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Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme

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Gary Shilling, the popular crypto skeptic and an owner of the New Jersey investment firm A. Gary Shilling $ Co. is in today’s crypto news for shorting bitcoin and claiming that it is some kind of a Ponzi scheme.

He says that he is confused by the nature of the entire crypto industry and believes that it’s a scam since the identity of the inventor of Bitcoin- Satoshi Nakamoto is still unknown.

Shilling is also skeptical that there could possibly be a fixed supply of bitcoin by saying:

 “There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”

He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it.

There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.

 “All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.

However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.

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Bitcoin News

Merchants Accepting BTC In 2019: What Can You Buy With Bitcoin?

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Aside from the altcoin news which show that there are reds all over the market, the situation around Bitcoin is more stable right now. As the most dominant cryptocurrency, BTC has always been in a better position compared to altcoins. You can even buy things with Bitcoin and today, we are showing you a list of merchants accepting BTC in 2019. But before that, let's say that there are a lot of things that you can buy and transact with in Bitcoin for regular and everyday transactions. They include a couple of categories as listed below. Travel The list of merchants accepting BTC starts with the travel industry. As the latest cryptocurrency news show, travel platforms that accept Bitcoin for booking flights, hotels and more include Expedia, CheapAir and BTCTrip. In fact, the latter is designed to find flights and make payments directly in Bitcoin. Online Products & Applications Merchants accepting BTC in the online space are growing, too. Online retailers such as Overstock and Bic Camera (Japan) accept direct Bitcoin payments. Also, Coinbase commerce enables trivial integration of Bitcoin payments for the major eCommerce platform websites such as Shopify, WooCommerce and Magento 2. There are also some gift card companies which accept Bitcoin. For instance, eGifter and Gyft enable purchasing of gift cards in Bitcoin which are redeemable at Amazon and other major retailers. Gold and Silver There are merchants accepting BTC is you want to buy gold and silver, too. As many best cryptocurrency news sites reported so far, companies providing this option include the names of  JM BullionGramGold, and APMEX. GramGold, for example, pegs their native coin to one gram of gold and can be purchased on exchanges such as Kucoin with Bitcoin. Real Estate If you want to buy property with Bitcoin, there are merchants accepting BTC for luxury real estate. One of them is Bitcoin Real Estate - a site that allows you to buy or sell your home directly in Bitcoin and listing properties for sale which can be purchased with Bitcoin. There are tons of other examples of merchants accepting BTC in different industries. The lists is growing too - this year, we have seen the likes of WordPress and Blockonomics as big companies which facilitated the integration of cryptocurrency payments.
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Bitcoin News

CipherTrace Scout App Lets You Flag BTC/ETH Tokens On Mobile

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Crypto investigation apps are in the latest cryptocurrency news. As the updates show, the blockchain forensics firm CipherTrace recently built its all new CipherTrace Scout app which is a mobile tool for flagging Bitcoin and Ethereum tokens with a criminal past. Announced today on many best cryptocurrency news sites, the CipherTrace Scout app is a great solution granting street-level investigators more freedom to identify, trace as well as document illicit crypto transactions from the field. This is how the company representatives and law enforcement experts described it. The software in the app basically builds on a suite of investigative tools that are already used by investigators. An app-based interface is the main subject that "traces" addresses through the blockchain to identify what coins may have been used by the crypto underworld. The CipherTrace Scout app may also investigate dark market purchases or ransomware extortion attacks. Accrording to one financial crime and compliance analyst at CipherTrace, the app flags potentially criminal addresses whenever a user inputs an address. CipherTrace Scout app generate san instant report "with a high degree of certainty," the analyst said.
“You can imagine some beat cop in a high risk area, literally finding something that appears to be tainted. He can share a case with an analyst at headquarters and that analyst could do the tracing very quickly to determine where the source of the funds were.”
Casey Bohn who is a high-tech crime specialist and educator for the National White Collar Crime Center is the person training the agents to use the CipherTrace Scout app. According to her, the new technology will be of immediate use in the field.
“I think a scenario like this [CipherTrace Scout], where I can put an address in and see: ‘hey, this [address] has been involved in some sort of nefarious activity,’ I think that can be huge,” Bohn, who teaches law enforcement officials how to use tracking services, said. “You can almost rule in and rule out things at that point.”
As the altcoin news show, CipherTrace Scout app is a solution that builds on what Bohn describes as a law enforcement favorite: visualization.
“We can visualize the transactions [using the software]. I can see ‘from A to B” and then I can start pivoting from there in a visual manner, which is often times easier for someone to understand.” “I like the visualization, the students like the visualization,” Bohn noted.
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Altcoin News

BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’

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The BitMEX CEO Arthur Hayes, who has always been a topic in the latest cryptocurrency news, is now with a new statement where he points out to traditional traders. As Hayes summed up, traders may lose lunch breaks and weekends as digital finance is going to change everything - including workplaces. Hayes was featured in a Septemebr 19 article on Bloomberg which was featured on many best cryptocurrency news sites. In it, he noted that cryptocurrencies trade 24 hours a day and 7 days a week. He also summed up that this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.” The BitMEX CEO Arthur Hayes also made his remarks at the Milken Institute Asia Summit held in Singapore. He added that “traders may even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones" and fully backed up this statement by saying:
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”
It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.
The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
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Bitcoin News

McAfee Believes Bakkt Launch Could Jumpstart Widespread Adoption

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Over the past year, many participants in the crypto markets have been looking towards the official launch of the Bakkt as an event which would drive a lot of adoption and trigger many institutions to invest in the crypto markets. In the latest cryptocurrency news, we can see that John McAfee believes Bakkt launch could definitely catalyze the next major Bitcoin bull movement. Right now, the markets are only a few days away from the launch of this platform. Analysts are closely watching everything to see how the introduction of physically settled futures could impact the most dominant cryptocurrency (Bitcoin) and the aggregated crypto markets in the near term. While some analysts think that the launch of Bakkt coincides with the apex of the large triangle which BTC is currently trading in, McAfee believes that Bakkt could start the adoption. The outspoken crypto bull took to Twitter, stating the following:
“BAKKT goes live tomorrow.  It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement."
https://twitter.com/officialmcafee/status/1174999327917297666 McAfee also said that the date of the platform's launch mixed up - and the Bakkt actually launches on Monday and not tomorrow. The coming altcoin news sum up a lot of stances from the community. One of them is the viewpoint of Thomas Lee, a prominent cryptocurrency analyst and a notable Bitcoin bull. While John McAfee believes there could be a bull run soon, Lee said that the Bakkt launch will improve the institution trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.
https://twitter.com/fundstrat/status/1174894754250838016 Assuming that everything goes well and the Bakkt launch proceeds with great success and utilization, it could lead to an influx of fresh capital in the markets. This could also boost the performance of crypto for the second half of 2019. The best cryptocurrency news sites today report about the falling price of Bitcoin over the past several days. The sideways trading, however, may soon come to an end as McAfee believes - mostly because of the upcoming Bakkt launch.
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