Forbes Analyst Explains Why Altcoins Are Not Rallying With Bitcoin, Are Altcoins Dead?

Over ten years ago, Bitcoin was created by the anonymous Satoshi Nakamoto. The goal was to free the world from the shackles of centralized …

Over ten years ago, Bitcoin was created by the anonymous Satoshi Nakamoto. The goal was to free the world from the shackles of centralized institutions by providing everyone with a new form of money which would be used as a medium of exchange and a store of value. Since then, the Bitcoin price prediction has been bullish and bearish at intervals. Shortly after Bitcoin was created, other blockchain developers started creating alternatives to Bitcoin which came to be known as altcoins. These altcoins are cheaper than Bitcoin so some traders are more inclined towards them. However, throughout history, the price of Bitcoin has been strongly related to the price of altcoins. What this means as that as the price of BTC moves higher due to things like positive Bitcoin news or bullish Bitcoin price predictions, altcoins typically rally along with it. A typical example is what happened during the 2017/2018 Bitcoin bull run that took the price of BTC near the $20,000 level.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Why Is BTC Outperforming Altcoins? Cryptocurrency News Today

After being stuck in a bearish territory almost throughout last year during the cryptocurrency winter, the price of Bitcoin started to recover against the USD at the beginning of the year. Between November when it hit $3150 and now, the price of Bitcoin has increased by over 100%. Typically, altcoins would have recorded similar gains but this isn’t the case. Even some of the most promising projects in the space like XRP, and VET are recording losses against the USD and BTC. Why is this so?

According to an article on Forbes, there have been several suggestions from market leaders regarding why the price of BTC is not rallying along with the price of most altcoins. The Chief investment officer of Arca, an asset management firm, Jeff Dorman said that Bitcoin is outperforming altcoins because irrespective of how many altcoins have emerged, BTC is still the most important asset in the cryptocurrency space. This is in line with what the director of digital currency at TradeBlock said.

Bitcoin (BTC) Price Today – BTC / USD

Name Price 24H (%)

bitcoin
Bitcoin(BTC)

$6,278.00

In Dorman’s opinion, the best cryptocurrency to invest in 2019 and beyond is Bitcoin. He also said that the altcoin season is over and traders have shifted their focus to Bitcoin until such a time when Bitcoin starts consolidating. In his words;

“This doesn’t necessarily mean BTC’s returns will be higher, just that the probability weighted return is the highest given that BTC is so far ahead of any other digital asset in terms of adoption and use cases.”

Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Current Price Of BTC

At the time of writing, the price of Bitcoin was $6,311.67. This means that it is up by 4.23% against the USD. The trading volume over a 24 hour period is $18,553,059,878 and the market capitalization is $111,669,845,201.

The largest altcoin in the market, ETH only recently started gaining upward momentum but is still not moving in the same pace as Bitcoin. Right now, the only altcoin that is doing exceptionally well is Basic Attention Token, the native token of Brave Browser. BAT is currently trading at $0.353582. It is up by 20.44% against the USD, 15.54% against the price of BTC and 18.06% against the price of ETH.

What do you think about the current price action of Bitcoin? Why is Bitcoin outperforming altcoins in your opinion and why is Basic Attention Token surging? Share your thoughts in the comment section below.

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Crypto Is the Mother of All Bubbles, Says Roubini

Continuing his rant, Roubini addressed Bitcoin’s scalability, stating that it doesn’t even come close to the thousands of transactions per second that …

Nouriel Roubini, an economist notorious for his anti-cryptocurrency stance, recently squared off against Mike Novogratz, ex-hedge fund manager and CEO of Galaxy Digital, at the SALT 2019 conference in Las Vegas on May 8.

During the conference, Roubini did what he does best: he lambasted Bitcoin (BTC) and cryptocurrencies in general, saying crypto is nothing but a giant bubble, and Bitcoin and its peers should not even be called cryptocurrencies.

The infamous economist said:

“Crypto is the mother and father of all bubbles… cryptocurrency is totally a misnomer. To be a currency, you have to be a unit of account, valuable and a scalable means of payment.”

Roubini Lambasts Bitcoin

Continuing his rant, Roubini addressed Bitcoin’s scalability, stating that it doesn’t even come close to the thousands of transactions per second that credit cards are capable of, highlighting that Bitcoin can only process 7 onchain transactions per second.

However, Roubini failed to acknowledge Bitcoin’s scalability solutions such as SegWit, which has increased throughput and reduced transaction fees. He also failed to touch on the lightning network scalability solution, which could potentially process millions of BTC transactions per second.

To end his rant, Roubini claimed that Bitcoin is far too volatile to be a store of stable value, and that it is easily manipulated, causing the price to have violent price swings in either direction.

He said:

“I’ve never seen such a level of manipulation. The reality is, these are not currencies.”

Novogratz Has Bitcoin’s Back

Following Roubini’s attack on Bitcoin and cryptocurrency, Novogratz, a long-time Bitcoin bull and crypto investor, pointed out Bitcoin’s price recovery after 2018’s collapse.

He said:

“The reality is there’s a tremendous amount of stuff going on. In some ways, there’s been a small miracle. The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”

Adding to this, Novogratz highlighted some things going on in the space, pointing to major crypto endeavors like Fidelity’s digital asset platform that’s set to launch this year and the fact that Facebook is launching a cryptocurrency.

All in all, Roubini has been chastising Bitcoin for years, yet it’s still here and continues to capture value and grow to new heights beyond belief.

Do you think Nouriel Roubini will ever change his views on Bitcoin and cryptocurrencies? What’s it going to take for him to change his anti-crypto stance? Let us know what you think in the comment section below.

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Crypto Wallet Abra Adds In-App Support for ‘Thousands’ of US Banks

Back in Februry, Abra said its app will utilize the bitcoin blockchain and smart contract technologies to support fractional investments in stocks and …

Cryptocurrency wallet and investment app Abra now allows users to connect accounts from “thousands” of U.S. banks, the firm announced Thursday.

The expanded bank options come courtesy of an integration with Plaid, a fintech service that enables applications to connect with users’ bank accounts using APIs.

Until now, Abra users in the U.S. and EU have had the option to fund their wallets via a bank transfer. With the new feature, they will have banks connected in-app for funding their purchases.

Bill Barhydt, CEO of Abra, said:

“The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat.

“Consumers need to be able to invest their money wherever they choose, regardless of where they bank,” said Plaid’s head of sales, Paul Williamson. With the integration, Abra users who bank with smaller institutions will have more investment options, he said.

In the same announcement, Abra said it has expanded native withdrawal support to all 30 supported cryptocurrencies. Previously, it users could withdraw only bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC) and ether (ETH).

With the extra withdrawal options, users will have more options for storing their holdings, including hardware wallets, the firm said.

Abra is also expecting to expand crypto deposit support “in the near future,” the firm’s VP of product, Willie Wang, said.

Notably, the firm will soon allow global users to buy fractions of traditional investment instruments.

Back in Februry, Abra said its app will utilize the bitcoin blockchain and smart contract technologies to support fractional investments in stocks and exchange-traded funds. The app currently offers investment in 50 fiat currencies and 30 cryptocurrencies.

Abra image via CoinDesk archives

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How to Advertise in the Cryptocurrency Industry

Issuing a blanket ban on commerce in merchant currencies, however, punishes … It explicitly forbids advertising digital currency exchanges, ICOs, and …

Advertising is a special challenge for cryptocurrency startups because so many of the largest ad networks prohibit cryptocurrency in their advertising policies.

When the crypto bubble reached its height in 2017 and popped, Google, Facebook, and others issued blanket cryptocurrency bans the following years.

It’s understandable that these companies want to protect their users from scams and unrealistic promises on their ad platforms.

Issuing a blanket ban on commerce in merchant currencies, however, punishes an entire industry instead of removing individual actors for specific violations.

This kind of policy is blatantly anti-commercial and anti-industrial. It’s also an admission of defeat in the face of a specific, technical problem: How to make as much ad revenue as possible by having as many legitimate and professional advertisers on your platform as you can while weeding out whatever makes it a bad experience for the user.

That problem is on the face of it not nearly as overwhelming as the myriad challenges and edge cases that have been sorted out by a can do Silicon Valley attitude and some engineering. And the rewards are certainly worth it. The crypto industry is massive.

Double Standards for Crypto Advertising

There is also no shortage of scammy, ridiculous ads for all kinds of other industries’ absolute junk products on these platforms.

Google “penis enlargement” and you’ll find Google allows merchants to place ads for their business selling penis enlargement products. Google even serves ads for healing crystals. Yet the company banned all ICOs from Google Adwords in 2018.

So it’s clear enough that the wildly disruptive cryptocurrency industry has to play by a different set of rules than everyone else.

Entrepreneurs working to offer goods and services in this promising technical revolution are guilty until proven innocent, scams until proven professionals.

They’ll also have to dig deeper, find more creative ways to reach prospects, and work harder on optimizing their product and their sales offering to maximize opportunities.

The following is a review of ad policies on major advertising networks where cryptocurrency businesses can’t advertise, can advertise with no special permission, and can advertise only with a special permit from the ad platform.

The ad policies are linked, and the commentary about them is all current as of the date of publication, but note these policies can change quickly.

Google and Facebook’s Previous Cryptocurrency Advertising Bans are Now Restrictions

Shortly after crypto winner started in early 2018, Facebook and Google banned all cryptocurrency related advertising on the two most massive online ad platforms.

A few months later the search and social media giants relaxed their bans, but Google says only regulated merchants with special permission can advertise on its platform.

Facebook says:

“Ads may not promote cryptocurrency and related products and services without our prior written permission.”

So if you’re running a legitimate cryptocurrency business offering a real product, and if your business plan and marketing methods are all above board and white hat, then you can advertise crypto goods and services on Google and Facebook.

It will, however, take extra effort over more traditional businesses. But if your crypto business is doing something real that shouldn’t stand in anybody’s way.

Crypto Ads are Still Banned on LinkedIn

LinkedIn’s advertising policy groups cryptocurrency in with gambling and sweepstakes:

“Even if legal in the applicable jurisdiction, LinkedIn does not allow ads related to gambling, sweepstakes or the sale of virtual currency or cryptocurrency.”

Too bad that’s what LinkedIn thinks of cryptocurrency, since it was founded by Reid Hoffman, one of the “PayPal” mafia. It could be said that Entrepreneur called cryptocurrency gambling too, when it said Hoffman is betting big on Bitcoin.

Microsoft Ad Policy Does Not Currently Permit Any Cryptocurrency Advertising

Although for some time Microsoft did allow cryptocurrency advertising on its ad platforms, crypto ads are now prohibited by Microsoft:

“Advertising for the following products and services is not permitted:

-Cryptocurrencies and cryptocurrency related products including, but not limited to initial coin offerings, cryptocurrency exchanges, and cryptocurrency wallets.”

So even a transaction as straightforward as a hardware wallet, an electronic device in exchange for a retail purchase price, is prohibited by Microsoft at this time.

Too bad Bill Gates doesn’t currently view the World Wide Ledger in 2019 the same way he viewed the World Wide Web in May 1995.

Snap Allows Crypto Ads With Permission

Snap Inc says:

“Ads for financial products and services must clearly and prominently disclose all applicable material terms and conditions to consumers prior to the submission of an application.”

And:

“Cryptocurrency including: Wallets, Trading Platforms, and Initial Coin Offerings (ICOs) unless prior approval is obtained from Snap.”

Twitter Does Allow Limited Crypto Advertising to Some Crypto Businesses with Certain Restrictions

Initial Coin Offerings and any kind of cryptocurrency token sales are globally prohibited on Twitter, but currency exchange, trading, and related services, cryptocurrency exchanges, and cryptocurrency hot wallets provided by publicly traded companies are allowed with certain restrictions and a special permit from Twitter.

Taboola Prohibits Cryptocurrency Advertising

Even these guys won’t let entrepreneurs advertise merchant currency businesses.

You would think an ad network with standards as low as Taboola’s would let anyone advertise anything on their third party ad platform.

Yet cryptocurrency advertising is currently not allowed on Taboola. But enjoy your “new sleeping pill ‘better than Ambien’ and no prescription.”

Outbrain Prohibits All Crypto Advertising Except Editorial

Can’t sell merchant currencies or related services on Outbrain, but you can shake a penny out of someone’s day wasting their time with 9 German celebrities lists.

Another major third party ad network in the same league as Taboola, Outbrain also restricts cryptocurrency advertising. It explicitly forbids advertising digital currency exchanges, ICOs, and investment and trading advice. Outbrain does make an exception for “editorial content from premium publisher sites,” that discuss cryptocurrency.

Reddit Allows Crypto Advertising

Reddit

Cryptocurrency entrepreneurs are allowed to advertise on Reddit, but they cannot advertise crypto payment cards, wallets, ICOs, or any individual currencies or tokens themselves. That still leaves a world of opportunities open.

Crypto Ads Are Fine on Tumblr

There is currently no ban on advertising cryptocurrency goods and services to Tumblr’s audience. In the past the Tumblr user base, while smaller than that of Facebook, has been shown to spend more money on average after being referred from an advertisement on Tumblr to a retail website.

Advertising on The Cryptosphere

While platforms like Google and Facebook have globally massive users bases, the audiences on niche cryptocurrency news and information websites are the most valuable prospects for cryptocurrency businesses.

These audiences are more educated than general audiences about merchant currencies and digital assets, more likely to already use or own cryptocurrency, and more likely to have problems related to crypto that they would pay to have solved.

To name just three examples out of many:

Crypto startups can currently advertise to a large number of high quality users on Bitcoin.com and they can even pay with bitcoin to advertise on CCN.

(Disclosure: Hacked and CCN both belong to the same company, Hawkfish AS, Norway.)

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Blockchain to be included within Samsung SDS’s Digital Transformation Framework

In February this year, Samsung SDS released “Nexledger Accelerator” which passed Hyperledger Fabric test. At the beginning of April, Tech Mahindra …

Samsung SDS President and CEO Hong Won-pyo has revealed plans to incorporate blockchain technology in its enterprise solution at Samsung’s Real 2019 event held in Seoul on May 8.

Regarding the issue, Samsung SDS, the firm’s consulting arm, has for some time now been exploring ways to tap into the blockchain option.

Samsung also stated that its ‘Digital Transformation Framework’ is intended to leverage technological solutions so as to provide of digital innovation support for its sectors such as management systems, manufacturing, marketing & sales, among others.

The firm’s listed blockchain technology is one of its core and industry know-how and technical competencies alongside internet of things technology and artificial intelligence (AI).

Through a partnership with ABN AMRO, a major Dutch bank, Samsung SDS subsidiary had in the past delved into the blockchain industry. In summer 2018, Samsung SDS decided to launch a blockchain platform for the logistics industry as well as another one that targets finance-related businesses.

In February this year, Samsung SDS released “Nexledger Accelerator” which passed Hyperledger Fabric test.

At the beginning of April, Tech Mahindra (Indian IT giant) announced that it would expand its use of Samsung SDS’ enterprise blockchain platform, “Nexledger.”

Also in April, a newer version of enterprise blockchain platform “Nexledger Universal,” was unveiled by the subsidiary. Users can apply its application programming interface to different blockchains like Samsung’s own Nexledger Consensus Algorithm, Ethereum, and Hyperledger Fabric.

Finally, the CEO of Samsung SDS’ Nexledger project Hong Hyeong-jin, stated:

“Blockchain is a technology that is used in all areas of business including finance, manufacturing, logistics, and distribution. We are upgrading the company’s blockchain platform at Nexledger to meet the demand.”

Source:https://cointelegraph.com/news/samsung-sds-includes-blockchain-within-digital-transformation-framework

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