Tag: bitcoin

This Coin Beats All!

Posted on by Aibek Burabayev

Aibek Burabayev - INO.com Contributor - Metals


Break Rules, Change The World!

Indeed, we are living in an exciting time of dramatic changes in our world. Nowadays, when you talk about the channel, it can be YouTube, not MTV. When you need a ride, it can be Uber, not a taxi. When you are going to shop it can be on Amazon or Alibaba, not at Wal-Mart and we can count on further changes in the future.

By the way, Uber is the largest taxi company, but it has no cars, same as Alibaba which is the largest retailer, but it has no stores. Today I want to review the currency that has no controlling government, but has the value, the value that people are ready to pay for with real fiat money.

Cryptocurrency, digital currency, virtual currency are all the names of Bitcoin (BTC), the digital asset as described in Wikipedia. It doesn't matter what you call it as long at it performs well. Let's look at how it has been behaving for the last year on the chart below. Continue reading "This Coin Beats All!" →

Mt. Gox's Downfall Shows the Power of Creative Destruction: Erik Voorhees Interview

Posted on by The INO.com Team

Bitcoin evangelist and Coinapult Cofounder Erik Voorhees gives us his thoughts on the demise of Mt. Gox and losing nearly $300K in Bitcoin… why cryptocurrency exchanges are a threat to government and the banking industry… what really happened with China’s "ban" on Bitcoin…and advice for investing in cryptocurrencies.

Here are a few excerpts:

"You know, Mt. Gox was … really the first Bitcoin exchange. They got started by this hacker guy who put it together and was suddenly running a $100 million Bitcoin exchange. That's sort of a recipe for disaster. … This is the ultimate creative destruction of capitalism. There's a huge market opportunity for people who know how to do this right, to step in and do it—and already we have exchanges that are better run than Mt. Gox." Continue reading "Mt. Gox's Downfall Shows the Power of Creative Destruction: Erik Voorhees Interview" →

Is Bitcoin The New Gold Standard?

Posted on by The INO.com Team

The last month or so has been an interesting one for Bitcoin (BITCOIN:BITSTAMPUSD) believers. No doubt you have heard about the collapse of Mt.Gox, the largest Bitcoin exchange in the world and the missing millions.

If the collapse of the Mt.Gox exchange was not enough, Newsweek announced to the world that they have tracked down the mystery man who they claim invented Bitcoin. The gentleman’s name is Satoshi Nakamoto and it has long been assumed to be the pseudonym for the man (or woman) who created Bitcoin. Satoshi Nakamoto subsequently denied that he was the brains behind Bitcoin, so the mystery continues, or does it? You would think with a major Bitcoin exchange collapsing, all the controversy and lost funds, Bitcoin would have collapsed to zero, as everyone rushes to cash out their virtual currency.

But oh no, the opposite appears to be happening when you view the recent Bitcoin (BITCOIN:BITSTAMPUSD) market action. One thing is for sure, the Bitcoin market is not going down anytime soon based on the technical charts that I look at.

This is a follow up post to my earlier Bitcoin post. Now you can see Bitcoin charts and quotes on MarketClub and on our public website, INO.com. The truth is, Bitcoin trades just like any other market, including gold.

Is Bitcoin the new gold standard?

Chart Legend & Technical Picture For BITSTAMPUSD (Black Numbers)

1. Classic base
2. Classic chart breakout
3. Double top
4. Double bottom
5. Downtrend line
6. Double bottom
7. Watch for breakout
8. Trade Triangles

Bitcoin (BITCOIN:BITSTAMPUSD) technically looks a lot like gold did after it made its double bottom last December. The key level to watch in this market is a break over (5) on the chart. Any move over $700 should be viewed as extremely bullish for Bitcoin, signalling a move to test the $1,000 area.

Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub

Bitcoin Bites The Dust

Posted on by The INO.com Team

The Bitcoin world is in turmoil this morning as Mt.Gox, once the largest Bitcoin exchange (based in Japan) in the world, closed its website amid rumors of the biggest hacking heist of all time.

You may remember that Bitcoin was created as an alternative currency and that it took some serious programming and algorithms to create it.

This morning there were allegations that there has been a $350 million hack at Mt.Gox. Mt.Gox appears to have closed its virtual doors and may no longer be in business. Bitcoin insiders have been bracing themselves for weeks against something like this happening, but the magnitude of the virtual heist has shocked even the most astute Bitcoin observer.

This morning there are people speculating that Bitcoin (BITCOIN:BITSTAMPUSD) is the biggest scam and Ponzi scheme ever developed in the virtual world, but I am going to withhold judgment as, quite frankly, we do not know all the facts. This may be the end of Bitcoin or may be just a big bump in the road for this virtual new currency-the jury is still out. Continue reading "Bitcoin Bites The Dust" →

Do You Know What Bitcoin Is?

Posted on by The INO.com Team

In a recent Bloomberg phone poll, 46% of Americans had no idea what Bitcoin was, while 42% knew that it was a virtual currency. Even funnier was the fact that 6% thought it was a new iPhone App and another 6% thought it was an Xbox game. I found that poll amazing, as I was sure that more people knew what Bitcoin was.

Exactly what is Bitcoin and how does it work?

Bitcoin is the world's first decentralized digital currency. Originally outlined in a paper by Satoshi Nakamoto in 2008, the Bitcoin network was developed and the first Bitcoins were released in 2009. This experimental cryptocurrency process claims to conduct quick, freeze-proof, irreversible chain of digitally-signed transactions in any country, without using a financial institution as an intermediary.

Bitcoins are predictable and limited in supply, unlike that of centralized currency. The total amount of Bitcoins in circulation is set to top out in 2140 at 20 million coins.

This open source, peer-to-peer payment network and digital currency uses public-key cryptography for security. Users send payments by broadcasting digitally signed messages from their "wallets" that transfer ownership of Bitcoins to another user. Then a decentralized network of specialized computers called "Miners" verify and time stamp all transactions using a proof-of-work system. The operators are then rewarded with transaction fees and newly minted Bitcoins.

Do you own any bitcoins?

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Bitcoin was first noticed due to its use in illegal activities. In 2013, the FBI shut down the Silk Road online black market and seized $28.5 million worth of Bitcoin from the alleged mastermind. More recently, they have gained traction in the investing community and can be used to buy everything from pizza to a Tesla car. Even with its volatile exchange rate, do you think Bitcoin will be able to overtake current forms of currency and change the way people use money online?

Every Success,
Jeremy Lutz
INO.com & MarketClub.com