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Archive for May, 2019

Robinhood Customers in New York Can Now Trade Bitcoin

Posted on: May 23rd, 2019 by jms No Comments

 

If you were like me and you got excited about the prospect of trading cryptocurrencies without paying commissions, you would have signed up for early access when Robinhood announced they’d be offering it soon. If you did sign up in time then today you would have received an email with the subject “Your invite for Robinhood Crypto is here!”.

 

Bitcoin and Ethereum trading is now open to New Yorkers on the Robinhood platform. It seems like this is a pilot launch for early joiners, but I expect it to be open to all New Yorkers soon, if it’s not already.

 

 


 

 

Even more newsworthy in my opinion…

 

As part of their announcement to offer commission free cryptocurrency trading, Robinhood also mentioned their new Feed, simply named “Robinhood Feed”.

 

A quote from their blog…

 

“With today’s trading launch, we’re also announcing Robinhood Feed – a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on Robinhood. Feed is available to a limited number of people on the platform and will evolve based on your, well, feedback.”

 

Robinhood is a great platform for investing, especially if you want to limit your fees. However, it’s been pointed out time after time that Robinhood lacks good research tools and a few other fundamentals. This new Feed option is certainly a start to offering better options for research and discovery of new trends in the market.

 

This sounds like another pilot program, but I for one am keeping my ear to the ground about this one. I’ve always been of the opinion that the market research tools offered by other platforms are highly overrated. I like to pretend I know a thing or two about investing, but I don’t, not really. At least not compared to the investors I admire most. Investors like Ray Dalio, Warren Buffett, and Benjamin Graham. All the research tools in the world only really serve to mask my own inexperience, and I imagine this is true for most of us. So for a casual investor like myself, Robinhood is great.

 

That’s not to say research isn’t extremely important. With the new Robinhod Feed I’ll be able to follow real-time market trends as they happen. When it comes to cryptocurrencies, this is important because they are so volatile now. It’s really not to difficult to make some extra spending cash trading cryptocurrencies these days… IF you follow the trends. I’ve even built tools for myself to help visualize trends and find good buy/sell points that I’ll be rolling out in the Coin Access app soon. I’m hoping to leverage the Robinhood Feed for this purpose too, when it’s fully rolled out.

 

 

References:

 

Robinhood Crypto Trading Is Here, Robinhood Blog, 22th of May 2019,
Website Link

 

Will Bitcoin Ever Reach $1,000,000?

Posted on: May 10th, 2019 by jms No Comments

 

I recently read an article on TradingView.com that predicts the price of a single Bitcoin will reach $1,000,000 by the year 2028, at the latest.

 

The article offers a few reasons why, but I’d like to focus on just 1 point that was made in the article.

 

Looking at the red line in the chart above the author asks…

“How high is the probability that Bitcoin will follow a course along the red dotted lines?”

 

The author goes on to say…

“The entire crypto market must collapse. For this case the market is already too large. I am writing this because many people compare the crypto market with the tulip market hundreds of years ago. The cryptomarket is no longer a closed system. It is a global phenomenon with market power.”

 

The author’s assumption is very true. Bitcoin is no longer a closed system. It truly is a global phenomenon with real market power. We can no longer compare Bitcoin to the Tulip Mania. The Tulip Mania was an isolated event that occurred in one region of the world, and when the crash happened the price of tulips never rose to extremes again. The events of the Bitcoin bubble may have started out following a similar pattern as the Tulip bubble, but it hardly ended in the same way. Here are 3 very distinct differences.

 

  1. The price of Bitcoin came crashing down after the initial craze hit the mainstream, but all hope was not lost. The prices of Bitcoin are rising again and major investment firms are now starting to get involved long after the crash.
  2. Bitcoin offers a utility that has major banking institutions reconsidering the way money is transferred. Cryptocurrencies are not pretty flowers that will eventually wither and die. They are part of a breakthrough technology that will likely become a new norm soon enough.
  3. Bitcoin is part of the global market now. It’s not isolated to a single region. There are systems in place, and being improved every day, that are making it easier and faster to make transactions with Bitcoin and other altcoins at a global scale.

 

To top it all off, large investments are still being made to mine for new Bitcoins, with mining prices ranging anywhere between $531 to $26,170 around the world. So while the mainstream craze that caused the price of Bitcoin to skyrocket and crash may be over, the sentiment towards Bitcoin as a real investment option still exists.

 

 

But with all this in mind can we really justify a valuation of $1,000,000 by the year 2028 for a single Bitcoin?

 

What’s your take?

 

Will Bitcoin price ever reach $1,000,000 USD?

 

 

 

References:

 

Why will 1 Bitcoin really be worth more than USD 1 million?, TradingView, 15th of April 2019,
Website Link

 

Dutch Tulip Bulb Market Bubble Definition, 26th of April 2019,
Website Link

 

Here’s how much it costs to mine a single bitcoin in your country, Market Watch, 11th of May 2018,
Website Link