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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URUGUAY AND ITS CAPITAL: A South American success story

The small South American nation of Uruguay, tucked away on the continent’s east coast between Brazil and Argentina, may be not as as well known as its bigger neighbours when it comes to the world stage and the everyday person, but the country is being lauded as a success story that has been financially and politically sound beyond many people’s expectations… and is on the rise.

In the past fifteen years, Uruguay has spearheaded economic growth on the continent with an interannual growth rate of 2 per cent under three successive governments of the country’s centre-left Frente Amplio coalition, bringing new wealth and the attentions of the moneyed and savvy to it and its cities.

 

The biggest beneficiary of Uruguay’s success has been its capital, Montevideo. A microcosm of old Spanish America with its vintage buildings, alongside the recognisable signs of modern city environments, Montevideo has been voted the Latin American city with the highest quality of life, as well as joining the club of the world’s thirty safest cities. On top of that, Uruguay’s capital is also at ninth place in terms of purchasing power per inhabitant in all of Latin America.

Montevideo not only offers great culture, but also great investment opportunities for those who want a part of the success story. Many of its neighbourhoods, including Punta Carretas, Pocitos Nuevo, Parque Rodo, Buceo and Villa Dolores, are highly sought after by both property investors and people searching for a better standard of life. They have attracted a lot of attention from investors owing to their decent selection of amenities, such as nightlife, transport links, and a high rate of urban development. The city is experiencing massive demand especially for new family sized homes as well as properties for singles and couples, as more people from outside Montevideo and Uruguay are drawn to the city’s prospects.

Montevideo, with its population of only 1.5 million inhabitants, is also a magnet for tourists, who flock to see old colonial architecture as well as the beaches of the Atlantic and the Rio de la Plata region. This massive river forms part of Montevideo’s allure, fringed with nature reserves and protected areas displaying the biological diversity of natural Uruguay. The city is experiencing a quiet boom in tourism, as more people discover its charms and magic.

Perhaps it will take a lot less than fifteen years for little Montevideo to become maybe the new Rio de Janeiro of Uruguay, or even the Barcelona of South America.

SOURCES:

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

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

“De Hispano América Uruguay, de Uruguay Montevideo, de Montevideo Pocitos” – Grandes Medios (30 March 2017) https://www.grandesmedios.com/uruguay-montevideo-pocitos/

IMAGE CREDIT:

“Streets of Montevideo” – Héctor de Pereda, Flickr (26 January 2008) https://www.flickr.com/photos/hdepereda/3093337942

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