Academy award-winning composer Hans Zimmer has created an anthem for TRON, founded by the controversial entrepreneur Justin Sun, a prominent figure in the cryptocurrency space known for his brash personality. The Tron Anthem by Zimmer, dubbed the song for the “Web3 Generation,” aims to encapsulate the trials Sun has faced, amidst Sun being sued by […]
Bitcoin News
Gold Bug Peter Schiff Predicts Bitcoin’s Swan Song, Heralds ‘Spectacular Collapse’
Europac’s chief economist and known gold proponent Peter Schiff compared the gold and bitcoin rallies, explaining that the latest gold price pullback allowed bitcoin prices to pump. Nonetheless, Schiff believes that bitcoin will collapse spectacularly while gold prices will continue to rally.
Peter Schiff Predicts Bitcoin’s Swan Song
Peter Schiff, chief economist at Europac, has given his take on the recent gold and bitcoin market movements. According to Schiff, the pullback that gold prices are experiencing after reaching all-time high levels last week opened a window for bitcoin prices to increase in tandem.
Stating he was admittedly bashing bitcoin, Schiff declared:
This could be Bitcoin’s swan song. The speculative frenzy around spot Bitcoin ETFs will end soon. Bitcoin’s collapse will be more spectacular than its rally.
He also criticized CNBC reports on the market movements calling bitcoin “digital gold” as other cryptocurrencies rallied as part of a marketwide pump. “Are all those tokens digital versions of gold too? In reality, none are digital gold, just modern-day digital versions of fools’ gold,” he concluded.
Schiff contrasted bitcoin market movements with those of gold, saying the gold rally was real. In a subsequent post on X, Schiff stressed that the pullback of gold to 00-level prices derived from natural profit-taking and speculative shorts entering the market.
He explained:
The rally likely caused some speculative longs to exit and shorts to enter. But I’m sure the shorts will cover on this pullback and the real buyers who drove the price above K will push gold to new highs.
According to his thesis, gold prices are rising due to the upcoming crash of the dollar and the U.S. economy. These elements drive world powers to ramp up gold purchases as the “most viable alternative” to the U.S. currency.
What do you think about Peter Schiff’s opinion on the latest bitcoin price rally? Tell us in the comments section below.
Peter Schiff Back Bashing Bitcoin Hodlers With More Whale Song
Sometimes you get the feeling that certain industry pundits would rejoice if Bitcoin and crypto markets crashed and everyone got wiped out. New ideas and technology frightens a lot of people, especially the old school types that have made their money in other investments.
Bitcoin Holding Steady
We are now into the fifth day since the epic market surge that briefly took BTC back to five figures again. A little has been added since yesterday but Bitcoin is still consolidating around the ,300 level. Aside from a brief dip below ,100 yesterday there has been no attempt to break out of this channel.
Spending some time on crypto twitter you get the impression that some would actually revel in a massive collapse of digital assets. Peter Schiff is one of those characters that appear to post just to get a reaction, and he usually does. He almost changed stance on crypto last week but is back on the attack again.
His latest comments are still suggesting that the entire Bitcoin market is being manipulating by whales that are feeding off the ambitions of the hodlers.
“Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!”
Bitcoin hodlers won't sell as they believe they'll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!
— Peter Schiff (@PeterSchiff) October 29, 2019
This makes sense partially in that there has been a bit of pumping and dumping by day traders but this usually occurs during periods of consolidation. There is also the notion that this can apply to any market such as stocks or gold. Anyone with enough of the asset can cause wider market movements through manipulative tactics.
Hodler to Whale
What Schiff fails to realize is that Bitcoin has ‘mooned’ a couple of times in recent years so those hodlers would have got rich if they sold at the right time. Additionally hodlers usually have more faith in the technology than day traders who are just looking for a quick buck.
This belief in Bitcoin will prompt them to buy back at lower levels which is known as accumulation. If this is repeated over time through a number of market cycles the hodlers will soon become whales themselves.
Crypto analyst ‘Rhythm Trader’ pointed out that there is another ethos to holding Bitcoin and that is freedom from the current financial system which, and Schiff agrees, is totally flawed.
“Bitcoiners don’t see it as a get rich quick scheme Peter, we see it as a get free quick scheme. It’s one of the only tools to escape this Orwellian future.”
Not sure how that fits in with the goldbug’s latest rhetoric but he has been singing the same tune since BTC was in double digits.
Image from Shutterstock
The post Peter Schiff Back Bashing Bitcoin Hodlers With More Whale Song appeared first on NewsBTC.
Maximum Pain Joe Lubin, Jimmy Song Strike $500K Crypto Bet on Ethereums Future
The terms of a much-hyped bet between Joe Lubin and Jimmy Song have finally been settled and a lot of money is on the line.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Bitcoin Educator Jimmy Song Isn’t A Big Fan Of Ethereum (Or JP Morgan Coin)
Over the past weeks, some of the world’s largest institutions, namely Facebook and JP Morgan, have announced intentions to launch blockchain ventures. While many crypto enthusiasts have welcomed this news, there’s one caveat, these projects are likely going to be centralized beyond compare.
And to some, this simple fact isn’t something to be excited about.
Ethereum, JPM Coin, FB Coin — It’s All Permissioned
In a recent debate at South By Southwest 2019 — a tech-heavy, crypto-friendly conference held in Austin — Jimmy Song argued that there are only two subsets of blockchain technologies: private (permissioned) and public (permissionless). In reference to the whole “if you control your own keys, you control your own Bitcoin” argument, Song explained:
“You either have control over your stuff or you don’t. It’s a zero or a one… Blockchain is really useful for bitcoin. Everything else has a central point of failure.”
Per CoinDesk, the longtime Bitcoin educator and industry commentator then went on to draw attention to Ethereum, noting that he believes it is entirely permissioned. He cites the hack of The DAO, especially the part of the story where developers and other stakeholders reversed the effects of the game-changing imbroglio through a blockchain rollback.
Decentralized: no one can take your property away.
Centralized: someone gives you permission to keep possession of said property.
That's why decentralization is binary, not a spectrum. You either have self sovereignty over your own property or you don't. There is no in between.
— Jimmy Song (송재준) (@jimmysong) March 14, 2019
While Song didn’t explicitly mention cryptocurrencies backed by corporate America, like Jamie Dimon’s newfangled stablecoin or the rumored social media-centric offering from Facebook’s bustling blockchain team, his logic can be extended here.
As the Bitcoin Core client developer isn’t a fan of Ethereum, it would hard to argue why he would be amicable towards JP Morgan’s iteration of Quorum, a private ledger based on Ethereum’s technologies.
Related Reading: Facebook’s “Crypto” Currency Expected to Add Up to Billion in Revenue
Some Crypto Insiders Beg To Differ
Although Song is vehemently against centralized blockchain systems, some industry insiders have been a bit more open to the concept. Per previous reports from NewsBTC, Ari Paul, the founder of BlockTower Capital, noted that while the so-called “coporatecoins” will operate in an intranet-esque fashion, they aren’t all bad per se.
Paul 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 could double in size, no questions asked. Not only would this bolster adoption, but this influx of users would also increase Bitcoin’s network value, thus increasing the actual value of BTC.
Featured Image from Shutterstock
The post Bitcoin Educator Jimmy Song Isn’t A Big Fan Of Ethereum (Or JP Morgan Coin) appeared first on NewsBTC.
Bitcoin Price Analysis: BTC Back above $4,000, Jimmy Song Confident
Latest Bitcoin News
The fall from 2017 peaks was a test of resilience and even dashing for those who bought on “dips”. Though the technique called Dollar Cost Averaging may work, last year’s meltdown coincided with a cool off period weeks after the Bitcoin and altcoin market rallied to new highs. No doubt, the 74 percent retracement shook retail investors to the core. To quantify, there was a radical re-valuation and the total market cap shrunk 85 percent from peaks of 5.6 on Jan 6, 2018, billion to just over 5 billion on Dec 31 was a momentum of reckoning. A testing period weeding out speculators from enthusiasts.
But still, according to Jimmy Song–Bitcoin Educator, Developer and Entrepreneur, Bitcoin is king and because it rides on disruptive technology, “real disruption means that there’s bound to be significant volatility.” Even though prices slowed down, there was widespread adoption as the Bitcoin Gospel spread across the world reducing price volatility. Remember, during this period, altcoin prices dropped 90 percent after printing highs in late 2017 and early 2018.
Jimmy Song insists that there is a gulf between the king of crypto and altcoins. Bitcoin is an epitome of decentralization, a digital asset that the SEC has endorsed as a utility. In his opinion, the coin “has been in the enviable position of allowing the market to determine what’s desirable instead of some central authority.”
Bitcoin (BTC) Price Analysis
BTC prices are back to green, and after a period of consolidation hours before surging off from ,700-800 support—which is also the 61.8 percent Fibonacci retracement level as laid out in our previous BTC/USD trade plan, prices are likely to expand above ,100.
As aforementioned, BTC price expansion of Jan 1—2300 HRs, 6.5k versus 2.2k, is a confirmation of increased market activity and subsequent price increment between Dec 17 to 20 albeit with lighter volumes. This is normal and often print during consolidations.
Note that BTC prices are moving within Dec 28 high low and in a clear uptrend. Therefore, for prices to re-test ,000, there must be firm conviction from buyers. This means any break above ,100 must be at the back of above average trade volumes although aggressive traders can still buy at spot prices with stops at ,800.
Our Bitcoin (BTC) Trade plan is as follows:
Buy: ,100
Stop: ,800
Target: ,500, ,000
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Price Analysis: BTC Back above ,000, Jimmy Song Confident appeared first on NewsBTC.
Jimmy Song Highlights Decentralization as Key to Success of Bitcoin Over Altcoins
n Against Bitcoin, ICO tokens and altcoins battle with centralization, says developer Jimmy Songn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Joe Lubin and Jimmy Song Make Bitcoin Bet Over Blockchain ‘Magic Dust’
The ethereum evangelist and bitcoin maximalist battled it out after Amber Baldet’s startup pitch didn’t strike the right note.
CoinDesk
Bitcoin Dev Jimmy Song Is Now at Blockchain Capital
Blockchain Capital has announced that Jimmy Song, a bitcoin core developer, has joined the blockchain firm as a venture partner.
CoinDesk
Jimmy Song: Cryptocurrencies Like Bitcoin Demonstrate Real Value of Developers
Jimmy Song, a prominent Bitcoin developer and the principal architect behind Paxos, has recently stated that cryptocurrencies like Bitcoin demonstrate the real value of developers and developer activity. Earlier this year, Ivey Business School professor JP Vergne revealed in a study that the best indicator and predictor of the exchange rate of cryptocurrencies is the … Continue reading Jimmy Song: Cryptocurrencies Like Bitcoin Demonstrate Real Value of Developers
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