|Episode Title:||Bitcoin New Years Price Predictions - The Year of the Bull or the Ballad of the Bears?||Date:||1/1/20||Unedited YouTube Time Stamp||Trimmed||Clip Social Post Title / |
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|TEASE 👇||Episode Page:||https://crackingcryptocurrency.com/bitcoin-new-years-price-predictions---the-year-of-the-bull-or-the-ballad-of-the-bears?|
|JW||As bitcoin's price contineus to swerve like the morning after a few new years eve bad decision, CME Futures takes the day off for the holiday. Happy New Years to everyone, but this year, this decade, will our cup runneth over with satoshis or will our stops continue to be hunted? Let's take this opportunity to ring in the new year with a few Ripple Resolutions, with some Bitcoin Betterment Plans, with Ethereum Effervescents for our hangovers. In today's exciting episode of Breaking Bitcoin.||0:04:08||0:00:00|
|JW||Welcome to Breaking Bitcoin, recorded live Wednesday, January 1st, 2020. Your daily source for market updates, sentiment, and news for traders.|
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
Shout out to everyone watching from across Youtube - Twitch - DLive - Facebook Live - and of course on Roku at the Investor News Channel app.
If you want to support the show make sure to subscribe, follow, share, and engage in the live chat. And hit that thumbs up button!
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|Question of Yesterday|
|--Mention yesterday's comment winner:||Computer Tech Tutorials|
|JW||Question of The Day||Is Bitcoin the best? Or is your Altcoin? What are your reasonings?|
|--Today's Comment Giveaway Winner:||John Famiglietti||0:09:50||0:05:42|
|It's the start of the year, and it's time to move on forward to 2020||0:11:31||0:07:23|
|Bitcoin Analysis and Trading: Starting with 30m chart||0:13:21||0:09:13|
|Monthly Bitcoin Chart|
|Daily BTC Chart||F|
|BTC 4hr Chart and Market Sentiments|
|Ethereum Analysis and Strategy|
|Litecoin Analysis and Strategy|
|EOS Analysis and Strategy|
|NEO Analysis and Strategy|
|BNB Analysis and Strategy|
|XRP Analysis and Strategy|
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|Bybit's 12 Days of Giveaways https://twitter.com/bybit_official/status/1205106614363152384. However, you can still show your support for the group and I by using our link to can sign up for your ByBit account here, https://ByBit.CrackingCryptocurrency.com.|
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|Traditional Markets / Forex|
|JW||You can watch or listen to this discussion and more on Breaking Bitcoin, episode number ### at CrackingCryptocurrency.com. And remember to subscribe to our podcasts. Thanks for listening. We'll see you next time.|
|Indices - E Minis|
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|1:00 PM||Links||Back from break!||1:08:28||0:00:02|
|News/Overall Sentiments/Chat Engagement|
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|News 01||ETH network attacked on NYE over Parity Bug||https://cointelegraph.com/news/ethereum-network-overcame-intentional-attack-affecting-parity-nodes||The ETH network apparently suffered a coordinated attack yesterday on New Years Eve, this according to several analysts.|
Reports of Parity-powered ETH nodes losing sync with the network began to pour in yesterday, leading Parity Technology, a blockchain infrastructure company, to react by releasing an emergency network update to protect against the supposed attack.
According to cryptocurrency security consultant Sergio Demian Lerner, the attack was implemented in a simple way,
"You send a block with invalid transactions to a Parity Node, but with a valid header (borrowed from another block). The node will mark the block header as invalid and ban this block header forever but the header is still valid.”
Developer Liam Aharon analyzed the attack, and concluded it potentially threatened the entire network and noted that Ethereum could become much more vulnerable to similar attacks in the upcoming year.
According to Aharon, it was only thanks to the Go Ethereum (GETH) client, whose nodes were immune to this exploit, that the network was spared from a complete takedown.
This raises future concerns particular to the Parity client, whcih intends to transition Parity Ethereum to a DAO ownership and maintainer model, which would leave Geth as the only well-maintained client in 2020, said Aharon.
“If this scenario came true, attacks similar to today's would devastate the network, instead of just being inconvenient,’ he added.
2019 saw Parity scramble to release multiple updates aimed at fixing node vulnerabilities.
Back in November 2017, Parity experienced a major failure known as the "multisig freeze", following an incident when a user “accidentally killed” the Parity multisig library by activating a vulnerability to become the owner of the library, and then self-destructing it.
Just how secure and stable is the Parity network of ETH nodes? Well, In May of 2019, security research organization SRLabs claimed that one-third of ETH nodes ran software still vulnerable to a known 51% attack. More than half of those vulnerable nodes ran Parity software.
Another recent high profile attack occurred just a few days ago on Dec. 29th. IOTA users were unable to confirm transactions and the mainnet seemed to come to a halt for nearly 24-hours, when an unusual set of transactions were propagated, leading many to suspect they were constructed as an attack.
The IOTA Foundation emphasized that the incident had not been caused by software changes or any other components of the network, but rather occurred due to the “absence of transaction processing logic for an unusual set of transactions.”
|News 02||BTC's advantages over ALT's in 2020||https://cointelegraph.com/news/bitcoin-4-big-competitive-advantages-over-altcoins-in-2020||According to the noted academic Konrad S. Graf , Bitcoin easily beats out other cryptocurrencies in multiple key areas, which all but guarantee it as the standard heading into the next decade. |
In part two of his interview with the publication, "Eurasia Review" published today, Graf highlighted four “competitive advantages” Bitcoin has over other currencies, which include, Scarcity, Apolitical value transfer, Technical prowess, and "Not an entity",
Graf details these inherent benefits through several academic essays, studying Bitcoin's impact and role in the broader economic system.
Scarcity and it's fixed supply is one of Bitcoin's advantages over other forms of money, which includes other cryptocurrencies, i.e. altcoins, these tokens have inflation and supply models different to bitcoins, not to mention the overall supply of digital tokens keeps growing as new networks and projects constantly emerge.
“Bitcoin’s top competitive advantage… is its ability (to) restrict new issuance, the relative reliability of its methods for controlling unit production,” Graf summarizes.
Specifically, Bitcoin’s supply cannot be manipulated, nor can its maximum issuance — 21 million units — ever change to dilute it.
No entity, no matter how powerful in terms of computing power active on the network, can diminish the value of the existing BTC held by savers by increasing the supply. This is in direct contrast to cryptocurrencies with a mutable supply, such as Ethereum (ETH) and XRP, as well as all fiat currencies.
These characteristics of scarcity and strict accounting, make Bitcoin particularly useful for settlement and store of value, at least relative to other financial protocols not immune to the shortcoming's of fiat.
Graf touches on popular book, “The Bitcoin Standard,”by Saifedean Ammous, which takes an extensive look at Bitcoin’s advantages over fiat, in particular, the ability to function as an uncensorable settlement currency without the need for middlemen or counterparty risk. The SWIFT system in particular, functions as a global political entity, and alternative networks financial settlement could allieviate or neutralize geopolitical tensions.
“Ammous argues that it is in the — for most people quite arcane — field of settlements that Bitcoin could find some of its most competitive applications. It could become not only an in-common non-political money unit, but also a direct competitor to the SWIFT system and any other existing or emerging rivals to it,” Graf explains.
“In a world where conventional systems are also politicized, Bitcoin has an advantage of being “neutral” in the sense that it is controlled by none of the competing power blocks, which means that any and all could potentially participate.”
According to Graf, Bitcoin's decentralized fundamentals and first mover advantage, means it's cementing it's position as market leader over other alt coins.
A commonly cited metric of network hash rate, shows BTC has achieved an order of magnitude better progress than Ethereum or similar market incumbents in terms of network and infrastructure growth.
“BTC currently has 97 exahashes protecting its network to BCH’s 2.5 exahashes, giving BTC a hash rate 39 times higher than that of even its next closest digital-cash competitor,” cited Graf.
In terms of decentralization, one of Bitcoin's final advantages over “corporate” blockchains is its lack of weak points political actors can target.
This benefit became all the more obvious in 2019, the year in which Facebook unveiled their Libra project, which has subsequently faced a global political backlash over its digital currency project, suggesting establishment forces now have their radar up for emerging trends in the crypto space, making it all the more difficult for upstarts to get a foothold.
Facebook CEO Mark Zuckerberg was grilled by U.S. lawmakers on several occasions, only to have cold water poured on the Libra idea, leaving many industry observers to say the project is dead before it even started.
“There is no CEO to summon to Washington for interrogation,” Graf concludes about Bitcoin.
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|JW||Anything from yesterday you'd like to talk on today|
|End of year Christmas Thank you to out supporters!|