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BITS and the Hidden World of Obscure Coins

BITS and the Hidden World of Obscure Coins

Obscure Crypto

Continue reading BITS and the Hidden World of Obscure Coins at E-Crypto News.

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What makes a cryptocurrency dead? What makes it alive? The answer is simple: Volume.

No matter what happens to the development team, the Initial Exchange Offering, the social media accounts, or the online hype, a coin is not completely dead until it can no longer be traded. These forgotten coins linger on through online exchanges, and sometimes they explode like never before.

This hidden world of obscure cryptocurrencies has produced record profits through subtle price movements and massive trades of extremely cheap tokens. These cryptocurrencies are typically well-past the initial stage of media hype, and most of them are fractions of a cent in price.

From the subtle yet reliable movements of Bitcoinus (BITS) and the 60,000x gain of Corgicoin (CORG) “We do not stop exercising because we grow old — we grow old because we stop exercising.” — Dr. Kenneth Cooper “We do not stop exercising because we grow old — we grow old because we stop exercising.” — Dr. Kenneth Cooper these obscure coins are very quietly making a small group of investors a lot of money.

Enter the World of the Dead (Coins)

Most cryptocurrencies go through a standard life cycle: Inception, promotion, Initial Coin Offering (ICO), Initial Exchange Offering (IEO), price spike, and mass sell-offs. The founders and initial investors sell off very early, walk away with a nice profit, and everyone else slowly sells off their holdings.

But what happens when the selling is over? What happens when the price hits rock bottom? Cryptocurrency allows for prices with very high decimal points. This means that a coin can be priced at extremely small fractions of a cent.

Sometimes these forgotten coins stay at this level and quietly fluctuate between small increment changes.

Sometimes they explode and reach prices that are magnitudes higher than their highest IEO level.

Bitcoinus (BITS)

Bitcoinus or BITS is one such obscure and forgotten coin. After an IEO and massive sell-offs, the coin slowly declined in price and volume until it reached the smallest possible price on the STEX exchange:

$0.00000001

This price is so small that the smallest fluctuations cause proportionally massive returns. As you can see from the chart above, the coin consistently fluctuates between 0.00000001 and 0.00000002 USDT.

The market cap is extremely low, typically below $5. Compare this to the $186B market cap of BTC as of writing, and you can see how it is very easy to move the price of this obscure cryptocurrency.

Buying this coin at 0.00000001 USDT and selling off at 0.00000002 USDT gives a clean profit of 100%. Even though the coin makes the smallest possible movement, it is doubling in price. Therefore, the traders that are still buying and selling at these prices are doubling their investments.

Tracking the volume, you can see billions of BITS flowing through the STEX exchange every now and then when the price spikes. This means that a handful of traders are still using this coin to make money.

BITS can only be traded on the STEX exchange, further adding to its obscurity. However, savvy investors are still buying these kinds of coins to make quick and consistent profits.

CorgiCoin (CORG)

CorgiCoin or CORG is likely the most infamous story of a forgotten cryptocurrency that exploded in price. However, the story is still relatively obscure, and the fact that the coin never broke $0.01 is part of it.

The price peaked at $0.000024 after the IEO in 2014 and was followed by the expected mass sell-offs. By July of 2015, the price had hit rock bottom with price fluctuations between $0.00000001 and $0.00000008.

However, in March of 2016, something strange started to happen. Volume began increasing. Prices began fluctuating as high as $0.000020 before dropping back down. This was an anomaly, but it would not be the last.

December of 2016 saw the beginning of a bull run that culminated in a $0.000583 peak on July 27th of 2017. This was over 24x times higher than the initial IEO price peak. What followed was a frenzy of trading activity, several more peaks, and a record peak of $0.000686 on December 14th of 2017.

What began as a dead coin turned into a price explosion that drove the price to 68,600x of its lowest value. This means that every dollar invested in the coin at the lowest price became $68,600 during the December peak.

The price of CORG reached a final peak of $0.002578 on January 13th of 2018 and finally stopped trading on exchanges by February of 2018. In total, CorgiCoin saw a maximum gain of 256,900x from $0.00000001 to $0.002578 without ever breaking $0.01.

From 2016 to 2018, an investor could easily make a fortune in returns by foreseeing this price spike, but the spike is really a product of a self-fulfilling prophecy. More people bought into the coin seeking to make a profit from minor price fluctuations, and this drove the price up. This buying caused the peaks that they were seeking in the first place.

How to find obscure coins

Finding your own obscure cryptocurrency to trade is not too difficult. Services like CoinGecko allow you to browse thousands of cryptocurrencies at once and sort them by price, market cap, and volume.

The perfect dead coin is one that is cheap, relatively active, and still available for trade on an exchange. As these coins can have very low volume, it may be very difficult to fulfill a spot order to buy or sell. However, it does not take much capital to move the price of a cryptocurrency with a very low market cap.

The best example we’ve found thus far is the aforementioned BITS, but there are plenty more waiting to be discovered through searching cryptocurrency databases. Unlike CORG, coins like BITS are still available to buy and sell online.

While most media attention goes the high market caps and high profile developments of mainstream cryptocurrencies, a treasure trove of obscure cryptocurrencies sits beneath the surface. If you choose to dive into this hidden world of obscure coins to make your own trades, good luck, and happy hunting!

Source: https://e-cryptonews.com/bits-and-the-hidden-world-of-obscure-coins/

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Bitcoin price is going to ‘infinity’ — Kraken CEO

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Bitcoin (BTC) will be worth “infinity” and humanity will soon give up pricing it in U.S. dollars, says the CEO of cryptocurrency exchange Kraken.

Speaking to Bloomberg on March 4, Jesse Powell was characteristically bullish on Bitcoin as BTC/USD broke above $50,000.

Powell: $1 million Bitcoin in ten years “reasonable”

“Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity,” he told Bloomberg TV about future price trajectory.

“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.”

Powell was commenting as the USD weakened alongside a macro market sell-off on Wednesday, an event which had next to no impact on Bitcoin. At the same time, the U.S. national debt quietly passed $28 trillion for the first time in history.

Despite a rejection of $50,000 support, Bitcoin bulls thus remained more than optimistic.

“The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency, so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth,” Powell continued.

“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”

As Cointelegraph noted, Bitcoin closed February 26% above its target dictated by the stock-to-flow-based price models, with creator PlanB still confident that $100,000 will hit at some time this year.

Bitcoin stock-to-flow chart as of Mar. 3, 2021. Source: Digitalik

No time for gold

Meanwhile, the gold ecplise argument has been steadily gaining support on social media in particular, often at the expense of gold bugs, who are left with increasingly little ammunition to defend their anti-Bitcoin stance.

As Cointelegraph reported, it was billionaire and former Bitcoin skeptic Mark Cuban who this week took SchiffGold.com CEO Peter Schiff to task over his love of the precious metal. Gold, he told Schiff, “is dead.”

“Bitcoin has been crushing gold since inception,” Kraken growth lead Dan Held added in response to claims by Schiff that a bet against gold was a losing one.

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Source: https://cointelegraph.com/news/bitcoin-price-is-going-to-infinity-kraken-ceo

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Giottus technologies offers access to Bitfinex liquidity

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Giottus Technologies (Giottus), a cryptocurrency exchange, today announced that it will provide access to liquidity on Bitfinex, providing its customers with some of the deepest crypto-to-crypto liquidity in the industry.

Giottus is also introducing the most competitive fee structure in India for its customers.

“Giottus customers can now enjoy high liquidity across BTC/USDT, ETH/USDT, XRP/USDT, TRX/USDT, ETH/BTC, and many more. Through the strategic agreement with Bitfinex, we have further strengthened our compliance policies and procedures, both on and off-chain,” said Vikram Subburaj, Co-Founder & CEO at Giottus.

The commitment to our customers comes first, which is why we have introduced the most competitive fees in India, 0% Maker & 0.075% Taker. Traditionally, the largest global exchanges charge these low fees only to customers trading USD 3Bn+ monthly. Giottus customers can enjoy these fee levels irrespective of their monthly trade volumes,” added Arjun Vijay, Co-Founder & COO at Giottus.

Benefits of this new strategic agreement include,

  • Some of the deepest crypto to crypto liquidity in the industry
  • The most competitive fees in India – 0% (Maker) & 0.075% (Taker)
  • Enhanced on & off-chain compliance and controls

About Giottus 

Giottus is changing the way Indian users trade their digital assets by building a platform that is customer-centric along with top-tier customer support on par with the world’s best international exchanges. Preferred by beginners and veterans alike, Giottus offers products and solutions that cater to users of all segments.

Key product features include,

  1.  Trading in 100+ crypto pairs
  2.  One-Click INR Deposit and Buy
  3.  24×7 Banking Support
  4.  Multilingual Customer Support (English, Hindi, Tamil & Telugu)
  5.  Superfast KYC processing

In the past month, Giottus has launched the trade of 30+ new INR-crypto pairs along with an improved compliance mechanism and upgraded tech-stack to support its growing Indian consumer base.

Giottus is highly rated and loved in India with a greater than 4.8 on 5 average ratings among reviews on Google, Facebook, and Trustscore.

Contact

Srivathsan A R, Chief Marketing Officer, Giottus @ [email protected]

For more details, visit their website or contact them on Telegram

Disclaimer: This is a paid post and should not be taken as news/advice

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Source: https://ambcrypto.com/giottus-technologies-offers-access-to-bitfinex-liquidity

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Coinbase CEO tops China’s Hurun list of blockchain billionaires

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The CEO of the United States’ largest cryptocurrency exchange, Coinbase, has topped the list of global industry billionaires by China’s Hurun Research Institute.

Issued on March 2, the latest Hurun report provides a brief overview of the world’s richest, stating that the number of global billionaires has surged nearly 50% to hit over 3,000 people over the past five years. The report includes 17 “blockchain billionaires,” or industry entrepreneurs who made their fortune “mainly from cryptocurrency” as of January 2021.

According to the report, Coinbase CEO Brian Armstrong is the world’s biggest crypto billionaire, with his net worth surging ten-fold from $1 billion last year.

According to Hurun’s data, Armstrong now has an estimated wealth of $11.5 billion ahead of Coinbase’s imminent initial public offering. The company officially announced its IPO plans in December 2020 in a draft filing with the United States Securities and Exchange Commission.

Sam Bankman-Fried, founder and CEO of Alameda Research and FTX exchange, is ranked the second-richest blockchain billionaire, with a net worth evaluated at $10 billion. The executive is a new entrant in the Hurun list, following the massive growth of FTX in 2020.

Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, is ranked the third, with total wealth estimated at $8 billion, up more than 200% from last year. In 2020, Zhao was featured as the richest crypto billionaire in the Hurun list, overtaking Bitmain’s co-founder Micree Zhan Ketuan.

The Hurun’s new blockchain billionaires list includes a number of major industry players like Ripple co-founders Chris Larsen, Stellar co-founder Jed McCaleb, Digital Currency Group CEO Barry Silbert, the Winklevoss brothers, MicroStrategy CEO Michael Saylor, and others. The list features a total of 11 new entrants in the list including major industry investor Tim Draper and Galaxy Digital founder and CEO Michael Novogratz.

Source: Hurun

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Source: https://cointelegraph.com/news/coinbase-ceo-tops-china-s-hurun-list-of-blockchain-billionaires

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