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BITCOIN and The Cryptos
new thread for Crypto traders

Comm, kaw na bahala lipat kung sa ibang lugar sya nararapat
...nice Big Grin
...crash na cryptos

European stocks dip, bitcoin crashes below $10,000

Europe's major stock markets mostly churned lower Wednesday, January 17, as investors took their cue from downbeat sentiment in Asia, while Wall Street resumed its upward trend.

Virtual currency bitcoin meanwhile dived, falling below $10,000 for the first time in 6 weeks in what one analyst called a "cryptocalypse" that saw several digital units take a hammering.

London stocks "opened on the back foot following downward trends in the US and Asia, signalling a shift in global sentiment as traders opt to lock in profits following the latest rally," noted Russ Mould, investment director at online stockbroker AJ Bell.

Adding to the gloom, disappointing earnings eclipsed takeover activity in the British capital.

Publisher and conference organizer Informa revealed it was in talks to buy rival UBM to create a giant worth more than £9.0 billion ($12.4 billion, 10.1 billion euros).

The deal is aimed at accelerating growth and slashing costs, the companies said in a statement. But investors were unconvinced, sending Informa shares tumbling more than 9%.

The FTSE 100 was also punished as poor results from luxury fashion giant Burberry and publisher Pearson sent the two companies' share prices diving by seven and five percent respectively.

'Cryptocalypse' for bitcoin

Bitcoin fell below $10,000 for the first time since early December, as the leading cryptocurrency extended Tuesday's 15% slump.

The fierce selling also spread to other alternative digital units, with ethereum, ripple and litecoin all losing about a quarter of their value Tuesday.

Bitcoin is down from record highs approaching $20,000 in the week before Christmas, having rocketed 25-fold over the year before being hit by concerns about a bubble and worries about crackdowns on trading it.

"It's been a Cryptocalypse overnight with BTC (bitcoin) and other virtual currencies coming under heavy selling pressure," said Greg McKenna, chief market strategist at AxiTrader.

But Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers, sounded a slightly positive note, saying:

"Not all hope is lost. The cryptocurrency market is privy to these wild swings and seasoned veterans in this space have seen this happen many times previously.

"Not saying that it couldn't be different this time but every major correction has been followed up by a rally more powerful than the last."

David Cheetham, chief market analyst at XTB also warned against burying bitcoin prematurely.

"There have been numerous occasions when a sell-off in Bitcoin has prompted non-believers to rush in with declarations of the speculative bubble bursting, and each time they have been wrong," he said.

But "crypto bulls" were still "in very real danger of getting badly burned with a substantial further decline ahead entirely feasible", he added.

...good article, good read for those who know only a little bit of info on bitcoin

Bitcoin too good to be true?

As of this writing, one bitcoin is already equivalent to $10,338. Late last year, it reached an all-time high of $19,783.06. Still, it was a meteoric rise from just $2.00 in December 2011.

The average daily volume of bitcoin is $40 million and its global market value is around $213 billion. In the Philippines, monthly trading volume is now estimated to be about $6 million from only $2 million in the previous year.

Indeed, bitcoin, the world’s largest cryptocurrency, is the newest buzzword in the market. We often hear of people making and losing tons of money on bitcoins within a single day of trading. Bloomberg reported on Tuesday that bitcoin was down 25 percent and its rival cryptocurrencies, ripple and ethereum, sank as much as 40 percent and 26 percent, respectively.

Bitcoin is essentially a virtual currency (VC), which is any type of digital unit that is used as a medium of exchange, a veritable currency that exists in the digital world. Unlike cold hard cash, VC is not backed by any underlying asset. It is neither issued nor guaranteed by any central bank or government. The fluctuations in price is colossal as it is dependent solely on supply and demand.

Nobel laureates, business tycoons and government leaders have been lining up to caution buyers. Russian President Vladimir Putin weighed in on the debate and said: “If you invest, the risk is on you. Today you invested everything, and tomorrow everything is lost.” Robert Shiller, a Nobel laureate, professor of Economics at Yale University and an expert in market excesses, said that bitcoin was the biggest financial bubble of all time. He said we might return to the dark ages because there was very little clarity concerning the cryptocurrency. The chair and CEO of JP Morgan, Jamie Dimon, was famous for calling VC a “fraud” that “would eventually blow up.”

Our own Bangko Sentral ng Pilipinas (BSP), while recognizing the existence of VCs, has been cautioning the investing public. It said buying VCs presented a highly speculative and risky undertaking, which might result in huge financial losses. To minimize the risks to the investing public, the BSP strongly encouraged existing and prospective VC users to deal only with BSP-registered VC exchanges and maintain only a sufficient amount of cryptocurrencies enough to address transaction requirements.

On the other hand, many governments such as Japan and Germany have issued favorable cryptocurrency regulations. In Germany, tax laws provide an exemption from the 25-percent tax on profits for bitcoin that has been held for one year. In Japan, a new law was enacted authorizing the use of digital currency as a method of payment, essentially granting it the same legal status as fiat currency. In America, the US Commodity Futures Trading Commission recently announced that financial firms including the CME Group, CBOE and Cantor Fitzgerald would list financial products offering exposure to cryptocurrencies.

Is cryptocurrency for real or is it another global financial fiasco waiting to happen? This is a global issue involving, as it should, issuers and investors based all over the world. Before it is too late, the world’s regulators must immediately take a united stance on the matter once and for all. In the meantime, the investing public is advised to exercise extreme caution regarding the acquisition, possession and trading of VCs or dealing with VC-related offers.

Uy may house blessing ba dito?
Binyagan natin  banana


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...every trading ay we will have a news or two on Bitcoin...pag wala ka bitcoin, basher ka...pag meron ka bitcoin, hyper ka  Tongue  always the rule, also true sa stocks and in any other investments

90% of bitcoin's value could get wiped out, Wall Street veteran Peter Boockvar warns

Wall Street veteran Peter Boockvar predicts an epic crash will hit the cryptocurrency market.

He isn't sure if it'll come to a grinding halt or be a slow and steady drop — but he says it's coming.

Boockvar, chief investment officer at Bleakley Advisory Group, is certain crypto is in a giant bubble, and the air is already coming out.

"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now."

Boockvar, a CNBC contributor, contends bitcoin is in danger of dropping 90 percent from current levels. He calls it a classic bubble.

"I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added.

That's where bitcoin, the largest cryptocurrency player, was trading less than 12 months ago. Friday afternoon it was trading above $11,000.

Boockvar sees the collapse coming in tandem as interest rates rise around the globe. He blames central banks, including the Federal Reserve, for the cryptocurrency craze due to their easy money policies that were designed to ease the effects of the global financial crisis.

"You have to wonder if we never heard of quantitative easing, would there have been cryptocurrencies?" Boockvar asked rhetorically in Thursday's interview.

Once the cryptocurrency market cracks, he contends, investor attitudes toward risk assets will change. According to Boockvar, the stock market could see collateral damage, but it would all be based on psychology — not on anything that's fundamentally wrong with the economy.

...ayan na guidelines

SEC prepares guidelines on initial coin offerings

THE Securities and Exchange Commission (SEC) will be releasing within the year guidelines for companies seeking to conduct initial coin offerings (ICOs).

SEC Commissioner Emilio B. Aquino, who also heads the agency’s Enforcement and Investor Protection Department, said the commission is now drafting the new guidelines.

“We need to act now because ICOs are sprouting globally, not necessarily in the Philippines. We want also to come out with our own set of regulations,” Mr. Aquino said in a press briefing at the Philippine International Convention Center in Pasay City on Monday.

He said the commission will be talking with financial technology (fintech) groups from the United States and Australia to come up with a model on how to regulate ICOs, given that no concrete guidelines have been set in other jurisdictions.

“We are sitting down with a fintech group from the US, we’re also sitting down with the Australian group to present to us some of their models… In short, we are sharing notes,” Mr. Aquino said.

Some companies and individuals around the world are using ICOs to raise money for their businesses and projects. Typically, investors in ICOs exchange currency such as US dollars or cryptocurrencies in exchange for a digital asset called coin or token.

Authorities in China and South Korea have already banned coin offerings, citing the heightened risks of scams.

In the United States, SEC Chairman Jay Clayton in a statement last December warned that some coins could be considered as securities and would be in violation of securities law if not registered.

Bloomberg reported start-ups have raised around $450 million in ICOs in January, citing Coinist. In 2017, ICOs raised $3.8 billion.

Mr. Aquino said the SEC is considering the inclusion of an “accredited investors plan” in the new guidelines, which it says would ensure investors participating in the ICO have the necessary background to understand the transaction.

“We would like to believe that some people, with certain levels of financial literacy, will understand the risk of investing. We might consider that, it should be somebody who understands the risks involved,” Mr. Aquino said.

SEC Director for Markets and Securities Regulation Department Vicente Graciano P. Felizmenio, Jr. noted the guidelines for ICOs would have similarities in principle with the new rules for crowdfunding, scheduled to be released within the first quarter.

“There are some basic principles that apply to an ICO. One because there is a public offer, then it would be covered by the SRC (Securities Regulation Code) for raising the funds. It just so happens that it is related to cryptocurrency… So the same exercise, but the focus would be different… because in this case the idea about the cryptocurrency itself is very much important to understand,” Mr. Felizmenio said.

In the absence of these regulations, companies seeking to conduct an ICO in the Philippines would have to comply with the SRC and disclose to the SEC all material information related to the investment.

“We’re not altogether banning ICOs. So long as you’re able to comply, you submit to us, we feel that investor protection issues are duly addressed and we get to see our investors, and then of course following strict disclosure requirements under the SRC, then more likely we will allow it,” Mr. Aquino said.

The SEC last week stopped the ICO of online marketplace KROPS, headed by businessman Joseph H. Calata, for failing to register the securities with the commission. A cease-and-desist order was served on KROPS, as well as Black Cell Technology, Inc., Black Sands Capital, Inc., and Black Cell Technology Ltd., which have been taking part in the ICO.

With the investigation on KROPS, Mr. Aquino said all other companies that have conducted ICOs but did not register with the SEC will be considered illegal.

The commission is now in the process of investigating entities that conducted such transactions without their knowledge, and will look into complaints from investors. 


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