John McAfee Doubles Down, Predicts $1 Mln BTC, Bets His D**k On It

Outspoken John McAfee has made the bold claim that Bitcoin will be worth $1 mln by 2020.

John McAfee, founder of McAfee Associates a well-known software company has always been Bullish on Bitcoin, in fact, he has even been confrontational on the fact.

In July, with a lot of fear and uncertainty surrounding Bitcoin ahead of its Aug. 1 chain split, McAfee came forward and stated boldly that he was willing to stake his name and up to $10 mln on a bet that the Bitcoin price will move above $500,000 within three years or he would "eat my d**k on national television."

That prediction was seen as ludacris at the time, and many were left wondering how his on-screen promise would play out – however, now that Bitcoin has crossed $11,000, McAfee is not sitting back smugly, but rather raising the bar.

The outspoken tech mogul has now said:

“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 mln by the end of 2020. I will still eat my dick if wrong.”

Predictions abound

With the feeling being that Bitcoin has truly crossed the mainstream adoption threshold, and the dam wall has broken, many big-name players have lent their thoughts to a predicted target.

Ronnie Moas, famed stock picker, has tried to remain ahead of the curve, changing his prediction three times in the month of November already. He began at $11,000 for the new year but then changed it to $14,000, before now settling on $20,000 for a split-adjusted price.

Tom Lee, much more cautiously, said:

“Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels."

He went on to predict 40 percent growth in seven months, but in all reality, Bitcoin fell short $200 of his $11,500 target this week.

Max Keiser is another one who has made a big and bold prediction, although it is only one-tenth of McAfee as he says Bitcoin at $100,000 is an eventuality.

Secret symbol № 16: v What is this?

Source: Coin Telegraph




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Ronnie Moas Raises Bitcoin Target Again: $20,000 By Start Of 2018

Ronnie Moas, quite happily, keeps changing his mind on where Bitcoin will be in the new year.

November has been a busy week for famed stock picker Ronnie Moas who, on Nov. 4, predicted that by the beginning of 2018 Bitcoin would hit $11,000. That was recently blown out the water, but before the target was hit, he adjusted to $14,000.

Now, Bitcoin is on its way to smashing that new target causing Moas to readjust for the third time in a month as the digital currency revels in a new era of adoption and acceptance.

Moas looks at Bitcoin as a whole, incorporating all the chain splits in his split-adjusted price is and considering the price of the forked Bitcoin chains alongside the original was $12,740 when Moas made his new prediction, $14,000 looked undervalued again.

$20,000 is a month away

Moas now puts the line in the sand at $20,000 for the split-adjusted price when the new year hits. Looking at how things have gone so far for Moas, a month is a long time, and perhaps $20,000 will be broken before that time.

Many pickers, investors and money movers have thrown their hats into the ring trying to hit the sweet spot of this volatile asset when it comes to prediction.

Tom Lee, rather conservatively, set a Bitcoin growth of 40 percent to happen by the middle of 2018. His prediction put him at $11,500. That prediction was made a week ago, and in that time Bitcoin topped at around $11,300.

Max Keiser has a much more bullish view, but over a longer time frame as the host of Russia Today’s Keiser Report believes that $100,000 Bitcoin is an eventuality.

Why split-adjusted?

Moas, as one of the most well-regarded stock pickers, is clearly in the Bitcoin game for its investment potential rather than the technology side which has seen different factions at war with each other. Some people are vehemently Bitcoin Cash supporters, and others true fans of the original chain.

Moas, however, with his investor’s hat on, sees that by buying Bitcoin he not only received free Bitcoin Cash, but also free Bitcoin Gold, and thus counts them together in his portfolio, urging others to d the same as a diversification strategy.

Bitcoin Diamond and the real gold

“I am raising my 2018 fork- and split-adjusted price target on Bitcoin from $14,000 to $20,000,” Moas explained. “The current price is $10,720 and the split-adjusted price is now $12,740 when factoring in Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond.”

Bitcoin Diamond is another fork of the Bitcoin chain that went largely unnoticed. Its aim is to switch from proof-of-work to proof-of-stake after mining is completed – after just 10,000 blocks.

“Bitcoin is now up split-adjusted by 394 percent since my July 3 recommendation,” Moas went on. “There is no way to justify Gold $7 tln at 40X Bitcoin ($180 bln). An argument can be made that Bitcoin will be equal to Gold within 10-15 years. I do not know how much Gold there is in the ground … I do not know how much Bitcoin there is.”

Source: Coin Telegraph




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Infamous Discarded Hard Drive Holding 7,500 Bitcoins Would be Worth $80 Million Today

Old timers remember the story of a Welsh man who threw away a hard drive containing 7,500 Bitcoins. That lost drive would be worth over $80 mln today.

During the summer of 2013, while cleaning out his desk, a Welsh man named James Howells threw away a hard drive from his broken Dell Laptop.

Unfortunately, he realized several months later that the drive held 7,500 Bitcoin mined back in 2009. At the time, with Bitcoin approaching and finally just exceeding $1,000 in price, the scrapped hard drive would have been worth over $7 mln.

The story created a lot of hype about the rising the value of Bitcoin and the fortunes – or misfortunes – of the currency’s first miners and investors. Many of them had dabbled with the currency while it was in its infancy, only to forget about it and fail to backup their wallets.

Howells, who essentially dumped $7.5 mln (£4 mln) onto a landfill in Newport, Wales was of course furious, disappointed and dumbstruck. Over the next few years, he may have come to terms with his loss, only to have old wounds reopened as the currency began its long climb this year. At press time, Bitcoin’s price stands at $10,700, giving that trashed hard drive a value of over $80 mln.

‘That’s a bad idea’

Howell had mined those 7,500 coins himself as a hobby back when Bitcoin was a mere plaything for the technologically inclined. Howells related:

"You know when you put something in the bin, and in your head, say to yourself 'that's a bad idea'? I really did have that.”

Howells explains how he stopped mining when his girlfriend complained about the noise from the laptop and the heat it was producing. When he spilled lemonade on the laptop the following year, he dismantled it for parts. He initially kept the hard drive for a few years before finally discarding it.

Back in 2013, Howells said:

"I'm at the point where it's either laugh about it or cry about it. Why aren't I out there with a shovel now? I think I'm just resigned to never being able to find it."

Once can only imagine how the unfortunate Howells feels today.

“Don’t tell my Wife”

Howells isn’t the only person to experience the pain of such financial loss. An Australian man, who wishes to remain anonymous for fear of the wrath of his wife, has also come forward with a tale of thousands of missing Bitcoin.

Alex, as he wants to be called, describes how in 2009 he mined “thousands, plural” of Bitcoin as part of a novel new idea. Then when the program for mining got a little too big and cumbersome, he gave up, deleted the program, and stashed his Bitcoin on a cheap USB. He said:

“The thinking was that it’s offline, not on my PC, so in case something bad happened to the PC — [if] it blew up, or [was] hacked — I still had a backup.”

Around the end of 2013, when the Bitcoin price peaked at just over $1,000, he suddenly remembered his wallet:

“[I plugged] the USB stick back in to try and access the file, but the stick died. It was one of those cheap made-in-China ones.”

Just like Howells, Alex has had to watch the Bitcoin price balloon, counting the tens of millions of dollars he lost everytime a new milestone is reached.

“Worst mistake of my life. Never back up anything on a cheap Chinese-made disk or USB stick.”

Lost forever

Other stories of lost Bitcoins abound, including that of a Gizmodo editor who threw away a hard drive containing 1,400 Bitcoins in 2012. He paid $25 for the coins, at an average price of only 1.5 cents each. They would now be worth almost $15 mln.

These cases and others inspired a new study that has estimated that as many as four million Bitcoin are gone forever. The study puts the majority of the lost coins in the category of ‘out of circulation’ as of course, those coins still exist on the Blockchain, they just cannot be accessed.

One difficulty in estimating the number of “lost” Bitcoin is uncertainty over whether Satoshi is still alive and still has access to his private keys. The study’s numbers assume that Satoshi’s approximately one million Bitcoins are lost, but of course, nobody can be certain of that.

Keeping coins safe

One of the first rules for Bitcoin newbies is to keep your coins off exchanges where they are vulnerable to online threats. However, there are a number of offline threats that can also occur.

These two case studies show just how easy it is to lose a digital asset that is not stored online; from a broken hard drive to a corrupt USB, even misplacing the thing becomes a problem.

Matthew Unger, founder and CEO of iComply Investor Services Inc. suggested:

"Just like you keep some cash in your wallet, some in your bank account and perhaps the really valuable stuff in a safe, you need to manage digital currencies in the same way."

Source: Coin Telegraph




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Experts Answer Question: “How Did Bitcoin Reach $10,000?”

With Bitcoin having hit the magical $10,000 mark, experts chime in on how we got here.

In January this year, $1,000 was the milestone Bitcoin owners were eager to reach. The digital currency hit that, overcame it and increased ten-fold to over $10,000. This year has been filled with good news for digital currency, from another Asian market boom, to Bitcoin’s integration with the Square App, the launching of regulated futures markets and growing mainstream adoption. Despite being laughed off for years, Bitcoin is only just beginning to become a force to be reckoned with in the global economy.

Cointelegraph had the opportunity to speak with several experts and ask them the question: “How did Bitcoin get to $10,000?” We have shared their responses below.

Institutional money

Hedge funds, pension funds, family offices and the like have shown extraordinary interest in Bitcoin this year. Such “institutions” control vast amounts of money. As an example, the UK-based hedge fund Man Group, which has expressed interest in trading Bitcoin, controls assets exceeding $100 bln.

Simon Yu, CEO of StormX, said:

“The Bitcoin price is at an all-time high is due to institutional money finally starting to flow into the cryptocurrency market. Recently, announcements from the South Korean Bank Hyosung in support of Bitcoin, from CME Group announcing they'll be launching a Bitcoin futures market, and from Square Cash announcing Bitcoin will be supported caused bullish behavior in the market, pointing to a major shift.

“The general public is starting to realize Cryptocurrency is beginning to be adopted to mainstream markets and will continue an upward trend as they see the potential for more companies to adopt cryptocurrency.”

Christopher Grey, COO of Caplinked, agrees with Yu’s statements, but is far less Bullish in the matter:

“Investors unfamiliar with crypto are piling new money into Bitcoin right now, making the situation highly unstable as investors expect the price of Bitcoin to keep going up. Any declines could be exaggerated dramatically because they are not stable owners of Crypto.

“Alternatively, the price could continue to rise parabolically, drawing in enormous sums in the tens of billions of dollars from other risky liquid investments like growth stocks and junk bonds. This could cause the prices of those investments to weaken as a result of this liquidity moving out of them and into Crypto.”

“Either way, this situation is not stable and cannot continue for an extended period of time. Something needs to give in one of the risk markets, as liquidity in these markets is not infinite and nothing here is being created, just moved from one risk market to another by speculators. This didn’t matter when total crypto value was small, but at these levels of hundreds of billions in value, it becomes a substantial user of global risk capital.”

Newcomers are still early adopters

In 2014, when Bitcoin hit its first real mainstream swing with Coinbase and other exchanges upping their user experience, people were already asking: “Is it too late get into Bitcoin?”

Those questions persist today, and recur every time Bitcoin’s price rises another $1,000. However, since only an estimated half-percent of the global population uses digital currency, there is still plenty of time to be an early adopter.

Jon Chou, CEO of Bee Token says:

“People often complain that it's too late to get into Bitcoin, that most of the early adopters have been in since 2010 and there's no more or little room for upside. I'll offer an alternative long term-angle; this is not financial advice. According to Blockchain.info, there are approximately 700,000 Bitcoin addresses as of November 2017.

“One of the main problems Bitcoin claims to solve is the issue of remittances, basically globally distributed access….Well, there are seven billion people in this world. Assuming a 10% penetration rate and if everyone owns just one address, then there are still 700 million address potentially in the future. That's a potential 1000x in user base. Regardless of fluctuations in price in the short term, it's important to realize how early we are in the Blockchain space as a whole.”

Sol Lederer, Blockchain Director at LOOMIA echoes Chou’s point, stating that Bitcoin is still in its infancy, and that Bitcoiners from 2010 and earlier are now starting to be vindicated rather than victimized.

“Long-time Bitcoiners finally feel vindicated that their currency that has been ridiculed for years, is at last being taken seriously. Naysayers may still say Bitcoin is a bubble, but very few would argue it’s worthless or a scam, yet only a year ago this was a common narrative.

“Bitcoin’s future is still uncertain; it faces the same serious technical challenges it has for years, and faces stiff competition from newer, more sophisticated Blockchains. But even if it were to crash, it’s apparent that Bitcoin is here to stay. Whether it trades at $10,000, $5,000, or $500, it’s not going away.”

Source: Coin Telegraph




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$11,000 ‘Cripple Coin’: Roger Ver’s Bitcoin Criticism Finds Zero Support

Roger Ver says Bitcoin is ‘cripple coin’ despite its break through to $11,000 Wednesday.

Bitcoin.com owner and Bitcoin Cash proponent Roger Ver has called Bitcoin ‘cripple coin’ despite prices rising over $11,000.

In comments on the r/BTC subreddit celebrating 50,000 transactions on cryptocurrency gambling site SatoshiDice, Ver defied optimism about Bitcoin’s 1,500% annual growth.

“As cripple coin is passing $10,000 SatoshiDice is about to surpass 50,000 on chain transactions with Bitcoin Cash!” he announced.

Ver has become increasingly outspoken on Bitcoin’s flaws since Bitcoin Cash (BCH) came into being in August. Despite erratic price and mining behavior, the entrepreneur formerly known as ‘Bitcoin Jesus’ has publicly divested himself of large amounts of BTC holdings in favor of the alternative chain.

His latest Reddit post, however, was met with little support.

“Roger, you're gonna be writing a lot more apologies if you keep acting this way,” one top response reads Wednesday.

Specific criticism came from users alleging hypocrisy on Ver’s part, having previously complained Bitcoin Cash was not being referred to by its correct name in the press and industry.

“Roger you can’t complain and lose your temper over people calling BCH by the wrong name and then call BTC ‘cripple coin,’ the most popular response states.

“You’re just asking for it if you continue like that. BTC’s limitations speak for themselves; there’s no need for childish rhetoric.”

The wider Bitcoin community similarly picked up on the lack of popularity as Bitcoin actually breaks through $11,000.

The only efforts to support Ver’s view came in the form of somewhat bizarre account u/Nonce_00000000, which used the argument that he was infallible solely due to his status as a millionaire.

Source: Coin Telegraph




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