Welcome to Lifehacker's weekly round up of all things Bitcoin, altcoin and cryptocurrency. It's been an insane week for Bitcoin, with the kind of dip that sent holders into a panic not seen since... well, since the last dip. It's been messy and, for some, it's been brutal.
Here's the big news in Bitcoin this week.
- I really loved this piece, from the creator of the 'joke' cryptocurrency Dogecoin, where he laments the fact that cryptocurrencies have become more about making a quick buck than advancing blockchain technology or the way we live our lives. Basically, this article scared the shit out of me.
- On Tuesday, Bitcoin began plummeting to depths not seen for months. It sent the internet into a storm of panic. Clouds gathered. The top post on Reddit's cryptocurrency forum was for the US Suicide Hotline. Things looked really grim. So is it time to get out? I don't think so.
- Buuut... it's definitely time to get out if you were part of BitConnect. The exchange stated they were closing down and people were... not all that surprised. Bitconnect's own cryptocurrency plummeted in minutes. The company was called out for looking exactly like a Ponzi scheme from the start - and that's what it turned out to be, so make sure you research whatever cryptocurrency you intend on getting into (I like the look of $BAT today, but that'll change tomorrow).
- One of the bigger questions about Bitcoin. in the face of those huge drops, is what makes the price so volatile? A good examination by Jacob Kleinman on what makes Bitcoin skyrocket and plummet in a matter of minutes.
- Brave are giving away $1 million worth of $BAT, the Basic Attention Token. There are some terms and conditions, like having to switch from the walled garden of Google Chrome to the Brave browser and having to spend the tokens on their platform, but this is an interesting cryptocurrency
that we're gonna take to the MOON!worth keeping a single eye on.
- Specifically for the Australian market, it's going to be interesting to see how the Tax Office deals with Bitcoin in the future. We already know that it gets taxed, but the ATO has specifically stated they will be monitoring cryptocurrency transactions with a new task force. Presumably, this will grant them access to see transactions into and out of exchanges - but we'll have to wait and see.
- Or, of course... you could just invest your money elsewhere, ignore Bitcoin altogether, don't think about pump and dump, don't panic and don't lose over $600,000 in a single day.
Spotted by u/jayjay16022 on Reddit
And lastly, the most pertinent advice from the creator of Litecoin that you should always remember about ducks:
I've been asked what I think about BitConnect. From the surface, seems like a classic ponzi scheme. I wouldn't invest in it and wouldn't recommend anyone else to.
I follow this rule of thumb:
"If it looks like a ????, walks like a ????, and quacks like a ????, then it's a ponzi." ????
— Charlie Lee [LTC] (@SatoshiLite) November 30, 2017
See you next week, LifeHodlers.
Bitcoin Hacker is our weekly roundup of the big news in Bitcoin and cryptocurrency. If there's anything you particularly want to hear about this week, let us know in the comments.