- The investor from Omaha remains Bitcoin critic.
- He says Bitcoin is a gambling device.
Warren Buffett remains a vocal Bitcoin critic. The famous investor also known as a “sage from Omaha”, compared the cryptocurrency with a gambling device that gave birth to a lot of frauds.
“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” he commented in the interview with CNBC.
He also confirmed that he did not consider Bitcoin as an investment option as it carried no value. Meanwhile, according to the recent research conducted by Greenwich Associates on behalf of Fidelity investments, nearly half of the surveyed investors, including hedge funds, pension funds and asset managers consider the benefits of investing in digital assets.
Buffett was very illustrative in his comments. Namely, he compared tokens with a button on his jacket.
“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use,” he said.
Previously, Buffett compared called bitcoin “rat poison squared”. Despite critical comments towards digital currencies, he acknowledged the benefits of the blockchain technology, though added that it did not need bitcoin.
At the time of writing, Bitcoin is changing hands at $5,700, mostly unchanged since this time on Sunday and 9% higher in recent seven days.
Craig Wright now claims Bitcoin is his intellectual property
Craig Wright claimed that Bitcoin is his intellectual property and that all of those that infringed on it (i.e. Bitcoin Core developers) are about to be legally prosecuted. The self-proclaimed Satoshi Nakamoto outlined other equally ridiculous ideas in his blog post, including that all nodes and miners in the Bitcoin network are his personal agents.
Wright puts Bitcoin Core and Bitcoin Cash developers on notice
Craig Wright is back in the news again, but this time it isn’t connected to his ongoing trial with Ira Kleiman. Instead, the self-proclaimed Satoshi Nakamoto is making headlines for his blog post, in which he threatened to sue the developers of Bitcoin Core and Bitcoin Cash.
In a Feb. 13 post on his website, Wright discussed, in length, his “original vision” for Bitcoin and how its forks have strayed from it. According to the post, as the “sole creator” of Bitcoin, he owns the full rights to the Bitcoin registry. That means that the software can be forked and alternative versions of it created as long as the underlying database is left intact, he explained.
Wright then went on to say that both Bitcoin and Bitcoin Cash, which he called Bitcoin Core (Core) and Bitcoin ABC (ABC), have sought to use his database without permission.
This, he said, is about to come to an end.}“Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or CoreCoin and BCH or BCash, are hereby put on notice,” he said in the post. “Please trust me when I say that I’m far nicer before the lawyers get involved.”
Bitcoin’s decentralization claim is “cherry-picked out of context”
In a bid to provide backing to his ridiculous claim over the ownership of Bitcoin, Wright said that Bitcoin’s centralization is oversold. According to him, the abstract of the Bitcoin whitepaper, the one he claims to have written, is “cherry-picked out of context” and often leads to a false view—one that Bitcoin is a completely decentralized system with no point of ownership.
What Bitcoin is, he alleges, is a distributed registry whose property rights belong solely to him. Code, if you were to believe Wright, isn’t the law after all.
Throughout the blog post, Wright kept implying that the only ownership over the network was his. The nChain scientist quoted section 15 of the U.K. Databases Regulations of 1997, which said that the maker of a database is the first owner of a database, not its subsequent members. As such, he explained, miners and nodes have no rights.
“Nodes and miners are thus subcontracting in accordance with the initially constructed set of rules that I created. That is, they are following a set of rules and acting as my agents,” he wrote.
We are yet to see whether Wright goes ahead with the lawsuits against Bitcoin Core and Bitcoin
Cash developers. Having previously seen several of his lawsuits dismissed due to lack of jurisdiction, Wright seemed to have explored this issue in depth. He noted in the blog post that as senior partners in the Bitcoin Core and Bitcoin Cash “partnerships” reside within Europe and the U.K., which presents the opportunity to incorporate them in the lawsuit without any “jurisdictional challenges.
Bitcoin moves toward 10K again but this time to the downside
- Bitcoin trades 4% higher abut has just met some resistance.
- The price moved higher as the US traders came back to market following Presidents Day on Monday.
BTC/USD 1-Hour Chart
Bitcoin trades 4% higher on a good day for cryptos.
Now BTC/USD has met some resistance just ahead of 10,300.00.
There could be some intraday support at 10,100.00 as it has been used in the past.
If that breaks then the next level on the downside is 9,700.00.
The buy-side volume has been good but the selling volume on this last candle is growing at the time of writing.
|Today last price||10156.94|
|Today Daily Change||456.97|
|Today Daily Change %||4.71|
|Today daily open||9699.97|
|Previous Daily High||9966.66|
|Previous Daily Low||9469.94|
|Previous Weekly High||10511.86|
|Previous Weekly Low||9707.96|
|Previous Monthly High||9568.13|
|Previous Monthly Low||6856.63|
|Daily Fibonacci 38.2%||9659.69|
|Daily Fibonacci 61.8%||9776.91|
|Daily Pivot Point S1||9457.72|
|Daily Pivot Point S2||9215.47|
|Daily Pivot Point S3||8961|
|Daily Pivot Point R1||9954.44|
|Daily Pivot Point R2||10208.91|
|Daily Pivot Point R3||10451.16|
Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.
Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.
Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.
Formation of Golden Cross- Bullish Pattern
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.
The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.
Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.
‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias
Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.