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Bitcoin investors hoping to make billions may end up with a sack of fool’s gold | Technology

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Sifting the Yukon river for gold was a waste of time for most of the 100,000 prospectors seeking to make themselves rich in the 1890s. The same can be said of the bitcoin miners who dream of striking it rich by getting their hands on some of the extremely lucrative and painfully elusive electronic currency.

Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator, the software engineer whose true identity is unknown but who goes by the name Satoshi Nakamoto.

Those who have employed enough computer power and code-cracking know-how can consider themselves rich now that the value of one bitcoin has soared from $753 last December to around $10,000. The rest have deployed huge amounts of energy and time for no return.

Should anyone be worried about this turn of events? Or will it go down as a moment in history when an asset was mined, some people got rich and … that was it?

The ambitions of the bitcoin community mean the creation of a new currency must be taken more seriously. Its stellar rise in the last 18 months is likely to have sucked in thousands of speculators, many of them ordinary investors.

And with mainstream financial exchanges looking to host bitcoin as a tradeable asset, or list derivatives of bitcoin on their trading boards, thousands more will be sucked in over the next 18 months.

Where ordinary investors, hunting in large numbers, seek a return on their savings in a high-risk environment, governments are usually minded to regulate.

The idea behind bitcoin was that it should be like any commodity that, once discovered, became increasingly difficult to extract. Like gold, it would become a store of value and make those clever enough to find it and believe in it very rich.

The distributed ledger designed to make each bitcoin account secure and accountable without the need for third parties, like banks, to be involved became for many participants a potential template for all future deposit saving and trading.

To that end, it was also viewed as a replacement currency to the dollar, euro or pound – one that could not be manipulated by central banks, which are only too keen to print extra notes, and thereby devalue the currency, in times of trouble. It is a seductive package that has led many in the banking industry – those most under threat – to call it a fraud.

Goldman Sachs boss Lloyd Blankfein said so last week, adding his voice to JP Morgan’s Jamie Dimon.

Dimon described it as fraud that would ultimately blow up and said the desire to hide funds from regulators and the police meant it was only fit for use by drug dealers, murderers and people living in places such as North Korea. Blankfein was more concerned that its volatile price, which dropped 20% in less than 24 hours after topping $11,000 last week, disqualified it from being a sensible currency.

Sir Jon Cunliffe, a deputy governor of the Bank of England, summed up the view of many in the City when he said calmly that bitcoin was a sideshow and too small to pose a systemic threat to the global economy.

To cover his flank against accusations that the Bank, which is the UK’s chief financial regulator, was too dismissive of the issue, he also cautioned that bitcoin investors needed “to do their homework”.

No doubt all bitcoin investors think they have done their homework. And regulators probably think they have enough work to do. But while it is easy to say that a fool and their money are soon parted, anyone who interacts with the financial services industry is a potential victim. And, with this in mind, regulators should be ready to impose all the usual tools of misselling rules and compensation schemes on this freshly minted industry.

At the moment, bitcoin is having a free ride. The tipping point is close. Regulators should be prepared.

A lover of all things tech, love all things that uses creative juices (not an innuendo) an avid blogger and part time vlogger, not stop reading and go check out some awesome posts on this site.

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Bitcoin Marketplace NiceHash Hacked – Over $64 Million Stolen

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The Bitcoin marketplace NiceHash has been hacked, and over $64 million dollars worth of Bitcoin has been stolen in a matter of moments.

On Wednesday, several NiceHash users reported some unusual activity in their BTC wallets, several of them found their wallets to be completely empty. Soon after these reports, NiceHash announced that it would be temporarily closing for maintenance.

12 hours after the service went offline for this maintenance, NiceHash released a statement saying that they had experienced a security breach which was compromising their payment services and that the service would continue to be closed for the next 24 hours while they investigated the situation.

source: thehackernews

Several users began tweeting NiceHash, saying that their money had been stolen.

“Either I got hacked or something is up,” tweeted Erik Callesen, showing an outgoing transaction of $56 million he claims to have not made.

NiceHash has not confirmed the total amount of Bitcoin that was stolen, however, CoinDesk has reported that as much as 4,736.42 in Bitcoins were stolen, which at the time of the report was worth over $62 million. With the jump that Bitcoin price has recently taken,

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USI Tech Bitcoin and how to easily invest in the growth (BTC)

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USI Tech Bitcoin (BTC)

So I first want to say welcome, we all may be pretty new to this but the learning curve is steep just like to price per BTC. So where do we go from here and what our the strategies that can be implemented to maximise our profit. We really need to ensure a few things first when we invest in anything thats classed as a volatile market (USI Tech Bitcoin)

  • Only invest in what you can afford to lose, you may hear this a lot but at the end of the day it is a volatile market, it just seems really good at the moment but this could all change in 1 day – lets say bitcoin managed somehow to get hacked, the algorithm was compromised and the price per BTC was pennies / dollars. The likelihood that this will happen is in my eyes minimal.

 

  • Have a game plan and stick to it, be real on what you would like your potential daily / weekly / monthly and yearly earnings to be, and aim for it. Do not get greedy and start investing what you really cannot afford (told you I would mention it again)

 


These posts will hopefully shed some light on my gameplay, hints and tips and how to best invest (USI Tech Bitcoin)but if you have some better ideas please comment below and lets all earn and grow together.

Why, well I want to be transparent and help others, but please also share your experiences too by commenting down below, let other users know how you plan to make the most of this opportunity.


My Game plan and current standings.

So as it stands today (7 Dec) and 2 weeks in. I have 23 packages, not purchased all at the same time, they have been staggered over the past 14 days – all of this information can be found on the back office of your USI Tech Bitcoin dashboard.

usi tech bitcoin

Don’t think that its too late to invest either, this is a massive misconception. You will see other users on groups with over 100, some over a 1,000 – THIS DOES NOT MATTER. The majority of your family and friends won’t invest a penny, and will not make a thing, but you have and you will make money.

So with these 23 active packages – what are my daily (mon-fri) earnings

Sweet we have a 0.0012 BTC daily return – ermm how much is that and what should I do with it. #Gameplan – So this daily pay is equal to £17.48 or $23.55 – my total investment has been around £950 or $1280 – as of right now I won’t be putting any more money in.

So lets see what we can do with these packages, and what you can do with yours. You have 2 options.

Option 1 (my choice)

Rebuy – This means that when I reach enough BTC to purchase another package I will grab another one and keep on doing that. Why – Well you will get 1%** daily on the package up to 140% and with the way BTC is heading at the moment it will be worth a lot more than you put in. So how many packages can I expect to have over the coming weeks and months.

This is our starting point

Working DaysReturn
of Capital
Active PackagesRebuy PackagesWallet TotalPackage
Total Value
Completed Packages
00.0858230.00000.08580

Lets jump to the magical 141 day point for the full 140% return on capital (ROC)

1410.00336910.00030.257423

 

Option 2 

We now now have 69 packages ! after 140 days, but we don’t have any money in our wallet, thats because we are 100% re-buying packages as soon as we have enough money. Makes sense right. We are using every single part of our earning to make more, lets not get too greedy, let see how much we will then earn after another 140 days of these package have been running, but lets start banking some money, lets not buy any more packages.

So after a further 140 days we will now have 0.3629 in our wallet (remember this figure when converted in to GBP / USD will solely depend on the current BTC value.

As of today 0.3629 equals £4594.41 or $6189.27 ! Now thats not a bad investment right.

You don’t have to wait a further 140 days to withdraw this either you can just take it out daily, as remember this is a daily pay to you !


My game plan is to reach 100 packages then place 70% in to my wallet and use 30% to purchase more package – whats yours.


I hope this post explained a few things, what would you like to see next, prefer a video, please ask me questions if you don’t fully understand something out and I will always find you the answer.


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Jul 25, 2017 The USI-Tech Bitcoin package has several advantages over other MLMs we have looked at so far. First is the fact that it is possible to join for free. Then there’s the relatively low risk. You can invest in the packages with as little as 50 Euro worth of Bitcoin, and there are no ongoing costs to remain in the …

USI Tech Global Team | Transform Your Life!

USI-Tech is creating life-changing income with an innovative bitcoin return on capital platform that is disrupting the crypto markets.

USI Tech Review – Safe Bitcoin Crypto Mining, Investing & Trading …

Moving on now that we know how to properly identify the spark behind their sensational surge (suspect or respect leave us your comments), we decided to focus primarily on USI Tech’s bitcoin affiliation. In a crowded cryptocurrency company rat race of promising perpetual profits, it is a buyer beware word of caution for the …

USI Tech – Bitcoin Crypto Scam or a Legit Mining Company? Truth …

Nov 13, 2017 Thanks for stopping by to read my USI Tech Review. Cryptocurrency has been growing at a record breaking pace. Companies like USI Tech have recognized the growth and excitement and have decided to jump on the crypto train. It’s all well and good but people are starting to ask questions. The biggest …

EbongEmady

USI Tech Bitcoin Calculator Training https://t.co/SvflI3s9TG… Register for FREE: https://t.co/51Vr9GFf3a https://t.co/9d7sVl7w58
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Fintech and Crypto Regulations Expected to Pass in Mexico on December 15th

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Fintech and Crypto Regulations Expected to Pass in Mexico on December 15th

On Tuesday, Mexico’s Senate passed a bill designed to regulate the country’s emerging fintech sector, including regulatory provisions pertaining to bitcoin and other cryptocurrencies in Mexico. 

Also Read: Bank of Mexico Rejects ‘Virtual Currency’ as Legal Classification for Bitcoin

The Fintech Bill Is Expected to Pass a Final Lower House Vote by December 15 in Mexico

Fintech and Crypto Regulations Expected to Pass in Mexico on December 15thMexico’s upper chamber of parliament has approved a bill that will provide a regulatory framework governing the organization and operations of fintech companies. The bill will seek to regulate companies offering alternative means of financing or investing, companies that issue or manage electronic funds or assets, in addition to providing guidelines for the operation of virtual currency exchanges.

If passed into law, the bill will bring virtual currency exchanges under the regulatory purview of Mexico’s central bank. The regulations will seek to impose strict identification requirements for both clients and investors in order to deter money laundering or terrorist financing activities, and will prohibit Financial Technology Institutions (FTIs) from guaranteeing returns on investments, or the success of an investment. Mexico defines ‘crowdfunding institutions’, ‘electronic payment institutions,’ and ‘virtual asset management institutions’ as FTIs.

The new laws will mandate that FTIs seeking to operate in Mexico must incorporate as a Mexican corporation or limited liability company. FTIs will also be required to demonstrate the transactions that it wishes to perform to the National Banking and Securities Commission (CNBV), that the company has a suitable corporate structure and governance bodies, and that the companies are in possession of all requisite resources and infrastructure. FTIs currently operating in Mexico will be required to receive authorization from the CNBV in order to continue operating.

Innovative Companies and Regulatory Sandboxes

Fintech and Crypto Regulations Expected to Pass in Mexico on December 15thMexico is expected to adopt regulatory sandboxes in order to facilitate innovation in innovative industries that do not neatly fit within existing legislation. Companies seeking to operate under a regulatory sandbox will be required to obtain temporary authorization for two years maximum, during which the company will be permitted to provide their services to a small number of clients. It is anticipated that numerous companies seeking to operate using cryptocurrencies will likely apply to be regulated in said “sandbox” fashion.

The bill will also spark the creation of a ‘Fintech Council,’ which will be seen as a vehicle through which the public and private sector can exchange relevant ideas and interests relating to breakthrough financial technologies. The council will be staffed by individuals from both the public and private sector, and will be expected to follow emerging trends and practices in innovative fintech industries in order to inform the development of future regulations.

Speaking with Reuters, Felipe Vallejo of Mexican crypto trading platform, Bitso, has welcomed the Senate’s passing of the bill – describing such as having the potential to make Mexico internationally competitive within the emerging cryptocurrency industries. “For us, it was a victory for the sector, because this is being done internationally,” Mr. Vallejo said.

Do you think that Mexico will be able to exert a position of influence over the bitcoin markets in future? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


Need to calculate your bitcoin holdings? Check our tools section.

The post Fintech and Crypto Regulations Expected to Pass in Mexico on December 15th appeared first on Bitcoin News.

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