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Interview with Andrey Pogorelym: the prospects for the cryptocurrency market for 2019

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We bring to your attention an interview with Andrei Pogorely, a well-known expert in the cryptocurrency market and the founder of iTuber. We thank Andrew for the detailed and informative answers.

How do you see the place of cryptocurrency in the modern economy? Is there a real need and demand for “digital assets” now?

I move away from people's need:

  • too expensive payments, i.e. transaction fees,
  • too long process of operations
  • third parties are involved in the transaction,
  • possibility of blocking operations and freezing funds.

In this regard, it is more convenient for people to use cryptocurrency , subject to the smoothness of its work and specific legislative regulation.

These factors will certainly cause demand in the use of cryptocurrency. But so far we have not seen a clear settlement of the interaction of cryptocurrencies with the states of different countries, and in some countries even try to ban cryptocurrencies.

Let's distinguish whether there are digital assets i. means of accumulation and means of multiplication, such as, for example, Bitcoin (this is not a means of payment, but more accumulation), too much volatility prevents Bitcoin from being used purely for standard implementation in e-commerce stores.

And on the other hand, it is the need for peer-to-peer funds, for example, when the same Ripple (XRP) as a replacement for SWIFT payments. Of course, there is a need, it stems from the pain that was listed above, but so far there are no specific regulatory standards from state bodies and this hinders the development of the industry.

Is society and business ready for the adoption of a “new form of money”?

The society has been ready for a long time, this is a normal process, we have moved from barter to gold, from cache to payment by bank cards, and now is the time for cryptocurrency, which can be used from any smartphone, almost anyone in the world can do this at the moment.

But the problem of widespread distribution again rests on the lack of regulation by the state, so that cryptocurrency could be used, quickly, conveniently, without any obstacles and restrictions. The same bitcoin is not suitable for mass adoption, it is more a means of accumulation, like “digital gold”, because its course is very volatile. At this stage, Tether (USDT) is more suitable for widespread use, since its course remains stable throughout its existence.

For the mass adoption of cryptocurrency medium and large businesses need two items:

  • Increase profitability or reduce business expenses
  • Regulation at the legislative level.

At a smaller level, e-commerce has long been introducing cryptocurrencies, but this is more related to their popularity and the course movement. when around Bitcoin there is a lot of noise and the rate is growing – everyone introduces BTC payment, when many people fall, they remove this possibility.

Accordingly, until there is a crypt with a stable rate and minimal volatility, I do not believe in the mass adoption of cryptocurrency by the business.

Will Bitcoin remain the flagship of the cryptocurrency or the future of the tokens that will be issued by large corporations (Facebook, Google, Telegram)?

I separate here separately, Bitcoin here as an asset, it is too volatile, I do not believe in the possibility of mass acceptance of BTC as a means of payment until its course is so unstable. For example, the same platform Steam refused to accept payments at BTC, because it could not predict the exact budget replenishment.

Accordingly, Bitcoin for me seems more like “digital gold” – a means of accumulation, and not a means for payments.

In terms of payments, there are two directions:

  • independent cryptocurrencies, their advantages are that they allow us to get complete anonymity,
  • cryptocurrencies of large corporations Facebook, Telegram, Google, which initially have an advantage in mass adoption with proper and convenient implementation.

Both formats will most likely coexist, since they are used for different purposes and tasks.

What are the prospects for cryptocurrency in Russia for 2019 (implementation, regulation, mass adoption)?

From the point of view of regulation of cryptocurrency, the possibilities to control a large flow of new funds are interesting, since the entry and exit to the crypt occurs through exchanges and exchangers, with banking operations and cash withdrawals. The control of these areas will be strengthened, the exchangers and cryptobirds will be the control points first of all.

As for the mass adoption, also will not be for the reasons listed above. Need government regulation and implementation of the business.

Separately, it should be said about the prospects of blockchain technology in the Russian Federation. The technology of decentralized database of baths can greatly simplify and even abolish many processes in the state. But perhaps the current system and the legislators do not want to make these improvements, although for the citizens the advantages of the blockchain would be undeniable – transparency and budget savings.

How do you see the optimal principles of cryptocurrency regulation (at a basic level)?

Being a libertarian, to be honest, I’m not particularly for any means of regulating anything, I’m more for the free market, so that people themselves define their actions and tools in accordance with their effectiveness. In terms of cryptocurrency, it is worthwhile not to tighten the screws and prohibit them, but to allow the circulation of crypting currency, while taxing these transactions with a corresponding tax.

In this case, the users themselves will determine which tool suits them better: Bitcoin, Ether, Tether (USDT), Crypto Rule, or something else. The market itself will leave the most stable instruments and drop all less effective. And the prohibition of something will only create a “black market” and tax losses for the state.

Will the blockchain technology evolve along with the growing popularity of cryptocurrencies or the adoption of the technology itself can occur regardless of the situation on the crypto market?

For me personally, the blockchain technology itself is of greater interest. the similarity of virtual currency as a means of payment existed before, for example Webmoney. The blockchain technology has made such a breakthrough possible through decentralization .

It is through decentralization that it is possible to achieve transparency and openness in many areas (for example, government elections, decisions of various communities, registers of dedvizhimost, etc.), since the human factor (error, bribing, non-objectivity, etc.) is eliminated. great prospects in the long run.

Which top-100 cryptocurrencies in your opinion will show the greatest growth in 2019?

There are certain levels of cryptocurrency differing by the features:

  • Cryptocurrency rate which follows Bitcoin (BTC, LTC) – now you can designate it as an index of the cryptocurrency market as a whole. I am sure that Bitcoin volatility will be high – it will rise and fall more than once.
  • Cryptocurrencies that provide the infrastructure for creating other cryptocurrencies and tokens (ETH, NEO, EOS, NEM) – the growth of these assets primarily depends on the development of the ecosystem as a whole, as well as the marketing and technical strategy of specific projects.
  • Cryptocurrency exchange tokens (BNB, HT) – the exchanges operate with large capitals on the market, which makes it possible to popularize their tokens and even manipulate the market in order to grow them. In particular, BinB from Binance already occupies the 12th line of the Coinmarketcap.
  • An independent cryptocurrency that will have its own technology (DASH, MIOTA) – the entire community will manage it, and the voting will take place with the participation of each holder of the masternods .

But the growth of almost all cryptocurrency categories will depend on the general state of affairs in the cryptocurrency market, since total market capitalization is still too small and subject to speculation. Now, many market players are engaged in exactly speculation, but over time the vector will shift precisely to technology, its development and application.

What trends in the crypto industry you personally expect in 2019?

In addition to the development of areas that are on everyone’s ears, it is: artificial intelligence, augmented reality, robotics, electric cars, etc.

There will be a strong tightening of the nuts in the field of ICO with tight regulation by the government (including the SEC). Now the money supply from investors is much higher than the quality ICO, with this ICO scam was already a lot.

Investors will also undergo KYC and verification by providing inquiries from a broker, a bank, etc. Therefore, in the future, not everyone will be able to invest in ICO, which over time will replace STO with projects, they will become much less, but with a higher level of development and quality, the responsibility of project organizers will greatly increase, for them there will be much more mandatory reporting and inspections. All this should have a qualitative effect on the market.

I expect the growth of cryptocurrency in late spring – early summer, in particular, everyone expects the integration of cryptocurrency as an asset to traditional stock markets in the form of ETFs, futures, options, etc. The stock market has a much larger amount of capital that can warm up cryptocurrency assets.

2019 is likely to be the moment when Bitcoin will be financially legal and regulated, which will cause a new leap in hyip and cryptocurrency growth. In terms of mass adoption by society, everything will depend on the convenience of cryptocurrency for the user, including the ability to use them anywhere in the world to pay for any goods and services (acceptance by the business).

For the long term, I am confident that the cryptocurrency will replace the existing banking system, perhaps it will be in some kind of modified form.

Publication date 02.02.2019
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The price of Bitcoin reached a monthly maximum, the bulls are preparing for a breakthrough for $ 4,000

On Monday, February 18, the price of the first cryptocurrency reached $ 3,700 at the Bitstamp exchange, thereby updating the monthly maximum. In the opinion of CoinDesk Markets analyst Omkar Godboul, this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend. Nevertheless, Godboul noted that bitcoin is still stuck in a symmetrical triangle on the daily chart. At the same time […]

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On Monday, February 18, the price of the first cryptocurrency reached $ 3,700 at the Bitstamp exchange, thereby updating the monthly maximum. In the opinion of CoinDesk Markets analyst Omkar Godboul, this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend.

Nevertheless, Godboul noted that bitcoin is still stuck in a symmetrical triangle on the daily chart. At the same time, the inverted head and shoulders on the four-hour chart speak in favor of breaking through the upper boundary of the triangle at $ 3,760, which will open the way to $ 4,030.

Note that today's growth of Bitcoin is supported by high volumes and an increasing number of long positions (38,237 BTC on Bitfinex). A break above $ 3,760 will change the situation on the daily chart in favor of the bulls, but failure will increase the chances of bears to return to $ 3,300.

The 5-day and 10-day moving averages (MA) on the daily chart point to the possibility of success for the bulls, while the 14-day RSI reached 61, the highest since September 2018.

It is noteworthy that on the four-hour chart RSI shows overbought. This may indicate a possible rollback before the rally to the specified values, says Godboul.

Meanwhile, Ethereum again entrenched in second place CoinMarketCap. Over the past 24 hours, the coin has grown by almost 10% and is close to the $ 140 mark. EOS and Bitcoin Cash come on the heels: they have 6.5% growth.

CoinMarketCap data

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Overview of the most important events in the cryptocurrency market at the moment

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Since the beginning of 2019, more and more news has appeared on the crypto-market, which indicate a significant “maturing” of the entire industry. Compared to the previous year, experts note a faster pace of technology development, as well as a steadily growing dynamics of the market value of cryptocurrencies.

This is due to the influx of new capital from global financial corporations, which are not ready to further lose the opportunity to seize a competitive advantage, given the surge in interest in blockchain and cryptocurrency in previous years.

The current situation with Bitcoin ETF and the launch of the Bakkt platform

It is worth expecting that the issue of state regulation of transactions with Bitcoin that is relevant for 2018 will remain a stumbling block for many more months. However, the ending week brought some clarity on the situation with applications to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

First, we note the decision of the CFTC management, following another blocking organization, the SEC, which has taken up a more detailed study of the blockchain and how to use it. In a press release published on the official website of the Office, a decree is issued on the beginning of closer monitoring and research of the crypto-industry by the Market Watch Department (DMO).

In this decision, experts see the attempts of the state department to collect the most relevant conclusion regarding the application for the start of trading in Bitcoin futures on the Nasdaq exchange. Bakkt platform can help them in this matter, which also hopes to receive approval from regulatory organizations at the start of trading in bitcoin futures contracts with physical delivery.

Bakkt has already attracted funding of more than $ 182 million from the Microsoft venture capital fund, as well as Starbucks and a number of other organizations. Moreover, by the end of this year, another $ 25 million could be attracted, as told by one of the directors of the parent exchange ICE (also owns the New York Stock Exchange) Scott Hill during a speech to investors.

Continuing the theme of financial regulation and its interaction with cryptomere, it is necessary to note the interesting idea that the SEC considers tokens of functioning networks as non-securities. SEC Commissioner Esther Pierce, who received the tender nickname “crypto-mother” in the community for her support of cryptocurrencies, unlike many of her colleagues in the field of traditional finance, has a similar opinion.

Pierce has already officially confirmed the opinion of experts about the impossibility to apply the legislative base on securities in relation to utility tokens. This decision opens up new opportunities for the development of a crypto market without the threat of sanctions from the powerful American regulator, although creating investment contracts will already require meeting all SEC requirements that are not yet fully defined due to the novelty of the cryptocurrency subject.

Also this week, the American investment company Reality Shares, which specializes in managing client assets, decided to create an exchange-traded investment fund with access to Bitcoin futures on the NYSE Arca trading floor. For this, a corresponding application was filed with the SEC, but the very next day it was voluntarily withdrawn.

The whole background of such a lightning decision lies in the call from the representatives of the regulator, which came to the lawyers of the company Reality Shares, who told about the impossibility to approve any applications at the moment in accordance with the current law on exchange funds adopted in 1940. It should be noted that if the application had not been rejected within 75 days, then it would have all the chances of automatic approval.

Upcoming hardfork Constantinople in the Ethereum blockchain

The latest news suggests that the Ethereum technical team is trying to remove the last obstacles before the Constantinople network update scheduled for the end of this month.

Recently, programmers from the Ethereum Foundation described an error in smart contracts identified in the software update being developed (in addition to a double spending error), which allowed replacing the rules of a self-destructing smart contract, which could lead to loss of funds. This can be done using the Create2 function. To protect against this, developers are going to prescribe strings to remove the danger of additional playback.

While the process of debugging this update is in full swing and continues to identify errors. Recall that the ETH network update will occur approximately at block 7280000, which will be produced in the interval between February 26 and 28.

At the same time, activities are continuing to prepare the community for the upcoming changes in the field of mining of the ether . So, on February 10, the issue of this cryptocurrency dropped to 13,000 units, although a few months ago this value was 20,000, and the time taken to extract one block rose to 20 seconds. It is this event that led to the rise in the cost of many cryptocurrencies at the beginning of the week, so the hopes of many investors regarding the appreciation of crypto assets are related to the launch of the hard-core Constantinople.

Argentina introduces bitcoins in public transport

Argentina can become one of the pioneers of the use of cryptocurrency not only in the financial world, but also in everyday life. Now you can pay for public transport in many major cities using the SUBE contactless card, replenishing it in the offices of bus stations, ticket sales terminals and kiosks of the national lottery. To do this, it was first necessary to conclude an agreement at the state level with Bitex cryptographic bureaux.

Now you can pay for the use of buses and subways in this South American country by first throwing money not only in fiat currency, but also with the help of bitcoins. In the near future, the function of paying utility bills using bitcoin wallets will also be available.

JP Morgan launches its own cryptocurrency JPM Coin

Wall Street continues to take confident steps to familiarize itself with the world of cryptocurrencies. And if Goldman’s acquisition of Circle startup by the investment bank Goldman Sachs, which subsequently introduced its own cryptocurrency USD Coin, became one of the first successful examples, then today you can declare a bold decision by another, no less large financial organization, JP Morgan, to launch your own JPM Coin .

In the coming months, the bank’s team will conduct product testing for possible use in third-party credit organizations and corporations conducted by a financial conglomerate, which amount to $ 6 trillion.

The main idea of the project being created is to increase the speed of payments made, which today only provides the blockchain, and its reliability must be guaranteed by smart contracts. The main competitors in the form of an international payment system between SWIFT banks are hopelessly outdated, and assets held in JP Morgan accounts in the form of dollars, securities and others need to transfer ownership more quickly when they are sold.

Created cryptocurrency will be provided in the ratio of 1: 1 US dollars, which will be credited to the vaults of institutional clients of the bank, that is, ordinary investors will not be able to use the new cryptocurrency.

By the way, speaking of Wall Street and its interest in the world of cryptocurrencies, we can note the fact that one of the world's largest technology stock exchanges Nasdaq from February 25 will begin to provide information about the current rate of Bitcoin and the air almost in real time. You can learn about the current situation on the spot market from the most liquid exchanges with a delay of 30 seconds from these Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) indices.

Technical analysis of cryptocurrency rates

Speaking about the influx of new funds from large capital, we also note the rising cost of Bitcoin on the leading exchanges. So, at the beginning of the week there was a breakthrough from the previously designated supports within the range of $ 3,465– $ 3,500.

Bitcoin

At the time of this review, trades are slightly above $ 3,600 with the potential to continue moving after the completion of the short-term correction further up to $ 3,800 and key resistance values of $ 3,900– $ 4,000.

Capital inflows or approval of applications for the creation of ETFs or bitcoin futures can lead to a resumption of global growth. Provided that the verge of the Vimpel technical analysis model is overcome, we can expect the completion of the general correction that began in 2018, with the likelihood of subsequent withdrawal in the coming months to the $ 4,150, $ 4,500 area and $ 5,000– $ 5,041 area, where there are many levels of local extremes that will confident goals of the upcoming growth.

Do not forget about long-term goals in the form of a cluster of levels of $ 5,280– $ 6,000, which can also be achieved in the framework of 2019. Also, one of the factors in favor of global demand for Bitcoin could be the search for alternatives within the framework of the expected weakening of the US dollar this year and overvalued gold as a protective tool.

Ethereum and Altcoins

Ethereum after the development of a short consolidation within the limits of $ 100- $ 110 the previous week as part of this went into a decisive growth to the previously identified goals of $ 120 and in the future it can also reach $ 130, where a strong resistance level passes. This led to the return of the asset to the 2nd place in the capitalization rating, according to coinmarketcap .

In the short term, a decline to $ 100- $ 110 may be possible, but most likely is the conclusion of purchase transactions in anticipation of global growth to the current year's highs of $ 150 and $ 160 in the coming months.

Lightcoin also showed rapid growth and reached our first goals as $ 36 and $ 40, while maintaining the prospects of reaching $ 43.50 and the area of $ 48.50– $ 50 in the next weeks.

The most important events kryptorynka on February 2019

  • On February 11, Airdrop BitTorrent (BTT) was held for TRON (TRX) holders, and the distribution will last until February 2025, which may lead to TRX volatility.
  • Expiration of bitcoin futures contracts on the CME – February 22.
  • For the period from February 26 to 28, an update of Constantinople in the Ethereum network is scheduled, which has already led to an increase in the rate of the ether, and may also lead to volatility on a specified date before it.

Publication date 18.02.2019
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Craig Wright declared himself Satoshi Nakamoto in a letter to CFTC

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document I did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto. “My name is Dr. Craig Wright. Under the pseudonym Satoshi Nakamoto, I completed […]

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A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document I did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

“My name is Dr. Craig Wright. Under the pseudonym Satoshi Nakamoto, I completed a project that I started back in 1997, ” wrote Wright.

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows.

“The system I created was partially intended to eradicate fraud. But a small understanding of the blockchain has led to the spread of false information and the revival of old fraudulent schemes, including in the form of ICO, ”he said.

In his letter, Wright also stressed that Ethereum is nothing more than a poorly crafted copy of Bitcoin.

“Ethereum is aimed at fulfilling promises in smart contracts, which were represented in Bitcoin itself, but were stalled by its developers. The Ethereum network has already reached its limit and, in fact, is used only by unscrupulous offices, which mislead market participants who do not have sufficient technical knowledge, ”concluded Wright.

Recall that earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a puncture confirming that he was not Satoshi Nakamoto.

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