THE LATEST THINKING
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6 Trending Bitcoin Stories of 2019 (and my reactions)
We asked ourselves the question: what topics and articles are people most interested in for 2019 so far? Thanks to Buzz Sumo for providing the initial inspiration, metrics and sources which we based our analysis on. Below are 6 Trending Bitcoin Stories of 2019 and our reactions to the list.
Thanks to Buzz Sumo (a handy dandy tool for analyzing trending topics) we were able to identify six currently trending topics around Bitcoin.
Here's the list:
(1) Mohamed El-Erian: 'Crypto is not dead' [Yahoo Finance]
(6) Rat Chews Up Nearly $18,000 and Dies in ATM [Fortune]
It's interesting to note the sentiment here. I have noticed that a lot of big business news around moves companies are making seems to be a common type of story people love to consume. There are also always an abundance around reaction and commentary on price especially crashes. The Hacker group seems 18 years too late and poor rat. =(
Of course the Quadriga exchange CEO dying has been a huge one I've seen everywhere. But one detail that these stories often fail to recognize is that the "only password" or only set of private keys might not be true. There is a fascinating Reddit post which points to some diligent sleuths who have found transaction activity around some Litecoin wallets doing a lot of volume though to be hot wallets used by Quadriga.
This may indicate that the keys are actually not lost and theft is occurring, often referred to as an "exit scam". Sadly, if this is true, it is all too common in a wild wild west world of Cryptocurrency.
But there's a learning moment in here, namely that you should not be trusting third party exchanges with the storage and generally speaking, "holding", of your coins other than for short term uses like trading. (And even then risk management and position sizing is key meaning don't put too much money on there)
Storing your Cryptocurrency on an exchange is not considered a best practice. Trading or quick purchases, yes. Storage, no. The answer why can be found in the Proof of Keys movement ("Not Your Keys Not Your Bitcoin") spawned by Trace Mayer. In short, if you don't possess your own wallet (and private key credentials), you don't own your coins.
Check out Trace's announcement of the new Proof of Keys tradition announcement:
We hope you enjoyed our list and be careful out there.
Regardless of all these strong fundamentals ranging from CoinBase custodial services to Star Buck “acceptance of Bitcoin”...