Ripple price tested the $0.3400 resistance area on a few occasions against the US dollar.The price failed to break the $0.3380-0.3400 resistance and declined below $0.3200.There is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair (data source from Kraken).The pair could dip to test the $0.3050 support area before it could break to the upside above $0.3150.Ripple price seems to be preparing for the next bullish break against the US Dollar and bitcoin. XRP/USD could rally once it breaks the $0.3150 resistance area in the near term.Ripple Price AnalysisThis past week, we saw a nasty upward move in ripple price above the $0.3200 resistance against the US Dollar. The XRP/USD pair rally was triggered by the Coinbase Pro listing, but it faced a strong resistance near $0.3400. There were a few moves, with intermediate lows near $0.3150, but the price failed to clear $0.3400. There were most than two attempts to break the $0.3380-0.3400 resistance. As a result, there was a sharp decline and the price broke the $0.3250 and $0.3200 support levels.The last swing low was formed at $0.2984 and the price later recovered above $0.3050. There was a break above the 50% Fib retracement level of the last decline from the $0.3391 high to $.2984 low. The price even spiked above the $0.3180 resistance and the 100 simple moving average (4-hours). Having said that, sellers defended the $0.3230 level and prevented further gains. The 61.8% Fib retracement level of the last decline from the $0.3391 high to $.2984 low also acted as a resistance.At the moment, there is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair. The pair seems to be currently in the 5th wave, which could complete anywhere near the $0.3050 level. As long as the price is trading above the $0.3050 and $0.3000 support levels, there is a risk of an upside break. A close above the $0.3150 resistance could trigger bullish moves towards $0.3230 and $0.3300.Looking at the chart, ripple price has formed a solid support above $0.2950 and $0.3000. Therefore, there are high chances of an upside break above $0.3150 and $0.3180. Besides, bitcoin and Ethereum may also follow XRP if buyers gain pace above the $0.3150 resistance level in the near term.Technical Indicators4 hours MACD – The MACD for XRP/USD is slightly placed in the bearish zone, but it could move back in the positive zone.4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.Major Support Level – $0.3000Major Resistance Level – $0.3150
Archives for March 2, 2019
Bitcoin price corrected lower sharply after trading towards the $4,200 resistance against the US Dollar.The price declined below the $3,860 support area and tested the $3,620 support zone.There is a short term ascending channel or bear flag formed with resistance at $3,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair could slowly move higher as long as it is above the $3,760 and $3,720 supports.Bitcoin price started consolidating losses below $3,860 against the US Dollar. BTC/USD could rise again as long as there is no daily close below the $3,720 support level in the near term.Bitcoin Price AnalysisAfter a sharp rally above the $4,000 level, bitcoin price faced sellers near the $4,190-4,200 zone against the US Dollar. The BTC/USD pair declined heavily and broke the $4,000 and $3,860 support levels. There was a close below the $3,860 support and the price spiked below the $3,650 support level. It traded close to the $3,620 support level and recovered later. More importantly, there was no close below the $3,720 support and the 100 simple moving average (4-hours).The last swing low was formed at $3,628 and the price climbed above $3,760. It broke the 23.6% Fib retracement level of the last decline from the $4,191 high to $3,628 low. There was a proper close above the $3,760 level and the 100 simple moving average (4-hours). However, the price struggled to break the key $3,860 resistance (the previous main support). At the outset, there is a short term ascending channel or bear flag formed with resistance at $3,900 on the 4-hours chart of the BTC/USD pair.The pair could slowly move higher towards the channel resistance and $3,890. The 50% Fib retracement level of the last decline from the $4,191 high to $3,628 low is also near the channel resistance. Therefore, it won’t be easy for buyers to clear the $3,900-3,910 resistance area. If there is a proper close above $3,900, the price may rally towards the $4,000 barrier. On the downside, an initial support is at $3,760 and 100 simple moving average (4-hours). If there is a daily close below the $3,720 support, the price could move into a bearish zone towards $3,620 and $3,560.Looking at the chart, BTC price seems to be consolidating below the key $3,860 and $3,900 resistance. Until the price is below $3,900, there is a risk of another drop. Therefore, buyers seem to be cautiously bullish, but it might change if the price closes below $3,720.Technical indicators4 hours MACD – The MACD for BTC/USD is slightly in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 50 level.Major Support Level – $3,720Major Resistance Level – $3,900
ETH price traded below the key $139-140 resistance area for many sessions against the US Dollar.The price is trading with a bearish bias and there could be a few downward spikes towards $125.There is a key contracting triangle in place with resistance at $136 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair could trade higher, but as long as it is below $140, it is likely to dip towards $125 or $124.Ethereum price is struggling to gain bullish momentum versus the US Dollar and Bitcoin. ETH/USD could extend losses if it continues to trade below the $139-140 resistance area.Ethereum Price AnalysisThis past week, there were many attempts by ETH price to break the $139-140 resistance against the US Dollar. The ETH/USD pair failed to clear the $140 resistance and started trading in a range. However, most moves were bearish and the price declined below the $134 and $130 support levels. A new weekly low was formed at $127 and later the price recovered above the $130 level. There was even a break above the $135 level and the 100 simple moving average (4-hours).Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $166 high to $127 low. However, the upside failed near the $137-138 zone. Later, the price dipped below the $135 level and the 100 simple moving average (4-hours). At the moment, there is a key contracting triangle in place with resistance at $136 on the 4-hours chart of ETH/USD. The pair could spike above the triangle resistance and revisit the $140 resistance area. Above $140, the next key resistance is near the $146 level. It represents the 50% Fib retracement level of the last decline from the $166 high to $127 low.Having said that, a break above the $139 and $140 resistance levels won’t be easy. If there is a downside break, the price could decline below the last swing low at $127. The main support below $127 is near the $125 level, which acted as a solid resistance earlier. Below $125, the price could slide towards the $114 swing low in the near term.The above chart indicates that ETH price is consolidating in a broad range below the $140 resistance. In the short term, there could be swing moves, but it seems like the price could revisit the $125 support level.Technical Indicators4 hours MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.4 hours RSI – The RSI for ETH/USD is currently moving higher towards the 50 level, with a positive angle.Major Support Level – $125Major Resistance Level – $139
Mere weeks ago, JP Morgan Chase, one of the world’s largest financial institutions, shocked the crypto space. For those who missed the memo, the Wall Street mainstay unveiled plans to launch its own digital asset, based on the Ethereum-esque Quorum private ledger.Due to its premise, JPM Coin, as the cryptocurrency has been dubbed, was deemed to be a competitor to the offerings that SWIFT and Ripple (and XRP by extension) continually tout. But, Binance has overtly claimed that this might not be the case.But first, here’s a ditty about JP Morgan’s first notable crypto-centric product.Meet JPM CoinPer comments from Umar Farooq, the Wall Street bank’s blockchain division lead, the newfangled asset will be backed by physical U.S. dollars and will act much like stablecoins, but in a rather centralized manner.Eventually, the asset could extend its tentacles to a number of ledgers (both private and public) with interoperability protocols allowing for JPM Coin to be utilized in an array of different ecosystems. Farooq remarked that his team intends the venture to eventually be a multi-purpose asset for the bank’s operations, whereas “anything, where you have a distributed ledger, [that] involves corporations and institutions” will use the digital asset.For now, however, the JP Morgan executive made it clear that the novel venture is primarily intended to bolster the company’s internal international corporate transactions.Related Reading: JP Morgan Launches Pale Imitation of the “Fraud” that is BitcoinFarooq added that a “tiny fraction” of his employer’s daily corporate transactions, which purportedly amount to a nominal value of $6 trillion U.S., would be made through JPM Coin. Yet, he didn’t explain what the fraction would equate to. But as it stands, it is unlikely that the bank is poised to transact billions on their nascent centralized blockchain.Funny enough, JP Morgan’s in-house Bitcoin cynic and CEO, Jamie Dimon, noted that his firm’s cryptocurrency could eventually see use in retail outlets.Bank Crypto Not A Threat To XRP?While this project may have an innocuous premise, many crypto commentators quickly took to Twitter to remark that Ripple’s services and the XRP Ledger’s function could come under fire.Tom Shaughnessy, the principal analyst at Delphi Digital, remarked that JPM Coin is a “huge slap in the face for Ripple,” explaining that the fintech group’s cross-border payments and remittance efforts may go kaput.Yet, a report from world-renowned startup Binance claims that it isn’t cut and dried. In an in-depth study on the so-called “corporatecoin” and what it could mean for cryptocurrencies at large, the Malta-registered company’s research division noted that while JPM Coin has a decent value proposition and network, the asset is currently restricted for internal clients. Binance also added that it is “highly unlikely” that clients of competing institutions, like Citi, would actively use JPM Coin.Will JPM coin have potential implications for the crypto industry? @binanceresearch discloses their findings with an in-depth report.https://t.co/6X9uuX6R45 pic.twitter.com/tofBhhMF0h— Binance (@binance) March 1, 2019On the other hand, Ripple’s technologies built on top of the XRP Ledger could theoretically be adopted by any institution, as the fintech startup is mostly without conflicts of interest and the ever-competitive attitude of Wall Street.Binance Research even notes that Quorum, which can only process “dozens to hundreds” of transactions per second, is comparatively inefficient when put side-by-side with XRP and purportedly event SWIFT. After further mentionings of the raison d’etres of JP Morgan and Ripple, Binance concluded:“Overall, the two projects appear to have different focuses and potential applications in the short term. While there is currently no direct overlap on the functionality of the two initiatives, future developments on the reach of JPM Coin outside of its existing closed network will determine to what degree Ripple and JPM Coin will compete.”Featured Image from Shutterstock
At long last, incumbent corporations of legacy industries have begun to delve into cryptocurrencies, not just blockchain technologies. While Bitcoin (BTC) has continued to struggle, save for its relatively stellar performance over February, Wall Street darling JP Morgan and Silicon Valley’s Facebook have announced serious intentions to offer their own digital assets.Although the two multi-national enterprises seemingly have the best intentions, these offerings are inherently controversial. The ‘cryptocurrencies’ they intend to launch will be centralized, which goes against the raison d’etre that Satoshi Nakamoto touted from day one until his disappearance.Centralized Digital Assets May Spark Bitcoin AdoptionYes, that’s right, an argument has been made that centralized digital assets could spark Bitcoin adoption. Ari Paul, the founder of BlockTower Capital, noted that while the so-called “coporatecoins” will operate in an intranet, they aren’t all bad per se.1/ It’s increasingly looking like 2019 will be the year of the crypto intranet (or permissioned blockchains, or bankcoins and corporatecoins), whatever you want to call them.— Ari Paul (@AriDavidPaul) March 1, 2019Paul elaborates that while these assets are inherently “uninteresting” to fervent crypto crusaders, who are enamored with censorship resistance, immutability, security, and peer-to-peer systems, centralized cryptocurrencies will “increase global interest dramatically.”Laying out a hypothetical scenario, the BlockTower chief investment officer notes that 30 million of Facebookcoin users (10% of Paul’s hypothetical audience of 300 million) could eventually “stumble across Bitcoin,” meaning that the (decentralized) cryptocurrency’s community would double in size, no questions asked. Not only would this bolster adoption, but this influx of users would also increase Bitcoin’s network effects, thus increasing the value of BTC.He added that blockchain ecosystems propped up by traditional firms will also provide infrastructure and services that could be used “directly or indirectly” by permissionless cryptocurrencies. Thus, Paul concludes that while some are wary of the threat Facebook and JP Morgan pose to decentralization, their crypto forays could be a net benefit for the broader space.Tim Draper, a world-renowned venture capitalist that has long been a believer of Bitcoin, also made a similar point in an interview with Fox Business. The American investor noted that JPM Coin is “great news” for the broader crypto space. Although he did admit that the bank-backed coin, which he dubbed a clear “Bitcoin knock off,” is unlikely to do particularly well,” it was made it clear that this news should catalyze more public awareness of the flagship cryptocurrency.Related Reading: Tim Draper Paid $18 Million For His First Bitcoin Batch, What’s it Worth Now?Some Crypto Diehards Have Begged To DifferAlthough Paul’s point is sound, some decentralists have claimed that JPM Coin is a trojan horse, if you will, into the coveted society that is true cryptocurrencies.Max Keiser, an anti-establishment advocate that frequents RT, took to Twitter to overtly bash JP Morgan’s efforts. In a scathing comment, Keiser noted that Jamie Dimon showed up to a fight against Bitcoin with a “wet noodle,” this, of course, being the Quorum-based cryptocurrency that will likely be under the sole control of the world’s sixth largest bank.Libertarian Travis Kling, a Wall Street hotshot turned crypto hedge fund manager, told Bloomberg that JPM Coin resembles a Google Sheet or Excel spreadsheet, rather than a decentralized, permissionless network much like Bitcoin. Tom Shaughnessy, the principal analyst at crypto-centric research boutique, Delphi Digital (which recently merged with 51Percent Crypto under Morgan Creek Digital’s tutelage), echoed this sentiment. Shaughnessy simply quipped that the asset is centralized, and will provide scant transparency when it goes live.Brad Garlinghouse, the chief executive of Ripple Labs, took to Twitter to claim that the institutionally-backed stablecoin is much like launching “AOL after Netscape’s IPO.” This is evidently in reference to the earliest Internet browsers that garnered traction at the start of the Dotcom boom and bust during the turn of the millennia.Yet, this hasn’t stopped Dimon from pushing the venture, likely created in a bid to bolster his institution’s bottom line. Per previous reports from NewsBTC, the Wall Street chief executive recently remarked in a shareholders meeting that his company’s token could see use in consumer contexts, like in digital marketplaces. This idea wasn’t fleshed out, but Dimon let his comment sit with the public, as many netizens argue he is looking to stir controversy with cryptocurrency natives.Featured Image from Shutterstock
The QuadrigaCX imbroglio took a turn yesterday when Big Four Auditing Firm, Ernst & Young (EY) released its “Third Report of the Monitor” that asserts that they have identified six separate crypto wallets were used to store the exchange’s cryptocurrency.Unfortunately for embattled QuadrigaCX investors, the wallets did not contain any of the nearly $150 million in cryptocurrency that is still missing following the death of the exchange’s CEO, and the hunt for this missing crypto will continue on.Ernst & Young: There Have Been No Deposits into QuadrigaCX Crypto Cold Wallets Since April 2018 Aside from one inadvertent transfer into one of the wallets totaling at under $500,000, the report claims that there have been no deposits into the wallets since April of last year.“To date, the Applicants have been unable to identify a reason why Quadriga may have stopped using the Identified Bitcoin Cold Wallets for deposits in April 2018, however, the Monitor and Management will continue to review the Quadriga database to obtain further information,” the report explained.Importantly, besides a small fraction of cryptocurrency remaining in the addresses, there is still well over $100 million worth of customer’s crypto still missing.Furthermore, EY noted that they have thus far been unable to discover why the six wallet addresses had stopped being used by the exchange, but that they would continue to review their data sources in order to garner more info on where the funds were being directed to.“The Monitor has made inquiries of the Applicants as to the reason for the lack of cryptocurrency reserves in the Identified Bitcoin Cold Wallets since April 2018. To date, the Applicants have been unable to identify a reason why Quadriga may have stopped using the Identified Bitcoin Cold Wallets for deposits in April 2018, however, the Monitor and Management will continue to review the Quadriga database to obtain further information.”Ernst & Young did not discuss whether or not they know about any existing wallet addresses outside of the six aforementioned ones, and also did not discuss whether or not there are any cold storage addresses holding cryptocurrency besides Bitcoin.Could the Missing QuadrigaCX Funds Be Held on Various Crypto Exchanges?Recently, a research report published on the Zerononcense Blog claimed that they have identified the wallet addresses where the exchange was keeping their Ethereum, and that there is a “strong possibility” that there may be a significant amount of ETH being held on some major cryptocurrency exchanges, including Poloniex, Kraken, and Bitfinex.According to the report, there may be over 600,000 ETH being held in wallets on these exchanges, and that the now defunct exchange’s deceased CEO – Gerry Cotton – may have been moving the ETH to these exchanges while QuadrigaCX was operational.“Based on the transaction analysis included in the report, it appears that a significant amount of Ethereum (600,000+ ETH) was transferred to these exchanges as a means of ‘storage’ during the years that QuadrigaCX was in operation and offering Ethereum on their exchange… it is very possible that QuadrigaCX, the creditors, and other entities are unaware of this discovery,” the Zerononcense Blog report explains.Jesse Powell, the co-founder and CEO of Kraken, responded to the report on Twitter, explaining that none of the aforementioned funds are being stored on Kraken, and further adding that the possibility of these funds being held on exchanges is the “best hope that QCX clients have” of ever retrieving their lost funds.“This is the best hope that QCX clients have — that Cotten was keeping client funds in other exchanges. Unfortunately, nothing at Kraken. Hopefully, others are looking. Could be accounts were created under different names so might take some real digging to find.”This is the best hope that QCX clients have — that Cotten was keeping client funds in other exchanges. Unfortunately, nothing at Kraken. Hopefully, others are looking. Could be accounts were created under different names so might take some real digging to find.— Jesse Powell (@jespow) March 1, 2019Powell has been highly involved in the whole imbroglio since it first began, and Kraken just recently announced a $100k bounty for any information leading to the discovery of the missing funds.“Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing $190 million US dollars. Can you help us unravel the Curious Case of Cotton’s Coins?” The exchange announced in a recent tweet.Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing $190 million US dollars. Can you help us unravel the Curious Case of Cotton’s Coins?https://t.co/BurmEMKVku— Kraken Exchange (@krakenfx) February 28, 2019The entire crypto community will continue sitting at the edge of their seats as the situation relating to the status and whereabouts of the missing funds continues to unravel, but at this time the best hope for investors affected by the situation is likely that the missing funds are scattered about on various cryptocurrency exchanges.NewsBTC will continue to bring you the latest developments relating to the QuadrigaCX situation.Featured image from Shutterstock.
Music is a vital part of our daily lives. Beats pouring out of speakers, headsets, and across crowds set the tone for much of our routine. Yet, we often demand free content from artists, never thinking of the work that went into making even the simplest song. Streaming platforms like Spotify have formed a bridge between piracy and traditional sales models, but artists who don’t bring in millions of views per month are unable to make minimum wage – much less live comfortably while producing their music.
Artists who aren’t wrapped up in record deals make more per sale and stream, but their likelihood of success is lower and time investment is much higher. They have to manage their own production, marketing, distribution, and release more songs. Though this process is easier now more than ever thanks to cheaper equipment and cheap or free software, the industry is also much more competitive.
Everyone has hundreds of businesses and individuals vying for their attention throughout the day, and let’s face it, we are busier than ever. Indie artists may hold our attention for a week, but they tend to quickly fade from mind unless they demand a continued focus with constant new content.
We Crave Music, But We Don’t Want to Pay for It
Our insatiable demand for music is reflected in the number of subscribers across music streaming platforms and records purchased. In the last year, Spotify achieved their goal of 200 million Monthly Active Users (MAUs)–about 97 million of those users are subscribed to Spotify Premium, according to their Q4 annual report.
In conjunction with the rising demand for streaming services, however, users are beginning to shy away from purchasing records, a primary source of income for artists of all sorts. After all, why buy the CD or audio file when you can have the songs on demand? It just doesn’t make any sense to buy it. With Spotify Premium, you can even play songs offline.
Streaming Model Not Sustainable for Everyday Artists
So if some artists are starving, why do they keep facilitating the cycle? A simple explanation is: they don’t have a lot of other options yet. Record labels, middlemen (e.g. distributors, marketers, etc.), and middleware platforms (e.g. iTunes, Spotify, Pandora, etc.) take up as much as $0.85 on the dollar for music interactions.
Artists like Taylor Swift have lashed out at the negative practices for several years, culminating in Swift removing her music catalog from Spotify in 2014, only to return in 2017. Spotify tweeted the following the break-up.
— Spotify (@Spotify) November 3, 2014
Artists are paid an average of $0.00397 per song stream on Spotify according to DigitalMusicNews. This means that artists must have an average weekly stream count of 352,644 in order to make $1,400 per week. According to TechCrunch, Spotify and Pandora pay more than 70% of their earnings to record labels.
With an average song duration of just three-and-a-half minutes, Spotify users only contribute an average stream count of 429 songs per month—based on an average monthly usage time of 25 hours. If a single Spotify user listened to only one artist for their entire month, they would only give $1.70 to their favorite musician.
Music Industry Challenges That Can Be Addressed with Crypto and Blockchain
Some new crypto projects have been conceived in order to resolve the issues which plague the music industry. Until around 2015, the music industry was in a substantial decline. A combined effort from Spotify, Pandora, Apple Music, and other streaming services alongside both indie and large record labels helped change that, but artists aren’t the ones reaping the proceeds.
Several cryptocurrency projects are working toward decentralized royalties and copyright databases which allow artists to be reimbursed the second a song has been played. I’m not naming specific projects in order to avoid endorsing any of them, but there are a ton of “musictech” projects floating out in the cryptospace—and some of them pay as much as 85 percent in royalties directly to the artist.
Potential Artist Monetization Models
Superstar artists who paved the way for modern streaming platforms are reaping the benefits of early adoption while others who were unable to stand out are at a point which can allow them to bathe in the glow of disruption. Artists in the new era need new ways to make money.
Much like in esports, where content creators have had to find new ways to stand out and earn money, musicians must do the same. Artists may find the following ideas helpful as some crypto-based musictech projects approach fruition:
- Artist “Stock Exchanges” (Initially proposed by Michaela “Mickey” Shiloh—Here)
- Music success/popularity betting markets,
- Variable song quality sales through peer-to-peer Nntworks,
- Content creator partneships, for example, musicians partnering with streamers, YouTubers, etc.
- Remote benefit concerts with automated charity donations (think AR/VR, etc.),
- Community building and competitions,
- Licensing name, music, and image for platforms with gamification (e.g. CryptoKitties, etc.), for example: audio trading cards with a royalty per trade or view
- Seeking sponsorship from companies that align with their personal brand in exchange for representation (e.g. in music videos, live performances, etc.)
- Backing startups who decentralize music with the potential for higher royalty payments without record labels.
Most of these ideas can be implemented with pre-existing smart contract and blockchain technology. They key here is disintermediation—taking out the middlemen—and decentralization—sharing databases so the royalties “black box” ceases to exist. These royalties account for approximately $2.5 billion and over 47 million “Author Unknown” claims to the US Copyright Office since 2016.
If you can’t make a reasonable amount, stop whining and do something different or stop wasting your time on it. The modern age is rife with opportunity to control your own life, and the competition only gets harder from here. The world seeks out what they want as cheap as possible. Businesses want to make as much money as they can for minimal effort.
Set yourself apart by doing something different or you won’t see a difference. Crypto-oriented startup platforms are a great way to get in early and work toward success. You have to do your own research to find the right platform(s) for your needs.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN. The author owns a small amount of BTC and ETH.
Spotify Image from Shutterstock
For the umpteenth week in a row, a viable argument can be made that the crypto industry saw a solid seven days. Save for one or two shortcomings, the news cycle remains more positive than not, while the Bitcoin price has continued to bounce around in a tight range. Funny enough, fundamentals have continued to drastically deviate from the market.
Over the past seven days, Samsung confirmed the existence of a native crypto wallet, XRP was (finally) added to Coinbase, and Ethereum’s much-awaited Constantinople upgrade went live.
XRP is launching at https://t.co/bCG11KveHS and in the iOS and Android apps within the next 15 minutes. You may need to update your app to properly buy, sell or convert XRP. We will update when XRP is fully live. https://t.co/x2rM5R3S3y
— Coinbase (@coinbase) February 28, 2019
- Samsung Crypto Wallet Confirmed: Last week, NewsBTC reported that there was a high likelihood that the “private key storage for blockchain-enabled mobile services” was Samsung’s euphemism for a fully-fledged cryptocurrency wallet. Just days after our report, media began to report that at the Mobile World Congress in Barcelona, Samsung representatives took to the stage to divulge that yes, the Galaxy S10 lineup, had a built-in storage system for digital assets. In fact, it was revealed that the South Korean technology giant partnered with CosmoChain (COSM) and Enjin (ENJ) to embark on this venture. The two lesser-known altcoins posted double-digit gains (percentage-wise) as the news broke.
- XRP Added To Coinbase In Surprise Turn Of Events: After months, if not years of deliberation, Coinbase, the world’s most well-recognized crypto startup, added XRP to both its Pro and Consumer (.com) platforms. In the eyes of some industry commentators, this confirms that Coinbase believes that XRP isn’t a security token tied to Ripple, or that the startup determined that listing the asset would outweigh getting bashed by the Securities and Exchange Commission (SEC). This wasn’t the only non-cut and dried facet of this listing. In the hours prior to the listing, the cryptocurrency unexpectedly rallied, as Bitcoin remained relatively flat, leading some to claim that there was a likelihood of insider trading.
- Hacked Crypto Startup Cryptopia To Commence Operations (Again): Cryptopia, a New Zealand-based exchange that was hacked in mid-January for a purported sum of $17 million, has finally given an update on its situation. In a number of Twitter comments, the disgraced firm noted that at maximum, it lost 9.4% of all cryptocurrencies under its possession in the aforementioned hack, and plans to restart operations in the coming week. Cryptopia users rejoice (or maybe not).
- Square Sold $166 Million Of Bitcoin In 2018: Per Square’s (SQ) most Q4 2018 earnings report, the company, headed by the only and only Jack Dorsey of Twitter, sold a jaw-dropping $52 million worth of Bitcoin from October to December. This means that over fiscal 2018, the company sold $166 million worth of the flagship cryptocurrency. The Block estimates that 10,000 BTC was sold. Square’s recent report comes after Dorsey claimed that he is looking into integrating the Lightning Network into his company’s facets.
— Dennis Parker⚡️ (@Xentagz) March 1, 2019
- Singapore’s GIC Fund Revealed To Have Invested In Coinbase: Citing a number of sources familiar with the matter, Bloomberg reports that Singapore’s primary sovereign wealth fund, GIC, purportedly participated in Coinbase’s historic $300 million funding round that concluded in October 2018. For those who missed the memo, this round, which valued the now-XRP-friendly Coinbase at $8 billion, was led by Tiger Global and Andreessen Horowitz. So interestingly, Singapore’s involvement in the San Francisco-based company wasn’t initially disclosed.
- Facebook May Launch Crypto Asset In The Coming Months: Per a report from The New York Times, which cited information from five individuals privy to Facebook’s blockchain division, an asset created by the social media giant could see listing on traditional cryptocurrency exchanges, and in the upcoming months no less.
— ConsenSys (@ConsenSys) February 28, 2019
- Ethereum Constantinople Goes Live: At long last, Ethereum Constantinople, a blockchain upgrade centered around reducing Ether inflation and offering short-term scaling solutions, has gone live. Many argue that this upgrade is imperative for the long-term success of the popular smart contract platform, especially as competitors, like the yet-to-be-launched Dfinity and Cosmos, prepare to make a stand against Ethereum’s hegemony.
Featured Image from Shutterstock
You could say Warren Buffett is loaded for bear. The “Oracle of Omaha” says he’d like to make permanent investments in U.S. companies with decent long term prospects, but not while the U.S. stock market is so overpriced. Maybe he should buy Bitcoin instead.
Buffett Pines for ‘Elephant-Sized’ Acquisition
In his 2019 annual letter to Berkshire shareholders, Buffett wrote:
“In the years ahead, we hope to move much of our excess liquidity into businesses that Berkshire will permanently own. The immediate prospects for that, however, are not good: Prices are sky-high for businesses possessing decent long-term prospects.”
Buffett added that he and long-tenured Berkshire Vice Chairman Charlie Munger “continue, nevertheless, to hope for an elephant-sized acquisition.”
“Even at our ages of 88 and 95 — I’m the young one — that prospect is what causes my heart and Charlie’s to beat faster. (Just writing about the possibility of a huge purchase has caused my pulse rate to soar.)”
Would you just listen to the way Warren Buffett talks about investing? His description of anticipating a big asset purchase is so earnestly and frankly sensual. He is hilarious.
This guy’s writing graphic annual investment love letters to his company’s shareholders. I guess that shouldn’t be too surprising for a billionaire investor.
The bestselling book “Think and Grow Rich” by Napoleon Hill (a protege of American steal magnate Andrew Carnegie) suggests readers can grow rich by developing a “money consciousness.” But that would clearly be bested by Warren Buffett’s money sensuality.
What did you expect?
The man really loves investing.
And he loves having a heart.
In recent years, he has given away a considerable number of Berkshire Hathaway shares as donations to various charities and foundations.
Get on Warren Buffett’s level.
We Have an Equities Bubble. You’ve Been Warned.
But back to the point at hand: What have U.S. companies been doing with all those easy Fed notes since 2008?
Let Warren Buffett buy the whole thing cheaper than dirt? That $132 billion in liquidity is an unearthly amount of money, but you still can’t fit all the damage in that dragon’s belly.
Compared to the Federal Reserve’s business, those are rookie numbers.
So what then?
Keep pausing interest rate hikes and tank the U.S. Dollar?
Pressure’s on, Elon Musk.
We’re going to need you to start working more hours. You better look dog-tired all the time. We don’t want to see any more of you smoking blunts on hippy podcasts.
But Elon’s not the only one using technology to do what people thought impossible.
Warren Buffett Should Take an Honest Look at Bitcoin
If he wants a bargain price on something with at least decent long term prospects in line with his income and value approach to investing, longtime crypto skeptic Buffett should finally consider the possibility that Bitcoin is a sufficiently conservative investment with good long term prospects.
One can see why Warren Buffett reacts so reflexively against Bitcoin, at one point calling the cryptocurrency “probably rat poison squared.”
It’s a bunch of computer software people led by cryptography geniuses getting into finance.
And Buffett has directly profited, very handsomely from decades of the banking industry living unchallenged, in a bubble, protected by high barriers to entry for competitors.
“As of June 30, 2018, Berkshire Hathaway’s portfolio is substantially in financials at 41%. Berkshire has 12 financial holdings at the following portfolio weights.”
Who wouldn’t expect this guy to claw at Bitcoin? Just look at this portfolio weighting:
Wells Fargo: 12.81%
Bank of America: 9.79%
American Express: 7.60%
US Bancorp: 2.57%
Moody’s Corporation: 2.15%
Bank of New York Mellon: 1.79%
Goldman Sachs Group: 1.49%
M&T Bank Corp: 0.47%
Synchrony Financial: 0.35%
Torchmark Corp: 0.26%
Maybe I wouldn’t.
However, since he’s so invested in financial services and technology, a small investment in Bitcoin would actually be very consistent with his sizable holdings of 12 major financial companies.
An investment in Bitcoin would complement his other assets and have a lot of synergy potential with these companies. It would not be diversifying, which Warren Buffett has no interest in, but studying his own industry and learning its new ins and outs in greater depth.
Better late than never.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.