Overview of the Week: Bitcoin back over $9000, heading to $700K!

The Independent predicted a Bitcoin price
crash, reports abounded of a 9mln Kanye West-twitter-follower-crash… no signs of either. It was all FUD! Kanye West still has 27 million followers
and Bitcoin is back over 9000, following a minor dip after a two week run of uninterrupted
gains Here is your overview of the week! MIT wrote a plan to destroy Bitcoin (and its
pretty dystopian) First, a government takeover of Bitcoin
The creation of a Federal Reserve-backed coin A.K.A FEDCOIN:
A new blockchain *cough* Big Brother *cough* It would have financial institutions as the
nodes, not P2P networks. Second, Facebook stealth takeover, Third, Make Bitcoin “irrelevant”, by drowning
it in a sea of other coins: Facebook coin, Instagram coin, Mcdonalds coin—you get the
picture So how do we defend Satoshi’s dream? Capitalize on its advantage: “Bitcoin transactions
are anonymous and impossible to censor.” But the NSA is already attempting to link
people with Bitcoin addresses MIT concludes:
The fight for decentralization was never going to be easy Investor John Pfeffer goes beyond Tim Draper’s
prediction of $250k, saying Bitcoin could hit $700k
But he only gives it a 1% chance of happening and doesn’t say when. “As an investor, what interests us most
at this point is that Bitcoin might become the dominant non-sovereign currency,”
So what’s his argument? Bitcoin can replace all of the $1.6 trillion
dollars of gold and become a more reliable store of value. But Pfeffer has bigger dreams for Bitcoin
It could displace the $12.7 trillion in foreign reserves
He calculates that this would eventually lead to Bitcoin hitting $700k. So, take his advice and don’t be a no-coiner
“Buy the ticket, take the ride.” By the time you hear this, the 17 millionth
bitcoin has been mined—a major milestone for the cryptocurrency
It means that about 80% of total supply has already been mined
Satoshi Nakamoto mined the first bitcoin on Jan. 3, 2009, and the first million was mined
in 2016 Only 21 million can ever be mined, creating
digital scarcity. But It will never actually reach 21 million
units, because on May 17, 2011, maverick miner “midnightmagic” – inexplicably – claimed a
49.99999999 block reward, and not a full 50. Although the future isn’t certain, it’s
still a worthwhile celebration In the words of one developper: “Another million
down four more to go.” Bill Harris, short-lived CEO of Paypal claims
crypto is “a scam… a colossal pump-and-dump scheme, the likes of which the world has never
seen,” useless as a means of payment, is extremely volatile, and has “no intrinsic
value.” Well, Bill we know what YOU are— but what
is Bitcoin? He also emphasised the criminal exploitation
of resource-hungry mining and ICO scams, etc. Alright, we get it Bill, being fired sucks,
what has Bitcoin ever done to you? Harris asserted that even average joe Bitcoiners
are basically breaking the law, not paying capital gains tax. Through his rage, dear old Bill seems to be
mixing Bitcoin up with other crypto assets and completely ignores the reason for Bitcoin’s
existence i.e the godammn 2008 financial crash. Harris was only in position for a month at
Paypal, so it seems reasonable to assume he doesn’t really understand the internet, nevermind
the internet of money. His successor Peter Thiel lasted a bit longer
as CEO of Paypal, Thiel is famously a Bitcoin Bull, not a no-coin-fudmeister like Harris. If you’re watching this Bill, please feel
free to watch our explainer videos, don’t be shy, help is at hand. Crypto exchanges have found Paradise. Malta to be exact. The majority of cryptocurrency trading now
happens on the mediterranean island nation. Malta wants to boost its economy by becoming
one of the world’s most crypto friendly places. Recently the world’s largest crypto exchange
Binance said it was moving to Malta. According to Morgan Stanley: “Many exchanges
may have users in a certain country, but this is often not where the company has chosen
to legally register,” While lots of exchanges are moving to Malta,
most of them are still based in the U.K., Hong Kong and the U.S. Zhao Changpeng, founder and CEO of Binance,
has been on the cover of Forbes, is worth an estimated $2billion, but now is being sued
by top VC firm Sequoia over a funding deal gone bad. According to court filings, Zhao and Sequoia
entered negotiations regarding a deal for an 11% stake for $80 million. The deal broke down when bitcoins price soared
last december. Another VC firm IDG Capital then approached
Zhao with a higher offer. Did Zhao cheat on Sequoia with IDG Capital? Binance, which trades in around 2.5 billion
a day, doesn’t need the money. What they want from VC firms is help working
with regulators to secure operating licenses. Thanks for watching
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anyway! And remember to hodl!

8 thoughts on “Overview of the Week: Bitcoin back over $9000, heading to $700K!”

  1. ohhm is cointelegrah a bitcoin sect media? decentralisation from central banks ohm for them right….

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