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In May 2020, a landmark for the cryptocurrency market will take place — the third bitcoin halving. Let's see what predictions about the price of BTC are made by reputable analysts and traders.submitted by CoinjoyAssistant to btc [link] [comments]
1. Tom Lee aka 'Crypto Bull' aka 'Bitcoin Bull'This American analyst, co-founder of Fundstrat and exchange expert from Wall Street, was one of the first to see the potential in the blockchain and Bitcoin. He believes that the offer of BTS after halving will be reduced, which will lead to a “bull run” and an increase in the price of BTS to $ 40 thousand during the year.
2. Scott MelkerThe TexasWest Capital crypto trader, analyst, and author of Cointelegraph, is restrained in his predictions. He explores the relationship between the cryptocurrency market and traditional markets. Melker advises everyone who believes in a significant price increase to be careful: if you buy, do it little by little.
He does not speak directly about the change in the price of Bitcoin after a halving. But in one of his foggy tweets, written at the end of April, he says that he bought some more BTC.
3. Tone VaysAn analyst who does not recognize any cryptocurrencies other than Bitcoin. Previously, he spoke restrained about a slight increase in BTC price 6 months before the halving.
Overall, Tone Vays is known for his balanced approach. He admits an increase in the price in the long term to $100 thousand but does not deny the rollback of the course in the short term. In his new stream, he noted that in order to forecast further price increases, it is necessary for BTC to overcome the $9 thousand mark in the short term. However, he does not particularly rely on this, since there is a strong market resistance at the level of $8 thousand.
4. Nicholas MertenThis strategic analyst also predicts the BTC price increase. He sees a steady “bullish momentum” and a methodical price movement to the above-mentioned mark of $9 thousand. Moreover, he recalls the volatility of the course. After the halving, Merten expects a small change in positions, a possible delay in prices at the level of $ 7-7.5 thousand, but the growth trend will remain.
5. Bobby LeeCo-founder of BTCChina — the first cryptocurrency exchange in China, and a member of the board of directors of the Bitcoin Foundation. In April 2020, he was interviewed by the Cointelegraph. He predicts a price increase in May to $10 thousand, and by the end of the year — to a record high of $25 thousand. According to Lee, investors prefer to protect assets through the purchase of Bitcoin, which increases the price. Earlier, Bobby Lee suggested that by 2028, Bitcoin will cost $500 thousand and will be more capitalized than gold.
https://preview.redd.it/aj56d9krkgy31.png?width=1024&format=png&auto=webp&s=1d44f9b189354b12c81d60808c92cb04f7b5664bsubmitted by Rajladumor1 to omgfin [link] [comments]
Bitcoin (BTC) could be worth millions of dollars after 2022 as payment processors allow easier transactions, Tim Draper has forecast.
Speaking during a Q&A session at the Malta AI & Blockchain Summit last week, the pro-cryptocurrency venture capitalist said innovations such as the Lightning Network would be key in propelling the Bitcoin price higher.
Draper: 4 years until $250,000 BTCDoubling down on previous claims, Draper added he still believed BTC/USD would hit $250,000 by 2022 or 2023.
“I think Bitcoin payment processors are really going to open the floodgates,” he summarized.
On the topic of why Bitcoin would reach new records within just the next three to four years, Draper continued:
“It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly, so that it’s not just a store of value but it can be used for micropayments; it can be used for retail, it can be used all over.”
Bitcoin price bullish sentiment mountsWhile not a payment processor in a strict sense, Lightning facilitates near-instant BTC transactions between nodes via channels that cost almost nothing to use. The fees for Lightning transactions can, therefore, be much cheaper than transacting on-chain — just a single satoshi (approximately $0.00008788).
As Cointelegraph reported, Draper has long been one of Bitcoin’s biggest bulls, joining the likes of John McAfee in delivering sky-high price predictions.
In September, he even went as far as to call the $250,000 figure “conservative,” while subsequently arguing Bitcoin would cause considerable geopolitical upheaval.
Other voices have since joined him in his price belief, with BTCC exchange co-founder Bobby Lee last week claiming BTC/USD would be worth around $500,000 by 2028.
The Chinese cryptocurrency exchange BTCC is well known to the world crypto community. Its co-founder and former CEO Bobby Lee is currently taking part in the BLOCKSHOW ASIA 2018, the main one of the annual series of events Asia Blockchain Week, taking place these days in Singapore in the famous Marina Bay Sands hotel. Recently, Bobby shared in his Twitter thoughts about the imminent changes, which, in his view, will increase the level of global liquidity of cryptocurrencies, including bitcoin. He predicts that shortly bitcoin price will rise to $ 60,000.submitted by cimaron to Crypt_on_io [link] [comments]
A similar opinion shared by the CEO of Crypt-ON Paul Andreev, who also became a participator of BLOCKSHOW ASIA 2018, and presented our project — a financial p2p platform with great prospects. Bobby and Paul discussed the future of the cryptocurrency market, the price of bitcoin, shared their expectations and agreed that we should expect changes for the better, because in reality everything is just getting started, and the most important events in the crypto industry are lies ahead.
If you also attended this large-scale event and wanted to discuss the future of cryptocurrencies with Paul or learn more about the Crypt-ON platform, you can personally talk to him at BLOCKSHOW ASIA 2018, where he will answer all your questions, share the nearest plans of the project, talk about how TGE and work on the platform services are going.
https://preview.redd.it/04m8ii3z4cd11.png?width=736&format=png&auto=webp&s=3e0f91a9fe9a8e1a18544b5fc0082eb838826b72submitted by ox3tv to u/ox3tv [link] [comments]
When I asked our production assistant "are you following FCoin," she gave me a perplexed look and replied, "what? Filecoin?" Apparently, FCoin was not on her radar. I don't fault her. Nowadays, with over hundreds of crypto exchanges around, an exchange that is barely a month old doesn't sound like something that warrants paying attention to. When I typed "FCoin" into the Google search bar, the search engine autocorrected to "pcoin." However, this exchange in its infancy has already become the focus of the Chinese crypto circle and is either writing its own legend or will eventually reveal itself as one of the biggest scams in crypto history.
I heard about FCoin for the first time on Jun 12th. Members of the Chinese crypto circle had started talking about this new entrant to the game. The new kid on the block was not only already billing itself as the biggest exchange by volume, having accumulated over 28 billion yuan within a 24 hour period on the 15th day after launch, but had even gone as far as to publicly announce that its trading volume surpassed the sum of the trading volumes of the second to the seventh biggest exchanges, including major players Binance and Huobi. The first reaction among the crypto crowd was to question the authenticity of their data. Even as I pen this article, their trading data can still not be found on popular crypto data sources such as coinmarketcap.com or Block Hero. Fake trades, that is, the trading of cryptocurrencies between two accounts owned by the same exchange, is an open secret across the exchange industry, especially in China. Everyone is doing it but no one owns up to it. Some industry insiders have told me that, in their opinion, at least 85% of the trading volume at the top exchanges is “fake,” a shocking number if there is any validity to the “allegation” in an industry that is trying to build a trustworthy reputation for itself. I was unable to find a way to independently verify the number, however when I asked Bobby Lee, the founder of BTC China, about FCoin’s trading volume, his first reaction was, "I wouldn't trust any volume numbers from cypto-exchanges.”
FCoin’s story has since evolved beyond the issue of trading volume manipulation. Soon afterwards, Huobi announced that they plan to ally with 100 exchanges and adopt the same model as FCoin. Then CZ from Binance (the world’s second largest crypto-exchange if FCoin’s numbers are to be believed) said sarcastically on Weibo, the closest thing in China to Twitter, that they are ready to work with even 1000 exchanges in order to emulate the model. Apparently, it isn’t just a story of someone cooking the trading number as the sector’s biggest players already found it a new threat.
The cryptocurrency exchange industry is evolving at a super-fast pace. Mt. Gox, remember them? They were the first-generation exchange and used to be the sole player dominating the bitcoin trading business. Their reign ended when their entire network sank after a major hack. In China, BTC China was the first to initiate the cryptocurrency exchange business, however, were surpassed by OKCoin and Huobi within a couple of years. Last year, Binance moved to the head of the class in months. On December 16, 2017, they sent out a tweet saying: “5 months to reach Number One in the WORLD.” Then Binance saw their 1st quarter earnings in 2018 surpass those of 148-year-old Deutsche Bank.
However things have since been changing even faster, with the time between events, no longer counted in months but rather in days. It took FCoin roughly one tenth of the time that it took Binance to move into the number one position, assuming their data is correct. Zhang Jian, FCoin’s founder and former CTO of Huobi, said in a WeChat group that even members of their own team were surprised that things were happening that quickly. The team had to work day and night to constantly upgrade the system, as the trading volumes the system had to handle kept growing exponentially.
Now let’s talk about FCoin’s model. What kind of magic is attracting that volume of trades? FCoin’s model is called “trans-fee mining.” They didn’t really invent it. Besides FCoin, several other cryptocurrency exchanges had made their appearance around the same time trying out that model, for example Dragonex, yet the model deployed in each case varies in the details. In FCoin’s case, users can trade cryptocurrencies and facilitate the trades by paying transaction fee like any other exchanges. However the users will receive the full rebate of the transaction fee in the form of FT, FCoin’s token. Every day, FCoin will reward dividends to all the FT token holder. The dividend is based on the transaction fee income accumulated in the last 24 hours. At the beginning FCoin took 80% of all the transaction fees as dividends to the user. Now under certain condition, the entire 100% is returned to the user.
The user not only earns FT tokens, but also gains dividends simply by holding onto the FT without the heavy investment in machines and electricity that is needed to mine bitcoin. If FT’s price can be held at a certain level and the transaction fee revenue stream is stable, the user can make money if they hold onto their FT long enough. It sounds lucrative to many people. Users rushed in and kept on selling and buying, not for the purpose of changing positions, but purely to create the trade that allows them to receive or mine FT coins. Zhang said now their biggest challenge is to calculate all the dividends on a daily basis as it has now become so massive. According to their official website, about 170 BTC is distributed to users as a dividend today and the number was over 1500 BTC the day before. I guess the trading volume is pretty volatile.
During the interview with the press, Zhang Jian explained that his idea behind this new model follows Satoshi Nakanomo’s original design for bitcoin. He said his fundamental theory is to build a community to support the trading eco-system rather than simply seeking to maximize profits like other centralized exchanges. Besides receiving a dividend, the FT holder can also participate in the system’s management. Zhang gained a lot of support in the crypto circle especially from the people who made money on Fcoin. However, many questions remain.
Firstly, the question of the fake trades: Zhang Jian says that the FCoin system can prevent fake trades as they simply wouldn’t have the money to reward FT coin holders with the dividends. Although not everyone buys that answer, since some people think FCoin can still fiddle with the volume number by trading between its own accounts and give their own accounts FC coins, generating a lot of dividends, most of which is just returned to FCoin after the fact. Given that FT is not on blockchain now makes it hard to track how they are distributed. Zhang said FT will be put on the chain eventually. Still it is possible that FT is a “fake it until you make it” case. However, FCoin may not have a strong motivation to overstate the data for sustainability reasons, something which I will explain later.
Secondly, CZ from Binance said in a statement that he believes FCoin is simply another kind of ICO. The users pay FCoin the transaction fee using BTC or ETH and receive FT coins in return. At the end of the day, it is not really any different than using BTC or ETH to purchase FT. And, when I hear of valuations of FCoin at 50 billion dollar, it does seem off the wall, especially considering the firm’s short history. Upon hearing that Binance doubted the evaluation, Zhang laughed it off and retorted in return that Binance was an ICO project as well at an interview.
The third issue is sustainability. One has to question whether the transaction fee income is enough to support the run rate, and as to whether FCoin’s model, as it is currently structured, can support itself for much longer. There is a limited supply of FT coins, 10 billion in total. According to FCoin’s announcement, 51% of them will be rewarded to users through the “trans-fee mining.” At the time of this writing, FCoin’s official site indicated that more than 28 million FT had been mined the previous day. Let’s assume on average that 25 million FT are mined per day. That means, it will take only 204 days to mine all the FT needed to award users through the “trans-fee mining” program. What will happen after that? The FT holder can still receive the dividends but will no longer receive any FT coin for the transaction fee they paid. The return, in that case, will be significantly lower. This could become a cycle, with another exchange suddenly showing up with a more lucrative mining program, instigating a massive migration to the new player. And when that player runs out of tricks, the next one could come along.
That is already happening: on Jun 25th, Bit-z launched its platform token BZ and started a similar “trans-fee mining” program. They claimed that within the first 12 hours, the transaction volume had hit 27 billion yuan, if the data is to believed.
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He believes that the Bitcoin price would then move to a hundred thousand dollars ($100,000) and even two hundred thousand dollars ($200,000). He further clarified that by the short time he does not mean minutes or hours but months if not years. Back in 2017, Bobby Lee revealed China’s plan to tank Bitcoin price. That was the time when China ... Bitcoin could experience a new bull run in the next years according to BTCC co-founder Bobby Lee. He said that it can reach $60,000 dollars in the coming years and reach a total circulation value of $1 trillion dollars. After it, Bitcoin will have more liquidity globally, and the prices will be more stable than before. Because of this, adoption will also grow and create a virtuous cycle ... — Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019 He added that BTC would be more scarce than gold in the near future. Lee is expecting Bitcoin to flip gold in just 9 years while making a $500,000 prediction for BTC over that same period. Bobby Lee has given his input as to what price Bitcoin can look forward to, and its a very healthy and FOMO-inducing $60,000. Since December 2017, Bitcoin’s characteristic price volatility has ... Back in 2017, Bobby Lee revealed China’s plan to tank Bitcoin price. That was the time when China banned the initial coin offerings (ICOs) and then the cryptocurrency exchanges in the country. Although China’s quest had not really affected BTC, but Lee’s crypto exchange was obviously affected.
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