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Mr Gates has commented on Bitcoin several times throughout its existence and in the past he called it a “techno tour de force”. But during an “ask me anything” discussion on the social media platform Reddit, the tycoon blasted cryptocurrencies for causing “direct deaths” as a result of the illicit drug industry. He said: “The main feature of cryptocurrencies is their anonymity. “I don't think this is a good thing “The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. “Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. “I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.” Fentanyl is an opioid which is used as a pain medication but has recently been linked to deaths after it has been found laced in street heroin It is much stronger than heroin and is considered to be much more

Chinese stocks led the way last week for global developed equity markets with the Shanghai Composite Index rising 89.86 or 2.81% to close at 3,289.02. Keep in mind though that Chinese markets were closed till Thursday and this performance reflects only two days of trading due to the Chinese New Year holiday. Regulators announced on Friday, Feb.23, that they would take over Anbang Insurance and the index was still able to advance against the news, a sign of strength. The remaining six markets tracked in the table below mostly had positive but unexciting performance, while UK’s FTSE 100 index was the one negative market. Overall, equity markets continue their counter-trend rallies following generally sharp drops off highs earlier in the month. In Japan the Nikkei 225 index was the second strongest performing market last week, rising 172.53 or 0.79% to end at 3,289.02. On Friday signs of inflation were reported with the CPI inching up 0.9% in January from a year earlier.

   Five reasons 2018 could be the best year yet for cryptocurrencies Hosp has explained before why a potential cryptocurrency bubble could burst in 2018, but there are several factors that make him see upside potential in the space.For bitcoin, the most important cryptocurrency by his estimation, he sees a 150 percent potential upside for 2018.Taking into account several factors, the cryptocurrency market's upside potential could rise to up to seven or eight times present levels, he says. Julian Hosp, TenX Published 1 Hour AgoCNBC.com Jaap Arriens | NurPhoto | Getty Images In an earlier piece for CNBC, I explained why a potential cryptocurrency bubble could burst in 2018. Many people asked me afterward: If I'm so skeptical about the space, why am I invested in it? Let me clarify. I'm someone who always calculates the potential upsides and downsides, and I think many people take unnecessary risks: They either invest too much or too little because they don&

Two of the biggest cryptocurrency exchanges are aiming to make bitcoin transactions faster and cheaper with a new software update announced this week. Both Coinbase and Bitfinex said they are adopting a software called SegWit, which bitcoin bulls and one exchange say should lower fees by as much as 20 percent while speeding up transactions. "The most noticeable changes in the short term should be more efficiency when transacting," said Alex Sunnarborg, founding partner at crypto hedge fund Tetras Capital. "SegWit adoption is undoubtedly positive for bitcoin as it greatly impacts transaction fees, speed, and future tech possibilities, all areas in which alternative crypto assets like Bitcoin Cash and Ethereum compete with and often criticize bitcoin on."

It is believed that Choe Heung-sik, the governor of South Koreas Financial Supervisory Service, declared the government of Moon Jae-in will support trading through cryptocurrencies if traded in “normal transactions”. The news that the clampdown on Bitcoin could be eased may explain the steady growth of virtual currencies. According to the Bitstamp exchange, Bitcoin hit a three-week high of $11,722.58 on Tuesday. The rising values marked a rise of almost 100 per cent from the dismal low of $5,920 at the start of this month.  Dennis de Jong, the managing director at an online brokerage named UFX declared that the reports could have given traders the confidence to invest in Bitcoin once more. He remarked: “While the threat of heavy regulation, or even a total ban on exchange trading, has hovered over bitcoin in recent weeks, reports this morning that the South Korean government are softening their stance have given traders confidence to buy.” Investment service company Canaccord

The new information comes at a time Bitcoin and other cryptocurrencies appear to be making a recovery after a period of tumultuous prices. The report read: "At this stage, we think that retail investors would be the first to bear the brunt in the event of a collapse in cryptocurrencies' market value. "We expect rated banks to be largely insulated, given that their direct or indirect exposure to cryptocurrencies appears to remain limited." The S&P Global Ratings financial institutions sector lead, Mohamed Damak, added that a crash in cryptocurrency prices would only make a “ripple across the financial services industry”. He stated: "For now, a meaningful drop in cryptocurrencies' market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate. "We believe that the future success of cryptocurrencies will largely depend on t

A founding partner of hedge fund Tetras Capital, Alex Sunnarborg, stated that the investor is one of many that have chosen to invest in virtual currencies during a period of free falling prices in the hope they rise again. He explained: "Not sure who that big buyer was, but many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia.” The purchase was made between February 9 and February 12 and was given the Bitcoin address of “3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64”. When the address is entered into a blockchain, a ledger for cryptocurrency transactions, it states that the investor’s final balance after the astonishing purchase was 96,650 Bitcoin.  It is not known who owns the Bitcoin address. Andy Hoffman, the operator of a cryptocurrency consultation firm, declared that the current value of 96,000 Bitcoin is an estimated $900,000,000 (£640,000,000) at current market rates. He tweeted: “Bitcoin address 3Cbq7aT1tY8kMxWLbit

In fact, so big is the industry, more green energy will be using creating the cryptocurrency than powering homes this year. The MoonLite Project is to be set up in Iceland and will run data centres to mine high value cryptocurrencies to take advantage in the current boom. Operations will focus on efficiency by employing AI and custom algorithms. Their first centre will open in August 2018 in Iceland where costs are low, electrical supply is 100 percent sustainable from hydro, geothermal, and wind sources, and the cool climate eliminates the need for extensive cooling infrastructure.  The Moonlite website said: “The MoonLite Project will operate several industrial scale data centres in the Crypto-Currency Mining industry, and plans to begin by mining predominantly Bitcoin, DASH, Litecoin, and Ethereum using 100 percent sustainable, green energy. “100 percent of the energy we consume is generated using Hydro, Geo-Thermal, and wind sources. The MoonLite Project will base its first

Today, bitcoin has risen again above three figures to reach $10,016 but it is too early to say yet whether the cryptocurrency has made a comeback. Concerns about hacking and calls for greater government regulation from countries such as India, South Korea and China have all added to the market’s uncertainty this year, causing huge volatility over recent weeks. Even Ellen De Generes has waded into the argument saying of bitcoin investors, “you’ll either be a millionaire or you’ll be totally broke”. The comedian and TV host said: ”It's like a plot twist in a confusing movie, when you're watching a movie and your friends are acting like they know what's going on, and you're like, 'Yeah, I do too.'  Pretend like bitcoin is a goat. Now it's adorable... and you want to pick it up and you want to pet it. But you can't because it's not there, it doesn't exist except for on that Internet right there, just like bitcoin is digital currency.&

The U.S. Commodity Futures Trading Commission (CFTC) joined other regulators sounding the alarm on "pump-and-dump" cryptocurrency investing schemes. "Customers should not purchase virtual currencies, digital coins, or tokens based on social media tips or sudden price spikes," the CFTC wrote in a statement Thursday. "Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype." The regulator urged investors not to fall into the same trap that some penny-stock buyers have. "Boiler room" fraudsters build hype around cheap stocks, inflating share prices through rumors, and dump the stock at the last minute once the shares hit a certain price. Investors who weren't in on the plan are left with nearly worthless as

Salon gives readers a choice: Disable your ad blocker or let us mine cryptocurrency Salon is using readers' computing power to mine the virtual currency monero.Monero is liked by some crypto enthusiasts for its anonymity. U.S. online news publication Salon has adopted an unconventional alternative to ads to make money — using a reader's computing power to mine cryptocurrency. News organizations rely on advertising revenue to make ends meet, and often advise against readers using ad blocking add-ons to support the running of the site. But Salon, which is owned by Salon Media Group, is now giving readers that don't want ads to appear on content an option to "suppress ads." This allows Salon to use a reader's unused computing power to mine virtual currency. Its virtual currency of choice? Monero, a privacy-focused coin. To "mine" digital currencies, cryptocurrency miners work out complex mathematical solutions to add transactions to the u

Ripple boss Brad Garlinghouse has said he does not think all cryptocurrencies will survive. His warning comes after Bitcoin has dramatically seen its value plunge throughout 2018 from a record high of nearly £15,000 in December 2017 to now under £7,000. Speaking at the Goldman Sachs' Technology and Internet Conference yesterday, Mr Garlinghouse said he believes “most” digital currencies will eventually lose all their value. He said: “It's not clear what the use case is. It's not clear the what value proposition is. “Long term value will be dictated by the utility of that asset.” He warned cryptocurrencies are too unpredictable to be widely used due to largely being unregulated and with very volatile price markets. The lack of regulation means the value of Bitcoin is suspect to rapid change. In 2018 a number of countries have introduced new rules for using the original cryptocurrency which is believed to have affected its market performance. South Korea intr

Express.co.uk recently spoke with Ryan Derks, an investor with years of experience under his belt who now runs his own federally registered fund specialising in cryptocurrencies, who was eager to explain why Bitcoin is coming down from such a dramatic high. He said: “What happened with Bitcoin over the last three to four months is simple physics where there was just so much buying and the price went up so fast, so high, so quickly that it was unsustainable, it had to come down. “Very much like when you pull a guitar string too high, it doesn’t just go to back to neutral, it has to release all of that excess energy. So what we’re seeing right now, in my opinion, is a lot of that excess energy falling out.” Bitcoin saw a rapid decline of 30.9 per cent in January 2015 - the month has a history of being bad for virtual investments. Four out of five January’s between 2013 and 2017 saw a decline in Bitcoin prices. However, the cryptocurrency owner claimed that the trend of th

The online currency has had a torrid start to 2018 after it saw its price plunge from an all time high of nearly $20,000 in December 2017 to a low of less than $6,000 on February 6. However, the cryptocurrency began to show signs of a steady recovery over the last few days with its price climbing to more than $9,000 on Saturday morning, representing a 5 per cent rise in value over 24 hours. However, any signs of a Bitcoin recovery were quickly quashed as the digital money then saw its price once again drop.  It is presently worth $8,231. The failure of Bitcoin’s price to continue rising as it pursues to once again reach the value of December 2017 adds credit to the theory that the cryptocurrency was in a bubble due to burst. Throughout 2017 Bitcoin’s value increased by more than 1,500 per cent. Speaking in December Nicholas Gregory, CEO of the cryptocurrency business enabler, CommerceBlock, warned: “Once Bitcoin starts to behave more in tune with traditional foreign exchange mark

A bill was passed in the state of Arizona by a 16-13 margin which could enable taxpayers to use bitcoin and other cryptocurrencies in order to pay "tax and any interest and penalties" to the state's Department of Revenue. The measure has since been sent to the state's House of Representatives for further consideration. While the measure's success is dependant on both approval in that chamber, as well as any possible settlement required if the House and Senate pass different versions, the successful vote forecasts that the law could come into place. In January, lawmakers on the Senate's Finance Committee cleared the bill by a 4-3 vote. Arizona State Republican Jeff Weninger said the tax measure is aimed at making the state an accommodating place for users of the technology. He said it was a signal to everyone in the US and throughout the world, that Arizona was going to be the place to be for blockchain and digital currency technology in the future.

Binance has denied that it was hacked after a system upgrade sparked an extensive halt of trading and customer withdrawals of funds at one of the world’s biggest cryptocurrencies exchanges. The depth of the system issues at the Hong Kong-based exchange first came to light on Thursday at roughly 2:20am GMT. An official announcement told traders that “due to a significant increase in users and trading activity, Binance will need to extend the system upgrade” that began hours earlier. It said that it expected the work to be completed by 2pm GMT, but that “withdrawals and trading during this period will remain suspended.” However, by 1:07pm GMT, Binance was forced to significantly push back its target for the resumption of trade to 4am GMT on Friday. Zhao Changpeng, chief executive, said on Twitter that Binance had experienced a “server issue on our replica database cluster, causing some data to be out of sync”, requiring the exchange to “fully resync from master”. He added that “no

But if you're trying to determine a fair price for Bitcoin, you'll likely hit a wall. Bitcoin's fundamentals are notoriously hard to define . Large developmental changes are either absent or far off at this point. Retailers are shunning Bitcoin as of late, and most people that buy the coin do so to keep it, not to use it as a means of payment. One thing Bitcoin has had in abundance lately is bad news. Check here for an overview , but a short summary includes stricter regulations in countries like South Korea and India, an outright ban in China, tons of cryptocurrency-related scams, and warnings from numerous prominent investors about the dangers of investing in Bitcoin. Predicting how low — or high — Bitcoin and other cryptocurrencies can go is dangerous . But it's a good time to try to find out why the market is reacting in such a way, and what needs to change for it to stabilize. Will we have to wait for technologies like Lightning Network (on Bitcoin) an

Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value, experts told CNBC, following a recent violent sell-off across digital coins. Bitcoin has seen a huge fall in recent days, dropping below $6,000 for the first time since mid-November. On Wednesday, it was trading above the $7,000 level as the cryptocurrency market stabilized. At its lowest point on Tuesday, the total cryptocurrency market saw over $550 billion wiped off its value . But industry insiders see another rally ahead. "Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push

Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman of the Securities and Exchange Commission (SEC) will appear in front of the Senate Banking Committee today where they will discuss the potential future of virtual currencies. Prepared testimony’s for the pair were released yesterday and suggest that the US government could slap further regulations on plummeting cryptocurrencies in the near future. Mr Clayton wrote: “We are open to exploring with Congress, as well as without federal and state colleagues, whether increased federal regulation of cryptocurrency trading platforms is necessary or appropriate.” The CFTC chairman added: “Virtual currencies…likely require more attentive regulatory oversight in key areas, especially to the extent that retail investors are attracted to this space.” Bitcoin’s value has dropped by more than 60 per cent in the last month as the cryptocurrency continues to free fall foll

Bill Shihara, CEO of Bittrex, confirmed during a Unikrn Radio podcast with Unikrn CEO Rahul Sood on Jan. 31 that the Bittrex exchange will be opening up USD trading to the majority of its customers. Bittrex was founded in 2013 by Shihara and two business partners, all of whom previously worked for security at Microsoft . Shihara told Sood that Bittrex’s initial success was due to a combination of the founders’ security background, as well as their willingness to put their resumes with photos of themselves online at a time when most exchanges were anonymous. Bittrex made the news in October 2017 for its sudden decision to disable thousands of accounts for compliance reviews without warning its users in advance. Perhaps due to this customer service hiccup, the exchange announced in December 2017 that it had temporarily stopped taking on new users , citing the backlog of user support tickets and their current inability to accurately verify each new user with such high de

Bitcoin ’s price has plunged by around $25billion in the past 24 hours and the cryptocurrency seems set to suffer more disappointing days on the markets. But Ran Neuner, CEO of OnChain Capital, told CNBC bitcoin will come back to hit the high-value levels reached in 2017. He said: “I’ve been tracking bitcoin since last year and it went up from $17,500 up to $20,000 in anticipation of the futures. “The futures were kind of an un-event. The event was the momentum play when people started to get into cryptocurrencies. “So you had these people, these retail investors, getting into cryptocurrency for possibly the wrong reasons. “They got into it because of the fear of missing out, they got into it because they wanted to make the money without understanding the technology. And the market went up. “But then the market started to come down and everyone who didn’t understand the technology turned around and said ‘hold on, why are we actually back here?’ “I’m expecting the market

Over $100 billion was wiped off the global cryptocurrency market in 24 hours on Friday amid concerns over tighter regulation and worries that the bitcoin price was manipulated on a major exchange. The total market capitalization or value of all cryptocurrencies in circulation stood at $405,241,490,138 at 6:30 a.m. London time (1:30 a.m. ET), according to data from Coinmarketcap.com, which takes into account the prices of digital coins across a number of key exchanges. This was a fall of $112.6 billion of value from a day before. Cryptocurrencies have seen a major sell-off. Bitcoin fell below $9,000 on Thursday , according to CoinDesk's bitcoin price index, which tracks prices from four major cryptocurrency exchanges. Other maj