Posts

Bitcoin, Chinese Conquest and the Financial Houdini.

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Bitcoin is annoying. Yes! annoying to people like JP Morgan’s CEO Jamie Dimon and a lot of acquaintances of mine who keep praying that my being bullish about Bitcoin will blow up in my face some unfortunate day. But I doubt if they will ever get to see that day if the blockchain technology remains as it currently is or gets better. About two months ago when Bitcoin fell from a high of about $4,300 to $2,600 a lot of sneering and sniggering erupted behind my back. Total Market Capitalization of the Crypto Currency Market plummeted from a high of $180,000,000,000 to about $126,000,000,000. In Nigeria the price of Naira to Dollar Bitcoin crashed from N380 to about N360. Many “I told yous”  and “this is the end” messages were flying around my cyber space. Some were even happy to place a call to tell me the end had come. That period I sacarstically made a statement on my facebook page thus: “Do not buy Bitcoin in 2017……so that Bitcoin can buy you in 2027” as is usual wit
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Big Banks Want to Destroy Bitcoin Before it Destroys Them

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It seems as if the talk of “the people’s currency” has started to sting the ears of those who traditionally have a monopoly of money, banks and governments. Recent negative statements by big banks, and governmental crackdown on digital currencies and ICOs can be seen as fightbacks by these institutions to the growing popularity of Bitcoin. Bitcoin always has had the potential to be a new currency free of control by big banks and governments, but as adoption has spread, the threat has become real. Limiting its potential It should not be seen as surprising that banks, such as JP Morgan, are spilling vitriol and rhetoric about Bitcoin being a ‘fraud’ Bitcoin reaching mass adoption and succeeding spells the end for big banks and traditional financial institutions. The same goes for governments. A decentralized currency takes a huge amount of power out of the hands of the government who look to keep tabs on currency within their borders. Taxes and regulations of money is a po
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Bitcoin is Now Larger Than Some Countries in Europe, Africa & Americas

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The user  base and market cap of bitcoin are larger than most fiat currencies of small countries in Central America, Africa and Europe. The next step for bitcoin is to surpass the market cap of reserve currencies, to establish itself as the global currency used by mainstream users and general consumers. The truth is, bitcoin as a technology is not capable of surpassing the value or user base of reserve currencies as of yet. Various scaling issues have to be addressed and solutions must be implemented. One of these solutions is Bitcoin Core’s Segregated Witness. If both the on-chain capacity and two-layer solutions of bitcoin are expanded and improved, bitcoin will be able to compete with larger fiat and reserve currencies of the world. Still, the bitcoin network has demonstrated a significant rate of growth in terms of market cap and user base. Most notably, Blockchain, a popular bitcoin wallet platform, recorded over 6 million new users in the past 12 months. Other competing
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This Currency is 132 times plus richer than the Whole World.

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After being bombarded with offers to buy TBC, I decided to carry out a small research on it but the headline below stopped me one quarter of the way ==The value of TBC increases Everyday by 1 - 5% And its value doubles every two weeks. How is this possible mathematically. 5% daily means 35% weekly, every two weeks will mean 35%* 2 = 70%. I thought "double" would mean 100% ! == TBC doesn’t need a market to produce its value. So the promoters manufacture the value? == TBC is a true and complete decentralised crypto currency with a total coin circulation of 1 Billion coins. Wow! so how many people are running the nodes that make it decentralised? How many nodes are there? At 500 Million coins today it means TBC has a market capitalisation of $56,000,000,000:00 while Bitcoin has a market cap of $19,969,084,809 in essence it has 2.9 times the market cap of bitcoin....Hmmm! It is so phenomenal that nobody in the main media is talking about it. Awesome! At 2.5% daily interest
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Bitcoin, the People's Money reaches all time high and is still roarinnggggg!

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What a comeback. The digital currency that so often has been proclaimed dead, has risen from around $163 just two years ago, to now breach the all-time high on the average price weighed index. Bitcoin Surpasses All-Time High Bitcoin stood, across exchanges, at $1,147 in late 2013. Now, on a weighted average, it stands at $1,190 (12:54 am 24/02/2017  Nigerian Time) officially breaking the all-time high. Few thought this will happen. Mired in controversy regarding  transaction backlogs  – a Champaign problem some say, we have too many users, how do we make space for more in a way physical resources allow – challenged too by new cool kids such as ethereum, disparaged by the more stiff upper lips who kept proclaiming blockchain, but not bitcoin – the digital currency marches, unperturbed, undeterred, proving, once more, all wrong. It’s market now is nearing $20 billion. It finds mentions in TV sitcoms, it is accepted by Microsoft, it is patroned by that naked, unfiltered spa
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Bitcoin puts Alan Greenspan in panic, forces him to declare for Gold to be adopted as Global Currency

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Former US Federal Reserve Chairman Alan Greenspan calls for a return to the gold standard as Bitcoin becomes positioned to take gold’s place as the world’s reserve store of value. Greenspan, who was the chairman of the US central bank from 1987 to 2006, presided over a period of “easy money policy” of low interest rates to provoke economic growth. This policy drew criticism from business leaders such as Steve Forbes for weakening the dollar and pushing commodities such as gold past its 12-year moving average in 2004. Since retirement, however, Greenspan has come out in favor of a more sound monetary policy, including a favorable view of gold as the world’s reserve currency: “I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature.” Sound money as a defense against looming stagflation Last year, Greenspan had adopted a similar position on currency, urging a return to the gold standard t
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UAE (Dubai) recognises Bitcoin, Nigeria? Still playing the Ostrich!

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The Central Bank of the United Arab Emirates has moved to clarify recent regulations released on January 1, 2017, that claimed “all virtual currencies are prohibited”. Now, the monetary authority has confirmed that new regulations will not outlaw virtual currencies like Bitcoin. On January 1, the Central Bank of the UAE released a new  regulatory framework  [PDF] for electronic payment systems. In a marked provision toward virtual currencies specifically, the regulation simply stated: “All virtual currencies (and any transactions thereof) are prohibited.” The sweeping statement that constitutes a ban on the use of digital currencies like bitcoin crept under the radar, relatively speaking, at a time when the UAE is pressing ahead with its  Fintech -friendly agenda. Recent efforts include setting to path a comprehensive switchover to  blockchain-based document storage  for all Government documents by the year 2020. However, the central bank’s Governor, Mubarak Rashid Khamis Al
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