‘It’s An Orgy!’ Industry Reacts To US Bitcoin Futures Go-Ahead

“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.

The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.

The news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.

Bitcoin prices are reacting in kind as of press time, with a surge towards $11,000 well underway. Bitcoin has gained $700 in a matter of hours, with another $600 to go before all-time highs of $11,360 seen earlier this week are challenged.

Curious alternative responses are meanwhile coming from the likes of Digital Currency Group CEO Barry Silbert.

Speaking on CNBC about the futures approval, Silbert told the audience they should look to take profits from the price rally and put them into Ethereum Classic and ZCash.

“I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.

Ethereum Classic is currently among the biggest successes of Bitcoin’s huge price increases this week, with today’s reversal generating near 30 percent growth for the altcoin.

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5 Simple Tips To Stay Secure in the Wild West of Bitcoin

Perhaps calling the Bitcoin ecosystem ‘The Wild West’ is a little over the top as the environment has become a lot more secure and come a lot more into the light of the mainstream. However, its decentralized nature still leaves it open to attacks which can lead to a loss of fortune and there is almost no recourse.

However, a few simple tips and tricks can help those who are serious about cryptocurrency keep their digital currencies a lot more safe and secure. From Cold Wallets to second authentication, cryptocurrencies become a lot harder to steal if they are behind a few protective walls that users can put up.

The threats continue to grow and become more sophisticated, and they are essentially out there looking to prey on the susceptible, gullible and vulnerable. To avoid phishing scams, trojans, fake wallets and even out-and-out hacks, a couple of steps can make the world of difference.

A sense of security

Cryptocurrencies walk a delicate line when it comes to their security. They began their life in the shadow of the dark web and for that reason picked up a reputation that has stuck to this day.

However, cryptocurrencies and their inherent makeup are designed to be trustless and ultimately immutable and unhackable. They are decentralized, they are reliant on a tamper-proof public ledger and they are transparent.

However, it is not the Blockchain or the Bitcoin that is the issue; it is people taking advantage of the people and the ecosystem in which they operate. Thus, it takes a little common-sense, and a few simple measure to stay safe.

Cold cash

One of the most foolproof ways to keep digital currencies safe is to take it off the grid and remove it from the clutches of potential hackers and thieves. Hardware wallets are the answer to this.

A hardware wallet is essentially a USB stick that stores private keys and digital currency on a physical drive that is disconnected from the Internet. It is a good idea to store any significant amount of digital currency on one of these.

Storing a large amount of coins on the public-facing Internet, especially on exchanges which are honeypots for hackers, is simply inviting an attack. The only issue a hardware wallet has is that it can be damaged or lost, but at least that cannot be blamed on anyone else but yourself.

Spend small

Another downside to keeping all your hard earned coins on a hardware wallet is that it essentially becomes a vault, and thus if you are looking to spend digital currency on small transactions, it becomes a chore.

Thus, it is prudent to store the majority of your coins on cold storage, but also wise to keep a small amount, that you’d be willing to lose on an online wallet.

You can, of course, use wallets that are are interoperable with popular hardware wallets can make your setup more seamless.

When it does come to using your online wallet though, one of the biggest rules is to try and keep your private key. However, some of the bigger and more popular exchanges and wallets don’t allow this.

Stay legitimate

Another way to avoid losing your investment is to not invest poorly. There are hundreds of new ICOs popping up all the time, in an attempt to try and temp more investors, but a large majority of them are gimmicky or even fake.

The best example of this is OneCoin which markets itself as a competitor for Bitcoin, attacking $350 mln in investment, but it turned out to be a Ponzi scheme.

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Deutsche Bank Strategist Says End of Fiat-based Currency Systems Near, Recommends Bitcoin

Deutsche Bank lead strategist Jim Reid claimed that the current fiat-based currency system is unstable and nearing its end. He claimed that the system was only able to advance to its current state due to the disinflationary shock it experienced in the 1980s.

In his recent report, Reid claimed that the fiat system is now in reverse and is expected to affect all the traditional currencies being used around the world.

However, he said that the strategies being used to control inflation like loose policies, extensive leverage, and continuous printing of money may lead to the end of paper money. This is because consumers around the world will lose faith in the system as fiat currencies continue to lose their value.

Reid further stated that to help mitigate the risks of financial collapse, the use of virtual currencies should be promoted around the world. He reasoned that due to their decentralized nature, cryptocurrencies cannot be controlled by the governments but by the organic laws of the economy, particularly the supply and demand in the market.

“Although the current speculative interest in cryptocurrencies is more to do with Blockchain technology than a loss of faith in paper money, at some point there will likely be some medium of exchange that becomes more universal and a competitor of paper money.”

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Bitcoin May Change it All

Interest is a subject with a very chequered history that today works hand-in-hand with inflation to control the world’s major economies. The story of interest is as old as that of money, but recently digital currencies have begun to add a major wrinkle.

Once humans had invented currency to facilitate trade it became a common view that money effectively replaced the animals and cereal seeds for which it was exchanged and, therefore, should have similar properties of reproduction, i.e. increasing with time. This was all good and well as long as the currencies had the intrinsic value of the metals from which they were then minted.

Religious influences

Meanwhile, various religions emerged and moralistic clerics variously ruled against the charging of interest. It was described by its detractors as “usurious” and generally immoral; today, “usury” is only applied to excessive rates of interest. The principle of charging ordinary, non-abusive interest is commonly accepted.

Other religions, unfettered by qualms over interest, were effectively granted a monopoly in banking from which today’s monoliths grew. Along with these massive banks, the economies dependent on them continued to grow as well. Today interest is seen as an indispensable part of banking.

Something from nothing

The fact remains that interest is merely a way of creating “wealth” from nothing, certainly no productive process. And interest is naturally inflationary: it is often clearly visible that the rates charged by central banks generally match their local inflation rates, with inflation being the vital factor in the affordability of any long-term loan, the monetary value of which rapidly diminishes due to inflation.

This is an important point: long term loans such as mortgages are generally affordable because inflation will ultimately eat away the “real” cost of the monthly payment. A $1,000 monthly payment today will be much less, in real terms, 20 years from now. As long as you can afford your current mortgage payment, it should get easier to pay with time.

A recent (post 2008 crash) peculiarity of the banking system was the reduction of prime interest rates to around zero, followed by the innocuously named “quantitative easing.” This innocent term actually masked the wholesale printing of money, replacing that generated by interest, to support the perceived values of stock market while also supporting continued inflation at relatively low levels.

Importance to cryptocurrencies

What does this mean for digital currencies, which, unlike fiat currency, has no underlying interest rate? If anyone wants to lend Bitcoin or another such currency to somebody else, that’s between the lender and borrower.

However, the nature of cryptocurrency is that, on the whole, its value constantly increases due to it being a finite resource – it cannot be created willy-nilly by a https://cointelegraph.com/news/bitcoin-may-change-it-all-brief-history-of-interest-inflationcentral bank. Another way of looking at it is this: as fiat money becomes less valuable due to inflation, digital currencies become more valuable relative to fiat ones.

This principle makes it difficult to justify “cashing out” one’s crypto holdings. When a deflationary asset (cryptocurrency) is sold to buy an inflationary one (fiat currency), it becomes far more difficult to buy back the digital currency that you initially sold. We’ve all heard stories about folks who sold Bitcoin a year or two ago to purchase mundane items, only to dearly regret it later. This implies <Continue Reading>

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Bitcoin Shatters $7k Barrier After Futures Trading Announcement by CME Group

Bitcoin continued its five-day surge, rising from $5,750 on Oct. 28 to just over $7,000 at press time on the GDAX exchange. The currency’s definitive smashing of its most recent all-time high and the $7,000 barrier seems to be tied to its increasing integration in mainstream finance.

Futures and derivatives

Just yesterday, the CME Group, World’s Largest Options Exchange, announced they will begin trading in Bitcoin futures by the end of 2017, pending regulatory approval. CME Group is the largest options and futures exchange in the world, and owner of Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade and part-owner of the Dow Jones Indices.

Following the announcement, Bloomberg reported that CME’s imprimatur makes Bitcoin “legit” in the world of mainstream finance. CME becomes the latest mainstream player to jump on the Bitcoin bus, following the Chicago Board Options Exchange’s (CBOE) announcement that they will trade Bitcoin options and futures, and LedgerX’s opening of their regulated Bitcoin futures market.

ETF?

The trading of Bitcoin futures on regulated markets, particularly by major entities such as CBOE and CME, make it exceedingly likely that a Bitcoin exchange-traded fund (ETF) could be possible in the near future. When the SEC rejected the Winklevoss Twins’ attempts to register such an ETF earlier this year, the regulator pointed out that it might revisit its decision if regulated futures markets should arise.

Sky is the limit

With Bitcoin’s increasing acceptance by Wall Street financiers and traders, the sky is quite literally the limit for the digital currency. While Bitcoin’s $116 bln market capitalization is large by the cryptocurrency world’s standards, it’s minuscule in comparison to <Continue Reading>

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Bitcoin Hits New All Time High as CME Group Announces Futures Trading

Bitcoin has hit new all-time price highs on its ninth birthday today as CME Group announces futures trading.

Investors still celebrating the weekend’s record-breaking $6,300 have little to fear this Halloween as renewed momentum coming from CME takes Bitcoin within reach of new heights.

Bitcoin Hits New All Time High

The move appeared broadly expected Tuesday even without the news, analyst Tone Vays and investor Max Keiser both predicting imminent peaks.

According to data from Bitcointicker, Bitcoin advanced 2.1 percent in the 24 hours to press time to hit $6,300.

The latest surge, which began late last week, initially pulled major altcoins along with Bitcoin, but the trend has since faltered.

Bitcoin Cash, in particular, has reversed the top of its gains which saw the fork hit multi-week highs approaching $500.

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Bitcoin Related Jobs Booming Along With Bitcoin

International employment marketplace Freelancer has noted that Bitcoin-related jobs are the highest growers, hitting 82 percent growth in the third quarter alone.

Work relating to Bitcoin, Blockchain, and other related markets is skyrocketing as the cryptocurrency currency heads towards the mainstream, pulling in more and more to feed the ecosystem.

The company’s periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform.

ICO boom

Freelancer notes that a lot of the growth is coming from companies that are looking for freelancers to design new coins, essentially helping them launch ICOs.

“People are getting freelancers to design new types of cryptocurrencies,” Matt Barrie, CEO of Freelancer, said.

One of the main skills for which companies are looking is the ability to manage an ICO. ICOs have been seen to be highly lucrative, and many are popping up all over the place. However, recent regulations have slowed down the frenzy.

It is not only the developers and designers of these new coins that are in such high demand for new ICOs according to Freelancer. Employers are looking for people to create new cryptocurrencies but also to write proposal plans for technologies employing Blockchain.

Cryptography

The related field of cryptography saw the number of job listings rise 59 percent in the third quarter, according to Freelancer. Cryptography is essentially the underlying theory upon which the Blockchain and by extension Bitcoin is based.

It is not only useful in cryptocurrency, but it is also a skill that has played a significant role in Internet security and privacy.

Job quality

Not only is their a higher demand for crypto-workers, but the jobs on offer are also decidedly better than most in a similar field.

A report done in September found cryptocurrency jobs pay, on average, 10 to 20 percent more than the industry norm. Further, they offer better benefits.

Second, cryptocurrency companies have far more <Continue Reading>

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Now More Than 120 Cryptocurrency Hedge Funds

The explosive growth of cryptocurrency values has drawn in some of the investment world’s biggest players – hedge fund managers. Over the past six months, the number of crypto-focused hedge funds has exploded, moving from around 70 in August to more than 120 at the end of October.

In the last year alone, according to CNBC, more than 90 cryptocurrency funds have launched, bringing the net total to 124. These funds have more than $2.3 bln under management, with a third of the total using venture-capital style investment strategies.

The most notable addition among these is the $500 mln fund launched by Galaxy Investment Partners founder Michael Novogratz. The famous investor has publicly shared his view that lots of money can be made with digital currencies, even as the market moves.

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Paypal Co-Founder Says Bitcoin is Underestimated, Compares to Gold

Billionaire venture capitalist and PayPal co-founder Peter Thiel has been a long time proponent of Bitcoin. At the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel once again reiterated the potential of Bitcoin, stating that people are underestimating it.

Long time Bitcoin supporter

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. In a speech at the University of Chicago’s Booth School of Business, he stated that unlike PayPal, Bitcoin had actually succeeded in creating a currency.

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Digital gold

Peter Thiel believes that Bitcoin could be digital gold and take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable.

It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left. <Continue Reading>

5 Cities That Let You Buy Real Estate with Bitcoin

Bitcoin is a next-gen, all-digital currency that’s already a global phenomenon.

Developed with high levels of security and anonymity in mind, it’s touted as a potential replacement for paper- and coin-based money in the near future.

Some industries, including real estate, are capitalizing on this emerging trend by letting clients buy property via Bitcoin. It’s a significant departure from tradition, but it’s one that is quickly gaining momentum.

1. Miami, Florida

A Miami man recently made news by selling his home in Coral Gables for over $6 mln — or approximately 1,600 BTC.

The steep selling price is enough to rattle the headlines, but Bitcoin has been a part of the Miami real estate market for several years. Although it was only launched in 2009, tech-savvy real estate agents, investors and buyers quickly embraced the new cryptocurrency.

Realtors in the area are confident that South Florida — particularly Miami — is an ideal market for Bitcoin. They cite the worldwide reach of Bitcoin as a primary factor in driving increased interest and attention to the region. Using an alternate form of currency opens up properties to buyers and investors from all over the world, including Asia, Canada, South America and more.

2. Dubai, UAE

The United States isn’t the only country to capitalize on the growing Bitcoin trend. A developer located on the Isle of Man recently announced plans for a joint residential-commercial development valued at $325 mln. Prospective residents will be able to use Bitcoin to purchase their property, with studio apartments starting at 33 BTC and one-bedroom apartments from 54 BTC — or approximately $250,000.

Some of the development’s units have already been sold for modern currency, but the remaining residential properties are reserved for Bitcoin purchases. Commercial units are not currently available for purchase via the popular cryptocurrency.

3. New York, New York

Investors and real estate agents in The Big Apple also believe Bitcoin is the way of the future. The team with Magnum Real Estate is assuming a huge risk by accepting Bitcoin for deposits and purchases for recently converted apartments in Manhattan’s East Village. Known as Liberty Toye, the property represents a huge shift in the way we conduct business this century.

Real estate investment trusts have been looking to diversify their portfolios this year, and New York City provides the ideal launching ground. Known as an entrepreneurial-minded city that isn’t afraid to take risks, we already see homes and apartments available for Bitcoin. It’s only a matter of time until commercial buildings follow suit.

4. Lake Tahoe, California

The popular vacation destination of Lake Tahoe accepts Bitcoin, too. An unnamed buyer recently purchased a 1.4-acre property with Bitcoin on a 42-site resort. The undeveloped property sold for $1.6 mln, or 2,739 BTC, making it the largest Bitcoin-driven real estate transaction at the time it happened in 2013.

According to reports, the Bitcoin purchase was originally the buyer’s idea. While we haven’t seen any further developments involving Bitcoin in the Lake Tahoe real estate market, the sale shows off the potential of digital currency in the industry and opens the way for future deals in both the residential and commercial sectors. <Continue Reading>

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