BTC to be Main Coin Forever, PayPal Co-Founder Thinks

Peter Thiel, co-founder of PayPal, had a long speech at Economic Club Of New York 
16 March 2018   633

Venture capitalist and co-founder of PayPal Peter Thiel explained why he makes a "long" bet on bitcoin, during his speech at the meeting of the Economic Club in New York this Thursday. This is reported by CNBC.

In his opinion, bitcoin has all chances to become an asset that investors can use to protect their capital, that is, the new gold of the era of digital technologies

I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you'd bet on would be the biggest.

Peter Thiel

Co-founder, PayPal

At the same time, Thiel noted that for everyday calculations, bitcoin is not yet suitable. First of all, the crypto currency should be considered as a hedging instrument, which does not carry the systemic risks of traditional financial instruments.

I'm not talking about a new payments system. It's like bars of gold in a vault that never move, and it's a sort of hedge of sorts against the whole world going falling apart.

Peter Thiel

Co-founder, PayPal

He also noted that most of the qualities for which investors value gold are inherent in bitcoin. Moreover, most of the arguments against bitcoin will be fair for gold, he said.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   70

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.