How 2 Louisville college dropouts made a mint in bitcoin
LOUISVILLE, KY.
Jacob Melin and his business partner Enrique Rodriquez don't have college degrees or any credentials as investment advisers.
Still, the men in their early 20s are gathering a flock, shepherding others in Louisville into the super-new world of bitcoin and other digital currencies.
They may seem young, but they are veterans with three years in the emerging phenomenon. And their ace in the hole: They've already scored a combined jackpot of nearly $1 million.
"It's a rough investment world out there," Melin said, sitting at a gleaming granite-topped conference table in leased offices of Crypto Consulting Group.
LOUISVILLE, KY.
Jacob Melin and his business partner Enrique Rodriquez don't have college degrees or any credentials as investment advisers.
Still, the men in their early 20s are gathering a flock, shepherding others in Louisville into the super-new world of bitcoin and other digital currencies.
They may seem young, but they are veterans with three years in the emerging phenomenon. And their ace in the hole: They've already scored a combined jackpot of nearly $1 million.
"It's a rough investment world out there," Melin said, sitting at a gleaming granite-topped conference table in leased offices of Crypto Consulting Group.
WILL THE REAL CRYPTO ‘HODLERS’ PLEASE STAND UP?
The crypto market continues to test the resolve of true HODLers. The sea of red is now more or less a daily occurrence, and it is tougher than ever to separate “value” coins from “hype” coins. The positive correlation between the coins, which is what some investment banks warned about, is partly to blame – there is simply very little to differentiate between the coins. This is something that upcoming ICOs will have to learn to live with. But maybe there is another way…
The majority of the coins that are suffering from this lethargic performance are those that have been built on nothing more than an idea. They are a promise that the team will develop a real-life working product, that it will be better and faster than the current alternative, and more importantly – it will have users!
The crypto market continues to test the resolve of true HODLers. The sea of red is now more or less a daily occurrence, and it is tougher than ever to separate “value” coins from “hype” coins. The positive correlation between the coins, which is what some investment banks warned about, is partly to blame – there is simply very little to differentiate between the coins. This is something that upcoming ICOs will have to learn to live with. But maybe there is another way…
The majority of the coins that are suffering from this lethargic performance are those that have been built on nothing more than an idea. They are a promise that the team will develop a real-life working product, that it will be better and faster than the current alternative, and more importantly – it will have users!
Bitcoin (BTC) found acceptance above the $7,000 mark over the weekend, boosting the odds of a double-bottom bullish reversal, the technical charts indicate.
The cryptocurrency trapped the bears on the wrong side of the market as it defended the psychological support of $6,500 on Friday, despite a bear flag breakdown, and rose above $7,000 on Sunday.
As of writing, BTC is changing hands at $7,081 - up 0.84 percent for the session, and up 9.8 percent from last week's low of $6,513, according to CoinDesk's Bitcoin Price Index.
The positive turnaround is being associated with reports that Wall Street bigwigs or "real whales" are set to enter the crypto waters. Notably, George Soros, the billionaire investor who broke Bank of England in 1992, has given his Soros Fund Management macro investment manager Adam Fisher the go-ahead to trade cryptocurrencies, according to Bloomberg.
Reports are also doing the rounds that Venrock, the venture capital arm of the financial empire began by John D. Rockefeller, is all set to bet on bitcoin.
While the speculation seems to have put a bid under bitcoin, the job is only half done for the bulls, the price chart analysis indicates.
The cryptocurrency trapped the bears on the wrong side of the market as it defended the psychological support of $6,500 on Friday, despite a bear flag breakdown, and rose above $7,000 on Sunday.
As of writing, BTC is changing hands at $7,081 - up 0.84 percent for the session, and up 9.8 percent from last week's low of $6,513, according to CoinDesk's Bitcoin Price Index.
The positive turnaround is being associated with reports that Wall Street bigwigs or "real whales" are set to enter the crypto waters. Notably, George Soros, the billionaire investor who broke Bank of England in 1992, has given his Soros Fund Management macro investment manager Adam Fisher the go-ahead to trade cryptocurrencies, according to Bloomberg.
Reports are also doing the rounds that Venrock, the venture capital arm of the financial empire began by John D. Rockefeller, is all set to bet on bitcoin.
While the speculation seems to have put a bid under bitcoin, the job is only half done for the bulls, the price chart analysis indicates.
Is This a Death Sentence for Longfin?
Longfin Corp. (NASDAQ: LFIN) is under a lot of fire after the U.S. Securities and Exchange Commission (SEC) halted the stock and is now suing the company. This very well could be a death sentence for the blockchain firm.
As recently as Friday, the agency obtained a court order freezing over $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin stock involving the company, its chief executive officer and three other affiliated individuals.
Shortly after Longfin began trading on the Nasdaq and announced the acquisition of a purported cryptocurrency business, its stock price rose dramatically and its market capitalization exceeded $3 billion. As quickly as this firm has seen its stock shoot up, it looks like we can expect this stock to crash following these allegations, hence the trading halt.
The SEC alleges that Amro Izzelden “Andy” Altahawi, Dorababu Penumarthi and Suresh Tammineedi then illegally sold large blocks of their restricted Longfin shares to the public while the stock price was highly elevated. Through their sales, Altahawi, Penumarthi and Tammineedi collectively reaped more than $27 million in profits.
According to the SEC’s complaint, Longfin’s founding CEO and controlling shareholder, Venkata Meenavalli, caused the company to issue more than 2 million unregistered, restricted shares to Altahawi, who was the corporate secretary and a director of Longfin, and tens of thousands of restricted shares to two other affiliated individuals, Penumarthi and Tammineedi, who were allegedly acting as nominees for Meenavalli. The subsequent sales of those restricted shares violated federal securities laws that restrict trading in unregistered shares distributed to company affiliates.
Longfin Corp. (NASDAQ: LFIN) is under a lot of fire after the U.S. Securities and Exchange Commission (SEC) halted the stock and is now suing the company. This very well could be a death sentence for the blockchain firm.
As recently as Friday, the agency obtained a court order freezing over $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin stock involving the company, its chief executive officer and three other affiliated individuals.
Shortly after Longfin began trading on the Nasdaq and announced the acquisition of a purported cryptocurrency business, its stock price rose dramatically and its market capitalization exceeded $3 billion. As quickly as this firm has seen its stock shoot up, it looks like we can expect this stock to crash following these allegations, hence the trading halt.
The SEC alleges that Amro Izzelden “Andy” Altahawi, Dorababu Penumarthi and Suresh Tammineedi then illegally sold large blocks of their restricted Longfin shares to the public while the stock price was highly elevated. Through their sales, Altahawi, Penumarthi and Tammineedi collectively reaped more than $27 million in profits.
According to the SEC’s complaint, Longfin’s founding CEO and controlling shareholder, Venkata Meenavalli, caused the company to issue more than 2 million unregistered, restricted shares to Altahawi, who was the corporate secretary and a director of Longfin, and tens of thousands of restricted shares to two other affiliated individuals, Penumarthi and Tammineedi, who were allegedly acting as nominees for Meenavalli. The subsequent sales of those restricted shares violated federal securities laws that restrict trading in unregistered shares distributed to company affiliates.
'Bitcoin Day' Proves Argentina's Crypto Love Is Alive and Well
Bitcoin may not yet have "conquered" Argentina, but it's certainly making in-roads.
That much was obvious last week at "Bitcoin Day" in Buenos Aires, where 500 attendees took part in an event aimed at serving a growing demand for information on the technology. Held in the heart of the city's Almagro neighborhood, the conference served a reminder of how the country is still the leader in regional adoption, even if other developments in Latin America (like Colombia's possible petro cryptocurrency) may have stolen the spotlight of late.
Bitcoin may not yet have "conquered" Argentina, but it's certainly making in-roads.
That much was obvious last week at "Bitcoin Day" in Buenos Aires, where 500 attendees took part in an event aimed at serving a growing demand for information on the technology. Held in the heart of the city's Almagro neighborhood, the conference served a reminder of how the country is still the leader in regional adoption, even if other developments in Latin America (like Colombia's possible petro cryptocurrency) may have stolen the spotlight of late.
BitBay has found the support at 464 satoshis, that is 127.2% Fibonacci applied to the corrective wave up after the 820 satoshi support breakout. The Fibonacci support has been rejected cleanly followed by a strong wave upwards.
The correction down followed along with the consolidation, where BAY/BTC has been trading around 500 satoshis nearly two weeks. But now volume in increasing once again and BitBay could be ready to go up.
The strong resistance is obviously at 820 satoshis and this could be the very fist upside target. Break and close above it should confirm long term uptrend.
The correction down followed along with the consolidation, where BAY/BTC has been trading around 500 satoshis nearly two weeks. But now volume in increasing once again and BitBay could be ready to go up.
The strong resistance is obviously at 820 satoshis and this could be the very fist upside target. Break and close above it should confirm long term uptrend.
#cryptotimenews
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The Future Of Cardano, Is Cardano The Future? 🤔
Today, the currency stands at a value of $0.15, is up 2.72% and has a market cap of $4,012,421,582 at the time of writing. This comes off the back of a bumpy start to April and of course a very bumpy start to 2018.
At it’s peak, Cardano almost hit $1.30 back in January, can we see this this happening again in the future?
Well, lets go even further back, right to the inception of the currency. Since then. According to Smartereum, Cardano has given a return of over 1500%, moreover Smartereum believe that this year’s forecast sends it up towards $2.50 this time next year, a 6-fold increase. How about ten years’ time? Well, apparently, Cardano could reach $10.
These figures could suggest that Cardano is indeed the future, but its outlook sets it out to be a bit of a slow burner. Is it worth waiting ten years for the currency to reach that $10 target?
continuation of the article
Today, the currency stands at a value of $0.15, is up 2.72% and has a market cap of $4,012,421,582 at the time of writing. This comes off the back of a bumpy start to April and of course a very bumpy start to 2018.
At it’s peak, Cardano almost hit $1.30 back in January, can we see this this happening again in the future?
Well, lets go even further back, right to the inception of the currency. Since then. According to Smartereum, Cardano has given a return of over 1500%, moreover Smartereum believe that this year’s forecast sends it up towards $2.50 this time next year, a 6-fold increase. How about ten years’ time? Well, apparently, Cardano could reach $10.
These figures could suggest that Cardano is indeed the future, but its outlook sets it out to be a bit of a slow burner. Is it worth waiting ten years for the currency to reach that $10 target?
continuation of the article
Moldova will host its first major blockchain and cryptocurrency event, welcoming international experts to the World Blockchain and Cryptocurrency Summit (WBC Summit) in Chisinau, the capital city of Moldova, on May 11. WBC Summit is backed by the International Decentralized Association of Cryptocurrency and Blockchain (IDACB) and had its first iteration in Moscow on January 27, 2018.Moldova will host its first major blockchain and cryptocurrency event, welcoming international experts to the World Blockchain and Cryptocurrency Summit (WBC Summit) in Chisinau, the capital city of Moldova, on May 11. WBC Summit is backed by the International Decentralized Association of Cryptocurrency and Blockchain (IDACB) and had its first iteration in Moscow on January 27, 2018.
Bitcoin (BTC) May Not Fall Below $6,000 Ever Again
Bitcoin (BTC) is down more than 70% from its all time high but many still anticipate further downside. If you think about it, this is no different than when Bitcoin (BTC) was at $19,000 and many still expected a bull run to the moon. It is easier to be criticized and called out when you are overly bullish in a bull market but people do not find being overly bearish in a nearly complete short term bearish phase as equally implausible. This comes down to the difference between euphoria and fear. While markets may take time to build up and gain support over time, it takes a lot less time to erase all those gains and for the price to nosedive once fear is instilled in the market.
Attempts to instill fear in the market have been deliberate most of the time. In 2014, there were big events that lead to the fall like the Mt. Gox scandal but in 2017, the fall was more systemic as fear was injected at every phase in the form of bans, restrictions and crackdowns. Those who have been around for long, know that markets work in cycles and after this grave phase of fear and uncertainty, a period of optimism and euphoria follows. However, most investors in cryptocurrencies are first time investors who find it difficult to recover from the fear. Furthermore, some of them sold at a loss and desperately want to make that coins back so they are now waiting for a fall below $5000 to buy again.
Bitcoin (BTC) is down more than 70% from its all time high but many still anticipate further downside. If you think about it, this is no different than when Bitcoin (BTC) was at $19,000 and many still expected a bull run to the moon. It is easier to be criticized and called out when you are overly bullish in a bull market but people do not find being overly bearish in a nearly complete short term bearish phase as equally implausible. This comes down to the difference between euphoria and fear. While markets may take time to build up and gain support over time, it takes a lot less time to erase all those gains and for the price to nosedive once fear is instilled in the market.
Attempts to instill fear in the market have been deliberate most of the time. In 2014, there were big events that lead to the fall like the Mt. Gox scandal but in 2017, the fall was more systemic as fear was injected at every phase in the form of bans, restrictions and crackdowns. Those who have been around for long, know that markets work in cycles and after this grave phase of fear and uncertainty, a period of optimism and euphoria follows. However, most investors in cryptocurrencies are first time investors who find it difficult to recover from the fear. Furthermore, some of them sold at a loss and desperately want to make that coins back so they are now waiting for a fall below $5000 to buy again.
Some 3.5 million Japanese were trading cryptocurrencies on 17 domestic exchanges as of the end of March, according to a new report from the country's financial watchdog. The research showed that 84% of the traders were between the ages of 20 and 40, supporting the notion that much of the country's crypto frenzy has been fueled by a jump in trading activity by millennial-aged investors.
The inaugural report from Japan's Financial Services Agency (FSA), translated by Coindesk, revealed that in Japan, trading volume of bitcoin, the world's largest digital coin by market value, skyrocketed 340% in a three-year period, from $22 million in March 2014 to $97 billion in March 2017. Trading on margins, credit and futures of bitcoin as an underlying asset increased from a $2 million to a whopping $543 billion over the same respective periods.
The inaugural report from Japan's Financial Services Agency (FSA), translated by Coindesk, revealed that in Japan, trading volume of bitcoin, the world's largest digital coin by market value, skyrocketed 340% in a three-year period, from $22 million in March 2014 to $97 billion in March 2017. Trading on margins, credit and futures of bitcoin as an underlying asset increased from a $2 million to a whopping $543 billion over the same respective periods.
Litecoin Debit Cards Might Become Reality Soon
After the whole Litepay debacle, the Litecoin Foundation is again partnering with a payment provider in a move that could see it offer a proper debit card option.
This time, the foundation has teamed up with TenX, with an announcement from the company coming after it had already added LTC to its wallet app.
TenX claimed that the option to trade LTC came up without any official statement because it wanted a small pool of users to notice it first and thus give the wallet provider a chance to live-test the solution and iron out any bugs.
“Going forward this will be our process for new coin integrations to ensure both stability and wide availability,” the startup wrote.
This new partnership resurrects the idea of Litecoin holders being able to spend their money with a debit card, which was the intention all along.
After the whole Litepay debacle, the Litecoin Foundation is again partnering with a payment provider in a move that could see it offer a proper debit card option.
This time, the foundation has teamed up with TenX, with an announcement from the company coming after it had already added LTC to its wallet app.
TenX claimed that the option to trade LTC came up without any official statement because it wanted a small pool of users to notice it first and thus give the wallet provider a chance to live-test the solution and iron out any bugs.
“Going forward this will be our process for new coin integrations to ensure both stability and wide availability,” the startup wrote.
This new partnership resurrects the idea of Litecoin holders being able to spend their money with a debit card, which was the intention all along.
Cryptocurrency Market Cap Clips $300 Billion as Bear Trap Liquidates Shorts
The cryptocurrency market cap briefly clipped the $300 billion mark on Thursday, a phenomenon that occurred as the result of an apparent bear trap in the Bitcoin futures markets.
Fueled by a dramatic Bitcoin price rally, the cryptocurrency market cap surged by more than $30 billion, peaking at $301.8 billion before settling back down to a present value of $298 billion. This represents a single-day increase of 12 percent, one of the market’s largest intraday rallies since December.
The Bitcoin price led the rally, surging more than $1,000 in less than an hour and briefly surmounting the $8,000 checkpoint. At present, Bitcoin is trading at $7,740 on Bitfinex — a 24-hour gain of 11 percent — and has a market cap of just under $130 billion.
The cryptocurrency market cap briefly clipped the $300 billion mark on Thursday, a phenomenon that occurred as the result of an apparent bear trap in the Bitcoin futures markets.
Fueled by a dramatic Bitcoin price rally, the cryptocurrency market cap surged by more than $30 billion, peaking at $301.8 billion before settling back down to a present value of $298 billion. This represents a single-day increase of 12 percent, one of the market’s largest intraday rallies since December.
The Bitcoin price led the rally, surging more than $1,000 in less than an hour and briefly surmounting the $8,000 checkpoint. At present, Bitcoin is trading at $7,740 on Bitfinex — a 24-hour gain of 11 percent — and has a market cap of just under $130 billion.
#cryptotimenews
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Telegram Blocked in Russia; Pavel Durov says Messenger Will Try to Bypass Block
The Russian Federal Service For Supervision Of Communications, Information Technology, And Mass Media, or Roskomnadzor, has managed to get the Telegram messaging service blocked in the country, as per a court order today.
The agency initially filed the lawsuit last week, requiring Telegram to hand over the encryption keys to the Federal Security Service (FSB) in order to facilitate the fight against terrorism and other criminal activities believed to be coordinated using the messaging service.
However, according to Telegram, not only is this requirement unconstitutional, it is also technically impossible as the encryption keys keep changing.
The Russian Federal Service For Supervision Of Communications, Information Technology, And Mass Media, or Roskomnadzor, has managed to get the Telegram messaging service blocked in the country, as per a court order today.
The agency initially filed the lawsuit last week, requiring Telegram to hand over the encryption keys to the Federal Security Service (FSB) in order to facilitate the fight against terrorism and other criminal activities believed to be coordinated using the messaging service.
However, according to Telegram, not only is this requirement unconstitutional, it is also technically impossible as the encryption keys keep changing.
