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Thursday, November 2, 2017

Who's laughing as Bitcoin surges to all time high?


Who is laughing now that Bitcoin surged to an all-time high of $7,000/BTC.

Bitcoin reached another milestone less than one week after it ripped through the $6,000 mark.

Spot pricing for bitcoin climbed as much as 7.1 percent to a high of $7,045.46 on Thursday, 2 November 2017 at 7:45 a.m. in London before pulling back slightly to $6,968.25. The cryptocurrency is up as much as 640 percent this year; now has a marketcap of $116 billion.

There is a real concern that Bitcoin is in a bubble. But interestingly, there has never been a time in the history of Bitcoin that people didn’t say that it was in a bubble or overvalued.

It was just 9 years ago when Satoshi Nakamoto published a white paper on Bitcoin.

Appropriately, Bitcoin is skyrocketing to all-time highs, and we are just scratching the surface of its potential. Keep in mind that the mining reward halves again in 2020, which will only put more pressure on the cryptocurrency.

There is no immediate risk of a massive market correction that will be so severe that we would cause Bitcoin to crash. The crypto will most likely pullback somewhat in the next few weeks as markets adjust to Segwit 2x network scaling Project scheduled for 18th November.

Bitcoin is the only cryptocurrency that serves a role in our world as money, at least for the foreseeable future. And it's important to start making the distinction between Bitcoin and other tokens that are representing different businesses and technologies, with the possibility of even being potential scams.

There needs to be a clear distinction between the risk of the altcoin investing mania and the underlying technologies they are bringing around.

ICO Bubble. One of the main reasons why Bitcoin is sitting at $6,500 is that we are in fact in an ICO bubble. And when that ICO bubble bursts, most of those funds will likely rush into Bitcoin. There’s no doubt that there is going to be a consolidation of the speculative money. That, however, will first happen in the altcoin space, and then afterward in Bitcoin. And when it happens in the altcoins, it will likely drive Bitcoin higher.

ICO euphoria has taken off, and raised over $3 billion so far for companies seeking early-stage venture capital. Believe it or not, this number has exceeded the amount of money that has been raised in the IPO markets for the year.

But you need to get beyond the ICO hype and noise that every token is a Bitcoin competitor. Then you can appreciate that these are the foundational platforms for many blockchain-based solutions to ride on.

It is about decentralized security on the blockchain, uncensored media, advertising, marketplaces without any intermediaries, data storage, and the list goes on. It’s very early in the game, and to attempt to understand where this is all headed is a fool’s errand.

Among the mess of ICOs, many are merely scams and Bitcoin copycats designed to ripoff many unsuspecting victims. So, be careful - check, verify before investing money any fancy scheme. We recently launched the ICO Market, a group on linkedin to help investors and people to unpack the ICO Market. Head over there and join the group. ICO Market

1. Bitcoin has no central point of attack. Regulators are attempting to enforce control over Bitcoin, and this is the very thing that they ultimately can’t do on a practical basis – they can only try. Every other ICO has some sort of headquarters, lead developer, or a point of attack that disqualifies them as a viable competitor to Bitcoin’s role of money.

2. The Bitcoin network is an immutable and unstoppable force. The most powerful ledger to secure transactions is the Bitcoin blockchain. There is an overwhelming amount of computer power that cannot easily be overtaken.

3. Bitcoin is antifragile and resilient. What doesn’t hurt it makes it stronger.

Combined, Bitcoin’s attributes make it one of the world’s greatest stores of value. In a way, it has the best properties of fiat and gold, without most of their negatives.

There is some confusion about which cryptocurrency will be the ultimate form of wealth storage. Bitcoin is and will continue to be the ultimate digital currency and store of value.

There will never be enough bitcoins for every single person in the world to have a full one. In fact, there aren’t enough bitcoins for every millionaire to have one.

No one is laughing now that Bitcoin is $7,000. Despite those who want to heckle and berate, the legacy of Bitcoin continues to roll on.

Join the ICO Market



Source: Bj Cameron - MyNews24

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