Welcome back to the CryptoWise Blog!
Bitcoin News:
Bitcoin Price At Beginning of Week: $5981
Bitcoin Price At End of Week: $5757
So, samsung has decided to make a mining rig out of old S5 phones.
https://news.bitcoin.com/samsung-builds-bitcoin-mining-rig-using-old-phones/
It says here that: "Samsung’s new upcycling initiative has seen the company repurpose outdated technology for novel and creative utilities, including the construction of a bitcoin mining rig from out of old smartphones."
"Although scant technical specifications have been made available regarding the rig, Samsung has reportedly claimed that eight Samsung Galaxy S5s can mine with superior energy efficiency compared to a standard desktop computer."
"The mining rig was unveiled during a recent Samsung developer conference held in San Francisco. The rig is the brainchild of Samsung’s Creative Lab – an internal hub for innovation and development within Samsung that is located at the Samsung Digital City in Korea."
This could be huge if the s5 really does perform this well, especially as they are considerably cheap currently.
Palm beach is planning to do a 1$ million dollar Bitcoin giveaway. They aren't giving it all away all at once, but giving it away to lots of people, which I think is the best way to do it to make everyone happy. More details on this will be throughout the blog.
Bitcoin is finally starting to see light in China and Japan.
https://news.bitcoin.com/chinese-exchanges-japan/
It says here that: "Following the crackdown by the Chinese government last month, bitcoin exchanges in China are looking to continue their businesses in cryptocurrency-friendly countries. Nineteen chinese companies are reportedly applying for a license to operate in Japan, while others are considering Singapore, Hong Kong, and South Korea."
This is great, China is finally starting to realise the mistake they made by banning Bitcoin exchanges.
It goes on further to say: "Hong Kong-based Lennix Lai, the financial market director for Okex exchange, believes that there is enough demand. He said, “as formerly one of the biggest operators in China, we think we have a good chance of competing globally.”
Altcoin News
There was a massive DDos attack that took down the Bitcoin Gold website:
https://www.cryptocoinsnews.com/bitcoin-gold-website-taken-down-by-massive-ddos-attack/
It says here that: "Bitcoin Gold (BTG) is a new cryptocurrency that separated from the bitcoin blockchain earlier today, and that has been rather controversial since it was first introduced. Recently, on Twitter, the project’s developer team stated that its website was under a “massive DDoS attack,” which managed to take it down."
Whoever did this has a serious problem with Bitcoin Gold, however, it doesn't end there, Bittrex has said they won't be listing Bitcoin Gold
"Bittrex, the world’s third largest cryptocurrency exchange by trading volume behind Bitfinex and Bithumb, officially announced that it will not list Bitcoin Gold (BCG) trading upon its hard fork in November."
So as soon as you get your Bitcoin Gold from Bittrex, be sure to transfer and sell it.
"On Sunday October 22, the Bittrex team released a statement on Bitcoin Gold and emphasized that the Bittrex development team will not be integrating Bitcoin Gold trading due to its lack of code testing, auditing, and replay protection."
Lots of people are angry about this, but all Bittrex has done is stated what Bitcoin Gold is missing, which is the reason why so many people dislike it.
Next up we're going to talk about the new currency Metronome
"Bloq CEO Garzik is publicizing Metronome, a new digital currency. It will be the first to enable users to switch between different blockchains with the same token. Due to be unveiled at the Money 20/20 conference in Las Vegas today, coins will be capable of moving from bitcoin’s blockchain, ethereum’s, and ethereum classic, reports Bloomberg."
The aim for them doing this is that they want people to believe in the coin, not the developers, so if developers start to go against the project, people holding that coin can jump to another blockchain, thus retaining the coins value.
It goes on further to say: "Bitcoin and ethereum are just two examples which have experienced splits due to infighting and a slow pace of development. The creation of these two coins has added to the over 900 that have a market cap value, according to CoinMarketCap. The launch of metronome will, therefore, have some tough competition ahead of it. Unlike bitcoin’s 35 million active users, metronome will start with zero."
The examples they give are very significant to whats going on now with Bitcoin Gold.
Speaking of Bitcoin Gold:
https://www.cryptocoinsnews.com/fools-gold-bitcoin-gold-price-drops-62-first-day-trading/
"The bitcoin gold price crashed by 62% following its first official day of trading, despite the fact that no exchanges have enabled deposits."
In terms of short term, Bitcoin Gold is going to suffer massively, but its all about what happens long term.
Bitcoin Price prediction:
Lots of people will be getting their Bitcoin Gold on November 1st this will be dumped due to the negative outcome of the first day of Bitcoin Gold. This should bring Bitcoin back up to over 6000$ throughout the week then it will bottom out just above 6000$.
Investment Tips:
In terms of investment tips, I have a couple of bits I want to talk about. Firstly the training videos for Palm Beach will be available for free for a few days, and they are going to do a 1 million dollar Bitcoin giveaway, which is definitely something you would want to enter. Not only that, but you should check out the first link in the description if you want to learn about how to spot cryptocurrencies before they soar. (Link: http://www.teekatraining.com/video-2_oji397.html)
They use the BITS system, and mainly cover what the I stands for which is Insiders, where people get their information from etc) Luckily for you guys, I can be that information as I always say the investment tips I believe in for free, for example, after talking about SmartCash last week, it rose over 100% just in one week.
So, my investment tip for this week is going to be the Ethconnect ICO
Ethconnect is a lending platform on the Ethereum Blockchain. The reason it will be a good investment as phycological factors such as guaranteed monthly returns through staking will make people more likely to hold instead of selling, you will also have people shilling the referrals, which will promote the platform and Bitconnect Coin and Regal Coin are great examples of these types of coins.
Thank you for reading the Weekly CryptoWise Blog.
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