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<ul class="summary-list"><li>El Salvador's Nayib Bukele said <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> will hit the elusive $100,000 milestone this year.</li><li>The crypto-loving president also projected two more countries will adopt bitcoin as legal tender.</li><li>Bitcoin had a roller-coaster ride in 2021, before finishing the year up 66%.</li></ul>Bitcoin may not have reached the elusive $100,000 price target in 2021 as many evangelists had predicted, but El Salvador President Nayib Bukele still believes the asset will eventually hit that milestone.Bukele, one of bitcoin's biggest evangelists, shared this <a href="https://twitter.com/nayibbukele/status/1477464599612076038?s=20">prediction</a> with his 3.2 million Twitter followers over the weekend. His top forecast is bitcoin hitting $100,000 this year. Three days into 2022, bitcoin is hovering at $47,194, meaning it will have to more than double to reach that levelThe crypto-loving president also projected two more countries will join El Salvador in adopting bitcoin as legal tender, though he did not specify which.And Bukele teased a "huge surprise" for the upcoming <a href="https://b.tc/conference">Bitcoin Conference</a> in Miami this April. That's notable since the event is the same one he used in June last year, when he first announced his intention to make bitcoin legal tender. By September, the plan was approved, making El Salvador the <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">first country in the world</a> to elevate bitcoin to that status.Other predictions the president had of bitcoin were:<ul><li>The asset will become a major electoral issue in US elections. American lawmakers have long been at odds over how to regulate the rapidly evolving <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space, and Bukele thinks this issue will likely keep reappearing ahead of the November 8 mid-term race.</li><li>Bitcoin City will commence construction. Bukele unveiled his <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-bond-special-dividend-bitcoin-city-president-bukele-2021-11">vision</a> in November for a new city funded by the crypto to be built next to the Conchagua volcano in southeastern El Salvador. </li><li>"Volcano bonds" will be oversubscribed. El Salvador had announced plans late last year to issue $1 billion in bonds to buy more bitcoin as well as for energy and mining infrastructure. The new city's proximity to the volcano is meant to facilitate geothermal energy for the project.</li></ul>

El Salvador's crypto-loving president says bitcoin is going to $100,000 this year and predicts 2 more countries will adopt it as legal tender

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> finishes the year off in a slump but investors could take advantage of the down price.</li><li>The wash sale rule that applies to most securities doesn't apply to cryptocurrencies.</li></ul>Bitcoin is closing the year off with a 32% slump from its November all-time high of about $68,000. On Friday, the crypto was trading at around $46,000. Many investors had been bracing for a year-end parabolic bull run that would see bitcoin reach peaks as high as $100,000. But that expectation has now been pushed off to 2022. But investors can take advantage of a tax loophole while they wait for the cryptocurrency's comeback.Popular consensus from technical analysts like <a href="https://www.businessinsider.com/metaverse-tokens-crypto-bitcoin-investing-outlook-wolf-of-all-streets-2021-12" target="_blank" rel="noopener">Scott Melker</a>, host of the "Wolf Of All Streets" podcast, and <a href="https://www.businessinsider.com/bitcoin-to-peak-300000-forecast-investor-shares-technical-analysis-altcoins-2021-12">Carl Runefelt, </a>a crypto investor and influencer, suggests bitcoin's price is likely to consolidate sideways for a few months, hovering around $40,000s to $50,000.Runefelt previously told Insider the huge correction seen in bitcoin's price means buyers need time to gain back momentum.But once bitcoin is able to break above $53,000 consistently, it could hit six figures and even see a $300,000 price tag sometime in 2022, Runefelt previously told Insider. Until then, investors who've taken a hit could use it as a tax break. In general, capital gains losses can offset taxes owned on gains. One advantage crypto has over stocks is that the wash sale rule doesn't apply to it. A wash sale is when a security is sold at a loss and repurchased shortly after. When this is done with securities, any losses incurred are not deductible.Some seasoned crypto traders purposely sell their digital assets below the purchase price and then buy them back at the same or similar price to take advantage of this tax-loss harvesting rule.Since cryptocurrencies are generally viewed as property rather than security, this tax loophole is available. However, future regulations may bring it to an end.The sale technically triggers a capital gains loss. But since the investor re-enters the position at a similar price, they are still in the game waiting for the next rally. For this to be successful, an investor must be confident that the crypto's price will go up in the future. Although crypto is highly volatile, large-cap coins such as bitcoin and ethereum have continued to go up over time, regardless of how steep the plunges have been. Although the same may not be true for riskier smaller cap cryptos.

Bitcoin has plunged 32% from its all-time high this year. But investors can take advantage of a tax loophole while they wait for the cryptocurrency's comeback.

<ul class="summary-list"><li>Point2, a real estate platform, analyzed the return on investment in <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> vs. US homes between 2017 and 2021. </li><li>The company assumed an initial investment equal to a 20% down payment for the median home in each of the 100 largest US cities.</li></ul>A person who put a down payment on a home in Manhattan five years ago would lose money if they tried to sell that place today, while an investment in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> would have allowed them to rake in nearly $20 million. Those are part of the findings of a <a href="https://www.point2homes.com/news/us-real-estate-news/bitcoin-vs-real-estate-investment.html">recent analysis by Point2</a>, a Canadian real estate platform that compared returns for an investment made in 2017 in bitcoin or in US residential real estate.Prices for the cryptocurrency and US homes have each climbed since 2017. However, "bitcoin price appreciation blew home price increases out of the water," the company said. Bitcoin has piled on roughly 6,100%, trading at $61,900 at the start of November from around $998 when trading in 2017 got underway, <a href="https://www.coindesk.com/price/bitcoin/">according to CoinDesk data</a>. Meanwhile, the median sales price of houses sold in the US had increased by 29% in the same period, to $404,700 in the third quarter of 2021 from $313,100 in the first quarter of 2017, according to figures from the US Census Bureau cited <a href="https://fred.stlouisfed.org/series/MSPUS">by the Federal Reserve Bank of St. Louis</a>. "The fear of taking big risks is what has kept many from investing," and "as many of the people reading about home prices and bitcoin can attest, regret can truly sting," the platform said in a late November statement about its analysis. ​​To compare the two assets, Point2 analysts assumed an initial investment equal to a 20% down payment for the median home in each of the 100 largest cities in the US cities, based on 2017 prices. In the highest-priced residential real estate <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in the US, a 20% down payment in Manhattan in 2017 would've run at around $290,000, while San Francisco would've required $250,000. Translated to crypto, that down payment would've bought 301 bitcoins and 260 bitcoins in those respective cities. In "the spirit of regretfully looking back," Point2 found that the big winners would've been bitcoin investors in Manhattan and San Francisco."Had they decided to invest in bitcoin an amount equal to the median down payment in 2017, they would have had more than $18 million and $16 million in their crypto wallets today," the company said. To be sure, Manhattan was the biggest outlier. The NYC borough logged the "most spectacular gap" between real estate and bitcoin earnings. Home prices dropped by 31% over the five-year period to a median price of $1,000,000. "[Someone] who invested in a home in 2017 would lose money if they tried to sell it now," it said.At the other end of the list, Point2 weighed a 2017 home down payment of $6,552 in Detroit against a crypto investment of 7 bitcoins. Over the five years, the person in Detroit would've made about $45,000 in real estate gains and about $680,000 in bitcoin. Real estate is the more well-established investment choice, but bitcoin has "come a very long way since its humble beginnings," said Point2. "In hindsight, not investing in bitcoin, and massively at that, seems like a huge mistake. However, factoring in the asset's high volatility brings things back into perspective," it said. "That's because investing in such a high-risk asset is not immediately and obviously advantageous to the majority of people."

Bitcoin versus home prices: Here's how the crypto has performed against the residential property market over the last 5 years

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>"I did some analysis a while ago," Raoul Pal said. "[It] was to try and create a valuation framework that gives some value to bitcoin because nobody really knows that it's worth."
Pal, a former global macro fund manager and current author of the <a href="http://www.globalmacroinvestor.com/index.asp">Global Macro Investor</a> newsletter, is talking about the bizarre digital cryptocurrency that saw its value surge north of $1,200 a year ago.
"So I said OK well let's assume it's something like gold-There's a finite amount of it," Pal said in an interview with Grant Williams on <a href="https://realvisiontv.com/">Real Vision Television</a>. "There's a finite amount that's been mined. The rest is underground. We kind of know how long it's going to take before all the gold is mined or before all the bitcoins. Put them in the same kind of equation we get a value of bitcoin and that value is a million dollars. Now, you'll never hear an analyst say this-but I don't mind this-I could be wrong by 90%, and it's still worth $100,000." 
At the time of the interview, bitcoin was trading around $650. Right now, <a href="http://www.coindesk.com/price/">it's at around $364</a>. 
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>One concern people have about bitcoin is the volatility in price swings. Pal said the volatility is fine. He thinks that the upside is "astronomical" compared to the downside. 
Right now, bitcoin is still in its infancy and it's not going to go away because of the amount of people behind it.
Pal expects central banks will have to regulate bitcoin over time, but that's not a problem.
"What they can't do is destroy it and that's why bitcoin becomes incredibly interesting," he said.
Even though he has a high valuation, Pal doesn't recommend that people put their entire life savings in bitcoin. He suggested treating it like an option contract. 
Buying bitcoin is something Pal strongly believes in, especially because he thinks we are at risk of losing faith in money. He worries about the consequences of central banks are printing too much of it. There's an unfavorable perception that they're "rigging" the system by keeping rates low and buying the bond market.
His suggestion is to avoid the bond market.
Pal also thinks that people should be careful about how they own their gold. Because of the proliferation of derivatives and ETFs, gold is just the collateral to a highly-leveraged "monster." He thinks that it's best to buy physically unencumbered gold instead of paper gold.
Watch the full <a href="https://realvisiontv.com/">Real Vision Television</a> interview below: 

<div id="ooyalaplayer" style="width: 1280px; height: 720px;"></div>

RAOUL PAL: Bitcoin Is Worth $1,000,000

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Ryan Taylor/Dash Core GroupA Dash billboard in Venezuela.</div></div></div><ul><li>Venezuela is currently suffering from hyperinflation and <a href="https://www.businessinsider.com/venezuela-devalues-bolivar-and-pegs-it-to-cryptocurrency-2018-8">the president recently devalued the currency by 95%.</a></li><li>Locals are turning to cryptocurrencies as a more stable store of value and means to transact.</li><li>200 merchants per month are signing up to accept Dash in Venezuela, according to the Dash Core Group, and the rate of adoption is accelerating.</li></ul> LONDON - Cryptocurrency Dash is seeing a surge in new merchant sign-ups and wallet downloads in Venezuela as hyperinflation in the country runs wild.Venezuela is forecast to see inflation of as much as 1,000,000% this year, <a href="https://www.businessinsider.com/venezuela-hyperinflation-in-pictures-2018-8">with locals needing stacks and stacks of cash just to buy food</a>. Socialist President Nicolas Maduro last weekend announced a series of measures aimed at stabilizing the economy, <a href="https://www.businessinsider.com/venezuela-devalues-bolivar-and-pegs-it-to-cryptocurrency-2018-8">including devaluing the bolivar by 95% and pegging it to the state-backed cryptocurrency, the Petro.</a>However, another, non-state backed cryptocurrency is apparently catching on: Dash."We are seeing tens of thousands of wallet downloads from the country each month," Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. "Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now."The BBC reported on Wednesday that <a href="https://www.bbc.co.uk/news/world-latin-america-45262525">Venezuela is "a paralyzed country"</a> after the economic changes over the weekend. Cash withdrawals are being restricted and there is confusion over how exactly the new system works.Venezuelans are turning to cryptocurrencies as a way to store value as the Venezuelan bolivar's exchange rate spirals out of control.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Ryan Taylor/Dash Core GroupA Dash billboard in Venezuela.</div></div></div>Dash is an open source cryptocurrency created in 2014. It has low fees and near-instant transactions. Dash is currently the 14th largest cryptocurrency in the world, according to CoinMarketCap.com, with just over $1 billion-worth in circulation.The Dash Core Group, which Taylor heads, is owned by the payment network that Dash runs on. The Core Group services the network and its funding comes from mining fees that are generated by the network.As well as wallet downloads, which consumers need to hold and spend Dash, Taylor said the cryptocurrency is seeing strong adoption with merchants too."It took them a long time to get the first 50, first 100 [retailers]," Taylor, who is based in Arizona, told Business Insider on a call last week. "But at the beginning of July the number was around 400, and we're already at 800. We're at this point signing up more than 200 a month."Brand names including Subway and Calvin Klein have signed up to accept Dash in Venezuela, Taylor said."Effectively, even if I accept a credit card, three days later when the funds hit my account, it's worth significantly less in Venezuela than when the authorization went through," he told BI. "This is a problem that cryptocurrency can solve. Our instant transactions can solve it and the relative stability of our cryptocurrency is better than their fiat currency."Responding to questions over email this week, Taylor said adoption in Venezuela has accelerated even faster after Maduro's latest economic plans were announced.He said: "We've seen 94 new Venezuelan merchants added to DiscoverDash.com since last week, which is about double the normal rate of about 50 merchants per week [over] the last couple of months."We have seen the number of Dash-accepting merchant sign-ups accelerate throughout the crisis. I believe that trend will continue."DiscoverDash.com lists local businesses worldwide that accept Dash. 5 of the 6 newest merchant signups on the website were located in Venezuela when BI checked on Tuesday afternoon.<h2>Why Dash?</h2>The characteristics of Dash make it suited to act as a cash or debit card replacement. Dash's transaction fees are in pennies, rather than running into dollars as bitcoin's fees have been known to do. Confirmation times are also in the seconds, versus slower payment processing times for other cryptocurrencies.However, perhaps the most crucial reason why Dash has caught on in Venezuela is that the Core Group can finance projects on the ground.Most cryptocurrencies are completely open source, with no central funding or body backing the network or the currency. Dash, on the other hand, has the Core Group which helps to run the network and looks after some new funds generated by the currency's underlying code.Dash generates new cryptocurrency when transactions are confirmed on the network. Most of the new cryptocurrency is paid to the people who confirm transactions, incentivizing them to do this job of confirming them. But around 10% of this newly generated cryptocurrency goes into "treasury" - a pot of money that the Core Group gives to projects and ideas looking to support and encourage Dash adoption."A lot of community members came forward with proposals to do education, hold workshops, open an office where users can come in and sit in a small group setting and get help setting up a wallet," Taylor said.The Dash Core Group has so far invested around $1 million in Venezuela, funding everything from billboards to sales reps.Taylor added that Dash is also seeing strong adoption in other countries with similar dynamics to Venezuela."Venezuela is unique, it's the only country in the world with what can be called hyperinflation," he said. "But there are other high inflation countries. We're seeing this with Turkey right now. Ukraine, Argentina, these are countries with very high inflation rates with of 20-30% or something. 20-30% we think is enough to get people to try something new."We're going to try and be successful first in Venezuela before branching out to try this in other countries," he concluded.<a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/chase-cards-ceo-on-sapphire-reserve-card-and-business-outlook-2018-7">Why the Chase Cards CEO is not worried about the hundreds of millions lost last quarter due to credit card rewards</a></h3> <div> </div> </div>

A cryptocurrency is making huge inroads in Venezuela as inflation runs wild - and it's not bitcoin or the Petro

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Mike Nudelman/Business Insider</div></div></div>Bitcoin wallets across the globe came under attack today, <a href="http://www.coindesk.com/price/">and resulting in another mini-flash price crash</a> one day after a statement from the MtGox exchange caused prices to fall 20%.
But almost without exception, the Bitcoin community is refusing to view the attack as anything other than a buying opportunity.
Here's the two-sentence version of what happened this afternoon: An unknown entity caused Bitcoin wallets at many exchanges, including the two largest USD-traded ones, to start misinterpreting transactions. The exchanges say no customers lost any money, but the exchanges have had to temporarily shut down withdrawals to correct the issue.
MtGox's recent issues may have been rooted in a similar attack, though some believe their problems may be more profound.
Whatever the case, Bitcoin fundamentalists remain undeterred. One of the first to spot and summarize the problems on MtGox was Max Pelham, a German physics student living in Austria <a href="https://coinwatch.wordpress.com/">who runs the blog Coinwatch</a>. He says anyone with the means to do so should consider buying more Bitcoin to take advantage of the recent price drops.
"Bitcoin is still secure, the network is still working," he said in an IM, adding that he owns fewer than 10 Bitcoins. "The developers are working on a fix to this problem, which is not even as grave as portrayed by Gox. These are just minor problems that will be solved as Bitcoin evolves. Don't panic, everything still works."
He said he remains on a s student's budget, but would have bought some if he had money to spare.
At least one exchange proved itself immune to the attack: Kraken, one of the only Bitcoin exchanges based in the U.S., though its volumes are dwarfed by exchanges like Bitstamp. In an email, site founder Jesse Powell explained that Kraken's wallets were already constructed to avoid precisely the outcome that befell the other exchanges. "We read the manual" he said.
And he says there is still no reason to doubt the currency.
"This problem has to do with poor design around Bitcoin, not Bitcoin itself. You don't blame gravity when your plane fails to fly--you understand gravity and design around it. There's a tremendous buying opportunity right now. I'm recommending everyone I know to jump in."
Oleg Andreev, a France-based software developer and commentator, offered a bit more caution. While he agreed Bitcoin will overcome this event, he admitted it's a sign the digital currency remains in its infancy. 
"Infrastructure around Bitcoin is being built this very moment," he said in an email. Exchanges could be better, personal wallets could be much better, ATMs are highly desired and not widely deployed yet, education is very lacking (technical, economical, political), easy website integration is lacking etc etc etc. Everyone who invests understands that to some degree. If Bitcoin appeared to be 'ready to use by your mom', then it'd be $1000000/BTC already and 20% of the world would use it daily."
The attack came hours after JPMorgan forex analyst John Normand released a note casting doubt on the digital currency's utility.
"What's not to like about this system? A lot. Recall each of the three functions of money - medium of exchange, unit of account and store of value. As a medium of exchange bitcoin initially seems no better or worse than fiat currencies, since anything portable (like paper or an electronic data file) can be used as that medium so long as enough agents agree to use it. Therein lies bitcoin's limitation: with due apology to anarchists, there is no common power like a government to compel the public to use bitcoin as universally as its own fiat currency....
A virtual currency's transactional use will always be limited unless it performs the other two functions of money better than a fiat currency. As a unit of account and store of value, bitcoin also falls well short of fiat currencies given its extreme volatility. ...Bitcoin's realized volatility has averaged 120% over the past three years, with a range of 50% to 400%. By comparison, typical G10 currency volatility is 8% with a range of 7% to 16% over the past three years."
Normand did not respond to request for comment about today's attack, though in his note he commented that, "Ironically the lack of external oversight may prove an obstacle to significant market deepening, since many market participants would prefer the accountability of known but fallible entities to one based on a mathematical code."
The price of Bitcoin as of 5 p.m. Eastern was $637, according to Coindesk.

The Bitcoin Community Is Convinced Today's Attack Is A Huge Buying Opportunity

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/Baz RatnerPeople sit inside the Bitcoin Embassy in Tel Aviv February 2, 2014. The sparely furnished property opened a few months ago to support a community of Bitcoin fanatics, perhaps the most active in the world, who are out to build just that - a next-generation trading system based on the digital currency. Picture taken February 2, 2014. </div></div></div>Let me say this up front: I have no stance on Bitcoin. It seems really cool, and it's a lot of fun to cover. 
But Bitcoin evangelists are surely deluding themselves if they think this week's hacks were anything less than a huge setback for widespread Bitcoin adoption.
The worst part is, everything seemed to be going so well. Many, <a href="http://www.businessinsider.com/bitcoin-volatility-slows-2014-1">including us</a>, had noted how January had seen the longest period of price stability in months. Everyone had passed around megainvestor Marc Andreessen's <a href="http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/">huge op-ed</a> in the New York Times about Bitcoin's imminent takeover. And while some were spooked at the prospect of the first real regulations coming down from the New York Department of Financial Services, <a href="http://www.businessinsider.com/bitcoins-new-civil-war-2014-1">most believed they would be a good thing.</a>
Then the hack hit: An unknown entity exploited a glitch in Bitcoin's core protocol to disrupt the entire Bitcoin ecosystem. It actually started late last week with MtGox, but then quickly spilled over into other major exchanges, including the world's largest USD-traded one, BitStamp. All had to suspend withdrawals, though today most resumed.
Bitcoin was supposed to be immune from this sort of thing. It had often been noted that previous hacking attempts had failed, and that most major price fluctuations were the result of external from places like China - not from exploitable glitches in Bitcoin itself.
Now we know that's not true anymore.
Even before the hack hit, we got a warning that Wall Street is not so enthralled with Bitcoin as some have made it out to be. JP Morgan's chief global forex strategist John Normand said investors should limit exposure to it. "As a medium of exchange, unit of account and store of value, it is vastly inferior to fiat currencies. Since governments are quite unlikely to accord it the status of legal tender, Bitcoin or other virtual currencies would not reach the scale and scope to render them worthwhile for widespread commerce, payments or investment."
He added that "many market participants would prefer the accountability of known but fallible entities to one based on a mathematical code."
As we wrote this week, the committed Bitcoin community <a href="http://www.businessinsider.com/bitcoin-evangelists-still-believe-2014-2">refused to see the hack as anything other than a buying opportunity,</a> and said the coming fixes were simply part of Bitcoin's evolution. Even the largest mainstream adopter, Overstock.com, is still all-in. A spokesman emailed us that, "Around here, most people feel that the fact that Bitcoin has managed to withstand these assaults is a good sign of its resilience. I guess we're a 'glass half full' kind of operation." 
But if Bitcoin is still evolving, it's probably not somewhere you want to be, unless you truly, madly, deeply believe in it. As Oleg Andreev, a Paris-based programmer, told us in an email:
 "Exchanges could be better, personal wallets could be much better, ATMs are highly desired and not widely deployed yet, education is very lacking (technical, economical, political), easy website integration is lacking etc etc etc. Everyone who invests understands that to some degree. If Bitcoin appeared to be 'ready to use by your mom', then it'd be $1000000/BTC already and 20% of the world would use it daily."
That does not scream something that's ready for the masses. 
Jesse Powell, the head of Kraken, a Bitcoin exchange that was unaffected by the hacks, also admitted that, "Bitcoin is complicated - there's a lot that can be screwed up, which is why people should steer clear of amateur operations."
He was referring to places like MtGox, which continues to be the singular focus for how it portrayed its problems. But again, Gox wasn't the only exchange forced to temporarily shut down. 
It's possible new regulations could smooth over some of these edges. In comments made this week, NYDFS Superintendent Benjamin Lawsky said major Bitcoin businesses <a href="http://www.cnbc.com/id/101408527">may be subject to capital requirements</a> that presumably would help cushion customers from future events like these. 
But if even Bitcoin's savviest players are subject to these kinds of vulnerabilities, we are a long way away from the global Bitcoin takeover.

Let's Be Honest: This Week's Bitcoin Hack Was A Major Setback For Hopes Of Mainstream Adoption

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Mike Nudelman/Business Insider</div></div></div>Leah McGrath Goodwin has <a href="http://mag.newsweek.com/2014/03/14/bitcoin-satoshi-nakamoto.html">apparently tracked down</a> the man who invented Bitcoin, Satoshi Nakamoto. 
The Bitcoin community is not thrilled.
Writing in Newsweek, she talked to, among others, Gavin Andresen, one of Bitcoin's volunteer developers who interacted with Nakamoto in the digital currency's infancy.
This morning, Andresen took to Twitter to voice his disapproval of Goodman's reporting:
<blockquote class="twitter-tweet" lang="en">
I'm disappointed Newsweek decided to dox the Nakamoto family, and regret talking to Leah.
- Gavin Andresen (@gavinandresen) <a href="https://twitter.com/gavinandresen/statuses/441547758827474946">March 6, 2014</a></blockquote>

Others responded.
<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/gavinandresen">@gavinandresen</a> Poor guy, the floodgates are going to open. <a href="https://twitter.com/search?q=%23bitcoin&amp;src=hash">#bitcoin</a> is now tethered indefinitely to the man and his actions.
- bitcoinG (@GeorgiBitcoing) <a href="https://twitter.com/GeorgiBitcoing/statuses/441550934829969408">March 6, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/gavinandresen">@gavinandresen</a> Bitcoiners need to STOP talking to press or create a media strategy with prepared statements.
- Qikcoin (@qikcoin) <a href="https://twitter.com/qikcoin/statuses/441551790170189824">March 6, 2014</a></blockquote>

McGrath Goodman is not the first to attempt to attempt to track down the man behind the global financial phenomenon. But those previous efforts all failed, in large part because those in the Bitcoin community itself feared the hunt would divert attention from the cryptocurrency's potential. 
As a result, some are predicting Newsweek will face backlash from Bitcoin evangelists.
<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/CryptoCobain">@CryptoCobain</a> this is all gonna backlash on Newsweek so hard... pissing off an entire community of geeks and hackers is always a smart move.
- Tagada (@elflo) <a href="https://twitter.com/elflo/statuses/441564230740115456">March 6, 2014</a></blockquote>

Some now fear for Nakamoto himself, since he is estimated to be worth $650 million.
<blockquote class="twitter-tweet" lang="en">
.<a href="https://twitter.com/marcvanway">@marcvanway</a> even if it's NOT him, she still painted a 1,000,000BTC target on this man's home... It's possibly worse if it's not him....
- CRYPTO CO?AIN (@CryptoCobain) <a href="https://twitter.com/CryptoCobain/statuses/441563589217091584">March 6, 2014</a></blockquote>

Source For Story That Revealed Bitcoin Creator Says He Regrets Talking To Reporter As Community Freaks Out

<ul class="summary-list"><li><keyword id="9916845" type="UNKNOWN" weightage="60" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> is offering a reward up to $1 million for exclusive details on <keyword id="12067802" type="UNKNOWN" weightage="60" keywordseo="tether" source="Orion">Tether</keyword>'s backing.</li><li>The short-seller said Tether's disclosures around its reserve assets have been "opaque."</li><li>Tether "claims to hold a significant portion of its reserves in commercial paper yet has disclosed virtually nothing about its counterparties," <keyword id="12351654" type="UNKNOWN" weightage="60" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> said.</li></ul>Hindenburg Research, a short-seller that uncovers fraud, raised doubts over <a href="https://markets.businessinsider.com/currencies/usdt-usd">Tether's</a> legitimacy on Tuesday, and offered a reward of up to $1 million for anyone who can provide previously undisclosed information on its backing.Despite Tether's repeated claims of transparency, disclosures around its holdings have been "opaque," Hindenburg said <a href="https://hindenburgresearch.com/tether/">in its report</a>."The company claims to hold a significant portion of its reserves in commercial paper yet has disclosed virtually nothing about its counterparties," the short-seller said.Tether counts itself as a <keyword id="11931191" type="UNKNOWN" weightage="60" keywordseo="stablecoin" source="Orion">stablecoin</keyword>, which means it is pegged to a currency - the <a href="https://markets.businessinsider.com/currencies/btc-usd">US dollar</a> in this case. The peg supposedly makes such digital assets less volatile than cryptocurrencies like <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> or <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a>, which can fluctuate widely.When a stablecoin is established, they are meant to be backed by reserve assets which are held as collateral.But Tether, which said it had sufficient fiat money to back every tether or USDT, was recently slapped with a <a href="https://www.cftc.gov/PressRoom/PressReleases/8450-21" target="_blank" rel="noopener">$41 million fine</a> by the US Commodity Futures Trading Commission for "untrue or misleading statements" about its US dollar reserves.Tether said in a <a href="https://tether.to/statement-on-tethers-settlement-with-the-cftc/">statement</a> on its website at the time of the fine: "There is no finding that tether tokens were not fully backed at all times-simply that the reserves were not all in cash and all in a bank account titled in Tether's name, at all times."Hindenburg said it has doubts about the legitimacy of Tether's backing due to its sparse disclosures. "We feel strongly that Tether should fully and thoroughly disclose its holdings to the public," Nathan Anderson, Hindenburg Research's founder, said in a statement. "In the absence of that disclosure, we are offering a $1,000,000 bounty to anyone who can provide us exclusive detail on Tether's supposed reserves."The short-seller said it wants to contribute to public knowledge of what it believes is a growing threat to investors. Hindenburg is seeking information including Tether's commercial paper holdings, service providers, and its process for printing reserves.Depending on the detail of the submission, Hindenburg said it could award a bounty of up to $1 million."This stunt from Hindenburg Research is a pathetic bid for attention while others are making real change and building wealth and results," a Tether representative said in a statement to Insider. "They are attempting to discredit not just Tether, but an entire movement. Thankfully, everyone sees through their opportunism as bitcoin approaches another all time high."Tether is one of the biggest stablecoins, with a market capitalization of $70 billion. This means it should hold a corresponding $70 billion in real money to back the coins. If it were a US bank, this amount would make it one of the 50 largest banks in the country, according to Nigel Green, CEO of deVere Group.But it has <a href="https://markets.businessinsider.com/news/currencies/stablecoin-regulation-sec-federal-reserve-gary-gensler-jerome-powell-cowen-2021-10">taken regulatory heat</a> due to its breakneck growth. "Interest in shorting in Tether is building, with many inquiries coming from traditional financial institutions," Anthony DeMartino, director of Coinbase Risk Strategies said in a recent note. "Meanwhile, some <a href="https://links.coinbase.com/u/click?_t=3aca56371967418192255878e9689713&amp;_m=29c437a123604b9ab01d1e4c459eb2c9&amp;_e=o_txo5mSJfpgdEzMW3ntmHf6zrVoRBQultJDApTjILyhq8G3U7cxBjTiN25YlJ6xoUapjpqx5oj1TZfRhJ2pavDXdRinOn0VnYyA44njig5PCVSyOBxuG5G1EyNYMqMbCE0jw3AAMyQI9C5atmtm-a3yMAiU1QxK3S1gSwW0DNez3B4wXqNZCQo4v7-XfTyO17xEIaPnMtD1SDyJSwkCIUPJjUJaH2tTNAW6dTmVaTrqccBkcfUoZIUcsxHrEiRgK-KfUz7PSHkS7cgK503unb_lQjZLVL_H9njj9RuaeOOkT8RR8Hl-YztTLLVOxgoMyraqF7U7k0soJDBeoNfJzrWcM_hcu71aIqsdHeaT_Z8KUfk_s9fbaQFU_txC7INpT9_RyqnM3Jc4df727LICuCdEq33KFf5_L1MaBOP-legTPRydZESpJwpycea6wzlPC2vqGneg8T5QzovW5zLOm4DUew0ogTS5o0Ja2r3AIJQej8evoQtYf8lkPGaGuyAplty6svG6y0UX4ZDTchi8Jw%3D%3DJw%3D%3D" target="_blank" rel="noopener">notable voices</a> have even raised the spectre of a potential 'Lehman scenario' for Tether."Read More: <a href="https://www.businessinsider.com/reddit-top-meme-stocks-tesla-gamestop-cloudflare-marathon-digital-2021-10">Top 16 meme stocks this week on Reddit: Tesla tops the chart ahead of earnings, Cloudflare breaks out, and bitcoin miner Marathon Digital races higher</a>

A famous short-seller is suspicious of Tether's backing. So it's offering a $1 million reward for anyone with knowledge of the stablecoin's reserves.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Justin Sullivan / Getty Images</div></div></div><ul><li>The National Association of Realtors said the Tax Cuts and Jobs Act released Thursday confirmed its biggest concerns. </li><li>The trade group is worried that a reduced cap on the mortgage interest deduction would lower home prices and hurt middle class homeowners. </li><li>If passed, the tax act would cap the deduction for interest paid on mortgage debt at $500,000, down from $1,000,000. </li></ul> The National Association of Realtors opposed the GOP's tax plan on concerns that it could hurt home prices. The <a href="http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10">Tax Cuts and Jobs Act</a> unveiled on Thursday would cut the mortgage interest deduction that new homeowners enjoy in half, to loans of $500,000 or less."Eliminating or nullifying the tax incentives for homeownership puts home values and middle class homeowners at risk, and from a cursory examination this legislation appears to do just that," William Brown, the NAR's president, said in a <a href="https://www.nar.realtor/nar-statement-on-tax-reform">statement</a> on Thursday.Prior to the release of the act, the trade association was on "<a href="https://www.nar.realtor/tax-reform">high alert</a>" for details that could threaten the tax benefits of homeownership. It said it would comment further after a thorough reading of the bill. The legislation has been met with backlash elsewhere in the housing market. The <a href="http://www.businessinsider.com/trump-gop-tax-reform-nahb-homebuilders-housing-recession-2017-11">National Association of Homebuilders</a> amplified its criticism of the change to the mortgage interest deduction, saying it favored wealthy Americans over the middle class. "You're talking about potentially causing housing recessions in some of the biggest markets in the country," Jerry Howard, the NAHB's CEO, told Business Insider.Investors sold off <a href="http://www.businessinsider.com/trump-gop-tax-plan-mortgage-interest-deduction-homebuilder-stocks-2017-11">shares of homebuilders</a>. The <a href="http://markets.businessinsider.com/etfs/SPDR-S&amp;P-Homebuilders-ETF">SPDR S&amp;P Homebuilders exchange-traded fund</a> fell 3%, its biggest decline in a year. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-price-debate-rages-speculative-bubble-2017-10">The bitcoin debate rages on</a></h3> <div> </div> </div>

Realtors are worried that the GOP's tax plan could slump the housing market

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Shannon Stapleton</div></div></div>Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up <a href="http://e.businessinsider.com/join/ci/finance-insider-social-first&amp;hash=36afac95fa844948a9f363295d512fca" target="_blank" rel="noopener noreferrer">here to get the best of Business Insider delivered direct to your inbox</a>.How high could the Dow go? According to <a href="http://www.businessinsider.com/buffett-expects-dow-over-1-million-in-100-years-2017-9">Warren Buffett, it could hit 1,000,000</a> over the next 100 years. The Oracle of Omaha noted at a Forbes event that the dow was at just 81 a century ago, so reaching seven figures in 2117 isn't that far-fetched.And in the short-term: Forget about the next US recession until at least 2019. Market bears will <a href="http://www.businessinsider.com/byron-wien-blackstone-interview-economy-markets-2017-9">continue to be dead wrong</a> for the next several years, according to Byron Wien, the vice chairman of Blackstone's private-wealth-solutions group. In other bull-market news, <a href="http://www.businessinsider.com/fed-reaction-traders-betting-on-new-records-for-bank-stocks-2017-9">bank stocks are on fire</a> - and traders are betting the group's climb to the highest level in a decade has a ways to go. And Bank of America thinks <a href="http://www.businessinsider.com/bank-of-america-says-asian-emerging-market-stocks-could-double-2017-9">one area of the stock market could double</a> in the next two years.And as expected, the Federal Reserve announced that in October it will <a href="http://www.businessinsider.com/fed-statement-balance-sheet-interest-rates-september-meeting-2017-9">start trimming the $4.5 trillion balance sheet it built up after the Great Recession</a>. The <a href="http://www.businessinsider.com/dollar-after-fed-decision-2017-9">dollar got a 'nice bump'</a> in response. But something is off with the Fed. As Pedro Nicolaci da Costa notes: The central bank's <a href="http://www.businessinsider.com/fed-rate-hike-expectations-rising-despite-weak-economy-2017-9">resolve to raise interest rates appeared to rise</a>, even as the bank's own forecasts pointed to arguments against doing so.Other worrying headlines for the bears:<ul><li><a href="http://www.businessinsider.com/apple-can-patch-bugs-but-its-biggest-apple-watch-problem-cant-be-fixed-2017-9">Apple can patch bugs, but its biggest Apple Watch problem can't be fixed</a></li><li><a href="http://www.businessinsider.com/deutsche-bank-chance-brexit-could-trigger-the-next-financial-crisis-2017-9">DEUTSCHE BANK: Brexit could be the unlikely trigger of the next financial crisis</a></li><li><a href="http://www.businessinsider.com/sp-has-cut-chinas-credit-rating-citing-its-rising-debt-load-2017-9">S&amp;P has cut China's credit rating, citing its rising debt load</a></li><li><a href="http://www.businessinsider.com/bitcoin-ponzi-scheme-accusation-cftc-2017-9">A trader is being accused of running a bitcoin Ponzi scheme</a></li><li><a href="http://www.businessinsider.com/cristiano-ronaldo-investing-endorsement-shilling-for-risky-cfds-2017-9">Soccer superstar Cristiano Ronaldo is peddling an extremely risky and controversial investing product</a></li></ul>And the Equifax fallout continues, unabated:<ul><li><a href="http://www.businessinsider.com/equifax-data-breach-trading-suspicious-after-hack-now-under-federal-investigation-2017-9">The Feds are looking into some suspicious Equifax trades</a></li><li><a href="http://www.businessinsider.com/report-equifax-directed-concerned-consumers-to-a-spoof-site-2017-9">Equifax mistakenly told consumers worried about its data breach to go to a spoof site</a></li><li><a href="http://www.businessinsider.com/category/equifax">YELLEN: Equifax is a 'very serious data breach'</a></li></ul>Two tech giants are feeling acquisitive. Google is <a href="http://www.businessinsider.com/why-google-paid-1-1-billion-htc-pixel-team-2017-9">beefing up</a> its hardware business, <a href="http://www.businessinsider.com/google-bought-htc-2017-9">buying part of HTC's smartphone division</a> for $1.1 billion and acquiring 2,000 new employees. And <a href="http://www.businessinsider.com/amazon-hiring-2000-people-for-new-nyc-office-2017-9">Amazon is hiring 2,000 people in New York City</a> as the $5 billion bidding war for its new headquarters rages.Lastly, <a href="http://www.businessinsider.com/tgi-fridays-tests-alcohol-delivery-2017-9">TGI Fridays will start delivering booze</a> - and it could help defeat a curse sweeping the restaurant industry. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-analyst-reasonably-valued-fang-stocks-scott-kessler-2017-9">A top analyst recommends buying Facebook, Amazon, Netflix and Google shares</a></h3> <div> </div> </div>

What you need to know on Wall Street today

Everyone knows there's a bunch of money to be found studying STEM (Science, Technology, Engineering, and Medicine), but few fields are as direct about the opportunities for making money as <keyword id="6357038" type="UNKNOWN" weightage="60" keywordseo="Math">math</keyword>. 
The tradition of offering mathematical prizes goes back ages. One of the most famous men to offer prizes in exchange for proved theorems is the legendary Paul Erdos, whose $25 prize checks were often just framed as a trophy rather than cashed. 
Still, that tradition carries on to today, and anyone who manages to prove one of these problems — and solve it to the satisfaction of the evaluation committees — can expect a nice check in the mail. 
However, keep in mind that these are profoundly difficult problems that have stumped generations of mathematicians, so it's not exactly a free check. 
<h3><div class="image-container display-table float_right"><div><div class="image"><a href="http://upload.wikimedia.org/wikipedia/commons/5/58/Erdos_budapest_fall_1992.jpg">Wikimedia Commons</a>Paul Erdos </div></div></div>$5,000 — Erdos conjecture on arithmetic progressions</h3>
While Erdos passed away in 1996, Ronald Graham remains the current administrator of any outstanding Erdos problem prizewinners. 
You can make $5,000 by proving one of the remaining Erdos problems, the <a href="http://en.wikipedia.org/wiki/Erd%C5%91s_conjecture_on_arithmetic_progressions">Erdos conjecture on arithmetic progressions</a>. 
If the sum of the reciprocals of the elements of a set A (comprised of positive integers) diverges, then A contains arbitrarily long sequences of numbers with constant differences between terms. 
So you've got this set A, made of positive integers. You take the reciprocal of those numbers — for a number x, the reciprocal is 1/x — and you sum them, and find that they never converge to a single number, they just keep adding to infinity. 
Well, this conjecture says that when that happens, you'll notice A contains sequences of numbers with an arbitrary distance between them. 
Prove that works every time, let Graham know, and your check — signed by Graham if you want to cash it, signed by Erdos if you make the right call and frame it — is in the mail. 
<h3>~$65,000 — Hutter Prize</h3>
This prize, orchestrated by sponsor <a href="http://www.hutter1.net/">Marcus Hutter,</a> seeks to find new ways to compress data. <a href="http://prize.hutter1.net/">The task</a> is to create a compressed archive of a given 100MB file smaller than ever before as a way to create new compression algorithms.
If you can get it compressed to smaller than the current record — around 16MB — you get a portion of the prize money. So far, Alexander Ratushnya is the three-time winner.
The prize? The percent you improve the compression is equal to the percent of the 50,000€ you win, with a minimum of 3%.
<h3>$1,000,000 — Navier-Stokes Equation</h3>
This is one of the six unsolved millennium problems which — if solved — net the solver $1 million. 
<a href="In%20order%20to%20make%20the%20jump%20from%20partial%20diferential%20equations%20to%20a%20total%20understanding%20of%20the%20Navier-Stokes,">The Navier-Stokes equations</a> help us understand and predict turbulence or air flow or waves in a mathematical sense.
<div class="image-container display-table"><div><div class="image"><a href="http://www.claymath.org/millennium/Navier-Stokes_Equations/navierstokes.pdf">Claymath.org</a></div></div></div>
The thing is, we don't actually understand them anywhere near as well as we should. Fluids are hard to understand but crucially important. With Navier-Stokes, someone has to invent new ideas that we can get from rudimentary partial differential equations to a total understanding of the equation. 
We need to know that "smooth, physically reasonable solutions" exist for the equations, in the words of Chlarles L. Ferfferman. Describe them and the prize is yours. 
<h3><div class="image-container float_right" style="width:480px"><div class="image"><a href="http://en.wikipedia.org/wiki/File:Georg_Friedrich_Bernhard_Riemann.jpeg">Wikipedia </a>Riemann</div></div>$1,000,000 — Riemann Hypothesis</h3>
This is another Millennium Problem. When you look at the prime numbers among all natural numbers, you won't notice a pattern. 
However, G.F.B. Riemann observed in the 19th Century that the frequency of prime numbers is closely related to the behavior of the Riemann Zeta function:
ζ(s) = 1 + 1/2s + 1/3s + 1/4s + ...
<a href="http://www.claymath.org/millennium/Riemann_Hypothesis/">The Reimann hypothesis</a> is that all the interesting solutions of ζ(s) = 0 lie on a vertical straight line. For the first 1.5 billion solutions, mathematicians have checked and saw that he was right. 
If you prove it is true, you get the check. 
<h3><div class="image-container float_right" style="width:480px"><div class="image">BI</div></div>$1,000,000 — Prove Beal's Conjecture </h3>
Fermat's Last Theorem went unsolved for hundreds of years. It said that no three positive integers a, b and c can satisfy 
<h3 style="text-align: center;">ax + bx = cx </h3>
when integer x is greater than two. 
Billionaire Andy Beal <a href="http://www.bealconjecture.com/">had been working on Fermat's Last Theorem</a> when he stumbled upon a different problem. At the time, he was using computers to look at similar equations with different exponents. 
Beal's Conjecture is related. If a, b, c, x, y, and z are all positive integers and x, y, z are greater than two, 
<h3 style="text-align: center;">ax + by = cz</h3>
is only possible when a, b and c have a common prime factor. 
Beal found during his computations that the only solutions to the equation were when a, b and c had a common factor so he contacted folks in academia to confirm that the problem was new, then set up a prize with the AMS for the person who proves his conjecture. 
So, if you find a proof or counterexample to Beal's Conjecture that gets approved by the AMS-appointed committee and gets into a journal, you get a million bucks. 
<h3><div class="image-container float_right" style="width:480px"><div class="image"><a href="http://cybrbeast.minus.com/mbc5sy1T0j5v1D">Cybrbeast</a></div></div>BONUS: ~$2,500 - Mine a bitcoin.</h3>
When you "mine a Bitcoin," you use a computer to solve a particularly difficult mathematical cryptography problem. 
You're not actually doing the solving, and it's a simple brute-force effort, but the fact of the matter is you're technically trying to solve a math problem before anyone else. 
Should your computer do this — successfully solve the cryptographical problem before anyone else — you will be rewarded with 25 bitcoins, as a way to encourage people to participate in the effort. 
25 bitcoins is currently retailing for around $2,500. If you're not mathematically endowed, this may be the best way to get paid to "do math."

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