Ep 235: Is This The Last Moonshot of 2017?

This week Darren is back from his trip to Arizona and he is fired up to talk about crypto! The prices of everything but Bitcoin SegWit is up. This past week the difficulty of the Bitcoin SegWit chain increased by 15%, Coinbase has started offering Bitcoin Cash, and BitPay has announced they will support multiple blockchains starting with Bitcoin Cash. We also talk about South Korean exchange Youbit needed to declare bankruptcy following a hack. Finally we discuss the future of money and what it could mean for crypto.


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BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

https://blog.bitpay.com/multiple-blockchains/

“We’ve received repeated requests from merchants and users over the years to support additional blockchain payment methods. Many of the top alternative cryptocurrencies’ blockchains make their own innovations on the features which have made Bitcoin great for payments. These range from faster transaction confirmations to greater payment privacy.

Allowing our merchants to accept payments on other blockchains will open up new customer bases to our merchants.

We will continue to build on the Bitcoin blockchain without interruption. We’re examining every option we can use to allow Bitcoin users to continue to affordably and reliably pay for the things they need, including the current development efforts on the Lightning Network.

We are already working in various parts of our platform to support transactions with SegWit. Segwit is a new set of features in Bitcoin which can reduce the bitcoin miner fee cost for transactions by over 40% on average. However, with average transaction fees already around $20, we understand that Bitcoin alone cannot handle the current demand for blockchain payments.”

Coinbase opens up Bitcoin Cash trading on December 19th ahead of Jan 2018 schedule
Within 4 minutes of listing, trading of BCH was temporarily halted after quoted prices were nearly $9,000, more than $6,000 above the market cap price of $2,900.
Today Coinbase announced it will start an investigation to see if any employees might have violated it’s insider trading rules in the run-up to it’s surprise listing of Bitcoin Cash.
The current Bitcoin Cash price is $4,125 or over 70% rise in 24 hours.  The Bitcoin Cash 24/hr hashrate compared to Bitcoin Segwit has approx doubled to 14.2%.

Bitcoin Segwit Difficulty adjusts up 15% on December 18 increasing unconfirmed transactions


More Bitcoin Segwit futures opened up this week.
After Cboe launched Bitcoin futures on Dec 10, Bitcoin rose 20%.
This week saw the launch of Bitcoin futures from CME Group on the 17th as well as futures via TD Ameritrade for select clients available through Cobe on the 18th.

Youbit exchange to declare bankruptcy after alleged North Korean Hack
Youbit announces it was hacked on Dec 18th of approx 18% of its cryptocurrencies.  Users are suspended from trading and withdrawing holdings. This is the second major hack of this platform, the first occuring in April 2017 when it was known as Yapizon to the amount of 4,000 Bitcoins.

Anonymous sources via Reuters report this hack is similar to the one back in April that had ties to North Korea, however Youbit via a representative denied that this attack originated from there.

December 18th also saw the White House officially named North Korea being behind the May 2017 WannaCry attacks.


300 Million Tethers Issued in the last week.


Charlie Lee sold all his lightcoin.


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Crypto Market Report 001 and Is Bitcoin a Bubble?

This is the Crypto Market Report brought to you by Neocash Radio dot com.

Is Bitcoin a Bubble? Is this like the dot com boom and bust? A critical look at these ideas and more following the Crypto Market Report.


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Crypto Markets are down across the board.

Bitcoin is seeing sub $2000 prices with Poloniex leading the exchanges on volume with the Ripple and Ether pairings on top. The Poloniex BTC/USDT pairing dropped as low as $1600 earlier today. Koreans are still paying a premium with Korean exchanges showing prices over $2400.

Looking at Ethereum, Korean exchanges are topping the volume charts with 30% the market volume and a price premium of $180. The latest news is that one of the biggest Chinese exchanges Huobi is adding Ether today.

Dash is back under $100 but just as bitcoin and Ethereum, Korean exchanges are trading at $120.

Most other coins and tokens are down 20-45%


There are many like it but I’m linking to a recent Forbes article that begs the question is Bitcoin a Bubble? I will attempt to answer it for bitcoin and crypto currencies at large. No, it is not a bubble. As we discussed in episode 208 of Neocash Radio, what you are seeing is the next stage of mass adoption, not the iphone in every hand stage but an earlier stage. Think the first wave of internet capable phones. You know the 1x years where internet was text based and highly pixelated. That’s the stage that crypto is in now. The User Interface of most clients is unrefined and strictly functional. Just installing the software for some coins requires a modicum of IT knowledge and confidence. It’s rough, it’s sometimes dirty, and it can be challenging but it works. It works so well that we have a massive influx of new users and new money.

The dot com bubble saw a rise in financing for a vast array of internet ideas and solutions. Many of which did not pan out. In that sense this is exactly like the dot com scenario. You have hundreds of blockchains competing for a piece of the future pie. Many of the projects have little more than a minimal viable product. Some have little more than a white paper. Many will fail and several others will usher in a new age of digital humanity.

There are many differences between the dot com era and today. For one, with many blockchains you have a level of transparency that allows anyone to scrutinize every transaction. Secondly, the software is open source and is often reviewed by numerous experts. Third, the core community is a tenacious, intelligent and often unforgiving. Many in the community have seen or felt the sting of a scam, rip off, or simply a bad trade. They will see the red flags and they will shout. There are very few places to hide and the fickle marketplace can giveth just as quickly as it taketh.

As I mentioned in the Crypto Market Report, Coinbase has had a massive influx of new accounts each potentially bringing with it a fiat to crypto transaction. The crypto markets are being flooded with fiat from many as of yet untapped sources like Korea, Japan, and Australia to name a few. JPMorgan, Toyota, and Fidelity are also investing in blockchain technology. This is not a bubble. It is the next wave of mass adoption. This trend will continue. This is my imperfect forward-looking assessment:

  • There will be a surge upward that generates news and attracts new money
  • New traders buy in pushing the trend higher
  • New heights cause a mix of euphoria and trepidation
  • The wave crests – a decline will happen locking most of the money in the market (who wants to sell for a loss right after getting in?)
  • Repeat but now those new traders are seeing gains – some cash out and are replaced by new money, some double up

Its organic, massive, and nigh unstoppable. Welcome to the future.


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Neocash Radio has been at the forefront of crypto currency news coverage since 2013. We are self funded, independent, and the show comes out every Wednesday and runs anywhere from 30 to 60 minutes. We cover all the coins, tokens and chains. Subscribe to our podcast on Google Play Music / iTunes / Soundcloud / Stitcher / iHeartRadio / YouTube / Podcast Addict and more!