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cryptocurrency-event-2018

The cryptocurrency market received some much-needed good news today when SEC Director of Corporate Finance William Hinman announced that bitcoin and Ether were not securities. Despite the good news, however, some bitcoin critics insist that cryptocurrencies like bitcoin will soon be worth zero.

Hinman made the comments at a Yahoo Finance event. Hinman specifically said that bitcoin and Ether were not securities in their current state. However, he seemed to suggest that Ethereum’s initial ICO – which took place in 2014 and accepted cash in exchange for ETH tokens – may have constituted a security sale.

Cryptocurrency markets jumped on the news. Bitcoin closed as low as $6,133 late Wednesday. Within hours of the SEC news, bitcoin’s price had bounced to as high as $6,651, a gain of 6.4% over a 24 hour period.

“Dr. Doom” Economist Who Predicted Collapse In US Housing Market Insists Bitcoin Will Be Worth $0

Turkish-born American economist Nourish Roubini has been called “Dr. Doom” by cryptocurrency users for his frequent predictions about the collapse of crypto.

Roubini has previously called bitcoin “the mother of all bubbles”, for example and has repeatedly claimed that bitcoin would go to zero.

Roubini is a professor at New York University. His predictions are worth paying attention to. He was one of the few who predicted a collapse in the US housing market and banking system. He’s been bearish on cryptocurrencies since they began their meteoric rise in 2017.

Dr. Doom has also been outspoken about his crypto thoughts on Twitter. On Wednesday, Roubini took advantage of plummeting markets to take shots at noted cryptocurrency evangelist and venture capitalist Tim Draper.

“Draper is indeed a lousy investor,” Roubini wrote on Twitter. “After Theranos he became a crypto-evangelist….he will lose on his shitcoins even more than he lost in Theranos.”

Roubini was quoting a tweet from Adam Singer calling Tim Draper “the worst”. The pair were referencing a story about Draper blaming the collapse of Theranos on media attention.

Draper has made a number of predictions about bitcoin over the years. He has famously predicted a single bitcoin will be worth $250,000 by 2022, for example.

Ultimately, these are interesting times for the cryptocurrency industry. Prices continue to face downward pressure. In days gone by, news about the SEC confirming bitcoin and Ether’s status as non-securities would have sent the price of bitcoin soaring 20%. Now, it has led to a gain of just 5% to 6% over a 24 hour period. Stay tuned to see if this bull run continues – or if this is just a bounce on the way to the bottom.

Few of the Best Twitter Tweets & Reactions:

There was enormous amounts of mentions and comments regarding the SEC's securities ruling on Ethereum and Bitcoin (which we already knew) from a past conversation recently.

But we start with the 25 post tweetstorm thread from Marco Santori to kick things off.

Of course all the big boys covered the story, as this was CNBC's video:

Here are a few more soundbites and tidbits to chew on:

Then this one seemed to generate quite a bit of stir from the crypto community:

What do you guys think of the SEC's discussion today essentially saying out right Ethereum as it stands today is not a security nor will it be regulated as such (unless of course it moves its way up the judicial latter in due time).

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