Showing posts with label bitcoin cash. Show all posts
Showing posts with label bitcoin cash. Show all posts

Roger Ver Tells CNBC Bitcoin Cash "Can Still Go Up 1000X" - Okay... One BIG PROBLEM With That...


Roger Ver, founder of bitcoin.com, who's known as "Bitcoin Jesus," joins CNBC's "Power Lunch" team to talk about the cryptocurrency markets, the price of Bitcoin and more.

 Crypto Press Association Editorial: 
Okay, i'm neither a Bitcoin Cash hater, or fanatic.  I hold some, and I hold some of the original (whatever you may call it) Bitcoin as well.

As someone who works in crypto full time, and regularly pays people or receives payments in crypto, I have also experienced the downsides of Bitcoin when the network is congested, and fees are high.  Which is why I tend to request payments of funds I intend to live off (and not HODL) in another coin. My landlord doesn't take crypto, so if i'm about to convert it to fiat currency upon receiving it so I can pay my insane San Francisco Bay Area rent - Ethereum or Litecoin is fine.

I just wanted to establish for the Bitcoin Cash die-hard believers - i'm not the enemy.

But I do have one issue, and the above video is a perfect example.

Roger claims that Bitcoin Cash needs to exist because of the previously mentioned issues with Bitcoin.  Summed up, these issues have rendered Bitcoin unusable as a replacement for cash, which is one of it's intended uses, as outlined by the ultimate authority on the subject - Satoshi himself, in the Bitcoin whitepaper.   So far so good, solid argument.

But then you guys say things like "it could still go up 1000X" and that's where you lose me completely. 

So i'm supposed to spend something that could increase in value by 1000X? Are you KIDDING ME? 

If the 1000x thing is even half true, we better not spend even a fraction of a Bitcoin Cash token - you'd have to be insane. 

No investment advisor would suggest selling a stock they believe would even 10X in value - yet Roger will go on TV to talk about how easy it is to give up (spend) an asset of yours that would have made you rich if you just held onto it?

So, we've established only an idiot would spend Bitcoin Cash.

But now that we're not spending it... who cares about the transaction times and fees? These don't matter now that you've just convinced me to HODL.

You're seriously saying I should think "thank god there's no $10 transaction fee" when the day comes and I finally sell my Bitcoin Cash... at $200,000 per coin!? Who cares!

So do we spend this thing like cash, or hold on because it's current price is nothing compare to whats coming?

Cash depreciates in value, literally the opposite of what you say Bitcoin Cash will do.  That's why we can't treat them the same.
Having it both ways is destroying the argument that it needs to exist at all.  Everyone agrees the original Bitcoin is fine as long as you're not trying to spend it. 

But then, if we're not spending it we can't make case that Bitcoin Cash needs to exist - bringing its entire value into question.   Its a messy value analysis when you take all of these claims into account.

So - which is it? Or how do you rationalize saying both "it's great because you can spend it" and "save it and you'll become rich" at the same time?

Share your thoughts with us on Twitter @TheCryptoPress

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk



Exclusive: Coinbase rules against listing Bitcoin SV, allows withdraws only - learn why...


It took 3 months, but CoinBase is finally allowing users to withdraw any Bitcoin SV (BSV) they earned from holding Bitcoin Cash during the fork.

If you have any, you should have an e-mail from Coinbase now with instructions on how to withdraw the BSV to somewhere that does support it - Coinbase has decided that won't be them.

I spoke exclusively with one of my contacts inside of Coinbase to find out why they decided against giving BSV an exchange listing.  This is someone high enough up to have a role in the decision making process, and they agreed to give me 'the blunt truth' if I do not include their name and emphasize that this is not an official company statement on the issue.

I was told:

"Honestly if you asked this a couple months ago I may have said we 'likely will' add it to the exchange, or at least CoinBase Pro.

But as we evaluated it, it seemed like 90% of  BSV mentions in the press were part of articles covering something erratic its founder was doing or saying. Almost any article that mentions Bitcoin SV also includes something or someone that Craig is 'going to war' with and if that's not the theme, it's an article about Craig lying, like his 'I'm Satoshi' stunt.

All that aside an analyst here also believed that the historical trading data on BSV showed patterns that in his opinion looked like supporters emotionally buying, and haters organizing 'coordinated dumps'.

As our engineering teams finished up the back-end allowing people to access their BSV we had all these factors to take into consideration: It's already down to half the price of Bitcoin Cash, Craig seems willing to run it down to $0 on this bad-press tour, and the market data is erratic. The decision that followed was no surprise."

In closing adding;

"Do we need to feature 3 coins that have split our community into 3 groups arguing over which one is 'the real' Bitcoin?

I remember when Bitcoin Cash was launching I had a lunch meeting with the CEO of a massive Silicon Valley company (you know who this is, everyone does).  He asked me 'What is this Bitcoin civil war I read about yesterday?'.

After explaining and answering questions his whole attitude changed - he was in disbelief that someone could even legally pull off Roger Ver's campaign to devalue the real Bitcoin, along with his ownership of Bitcoin.com where he was selling his new coin simply as 'Bitcoin'.

It was like in the span of 10 minutes this respected person in tech went from taking cryptocurrency seriously, to seeing it as bunch of crazy kids with a lot to figure out."

So the forked coin of a forked coin didn't work out, who could have guessed? I'm not a Bitcoin minimalist by any means, and I believe it's very possible another coin will one day overtake the original Bitcoin.

That coin will not be Bitcoin Cash or Bitcoin SV - those will go down in history as nothing more than the experiments which established a rule:a coin cannot be replaced by a new one using it's name.

There's 1 situation where this does work, take a look at Ethereum and Ether Classic. Why? Because the creator of the first version was behind the new version. Without this people only see one person trying to destroy and take over someone else's creation - that will always be met with hostility.

Any new coin calling itself Bitcoin will never have this essential endorsement from the original creator, unless the real Satoshi comes back, too bad he's dead. Yelling at people that the original coin they hold isn't 'real' and the one you made is simply does not work.

Share your thoughts on all of this with, Tweet @GlobalCryptoDev

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk

Charlie Lee debates Roger Ver - full length video...


"Charlie Lee engaged in a healthy debate with Roger Ver, CEO of Bitcoin.com at the recent cryptocurrency cruise. This is the whole debate. 

The debate focused on all aspects of Bitcoin including How Bitcoin scales best, on-chain or through 2nd layer solutions such as the lightning network. What defines Bitcoin? What are Charlie lee's motivations for being involved in cryptocurrencies and why did he start litecoin."

"Bitcoin Cash" faces a potentially massive class action lawsuit for misleading people to buy their coin...



It's been the source of never ending controversy since Roger Ver and his site Bitcoin.com began their marketing campaign for Bitcoin Cash.  But what they viewed as perhaps just 'bold marketing tactics' may actually be considered fraud in the eyes of the law.

The question is - can they legally say "Bitcoin Cash is the real Bitcoin" even though "Bitcoin" is older, and obviously much more popular?

Is it fraud if someone goes to Bitcoin.com, but then purchases Bitcoin Cash based on the information they received there - only later to find out they don't own the real original Bitcoin they believed they were buying?

Then throw in all the people who accidentally sent BCH to a BTC address and visa-versa - and these are the 'victims' this lawsuit claims to be for.

The just launched site bitcoincomlawsuit.info behind the pending lawsuit describes themselves as:

"A group of 600+ participants from influential industry leaders to community volunteers & contributors who are devoting their time and money to protect users from fraudulent businesses and help victims recover lost funds. Further details will be published after lawsuits have been filed"

Now in what may end up making their defense much harder, Bitcoin.com just last week took things a bold step further - they're now calling "Bitcoin Cash" simply "Bitcoin” within some areas of the site. The word “cash” is nowhere to be found - when they are actually referring to Bitcoin Cash.

It's one thing to say it's the "real bitcoin" in debates and marketing material - but downright dangerous to mislabel them within bitcoin.com, where wallet services are provided and confusion could lead to a massive loss of funds.

A bold and risky move of relabeling coins.
Papers have not yet been filed and those behind the lawsuit are currently gathering stories from users who feel they were misled and building up their case. They have also stated that when the time comes, they will be using the courts of the Caribbean island of St. Kitts - where Bitcoin.com is registered, in hopes of taking down the site entirely.
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Author: Ross Davis
San Francisco News Desk

Bitcoin VS Bitcoin Cash - Tom Lee says go with Bitcoin...


Tom Lee, Fundstrat Global Advisors, discusses why he prefers bitcoin over its alternate bitcoin cash.

Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served most recently as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services.

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@Bitcoin hacked on Twitter - but the owner says it's a conspiracy and Twitter's CEO Jack Dorsey is part of it...

The Twitter username @Bitcoin has taken a lot of heat in the past - that's because the anonymous owner doesn't use it to actually talk Bitcoin, but is instead a heavy promoter of BCH (aka Bitcoin Cash or BCash) an alternative coin to the original Bitcoin.

Hackers in both Russia and Turkey claimed credit for the hack, but the account owner is going as far as claiming the Twitter CEO Jack Dorsey was part of an inside-job conspiracy against him.

"...Jack disabled this account, gave it to someone else, only to return it in the face of public backlash with 750,000 fewer followers. #censorship" he said in a Tweet shortly after gaining back control of the account.

Twitter CEO Jack Dorsey has been an advocate of the original Bitcoin, recently stating "The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin."

Unfortunately, the truth behind the hack is likely much less interesting, and we highly doubt this was an 'inside job'.  A more likely and simple explanation such as malware or a keylogger installed on a device of the owner is probably how this and most twitter 'hacks' occur.
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Author: Adam Lee
Asia News Desk

Charlie Lee predicts Litecoin to surpass Bitcoin Cash in value...

Charlie Lee took a jab today on Twitter at Bitcoin Cash.  The "flippening" refers to the high hopes of Ethereum fans - that one day things will flip, making Ethereum #1 and Bitcoin #2.  On that topic Lee says it "will never happen".

But his next sentence is bringing him both applause and hate, depending on where you stand on the topic of Bitcoin Cash.  Stating Litecoin will overtake Bitcoin Cash "this year".


It could actually happen - to be clear, i'm saying 'could' not 'will'.  LiteCoin foundation and independent developers are expanding on LiteCoin's functionality, with an emphasis on real-world use.

At the same time, Bitcoin Cash is facing some real challenges as more exchanges adopt SegWit for Bitcoin (the original) we're expecting Bitcoin transaction times and fees to get even lower than the 4 month low they're at today.  While Bitcoin Cash supporters are some of the most vocal among social media - the reality is it's never performed beyond 10% the amount of transactions as Bitcoin on any given day.

In other words, if Bitcoin addresses it's issues before Bitcoin Cash grabs enough of the market -
there's a real risk it gets left behind and forgotten - and taking just 10% of transaction volume away from Bitcoin, while still impressive, isn't enough to insure it's survival long term against an improving Bitcoin. 

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Author: Mark Pippen
London News Desk

Odd behavior from CNBC's "fast money" as they troll twitter to promote for Bitcoin Cash...


CNBC's "Fast Money" has taken a recent strange turn, seemingly almost becoming an infomercial for Bitcoin Cash lately. 

Their twitter feed is currently an odd, and abnormal string of Bitcoin Cash hype - 5 tweets in a row at the time of writing this article.
5 Bitcoin Cash tweets, in a row.
When asked why, they tweeted back to one user - "Deal with it" - taking a break from the usual professionalism, and now literally trolling twitter for Bitcoin Cash.

Leave it to internet detectives to find suspicious connections - a man named "Paul Wasensteiner" is the founder of a London's "Bitcoin Cash Meetup" - and his wife is none other than a CNBC employee, Gaby Wasensteiner.  Who can be seen on her little-known Twitter with few followers re-tweeting her husbands Bitcoin Cash plugs ( @gwasensteiner )

To be fair - there's no smoking gun to say there's definitive foul play. But there is enough odd factors to warrant suspicion.

On a lighter note, after the endless promotion, it appears their audience isn't impressed, as 79% voted against Bitcoin Cash in what they're calling a "civil war".


We'll be tuning in to see what they do next.
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Author: Mark Pippen
London News Desk

CoinBase investigating their employees and contractors for possible insider trading...


A quick follow up to my article yesterday posted here. CoinBase's CEO has announced they are launching an investigation into the activity that occured shortly before Bitcoin Cash went live on their platform.  In a blog post reading:

Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.

But let's take a moment to accept how unlikely it is this will result in anything. 

The trades would have occurred on other exchanges, with no way for CoinBase to tell who made those purchases.  Even if a CoinBase employee leaked information, they're likely smart enough to tell a friend and not have done this trading from a personal account. 

Just delete any relevent text messages - and all evidence is gone.   I wouldn't advise getting your hopes up that this will lead to any action.

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Author: Ross Davis
San Francisco News Desk


CoinBase under fire - halted trades, accusations of insider trading and corruption...


CoinBase/GDAX are currently taking a lot of heat from users on twitter, facebook, reddit as well as some slack and telegram channels... well, basically anywhere people are discussing crypto.

Their announcement of supporting Bitcoin Cash on their platform quickly came to a grinding halt, as trading was suspended just minutes later.

According to posts on their own status page, they managed to function only a disappointing 4 minutes before halting:

17:20 PST - Trading is now enabled on the BCH-USD order book 

17:24 PST - The BCH-USD order book is back in post-only mode. We will post an update shortly.

Accusations of more serious foul play are flying around as well,  as people noticed what they say were abnormal purchases of Bitcoin Cash shortly before CoinBase's official launch - and it has some claiming there was insider trading.  With thousands of tweets making claims like:
Which even prompted CoinBase to tweet to critics:
There was indeed an uptick in Bitcoin Cash purchases just minutes before CoinBase's update, although no definitive proof of why.

Currently traders on Coinbase and GDAX are out of luck, the last word from CoinBase at time of publishing this article is:

 "All BCH books will enter cancel-only mode, and all existing orders will be cleared. While in cancel-only mode, no new orders will be accepted. We will post an update shortly. "

In the meantime, this is leaving many questioning what the actual price of Bitcoin Cash is - at one point GDAX listed it at $9500, but on other exchanges it's going for extremely lower - around $3400.

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Author: Ross Davis
San Francisco News Desk

Bitcoin Cash traders lose millions as exchange locks them out during price dive...


Popular Europe-based exchange "Trading 212" held many of Bitcoin Cash's early believers money as prices and their profits shot up on Sunday November 12th.

Then, it all collapsed over the next few days, and when they logged in to ditch their coins before it could go any lower, they were hit with an unpleasant surprise - they were locked out!

Trading 212 claims it only lasted 10 minutes, but angry members in the WhatsApp group formed afterwards called "People v 212" dispute that.

So far, members are saying their losses total over $13 Million USD.

The exchange claims they are trying to make things right, taking steps to make sure it won't happen again, and have resolved the issue with their most important members.

"Today we have settled with most of the affected clients"

Co-Founder Borislav Nedialkov said in a statement yesterday.

Still unclear on the status of those claiming smaller losses.

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Author: Mark Pippen
London News Desk

Bitcoin Cash is a MESS!


First it pumped, then it dumped, then it kinda pumped again, then it forked.  All within a week.

Let's go ahead and admit, this thing is a mess!

The rumors and finger pointing are intense too.  As the "real Bitcoin" has been bogged down with micro-transactions, many pointed their fingers at the Bitcoin Cash crew - saying it was them trying to make the "real Bitcoin" look bad to make Bitcoin Cash look better, even claims they hired Russian based social media bots/spammers, and bought their own coin to pump the price.

4chan rips apart Bitcoin Cash.
Coinmarketcap 1-week chart.


Now to top it off, the fork... has been forked!?

This tweet from Bitcoin Cash's project manager called it "malicious" - the new currency is being called "Bitcoin Clashic".


So now, there's even fight over what should be the "real Bitcoin Cash"!

Exhaused? Annoyed? Same.

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Author: Adam Lee
Asia News Desk