Crypto Explosion vs Implosion, Dr. Doom & Non-Killer Whales | Hodler's Digest



another strange week in the world of crypto we had predictions of market explosion and implosion a giant Bitcoin rats on Wall Street Veta like Butera joking about a financial crash and claiming he wasn't a billionaire in addition to this Google released a commercial for its call service which essentially doubled as a district who is it it's the electric company they said your bill is super high right well cryptocurrency mining takes a lot of energy that money's not real yeah well I got used to money isn't real you'll live that left a plastic surgeon led group but South Korean exchange bit hump start-up investor in surgeon kim byung gun paid 350 million dollars for 50% plus one share of BTC holding company the largest investor in bid humps operator there was also a market fault following a sell-off on Thursday over six billion dollars was wiped off the market also this week three blockchain startups are featured in CNB c–'s top 100 startup loose Roger ver flirts was starting an exchange whales are not responsible for volatility you are and Doctor Doom fight someone from the Fantastic Four ladies and gentlemen I am Mike and this is your weekly hog lers digest the upstart 100 CNBC's list of 100 promising young startups features not one but three blockchain base startups themed a Global Payments platform haste and a company that deals with business-to-business payments and of course shape-shift competition is tough the startups were selected from over 500 nominees and evaluated based on equally weighted quantitative metrics the list features every kind of company from blockchain to AI and even electric toothbrushes oh look up there it's Bitcoin Jesus on a hill and he's got a big announcement to start its own exchange according to CEO Roger ver they plans to either buy an existing exchange or develop an exchange in-house if we build it ourselves we can do it really really cheap and we get exactly what we want but we don't have the security of a battle-tested exchange that's been around for a while unsurprisingly in an effort to boost abduction Burke wants to make Bitcoin cash the base currency as it faces its own hard for minutes burr plans to post the exchange on Bitcoin comm so we'll have thousands or tens of thousands of new users every single day but what to call the exchange well Twitter had some good suggestions two dramatic headlines caught our eye this week one from crypto heaven and one from crypto hell firstly Ron knowing are proclaiming that Bitcoin is about to explode the second new research with an alarmist warning the crypto market is on the verge of imploding if toddlers go to see first man this weekend they might not see Ryan Gosling playing you armstrong going to the moon but rather Ryan Gosling playing Bitcoin going to the moon toddlers like Ron knowing her for example and his parents his faith in a rally anticipates a successful Bitcoin ETF and is based on his analysis that the price surged last year was on the back of the expectation and launch of a cash settlement Bitcoin futures contract following the CM e launch in December of last year Bitcoin soon hit its historic high of 20 Cape Norris sees parallels between Bitcoin futures and a Bitcoin ease yet but the latter is a way bigger deal we spoke to Ron noina and why he's so positive about Bitcoin the markets come down a hell of a lot I'm not sure if it's the bottom I think it may be near the bottom specifically for Bitcoin though I don't think that most alts have flattened out yet and so you take that and you overlay it with all the institutional investment to unwrap some old friends that have been both thing is like custodian solutions sings like institutional grade exchanges and you take all of them you so you know that plus the potential of an ETF you know if you're a betting man you kind of have to say that in the long term it's safe I'm not saying that bitcoins not going to go down it could go down to fifty eight hundred and maybe even fifty five hundred but I don't really care because I'm not buying it on a on a short term horizon the flip side of it is that if we if we look at the the movement in Bitcoin last year and specifically I look at the period from November 11th when Bitcoin was trading and around about six and a half thousand dollars to December 2017 where Bitcoin was trading at about $20,000 or just under what we can see is that you know if the price that started running if all these things do fall in place then the pressure on is gonna be very quickly so the way I do the calculation is I say I'm the downside my downside is pretty limited maybe Bitcoin goes to five five maybe it goes to four five on the op side I've got all the upside in the world and I am a believer in blockchain and I am a believer in Bitcoin and so it it made sense to start investing some conservative money into the corner and now whoo – crypto he'll run for safety hollers the market is about to implode well that's if you believe Juniper research who have just published a report the future of cryptocurrency Bitcoin and all coin trends and challenges 2018 – 2023 the ominous warnings show numerous metrics that indicate market implosion for example falling transactions volume from late last year to now and the failure to rally following the impending trade war between China and the US and brexit we spoke to dr. Windsor Holden who conducted the study for Juniper research to begin with you've got a macro indicators and it's lost about 2/3 of its value at the same time you've seen significant reductions in overall Bitcoin transactions because peak activity it was straining the network to the point where you were to 500,000 transactions a day at one point and you were seeing an average of you know well over 360,000 that you're now seeing transaction volumes around about 230,000 a day a large number of the casual users of the cryptocurrency have moved out of the space there isn't any intrinsic value in Bitcoin and this is where that this is the crux of the matter it has no value outside that small ecosystem and at some point that bubble which has been created is going to implode now it might take a year it might take two years it might take slightly longer but do I see it going back to the peaks that it's experienced before no the opportunities are there for blockchain technology across a whole host of verticals but when it comes to replacing fiat currency that's that's a significant job you've got a huge behavioral shift to to drive their getting people to pay with something that that they're not accustomed to there's a whole heap of trust issues there that you have to overcome and when it comes to payment and something that isn't necessarily backed or recommended by leading by governments by retailers that that's that's a big ask in an attempt to effectively force feed the Pedro to ordinary Venezuelans the Maduro government now requires passport fees to be exclusively paid in crypto the cost to petros for a new passport and one pet for an extension to put that in perspective the average wage in Venezuela is four times less than a cost of a passport field Venezuelans abroad are not expected to pay in petros vice president del C Rodriguez announced in a press conference in the case of Venezuelans who are abroad until the first day of November the cost will be $200 for issuance and $100 for extensions it is estimated that about 5,000 Venezuelans flee the country every day some of them put their life savings in crypto to avoid violence extortion and the effects of hyperinflation one way to create demand for a currency is to force people to pay in that currency I mean one thing is to index something to the currency right but I don't see how there is no payment mechanism in petros it doesn't exist so so you might say look the price of a petrol is X and so you owe me X but you would pay with your debit card your your bank account whales are not the killers they appear to be according to new research they are not responsible for price volatility blockchain research firm chain alysus looked at the 32 of the largest Bitcoin wallets representing 1 million Bitcoin or 6.3 billion dollars Wales who owned a considerable sum of crypto are often blamed for price volatility but what the data is showing is that only 1/3 of Wales or active traders while these trading Wales certainly have the capability of executing transactions large enough to move the market they have on net trade against the herd buying on price to clients the research team divided the Wales into four groups number one traders they were the most active with over two billion dollars in Bitcoin the majority entered the market in 2017 number two miners trading activity extremely low but they did sell in late 2017 when prices hit record highs 15 investors currently hold the same amount as the traders number 3 criminals they hold about 7 90 million dollars in Bitcoin number for lost 1.3 billion dollars in lost and no transactions have been identified since 2011 ultimately the study found that Wales did not intensify volatility in fact quite the opposite Wales were in aggregate buying on declines and consequently whereas stabilizing rather than destabilizing factor on the market dum-dum-dum dr. doom is back dr. doom also known as economist Nouriel Roubini famed for predicting the 2008 crash delivered an appropriately doom-laden speech to the US Senate completely trashing crypto in his testimony for a hearing on crypto and blockchain he referred to it as the mother of all scans blockchain also wasn't safe from his wrath blockchain is the most overhyped technology ever it is nothing better than a glorified spreadsheet or database he did not stop there the name coins Rubini believes is a grave insult to manure if Roubini is dr. doom in this situation coin centers Peter Van Valkenburg is his nemesis so pretty much anyone from the Fantastic Four the director of research at the crypto lobbyists group defended blockchain from ruby knees multiple jobs networks powered by public consensus mechanisms mirror the early internet and may one day become as indispensable as the internet in facilitating free speech competition and innovation in computing services he went on public consensus mechanisms demand that users place trust in unknown third parties who are economically motivated to behave honestly because they have skin in the game and face competitive pressures who will win the battle for blockchain the evil Doctor Doom or the noble Peter Van Valkenburg also known as someone from the Fantastic Four for you what are the most important metrics when considering a market implosion or market explosion let us know in the comments below and as always like subscribe and huddle coin Telegraph like subscribe and huddle

12 thoughts on “Crypto Explosion vs Implosion, Dr. Doom & Non-Killer Whales | Hodler's Digest”

  1. why does it seem like these hosts are simply reading a script, and not really understanding what they are talking about? It's like I'm watching saturday night live.

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