This week in Bitcoin: Bitcoin prices stabilizes after Christmas Freefall, The European Lotto goes Bitcoin crazy, Nicehash returns to operations and Pineapple gives $1 Million chunks away.
Pineapple gives $1M chunks away.
This month, one anonymous (and extremely generous) Bitcoin millionaire came out with a statement regarding the diminishing returns associated with wealth; “Once you have enough money, money doesn’t matter”. His words have been backed up by his involvement in his own Bitcoin Funded charity, The Pineapple Fund. Impressively this fund is dedicated to the distribution of over $80 Million worth of Bitcoins to various charities across the globe. The Pineapple fund has already been successful in the donation of over $15 million so far, spread out to 14 different charities. Such charities include “The Water Project”, “BitGive” and “Watsi”.
The Pineapple fund is already off to a great start, already processing some initial applications from a few of the first charities involved. Pineapple has moved proceedings along quickly for the charities and have already made the relevant transfers to a charity called MAPS. MAPS is currently involved in research which seeks to utilize MDMA to help combat clinical depression. Props must be given to Pineapple, whose selfless acts of charity are an example of just one of the great things to come from cryptocurrencies.
China tries to take control of Bitcoin
A story surrounded by controversy this week was China’s recent crackdown on cryptocurrency trading. In China a lot of supporters see Bitcoin as being free of government control, this obviously is an appealing thought for people living in a country whose government is not afraid of censorship and has a history of trying to control its population. China has already banned ICOs and also ordered all Beijing-based cryptocurrency exchanges to stop trading in mid-September of this year.
As Bitcoin has grown, more computing power has been required for the maintenance of the network. This obviously means the necessity to purchase more expensive equipment, which has lead people to migrate their mining to China, a place to find cheaper parts and of course cheaper electricity. China taking control of the large Bitcoin community already established in their country could prove to be hugely consequential for the market.
Nicehash – A Phoenix risen from the ashes
Nicehash has made a remarkable bounce back from hits recent hack and has “risen from the ashes” so to speak. After suffering a devastating hack of nearly 4500 Bitcoins a few weeks ago, Nicehash is back in business and returned to the world of crypto trading on the 22nd of December stating; “ We are happy to announce we have been able to reserve the funds required to restore balances from a group of international investors. Old balances will, therefore, be restored by January 31, 2018”.
Thanks to Marco Koban, the business has managed to find the right partners who have refinanced the business to ensure that more clients do not lose out. Mr. Koban has most likely lost a large part of the equity in his business and must be commended for finding this solution. I’m sure he will be crossing his fingers hoping that he won’t crash and burn and will avoid any further sinister hacks in the future.
European Lotto goes Bitcoin Crazy
It seems like everyone is hopping on the bitcoin trend, as an Irish Lottery company “Lottoland” is now offering a bitcoin jackpot worth over $14 Million. With 1000 Bitcoin being the prize to the lucky winner, this is undoubtedly one of the biggest Bitcoin bounties that have ever been raffled off. Lottoland has announced that the entry fee is a mere 4 euros, and entrants to the competition are not only limited to the Republic of Ireland.
According to the company in question, Lottoland, you are not even required to have a bitcoin wallet to accept the prize. If you are one of the lucky ones to win this new Bitcoin lottery, Lottoland will even help you set up your account in order for you to receive your prize funds. Perhaps this a way for those who felt they have missed the initial “crypto craze” to get involved.
This fresh new spin on the lottery will undoubtedly inspire waves of other companies to cash in on the current Bitcoin madness.
Bitcoin stabilizes after Christmas Freefall
It has been a relatively slow week for bitcoin. It experienced a massive correction just before Christmas and is now holding steady around the $14-15,000 mark. It is hard to say whether or not the Bitcoin market has calmed down at all after what was an extremely volatile period during the run-up to Christmas. It is up for debate whether the Bitcoin bull market is coming to an end or if it is just taking a short break and is winding up for a year of potentially incredible growth in 2018.
At one point, on the days leading up to Christmas, Bitcoin plummeted to a figure below $12,000, disconcerting information for high stakes investors involved. Bitcoin felt this dip especially hard as, unlike a more traditional stock or trading market, cryptocurrencies have no failsafe mechanisms built in to halt trading in the event of huge losses in value. No one knows where Bitcoin will one year from now, I for one will be hoping and praying that 2018 is the year that Bitcoin goes to the moon and doesn’t come back.