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Tesla S Owner Uses Their Car to Mine Bitcoin

Just when Bitcoin miners thought mining on the phone and hydro mining were revolutionary, an owner of a Tesla S electric car model is using the free power from the supercharger of his vehicle to mine the leading cryptocurrency Bitcoin. To do this, the owner installed a Bitcoin mining computer in the trunk of the car. The mining rig is then charged by the car’s supercharger while it mines Bitcoin.

This is an interesting way to mine cryptocurrencies, but it could be very lucrative for the owner as his operating cost while mining the digital currencies is virtually zero. His only major investment is the cost of the mining rig itself, as well as the associated equipment and accessories.

Some issues on the innovative Bitcoin mining strategy

The exploration of innovative and creative methods of mining Bitcoin and other virtual currencies is always a very interesting endeavor because of the continuous increase in the price of the digital currencies, particularly Bitcoin.

The use of the superchargers of electric vehicles like the Tesla model could be a good idea, but some issues may arise. Among these concerns is the possibility that the mining rig could produce lots of heat that could damage the car’s internal parts over time. The car’s battery pack could also be easily damaged when used continuously for Bitcoin mining.

Despite its great potential and possibly good profits, Tesla or other electric car owners should decide carefully if they want to use this approach to mine cryptocurrencies due to its potential adverse effects on the performance of their cars.

Those who want to mine digital currencies may also want to explore other approaches in mining like the use of renewable energies like solar panels.

However, because they are still in the early phase of developments, these new technologies require a hefty upfront investment. Miners should be prepared to spend a large amount of money if they decide to mine Bitcoin using these methods.

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Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

Bitcoin has officially hit the $9,000 mark today, as the massive user adoption from hedge funds, soon-to-be-released futures markets and further increases in the number of users.

Ironically, many on the /r/BitcoinMarkets subreddit expected the price to drop over the Thanksgiving weekend, in part due to US banks being closed. However, over the past week the price had shown strength, consolidating in the low $8,000s. Twice the price briefly dipped into the $7,800 range, but those dips were rapidly bought.

Apparently people didn’t merely take advantage of Black Friday to buy TVs and electronics, but also stocked up on Bitcoin. The price began trending up yesterday as the market began adding volume, and today broke the next major psychological hurdle of $9,000.

More to come?

Thought many mainstream finance pundits regard Bitcoin as a bubble, the market has not shown any signs of a so-called “blow off top,” meaning a sudden and major reversal is unlikely at the moment. Bubble cycles often end with a massive spike in prices that’s almost immediately followed by an even larger sell-off.

The next major hurdle, and arguably the largest psychological barrier of all, is $10,000. However, that may not be as hard to breach as one might think, considering that the combined price of Bitcoin and Bitcoin Cash already well exceeds $10,000. That is to say, anybody who owned Bitcoin prior to August 1 and didn’t sell their Bitcoin Cash is already enjoying prices in excess of the next major target.

Analysts such as the normally bearish Tom Lee, founder of Fundstrat, are turning bullish. Lee recently indicated that his near term price projection is $14,000. He explains away the brief dip that followed the cancellation of SegWit2x as a shaking out of weak hands. At press time, Bitcoin’s price on the GDAX exchange was $9,439.

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Bitcoin Up 17%, Will it Achieve a New All-Time High in Short-Term?

Bitcoin price has risen by 17 percent within the past 24 hours, after dipping below $5,560 earlier today. Since then, Bitcoin price has stabilized at $6,450, recording a daily increase of around $890.

Triggered by the sell-off of major Bitcoin investors and the rapid surge in the value of Bitcoin Cash Bitcoin price plunged over the past weekend. However, as expected, Bitcoin price recovered relatively quickly as the Bitcoin Cash price declined from over $2,800 to $1,200.

Short-term indicators for Bitcoin price increase

The sell-off of large sums of Bitcoin in the past few days led to a domino effect, wherein traders started to panic selling their Bitcoin in fear of market uncertainty and a major Bitcoin price correction. Consequently, the daily trading volume of both Bitcoin and Bitcoin Cash surpassed the $10 bln mark, for the first time in history.

However, as Bitcoin has demonstrated several times in the past year, it has recovered significantly faster than most analysts had expected in the short-term to around $6,500.

Historically, after achieving a new all-time high, Bitcoin tends to correct itself to the point that is higher than the previous all-time high and initiate a new rally to achieve a new all-time high. For instance, when Bitcoin price achieved a new all-time high at $4,500 earlier this year, it corrected itself to around $3,300 and initiated a new rally which allowed it to climb to the $5,000 region.

A similar trend will likely occur in the upcoming weeks with the US market. The second largest Bitcoin market behind Japan is highly optimistic in regards to the entrance of institutional and retail investors into the Bitcoin market, alongside tens of billions of dollars in new funds.

CME Group and CBOE, two of the largest options exchange domestically and globally, will launch Bitcoin futures exchanges by the end of 2017, to provide an infrastructure and sufficient liquidity to institutional investors.

Previously, Mike Novogratz, the billionaire hedge fund legend, revealed that a herd of institutional investors are preparing to engage in Bitcoin trading. Such movement will be made possible with the launch of large-scale Bitcoin futures exchanges approved by the US Commodities and Futures Trading Commission (CFTC).

The approval of Bitcoin futures exchanges by CFTC is fundamentally different than the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in March of 2017 because the CFTC has already approved LedgerX to operate as a Bitcoin derivatives, options and futures exchange for retail investors. Thus, the approval of CME Group and CBOE to launch Bitcoin futures exchanges is guaranteed and is not conditional.

Billions of money on the sidelines to come to Bitcoin

Through strictly regulated Bitcoin futures exchanges, the so-called “money on the sidelines” invested in offshore banking accounts, wealth management products (WMPs) and traditional assets will migrate to Bitcoin in the mid-term. As Novogratz explained:

“I can hear the herd coming. I was just in San Francisco, met with a few big institutional investors and their still a ways away but they’re coming. Lots of funds are being raised and so I’m pretty confident to say that it [Bitcoin price] is going higher.”

Such movement will allow Bitcoin price to achieve new highs before the end of 2017 and potentially gear towards the $10,000 mid-term price target of highly regarded financial analyst Max Keiser.

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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 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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Wall Street Driving Bitcoin Price Higher, Says Bloomberg

Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.

In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:

Wall Street Driving Bitcoin Price Higher, Says Bloomberg

“I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”  <Continue Reading>

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First Bitcoin Documentary

China is a Bitcoin powerhouse. An Article by Willie Tan in Cointelegraph recently concluded that 70 percent of Bitcoin mining is located in China. The Chinese have taken to Bitcoin like fish to water and there is no reason why they shouldn’t. China and Bitcoin are like a match made in heaven. Cheap computer hardware, ample hydroelectric power and cool environs all make China the right place for a Bitcoin mine to be located. Recently the 2017 Shape the Future Summit was held at the Hong Kong Grand Hyatt Hotel between Sep. 20, 2017 and Sep. 21, 2017. The event had invitees from 80 enterprises in the Bitcoin industry but the main highlight of the event was the release of the first ever Bitcoin Documentary in China.

First Bitcoin Documentary – Shape the Future

2017 – Shape the Future is a documentary that charts the course of the world’s first digital currency, Bitcoin. The documentary produced by BitKan is supported by Bitmain, Huobi, Bixin and ViaBTC. It begins the story with how Bitcoin came into being and discusses the mysterious inventor of Bitcoin Satoshi Nakamoto. Just who was this man? Was he even a man or was it a group of men?

Shape the Future takes a uniquely Chinese perspective on the creator and the creation of the digital asset. Still, the question of who is Satoshi Nakamoto will perhaps forever remain a mystery. The film does explore the various possibilities and comes up with the usual suspects including Craig Wright. Xiaoxiao Sun, Bixin Operations Manager alludes in the documentary that the decision of Wikileaks to accept Bitcoin was what prompted Satoshi to evaporate into thin air.

Perhaps the most interesting comment on Satoshi in the documentary comes from BTC123 Founder Bill Mo who says, “Only when he (Satoshi Nakamoto) erased himself can BTC achieve the full decentralization.”

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Following the evolution of Bitcoin

The film takes a course that follows the evolution of Bitcoin from its nascent era into becoming a mainstream tradable asset. The coming of the age of exchanges, <Continue Reading>

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Bitcoin Beats Classic Cars, Art, Wines in Luxury Investment Index

As the Bitcoin price starts to regain its strength following the short dip it experienced in the past week, the latest Knight Frank’s Luxury Investment Index, which has risen in value by 5% over the past year, shows that certain luxe collectibles have been plummeting in value.

While this may not directly point at Bitcoin as the next and the most appropriate option to be embraced (it was not mentioned in the Index), the ranking which is based on third-party data that tracks the performance of a representative basket of high-end collectibles, rules out safe haven options such as residential property and gold as the best options for investment in recent times.

Tide is changing

Rather, the tide seems to be changing in favor of non-conventional collectibles like art or wine, based on its assessment of the performance of 10 key luxury investment sectors – cars, art, wine, coins, stamps, jewelry, colored diamonds, Chinese ceramics, watches and antique furniture.

Since early 2016, the value of wine has accelerated rapidly and has now overtaken classic cars which have seen lacklustre sell-through rates with a number of cars not fetching their low reserves at some recent high-profile auction sales, the report says. Wine prices grew by 25% in the last year and 231% in the past decade.

From dominating the rankings over the past few years, classic cars have only appreciated in value by 2% in the last year despite prices have risen by 362% over the past 10 years, while prices of watches have appreciated by 4% and 65% in the past 12 months and over the past decade respectively.

Using data from sources including AMR, Stanley Gibbons, HAGI, Wine Owners and the Fancy Color Research Foundation, the Knight Frank Luxury Investment Index, launched in 2013, calculates inflation like a consumer price index.

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Compared with what?

It puts, for example, prime central London property as having depreciated by 6% in the last 12 months despite the market having risen by 38% during the last 10 years. It also puts gold prices as having fallen by 5% though bullion prices have risen by a massive 362% since 2007.

Chinese ceramics have been down by 12%, continuing the downward trend over the past five years owing to the slowdown in the Chinese economy while prices of antique furniture fell by an average of 3% within the same period.

Colored diamonds have stagnated in price overall though blue diamonds have risen in value by 5.5% over the past year and since 2007, prices of stamps have risen by 103%, according to specialists Stanley Gibbons.

Fine art appreciated by an average of 7% and collectible coins rose by 4% over the past year though their prices have increased by 182% since 2007, with rare coins from Islamic countries cited as among the biggest risers.

Bitcoin stronger

Bitcoin prices, on the other hand, have risen more than 400% in the past 12 months. They started the year at about $968 and have increased to the current rate of over $4000. This is due to the various advantages digital currency brings over the fiat monetary system which imposes capital controls on the amount of money that can be transacted at a given time in some cases, and daily limits by banks and freezing of accounts in other instances.

Bitcoin also enables global reach, which is <Continue Reading>

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Senate 2018 Budget Adds $1.5 Trillion to National Debt: Bitcoin Bubble?

The US Senate Budget Committee has released its 2018 proposed budget for approval in the larger congressional body. The proposal will then be matched with the House proposed budget and worked out for final approval, before being sent to the White House.

Senate 2018 Budget Adds $1.5 Trillion to National Debt

The Senate proposal contains provisions that will increase federal spending for this year, adding a jaw-dropping $1.5 trillion to the national debt over the next year. Committee members have suggested that the tax cuts would produce economic gains, which would offset the total debt spending.

After 2019, the proposed budget would begin to cut non-defense spending, resulting in substantial budget savings over the next decade. The goal of both the Senate and House proposals is to balance the budget in that time.

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Bitcoin bubble?

After recent comments by the Federal Reserve officers regarding trust in the government, the new budget seems more confidence-eroding than building. While the government can continue to print money and increase the national debt (now nearly $19 trillion), Bitcoin is held at a fixed supply.

Multiple analysts have pointed out that as long as Bitcoin continues to increase in use cases and liquidity, the price per Bitcoin will inevitably increase. <Continue Reading>