THE CASARES FORMULA: An Argentinian trick to become a bitcoin millionaire

Crypto-currencies have heralded the 21st century version of the Gold Rush as rising interest in the investment power of these new forms of payment is buoyed by the innate desire of many people to become rich beyond their wildest dreams. While some are very much wary of the newfangled money, particularly given the oft-reported lurches in the value of Bitcoin itself, a crypto-currency pioneer from Argentina claims to have worked out a simple formula to transform yourself into a bitcoin millionaire.

 

Entrepreneur Wenceslao Casares is the CEO of startup Xapo, a company that offers storage, purchase and purse services for bitcoins, and was previously founder of an Internet service provider, a video game company and a bank. Largely based in the tech heartland of Silicon Valley in the United States these days, Casares has long been a vocal defender of bitcoin and played a role in the development of the internet itself, according to online magazine Grandes Medios. His love of crypto and hobnobbing with the technorati even enabled him to convince Microsoft tech billionaire Bill Gates to adopt the currency. Casares also took on a position as an advisor for the compensation board of the PayPal council in 2016.

Being so familiar with the technology of the Net, you would have expected Casares to be quite knowledgeable about crypto-currencies, and indeed he claims to have cracked the binary code behind how to win big with cryptocoins. 

In an address to crypto advocates at the Westin Hotel in Times Square, New York, US, Casares publicly announced his formula to become a bitcoin millionaire, according to Quartz magazine. Casares advised the attendees to take just one per cent of what they owned in money, convert it into bitcoins and then stash the funds away for five years, simply forgetting about it. He said that even though you will lose one per cent of your fortune, within five years the value of bitcoin will have risen enough that you would be a millionaire in dollar terms, he told the audience.

Casares believes that while bitcoin will be on an upward value trajectory, it is still an investment with risks like any other. He warned that the success rate of his formula is fifty per cent and that there was a twenty per cent chance that bitcoin would fall and become worthless, meaning investors would lose all of their initial cash, but Casares also prophesied that within five years a single bitcoin would trade for more than a million U.S. dollars apiece. As of today’s date, one bitcoin is worth nearly USD 7,650 ($7,643.64), or GBP/£ 5,699.32.

Casares also predicted that bitcoin, as a ‘meta-currency’ would bypass central banks and become a new global monetary standard, “If bitcoin is successful, it will be the biggest leap forward in the democratisation of money we have seen, “ he said.

SOURCES:

Vijay Shah { विजय }, Twitter, Twitter Inc. https://twitter.com/VShah1984

Alexander Ochoa, Twitter, Twitter Inc. https://twitter.com/AlexanderOchoaQ

“La elemental fórmula con bitcoines que te hará millonario” – Grandes Medios/Grupo Editorial Grandes Medios (24 May 2017) https://www.grandesmedios.com/formula-ganar-millones-bitcoines/

IMAGE CREDIT:

“Cryptocurrency Concept Blockchain · Free photo on Pixabay” – WorldSpectrum, Pixabay (23 January 2018) https://pixabay.com/en/cryptocurrency-concept-blockchain-3409725/

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ICELANDIC BITCOIN RUSH: Cryptocurrency mining drains entire country’s electricity supply

Reykjavik – VIJAY SHAH via Grande Medios

Bitcoins have become the source of what could be described as this century’s very own Gold Rush. The mining of cryptocurrencies, which is the most widespread method of obtaining this cyber money, requires a significant amount of both computing power and electrical current. In the northern European island of Iceland, the residents have taken to bitcoin mining in such a way that it is causing the country to actually run out of electricity.

Iceland has around 340,000 inhabitants, one of the smallest in Europe. Famed for its volcanic landscapes and breathtaking landscapes, the country is also well-known for living progressively. Renewable electricity, particularly from the Nordic nation’s many geothermal sources, is a big thing. But it seems the nation’s appetite for the financial game changer that is bitcoin is causing quite a headache for utilities companies, reports Spanish-language online magazine Grandes Medios.

 

Residential electricity consumption in Iceland barely exceeds 700 Gigawatt-hours per year, but the sudden uptake of mining activities for cryptocurrencies, including the highly profitable Bitcoin itself, which at one point in 2017 was trading at USD 8,000 per BTC, has seen miners add another 100 Megawatts to the consumption total. This could see usage push past the 800 gW/h mark.

Johann Snorri Sigurbergsson, a manager at utility firm HS Orka, told the Associated Press that “Four months ago I could not have imagined that we would reach this trend, but at that time the price of Bitcoin skyrocketed and we received many more requests. Just hours ago I met with a mining company that wants to buy 18 megawatts, “

Iceland’s electricity producers now fear that the increased demand will outstrip their capacity of supply, sparking a national energy crisis. Now in addition to the tech-savvy individuals who were the earliest adopters of mining in Iceland, there are several startups appearing who specialise in bitcoin mining on an industrial scale, meaning this virtual Gold Rush could see a painful run on the Icelandic electricity meter, and a lot of lights switching off.

Despite the volatility of bitcoin prices on the markets, with a crash in trade prices happening earlier this year, more and more Icelanders are flocking to bitcoin, meaning the country’s government in Reykjavik possibly planning to bring in regulation of the bitcoin mining industry in the near future to help conserve the electricity supply and prevent a island-wide blackout.

SOURCES:

Vijay Shah { विजय }, Twitter, Twitter Inc. https://twitter.com/VShah1984

Alexander Ochoa, Twitter, Twitter Inc. https://twitter.com/AlexanderOchoaQ

“La minería de bitcóin en este país pronto consumirá más electricidad que sus residentes” – Grandes Medios (13 February 2018) https://www.grandesmedios.com/la-mineria-de-bitcoin-en-islandia/

IMAGE CREDIT:

“Bitcoin Mining” – Marco Verch, Flickr (23 January 2018) https://www.flickr.com/photos/30478819@N08/39849768811

WINDY CITY BITCOINS: Crypto-currency futures soar on first ever exchange listing

Chicago – VIJAY SHAH via Daily Sabah

In a parallel with the surging value of crypto-currencies such as Bitcoin recently as well as public interest in the subject, the first ever listing of Bitcoin futures on a physical currency exchange saw a rapid rise in value, Turkey’s English language newspaper The Daily Sabah reported via wire agencies recently.

Yesterday saw the introduction of futures valued in Bitcoin put up on the Chicago Board Options Exchange (CBOE), set for expiry in January 2018. Its initial value was set at 5 pm local time at USD $15,000 (GBP £11215.50). By 1:30 am the value of the futures had risen comfortably to $18,590 (GBP £13901), according to figures quoted in the Daily Sabah from trading firm CBOE Global Markets.

 

Bitcoin has enjoyed a bumper 2017, with ceiling-shattering rises in value. While starting off the year on a record low of USD $1,000 (GBP £748) per coin, the value rocketed to $16,858 (£12612) on online trading exchange Coindesk. The currency is currently around the $16,612 mark.

Bitcoin futures are a type of speculative financial instrument that allows investors to bet on whether the currency’s price in physical money will rise or fall.

According to Bob Fitzsimmons, a futures manager at Wedbush Securities, the initial offering of the CBOE Bitcoin futures was quiet and steady before interest, much like the currency itself, began to accelerate. Eventually a thousand trades were made in the first two hours after opening. Chicago may well soon become a hub for Bitcoin futures trading, as CBOE’s rival, the Chicago Mercantile Exchange, also plans its own crypto-currency listing later this week, The Daily Sabah mentions.

The growing publicity of Bitcoin and other crypto-currencies such as Litecoin and Ethereum is enticing traders looking for something a little different, while still productive, despite many in the world of economics avoiding virtual currencies due to their lack of central authority, their fluidity in transactional spaces and their volatility in real-world prices.

“It gives it legitimacy. It recognizes that it’s an asset you can trade,” said Nick Colas, of Data Trek research.

The CBOE listing was given the go-ahead by the United States Commodities and Futures Trading Commission (CFTC) on the first day of this month. The CTFC did however warn would-be traders of Bitcoin’s ‘potentially high level of volatility and risk in trading these contracts (BTC futures)’. Others have expressed concerns that listing the futures on physical exchanges could see investors fall victim to the effects of ‘short sellers’, who bet on downward moves in assets.

SOURCES:

Vijay Shah { विजय }, Twitter, Twitter Inc. https://twitter.com/VShah1984

Bitcoin Sportsbook, Twitter, Twitter Inc. https://twitter.com/SportsbookBTC

“Bitcoin futures soar in first hours of its debut on major exchange” – Daily Sabah Finance/Turkuvaz Haberleşme ve Yayincilik Anoni̇m Şi̇rketi̇ (10 December 2017) https://www.dailysabah.com/finance/2017/12/11/bitcoin-futures-soar-in-first-hours-of-its-debut-on-major-exchange

IMAGE CREDIT:

“Free photo: Bitcoin, Stock Exchange, Profit – Free Image on Pixabay – 2643188” – geralt, Pixabay (11 September 2017) https://pixabay.com/en/bitcoin-stock-exchange-profit-share-2643188/