October 24th, 2017
In my humble opinion...
this isn't very surprising.
— COINLORD [NO2X] (@BTC4USD) October 23, 2017
Coin of the Day
Can this ICO save your life?
(CRYPTO: ARN) Aeron understands some of the life-threatening problems aviation and air travel can pose. For the casual flyer or for big airlines, there are major problems with the cataloging process: it's practically archaic thanks to its reliance on physical paperwork and manual signatures/stamps. There's also a problematic disconnect between flight schools, prospective aircraft renters, and human-error-based air transport accidents. Using the Ethereum blockchain, Aeron tracks aircraft and pilot log records that will reduce human error and streamline the process and establish a "single point of reference" for everyone involved in the aviation industry.
Bitcoin's ego took a bit of a beating early this week, but its price held strong. The force is strong with this one.
In case you missed it, the Prince of Saudi Arabia (a country that only allowed women to drive as of late September) apparently doesn't "believe in this Bitcoin thing". Despite his obviously uneducated standpoint, the market hit a low of $5,600. This may also be due to the UK's resistance to accepting crypto-based companies or companies that even handle Bitcoin, forcing many organizations to go off-shore. Here's where it gets interesting:
The LBMA/LPPM Precious Metals conference took place this past weekend in Barcelona, and US Global Investors CEO Frank Holmes had some positive words about Bitcoin, more specifically, concerning the lack of control the government has on cryptocurrencies. In comes Metcalfe’s Law – an economics law that states that the bigger the network, the more valuable it becomes. Holmes made two interesting observations. The first being that Bitcoin is not at its peak yet (that is, if you look at it as a logarithmic scale as opposed to a linear chart), and the second being this:
“Bitcoin adoption could multiply the more people become aware of how much of their wealth is controlled by governments and the big banks."
The market's reaction to the beat down proves that it's not only resilient, but has an incredibly strong infrastructure.
DRW, an American proprietary stock trading firm that is "one of the world's largestproprietary trading companies" is now engaging in high-frequency Bitcoin trading. The company's been in the crypto game since before it was cool (and equally controversial), and for the past three years has been operating their Bitcoin subsidiary, Cumberland Mining. DRW isn't the only firm that's been active in the space – and a lot of other companies have been reaping the glorious benefits of blockchain and crypto.
The Bank of Indonesia announced that they will not accept Bitcoin as a form of payment, spurring two Bitcoin payment platforms based in Indonesia to shut down. The most surprising part? Indonesian crypto exchanges have been operating freely since, and the market has barely reacted to the news.
More bad news for Bitcoin Gold: Coinbase announced they're dropping the project due to major security issues, and Trezor won't support the new currency either.
Bitcoin Gold developers premined 8,000 blocks with a reward of 100,000 BTG. In layman's terms, this means that the people behind Bitcoin Gold will likely sell and make a hefty profit at it's debut. One of our sources had some strong words for the team, saying:
"A lot of people think the road to riches is to print money and give it to themselves, like they imagine central banks do it. They want to be a Central Bank themselves."
So proceed with caution, especially seeing as coins resulting from a fork can often be a massive potential tax hazard. Pay your taxes on your crypto gains, people! Were you one of the 802 Americans that paid tax on their Bitcoins in 2016? We sure hope so.
IPOs are having some issues in Europe due to new regulations – and ICOs may be the long-term solution.
Case studies: Bitcoin is trading around $9,500 in Zimbabwe due to fiat inflation, while over 100,000 people are mining crypto in Venezuela.
Coin to Watch
Praise the almighty Vitalik (Ethereum founder), ETH is our coin to watch today. As of last night, it was spiking pretty intensely.
The fomo is beautiful pic.twitter.com/ni8gdRWtIu
— Bully (@CryptoBully) October 24, 2017