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Bitcoin Prediction – $650 Bitcoin in 2016

Richelle Ross is an independent cryptocurrency consultant and a computer science major at the University of Florida, whose interests include programming and cryptology.

650

On 23rd July, I predicted on Quora that the price of bitcoin at the end of the year would rest around $420.

It appears at press time that I was not far off. As of 30th December, the bitcoin price is around $425. It seems I identified what many in the cryptocurrency community were predicting – 2015 was the year the bitcoin price would experience the slow and steadier growth it needed.

In previous years there were a lot of unknowns in the cryptocurrency world. It was often believed that a better currency may come along or that bitcoin was just another form of the fabled ‘Tulip Mania’, a period in the Dutch Golden Age used as an example for when the price of an asset outpaces its intrinsic value.

And these concerns were real possibilities because bitcoin was new, and there were growing pains it had to overcome.

Institutional acceptance

This year we learned that bitcoin is probably not going away anytime soon, as evidenced by the continued rise in transaction volumes and legitimization from mainstream leaders and institutions.

Larry Summers, Blythe Masters and UK Chancellor George Osborne have all given approving statements on bitcoin or the blockchain.

Not only are the statements positive, though, they’re increasingly bullish. For example, Summers, the head of US Department of the Treasury under the Clinton Administration, said he is behind the technology as he wanted to side with the “history of change”.

Elsewhere, everyone from politicians to musicians was seeking to find new and novel ways to use and support the technology.

US presidential candidate Rand Paul began accepting bitcoin donations, becoming the first presidential candidate to do so, and indie songstress Imogen Heap released a song on the blockchain.

The list goes on: Patrick Byrne’s blockchain-backed stock platform was recently approved by the SEC; Cameron and Tyler Winklevoss launched their long-awaited exchange Gemini; more bitcoin investment vehicles have been started; the Coinbase service reached 3 million users; and bitcoin startup funding surged to total almost $1bn all-time.

Maturing conversation

Analyzing the bitcoin economy for the last couple years, I have been fascinated by the evolution of conversations between bitcoin skeptics and evangelists. But it’s easy to forget how it used to be nearly impossible to read a bitcoin article without it featuring sources labelling it a Ponzi scheme or scam and an evangelist who claimed bitcoin’s price was going “to the moon” next week.

But, we’ve moved beyond these simplistic sides this year.

Now, the debate centers more on whether bitcoin can maintain its values and whether there will be a role for private or independent blockchains in a decentralized financial technology stack.

In essence, bitcoin is being discussed with more complexity and the pessimistic voices trying to write obituaries are dying out.

Whenever I’ve spoken to colleagues about bitcoin, what usually intrigues them is the global payment rail system.

It parallels the trends we see in communication and cloud networking – nation states are becoming less relevant to younger generations with global systems like the Internet, and that conversation came into the spotlight this year.

Reasons for optimism

Assuming that bitcoin remains the most popular token to run the blockchain and transaction volumes continue to rise, the next few years should be spectacular for the price of bitcoin.

While 2015 was a relatively calm year for the price, it seems likely that 2016 will be much more action-packed with the block halving next summer, where the amount of bitcoins awarded to miners roughly every 10 minutes will be cut in half.

We’ve laid down the tracks so to speak, allowing for there to be more confidence than ever before that bitcoin is, and can continue to be, a credible store of value.

With this in mind, I’ve decided to offer another price prediction for next year since I had some luck for this year. I believe bitcoin will surpass $500 by the middle of the year and average out to a $650 price range in the second half of the year.

Of course, there are too many unknown factors when predicting price to know with any certainty, but the maturing infrastructure has lead me to believe that next year will be an exciting one for investors.

Still, many of bitcoin’s best days come in reaction to world crises in places like Greece, China, and Argentina, meaning at the end of the day, there’s no predicting where the price could go.

As we continue to patch up leaks in the global economy’s sinking ship, I have to wonder will 2016 also be the year we are reminded of why Satoshi created bitcoin in the first place.

Want to share your opinion on bitcoin or blockchain in 2015, or a prediction for the year ahead? Send ideas to BankOfCommunity to learn how you can join the conversation.

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

Source : The Verge

Central Bank of China warns about Mavrodi’s bitcoin pyramid MMMGlobal.org

Mavordi ‘MMM Global’ Scam Declared Illegal By Chinese Government

Chinese_renminbin

Investors have been warned by the Chinese Government about MMM Global and MMM China. The Chinese government believe that those schemes — and sites like them — are illegal. This news comes to us from Chinese media site Caixin [via Coinfox].

MMM Global is run by convicted Russian fraudster Sergey Mavrodi who served over four years in Russian prison for a pyramid scheme he ran in the 1990s. Mavrodi recently claimed that his more recent scheme was responsible for the price increase back in December 2015 and early January 2016. He provided no evidence to back up that claim (and neither did the writers who gave him more press by parroting his claims). It seems unlikely that is true, with bitcoin’s marketcap currently sitting at over $6 billion, it would take a lot of investment to move the price as significantly as it did.

 mmmglobalchina

Since at least December 25th, withdraws from MMM Global have halted. As of today, users still cannot access their funds.

Nevertheless, MMM Global was successful for a while, as far as pyramid schemes go. The global version of the site, is currently listed as the #27,875 ranked website in the world,according to alexa.com.

MMM Global claims to be a mutual beneficiary network and ultimately, has very little to do with cryptocurrencies themselves. The connection only exists because MMM Global accepts bitcoin as a payment option and Mavrodi’s price claim. Nevertheless, Bitcoin does make these type of scams more effective because Bitcoin transactions are irreversible. As such, the Bitcoin community and especially Bitcoin media, should feel a responsibility to expose these types of scams as much and as quickly as possible.

A Mutual Beneficiary Network (MBN) is a new name for an old scam. Essentially a classic Ponzi scheme, MBNs attempt to piggyback off of the viral giving movements that grew in popularity a few years ago. Activities like paying the bill for the person behind you in line at Starbucks gained some press attention and it made anonymous giving sound like a real trend.

MMM claims that they are just connecting people. The idea is that you give to the network and then other people in the network will eventually give it back to you, and more. Unfortunately, with the promised returns of 20 – 100% a month, an exponential amount of new investors would have to join every month, in order for the scheme to continue. Paying out current investors with new investor money is the textbook definition of a Ponzi scheme.

The Bank of China’s warning likely comes too little, too late for investors, with the scheme rapidly falling apart. That said, it does seem that Mavrodi is quickly running out of countries to operate MMM Global in. He has recently begun targeting South Africa.

MMM Global appears larger than any other Ponzi schemes that have been linked to cryptocurrencies, but cryptocurrencies are no stranger to their own brand of Ponzi schemes. Paycoin / GAW Miners, as well as Banx Capital, show that alleged Ponzi schemes are common in new technologies like Cryptocurrencies.

News source :http://coinjournal.net/mavordi-mmm-scam-declared-illegal-by-bank-of-china/

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