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(23-09-2017, 10:15 AM)weijian Wrote: The intent is good (the blockchain technology behind) and we should be seeing some form of cryptocurrency in the near future. For example, some time back, dollar bills were supposed to be backed by gold reserves, maybe cryptocurrency will be backed by some form of assets in the future and "issued by a central authority". But as with humans' intervention - what the wise man does in the beginning, the fool does in the end - It will be a big Wild Wild West before the benefits arrive to serve the masses.
Is the cryptocurrency “house of cards” poised to fall?
In an interview with Bloomberg in June, Peter Denious, head of global venture capital at Aberdeen Asset Management, offered a concise explanation of the current cryptocurrency bubble: “Prices right now aren’t being driven by network usage, they’re being driven by speculation that tokens are going to appreciate.” By any measure, the rise of cryptocurrencies has been staggering. As of the end of last week, bitcoin was up 400% in 2017, and 740% over the past twelve months. Ether, the second-biggest cryptocurrency by market cap, was up 4,600% in 2017 alone. Such meteoric appreciation has proven polarizing — optimists claiming “the rocket ship” has barely left the ground; skeptics claiming irrational exuberance will leave investors with nothing when reality sets in: cryptocurrencies are “not real.” Both appear misguided, with Denious’ analysis far closer to the truth.
https://latest.13d.com/is-cryptocurrency...190d86683c
MAS has done a proof-of-concept (PoC) project with S$, and proven working. Of course, under a very controlled environment.
https://www.cryptocoinsnews.com/singapor...-currency/
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Why is Jamie Dimon so upset about Bitcoin? Does Bitcoin challenge his interests?
...
Jamie Dimon said Thursday that he was done talking about bitcoin. Apparently not.
On Friday, the JPMorgan Chase & Co. chief executive officer repeated much of his September rant against the cryptocurrency, saying people who buy bitcoin are “stupid” and that governments will crush it one day.
“Who cares about bitcoin?” Dimon asked at the annual meeting of the Institute of International Finance in Washington, before calling it a “great product” for criminals.
Dimon ended his latest diatribe with a new vow -- this is the last time he talks about bitcoin.
https://www.bloomberg.com/news/articles/...ut-bitcoin
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Quote:Why is Jamie Dimon so upset about Bitcoin? Does Bitcoin challenge his interests?
Maybe because he is upset that he did not have a position in bitcoin 
The value of bitcoin lies in the underground unregulated economy which can be huge(porn, gambling, contraband, ransom..)
In fact, I had S$8 of bitcoin left in coinbase account since 1-2 years ago. It had risen to S$48 till date. Best return among my investment except that the position is minuscule 
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Hahah! That is possible! He must have been hearing a lot of 'Bitcoin made me $n millions' stories from his peers!
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(15-10-2017, 02:47 PM)yeokiwi Wrote: Quote:Why is Jamie Dimon so upset about Bitcoin? Does Bitcoin challenge his interests?
Maybe because he is upset that he did not have a position in bitcoin
The value of bitcoin lies in the underground unregulated economy which can be huge(porn, gambling, contraband, ransom..)
In fact, I had S$8 of bitcoin left in coinbase account since 1-2 years ago. It had risen to S$48 till date. Best return among my investment except that the position is minuscule
$8 -> $48 is no doubt very impressive for 1-2 years time frame...
Can I ask how did you end up with $8?
If you had ended up with $1000 just 7 years ago in 2010......
https://arstechnica.com/tech-policy/2017...s-at-2400/
I'm trying to wrap my mind around how that is possible...
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(15-10-2017, 11:31 PM)TTTI Wrote: $8 -> $48 is no doubt very impressive for 1-2 years time frame...
Can I ask how did you end up with $8?
I bought stuff online and the website offered a discount if I used bitcoin.
So, I bought 0.13151045 btc, used 0.125162 btc and left with 0.0063 btc.
Kind of interesting experience but really, there aren't many reputable retailers that accept bitcoins.
Therefore, this 0.0063 btc has been idling till date..
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The pain / regret trade is happening in bitcoin... people who doesn't even speculate is asking me about it
https://www.bloomberg.com/news/features/...rket-crash
In the first half of 1987, the bond and stock markets diverged for seven months. Bonds went straight down, equities straight up. These sorts of divergences always get my attention. In August and September, I persuaded management to cover all of our hedged short positions in sovereign fixed income, and we built up a long position in notes and bonds.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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(17-10-2017, 12:57 PM)specuvestor Wrote: The pain / regret trade is happening in bitcoin... people who doesn't even speculate is asking me about it
https://www.bloomberg.com/news/features/...rket-crash
In the first half of 1987, the bond and stock markets diverged for seven months. Bonds went straight down, equities straight up. These sorts of divergences always get my attention. In August and September, I persuaded management to cover all of our hedged short positions in sovereign fixed income, and we built up a long position in notes and bonds.
Speaking from personal experience, I have a friend who bought bitcoin at $1000 and sold it at $1200, is now confident and adamant that bitcoin will hit $10,000. Hmm.. Ha.
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Singapore Won't Regulate Cryptocurrencies, Central Bank Chief Says
By Chanyaporn Chanjaroen , Andrea Tan , and Haslinda Amin
October 25, 2017, 5:00 AM GMT+8
Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country’s central bank said.
“As of now I see no basis for wanting to regulate cryptocurrencies,” Monetary Authority of Singapore Managing Director Ravi Menon said in an interview. Rather, the central bank’s focus is to “look at the activities surrounding the cryptocurrency and asking ourselves what kinds of risks they pose, which risks would require a regulatory response, and then proceed from there,” Menon added.
Bitcoin’s rally and the proliferation of other digital assets is attracting the wary eyes of regulators globally, though many central banks have still refrained from supervising cryptocurrencies themselves. China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
More details in https://www.bloomberg.com/news/articles/...rt-to-risk
Specuvestor: Asset - Business - Structure.
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27-10-2017, 11:31 AM
(This post was last modified: 27-10-2017, 11:31 AM by weijian.)
I thought this is a nice article from Prof Aswath Damodaran, for those who are still confused about "pricing" and "valuing" bitcoin. Or actually, what is bitcoin?
The Bitcoin Boom: Asset, Currency, Commodity or Collectible?
As I have noted with my earlier posts on crypto currencies, in general, and bitcoin, in particular, I find myself disagreeing with both its most virulent critics and its strongest proponents. Unlike Jamie Dimon, I don't believe that bitcoin is a fraud and that people who are "stupid enough to buy it" will pay a price for that stupidity. Unlike its biggest cheerleaders, I don't believe that crypto currencies are now or ever will be an asset class or that these currencies can change fundamental truths about risk, investing and management. The reason for the divide, though, is that the two sides seem to disagree fundamentally on what bitcoin is, and at the risk of raising hackles all the way around, I will argue that bitcoin is not an asset, but a currency, and as such, you cannot value it or invest in it. You can only price it and trade it.
http://aswathdamodaran.blogspot.sg/2017/...rency.html
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