Around the Crypto World 26 November – LTC, BTC, DASH, Zcash, ADA, DECR
First, I survived Tokyo. Was a blast to spend the weekend.
Second – Wow, what happened?
Bitcoin (BTC)- $9k
— Charlie Lee [LTC] (@SatoshiLite) November 26, 2017
I leave for a couple of days and Bitcoin goes crazy. Is 10k next? The big news over the weekend was the announced addition of 100k new Coinbase accounts. The announcement is big news for Bitcoin, Litecoin and Ethereum with all seeing nice moves as a result. Interestingly, there is an undercurrent of people without plans to sell (like me, as previously disclosed) so despite the new accounts it would seem the buyers are not bringing new supply but only new demand.
DASH crosses $600
In typical bubble fashion it seems all boats rise with the tide. In this case adoption of Bitcoin and Ripple brings up all other boats. Dash still puzzles me and with the flood of Hash rate and skyrocketing difficulty coming this coin seems ripe for near term volatility and a price decrease when miners attempt to recoup losses from ASIC miners. Early Bitmain D3 miners may get bailed out by this bump but the $10k Innosillicon A5 buyers not only will likely never see return on that investment but the new miners are showing up defective. There is call for a class action lawsuit. Seriously though, how do you file a class action lawsuit from buys all over the world against a shadowy company in China. Something tells me the buyers will be stuck. Check out the Innosillicon thread or the D3 thread if you want to see what a failed investment in crypto mining looks like. Rumor is the $10k A5 is making ~$10 a day on Dash. Wow.
Cadano (ADA) up big pending news?
There is news coming from Cardano but it has not been announced yet. It is up 20% just over the last 3 hours with a large increase in volume. Remeber, we brought you Cardano on our daily update a week ago when it was added to the Korean exchange Upbit with two more applications pending. It is under review at several exchanges so this increase in activity could preclude an announced exchange addition. This is a developing story and we will update when news hits.
JP Morgan chooses Zcash
Recently we have been beating up Jamie Dimon for his views on Bitcoin. Not long after he said buyers of Bitcoin were stupid and Bitcoin a fraud and great for criminals and unstable countries, JP Morgan announces the integration of Zcash. Also of note, JP Morgan was found guilty recently of money laundering with a subsidiary in Europe. Zcash is quite anonymous which would help JP Morgan launder money without getting caught. This follows American Express partnering with Ripple. It seems JP Morgan might be “stupid” now.
Decred (DECR) preparing for Upbit Launch
Decred will soon allow swap direct to Korean Won on Upbit. Decred is currently listed on the exchange but requires exchange to Bitcoin (BTC) prior to exchange to fiat Won which increases costs. Allowing transfer to fiat will increase transactions and drive the Korean Miners to increase hash. There are ASICs coming for this currency although not on market yet which could drive the price like Dash has recently. For those in Korea you can follow the Korean Decred group on Kakaotalk. The group boats several hundred members already after only launching 2 weeks ago. There is a swell in in Decred which could continue the market move up. They are also giving away $10k in cash for the top idea for the recently released Politeia platform for data storage. If you are a coder head over and give it a look. The way Bitcoin is running lately this might get you less than 1 BTC by the time a winner is chosen.
— Decred (@decredproject) November 3, 2017
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
Coinbase is a digital currency exchange headquartered in San Francisco, California.