Alt coins,  Bitcoin,  Ethereum,  Media

Must-reads for August 27, 2018

Here are the crypto stories you should be watching today

This little-talked about correlation suggests bitcoin may end year ‘explosively higher’: Tom Lee (CNBC)
Fundstrat’s Tom Lee may use shoddy analysis. He may even make absurd claims of bitcoin prices reaching $10 million in a couple of decades based on shockingly flimsy correlations between Millennial income power and the price of bitcoin over a few months during the bubble last year. But you know what he’s really, REALLY good at? Getting repeatedly booked on CNBC. On Friday, the former JP Morgan’s Chief Equity Strategist was at it again, this time spouting the idea that emerging markets may power BTC toward his $25,000 year-end price target, a prediction made earlier this year. Doesn’t he realize how much Tether will have to be issued to make that happen?


CNBC Bitcoin Indicator Gives An Insane 95% Accuracy For Bitcoin (Trading View)
Lee’s bullish remarks getting tweeted out by CNBC’s account may signal a drop in prices. Jacob Canfield claims his analysis shows CNBC’s tweets to be the ultimate contrarian indicator.


Bitcoin: Boom or Bust? (CNBC)
While we’re at it, CNBC will air its Bitcoin documentary Monday night. Spoiler alert: a source told us that Tether isn’t talked about. You can watch some of the clips at the link above.


It Was Meant to Be the Better Bitcoin. It’s Down Nearly 90% (Wall Street Journal)
That thing Roger Ver has been promoting isn’t working out the way people wanted it to. Like, no one is using it for transactions. You know what they ARE using? Visa cards.


Bitcoin (BTC) Transaction Value Passes PayPal at $1.3 Trillion (The Daily HODL)
“Wait! Doesn’t this contradict what you said above?” you ask. No, it doesn’t. Buried all the way at the bottom of this story—the very last sentence—is this: “Much of Bitcoin’s transactional value, however, still comes from speculative trading.” Trades and transactions in Bitcoin and most other crypto use the same blockchain. When Alice buys coffee from Bob, her transaction has to wait because Charlie and Dave are trading back and forth like fiends and are flooding the blockchain. So when you see all these rose-colored charts of transactions, remember they’re mostly trades. “Bitcoin accepted here” signs at your bodega mean nothing.


Listen to Gramatik and Kotek’s ‘Vitalik Buterin’ Inspired by Blockchain and Vitalik: Exclusive (Billboard)
Vitalik Buterin now has his own theme music. “The song changes 5 times and keeps evolving beginning to end which is meant to symbolize the different stages of development and evolution of Ethereum and its ecosystem. We had so much fun making this tune and we sincerely hope that Vitalik likes it,” Gramatik told Billboard in an email. We heard it. It’s just okay.


$5.5 Million: Ethereum Genesis Block Recipient Moves Nearly 20,000 ETH to Bitfinex (CryptoGlobe)
This move could have been to sell ethers. Whoever owns this wallet has already sold over 190,000 ethers and may continue dumping. That bodes ill for ETH prices, which are down over 63 percent this year.


Reddit co-founder: Why I’m betting on bitcoin despite its volatility (Yahoo Finance)
Serena Williams’ husband, Alexis Ohanian, is sorta long bitcoin already if he still holds any equity in Reddit. That’s because nothing boosts posts on crypto subreddits like bitcoin volatility.


Hydroelectric Dam In Valatie Falls, NY To Be Restored And Dedicated To Crypto Mining Operation (XBT)
Upstate New York, a region sprinkled with quaint towns and sad economic prospects, is slowly becoming a crypto mining haven. We’ve previously reported on how Plattsburgh, NY, had to ban new miners from sucking dry its cheap electricity. Now Valatie Falls, 20 miles south of Albany, will get a dam repurposed to power a yet-to-be-built mining facility.

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Lawrence Lewitinn, CFA was the founding editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.