DTube. Why Bitcoin, Litecoin, and Ripple are Up. BGold. BCash. Segwit2x

sobuka (49)in #dtube • 7 years ago (edited)

You can find the related Steemit article tied to this video here: https://steemit.com/bitcoin/@sobuka/why-bitcoin-litecoin-and-ripple-are-up-bitcoin-gold-north-korean-news

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All prices are given in USD. Also I had to remove the North Korean commentary from this YouTube video. Apparently YouTube's robot in the past did not like something about it. You can find the North Korean commentary video here.

Hello everyone. My name is Nick, the host of Sobuka where we give commentary and opinions on what is going on in the cryptocurrency industry with respect to the southern and eastern hemisphere. On this channel, myself and others like Brian and Laura are always looking for ways to make our content and interaction better with the audience. Suggestions are definitely appreciated. So the area that I will cover today is coming from North Korea and how supposedly they are trying to hack several South Korean exchanges. But first we will look at some market anomalies in the cryptocurrency space that my viewers in the past have asked me to perform. Today it will be on Bitcoin breaking the $4,700 barrier. And I just want to tell everyone that all the prices listed on my channel are given in USD. As well, I will talk about Litecoin breaking past $67.00 and lastly Ripple (more specifically XRP) creeping up to the $0.25 region.[1] Yes, it’s honestly freaking time that XRP made moves higher! What a disappoint-er for the past few months?! So guys stay tuned to hear all of this.

For Full YouTube Video: Click Here

Bitcoin. Buy and Hold Bitcoin. Bitcoin Cash (BCash). Bitcoin Gold (BGold).

Before I move forward with this, I just want to say that my channel is not financial advice. Please talk to a financial advisor before jumping into the cryptocurrency space. So let’s start with Bitcoin. The cryptocurrency broke past the $4,700 resistance level. One of the possible reasons for its high price move lately could be attributed to the following reasons. And disclaimer, all this is my opinion and speculation. I do not have a crystal ball on what is going on with these exchanges. And if you guys know of anything or news that is better than my reasons, please help me out. Share it under my comments section so others are informed, or give me a thumbs up if you agree with my assessment.

Via btc_joe @ Twitter

Okay, let’s start with Bitcoin...Bitcoin will likely be going through two coin splits later this year. For example, if you have Bitcoin before those splits, you may have two coins. The first one from the top of head will be related to Segwit2x. Supposedly, the Segwit2x coin will act similarly to the current Bitcoin but “much” faster as it speculates. The other one is called Bitcoin Gold or BGold for short similar to BCash. I do not know what the ticker symbol for BGold will be on the exchanges. BGold was originally slated to be named BCT, but that ticker symbol was already taken from my knowledge. I looked over a small poll from twitter followers from the BGold site. The poll asked “Which crypto dividend has the greatest chance to survive in the long haul?” The result so far is BGold at 42%, Segwit2x at 32%, and BCash at 26%. So from that small poll, BGold is currently at the lead. Now for folks who do not understand the history of this fork and split situation, this recently began when BCash split from Bitcoin back in August.

This was really a surprise split for most people in the Bitcoin community as Bitcoin was suppose to remain as one coin. And from this day, it’s left a sour taste with a handful of people in the Bitcoin community. The same is true for the Segwit2x coin that is coming up real soon. The schedule for that is around the October and November time-frame. So again, some of the people in the Bitcoin community do not want this Segwit2x coin as its suppose to undermine the real Bitcoin’s upgrade in November. Thus the Segwit2x coin will cause a whole bunch of confusion as like BCash, for people who are not too savvy around the crypto space. And there you have it. BGold is suppose to be released sometime in October but before the Segwit2x coin, so look out for that. And I will have references below on where you can find more information and conversations about this BGold situation. From what I can tell you, the parties involved in BGold love to stay true to Bitcoin by not causing any contentions within the Bitcoin community. So because of that, they are seeing more favorable results from their early, voting polling data.

Thus this brings me to my point. Should you buy Bitcoin? My response is, “Please go seek a financial advisor before investing in this space!” I will tell you from my own experience that splits similar to this in the past, what has happened is that the original coin typically tends to reach a higher price because everyone wants to get a hold of that second coin. If you have questions about that, please leave it in the comments section, and I promise to get back to you on that. Before I get off this Bitcoin subject, one last thing that I want to say about Bitcoin, is that "buying-and-holding" Bitcoin thus far, has been the best financial trade. Now if it goes to $0.00 tomorrow, then that ends that conversation. If you are into trading cryptocurrencies back and forth, just remember that 5% of day traders are successful, so make sure your trading strategy is "Albert Einstein-ish" tight.

Litecoin, Bitcoin’s “Legitimate” Baby Brother. The Litecoin Lightning Network.

And this is a good solid transition to Litecoin, which I call Bitcoin’s “legitimate” baby brother. Let’s talk about Litecoin’s price move now. It is currently just hovering below the $70 price region this morning. And the only news that I can relate to it's price move is given how it’s lightening network will be released this September. So what you may have going on here is people buying into the news, thus bringing the price much higher. The reason why I call it Bitcoin’s little brother is the following. It was the second alt-coin to come out after Bitcoin, and it shares quite similar qualities to Bitcoin. Only difference is that Litecoin’s supply is several folds more than Bitcoin. In the industry, Litecoin is still looked upon as the Silver to Bitcoin’s Gold. This lightning upgrade which is suppose to be coming out in September will allow Litecoin to handle a lot more transactions per second.

Now Let’s Talk About Ripple (XRP)

With that said, what the heck is Ripple?! Ripple quite simply for new people out there is a banking technology that brings something to the financial industry, which is speed and transparency of transactions. It does have a token associated with it called XRP which is now just shy of the $0.25 cents region. This token has been struggling in price this past few months with the other decentralized cryptocurrencies just kicking it's butt. So if you have been a holder of XRP, since early May, you are definitely a true fan. I personally left that bandwagon a while back. But regardless of that, the price of the token has moved up to about the $0.25 cent region. There is news coming from China that the Ripple team met with banking officials in China. All I can speculate is that something big might be coming out of Ripple so I will be paying more attention to the company. Also keep in mind that a few months ago, the Ripple team did meet with Saudi officials to test the Ripple platform and that meeting went well. This is my take on Ripple: It is the only known banking platform in the crypto space that is leading the coin market capitalization. I am not saying buy this coin. But keep an eye in what is going on with this company. The financial systems of the world would likely adopt this technology given how fast it’s platform performs and all the good news that surrounds the company. Now how the XRP token will play or be involved is anyone’s guess. It may be used as a way to barter between other cryptocurrencies, or it could be used as a smart contract to store pertinent information via delivering and receiving mechanism. So what Ripple decides to do with XRP will be interesting in the near future as both features that I have described basically sums up what it can do at the present moment.

North Korea Did What Again?! Say What?!

This lastly pulls me into news about North Korea and South Korea with respect to Bitcoin and cryptocurrencies news.[2] It turns out that North Korea has been suspected of hacking South Korean cryptocurrency exchanges. I am not sure if that news is true. All I can take out from that news is that it makes North Korea appear much smarter than they look. And we are giving them a lot of credit for looking so smart. There are a few world class cryptocurrency exchanges in South Korea. So the idea of North Korea having technologies that date back to 1950’s...well let’s just say that something does not add up. And if anyone knows about 1950’s technology, most of that equipment was purely analog. Yes, you can turn the analog signals into something digital but it would be like cutting a piece of chicken with a butter knife. Definitely not convenient there. So the idea of this hacking incident calls to mind several things.

If this rumor is true, then North Korea has very nice computers and smart people.
If this rumor is false, we are giving North Korea too much credit.
If this rumor is false again, who is actually doing this hacking, and is North Korea just the escape gate? Let’s simply blame the North Koreans for everything then...

We have heard of similar rumors in the past like North Korea mining Bitcoin which in essence would take up a lot of electricity for a country that size. I am just saying that there is a little bit of doubt if any of these rumors are true. With the ability of western powers being able to sniff and disable digital communication lines, it really calls into question the legitimacy of everyone involved in this North Korean craze.

Alright...That’s all I have for this segment ladies and gentlemen. If you want me to look at any specific country in detail as it relates to cryptocurrencies, please let me know. My only restriction is that the country must be in the areas I cover on this channel such as Africa, Latin America, Middle East, and South Asian Pacific. And lastly, If you like this content, please click the Like button on YouTube. You can also Upvote/Re-Steem this content on Steemit. For new people, you can also choose to follow me here on Steemit or subscribe on YouTube. So please feel free to post your questions below and if there is any specific cryptos you want me to look at, please let me know. I promise to get back to all of you!

Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Sarah here from time to time.

Relevant Sources

For more Information on BGold, please visit YouTuber Adam Meister's recent content. His channel is linked here.

Link to BGold's twitter page is here.

[1]. Coin Market Cap. By Coin Market Cap. 8/31/2017. https://coinmarketcap.com

[2]. “North Korea Could Be Targeting Bitcoin Exchanges in Hacking Attack.” By Sterlin Lujan. 8/25/2017. https://news.bitcoin.com/north-korea-could-be-targeting-bitcoin-exchange-in-hacking-attack/

If you like this article, you may be interested in the following Steemit post & commentary about North & South Korea. There are also tons more stuff about Korea on my YouTube channel: