Another week, another round of Crypto Tidbits. The past seven days have been rather positive for Bitcoin and the rest of the cryptocurrency market, which was battered the week prior to the one that just transpired. BTC rallied from $8,400 to $8,888 (as of the time of this article’s writing), tapping $9,200 on Saturday morning. Altcoins largely outperformed the market leader this week, with Ethereum gaining 9%, which was similar to the performances of Bitcoin Cash, Tezos, Link, Maker, and Algorand. Aside from the market, the underlying cryptocurrency industry saw a tumultuous week, with there being a number of news stories showing the growth and adoption of these technologies, though others casting light on issues within this space.Related Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again
Bitcoin & Crypto Tidbits
If you want to want to buy Bitcoin, be prepared to lose all your money. If you want to buy it, fine, but understand that what you’ve got has no intrinsic value. It might have extrinsic value, but no intrinsic value.
Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the game.
The sociopathy required to fix a series of popped bubbles by creating even bigger, and even more unsustainable bubbles will be the most lasting legacy of the Boomer generation.
A non-sovereign money will be the logical solution.
— Travis Kling (@Travis_Kling) March 3, 2020
- Elon Musk Talks About Dogecoin… Kinda: Elon Musk on March 3rd published a tweet, professing his love for dogs in the form of a meme. He followed this up in another tweet with “they have the best coin,” referencing Dogecoin, the meme cryptocurrency that somehow has a market capitalization of hundreds of millions, and once even had a $1 billion+ valuation.
- Ethereum Founder Throws Weight Behind Twitter’s CEO: According to a Bloomberg report citing “people familiar with the matter,” Twitter CEO Jack Dorsey may soon be replaced because of Elliot Management Corp, an activist hedge fund, taking a sizable stake in Twitter. Many have come out to defend Dorsey in these trying times, including those in the crypto space. Vitalik Buterin, the Russian-Canadian founder of Ethereum, recently wrote that he stands with Jack, adding that he believes the CEO has done “a vastly better job than what I expect/fear from a hedge fund appointed CEO swooping in to replace him.” Buterin was responding to a pro-Dorsey comment from Tesla’s Elon Musk, who has one of Twitter’s biggest followings.
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