Litecoin gained 25%.  As usual, the altcoins are also on the rise; EOS, DASH, Trons and Ripple among many others.  After weeks of slow rises and difficulty breaking the $9,000 mark and rising fast, experts struggle to understand why this is happening now.

What’s behind Bitcoin Bull Run 2018? Opinions range from the passing of the IRS tax deadline of April 17 to the end of Chinese New Year to fears of government easing. As is so so often the case, nobody can accurately attribute Bitcoin price movements one way or the other.   Even so, Bitcoin price forecasts made month ago still stand; Jack Lee pegs Bitcoin at $25,000 by summer with other experts seeing a possible price of $100,000 for Bitcoin by the end of the year.

Looking beyond the current price of Bitcoin we need to look at Bitcoin activity itself as a barometer for Bitcoin health.  According to Blockchain Info, Bitcoin transaction volume is up 25% since this same time last week.

bitcoin bull run 2018

It’s seldom seen when experts on any subject agree on anything so it should be considered as nothing less than sensational that everyone agrees that Bitcoin Bull Run 2018 is well under way and expected to run straight through to the end of 2018.  This is good news for Bitcoin miners like me but anyone who bought Bitcoin and HODLed as well as cryptocoin investors in general.  It’s a proven fact that cryptocoins rise when Bitcoin rises.  It’s time to ride the wave and look forward to the future.  We never had a doubt but we hope that doubters are now dismissed thanks to Bitcoin Bull Run 2018.

Bitcoin’s Up & ICOs are Out

Bitcoin’s Up & ICOs are Out – The Stunning News Revealed on The Fox Business Network

Liz Claman – affectionately dubbed The Red Fox for her brains and her beauty – reported on Bitcoin’s Up & ICOs are Out during her broadcast yesterday.  With special guest Christine Lagarde, IMF Managing Director, we learned three things:

  • The international community at large is likely not going to regulate Bitcoin to any great extent
  • ICOs in America have all but disappeared due to close SEC scrutiny, forcing ICOs to launch in other countries
  • Bitcoin is being buoyed by all this good news and firmly re-establishing itself as THE cryptocoin that matters more than any other.

With the exit of ICOs out of America it naturally follows that Bitcoin breaks through to highs not seen in weeks.  The simple answer is that Bitcoin’s Up & ICOs are Out.  With the SEC’s launch of multiple probes last month with a clear statement they will be watching closely, ICOs are heading overseas where there is less regulation and thus less resistance to launch.  The question that begs asking; what were all of these ICOs so afraid of by facing SEC oversight? A question every investor should be asking themselves; can I trust any overseas ICO? ICOs, now more than ever, are ripe for scams and confidence schemes perfectly positioned to rob investors with little to no chance of legal action of any kind.

That’s just one more reason why Bitcoin’s Up & ICOs are Out; Bitcoin is the safest cryptocoin investment out there.  Celebrating its first back-to-back weekly gains in 2018, Bitcoin bulls have good reason to celebrate.

Buying Stuff With Bitcoin

Buying Stuff with Bitcoin  – It’s a Real Thing.  Not Just Lambos or Mansions Either.

Buying stuff with Bitcoin has been real for years.  From buying a house with Bitcoin to the legendary “Lambo” to anything else, Bitcoin is gaining wider acceptance all the the time.  I just bought a plane ticket using Bitcoin on CheapAir.com. CheapAir.com is one of the earliest adopters of Bitcoin as a payment method online and certainly the pioneer in the travel sector.

Buying stuff with Bitcoin got a lot easier thanks to Coinbase and their super-simple to install merchant tools.  In my base Coinbase recognized me immediately which makes buying stuff with Bitcoin even easier.  But even if I weren’t a Coinbase client I could’ve used any Bitcoin wallet.  And from there I had my choice of Bitcoin, Bitcoin Cash, Ethereum or Litecoin.

Here’s how easy it is to buy stuff with Bitcoin, in my case paying for my airline ticket:

Buying Stuff With Bitcoin

Buying Stuff With Bitcoin

Buying Stuff With Bitcoin

Buying Stuff With Bitcoin

It was actually faster and easier paying with Bitcoin than a credit card.  Many merchants accept Bitcoin today including Dish Network, Microsoft, Shopify , NewEgg, Overstock among tens of thousands of companies large and small.  Bitcoin’s wider acceptance for payment will solidify its position as THE cryptocurrency standard not just for investors but for consumers as well.

Buying stuff with Bitcoin – be it a pizza or a diamond ring or a luxury cruise – silences the critics that continue to pound the table declaring Bitcoin has no value and is useless.  I’m entertaining the idea of living an entire year on only what I can buy with Bitcoin.  This experiment with lifestyle design should conclusively end the debate of Bitcoin’s relevance once and for all.  In the back of my mind I envision buying a mansion, a Lambo and hiring a personal chef.  Then I consider a wiser impact by simply grocery shopping, putting gas in the car or buying some books.  Wait and see.

Cryptocoin Dash Gets Airtime

Cryptocoin Dash Gets Airtime – Dash Rolls Out Commercials on United Airlines

On a cross-country flight on United Airlines recently I spotted a commercial Dash on the little TV in front of me.  Cryptocoin Dash Gets Airtime! I thought to myself in excitement.  I’m a Bitcoin maven from the word go but I’ve only heard good things about Dash and the underlying structure shows a lot of promise.  Dash advocates itself as peer-to-peer decentralized electronic cash. It intends to be as liquid as real cash and the United Airlines commercial talked all about this.

I’m happy to see that Cryptocoin Dash gets airtime – although they paid for that airtime as an advertiser on the United Airlines TV platform.

Dash is built upon Bitcoin’s core code with the addition of new of the most important features that matter; privacy and quick transactions.

Just like Bitcoin Dash is open-source and has its own blockchain, wallet infrastructure, and community. But unlike BTC, Dash transaction fees are far, far cheaper.

Dash has positioned itself as digital money for the Internet as well as in-person transactions which could very well supplant conventional currency if adoption is wide enough.

When you see Cryptocoin Dash gets airtime we’re seeing a serious push by the Dash team to get that wide-spread adoption.

Cryptocoin Dash Gets Airtime

All About the Dash Cryptocurrency

Dash was created three years ago on 18 January 2014 by its developer Evan Duffield.

Dash was originally released as XCoin (XCO). In February 2014, the name was changed to “Darkcoin”.  And on 25 March 2015, Darkcoin was rebranded as “Dash”.

Evan Duffield came across Bitcoin in 2010 and was impressed by its technology. However, he quickly concluded that Bitcoin was not that private and just fast enough for our instant world.

Addressing these two fundamental limitations Duffield decided to use Bitcoin’s core code and build his own cryptocurrency.  That’s how Dash came to be.

Now that that Cryptocoin Dash gets airtime we should expect exponential growth in consumer use as well as slow and steady growth in coin value.

Binance Hacker Bounty

Binance Hacker Bounty – A Cryptocurrency Exchange Doing Everything Right.

A $250,000 reward is quite a statement.  While in a perfect world, any organization handling millions of dollars per day in transactions would have military-grade security, the Binance Hacker Bounty is the next best thing.  To give credit where credit is due, Binance stopped the well-orchestrated attempted theft without a single cryptocoin being stolen.  A standing reward of $250,000 is an excellent deterrent against future cryptoexchange hacks.

The Binance hacker bounty, announced back on March 11th,  sends a strong message; don’t mess with us.  Anybody planning such a hack will be looking over his shoulder wondering if any of his partners in crime will turn him in.  Heck, I can see a bounty hunter setting up hackers for the fall by planing the whole thing and recruiting his team — only to them all in and claim his $250,000 reward.

A Hong Kong-based cryptocurrency exchange stung by hackers earlier this month doesn’t appear to be taking the attack lightly.

Going beyond the $250,000 already pledged, Binance has set aside an additional to $10 million in cryptocoin to pay awards in the future.  This ongoing Binance hacker bounty could be seen as an insurance policy in its own right.

“Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort,” Binance said. “This needs to be addressed.”

 “As in a football match, you can’t just play defense,” said a post on Binance CEO Changpeng Zhao’s Twitter account.

The standing Binance hacker bounty will be paid in Binance Coin (BNB). BNB has a market capitalization of $826 million, making it a cryptocoin to be respected – and accepted. By comparison, Bitcoin, the largest and most well-known digital currency, has a market value of about $162 billion.

While the company said no funds were stolen, it said that hackers “accumulated user account credentials over a long period of time” and that there were phishing attacks going back to January and February. “Many users fell for these traps and phishing attempts,” it said.

While plenty of online crypto exchanges have formed in recent years as prices for digital currencies have skyrocketed, the platforms bear little resemblance to the well-financed, better-regulated venues that enable investors to buy and sell stocks, bonds and commodities.

The Binance incident is the latest in a string of issues on cryptocurrency exchanges that have spotlighted the risks to users. A large Japanese exchange, Coincheck,was hacked in January, losing about $530 million in customer funds. A small Italian exchange, BitGrail, was hacked in February, with the attacker stealing about $170 million worth of a little-known cryptocurrency called nano. Since 2014, exchange hacks have cost investors about $1.4 billion.

As Crypto Capers staff writer Nat Roth pointed out some weeks ago, crypto exchanges need to have the same level of security and respect as any online bank or stock trading company.   That’s when hackers CAN’T succeed at a cryptocoin heist and won’t even think of trying.  In turn,this will make something like the Binance Hacker Bounty unnecessary.

As of now Binance has yet to pay any rewards.

 

The Bigger Picture of Cryptocurrency Taxes

The Bigger Picture of Cryptocurrency Taxes – Fuck all the FUD already. Here’s the REAL deal.

I am qualified to give you the bigger picture of cryptocurrency taxes as I hold a degree in accounting and was a partner in an accounting firm in a previous life in which supervising personal and corporate tax preparation was a part of my daily responsibilities.  To this day I do tax prep for myself and my companies year after year.  So believe me when I say that the IRS tax picture painted by the mainstream media is not necessarily dark.  I’m on something of a rant here after reading this injustice of journalism  in the United Kingdom’s Telegraph.

To give you the bigger picture of cryptocurrency taxes I have to first tear apart this article and in the process humiliate its author Vickie Oliphant.  First of all, Ms. Oliphant – presumably a citizen of the UK – should not be seen as an expert on the US tax code.  Judging from her published work she shouldn’t be seen as an expert in cryptocurrency either. If I had to judge I’d consider her a jackass in the world of journalism. Her previous articles include extensive coverage of snowfall in the United Kingdom and a recent piece exploring the heights of various members of the royal family.  Queen Elizabeth must be so impressed by the tabloid tosh Vickie Oliphant is churning out.

While her entire article is slanted shit I’ll shine the spotlight on this particular section:

Why is bitcoin dropping today?

The drop comes after it was revealed cryptocurrency investors could face hefty tax bills as the IRS closes in.

According to the Internal Revenue Service, anything purchased using a digital currency is liable to be taxed as a capital gain.

So anyone who has cashed out or paid for anything using cryptocurrency may have capital gains to report to the IRS.

One Reddit contributor earlier this week claimed they had discovered they owe the IRS $50k because they traded in cryptos.

The user wrote they had ended up with a $50,000 tax liability on trades after they sold $120,000 worth of bitcoin to buy different coins, which have a current value of $30,000.

What the reporter failed to mention is that the investor referenced above – were he to sell all his cryptocoin positions today – would have the benefit of a $90,000 tax deduction.

Ms. Elephant (sic) failed in journalism by not reporting BOTH SIDES of this cryptocoin investing world story. Schedule D on IRS form 1040 allows for the reporting of gains AND losses. Gains are taxed and losses are deducted.

I couldn’t close this accurate article on the bigger picture of cryptocurrency taxes without giving Vickie a parting word of advice; stick to reporting the perfectly obvious and leave cryptocoin to the experts.  You keep on reporting to British readers the perfectly obvious such as Prince Harry is tall and it’s snowing outside.  You’re not needed for this as anyone can look out their window or see Prince Harry in any number of ways and draw their own conclusions.  I’m not particularly sorry if I hurt your feelings.  Your irresponsible journalism could wreck people’s lives and global markets.  To quote a Brit who has his shit together, I proudly invoke the famous words of legendary chef Gordon Ramsay: “Piss off.”

 

 

Cryptocoin Mining Meltdown

Cryptocoin Mining Meltdown – ASIC Bitcoin Miner Prices Plunge as Other Cryptocoin Miners Pull the Plug

Canaan’s Avalon 841 Bitcoin miner went on sale 24 hours ago at $2299. Earlier today there was a price drop to $1999.  There’s proof right there of a cryptocoin mining meltdown.  Rewind to six months ago and brand new ASIC Bitcoin miners were selling out at full price in a matter of minutes.  I know.  I was there.  I saw it myself.  One of my orders was canceled because they couldn’t meet the demand.  Now the supply of Bitcoin miners outweighs demand; the Avalon 821 NEVER sold out as resellers began issuing hefty discount coupons anywhere from $100 to $400.  Heck, in some cases they have been GIVING AWAY Avalon 821 miners if you bought enough 841s. What’s really startling is the long-awaited Avalon 841 is still in inventory a full day after going on sale AND with a 15% price drop.

What’s going on? Well, Bitcoin prices are low while the difficulty rate remains high.  Then we have this new round of FUD from CNBC on the bleak outlook of Bitcoin mining profits AND reports out of Plttsburgh, New York of the first-ever Bitcoin mining ban.  Mix all of these ingredients together and bake them under the heat of FUD and you end up with a cryptocoin mining meltdown.

Cryptocoin miners of every stripe are feeling the pain.  Cruise various Internet discussions and you’ll learn of miners shutting down their rigs to wait this out as the current price of altcoins makes mining such coins pointless.  Other miners are already listing their cryptocoin mining hardware on eBay and other places.  Oh yeah, there’s a cryptocoin mining meltdown well underway.  New cryptocoin miners who just finished remodeling their basement turning it into a mining farm are wondering what to do with an “OH FUCK” moment in light of the current cryptocoin mining meltdown.

Until just until recently cryptocoin miners dreamed of moons and lambos as they plowed thousands of dollars into hardware and high electric bills.  The future is uncertain in light of the cryptocoin mining meltdown underway.  For any sort of inspiration and guidance through this storm turn to Jihan Wu, co-founder of Bitmain.  He has made billions on cryptocoin mining and stands to make billions more.  In my opinion he is the de-facto leader of crypto mining.  No one has more motivation than him to figure this out. In the short term, do your research and do your own math to see if cryptocoin mining in the short term makes economic sense.

 

Bitcoin Price Reality

Bitcoin Price Reality – Separating Fact from Myth

The recent plunge in Bitcoin – and almost every other cryptocoin out there – is attributed to all of the recent bad news.  Bitcoin price reality needs to set in.  Let’s tear apart all of the recent factors the “experts” are attributing to the Bitcoin price plunge….

Bitcoin Price Reality #1 – The Google Cryptocoin Ban is a ZERO factor to Bitcoin prices.  The same holds true for the other big coins out there like Ethereum, Litecoin and some of the smaller – but established coins – like Monero, Ripple, etc. Nobody ever saw a Google ad – or a Facebook ad for that matter – for Bitcoin itself.  Ditto Ethereum, TRON and who knows how many other coins.  The Google ban will make life difficult for ICOs and emerging cryptoexchanges and it basically puts cryptocoin consultants, experts and gurus out of business.  HOWEVER, any advertising ban cannot even put a dent in Bitcoin itself.  To think otherwise is the most powerful example of FUD driving idiots and the afraid to sell coins because they just don’t know any better.

Bitcoin Price Reality #2 – The SEC is going to crackdown on cryptocoin.  Yes, perhaps.  But so what? That’s not going to have the slightest ACTUAL impact on Bitcoin (and again, the other big coins, etc.) Because Bitcon is decentralized there is nobody for a government agency to go after.  No single entity raises any actual money with Bitcoin.  This is why Coinbase is so slow to list any ICOs. This quote from Michael Lempres, a senior corporate officer of Coinbase explains why. “We do not support any [ICO] at the current time because we are not sure what the regulatory [treatment] is… We are waiting for the dust to settle between the CFTC and SEC before we electively engage on supporting ICOs.” The CEO of Coinbase said much the same thing during a recent CNBC interview when it comes to listing new coins; they are operating Coinbase with a conservative abundance of caution.  Bitcoin Price Reality: If Coinbase were to be subject to higher, much more stringent regulations tomorrow it wouldn’t matter at all. A typical day at a Coinbase office would go on as usual.

bitcoin price reality

Bitcoin Price Reality #3 – All of the government regulation on earth won’t and can’t stop Bitcoin.  NBC News published a very dark article on their website about the future of cryptocurrency.  All together the reporting wasn;t bad but they got one thing very, very wrong — they grouped Bitcoin together in the same category as all other cryptocurrencies.  I think what spooked the Bitcoin world markets was what the IMF (International Monetary Fund) said in calling for GLOBAL regulation of cryptocurrency.  It’s been pointed out time and time again that Bitcoin, in and of itself, is immune from and impervious to any regulation of any kind. Bitcoin is the king of cryptocoin and is in a class by itself.