“Bitcoin is a scam, Sell Everything”… Says The Living Bitconnect Meme Carlos Matos

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“Bitcoin is a scam, Sell Everything”… Says The Living Bitconnect Meme Carlos Matos

Carlos Matos loooooooooooooooves Bitconneeeeeeeeeeeeeeeeeeeeeeeeeeeect… but he absolutely hates Bitcoin (BTC). The famous promo-maker of the most notorious Ponzi scheme in the world of cryptocurrencies, published a tweet a few hours ago advising all his followers to “sell everything” they had in Bitcoin (BTC) as it is a Scam:

Bitcoin Is A Scam. Sell Everything It’s NEVER Going Back Up

— Carlos Matos (@CarlosMatos80) October 26, 2018

Bitconnect was a cryptocurrency that promised investors a 1% daily return on their investments. Its capitalization was so important that at one time each token cost more than $450, for a total capitalization of more than 2.7 Billion dollars, occupying the 17th spot of the strongest cryptocurrencies in the ecosystem.

The problem is that after several lawsuits, the scheme could not keep on being sustained, and like all Ponzi schemes, fell by its own weight, driving the token from costing $450 to having a value of less than 6 dollars in less than 2 weeks.

The countless cases of desperate people who lost everything in Bitconnect went mainstream on social media:

However, weeks earlier, Carlos Matos gained fame because of a presentation in which he declared himself an authentic and convinced Bitconnect fan. He mentioned that all the warnings about the site being a scam were pure lies and that thanks to the platform, he had managed to get hundreds of thousands of dollars.

The effusivity with which he promoted the platform, made him into a meme. Perhaps one of the best-known crypto-verse along with “Bitcoin Sign Guy,” “Roger Ver Rage Quit” and the term “HODL.”

For those who have not seen the original presentation, the video is available here (watch it.. it’s worth it):

The reactions were not long in coming. The remixes of this presentation became viral and caused a lot of laughter within the user community (of course, before the scam was exposed)

Even Carlos Matos himself seems to have been a victim of the fraud, declaring that he lost 100k USD, but despite the situation, he was able to draw positive learning from the situation:

My Thoughts On What Bitconnect Did To Us 05/03/2018 pic.twitter.com/j216DLFLPE

— Carlos Matos (@CarlosMatos80) March 6, 2018

After becoming a meme and being associated with one of the worst scams in the world of crypto, Carlos Matos moved on to sell Herbalife, and for fans of healthy living, he also has good advice.

— Carlos Matos (@CarlosMatos80) March 14, 2018

So now you know: Either believe in Tom Lee, Mike Novogratz, and Tim Draper… or believe in Carlos Matos. It’s up to you

10 years later, we still don’t know what Bitcoin is for

Click here to view original web page at www.telegraph.co.uk

The first mention of Bitcoin appeared online a decade ago this week, admittedly without much fanfare. A technical paper describing a new “electronic cash system” was sent around an obscure internet mailing list for cryptography nerds.

Its author, who went by the name Satoshi Nakamoto, detailed how the system would mean online payments being sent directly between people, without having to rely on a bank. It was unveiled without much bombast, and seemed like more of an experiment than a revolution.

A few months later, the Bitcoin network went online. Embedded in the code was a newspaper article about Alistair Darling, then the chancellor, preparing a new bank bailout (one of several reasons some believe the pseudonymous Nakamoto was British).

In the decade since, Bitcoin has been met with a combination of fascination, fervent excitement and deep scepticism. It has been called the end of money as we know it, hailed as a new gold for the digital world, and feared as the fuel for a new digital anarchy.

It has been through multiple boom and bust cycles. An early crash in 2011 saw Bitcoin’s price fall from $30 to $2. Last year, it peaked at almost $20,000, making all the Bitcoins in the world worth more than $300bn.

The internet currency turned many of those who found out about it early into millionaires. It also created two ideas that some believe rank as the greatest inventions of this century: cryptocurrencies, of which Bitcoin is only one, and blockchain, the record-keeping technology that underpins it.

The appeal of both is that information of any kind could be stored and moved without having to rely on any central party or institution. In the case of money, when we make a card payment, a bank or credit card company typically takes a fee. Globally, these fees add up to billions each year.

But with cryptocurrencies, there is no such greedy payments provider. The system is “decentralised”: transactions are signed off and recorded by those who use the network. The people have the power.

The blockchain, the technology that underpins it, has been heralded as a new kind of information system, impervious to fraud and cyber attacks, and one whose potential uses extend well beyond cryptocurrencies.

In the same way that the road system was developed for journeys on horseback, but became many times more useful once cars came along, the blockchain supposedly has applications well beyond money.

Philip Hammond, the chancellor, recently proposed it as the solution to the Irish border problem. Lawyers are wondering if it will make them obsolete, through the introduction of “smart contracts” that run on the technology. You name it, they can blockchain it.

That is the idea, at least. The reality is that 10 years after the idea for Bitcoin and the blockchain came online, it still feels like a solution searching for a problem. Billions of venture capital funding has been put into cryptocurrency and blockchain start-ups, but as of yet, there seems to be little to show for it. Few of us are using cryptocurrencies to make payments.

The handful of real-world applications of blockchain that do exist – a tracking system for shipping containers, settlements on the Australian stock exchange – seem more grounded in flashy marketing than actual benefits.

When interest in the technology spiked last year, it was almost entirely to do with Bitcoin’s price: there was little interest in using the cryptocurrency as first intended, and lots of interest in getting rich quickly.

Ask somebody who works in the industry about this, and they will tell you to be patient. They will tell you that cryptocurrencies and blockchain represent an idea as profound as the internet itself, and one so powerful that it will inevitably take hold eventually. Miss out, and you miss out on the future.

But something can’t be the future indefinitely. At some point, a technology has to start being used. Otherwise it is simply a failed promise. And Bitcoin is starting to look like just that. A decade after it was invented, it has gained no traction as a form of payment. Nor have the thousands of other cryptocurrencies that have taken its place. Instead, it has served as a wild form of gambling. As for the blockchain, nobody seems to be using it for anything other than experiments and publicity stunts.

Technologies do take time to catch on. The first email was sent in the early 1970s but it took more than two decades for us to be sending missives to each other several times a day.

But just as often, things fail to catch on not because the world isn’t ready for them, but because they are bad ideas.

Internet money may well be one of these ideas. Generally, our payment systems work. We can rely on our banks to hold our money. Few of us are paranoid enough to want to rip up the system. It is easier, generally, to rely on someone else.

The world wide web was also founded on democratic, grassroots, ideals, but has come to be dominated by massive companies. Decentralisation, it seems, is perhaps not as powerful a force as its backers had hoped.

Bitcoin and the blockchain have been presented as the future for a decade now. Time is running out for that prediction to come true.

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Bitcoin’s Current Run of $100 Price Volatility is the Longest for 18 Months

Click here to view original web page at www.coindesk.com

The bitcoin market is experiencing some of the lowest volatility it’s seen in 18 months.

The daily volatility, as represented by the spread between the daily price high and low, fell below $100 on Oct. 19 and since then, has remained under that psychological mark, according to CoinDesk’s Bitcoin Price Index (BPI).

The seven-day period of below $100 volatility is the longest since the end of April 2017.

It is worth noting that BTC averaged around $1,200 in April and early May of 2017. Further, the average daily volatility during that period was $33, that is, prices moved 2.75 percent on a daily basis. Hence, back then, a $100 daily volatility reading was a normal thing.

As of now, BTC is averaging around $6,500 and the average daily volatility has dropped to $56 in the last seven days, meaning prices are moving just 0.86 percent on a daily basis. So, it seems safe to say that we are witnessing an unprecedented period of low volatility.

Such times of tranquility often end in a big move on either side. However, bitcoin price volatility has been falling over months now and a promised sustained shift to either bulls or bears has so far not materialized.

Under these conditions, the best thing to do is to jot down the key levels and trade the breakout.

Weekly chart

Bull breakout scenario: Move above $7,400

A break above the September high of $7,400 would put an end to the series of lower price highs (marked by circles). The bull breakout, if confirmed, would open the doors to a stronger rally to $10,000. On the way higher, BTC may encounter resistance at the July highs near $8,500.

Bear breakout scenario: BTC finds acceptance below $6,000

As seen in the weekly chart above, BTC seems to have carved out a bottom around $6,000. The likes of Billionaire investor Novogratz have also echoed similar sentiments in the recent past. As a result, $6,000 is the level to beat for the bears.

If BTC finds acceptance below that level, then the bears may end up pushing prices down to $5,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

The daily volatility, as represented by the spread between the daily price high and low, […]

Crypto Hardware Wallet Trezor Now Allows Converting Bitcoin To Other Cryptocurrencies From Device

TREZOR, a popular Bitcoin and cryptocurrency hardware wallet just upgraded to allow the users of Model T to exchange directly through their wallet interface. This implies that the user does not need to send coins from their device for conversion.

The company behind TREZOR, Santoshi Labs announced the brand new feature in a blog post on the official website. The platform aims to establish TREZOR Model T as a flagship hardware wallet.  Notably, the exchange would not be governed by Satoshi Labs, ShapeShift and Changelly, the partnering third parties will do the needful. The announcement elaborated:

The exchange feature is provided by various third parties; SatoshiLabs bears no responsibility for the process, exchange rates, fees, or functionality. In this initial release, we have decided to cooperate with ShapeShift and Changelly. 

Interestingly, the  Satoshi Labs will not handle any processes associated with the exchange process, even including the KYC requirements. The post mentions:

Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enact KYC, registration and verification will be done by them. Your personal information will not be processed by Trezor Wallet / SatoshiLabs, nor will it ever be requested by the company. Customer support for exchanges will be serviced by the partners. 

The official statement clarifies that Satoshi Labs will incorporate their new exchange features via various third parties. The initial choice of Changelly and ShapeShift raise some curious eyebrows.

The  CEO at Changelly, Ilya Bere, stated her surprise in an interview for Bitcoinist, he reveals that he was “honestly” surprised by the move. This surprise is attributed to the fact that both partners are instant cryptocurrency exchange platforms and ShapeShift recently introduced “mandatory” KYC requirements after the platform was accused of being involved in a money-laundering scheme by the Wall Street Journal. Erik Voorhees, the CEO at ShapeShift stated:

The WSJ article’s implication that ShapeShift is somehow negligent or complicit on this issue of money laundering is false and absurd; emblematic of a media industry that cares more about clickbait sensationalism than it does about improving the financial state of mankind.

Read more: Bitcoin Futures Will Go Live On Bakkt In December

Mt Gox’s Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims

Click here to view original web page at www.coindesk.com

Clients of the long-defunct crypto exchange Mt. Gox must submit any claims for trapped funds by Oct. 22.

As previously reported by CoinDesk, the exchange first opened up the claims process in August, following a protracted bankruptcy battle.

In June, petitioners asking for their bitcoin back won a major victory, as the Japanese bankruptcy court overseeing the proceedings shifted the case to one of civil rehabilitation, meaning creditors could file for their cryptocurrency holdings, rather than a fiat equivalent based on cryptocurrency prices in 2014.

Bitcoin was worth less than $600 at the time, but has since soared to around $20,000 in December 2017 and is at $6,508 at press time, according to CoinDesk data.

After the October deadline passes, as set out in late June, Mt. Gox trustee Nobuaki Kobayashi will have a further three months to file a statement of approval or rejection.

While creditors can file for bitcoin claims, they cannot yet claim proceeds from any of the bitcoin forks that occurred since the funds were first frozen in 2014.

According to the statement outlining the civil rehabilitation process:

“At this moment, we plan not to accept specific filing of cryptocurrencies other than bitcoins. Instead, we plan to deem bitcoin creditors who have filed a proof of claim for bitcoins have also filed a proof of claims for other cryptocurrencies proportionate to the number of bitcoins filed. We will post the further detailed information on this website.”

Both corporate and individual creditors have been able to file for claims as of last month.

Mt. Gox image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

As previously reported by CoinDesk, the exchange first opened up the claims […]

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