Tuesday, 13 March 2018

CRYPTO BLOODBATH 2018-03-13 AT 10-36-43 UTC (18-36-43 MALAYSIAN TIME)

A look at the Coinmarketcap.com website at 10-36-43 UTC (18-36-43 Malaysian time on 2018-03-13 revealed a Crypto bloodbath amongst 11 of the 12 cryptocurrencies, including Bitcoin, at the top of the web page, which now lists 1,558 cyrptocurrencies altogether.


Of course, the prices of these cryptocurrencies in that fiat toilet paper - i.e. the U.S. dollar, rise and fall, so when you view the website you may see all green  and at other times a mix of red and green.

Well, we are still a while from the year 2020, but it does not look like the price of Bitcoin is headed towards U.S.$100,000, let alone U.S.$ 1 million by the year 2020, as former cyber-security entrepreneur turned cryptocurrency pandit had predicted, saying that if his prediction was wrong, he would eat his own penis.

Anyway, on 13 March 2018, Russia Today reported:-

Bitcoin & other cryptos tumble amid worries of new regulatory measures — RT Business News

Major cryptocurrencies were trading 4 to 10 percent lower on Tuesday amid investor concerns about tighter regulation which could prevent the crypto market from reaching record values seen in 2017.

© Chromorange / Bilderbox / Global Look Press

 Bitcoin fell 4 percent to $9,200, which is less than 50 percent of its $20,000 all-time high, seen in December. Ethereum, ripple and other major cryptocurrencies also saw a broad sell-off during Tuesday's trade.

Earlier in March, the US Securities and Exchange Commission (SEC) reported on its website that all platforms and exchanges trading crypto and tokens should be registered in accordance with established rules for stock exchanges and brokers. Investors were also worried about the hacking of the Binance crypto-exchange.

American banking giant Goldman Sachs has made another bearish bitcoin prediction, stating that the leading digital currency risks falling below the February low of $5,922.

“The break is significant as implies [sic] potential for a more impulsive decline,” said Goldman analyst Sheba Jafari. “The next meaningful level is down at $7,667 to $7,198.”

“Getting а сlоѕе brеаk thіѕ tіmе аrоund wоuld wаrn оf ѕtruсturаl dаmаgе, іnсrеаѕіng thе rіѕk оf nеw lосаl lоwѕ [$5,922]. At thіѕ роіnt, nееd tо gеt bасk thrоugh $9,322 [thе Fеbruary 26 lоw] fоr thіѕ tо ѕtаbіlіzе,” Goldman analysts wrote.

And earlier on 6 March 2018, Russia Today reported:_

Major cryptocurrency exchange accused of insider trading — RT Business News

Coinbase cryptocurrency exchange is facing a lawsuit for alleged insider trading. The company is accused of making money on bitcoin cash illegally.

© Lucy Nicholson
The price of bitcoin cash, which is a spin-off from the original bitcoin, surged almost $1,000, when Coinbase announced on December 19 it would start trading in the cryptocurrency.

The lawsuit claims some insiders knew about the information ahead of the launch and made a profit from the growing price of bitcoin cash.

“When Coinbase’s customers’ trades were finally executed, it was only after the insiders had driven up the price of bitcoin cash, and thus the remaining bitcoin customers only received their bitcoin cash at artificially inflated prices that had been manipulated well beyond the fair market value of bitcoin cash at that time,” the lawsuit claims, as quoted by Marketwatch.

Coinbase suspended bitcoin cash trading until the next day to maintain liquidity after the launch. Bitcoin cash is the fourth-largest cryptocurrency by market capitalization

In a separate case, Coinbase was accused of forcing non-customers to open accounts at the exchange. The two complainants claim that when Coinbase clients transfer digital money to a non-member, the latter gave no alternative for them but to open a Coinbase account in order to obtain the cash.

In February, Coinbase admitted that a glitch on its servers caused it to charge many clients multiple times for a single transaction. Some of the accounts were depleted.

I suppose McAfee must be now thinking of the sauce to go with his penis.

Time and time again, these alternatives which were supposed to undermine their 'establishment' counterparts ended up being co-opted by the 'establishment' system and cryptocurrencies, such as Bitcoin and others will likewise end up being co-opted.

If the central banks such as the U.S. Federal Reserve are the problem, then take the bull by its horns and shut it down, and if they resist, send in the National Guard, the Marines or the people storm it like they did the Bastille or the Winter Palace and shut it down.

This cryptocurrency thing is the latest flavour of the day in IT scheiss.

BTW. If Malaysia does not achieve becoming a developed nation and a knowledge-rich, high-income society by the year 2020, a certain former prime minister should also eat his penis - perhaps with satay sauce.

UPDATE: That former prime minister has become the current prime minister again following Malaysia's 14th General Elections on 9 May 2018.

Yours truly


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