Gold Pundit Peter Schiff Admits He Was Wrong On Bitcoin. Here’s Why

By Brenda Ngari – September 7, 2020

Stockbroker and gold bug Peter Schiff’s animosity against bitcoin is well known. However, Schiff has basically admitted that the king of cryptocurrencies recently defied his bearish portents. Given bitcoin has obliterated gold’s year-to-date returns, such a conclusion should be obvious.

‘I Was Wrong On Bitcoin’

The Twitter debate between bitcoin hater Peter Schiff and Gemini co-founder Tyler Winklevoss on Sunday (September 6) was quite interesting. The two were talking about bitcoin’s rally to $12,000 and the subsequent drop below $10k. According to Tyler, $10K is now the new baseline because bitcoin did not spend too much time below that level. He also observed that the benchmark crypto is now consolidating before the next huge move.

For Schiff, however, bitcoin is consolidating before the next meltdown. “Consolidations after sharp moves typically continue the move that proceeds them. The more the 10K support level is tested the weaker it gets. Markets rarely give investors that many chances to buy the bottom,” he explained.

A Twitter user going by the online alias sharkybit chimed in on the conversation, attaching a screenshot from July 5 where Schiff had predicted that bitcoin would collapse while gold rallied.

After being called out for his failed bitcoin prognostication, the gold proponent conceded that he was wrong on bitcoin. He further posited that bitcoin’s surge to $12K was boosted by the extensive TV advertisements conducted by investment firm Grayscale and gold’s bull rally.

However, Schiff is not completely budging on his bitcoin-bearish stance. He went on to say that bitcoin’s recent drop to $10K means the bear market has returned.

Schiff’s Logic Is Flawed

As aforementioned, bitcoin’s gains this year outpace those registered by gold. Bitcoin is currently hovering at $10,193.86. It has rallied 41.65 percent since the beginning of the year, according to data provided by blockchain analytics firm Skew. By comparison, the precious metal is up approximately 27.22 percent in the same timeframe.

Although bitcoin has dropped over 20% from the early August $12.5K high, its status as a potential substitute to gold is solidifying. Besides performing better than gold on a year-over-year basis, pundits have poignantly pointed out that the flagship cryptocurrency is becoming a better store of value than gold.

Where To Now?

While Schiff theorizes that bitcoin tapping the $10K level implies that it is due for a deeper retracement, other crypto experts are noting that the asset’s resilience is an indication that an exponential rally could be on the horizon.

The CEO of hedge fund Three Arrows Capital, Su Zhu, was actually surprised by bitcoin’s ability to hold above $10,000. Zhu suggested that this simply means the top crypto is more likely to head higher than plummet.

“$eth 320 as a bottom made sense and played out; $btc I am actually flabbergasted by the strength shown at 10k and prob means 100k is more likely than 5k at this stage.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin (BTC) is Still Up 14% in Q3 2020

John P. Njui   •   BITCOIN (BTC) NEWS   •   September 4, 2020

Quick take:

• Despite a rough few days, Bitcoin is still in profits for Q3 2020
• July 1st found Bitcoin trading at roughly $9,100
• BTC is currently trading above the $10,300 support level

In the last 24 hours, Bitcoin has gone below the $10,000 psychological price on two occasions. The first time was before yesterday’s daily close when BTC briefly traded at $9,950 – Binance rate. The second time was today around 10:50 am NYC time when Bitcoin fell to as low as $9,890. This means that Bitcoin has partially filled the CME gap created in July that went as low as $9,700. What remains to be seen, is whether there will be a third attempt, in the near future, to fill it completely.

Bitcoin (BTC) is Still Up 14% in Q3 2020

Setting aside Bitcoin’s crash from $12k to $9,900 levels that happened this week, and looking at BTC’s performance in Q3, it can be observed that the King of Crypto is still up 14.725% for the quarter.

On July 1st, Bitcoin’s average price was $9,100. At the time of writing, BTC is trading at $10,440. This means that anyone who bought Bitcoin in early July is still a happy investor.

Bitcoin’s profitability in the third quarter of 2020 was also captured by the team at Unfolded via the following tweet.

$10,218 is Bitcoin’s Lowest Value Forward

Also worth mentioning is that in an August 30th tweet, the team at Cane Island Alternative Investors estimated that $10,200 was Bitcoin’s lowest price forward.

This value of $10,200 was attained by using Metcalfe’s law on the Bitcoin network. The process of calculating this value is summarized in the abstract section (below) of a paper written by Timothy Peterson that is available online.

Bitcoin is modeled as a token digital currency, a medium of exchange with no intrinsic value that is transacted within a defined electronic network. Per Metcalfe’s law, the value of a network is a function of the number of pairs transactions possible, and is proportional to n-squared.

A Gompertz curve is used to model the inflationary effects associated with the creation of new bitcoin. The result is a parsimonious model of supply (number of bitcoins) and demand (number of bitcoin wallets), with the conclusion bitcoin’s price fits Metcalfe’s law exceptionally well. Metcalfe’s law is used to investigate Gandal’s et.al. [2018] assertion of price manipulation in the Bitcoin ecosystem during 2013-2014.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

IRS Says Cryptos Earned From Microtasking Jobs Taxable

By RTTNews Staff Writer | Published: 8/31/2020 10:33 AM ET

The U.S. Internal Revenue Service (IRS) clarified that cryptocurrency such as Bitcoin earned from microtasks conducted on crowdsourcing platforms is considered taxable income, according to an IRS memo of late June published on August 28.

This was in reply to a query from the IRS's Small Business/Self Employed division seeking advice "regarding the tax consequences for an individual who receives convertible virtual currency for performing microtasks through a crowdsourcing or similar platform."

According to the memo, the specific issue quoted was "Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?"

The IRS replies as "Yes" saying that the "received consideration in exchange for performing a service, and the convertible virtual currency received is taxable as ordinary income."

The IRS clarifies that "a variety of digital platforms now enable individuals or entities to "crowdsource" jobs by using the Internet to outsource assignments to an undefined and often large group of other individuals or entities."

According to the IRS, virtual currency that has an equivalent value in real currency, or acts as a substitute for real currency, such as Bitcoin, is referred to as "convertible" virtual currency and is considered a commodity or property for federal income tax purposes.

Accordingly, general tax principles applicable to property transactions apply to transactions involving convertible virtual currency, which are also subject to capital gains laws.

The IRS continues to warn taxpayers, who do not properly report virtual currency transactions, that they will be liable for tax, penalties and interest and in some cases they could be subject to criminal prosecution.

The current guidance for taxpayers is to file each and every transaction executed using a cryptocurrency. The IRS has also increased enforcement activities against taxpayers who "misreport" their cryptocurrency transactions.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

26-Year-Old AlphaBay Darknet Moderator Who Received Payment In Bitcoin Sentenced To 11 Years In Prison

By Bernice Nyambura – September 2, 2020

26-year-old Bryan Connor Herrell from Colorado, the former moderator of the AlphaBay darknet market place has been sentenced to 11 years in prison.

According to a Tuesday announcement by the US Department of Justice, Connor Herrell pleaded guilty to racketeering charges related to AlphaBay. AlphaBay was an illegal website that facilitated illicit transactions like guns, drugs, stolen identity information, credit card numbers, and other illegal items, for thousands of vendors and purchasers.

Bryan Connor facilitated the illegal exchange between buyers and sellers and received payment in Bitcoin (BTC) to settle disputes. He also monitored potential scammers to prevent Alphabay users from getting defrauded.

“As a moderator on AlphaBay, Herrell settled disputes between vendors and purchasers and settled over 20,000 disputes. He is also accused of serving as a scam watcher- providing a service dedicated to monitoring attempts to defraud AlphaBay users.”

Herrell’s Sentence to serve as a Warning to Darknet Criminals Using Cryptocurrencies

Herrell pleaded guilty to the charges in January and was scheduled to be sentenced on May 18. At the time, the US Justice Department stated that Herrell was facing a maximum statutory penalty of 20 years in prison.

The sentencing, according to a statement by Special Agent in Charge Sean Ragan, indicates Law enforcement’s commitment to eliminate the false sense of security that criminals have in darknet marketplaces.

“This sentence serves as further proof that criminals cannot hide behind technology to break the law. Operating behind the veil of the darknet may seem to offer shelter from criminal investigations, but people should think twice before ordering or selling drugs online-you will be caught.”

Regan further stated that Herrell’s case will serve as an example to other participants in illegal markets who are purchasing or selling illegal items.

“Herrell’s sentence sends a clear message to criminals that the darknet is no safe haven for illegal transactions.”

The US Department of Justice shut down AlphaBay, which was ten times the size of Silk Road, in July 2017, after its two years of operation, which left a lot of damage in its wake.

As the largest online source of Fentanyl and heroin, AlphaBay was linked to overdose deaths as well as an increased number of people acquiring illegal goods and services anonymously online.

The founder of AlphaBay, Alexandre Cazes was also arrested in 2017 in Thailand through collaboration between the Thai Police, the DEA, and the FBI. His indictment was, however, dismissed following his death shortly thereafter.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

As Warren Buffett Ditches The Dollar, Max Keiser Believes Bitcoin Could Crack New Record High Soon

By Brenda Ngari – September 1, 2020

The bitcoin price has started the new week trading higher and is presently hovering at around $1.9k, up 0.48%. After the recent drop below $11,400 and subsequent quick recovery following news of FED’s new plan to increase inflation, it is clear that the bulls are determined to push the prices higher.

Just ask the host of Keiser Report — a financial program broadcast on RT —, Max Keiser, who is also a known bitcoin permabull. Keiser recently reasoned that Warren Buffett exiting the US dollar is an indication that bitcoin is on the brink of hitting a new record all-time high.

Buffett’s Move Into Japan Means Bitcoin Is About To Set New Record: Max Keiser

Reuters reported on Monday that billionaire investor Warren Buffett had purchased a 5% stake in Japan’s five top trading firms. Combined, the investment totaled to $6 billion and is indicative of Buffett’s diversification outside of the United States.

Respected industry advisor and entrepreneur, Max Keiser, is interpreting this move to mean that the Oracle of Omaha is “getting out of USD BIGLY”. He then postulated that the US dollar is currently in a downward correction and is actually on the verge of breaking key support.

As USD loses value, Keiser expects bitcoin to post a new high in the immediate future.

Warren Buffett’s new investment in Japan comes after news that he had dumped banks stocks and instead took a position in a Canadian gold mining company, Barrick Gold. His move to Japan also comes in light of the Federal Reserve’s policy shift that will allow inflation to run hotter than normal in a bid to boost the economy. Analysts think the Fed’s new stance will have dire consequences for the US dollar.

Is Keiser’s Prediction Credible?

Max Keiser is known to make ultra bullish forecasts about the bitcoin price. After Buffett bought gold, Keiser predicted that this move would push BTC to $50,000. During that time, Morgan Creek’s Jason William had suggested that Buffett would be buying bitcoin next after his gold purchase.

Nonetheless, Buffett has been an outspoken bitcoin naysayer. He has maintained that he will not be investing in bitcoin or any other cryptocurrency any time soon, even after his luncheon with the CEO of Tron, Justin Sun, earlier in the year.

So, is a full-blown bull run around the corner? Who knows? Technical analysis suggests that $12K is a stubborn barrier that is keeping bitcoin from skyrocketing. Keiser’s prediction, however, is based on investors turning to SOVs like bitcoin, gold, and silver amid a weakening dollar.

As things stand, it’s difficult to tell whether Keiser’s theory is anything to go by. But don’t be surprised if bitcoin actually shatters new highs in the near-term.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Fed’s Inflation Policy Shift Will Greatly Benefit Crypto, Says Ripple CEO Brad Garlinghouse

By Brenda Ngari – August 29, 2020

Two days ago, Federal Reserve Chairman Jerome Powell announced a landmark policy shift to its inflation goal. This implies that the central bank is comfortable allowing inflation to go past its 2% target in the coming years.

According to Ripple CEO Brad Garlinghouse, the Fed’s new approach to inflation is laying the ground for more debasement of the US dollar in the near-term which will ultimately be a boon for crypto.

Federal Reserve Makes Monumental Shift In Monetary Policy Framework

On Thursday (August 27), Fed Chairman Powell announced a major shift in its strategy to the interest rate policy that lets inflation run above 2 percent while keeping the rates lower for an extended period of time. Powell emphasized that the Fed’s main focus now is to boost employment in such a way that benefits the low-and moderate-income communities.

Notably, the Fed’s decision to let inflation run hot is likely to reduce the purchasing power of the dollar which will in turn push the prices of assets like gold and bitcoin higher. True to form, the price of the flagship cryptocurrency jumped 1.9% during Powell’s speech to reach $11,600. The top crypto has since retraced slightly to $11,550.25 at press time.

Fed’s Policy Shift Will Give Crypto A Competitive Edge — Garlinghouse

Commenting on the Fed’s historic decision to spur inflation, Ripple’s Brad Garlinghouse suggested that the move will be highly favorable for the crypto industry.

Garlinghouse is betting that the US dollar will face further debasement in the near-term. As this happens, bitcoin will become more attractive to investors who will flock to it to protect their capital from the weakening dollar. 

He tweeted:

“The pandemic is throwing so many playbooks out the window… yesterday’s action flies in the face of decades of precedent. Signs point to further dollar debasement in the near term (leading to further diversification of assets which will certainly be good for crypto).”

Ultimately, this overwhelming bullishness has a price. The Winklevoss brothers, for instance, have predicted that bitcoin is likely to climb to $500K one day owing to the fact that it is literally the only long-term hedge against the FED-induced inflation. Those who jump on the crypto bandwagon late will be the ones to pay.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Fidelity Launches Bitcoin Fund With Minimum Investment Of $100,000

By Vincent Mislos – August 27, 2020

Fidelity investments said in a new filing to the Securities and Exchange Commission that it is launching a Bitcoin fund — the Wise Origin Bitcoin Index Fund I. Managed by a new business unit called Fidelity Digital Funds, this will only be available to qualified purchases with a minimum investment of $100,000. Clearly, the fund is for wealthy investors.

In a statement via Bloomberg, the filing represents Fidelity’s long-term commitment to the future of blockchain technology and to make assets such as Bitcoin more accessible to investors.

Fidelity first dealt with Bitcoin in 2014 and started Fidelity Digital Assets two years ago. This unit manages funds for hedge funds, trading firms, and family provinces. The publication noted that Fidelity is one of Bitcoin’s high-profile proponents on Wall Street.

Fidelity expects demand for this fund because based on the results of its recent survey of 800 institutional investors, 36% of them already invested in digital assets while 60% said they are open to having digital assets within their portfolio.

The firm’s latest announcement is bullish for Bitcoin, whose proponents felt Wall Street has generally disregarded Bitcoin as an asset class because of concerns related to its use by criminals to launder money. (It should be noted that authorities relish criminals to use Bitcoin because tracking is easier).

That institutional investors would soon heavily flock to Bitcoin is a widely expected outcome as the benchmark cryptocurrency continues to attract mainstream attention. Right from when Paul Tudor Jones said he would include Bitcoin in his portfolio, the number of large investors and companies coming to the crypto space has recently increased. Macro investor Raoul Pal called Bitcoin a store of value necessary to hedge against inflation.

The trend to buy Bitcoin and gold stems from the looming economic uncertainty and the weakening of the dollar. A publicly-listed billion-dollar firm called MicroStrategy has allocated approximately $250 million of its dollar reserves into buying Bitcoin equal to that amount. The firm attributed the decision to the decreasing value of the dollar. “If you have large dollar values and you’re hoping for any kind of return on them, that’s faded,” -MicroStrategy.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Vincent Mislos and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

IRS Intends To Ask Every American Tax Filer About Crypto Transactions In 2020

By RTTNews Staff Writer | Published: Published: 8/24/2020 10:19 AM ET

The U.S. Internal Revenue Service (IRS) intends to ask every American tax filer about their cryptocurrency transactions and investments in 2020 filing. This was revealed in a draft Form 1040 released by the IRS for U.S. individuals to file their income tax return for 2020.

After asking for personal details, the draft form asks, "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"

This is the latest move by the tax regulator to show its seriousness on taxing cryptocurrency transactions and investments. The form and instructions are only a draft, which are generally subject to approval by The Office of Management and Budget (OMB) before they can be officially released.

The IRS continues to warn taxpayers, who do not properly report virtual currency transactions, that they will be liable for tax, penalties and interest and in some cases they could be subject to criminal prosecution.

The IRS treats virtual currency as a commodity or property, and not as real currency, for federal tax purposes. Therefore, virtual currencies are also subject to capital gains laws.

The current guidance for taxpayers is to file each and every transaction executed using a cryptocurrency. The IRS has also increased enforcement activities against taxpayers who "misreport" their cryptocurrency transactions.

Last year, the IRS had sent out multiple compliance letters to investors of virtual currencies such as Bitcoin, whose tax return information did not match data reported to the IRS by third parties such as employers and banks.

Earlier in July 2019, the IRS had sent letters to crypto investors advising them to report and pay income taxes or file amended returns for transaction not reported properly. These were "educational letters" to more than 10,000 taxpayers to encourage them to make the filing or amend their filing.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

California Court Ruling Solidifies The Crypto Adage “Not Your Keys; Not Your Coins”

By Erie Maxwell – August 23, 2020

The self-proclaimed “Bitcoin obsessive lawyer” Justin Winston Ono Wales takes the saying “Not your keys; not your coins” seriously. He used the recent ruling in the Archer v. Coinbase case to explain just how important the old crypto adage really is.

The Archer v. Coinbase case illustrates that if you do not control your own private keys, a number of things can go wrong that would lead to the loss of your funds. And what’s worse is that there is nothing that the law can do to help you recover the losses.

Coinbase user and plaintiff Darrell Archer sued Coinbase for refusing to provide him with Bitcoin Gold he believes he’s entitled to after a Bitcoin fork.

Justin Wales lays out his analysis and explains the pitfalls of not holding your own coins in a Twitter thread.

“‘Not Your Keys, Not Your Coins’ is officially case law thanks to a new California appellate court decision.”

Wales explains that the plaintiff expected to receive a large number of Bitcoin Gold but his own actions ultimately prevented him from ever controlling the new forked coins.

“As we know, BTC can be forked into new currencies for lots of reasons by damn near anyone. BCH, BSV, Bitcoin Gold are examples. As someone that holds Bitcoin you’re entitled to an equivalent number of forked coins. In other words, your Bitcoin includes the value of all its forks. But accessing your forked coins is only guaranteed if you hold your own private keys! If you let someone else custody your crypto it is up to their discretion whether to give you your forked assets.”

The plaintiff expected Coinbase to accept Bitcoin Gold on its platform and handle all of the logistics involved with the fork. But Bitcoin Gold was never included by Coinbase.

“Coinbase honored BCash, but not Gold. That’s what this case is about. Facts:

A person kept 350 BTC on Coinbase and wanted the equivalent Bitcoin Gold (valued at $159k at its height) but Coinbase said no. Dude sued claiming breach of contract, conversion, and negligence but the Court rejected all these arguments because it found that Coinbase had no obligation, contractual or otherwise, to support every fork of bitcoin.”

The Court ruled that Coinbase was not responsible for any of the ‘Bitcoin Gold’ the plaintiff was demanding because he had other reasonable options to hold his original coins.

“There is no requirement that investors keep their coins in exchanges; they can always withdraw the coins to their own private wallets.”

The case is a milestone in the blockchain industry because it provides precedent and solidifies the constantly repeated idea that a crypto custodian could cause you to lose it all and there is nothing that can be done about it. 

“In other words: “Not Your Keys, Not Your Coins” is now precedent in California and I imagine will be highly instructive for other jurisdictions hearing similar claims.”

As Justin Wales puts it, “TL:DR: HODL your own damn coins!”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Erie Maxwell and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

$11,600 & $11,200, Two Bitcoin (BTC) Support Levels to Watch in Aug.

John P. Njui   •   BITCOIN (BTC) NEWS   •   AUGUST 22, 2020

In summary:

• There is only one week left in the month of August.
• $11,600 and $11,200 are two support levels to watch for the remainder of the month.
• A monthly close above any of these two levels could mean a continuation of Bitcoin’s bullish narrative.

It is Saturday once again and the daily Bitcoin trade volume has gone contrary to the popular observation of decreasing during the weekend. According to Coinmarketcap.com, Friday’s 24-hour trade volume was approximately $20 Billion. The same Bitcoin trade volume currently stands at $24 Billion thus indicating a positive anomaly in the sense that BTC could benefit from the increased trading activity.

$11,600 & $11,200, Two Bitcoin (BTC) Support Levels to Watch in Aug.

With respect to the price of Bitcoin, there is approximately one week left in the month of August and a monthly close above either $11,600 and $11,200 would be bullish for BTC. To note is that December 2017 was the last time Bitcoin opened and closed a month above both price levels. However, back then, the weekly indicators pointed towards a correction that would start in January 2018.

Checking the weekly BTC/USDT chart once again, it can be revealed that Bitcoin still has some bullish momentum and a monthly close above either $11,200 or $11,600 would help maintain Bitcoin’s bullish momentum.

(Click image for larger view)

Also from the weekly BTC/USDT chart above, the following can be observed.

• Trade volume is still in the green for a 7th straight week beginning in July.
• The weekly MACD is yet to show signs of exhaustion.
• However, the weekly MFI is hinting towards an overbought scenario with a possibility for sideways or a minor retracement for Bitcoin in the month of September.

It’s Q4 2016 all Over Again for Bitcoin

In an early August tweet, Bitcoin analyst Willy Woo had pointed out that the Bitcoin bull market began in April 2019 and that we are currently in a situation similar to the fourth quarter of 2016. Below is his tweet analyzing Bitcoin.

Bitcoin Still Has More Room to Grow

Going by Mr. Woo’s analysis and the weekly chart shared above, it can be loosely concluded that Bitcoin still has room to grow in the markets. Given that the last bull cycle peaked in December 2017, it can be concluded that there are at least another 12 months of positive BTC market action in store for crypto traders and investors.

As with all Bitcoin analyses, BTC traders and investors are requested to have an eye out for any major world events that could skew the price of Bitcoin. Given that we are in the midst of a Global Pandemic, a major increment in COVID19 cases would slow down Bitcoin’s bullish climb or even cause a crash like in mid-March.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe