Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Topics - ZionRTZ

Pages: 1 ... 32 33 [34] 35

496

Cryptocurrency Trading / Bitcoin Oversold?

« on: December 11, 2018, 12:52:37 PM »

I am no TA expert but I find this article useful https://www.coindesk.com/bitcoin-oversold-on-weekly-price-chart-for-first-time-in-four-years

According to the article:

Quote

A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years.

The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015.

An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions.

Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs above $6,200 may have reached a point of exhaustion. As a result, BTC may defend the immediate support at $3,179 (200-week moving average) in the short-run.

Many experts also believe that RSI’s drop below 30.00 is followed by a strong corrective bounce. That’s not necessarily true as some markets enter into very strong trends, in which case the RSI can stay oversold or overbought for prolonged periods of times.

Notably, BTC’s ongoing bear market is looking quite resilient, as the sell-off is backed by strong volumes. Hence, a strong bounce could remain elusive for some time, despite the oversold readings on the 14-week RSI.

As of writing, BTC is trading at $3,390 on Bitstamp, representing a 2.3 percent drop on a 24-hour basis.

Weekly chart

The RSI dropped below the key support of 53.00 on the weekly chart in late January, signaling a bullish-to-bearish trend change. As of now, it’s holding in oversold territory below 30.00.

It is worth noting that RSI’s January 2015 drop below 30.00 was short-lived and BTC soon picked up a bid in response to the oversold conditions.

Daily chart

On the daily chart, the immediate outlook remains bearish as long as BTC is trading below the descending trendline.

BTC failed to cut through the diagonal resistance yesterday, adding credence to the bearish setup on the 3-day chart. So too, do the 5- and 10-day MAs which are trending south.

View
BTC could drop to the 200-week MA of $3,179 in the next day or two. That support, however, may hold ground, as the 14-week RSI is signaling oversold conditions for the first time since January 2015.
A break below the 200-week MA would bolster the bearish setup seen in the 3-day chart and open the doors to $2,972 (September 2017 low).
A high-volume move above the falling trendline (on the daily chart) would weaken the bearish pressure. A bullish reversal, however, would be confirmed only above $4,400 (Nov. 29 high).

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Question to all resident TA experts:
So what usually happens when a coin is oversold?

497

News related to Crypto / Major Crypto OTC Exchange in Korea: Gov’t Should Acknowledge Fidelity, Nasdaq

« on: December 11, 2018, 12:31:26 PM »

At the first official meeting between five of the biggest crypto exchanges and the government of South Korea, Cumberland Korea CEO Hong Joon-ki said that both the government and local financial institutions have to acknowledge the efforts of Nasdaq, Fidelity, and some of the largest conglomerates in the global market working to strengthen the infrastructure around cryptocurrencies.

Hong, who has been leading the operations of Cumberland, a major over-the-counter (OTC) exchange in South Korea, told government officials including several congressmen, members of the National Assembly, and Financial Services Commission (FSC) authorities that the government has to be aware of the rate at which the cryptocurrency sector is growing with the involvement of major financial firms.

In the third quarter of 2018 alone, the world’s two largest stock exchanges NYSE and Nasdaq along with the global market’s fourth biggest asset manager Fidelity established Bitcoin ventures such as futures markets and custodial solutions to drive cryptocurrency adoption and provide an easy way for institutional investors to invest in the market.

Local Banks and Institutions Have to do the Same
Throughout the past two years, only two major banks Shinhan and Nonghyup have focused on improving the infrastructure of the local cryptocurrency exchange market.

Shinhan Bank, the country’s second most valuable commercial bank, created a crypto exchange called Gopax equipped with the same trading engine used by Nasdaq with withdrawals and deposit support to and from all of the banks in South Korea.

With foreign financial institutions in the likes of Fidelity, Goldman Sachs, Morgan Stanley, Nasdaq, and NYSE aggressively expanding into the cryptocurrency sector, Cumberland Korea CEO Hong Joon-ki said that the government and the local financial sector have to begin leading initiatives to follow the global trend.

Hong said:

“In 1993, when I came to South Korea as a derivatives expert, the local market and the government considered derivatives to be dangerous and risky speculative vehicles. Fast forward nearly two decades, South Korea is issuing bonds and derivatives to enter overseas markets. Financial institutions in South Korea must seriously consider the cryptocurrency market and the government has to encourage financial institutions to serve cryptocurrency investors.”

The Cumberland CEO added that security tokens will drastically change the future of crypto and finance, and major hedge funds and venture capital firms have already started to initiate big bets on the security token market, as seen in the $28 million investment of Andreessen Horowitz in Harbor.

He added:

“The global cryptocurrency market will shift to security tokens quickly. Venture capital, hedge funds, sports teams, real estate, artworks, and various types of assets will become tokenized on the blockchain. Global financial institutions are entering the crypto market with the vision of tokenizing and digitalizing existing assets and they are expanding their initiatives.”

Impact on the Long Run
The involvement of Nasdaq, Goldman Sachs, FIdelity, and other institutions in the cryptocurrency market may not have had any impact on the short-term price trend of cryptocurrencies.

But, the initiatives of the abovementioned conglomerates are leading government officials to perceive the cryptocurrency sector from a different stance and consider cryptocurrencies as an emerging asset class.

Source: https://www.ccn.com/major-crypto-otc-exchange-in-korea-govt-should-acknowledge-fidelity-nasdaq/

498

Cryptocurrency discussions / Japanese lawmaker aims to revitalize the market by reducing tax on crypto

« on: December 11, 2018, 12:21:21 PM »

Looks like this lawmaker truly understands the nature of the cryptocurrency market and the difficulty each trader/investors faces when in comes to taxing profits from trading cryptocurrencies.

From the article https://www.ccn.com/japanese-regulator-aims-to-reduce-crypto-tax-to-revitalize-the-market/

Quote

Takeshi Fujimaki, a Japanese congressman and lawmaker, proposed four major changes to the taxation policies surrounding the digital asset market with the objective of revitalizing the market.

Taxing cryptocurrency returns is difficult because of the wild volatility of the market. An investor could generate a 50 percent profit in one week and lose all of it the next week.

To reduce the burden on investors and in consideration of the characteristics of the cryptocurrency market, congressman Fujimaki proposed the following changes:

1. Reduction of crypto tax gains from up to 55 percent to a fixed 20 percent rate on gains.
2. Carry forward losses across quarters and years, until the cryptocurrencies are cashed out
3. No taxes in trading crypto-to-crypto
4. No tax on small cryptocurrency payments

All four proposed changes will positively affect investors in the market and provide a fairer environment for investors to trade in.

499

Other Popular Cryptos / Coins / Australia: Power Ledger’s Blockchain Energy Platform Goes Live in Fremantle

« on: December 08, 2018, 09:26:14 AM »

Australia’s coastal city of Fremantle has kicked off a trial that will allow some residents to trade solar power on a blockchain-based platform provided by renewable energy-focused crypto startup Power Ledger.

According to the Minister for Finance, Energy and Aboriginal Affairs in the government of Western Australia, Ben Wyatt, around 40 households in Fremantle will participate in the trial that will end next year in June.

Efficient Balancing of Supply and Demand
During the trial, households will enjoy the flexibility of determining the price at which they are willing to purchase and sell solar power for and then conduct the transactions on a blockchain-enabled platform.

“The trial represents an innovative solution to virtual energy trading that may have implications for energy utilities working to balance energy supply and demand all over the world,” Wyatt said in a statement. “These households are believed to be the first in the world to be taking part in an active, billed, peer-to-peer trading trial that allows them to effectively buy and sell solar energy generated by their rooftop system across the grid.”

The trial is part of the RENeW Nexus Project that has brought together various entities including Power Ledger. The RENeW Nexus project was initiated with a view of exploring how future cities can use blockchain technology and big data to integrate distributed energy as well as water systems infrastructure.

Power Ledger in the United States
This comes less than a month since Power Ledger made a foray in the biggest wholesale electricity market in the United States by inking a deal with energy supplier American PowerNet. The deal allowed Power Ledger to deploy its blockchain-based peer-to-peer renewable energy trading platform at the electricity provider’s headquarters in the state of Pennsylvania.

Aussie Crypto Startup Power Ledger Brings P2P Energy Trading to Largest US Market https://t.co/OiVpHq5eON

— CCN (@CryptoCoinsNews) November 18, 2018

As CCN reported at the time, the initiative enabled the solar power generated on the rooftops and carports at the headquarters of American PowerNet to be distributed to the surrounding businesses using Power Ledger’s xGrid platform.

“Rather than just dump our excess solar power on to the grid, we’re thrilled we can now provide clean, sustainable power to our neighbors,” CCN quoted American PowerNet’s president, Scott Helm, as having said.

A month prior, Power Ledger had won the 2018 edition of Extreme Tech Challenge (XTC), a competition organized by the billionaire founder of Virgin Group, Sir Richard Branson, to equip techpreneurs with the necessary tools required for their success. The startup, which raised approximately AUD$34 million in an initial coin offering last year in October, received financial endorsements totaling millions of dollars after winning the XTC 2018.

Source: https://www.ccn.com/australia-power-ledgers-blockchain-energy-platform-goes-live-in-fremantle/

500

News related to Crypto / Cryptocurrency Accepted: Venezuela Will Sell Oil for Petro, Maduro Says

« on: December 08, 2018, 09:10:53 AM »

The government of Venezuela has announced that it plans to create a basket of cryptocurrencies for the oil-backed state cryptocurrency, the Petro. This initiative will allow the government to sell oil in exchange for petros and bypass US-imposed sanctions at the same time. The sale and purchase of crude oil with cryptocurrency will begin in March 2019.

President Nicolás Maduro stated on Thursday that the goal of the measure is to diversify the international market including embracing new forms of payment through cryptocurrencies from allied countries while reducing reliance on the US dollar. Maduro said (according to a rough translation):

“In 2019 we are scheduled to sell crude oil for Petro and in this way continue to free us from a currency that the elite of Washington uses.”

He further pointed out that the measure would increase the national revenue and foreign trade through a basket of currencies and a six-year plan aimed at offsetting the impacts of US trade sanctions. Venezuela is not the only country to look to cryptocurrencies as a legal loophole to bypass US sanctions, with Iranian officials openly stating their interest in using digital currencies for this purpose.

Maduro said:

“It is necessary to promote a balanced, fair and diverse monetary system, in which the dollar enters as an exchange currency, but which is not used as a political mechanism.”

Maduro recently met with Russian President Vladimir Putin and discussed the commercialization of Venezuelan hydrocarbon resources, as well as new proposals to combat the drop in oil value that has contributed to the collapse of the Venezuelan economy.

“Russia is buying and selling oil and derivatives in yuan […] We are going to sell all our produced oil with Petro ” stated Maduro, going on to voice his support for the Organization of the Petroleum Exporting Countries (OPEC), with Venezuela to preside over the upcoming 175th meeting of the organization which hugely influences the price of petroleum.”

The Petro, as CCN reported, was made available for sale in October 2018 and the government has been moving to incorporate it into common usage with the Venezuelan Supreme Court recently ordering that a settlement over a workplace injury be paid in the state cryptocurrency.

Source: https://www.ccn.com/cryptocurrency-accepted-venezuela-will-sell-oil-for-petro-maduro-says/

501

News related to Crypto / US Congressmen Introduce Two Bills to Prevent Crypto Price Manipulation

« on: December 07, 2018, 01:10:26 PM »

Two U.S. Congressmen have introduced bipartisan bills to prevent crypto price manipulation and boost acceptance of the tech.

Representatives Darren Soto (Democrat) and Ted Budd (Republican) jointly announced Thursday that their two bills – “The Virtual Currency Consumer Protection Act of 2018” and the “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” – are ultimately aimed at making the U.S. a “leader in the cryptocurrency industry.”

The bills essentially ask the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulators to come up with a roadmap to better regulate cryptocurrencies in order to protect individuals and businesses.

The first bill seeks research on how crypto price manipulation takes place, its impact on investors, and how to prevent such activities through regulatory changes, and in turn, protect investors.

Earlier in September, the New York Office of the Attorney General released a report on cryptocurrency trading platforms, finding that many are vulnerable to market manipulation (although several exchanges pushed back against the claim at the time). “The industry has yet to implement serious market surveillance capacities, akin to those of traditional trading venues, to detect and punish suspicious trading activity,” the report stated at the time.

The U.S. Department of Justice is also looking into crypto market manipulation, reportedly most recently focusing on whether Bitfinex exchange and Tether Ltd. have supported bitcoin’s price using the tether stablecoin.

The second bill asks regulators to carry out research on crypto regulations in jurisdictions across the globe and recommend any legislative changes to promote the growth of adoption of cryptocurrencies in the U.S.

For instance, it asks the regulators to clarify the virtual currencies that qualify as commodities and suggest a new, optional regulatory structure for crypto exchanges that includes federal licensing, market supervision and consumer protection.

In the joint statement, Soto and Budd said that “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth.”

They continued:

That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.”

Several U.S. Representatives have been pushing for crypto and blockchain related bills since as early as 2014, when Congressman Steve Stockman of Texas was planning to introduce an act that would tax bitcoins as currency instead of property.

Most recently, a bipartisan bill was introduced that proposed creating a “consensus-based definition of blockchain” in October. While in September, lawmakers announced three bills, addressing blockchain development, miners’ status and cryptocurrency-related taxes.

Also in September, a group of lawmakers, including congressman Budd and Soto, asked Securities and Exchange Commission (SEC) chairman Jay Clayton to clarify when initial coin offerings (ICOs) are considered sales of securities.

Source: https://www.coindesk.com/us-congressmen-introduce-two-bills-to-prevent-crypto-price-manipulation

502

Banks & Cryptos / Malaysia’s Central Bank,Securities Regulator to Coordinate for Crypto Regulation

« on: December 07, 2018, 12:57:32 PM »

The Malaysian central bank and the securities regulator have indicated that they will collaborate in implementing a regulatory framework for cryptocurrencies and ICO tokens.

In a joint statement, Securities Commission Malaysia and Bank Negara Malaysia disclosed that this arrangement will be restricted to ensuring compliance only with the regulations and laws that fall under the oversight authority of the two regulators.

“In order to implement the regulatory framework on digital assets, the SC and BNM will enter into coordination arrangements to ensure compliance with laws and regulations under the purview of both regulators,” said the media release.

ICOs Deemed Securities

The Securities Commission will regulate Initial Coin Offerings as well as cryptocurrency trading in the country and the relevant legislation is currently being worked on with a view of bringing digital assets under the existing securities laws in order to protect investors and promote fair and orderly trading.

The expected regulations will require cryptocurrency exchanges and issuers of ICOs involved or dealing with digital assets that possess a payment function to ensure compliance with the central bank’s laws and regulations. Issuers of ICOs and cryptocurrency exchanges will also have to ensure compliance with the ‘Guidelines on Prevention of Money Laundering and Terrorism Financing’ set by the Securities Commission.

While the Southeast Asian country generally has a pro-cryptocurrency stance, the central bank made clear in the joint statement that ‘digital assets are not legal tender in Malaysia’.

Regulations Coming in Q1

This comes a little over a week since Malaysia’s finance minister, Lim Guan Eng, stated that cryptocurrency regulations, aimed at safeguarding investor interests, will be enforced in the first quarter of next year.

Malaysia’s Finance Minister: Crypto Regulation to be Enforced in Q1 2019 https://t.co/kVg7KqPb5A

— CCN (@CryptoCoinsNews) November 29, 2018

Though not explicitly stated, Lim hinted then that the country’s central bank and the securities regulator would partner in formulating a regulatory framework for ICO tokens and cryptocurrencies under the leadership of the finance ministry:

“Both Bank Negara and the SC, in terms of formulating this framework will be under the auspices of the Finance Ministry. The Finance Ministry will lead the committee comprising of Bank Negara, the SC, and the MOF itself.”

Late last month, the finance minister had advised that only the central bank has the authority to determine the fate of anyone intending to issue cryptocurrencies.

“This is where I wish to advise all parties, no matter who they are, intending to issue bitcoins or cryptocurrency, that they must refer to Bank Negara which is the authority that will have the final say on this new form of currency,” CCN reported Lim as having said.

Source: https://www.ccn.com/malaysias-central-bank-securities-regulator-to-coordinate-for-crypto-regulation/

503

Bitcoin News & Updates / SEC Delays VanEck Bitcoin ETF Decision Until February 27

« on: December 07, 2018, 12:51:04 PM »

The Securities and Exchange Commission delayed making a decision on VanEck’s bitcoin ETF (exchange-traded fund) application until February 27, 2019. The postponement was largely expected, as 2018 draws to a close amid the ongoing crypto bear market.

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC announced in a December 6 statement.

Just hours earlier, Gabor Gurbacs — VanEck’s director of digital asset strategy — expressed confidence that SEC approval of the investment firm’s bitcoin ETF application was around the corner.

VanEck Remains ‘Cautiously Optimistic’

“It’s fairly certain to us that America wants a bitcoin ETF,” Gurbacs told Cheddar. “We think that we’ve met all market structure obstacles and requirements on pricing, custody, valuation, and safekeeping, so we are cautiously optimistic.”

The SEC has delayed making a decision on the ETF by VanEck SolidX Bitcoin Trust several times in 2018.

VanEck talks $BTC ETF pending SEC approval on @Cheddar #CryptoCraze 👉🏾 Last day that the ETF can be approved is by the end of February pic.twitter.com/lJFRz9sOjf

— Brad Smith (@thebradsmith) December 6, 2018

The SEC has been understandably strict so far. In August 2018, the agency rejected 9 bitcoin ETF applications, citing the applicants’ failure to demonstrate how they could prevent fraud and market manipulation.

In June 2018 and again in March 2017, the SEC rejected the bitcoin ETF applications submitted by the Winklevoss twins, Tyler and Cameron. Despite the setbacks, the Winklevoss twins — the founders of cryptocurrency exchange Gemini — remain confident that approval is forthcoming.

BlackRock Waiting Until Crypto Is ‘Legitimate’

Market insiders are divided on whether a bitcoin ETF is a good idea. Among the skeptics is Larry Fink, the CEO of BlackRock — the world’s largest asset manager and ETF provider.

As CCN reported, BlackRock has slowly started to embrace cryptocurrencies, but said it will not launch a bitcoin exchange-traded fund until crypto becomes “legitimate.”

“I wouldn’t say never — when it’s legitimate, yes,” Fink said. “It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going.”

BlackRock Won’t Launch Bitcoin ETF Until Crypto Is ‘Legitimate,’ Says CEO Larry Fink https://t.co/OD1awOqxkN

— CCN (@CryptoCoinsNews) November 1, 2018

Fink said he’s concerned about the potential for scams, money-laundering, and tax evasion because the crypto industry is decentralized, anonymous, and largely unregulated.

Until that changes, Fink said BlackRock — which has $6.4 trillion in assets under management — will not roll out a cryptocurrency ETF.

Nasdaq to Launch Bitcoin Futures In Early-2019

As VanEck waits for an SEC decision, it’s plowing ahead to roll out bitcoin futures in the first quarter of 2019 through a partnership with Nasdaq — the world’s second-largest stock exchange.

Gabor Gurbacs said the companies will launch a number of bitcoin derivatives in early-2019, including a “regulated crypto 2.0 futures-type contract.”

Nasdaq has been working with the Commodity Futures Trading Commission (CFTC) to make sure it complies fully with any regulatory issues the country’s main swaps regulator has.

@Nasdaq and VanEck’s @MVISIndices announces and intention to bring to market transparent, regulated and surveilled products, such as futures contracts. More info to come. Share & follow us. pic.twitter.com/Q2oCZx4pp1

— Gabor Gurbacs (@gaborgurbacs) November 27, 2018

Similarly, Gurbacs said VanEck “ran a few extra miles working with the CFTC to bring about new standards for custody and surveillance.”

The CFTC, which regulates bitcoin as a commodity, has so far approved just two crypto futures products: one from the Chicago Mercantile Exchange (CME), and another from the Chicago Board Options Exchange (CBOE).

Source: https://www.ccn.com/as-expected-sec-delays-vaneck-bitcoin-etf-decision-until-february-27/

504

Ethereum Forum / Ethereum Flash Crashes to $13 on Coinbase, Low Orders Reportedly Filled

« on: December 07, 2018, 12:38:37 PM »

Some people got really lucky when their low orders got filled. I wish I was one of them

"Earlier today, the Ethereum price temporarily fell to $13 on GDAX, a high performance trading platform operated by Coinbase.

According to former forex trader and cryptocurrency analyst Cole Garner, low orders in the range of $13 to $60 were actually filled on the platform. Garner published screenshots of GDAX that showed successfully filed orders at $55 and $65."

Full story: https://www.ccn.com/ethereum-flash-crashes-to-13-on-coinbase-low-orders-reportedly-filled/

505

Cryptocurrency discussions / Bounty Team Vs. Plagiarists

« on: December 07, 2018, 11:03:55 AM »

Do we have high ranking members here who are part of the bounty team?
If there are, do you allow plagiarism? If not, what steps are you taking against plagiarists? Are you checking the plagiarism board?
There has been suspicions that the karma system is being abused by some users to avoid the ban hammer.

An example is this USER, wearing ELYQD signature, has been reported multiple times already but he/she still has 11 +karma.

506

Cryptocurrency Price Speculations / What to do in a crypto market crash?

« on: December 06, 2018, 11:11:06 AM »

Every time crypto prices drops significantly, the common practice is to track the culprit or find out the reason why. There are many factors that affects prices and trying to figure them out is quite time consuming. Instead of doing that, I think we should just focus on managing our portfolio better to protect our funds from volatile times.

If there's anything that this market has thought me, that is to be more patient and be more skilled in trading, choosing investments and managing our funds.

EDIT: Apologies for posting this on Ethereum discussion instead of Altcoin & Cryptocurrency Discussion Board. The delete option is no longer available so I will just wait for Admin of Mod to move this to the proper board

507

Cryptocurrency discussions / Nearly Every Major Cryptocurrency is Down at Least 90% from All-Time High

« on: December 05, 2018, 05:43:51 PM »

Most crypto enthusiasts never thought the market could crash to almost 90% yet crypto, being real, keeps crushing every expectation.

"Earlier this year, in February, Tom Lee — co-founder of Fundstrat Global Advisors, the first Wall Street strategy firm to embrace bitcoin — opined that the crypto market had turned a corner and would see new highs in July. Nine months and several year-end price target reductions later, cryptocurrency assets remain firmly in the red. In fact, according to data from OnChainFX, nearly every major cryptocurrency is down at least 90 percent from its all-time high."

Full article: https://www.ccn.com/nearly-every-major-cryptocurrency-is-down-at-least-90-from-all-time-high/

508

Other Popular Cryptos / Coins / Binance Coin (BNB) Grows 8.5% after Decentralized Exchange Demo Video Release

« on: December 05, 2018, 05:38:28 PM »

Binance Coin on Wednesday surged as high as 8.5 percent against the US Dollar after the company released a demo video of its decentralized exchange.

Look at what a simple demo video can do

What would possibly happen if the actual DEX is launched?

Here is the full article https://www.ccn.com/binance-coin-bnb-grows-8-5-after-decentralized-exchange-demo-video-release/

509

Waves Forum / Waves New Mobile Wallet

« on: December 05, 2018, 04:15:09 PM »

Like some members here, I also got curious to the recent Waves pump. So I tried to look for updates and as it turn out, the pump was due to the release of new mobile app. It seems that many are satisfied with the upgrades since I read some good reviews about it. I haven't checked the new wallet yet but for those who already did, can you share your experience?

510

Cryptocurrency discussions / Cryptocurrencies Are Flawed Will Never be a Store of Value - UBS Chief Economist

« on: December 01, 2018, 04:37:01 PM »

The global chief economist of Swiss financial giant UBS, Paul Donovan, has reiterated his position that cryptocurrencies have no ‘future’ in his interview on CNBC. He went on to say that cryptocurrencies are flawed and will never go mainstream. One of his argument is that real value comes from matching supply and demand. Cryptocurrency supply can go up. It cannot go down. Demand for cryptocurrencies can go down. Here's the full article https://www.ccn.com/flawed-cryptocurrencies-will-never-be-a-store-of-value-claims-ubs-chief-economist/

My opinion:
I think he was wrong on supply not going down. I guess he never heard of the fix supply; the buy back; and burn features of other cryptocurrencies. Sure the demand can go up and down but the supply can also go down, not just up.