Bitcoin’s price fell sharply during trading on Wednesday, dropping more than $1,000 amid reports of exchange issues.

As of press time, CoinDesk’s Bitcoin Price Index (BPI) hit a low of $9,494.45 – representing a decline of more than $1,200 from the day’s opening price of $10,709.53. The sharp drop is notable, considering that the cryptocurrency’s price had risen above $10,800 earlier in the day.


Bitcoin’s price has recovered from the low, trading around $9,714.35 as of time of writing. The drop followed a consistent decline, as previously reported, but the rate increased dramatically in the past couple of hours.

While it’s not entirely clear at this time what factors sparked the sell-off, the timing coincides with reports of unauthorized sells on cryptocurrency exchange Binance. The exchange has since suspended withdrawals, according to statements, with the situation coming less than a month after a prolonged system upgrade raised fears of a hack.

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak,” a representative wrote on Reddit Wednesday. “As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.”

Similarly, cryptocurrency derivatives exchange BitMEX announced that some users were having difficulty logging into its platform and that it was investigating the issue. BitMEX later reported that it was back online, citing a spike in load as the underlying cause.

Market data indicates that other cryptocurrencies are experiencing price declines as well. With the exception of monero, all of the top-10 cryptocurrencies by market capitalization have fallen in excess of 10% in the past 24-hours, according to CoinMarketCap.

Roller coaster image via Shutterstock

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Bitcoin mania is cooling off, and with it, changes are happening in its global market.

Indeed, the price furor that began in early November when talk that bitcoin futures listings would go live in the U.S. triggered a wave of speculation – bitcoin, which traded at $6,500 on Nov. 1, rose as high as $20,000 by mid-December – has all but faded. But while bitcoin has largely been stuck trading sideways, global volumes remain elevated, showing interest has remained strong.


CoinDesk data reveals average daily trading volumes in February were up nearly 80 percent from November, rising to $8.2 billion, up from nearly $4.7 billion in November. (Month-over-month, volumes were down 40 percent from $13.4 billion in January.)

For traders seeking an edge, however, the biggest change was that the market’s so-called “kimchi premium” all but evaporated over the course of February’s 28 trading days.

Rising to prominence after it was cited by a sitting U.S. regulator in January, the term kimchi (after a staple Korean preserved food dish) referred to what was to many the dominant trend in the markets at the time, the higher bitcoin prices observed on South Korea’s exchanges.

As seen in the chart above, the spread – sometimes as high as 50 percent – briefly even turned negative in early February, meaning the Korean prices traded at a discount to prices on Western exchanges.

At the end of February, the price premium was roughly $400.

Premium turns discount 

But the term “kimchi premium” is also notable for what it says about market dynamics.

As bitcoin frenzy gripped South Korea last year, the spread between BTC prices on various exchanges started widening in November and December. At times, the dynamic even caused disruptions in the market that went beyond simply buying and selling.

For example, the divide prompted data source CoinMarketCap to exclude the Korean prices from the global average price calculation, which in turn caused markets to drop sharply as the change wasn’t widely communicated. 

CoinMarketCap appears to have since reinstated Korean prices in its global averages.

Yet another incident came when the South Korean government stepped-in to curb the excessive speculation. However, the drop in the premium does not mean the Koreans have done away with their fondness for cryptocurrencies.

Entering March, Korean exchanges continue to lead the way for bitcoin trading volumes, though the decline in the spread only indicates the government may have stamped out speculation.

Not just bitcoin

Still, the ‘kimchi premium’ affected more than just bitcoin’s market – other cryptocurrencies saw the same trend.

For instance, ethereum’s premium clocked a record high of 53 percent on Jan. 8, before falling to -5 percent on Feb. 3. (It is worth noting that among world’s biggest 15 exchanges, three are in South Korea. Further, of the five of the biggest ethereum exchange platforms, three are Korean.)

Litecoin, the fifth largest cryptocurrency by volume, showed similar patterns.

As such, the data shows the sharp decline in the kimchi premium is strong evidence that crypto markets have largely normalized following last year’s epic rise.

Graphs and data by Peter Ryan.

Kimchi image via Shutterstock

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Bitcoin’s drop to 3-month lows below $6,000 could be seen as the completion of a round trip.

On Nov. 1, bitcoin (BTC) prices received a shot in the arm on news that derivatives marketplace operators CME Group, Cboe and Cantor Fitzgerald were considering launching futures for the market in December. It was widely believed that BTC would zoom to dizzying heights as a move to the mainstream would open doors for a bigger kind of whale.


The speculation drove prices higher to $10,000 in November, and the sharp rise and resulting fear of missing out established a positive feedback loop, one that sent prices to $20,000 by mid-December.

However, since then, the BTC has been steadily losing altitude.

A stream of negative news concerning regulatory crackdowns in some of the world’s largest markets – China and South Korea – pushed BTC below the $10,000 mark in mid-January. That said, the drop witnessed in the last five days could be associated with the decision of major banks to bar customers from buying bitcoin with credit cards. China’s decision to block access to foreign cryptocurrency platforms has only worsened the sentiment.

As of now, bitcoin is trading around $6,500 – a level last seen on November 1.

Indeed, market forces have not worked as anticipated by many. The Dow index fell more than 1,000 points yesterday, triggering a wave of risk aversion in the equity markets across the globe. However, it has not had any positive impact on bitcoin, despite its status as a “digital gold.”

That said, the oversold BTC could see a relief rally if the Senate adopts a softer approach to regulating cryptocurrencies than China.

Bitcoin monthly chart

The above chart (prices as per Bitstamp) shows:

BTC has retracted more than 61.8 percent of the rally from Oct. 2011 low of $2.22 to Dec. 2017 high of $19,666.
Bears are struggling to keep bitcoin below the 10-month moving average (MA). Currently, the MA is seen at $6,372 and is biased bullish.

Further, the relative strength index (RSI) on the daily chart, 1-hour chart, and 4-hour chart shows oversold conditions.

Also, the 1-hour chart seen below shows a bullish price-RSI divergence, which indicates BTC may have found a temporary low at $5,920.72.

1-hour chart

All the above-listed factors indicate scope for a corrective rally in bitcoin.
Prices are likely to break above the descending trendline hurdle (seen in the 1-hour chart) and revisit the 200-day MA located at $7,913.
However, further gains are unlikely in the short-run as the 5-day MA and 10-day MA carry a strong bearish bias. Usually, an asset sees sustainable rally after the short-term moving averages have bottomed out. Also, the weekly chart shows a bearish crossover between the 5-MA and 10-MA.
On the downside, a daily close (as per UTC) below $6,000 would expose support at $4,210 (78.6 percent of the rally from Oct. 2011 low of $2.22 to Dec. 2017 high of $19,666).

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Bitcoin prices have dropped below $7,00 for the first time since mid-November, signifying a continuation of the market weakness seen in the past week.

CoinDesk’s Bitcoin Price Index (BPI) hit a low of $6,888.45, representing a more than 15 percent decline since the start of the day’s trading. At press time, the price of bitcoin had recovered above the $7,000 level, trading at $7,009.75. All in all, the move marks a more than $1,200 decline from the opening of $8,186.65.


As reported by CoinDesk today, the overall cryptocurrency market is down more than 50 percent from the highs seen in early January, when the overall market capitalization was north of $800 billion. According to data provider CoinMarketCap, that capitalization is now at roughly $332 billion amid a broader drop in cryptocurrency prices.

Among the cryptocurrencies impacted are ether, which slid below $700, and bitcoin cash, the breakaway cryptocurrency which has fallen under $1,000 during the day’s trading as of press time.

Observers have pointed to developments such as restrictions on access to overseas trading sites in China and a rising number of banks banning credit card purchases on crypto as reasons behind the market drop.

Image via Shutterstock

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The price of bitcoin is down more than 10% today, having slipped below $10,000 amid wider weakness in the cryptocurrency market, according to CoinDesk’s Bitcoin Price Index (BPI).

Price data shows that, as of press time, the price of bitcoin is trading at $9,992.12, representing a decline of roughly 9.9%. Overall, the price of bitcoin is down more than $1,100 since Tuesday’s session began.


The cryptocurrency’s price had been trading above $11,000 since Saturday when it briefly went below that level. After bouncing around that figure this morning, bitcoin slid below $11,000 around 9:15 UTC.

Other cryptocurrencies have taken a hit today as well.

According to information from sites like CoinMarketCap and OnChainFX, the prices of all of the top-10 cryptocurrencies by market capitalization (which is the spot price of the token multiplied by the total amount of tokens in circulation) have fallen in the past 24 hours. These include NEM, EOS and Cardano, per info from CMC, all of which have shed at least 10% in value since yesterday.

The price of NEM’s XEM token has been particularly hard-hit today, coming in the wake of a dramatic $500 million hack from Japanese cryptocurrency exchange Coincheck. A new report from Reuters published today indicates that some of the XEM tokens stolen are being sent to exchanges in order to be sold.

Market graph image via Shutterstock

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The price of bitcoin has fallen below $10,000 for the first time since early December.

According to CoinDesk’s Bitcoin Price Index (BPI), the cryptocurrency’s value has hit a low of $9,714.02 as of press time. The last time bitcoin’s price was below $10,000 was on Dec. 1, BPI data shows.


Market analysis suggests that the price could shift in either direction and recent regulatory developments – out of South Korea and China in particular – could roil markets further, according to some observers.

Bitcoin’s come comes amid the backdrop of a wider fall in cryptocurrency markets, a state of affairs which was on full display during yesterday’s trading session. Data from CoinMarketCap shows that many of the top cryptocurrencies remain in the red for the past 24 hours, including ether, which has fallen below $900.

By far the worst performer is the BitConnect cryptocurrency, which has plunged more than 90% on news that the company behind is moving to shutter its lending and exchange platform amid a wave of criticism and regulatory scrutiny.

As it stands, the collective market capitalization of all cryptocurrencies has dropped more than $200 billion since yesterday.

Image via Shutterstock

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The price of a bitcoin has just plummeted by over $1,300 in little more than an hour.

Having been on the slide in recent days, in large part seemingly due to new regulatory efforts to calm the enthusiastic crypto market in South Korea, chart analysis had indicated that bitcoin would recover and even return to $15,000 levels today. However, that did not happen.

The cryptocurrency opened today’s session at $13,585, and reached a high of $13,601 before the sudden tumble at soon after 07:00 UTC that saw the price drop from $13,210 down to $11,850 at 08:30 UTC. That’s a fall of $1,360 in just 1.5 hours.

The drop puts the price of a bitcoin at a month low. Dec. 5 saw bitcoin at a similar level, however, that was when the cryptocurrency was climbing fast on the way to setting a new price record around $20,000, as the launch of bitcoin futures contracts from CME Group and CBOE was being anticipated by the trading community.

At press time, bitcoin had recovered slightly, and was trading at $12,195 – down 10 percent for today, according to CoinDesk’s Bitcoin Price Index.

The news comes as the wider cryptocurrency market is seeing losses. All the top 20 cryptocurrencies by market capitalization are in the red today, with ethereum down 14 percent, Ripple down 21 percent and bitcoin cash down 19 percent over the last 24 hours, according to CoinMarketCap data.

The overall market cap for all tokens is at $584.9 billion at press time – down from a high of $832 billion on Jan. 7.

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Ariel Deschapell is a full-stack javascript developer teaching at the Ironhack coding bootcamp, and a Henry Hazlitt fellow in Digital Development at the Foundation for Economic Education.

The following article is an exclusive contribution to CoinDesk’s 2017 in Review.


After a year of explosive price growth, forks, failed forks and more, there is much that can be said about bitcoin in 2017. Massive strides were taken, and much has been learned. However, as we push further into uncharted waters, what happens from this point onward continues to be just as divisive a topic as ever.

Underlying both much of the year’s drama and continued future uncertainty is a simple question: Can bitcoin scale as it continues to capture mainstream attention, or will it become a victim of its own success, with alternative cryptocurrencies waiting in the wings to overtake it?

Of course, no one can honestly answer this question with total certainty. Predicting the future is a messy business, because the future is constantly in flux. It is not and cannot be fixed or predetermined. Rather, the future is being shaped and created gradually in the here and now by those unsatisfied by the present.

As George Bernard Shaw wrote:

“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.”

So, as we reflect on a breathtaking year and ponder what challenges the future may hold, it’s worth paying special attention to those unreasonable men and women who are doing the creating.

Scaling bitcoin

At the beginning of November, one of the longest running and recognized technical conferences in the blockchain sector hosted its 2017 conference in partnership with The University of Stanford: Scaling Bitcoin.

For the fourth time, Scaling Bitcoin brought together academics, developers and entrepreneurs from across the blockchain ecosystem, many of whom have been in the thick of cryptocurrency ideas and development for years. With this long and deep experience comes a sense of perspective and order of priorities that shouldn’t be ignored.

For those looking to the future of cryptocurrency and wondering what’s preventing us from getting there, there’s no better place to start.

Immediately notable to CoinDesk Editor-in-Chief Peter Rizzo was that despite this rare concentration of industry veterans, discussion largely ignored much of the latest hot button drama dominating the cryptocurrency news cycle.

While the conference stayed true to name with presentations focusing on possible Bitcoin Core optimizations and layer 2 proposals, the controversial topics of forks and block size were seldom touched on during the course of the conference. Participants showed little apprehension for seemingly pressing controversies such as the Segwit2X fork, and most attendees, including myself, were confident that it would be dead upon arrival.

A belief and attitude that was quickly validated when 2X was canceled the very week after the end of the conference.

As a result, and for better or worse, bitcoin would not increase its base block size. The incompatible vision of much larger block size limits for bitcoin would for now embody itself only in the bitcoin cash blockchain. This has led to many predictions that bitcoin cash and other alternative cryptocurrencies will overtake bitcoin as its block size limit becomes a bottleneck for adoption.

With only a few notable exceptions, the majority of Scaling Bitcoin’s attendees did not indicate that they found this to be a notable concern. However, that is not to say that attendees were not vocal about any pressing technological challenges. If the wide ranging topics of presentations were of any indication, far from it. But one way or another all participants did agree on a single, much wider, and more fundamental concern for scaling this still nascent ecosystem: a drought of quality developer talent.

As developer and attendee Jimmy Song puts it plainly:

“Training more developers is the biggest bottleneck in the ecosystem.”

It is very appropriate then that besides the location of Stanford, also unique to this year’s Scaling Bitcoin was a new attempt by its organizers to directly tackle this problem.

Bitcoin Edge Dev++

The Dev++ workshop was established by the Scaling Bitcoin organizers with the sole mission of educating and helping to onboard aspiring blockchain developers, and it accomplished this with studded star power.

For the inaugural Dev++ program, dozens of participants attended presentations and guided demonstrations from well-known names from across the industry. These included the aforementioned Jimmy Song, Bitcoin Core contributor John Newberry, MIT’s Thaddeus Dryja, and many others.

This ensemble of technical experts delivered a crash course covering everything from the cryptographic fundamentals of bitcoin, to the theory and implementation of second-layer networks. The latter featured a live and interactive demonstration of the Lighting Network software on testnet by Dryja himself, co-author of the original white paper.

Perhaps as insightful as the Dev++ demonstrations themselves, however, was an off hand comment by Dryja which surprised some attentive students, and told them all they needed to know about the need for the event in the first place.

When asked whether a minor Lightning Network feature had been implemented yet, Dryja responded:

“No. I had the idea over a year ago and just haven’t had the time to implement it… But it’s all open source so if anyone wants to make a pull request, like, please. That would be awesome. I just haven’t had the time.”

This playful yet earnest response reveals the true bottleneck for scaling bitcoin and blockchain technology. Like all things it is time, the scarcest of all resources. We have no control over the passage of time, but what we can do is better leverage it. Finding, encouraging and developing more of those unreasonable individuals whom all progress depends upon is the only way to bring the future closer and faster.

As Lightning Network developer Jack Mallers writes on reddit “… I can say that the only thing that can speed up Lightning is more engineers. I am the only dev behind Zap and I only spend time I can afford to spend. One more dev on Zap and myself officially full-time would make a world’s difference.”

This sentiment is echoed by the CEO of Lightning Elizabeth Stark who says: “Time! We need more hours in the day.”

Indeed, the number of full-time developers working on such a widely anticipated technology may surprise you: “There are 10 or fewer full time developers working across all implementations of Lightning,” says Stark. “Getting more contributors and people building out the protocol would certainly help move things along.”

Time and talent

Given the central importance of layer-two development in the ongoing scaling debate, the fact that there are only 10 full-time developers working on the Lightning Network should be a dramatic wake up call for many. But the problem of unmet demand for developer talent in the cryptocurrency ecosystem runs even deeper.

Conferences such as Scaling Bitcoin are hallmarked by their uninterrupted lineup of presentations on some of the latest areas of research and development. It’s common and tempting to come away overly enthusiastic regarding so many of the innovations seemingly on the cusp of realization.

However, many know better. Those in the space longest know to temper their expectations, but it’s those with experience developing software especially who understand first hand that forward progress is usually much slower and more tedious than anyone would like.

Take Segregated Witness, which despite extensive support from the open-source developer community, took three years to implement and activate on the bitcoin blockchain after its initial proposal.

For those with any coding experience this shouldn’t be a shock. When it comes to any level of programming ideas are easy, it’s implementation that’s hard. Building even the seemingly simplest program or feature always reveals hidden complexities and subset problems which must be painstakingly addressed and solved. So when it comes to building anything in this unprecedented ecosystem of distributed and security critical financial software, this tedious reality is multiplied by orders of magnitude.

As if this doesn’t complicate forward progress enough, there’s yet another problem facing developers: deciding what to work on in the first place.

Cryptocurrency and blockchain is a burgeoning field with vast unknowns. With those vast unknowns comes spiraling possibilities, but also endless disagreement.

As Scaling Bitcoin showcased, there’s a plethora of competing ideas being explored at any given time, many of which attract public attention. What is rarely noticed by the public, though, is the majority of these ideas being marginalized later on for more promising efforts, or tossed into the waste bin altogether.

While this may at first seem problematic, it is a necessary and desired consequence of exploring uncharted frontiers. Sometimes it is obvious whether an idea can or cannot work, but many times it is not.

After all, as Bitcoin Core contributor Peter Todd told me: “You can never really know if something is secure. You only know when it’s been exploited and no longer secure.”

This dynamic leads to many debates regarding not just what technology is possible to implement, but what should be implemented, and where efforts in the space should be most focused when various threat models are taken into consideration.

The result of all this is the impossibility of finding any identical appraisal of the same proposal or idea from any developer in the space, let alone any consensus on where additional research and implementation efforts are most worthwhile. Extensive trial and error is thus the only option left to us to determine what ultimately works and what doesn’t. This of course, requires even more qualified developers.

A difficult road

This is exactly what Dev++ and other programs such as Chaincode’s residency program and Jimmy Song’s Programming Blockchain attempt to address. But while these efforts are gradually growing the educational tools, resources, and courses available, becoming a blockchain developer is a long and difficult road with many challenges.

Most however, are psychological.

For aspiring blockchain developers, it is easy to be intimidated by the necessarily steep learning curve that the field naturally presents. As both a former student and subsequent Teaching Assistant at the Ironhack Fullstack Bootcamp, I know first hand that intimidation is the single largest barrier for any student looking to master any kind of software development.

Paradoxically, such feelings can even be enhanced by the depth of knowledge of instructors like those at Dev++, and the perceived futility of reaching the same level of mastery on the part of students. It may even be reinforced in some by the perceived attitudes of Bitcoin Core contributors that comes with the repositories well known and extremely critical peer review process.

This was illustrated when I asked Bitcoin Core maintainer Pieter Wuille what the easiest way for a developer to contribute to the repository was. “Definitely code review.” he responded, before quickly qualifying his statement.

He continued:

“However it’s inaccurate to call it easy. It’s not. The standard for contributing and reviewing Bitcoin Core code is very high.”

There is very good reason for Bitcoin Core’s rigorous approach to code quality, and achieving the knowledge level of contributors like Pieter Wuille and John Newberry may indeed seem daunting. However every programmer has to start somewhere, and it’s a massive mistake for aspiring blockchain developers to confuse the high bar of this single repository with the level of ability needed to make meaningful contributions to the larger ecosystem.

Countless projects besides Bitcoin Core could benefit greatly from additional talent, and can provide an avenue for less experienced programmers to begin getting their feet wet.

As Elizabeth Stark notes:

“Luckily it’s a lot easier to learn how to build Lightning apps than to learn how to get involved in protocol development. That said, getting into Lightning app development can actually be a good entry point to learning more about the protocol.”

The extensive development and testing that remains to enable and fully explore mainstream Lightning Network adoption is just one example of a possible starting place for greener developers. But there are other, even lower hanging fruits to seize on.

As a web developer myself, I was approached and solicited for feedback regarding no less than three separate APIs while attending Scaling Bitcoin. APIs in the space allow other developers the ability to utilize blockchain features, such as proof of existence, without the intricacies of running a full node.

Building and contributing to this type of digital infrastructure is not only essential for the growth of industry in the ecosystem, but provides an excellent low hanging fruit for developers with little blockchain experience. Such opportunities provide a way of making meaningful and necessary contributions to the ecosystem while familiarizing developers with the deeper technology. There is simply no shortage of such work if one simply looks.

Securing the future

As we progress into 2018, all attention will be focused on the exciting and easily visible.

Price movements and industry drama will dominate headlines and mainstream attention as they always have, and will be the catalyst of many clicks, tweets and comments.

But the real and under-appreciated story will as always will be the tinkerers, and not just those contributing to Bitcoin Core or the Lightning Network. The ones outside of the limelight grappling with nuanced and esoteric problems are just as important.

They are ones who despite hurdle after hurdle and no fanfare, are struggling to slowly alter the state of the world and create a better one. It’s they who make the incremental and so often seemingly inconsequential advancements that, when taken together, drive an ecosystem forward.

Regardless of how it plays out, 2018 is not a make it or break it year for bitcoin or cryptocurrency at large.

The most important and foundational work has time horizons and payoffs far beyond the next year. These efforts are focused not on drama, PR stunts or even the technology itself, but on the people who are and who will be developing it.

As Jimmy Song again plainly puts it:

“I believe bitcoin to be an anti-fragile thing, but its anti-fragile not because the software code is so smart but because there are really smart developers that are strengthening the network… and I believe that the more really good developers we get into the system the better it will be and the better store of value it will be.”

While traders may move the markets, it is the tinkerers that will truly determine the future. As we begin a new year, what we need is many more of them.

Think another challenge is even bigger?! CoinDesk is now accepting submissions to its annual 2017 in Review. Email to make your voice heard.

Bitcoin balloon via Shutterstock

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The price of bitcoin has broken yet another all-time high today, crossing the $13,000 line for the first time.

The CoinDesk Bitcoin Price Index (BPI) has posted a high of $13,017.96, representing a gain of more than 10 percent since the day’s open and an overall rise of over $1,300. It also brings bitcoin’s total market capitalization to roughly $217 billion,


The move continues the trend reported earlier today when the price of bitcoin posted a $1,000-gain over the course of 24 hours. The price of the world’s largest cryptocurrency by market capitalization pushed past $12,000 for the first time earlier today.

At press time, the price of bitcoin is trading at $13,002.44, BPI data shows.

Additional data from shows that South Korean exchanges continue to trade well above the rest of the market, with Bithumb, Coinone and Korbit reporting trades above $15,000 (denominated in the Korean won) at press time.

Runner image via Shutterstock

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Billionaire investor Carl Icahn has jumped on the bandwagon of those in finance who have recently claimed bitcoin is in a bubble.

The business magnate and founder of Icahn Enterprises told CNBC that the cryptocurrency “seems like a bubble” and that he didn’t understand the hype around bitcoin.


Icahn stated:

“I got to tell you honestly, I don’t understand it … I just don’t get it. I just stay out of something if I don’t understand it.”

The investor further compared the bitcoin market to 18th-century Mississippi land bubble before it finally collapsed. “To me, this is what this is,” he said.

His comments follow similar comments from investor Warren Buffett in October, describing bitcoin as a “real bubble“. Buffett said at the time, “People get excited from big price movements, and Wall Street accommodates,” while criticizing the idea of applying a value to bitcoin.

Additionally, Credit Suisse CEO Tidjane Thiam stated last month that bitcoin is “the very definition of a bubble,” calling the anonymity of the cryptocurrency a “challenge.”

Bubble image via Shutterstock

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The former chief economist of the World Bank wants bitcoin banned.

“Bitcoin is successful only because of its potential for circumvention, lack of oversight,” Joseph Stigliz, currently a professor at Columbia University, said in an interview on Bloomberg Television today, as the cryptocurrency reached new all-time highs this week.


Because of this, he added:

“So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.”

However, Stiglitz, who also chaired the U.S. President’s Council of Economic Advisers during the Clinton Administration, said he does support technological innovation in payments, but thinks digital money should still be fiat created and controlled by the government.

“Let’s move away from paper into the 21st century of a digital economy,” he said.

Like many other members of the Davoisie, Stiglitz – who won the  Nobel Memorial Prize in Economic Sciences in 2001 – called the run-up in bitcoin’s price unjustified and unsustainable.

“It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down,” he said. “The value of a bitcoin today is expectations of what the bitcoin is going to be tomorrow.”

And even though bitcoin is a decentralized network, with participants scattered around the globe, Stiglitz seemed to think Washington could easily nip it in the bud.

“If the government says ‘the reason bitcoin is being used is circumvention,’ they could close it down at any moment,” he said. “And then it collapses.”

You can watch the clip here:

Joseph Stiglitz photo via Wikimedia Commons.

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Bitcoin’s price rose above $8,100 for the first time on Sunday.

Data from CoinDesk’s Bitcoin Price Index (BPI) indicates that the price climbed to $8,101.91 between 20:00 and 20:15 UTC. This move came after bitcoin – which toed the $8,000 line during Friday trading – crossed that threshold several hours earlier.


That the price of bitcoin would surge above this height was in the cards last week, as was suggested by analysis at the time. Conversely, last week saw some dramatic movements on the price front, with markets dropping below $6,000 only to recover days later. Market commentary throughout the week was led, in part, by speculation around pending futures product launches and interest among institutional investors overall.

Indeed, the move confirms a possibility floated by analysts from investment bank Goldman Sachs earlier this month. The firm’s analysts have published several forecasts since earlier this year, notably predicting some of the developments seen over the summer.

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Edan Yago is CEO and founder of Epiphyte, a startup performing FX funds settlement on the bitcoin blockchain for financial institutions. 

In this opinion piece, Yago discusses one of the biggest theoretical attacks against bitcoin, and why he believes an upcoming software change fits its definition. Follow Edan Yago on Twitter.


In bitcoin’s Necronomicon of possible attacks and weaknesses, one reigns supreme – the 51% attack.

If there is a fear that has played on people’s minds as the end-of-days scenario for bitcoin, it is this. Attackers who hold more than 50% of hashing power could stop transactions from confirming and even reverse some transactions. They could undermine the whole project.

Bitcoin’s design and its system of economic incentives has been set up specifically to combat the destructive potential of a 51% attack. And it has worked. The 51% attack has remained a hypothetical bogeyman. Until now.

By all indication, a coordinated 51% attack will begin on, or around, Nov. 16. That’s when a consortium of miners representing substantially more than 50% of the network’s hashing power and an allied group of blockchain startups will seek to increase the block size.

This will require a hard fork, which while controversial, is a legitimate desire. In itself, this is not an attack.

Where it goes wrong

However, the consortium‘s effort has evolved beyond a simple fork. It is now being developed not simply as an effort to fork the chain, but to do so in such a way as to deliberately prevent the continued existence of the status quo chain.

Specifically, the developers involved have declined to introduce replay protection.

The 2x fork will create a situation where transactions performed on one fork, can be “replayed” on the second fork. In effect, users will have funds on both blockchains, but any transaction they perform on one blockchain could lead to a loss of funds on the other blockchain.

Replay protection is a fairly easy-to-implement method to protect users from this risk. Network attacks are those actions taken with the intention of disrupting the protocol’s normal functioning. The 2x change, bereft of replay protection, causes massive disruption. This is by design.

Without replay protection in place, a minority chain becomes less likely to survive.

Question of motives

The preferred outcome for the consortium is that the status quo chain ceases to exist, that its transactions fail to confirm.

This is the literal definition of a 51% attack. If it sounds a bit bizarre to call the consortium’s effort an attack, that’s because it is. The consortium comprises many real supporters of bitcoin, acting in what they believe is good faith. They don’t mean to be attacking bitcoin.

However, without replay protection their efforts are like an autoimmune disease, having become overzealous and perverted.

So, bitcoin is finally coming to come face-to-face with the mother of all attacks. This is a watershed moment. The very worst outcomes are bad indeed.

Transactions could grind to a halt, faith in the system could be lost, bitcoin and by extension, the entire blockchain world could prove to be far more vulnerable to attack than we hoped.

We shall overcome

However, there is also another possible, even more likely, outcome.

Bitcoin could prove resilient to the consortium’s attack and emerge battered but unbroken. In so doing, bitcoin will have proven itself resilient to even its greatest foe.

It is hard to overstate how important this will be to bitcoin’s perceived reliability. Bitcoin has always been haunted by the risk that its rules might come to be dictated by special interest groups or hostile, state-sponsored parties.

This risk is never going completely away, but instead of the risk being a hypothetical bogeyman, it will become a much more prosaic thing: a successfully managed risk.

The 51% attack is bitcoin’s boss level. I don’t think it’s an exaggeration to say that we are now at the end of the beginning. If we successfully overcome this coming challenge, bitcoin will no longer be just an experiment, it will be a fact.

But don’t expect less drama — we are now entering bitcoin’s adolescence.

HODL on tight, things will get hairy.

Disagree? Have your say on the Segwit2x debate. Email CoinDesk managing editor Marc Hochstein at to pen your rebuttal.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which helped organize the Segwit2x agreement.

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The price of bitcoin has slid below $7,000 just a day after climbing above the $7,600 level.

The turnaround represents a more than $400 decline amid today’s trading, according to data from the CoinDesk Bitcoin Price Index (BPI). As previously reported, prices jumped to an all-new high yesterday before starting to pull back as Monday’s trading got underway.


The tumble below $7,000 began around 18:58 UTC, according to the BPI, with the market slipping as low as $6,948.57.

At press time is trading at around $6,989.64, a decline of roughly 5.6 percent on the day.

Broader market data indicates that the fall in the price of bitcoin stands in contrast with market developments for other cryptocurrencies.

For example, per data from, the privacy-oriented cryptocurrency monero’s price is up more than 13 percent in the last 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization, has risen roughly 2.5 percent during the past day of trading.

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“The chain will fork, life will go on.”

Pseudonymous Bitcoin Core contributor BTCDrak views bitcoin’s upcoming Segwit2x hard fork – which has a chance of splitting bitcoin into two competing networks – with a bit of boredom.


And that blase tone seems to resonate with several of bitcoin’s most active developers, even those who were vocally unhappy when the Segwit2x proposal was first unveiled in May. But just a couple weeks away from the fork itself, it appears this outrage has turned steadily into annoyed acceptance.

In short, the contributors to bitcoin’s open-source code are optimistic for a simple reason: they don’t think Segwit2x will succeed in its attempt to become the main bitcoin blockchain.

Against the backdrop over the past few months, in which two hard forks led bitcoin to split into new assets with different developer teams, bitcoin’s long-time developers largely believe neither has come close to surpassing bitcoin by any significant metric.

And they don’t expect differently from Segwit2x.

While the group behind the effort has secured the support of a number of startups and mining pools, they argue there’s not much of a difference in the support as compared to previous forks. Though the next fork has yet to occur (it’s expected in mid-November), they already see Segwit2x as a blip in bitcoin’s history.

BTCDrak told CoinDesk:

“Miners will continue to mine bitcoin.”

No more compromise

And other developers feel similarly.

Blockstream CEO Adam Back and Bitcoin Core contributor Eric Lombrozo claim they tried to be diplomatic when the proposal was first unveiled in June, arguing they wanted to work with those supporting Segwit2x to come to a scaling agreement.

Back explained that he sincerely wanted to “build on the proposal,” although he advocated for a longer hard fork timeline and a specific hard fork mechanism.

Yet, both are less willing to compromise as the hard fork date inches closer.

Central to this sentiment is that, ultimately, developers think Segwit2x will fail because the way it’s implemented goes against how bitcoin is intended to work – that, and because it tries to push through a change that doesn’t have broad support.

As a result, developers contend that the group is using a centralized strategy to drive decision-making on a decentralized network.

“I was hopeful that the intent of this whole thing was to activate SegWit and then work together, as a community, on building consensus for further upgrades in the future,” Lombrozo said. “Instead, it turned into a coup.”

Back voiced similar concerns.

“It sets a very bad precedent that a small group of CEOs can get in a hotel room and make a pact that they then try to impose on bitcoin. That is no longer bitcoin.”

And with that, both developers believe the proposal will die by its own hand.

Tale of two bitcoins

But before it dies – or launches – crypto investors are trading on the possibilities.

Future versions of bitcoin (should bitcoin remain whole after the fork) and a new Segwit2x bitcoin (should the hard fork create a new coin) are trading on a handful of exchanges. And it seems developers believe this sheds light on events to come.

According to Back, the price of the Segwit2x coins – trading at about 14 percent of the price of bitcoin currently – is a sign of just how successful the cryptocurrency will be.

Back continues, pointing out that this is just about the same percentage that bitcoin cash coins were trading at before it launched via a hard fork of bitcoin in August.

“Investors will sell Segwit2x [coins] in droves,” Back claimed.

And he can say that because he’s offered to sell his own bitcoin for the new Segwit2x coin at a series of different swap rates, starting with a 1-to-1 rate.

“When [investors] didn’t buy that, I offered a 3-for-2 swap, and now I am offering a 2 -for-1 swap – a chance to double their [Segwit2x coin] holdings,” he said. “None of them bought. So, clearly, they do not have commitment, nor belief in what they are saying.”

Still, many Core developers believe the Segwit2x hard fork will result in another cryptocurrency.

And while many bitcoin users and investors see previous forks as a net positive (since they were effectively airdropped free money) Lombrozo hopes something else will come out of the process.

Summing up his feelings, Lombrozo displayed almost a sense of exhaustion.

He told CoinDesk:

“The whole thing is stupid, I just hope this serves as a good lesson for everyone on how not to do these things.”

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which helped organize the Segwit2x proposal, and has an ownership stake in Blockstream. 

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The price of bitcoin has reached yet another all-time high this week, rising past $6,600 for the first time.

Markets hit an average high of $6,629.00 around 16:34 UTC, data from the CoinDesk Bitcoin price Index (BPI) shows.


The market ramp came hours after CoinDesk’s Bitcoin Price Index reported a first-ever high of $6,500 on November 1, pushing the total market capitalization of Bitcoin to over $110 billion.

Recent price advances have increased the share of bitcoin’s market capitalization compared to the rest of the cryptocurrency ecosystem. According to the data from CoinMarketCap, bitcoin accounts for nearly 60 percent of the entire $183 billion cryptocurrency market.

As of press time, the price had fallen back below $6,600, trading at around $6,579.

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The price of bitcoin has hit a new all time high, crossing the $6,300 mark for the second time this week.

According to data from the CoinDesk Bitcoin Price Index (BPI), the price has reached $6,341.10. On Oct. 29, the price of bitcoin rose to $6,306.58, a move that came just over a week after markets moved above $6,000 for the first time.


Markets, the data shows, have consistently traded above this level since Oct. 29. Overall, the price is up more than 500 percent since the start of the year, having begun the year just below $1,000.

Today’s climb also represents a gain of more than $200, per data from the BPI, bringing bitcoin’s market capitalization to roughly $106 billion.

At press time, the price of bitcoin is trading at $6,330.85, a gain of about 3.4 percent on the day.

The other top-10 cryptocurrencies (by market capitalization) have seen mixed results in terms of trading today, including bitcoin cash, which is down more than 4 percent at press time. The cryptocurrency’s price has been trending down in the run-up to a planned technical change.

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Bitcoin hit a new record high of $5,856 on CoinDesk’s Bitcoin Price Index this morning, but the question everyone will be asking is, can the rally continue?

At press time, bitcoin is trading at $5,610 levels, as per CoinMarketCap data. Bitcoin’s week-on-week performance of over 28 percent (up more than $1,200,) is double S&P’s year-to-date gains of 14 percent.


Further, the cryptocurrency is up 96 percent from its Sept. 15 low of $2,980, and, on a year-to-date basis, is up almost 500 percent.

Following a rally of such astonishing proportions, it would be quite logical to assume bitcoin prices will trade sideways, or witness a healthy pull-back in the short-run

The price action analysis indicates that bitcoin could find a short-term top in the range of $5,800-$6,000.

Daily chart

The daily chart shows that:

Bitcoin’s price suffers a corrective pull back every time the stochastic and the relative strength index (RSI) signal overbought conditions (marked by hand sign and red circles on the chart). The stochastic oscillator is a chart analysis indicator that helps determine where a trend might be ending.
The trend line drawn from the July 16 low and Aug. 22 low and extended further is seen offering resistance around $6,100 levels.
Though overbought, the RSI is still rising. Meanwhile, the stochastic is looking to retreat from the overbought territory.
A technical correction would gather pace once the RSI starts losing altitude.


A short-term consolidation around $5,800 or brief spike to $6,000 followed by a short-term pull back to $5,000-$5,300 looks more likely.

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When the price of bitcoin plunges — as it did last week — seasoned investors are caught in a market that doesn’t exactly have the mechanisms they’re used to.

Case in point, hedging long positions, is today a difficult prospect. Unlike most traditional stocks, where investors can open a margin account with their broker that allows them to short most shares, the tools in bitcoin are few and far between.


Yet, while some see betting big on bitcoin as a gamble in and of itself, a new casino-like exchange type is filling the gap for those seeking to bet – or otherwise prepare for – the cryptocurrency’s drops.

Enter parimutuel betting pools.

Far from a familiar term, it’s nonetheless an important one should traders want to know what they’re buying into. In simple terms, parimutuel pools are a way of speculating on the future price of cryptocurrencies without actually owning the coins themselves.

Or as Lanre Sarumi, CEO of Level Trading Field, which last month launched parimutuel pool Bitcoin Market Predictor, told CoinDesk:

“Parimutuel [betting] is a group of people essentially predicting something, and the person with the most accurate prediction wins.”

Yet, their structures can differ dramatically. One might look more like a cryptocurrency Powerball, while the other is an intense derivatives exchange touting triple-digit leverage.

While their use for short exposure is a bit underdeveloped, more investors are participating in these pools – knowingly or not – to fill the gap.

And if they’re not aware of the limitations and risks involved, they could end up surprised – after all, parimutuel betting isn’t the most sophisticated structure for providing short exposure.

A simple game

Lanre’s Bitcoin Market Predictor, what he calls a “game of skill,” is the latest evidence that parimutuel pools could add some cushion to the cryptocurrency market’s lack of shorting options.

But while theoretically it gives users the ability to bet on bitcoin’s price dipping, the rules of the game are strict, allowing only groups of 10 to bet on the price of bitcoin only 60 minutes in the future. The three players with the most accurate predictions, whether the price is up or down, split the money from the group’s betting pool, so at $50 per player per round, the most an investor can make off their prediction is $225.

Obviously, this presents problems for serious retail investors, since the price of bitcoin (which they might hold) could drop substantially, and all they’ve done is make $225 at most betting that it would.

And if three other players predict closer to the actual price, an investor loses even the money they put in the pot.

In this way, Level Trading Field’s parimutuel pool is less a sophisticated way to short bitcoin, and more an enticing platform for those interested in gambling, and only gambling on bitcoin.

Still, the latter limitation could be especially important in today’s cryptocurrency market, since in early August all bitcoin investors got equal parts of another cryptocurrency, when a group of enthusiasts split from bitcoin’s blockchain creating bitcoin cash.

After all, if free money is being given out to bitcoin holders, it isn’t exactly to the investors benefit to be caught in a limited short position.

Moral hazard

The bitcoin-only limitation carries over to the other end of the parimutuel betting pool spectrum with BitMEX’s full-blown derivatives exchange.

The high-octane exchange is run by former Citigroup trader and ferocious bitcoin bull Arthur Hayes, who told CoinDesk its 100 times leverage was not only its differentiator, but its sex appeal. Traders come to BitMEX wanting to place high-powered bets with very little money down. But, clear that kind of colossal leverage isn’t without risk.

Parimutuel betting means that one trader’s gains are offset by another trader’s losses — so every dollar you win is offset by a dollar someone else in the parimutuel pool has lost – which creates what Hayes calls “moral hazard.”

And that hazard means if your trades are crushing it on BitMEX, there might not be enough equity in the system to pay out your winning bets.

In a way, it’s like breaking the bank at a casino. If the market makes huge moves too fast, traders with losing positions have those bets closed and sold. And without enough equity in the system to payout on the other side, traders with winning positions will also be closed out early, in essence capping the returns they can get.

To Hayes’s credit, he’s incredibly upfront and transparent about it:

“If you want 100x leverage – which obviously you do, because that’s why you’re here – you accept that we at BitMEX can’t put our balance sheet on the line to settle these contracts.”

Yet, still, candid or not, this risk doesn’t allow traders to get a foolproof short opportunity.

In this way, the market – however mature it’s becoming – is still struggling to offer investors refined mechanisms as they prepare for another possible plunge.

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Australia’s government has introduced a bill that delivers on a long-standing promise to solve a “double taxation” problem for cryptocurrencies.

As it stands today, Australians are potentially liable for goods-and-services tax (GST) when they either purchase or spend a cryptocurrency. This state of affairs has been the target of criticism from the country’s local bitcoin community, and in March 2016, the government announced a plan to resolve the issue by removing the tax at the time of purchase.


Now, months after unveiling a budget that included the tax cut, Australia’s government has introduced legislation that would, if passed, codify the elimination. In a September 14 statement, the Australian Treasury said that the plan would “cement Australia’s reputation as a global fintech centre.”

The government explained:

“The Bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for GST purposes. The law change will retrospectively apply from 1 July 2017, in line with the 2017 Budget announcement.”

The measure was framed as part of a wider effort to promote financial technologies in Australia, including its homegrown cryptocurrency ecosystem.

“The Bill will make it easier for new innovative digital currency businesses to operate in Australia, as the government takes action to boost jobs and wages.”

It’s not immediately clear when the bill will be brought up for debate and potential revision. Australia has a bicameral legislature, meaning that both chambers would need to approve the legislation before it could advance and become national law.

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The price of bitcoin fell more than $500 today as market turmoil continues in the aftermath of Chinese exchange BTCC’s trading stoppage announcement.


The CoinDesk Bitcoin Price Index (BPI) has hit a fresh low of $3,350.17 – roughly $523 dollars down from the day’s open of $3,874.26. When accounting for the day’s price high of $3,923.98, that figure swells to approximately $573.

At press time, the price is at $3,363.25, according to the BPI.

Shanghai-based BTCC announced that it would would cease offering trading services on September 30, citing statements issued earlier this month by the People’s Bank of China and other regulatory bodies in the country. BTCC’s move came just a day after China-based BitKan announced that it would halt its over-the-counter (OTC) trading offering.

The new move downward comes hours after bitcoin’s price fell below $3,500, falling below the 50-day moving average for the first time since July 20.

Many other cryptocurrency markets are experiencing sharp declines today, according to data from CoinMarketCap. Of the top-10 cryptocurrencies, litecoin has seen the heaviest decline, falling in the last 24 hours by more than 24% at time of writing with much of the volume being seen in Chinese exchange OKCoin and Huobi.

The collective cryptocurrency market capitalization has fallen below $120 billion for the first time in a month, per CoinMarketCap, hitting roughly $114.4 billion at press time.

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In the coming war between digital currencies, which side will your money be on?

If that question sounds crazy, meet Arthur Hayes, a former CitiGroup trader who runs BitMEX, a Hong Kong-based crypto exchange that allows eye-bulging leverage – up to 100 times – when buying and selling cryptocurrency derivatives.


Not just another Wall Street veteran, Hayes may also be one of the industry’s biggest bitcoin bulls. It’s a bold claim, but you might agree if you saw his newsletter – a regular synthesis of cryptocurrency news, gangster quotes, GIFs and end-of-the-world premonitions.

In fact, Hayes thinks blockchain is lighting a fuse that will ignite open combat between “true cryptocurrencies” (like bitcoin) and a new “digital fiat” controlled by central banks.

These two parallel currency systems are the inevitable outcome of his core investing thesis:

“A digital society needs digital cash.”

In other words, bitcoin has brought the world cryptocurrency and institutions of all kinds will use the technology to their advantage.

Here’s what Hayes sees shaking out as a result: Governments will respond to the proliferation of cryptocurrency by withdrawing banknotes from circulation, and governments will issue digital fiat that functions similarly to cryptocurrency.

But don’t be fooled, according to Hayes, the similarities here are all on the surface.

Government-controlled digital fiat will be the antithesis of absolutely everything true cryptocurrency stands for. Central bank’s issuance of digital money will lead to a brave new world where governments are able to monitor and control every single transaction in an economy.

And countering that overreach is the reason Hayes believes bitcoin and other cryptocurrencies have a value proposition not just today, but for years to come.

The digital combatants

When Hayes talks about digital money, he sees the scope of battle on a truly global scale, not just within the U.S., but all across Europe, in China and in India.

What all these country’s governments have in common, according to Hayes, is the desire to use digital fiat as a tool of economic control.

He sees digital fiat as an instrument that will allow governments and global central banks to monitor every financial transaction, tax every sale and even lock out people from the payment system if they don’t have the right government-issued licenses.

Shifting digital fiat into cryptocurrency, he reasons, will be the only way to preserve privacy. Plus, cryptocurrency will allow individuals and businesses to trade in jurisdictions where parties don’t trust electronic fiat – or each other, for that matter – because they know cryptocurrencies cannot be tampered with.

Hayes said:

“If you want to have a financial presence – and not have somebody else know what you’re doing at all times – then you’ll use a form of cryptocurrency.”

A form of cryptocurrency that’s true, like bitcoin, zcash, monero or dash, he says, is one that offers users both privacy and security. These currencies, according to Hayes, have no utility other than being used as anonymous e-money.

In his mind, when a coin has additional utility it detracts from its desirability to be used as money since its value can fluctuate outside of what Hayes call its “moneyness.”

One example of a currency that is not money, according to Hayes, is ether, which he says doesn’t qualify as money because of its use case for distributed applications.

Not for the everyday

But there may be limits to the value propositions of even true cryptocurrencies today.

For example, Hayes believes that small value transactions are out of line with a once resounding narrative in the space, that bitcoin is – and should be – a payment system for consumers.

Hayes told CoinDesk:

“I don’t think bitcoin is going to replace consumer facing activities, like buying a cup of coffee or buying a magazine at a 7-Eleven.”

Hayes called bitcoin’s user experience “terrible” for these purchases, because public blockchains are slower than private payment systems. So, for a trip to Starbucks, buying coffee with Apple Pay is a better experience than paying with bitcoin, he contends.

It’s an interesting observation in that many of bitcoin’s strongest proponents tend to envision a world where the cryptocurrency is used for everything. Even still, Hayes is just as bullish on bitcoin, as he continues to reiterate what a fantastic mechanism it is for online international payments and anonymity.

And “those trade flows are massive,” he said.

But despite his bullishness, Hayes doesn’t own any coins personally. According to Hayes, he believes his stake in BitMEX gives him sufficient exposure to the crypto market, since BitMEX’s performance is tied to higher prices and market caps of cryptocurrencies and digital tokens.

Freedom in derivatives

And BitMEX is exactly the kind of exchange you’d imagine a guy like Arthur Hayes would dream up — a wild, intense, leveraged-fueled ride on a derivatives rocket ship that lets traders place high-powered bets with very little money down.

There’s a kind of freedom in derivatives, since they’re not tied to the physical delivery of any asset. Instead, derivatives bets play in a virtual world, where the only limits are the money flowing through the system.

That kind of world clearly appeals to Hayes:

“When you’re in the derivatives space you can essentially create any type of exposure you want.”

And he’s gone for triple-digit exposure, which not only makes his company “sexy” to traders, but also comes with substantial risk.

Such colossal leverage means BitMEX cannot guarantee the settlement of its trades, meaning Hayes can’t tell you for certain that you’re going to get paid out at 100 cents on the dollar on a winning trade. While Hayes and his BitMEX users enjoy this risk, someone new to the crypto space might be more than a little intimidated.

Yet, Hayes believes that’s not reason for swearing off the crypto scene altogether, instead he gives more level-headed advice to newcomers.

“I would tell that person to buy a small amount of bitcoin,” he said, noting that bitcoin is a safer bet than most cryptocurrencies because of its $80 billion market cap.

He concluded:

“Once they are comfortable with that, start doing research and deciding for themselves which coins fit their investment risk profile.”

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Zerocoin Electric Coin Company, developer of zcash.

Portrait image via Arthur Hayes 

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