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Friday, October 20, 2017

Cryptocurrency News for 20 Oct 2017

 

Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6,000

Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6,000

 

Evidence is growing that a recent rally in bitcoin prices may be nearing its end.

While bitcoin has been on a tear of late, rising from a Sept. 29 low of $2,980 to new highs above $5,800 last week, the bitcoin-US dollar (BTC/USD) exchange rate failed to capitalize on this upward movement over the weekend's trading sessions.

At press time, bitcoin is trading at $5,700, up 2.5% over the last 24 hours as per CoinMarketCap. Week-on-week, the crypotcurrency is up 19%, while on a monthly basis it is up 52%.

As for the specific reasons for the increase, pundits and observers are still struggling to identify a catalyst for the blast above the psychological hurdle of $5,000. However, one of the more plausible theories is that many are buying bitcoins on hopes that a hard fork in November might end up creating money out of the thin air.


Full story at http://bit.ly/2xOoWzi


Source: CoinDesk


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China Could Make Bitcoin Buzz Again as National Congress Looms

China Could Make Bitcoin Buzz Again as National Congress Looms

 

Having felt China’s influence before, this week it is important to keep an eye on the communist state as they gear up for their 19th National Congress of the Communist Party of China (CPC).

This form of elections essentially for the totalitarian party will see some reshuffling and power plays between top officials who either fall on the conservative side, or the progressive. In the middle is Bitcoin, and it is being used as a powerful political pawn.

Held every five years, the party congress elects the party’s top officials. It is also a forum for a showdown between the conservative forces of the party, which want to preserve the old system of central planning and state ownership and control of key industries - including banking - and the progressive forces, which want to limit government ownership and control of the economy.

"Understandably then Bitcoin is the new hammer and sickle of the progressive group while it flies in the face of the conservative traditionalists. This, many believed, is why it was banned in the first place, as a power play by the traditionalists."


Full story at http://bit.ly/2xP0xK8


Source: CoinTelegraph


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As India’s Government Wars Against Cash, Bitcoin is Sought in Exchange

As India’s Government Wars Against Cash, Bitcoin is Sought in Exchange

 

India is the world’s largest democracy. With over one billion people, its government often lurches and sputters to find the right fix on any number of issues. This is especially true in matters of monetary policy.

When it felt duty-bound to effectively sack its INR in the most popular amounts, it did so without warning. One day 500 and 1000 INR bills were legal tender, the next day they were not. Indians were pushed to banks, hoping to salvage what might be left of their personal wealth.

The equivalent in the United States might be if 10 and 20 USD paper was no longer useable.

India also has an enormous unbanked population, and its poverty levels have been extensively publicized. These are the people who live on smaller numbered cash bills, be they for employment or simple market transactions.


Full story at http://bit.ly/2xOiwQK


Source: Bitcoin News


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Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official

Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official

 

The deputy director of the Philippines’’ central bank has highlighted the advantages of using cryptocurrencies like bitcoin after releasing regulations for the industry earlier this year.

The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, published regulationsfor bitcoin exchanges earlier this year. In a statement at the time, the central bank said it “recognizes that virtual currency systems have the potential to revolutionize delivery of financial services particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.”

The move to regulate the local bitcoin industry was the first of its kind for an Asian nation. A significant factor leading to those regulations is the soaring growth in cryptocurrency transactions in the country. BSP deputy director Melchor Plabasan claimed that the Philippines is seeing upwards of $6 million in cryptocurrency transactions monthly, compared to $2 million a few years ago. He underlined the authority’s recently released guidelines as a “pioneering regulation” that was among the first in the world.


Full story at http://bit.ly/2xO06Q5


Source: CryptoCoinsNews


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Bitcoin is finally buying into US real estate

Bitcoin is finally buying into US real estate

 

Bitcoin is already in retail and restaurants — so it was only a matter of time before the cryptocurrency took on real estate. That time is now. Bitcoin is slowly making its way into closings on everything from Lake Tahoe land in California to Manhattan condos to single-family homes in the heart of Texas.

"Our buyer has evolved, they've moved from mom and pops to young people who want to pay with various forms of payment," said Ben Shaoul, president of Magnum Real Estate Group. "Cryptocurrency is something that has been asked of us — 'Can you take cryptocurrency? Can we pay that way?' — and of course when somebody wants to pay you with a different form of payment, you're going to try to work with them and give them what they want, especially in a very busy real estate market."

Shaoul is redeveloping a building on Manhattan's Lower East Side, turning it into condominiums priced between $700,000 and $1.5 million. He admits that there is currently a lot of inventory in the market, and therefore having an edge over his competitors is especially key. Bitcoin, he hopes, will be that edge.

"I think the demographic of the crypto user is a younger millennial, but, that being said, you have a lot of people come over from other countries, who are buyers from different places, who like to trade in different types of currency. Not everyone wants to trade in dollars or yen or euros," Shaoul said.


Full story at http://cnb.cx/2xNVOsb


Source: CNBC


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Fork Debate Drops to New Low, Outspoken Developer Lopp’s Home Surrounded by Police

Fork Debate Drops to New Low, Outspoken Developer Lopp’s Home Surrounded by Police

 

Online forums were bursting with outrage over a new low in the fork controversy popularly known as Segwit2x or the scaling debate.

“They essentially tried to get him or his family killed, only takes a simple mistake and [you’re] dead, happens regularly with [SWAT]. Essentially attempted murder, IMO. Whoever did that to him you are scum of the earth,” one poster characterized the event.

Another commenter on a rival forum added “this is dangerous and a very low move,” while yet another agreed and stated plainly, “Anyone who supports [either side in the fork debate] should absolutely condemn such tactics.”

Monday around 9 in the morning, Durham, North Carolina police were dispatched to Jameson Lopp’s house in an effort to address a hostage situation.


Full story at http://bit.ly/2xOiAzY


Source: Bitcoin News


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