In the year 2009 when cryptocurrency (Bitcoin) was created by a developer called Satoshi Nakamoto, which was the first and most important cryptocurrency till know. They were designed as a reward for a process known as mining, which can know to be used for the exchange of goods and services online only. By then bitcoin was worth 1.00 USD from February to April in 2011.
As time has gone by, people become more interested in cryptocurrency as it gains popularity by cryptocurrency fans. The question here is which crypto fanatic do you belong to? Some cryptocurrency fans are just studying the cryptosystem, others are buying and selling, some are patiently waiting to be induced by crypto geeks while others are just supporting the cryptocurrency ecosystem.
Even though cryptocurrency fans are talking about the strength and weakness of crypto, others have the intention that cryptocurrency is for certain individual (young energetic males).
Since the design of cryptocurrency, it has yield alongside with global phenomena. Cryptocurrency is now all over the world especially in the world of technology.
The reasons why crypto fanatics are so much into cryptocurrency and the sudden return is quite varied from crypto nerds. Moreover, these group on individuals known as crypto fanatics can be classified into categories. But which one of them is on top of the chain?
The illegal buyers of goods and services: they are the group of individuals that buy and sell illegal goods using cryptocurrency on the black market using special browsers. Even though it is not promoted anymore but it does exist.
The cryptocurrency anarchist: these are people or group of persons that try to bring anarchy into cryptocurrency industry in relation to real money, they try to bring misunderstanding among cryptocurrency fans since it does not involve any central government activities.
Tech enthusiasts: these are a group of individuals that are into cryptocurrency technological project. It involves programmers and also protected by programmers, most of them are into cryptocurrency because of the tech behind it which is very remarkable and interesting.
At first, people were afraid to do transactions with real money but since the introduction of tech programmer, they come up with technology where transactions can be done online without the influence of a third party or the involvement of the central government. This is so, because of tech enthusiast or cryptocurrency programmers.
The get rich fans: these are individuals that are always on a lookout for the rise in cryptocurrency. These fans are also known as the maximin-pessimistic, they use an approach known as the Principle of Insufficient Reasoning, that is they have no information about the likelihood of the various states of nature in relation to cryptocurrency.
Due to this, it has attracted individuals especially those who want to be rich quickly. They don’t rely on the rise and fall in the value of cryptocurrencies but rather focus on which crypto is on top of the blockchain industry
The cryptocurrency investors: popularly known as risk takers; Most investors invest in gold for protecting one’s funds from market uncertainty, that’s the rise and fall of goods and services in the blockchain market. In real life, gold remains steady and keeps its value for a long time. Now that cryptocurrency is in the system which has dethroned gold, cryptocurrency investors are now investing in this digital asset called cryptocurrency which they believe to be safe compared to physical money or gold.
What they do is, they construct a payoff table and select a decision-making criterion on which cryptocurrency to invest on and apply it to the payoff table. They then identify the optimal decision and evaluate their solution. The return on each investment depends on the (uncertain) market behavior during the month within the year and then they invest. it is clearly seen that tech enthusiasts and crypto investors are ruling the crypto industry, which brings them to the top. Well for me, am partly a crypto enthusiast, investor and the get rich fan. So, which one do you belong to?
Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000
Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.
A Possible Crash Below $2,000 For Bitcoin (BTC)
Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.
Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.
Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.
While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.
All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.
At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.
Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price
Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder.
Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet
According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.
McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.
Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.
McCaleb’s Dump of XRP Impacts of Asset’s Market Price
Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.
Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.
Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”
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