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Roger Ver: The Reality

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Roger Ver is one of the many institutional investors, about the cryptocurrency industry who have been contributing to the development of Bitcoin.

Elucidating the life of a former Bitcoin enthusiast.

 

Is Bitcoin the future?

Bitcoin in the year 2009, came up with a lot of hopes for the community members, that it would be radicalizing the financial economy, by eliminating the need of an intermediary, to send money from one part the world to another. And Bitcoin did prove to be highly successful, but in the recent days, due to significant advancements in the technology better protocols have been implemented in newer cryptocurrencies. As a direct consequence of which, more efficient cryptocurrencies are being utilized instead of Bitcoin. Even many of the institutional investors along with financial advisors have shifted their perspective away from Bitcoin, due to its inherent scalability issue.

 

 

Introduction to Roger Ver

Roger Ver is one of the many institutional investors, about the cryptocurrency industry who have been contributing consistently for the development of notably, Bitcoin. It must be noted down that, Roger Ver shifted his perspective drastically from Bitcoin to Bitcoin Cash as the fork was initiated. The increase of block size from 1 MB to 8 MB was highly appreciated by him and became a staunch supporter of Bitcoin cash. Finally, he was very much frustrated with the delays in the Bitcoin network and had also started commenting negative remarks concerning Bitcoin. Ironically, he was one of the most active Bitcoin enthusiasts.

 

The early life of Roger Ver

Born on 27th January 1979, Roger Ver was living with his Christian family in San Jose, California. He was dominantly associated with investment and business. His business interests could easily be seen, in his small business of selling candies, in his school and was quite successful at his level.  His small-scale business eventually led him to buy a Ford Mustang during his high school. The business-oriented Roger Ver, fought with his father, for his dad had placed an ad in a newspaper to sell Ford Mustang.

 

 

Allegations on Roger Ver

His business-oriented mind later led to the development of a company which provided parts of computers. Initiated in 1999, the company, Memory Dealers had supplied memory modules to the companies like Cisco and Juniper. He provided them with spare parts. Later in the year 2002, he was alleged to deal with explosives which were not under his jurisdiction. As a result of which he had to spend 10 months in the federal prison. He considers it to be a personal grudge of the Commission of  Alcohol, Tobacco, and Fire Explosives towards him. After 10 months of his imprisonment, he was kept on a probation period for about 3 years.

 

 

His first Bitcoin exposure

Roger Ver first had come to know about Bitcoin in February 2011, while listening to a bitcoin podcast. Followed by which, he locked up himself in a room and assimilated knowledge about Bitcoin and cryptocurrencies.  It was in the same year, in which he made a $25,000 investment in Bitcoin. Interestingly, the price jumped from $2 per BTC to almost $30, which instantly made him a Bitcoin millionaire. He had indirectly invested in Charlie Shrem’s, Bitinstant, as his Bitcoin investment. with the return on Investments, he further invested in various other cryptocurrencies and blockchain projects.  

 

Development concerning Bitcoin.com

In April 2014, his obsession towards Bitcoin led him to buy the domain name bitcoin.com from blockchain.info. He made use of the website predominantly for his interest, where both Bitcoin and Bitcoin cash where made available to be bought or sold. To monetize the website, and earn a significant return on investment he also initiated an online Bitcoin Casino. The website even provided with the latest news in the cryptocurrency domain and as staunch Bitcoin Cash supporter, he made use of the website in promoting Bitcoin Cash and various other Bitcoin hard forks, for his interest. The former Bitcoin supporter was now being witnessed to give negative remarks towards Bitcoin for its scalability issues.  

 

 

Secrecy of Bitcoin.com

It is also observed that Bitcoin.com has secret connections with many Chinese blockchain based companies, as many articles on Bitcoin.com pointed at the promotion of their product.

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Can Cryptocurrencies be the solution for the 2020 predicted US Recession?

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JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. Can crypto be a viable solution to existing stores of value?

JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. In a global market crash, can crypto be a viable solution to existing stores of value?

“The probability of a U.S. recession inside one year is right around 28 percent, and rises to more than 60 percent over the next two years, researchers wrote in a note this week. Over the next three years, the odds are higher than 80 percent, as indicated by the note,” Bloomberg reported.

 

Why Do Experts predict a Recession?

As indicated by the Federal Reserve Bank of New York, there exists a mere 14.5 percent chance of a recession happening before the end of 2019.

Stephen Stanley, the chief economist at Amherst Pierpont, suggested that 2020 could be considered as a premature period for the next US recession to happen yet he echoed a comparative sentiment to JPMorgan in that while the US economy remains solid with low unemployment rate and a bull market, the danger of a recession in the years to come exists.

Generally, the larger part of economists in the US forecast a recession to happen in the next a few years. David Altig, Federal Reserve Bank of Atlanta research director and NABE’s survey chair, disclosed that 66% of business economists in the US expect the market to crash before the end of 2020, for the most part, due to trade issues.

“Trade issues are clearly influencing panelists’ views,” Altig stated, expressing that trade issues and high-interest rates imposed by the Fed leave US markets vulnerable to a mid-term crash.

 

Is Crypto the solution?

Amid a period in which numerous economists forecast a market crash and a noteworthy recession in the next two years, the demand for crypto has increased quickly.

While not portrayed by the prices of significant cryptocurrencies, financial institutions, for example, Fidelity, Goldman Sachs, and Citigroup have established the infrastructure to target institutional investors intending to invest in the advanced asset market.

Banks and investment firms have prevented from establishing businesses in the cryptocurrency sector due to the absence of regulatory certainty in the market. Experts have stated that the suddenly emerging trend of major financial institutions entering the crypto market suggests the demand for crypto from investors in the traditional finance sector has increased quickly in the previous several months.

As Jim Hamel, portfolio manager at Craftsman Global Opportunities Fund explained, the computerized payments industry has experienced exponential development in recent years, which could normally lead investors to cryptocurrencies.

“There are a number of tailwinds adding to this trend. In the first place, we’re seeing fast development in e-commerce, which requires that customers be able to make secure advanced payments. The development in cross-border transactions and the general effect of an increasingly globalized marketplace are helping accelerate this trend.”

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Bitcoin Core Client Controvercy, BitMEX vs Bitcoin Core Client

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The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex.

Why do we need updates concerning Bitcoin clients?

Bitcoin has many controversies revolving around it, and so does Bitcoin Core Client. However, history has been evident that the one which is the most valuable is also the most controversial one. To keep up with the changing times, many upgradations have been done to the Bitcoin skeleton. Many updates regarding the Bitcoin transactions. size of the Bitcoin blocks etc, to keep the Bitcoin network viable enough to be used.

 

What is Bitcoin Core client?

A Bitcoin client is a node which is required by every user who wishes to join the Bitcoin network. He or she is enabled to initiate transactions on the network as the client provides a Bitcoin wallet. There are various versions of Bitcoin clients which have been developed until now, and Bitcoin Core is the third in the list. Initially designed by Wladimir van der Laan, it requires the availability of the entire Bitcoin ledger to use its services which approximately accounts to 155 GB. However, this particular Bitcoin client has been under constant controversies for various reasons, since its inception.

 

Hardships faced by the Bitcoin Core client

Bitcoin core client was initially known as just Bitcoin. To avoid confusion, its developer decided to rename it as Bitcoin Core, but he faced a lot of criticism as people believed that this was against the idea of decentralization. Nevertheless, many Bitcoin enthusiasts supported the idea. Although Bitcoin Core governs the consensus rules of the Bitcoin network, it is not as powerful as it seems. One can very quickly shift to other Bitcoin repositories if the client becomes inefficient. This was evident when many Bitcoin enthusiasts, slipped from Bitcoin Core to Bitcoin UASF, in 2017 during the block size war.

 

Bitcoin Bitmex Research to dethrone Bitcoin core client

Bitmex has come up with a unique idea of initiating a dedicated Bitcoin client to compete with the Bitcoin Core. In their official blog post, the company also explicitly mentioned that it was solely doing it to eradicate the belief from the minds of people that Bitcoin Core controls the Bitcoin network. Specifically, it is a soft fork of the Bitcoin Core implementation. Therefore, the users need not worry about, the Bitcoin Core getting tampered, as subsequent improvements can be initiated with the new Bitcoin Bitmex research. Bitcoin Core client was considered as an excellent influencing authority which controls the market price of Bitcoin, but it is the end users to manage the Bitcoin network as designed by Satoshi Nakamoto.  

 

Lethargic attitude of developers of the Bitcoin Core client

The Bitcoin Core client is highly inefficient as the network requires the synchronization of the entire blockchain, which is enormous. Therefore, many users have been complaining in this particular regard, as it took some of them, days together to complete the process. More recently in September 2018, the Bitcoin Core client was once again in the LimeLight for it’s a critical bug which was discovered two years back, in November 2016. The problem was so delicate that would have led to a complete crash of a particular node if left unchanged. The developers took the matter seriously only now, and have updated the version by fixing the bug, from versions 0.14 to 0.16.3.

 

Bitcoin Bitmex research would be there to serve people

The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex which has recently announced to release a dedicated client, Bitcoin Bitmex Research. This would be a great sigh of relief, as the customers would be less vulnerable to illicit activities that happen in the Crypto space leading to the losses of funds. Therefore, for the people who are looking forward to the Bitcoin Bitmex research client, some amount of patience is inevitable, as developers are still in the process of developing it.  

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Bitcoin: Long Term Trading Signals 22 Oct

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Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range.

LONG-TERM Trading Signals for BTC/USD

Bias for Bitcoin (BTC) – Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6100, $6000. $5900

 

Bitcoin is still in a range-bound market on the long-term outlook. The struggle for the market control between the bulls and bears remains obvious. The bulls progressive movement that started on 12th October after the spinning top saw BTCUSD at $7788 in the supply area on 15th October. This led to the break of the upper resistance area and the 200-EMA.  

The bears’ pressure forced the candle to close at $6742 within the range and below the 200-EMA. BTCUSD was down to $6511 in the support area on 20th October due to the sustained bearish pressure.

 

BTCUSD chart

BTCUSD chart

 

The formation of a bullish railroad on 20th October indicates the bulls gradual return.  Should the daily candle of 21st October close bullish, it will suggest the bullish pressure within the range will be stronger as price sits above the 34 EMA

Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imperative. To flow with the trend, traders should be patient to allow this to take place before taking a position.

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