FOMO Moments Things are looking brighter during the Asian trading session this weekend. Bitcoin has done better than hold the pivotal $8k level, it has risen to just under $9,000. As usual the movements of Bitcoin are mirrored in the altcoin charts and most of them are trading higher this morning. The leading altcoin… View Article
Archives for February 9, 2018
The post Bosch Invests in IOTA, Outlines Blockchain Plans appeared first on CCN Robert Bosch Venture Capital is investing in IOTA. The firm is also joining the network’s advisory board. Digging In Deep With Data Bosch is a 131-year-old company, yet it’s on the cutting edge of crypto and IOTA’s tangle-style platform. Clearly, the firm… View Article
Scientists at a top-secret Russian nuclear research facility have been taken into custody after allegedly attempting to mine Bitcoin using a high-powered supercomputer. In Soviet Russian Nuclear Facility, Bitcoin Mines You Several scientists working in a top-secret nuclear warhead facility in the closed town of Sarov have been arrested by Russian authorities for allegedly attempting… View Article
The Ripple CEO, Brad Garlinghouse, has stated that he doesn’t consider XRP, Bitcoin, Ether, or any other major digital token as currencies. He elaborated his position to Yahoo Finance at their All Markets Summit on Cryptocurrency which was held on Wednesday. The six-hour event was streamed online and sponsored by CoinDesk. The aim of the meet was to examine the growing interest in digital currency and the technology behind it.
A wide spectrum of companies involved in cryptocurrency and blockchain were represented at the summit. These included Blockchain, the digital wallet company, BitPesa, a payments processing firm focusing on Africa, and Chain, a private blockchain initiative being developed for banks.
Another project that has been targeting banks is, of course, Ripple. The idea behind their XRP token is to facilitate faster cross-border payments for traditional centres of finance. The XRP token had an amazing 2017 with its price rising over 32,000%. However, Brad Garlinghouse is uneasy about the title that his token and others have taken:
“I don’t call this cryptocurrency… It’s not currency. I can’t go to Starbucks or Amazon and use—and you know, somebody inevitably will be like, Well, I have one example where I bought something with a bitcoin.’ And then I usually say, ‘Well, did you do a second transaction?’ It’s not actually a currency. These are digital assets. If the asset solves a real problem for a real customer, then there’ll be value in the asset.”
However, the Ripple CEO overlooks the fact that there are loads of examples of people using cryptocurrency to buy something and even more of people using an alternative item or token not typically defined as a currency to make a purchase. What’s more, in the UK I can’t use dollars in my local off license. Does that mean dollars are not a currency? Of course it doesn’t. There is no universal currency. In fact, certain cryptocurrencies are the closest we as a race of people have come to having a currency without borders. Just because people aren’t encouraged to get rid of Bitcoins through centrally managed inflation as soon as they get them doesn’t make it any less of a currency.
For Garlinghouse, digital assets only have value if the asset solves a problem in the business world. They don’t have value as a day-to-day currency. However, this again overlooks the fact that a $20 note has zero utility other than the fact that people widely agree that it is useful as a medium of exchange. Gold too has some practical applications in electronics but these are limited. By and large, the perceived value of gold far outweighs its actual usefulness. The value of gold and paper money is constructed by society and there is no reason why it cannot be constructed again for an asset like Bitcoin, which could be far more useful as a store of value than gold ever has been – BTC is divisible, transferable, transparent, and permissionless to name but a few of its qualities.
However Garlinghouse feels about the title his token and others have assumed, the term cryptocurrency has become so entrenched now after nine years of use, it’s unlikely to be changing anytime soon.
The post CEO of Ripple, Brad Garlinghouse: Cryptocurrencies are Bad Currencies appeared first on NewsBTC.
One of the golden rules of investing in anything is not to sink more money into it than you can afford to lose. This has never been more important than it is with cryptocurrency. The huge price volatility and lack of historical precedent within the market makes it a potentially dangerous space for those unfamiliar with high risk investments. After the enormous run up in the price of Bitcoin and other cryptocurrencies seen last year, and the subsequent correction in recent weeks, a Moscow-based company known as Blockchain Fund have opened a hotline to help those dealing with large losses. RT News even suggest that swings like the movement in Bitcoin from $20,000 to $6,000 in early 2018 could prompt a spate of mass suicides.
Elena Pikhovkina, a psychologist who works on the hotline spoke with Russian news source Life.ru about the initiative:
“Some people are in a panic, they don’t understand what is happening. At first everything was so good in this market, and now it has faced such changes… First of all, I will get acquainted with people in my work, listen to their stories and then give advice on how to calm down and recover. It is very important so that a person does not do anything stupid.”
Pikhovkina has learned to deal with those affected by large financial loss through first hand experience. She worked with many who lost money in 2014 when the euro and dollar rates jumped suddenly against the ruble.
There have already been reported cases of suicide occurring because of misplaced investments in the cryptocurrency space. This week, Youtube channel World Crypto Network reported of a case in which an investor had decided to take their own life following the recent price correction. In another example, a post of Reddit’s Bitcoin pages last month details the story of a 29-year-old who had sold his cryptocurrency prior to the huge price run up. According to the victim’s brother, the man in question sold or lost around 15,000 BTC just before the dramatic price increase. He told the forum:
“As the price took off in late 2013-early 2014 you could tell he was distraught over it and became increasingly withdrawn from family and friends… If I had missed out on $50M I might have killed myself too. I can’t imagine what my brother must have been feeling these past several years knowing he missed his best and easiest shot at the wealthy life he had always fantasised about.”
Recently, George Popescu, the CEO of Block X bank, told The Investor of Korea of the need for a suicide hotline to help those who’ve been affected by Bitcoin and other cryptocurrencies. He stated to the publication:
“People borrow money and invest in cryptocurrencies. If they lose it, they can get really hurt in this bitcoin craze… Maybe what we should do right now is to set up a suicide prevention lifeline to give those who hoard bitcoins a call and ask if they really know what they are doing.”
The post Suicide Hotline Opens in Moscow for Cryptocurrency Traders appeared first on NewsBTC.
Regulators in Hong Kong have issued a strict warning to exchanges doing business with Chinese customers about trading tokens deemed as securities without a license.
In an announcement today, Hong Kong’s Securities and Futures Commission (SFC) said it has sent letters to seven Hong Kong exchanges and firms attempting to fundraise through initial coin offerings (ICOs), warning them about the legalities of selling digital tokens with the characteristics of securities. Most of those receiving the letter confirmed compliance with the SFC’s regulatory regime or delisted tokens in question.
The agency said it had been receiving complaints from Chinese citizens about market manipulation on exchanges. Some said they were unable to withdraw funds and reported significant losses due to “technical breakdowns” on exchanges.
“We will continue to police the market and enforce when necessary,” SFC CEO Ashley Alder said in a statement. “But we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law.”
The agency also cautioned investors about the risks involved in trading cryptocurrencies, including price volatility, theft and fraud, and the difficulty of recovering losses.
“If investors cannot fully understand the risks of cryptocurrencies and ICOs or they are not prepared for a significant loss, they should not invest,” said Julia Leung, executive director of intermediaries at SFC. “Investors who store their fiat currencies and cryptocurrencies with unregulated cryptocurrency exchanges should be aware of the risks of hacking and misappropriation of assets.”
The SFC issued two prior warnings to exchanges, one in September and other in December, about selling bitcoin futures.
Today’s statement follows a denial by Hong Kong–based exchange Binance, one of the largest cryptocurrency exchanges, that it had been hacked after it suspended trading on Thursday. The company blamed the suspension on a prolonged system upgrade.
Regulators in Europe and in the U.S. are coming down on fraud in the space. Earlier this week, representatives of the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) spoke before the Senate Banking Committee about future cryptocurrency regulations. And recently, several U.S. banks banned customers from using credit cards to buy digital currencies on exchanges.
This article originally appeared on Bitcoin Magazine.
These days, forks don’t seem to be just limited to cryptocurrencies; the popular MyEtherWallet tool has forked today, with a rebranded service named MyCrypto.com being launched by one of MEW’s co-founders.
Popular Ethereum wallet MyEtherWallet (MEW) has “forked,” releasing an unexpected alternative product, one of MEW’s original developers announced in a blog post today, February 9th. MEW has become one of the most popular Ethereum and ERC20 token storage management tools over the past year and will continue to exist along with a new project, which has an almost identical interface.
Taylor Monahan, who started MEW with Kosala “Kvhnuke” Hemachandra in 2015, announced the new company and wallet service called MyCrypto.com. MyCrypto is initially a forked version of MEW, but Monahan said it will launch an enhanced version of the site soon — with desktop and mobile apps set to arrive “in the coming months.”
“MyEtherWallet LLC was sufficient for the early stages of growth. MyCrypto is designed with next-level scaling in mind from the beginning,” Monahan explained in the post, adding she had spent nine months assembling a team to oversee all operations.
In the blog post, Monahan gave a brief history of the project, as well as the impetus behind her creating MyCrypto, while remaining silent on relations between herself and her fellow co-developer of MEW Kvhnuke. She did, though, clarify that: “Kvhnuke remains in control of the MEW GitHub repository, the MEW domain, the AWS instances, and the MyEtherWallet social media accounts.”
MyCrypto will enter public beta testing in the near future, but Monahan is “terrified” about the road ahead: “I was terrified — am terrified — at the potential harm this change will have on myself, the team, and/or the Ethereum community but ultimately, the risks created by continuing down the road we were on are greater than the risks of splitting to a new brand, new company, new name, and new domain. While contemplating this decision, I began to see that my inaction would be the only thing that guaranteed my failure.”
MEW has since got a new Twitter account for its old handle, but Kvhnuke suggested that the social media takeover may have been “unlawful.” His Tweet read: “MyEtherWallet.com is secure and functioning normally. Your wallets have not been compromised, and you may continue to use MEW as intended. At present, however, we are investigating what we believe to be an improper, perhaps unlawful, social media account switch.”
Reasons for the split are not clear, but, it’s likely that the two MEW founders had different visions of the future for the service — which began as a side-project to both of their professional careers. Online, the circumstances surrounding the changes continue to cause suspicion and confusion.
The post MyEtherWallet Co-founder Forks Site – Creates MyCrypto.com appeared first on NewsBTC.
The SEC’s denial of a FOIA request for records about the troubled blockchain project does not state that Tezos is under investigation.
The pre-sale ICO campaign of Betrium, the world’s first decentralized betting exchange platform, is live now, with 9,198,555 Betrium tokens (BTRM) already sold out. The pre-ICO started on January 30, 2018, will end on February 18, 2018. Hence, if you want to participate in the pre-ICO, it’s the high time to go for it.
Betrium is the platform developed by an intellectual group of entrepreneurs belonging to MIT and MIPT. It is the first partly-decentralized global betting service, including betting exchange and Sportsbook, with zero commission, acceptance of cryptocurrencies and offering a platform for developers, event organizers, franchisee and third-party betting service providers who can create and manage their custom events and earn income from betting.
Leveraging Upon the Industry-Growth Opportunity
Betrium holds the credit for developing the first global sports betting platform operating in the industry that is generating at least $0.5 trillion of revenue on an annual basis. By 2017, the worldwide regulated gambling market generated around $533 billion of revenue. The betting market accounts for $70 billion in total gross yield globally. In addition, the unregulated sector is way larger, with more than 100 million users regularly betting on sports every month.
How it Works?
The bets over Betrium platform take place off-chain and just added when the event takes place so that the outcome cannot be denied. Nevertheless, the bets are broadcasted all over the network immediately for the odds to be addressed. It implies that unlike other similar platforms, Betrium offers higher-speed betting service developed on a decentralized IT architecture.
In view of the volatility stabilization goals, the professional betting cannot be executed without fixed USD amounts. The company is in the process of preparing for Curacao online gambling license.
The Core Features
- Profit Sharing
Betrium distributes 50% of the annual profits among BTRM token holders. Each token holder will get a 50% of the Betrium’s profit on a regular basis. The BTRM tokens are backed by Betrium financial success and its increasing worth.
- No Volatility
The platform offers cryptocurrencies volatility stabilization for the token holders. The platform fixes the balances with virtual USD/EUR so as to protect users from losing in the regular dumps. It will be achieved by integration of exchange functionality and partnerships with local and global exchanges.
- Legal Activity
The company aims to make the platform fully legal. It is in the process of obtaining Curacao license for its online gambling, along with plans to get licenses in UK, Malta, Germany, USA, and Australia as well.
To know more about the platform and participate in its on-going token sale, please visit https://betrium.co/#
Over the last couple weeks, bitcoin has seen a dramatic drop in price dropping from $20,000 to $6,000. Shortly after bottoming at $6,000, hopeful investors jumped at the chance to catch a discounted coin. Is this rise sustainable and does it mark the end of the drastic correction?
Let’s take a look at the macro trend:
Figure 1: BTC-USD, 1-Day Candles, Macro Trend
One of the most concerning things regarding the health of this trend is the breakdown of both the parabolic and linear trends. Both trends lasted several years and represented the entire life of a multi-year bull market. A breakdown of these trends marks the beginning of a new market and a new trend. Whether this is going to be a sustained bear market or we have bottomed out and are beginning a bull market remains to be seen, but a few things are sticking out that point toward the possibility that this correction might not be finished just yet.
Figure 2: BTC-USD, 1-Day Candles
First, we are currently finding resistance on the 1-Day 200 EMA (the red curve). If we look up at Figure 1, we notice that this is the first time since 2015 (the end of the last bear market) that BTC-USD has been below the 200 EMA. Throughout the life of this bull market, bitcoin has reliably found support on the 200 EMA. However, at the time of this article, the price is trending below the 200 EMA and is currently in the process of testing the strength of its resistance level.
Second, we can see a notable drop in overall volume since the price bottomed out at $6,000. Every single daily candle since we bottomed out has seen less and less volume, indicating a lack of interest from larger buyers at these prices. This price pattern could yield a bearish continuation in the form of a bear flag. Bear flags are brief intermittences in bearish trends where the price temporarily rallies due to bullish speculation, but fails to continue upward. The texbook sign of a bearish continuation is a brief rally coupled with diminishing volume.
Figure 3: BTC-USD, Daily Candles, Potential Bear Flag
The measured move of this bear flag would have us targeting somewhere between $3,000 to $4,000. I don’t consider this price target out of the question as the all previous bear markets have yielded a 78% retracement in price. Currently, our 78% retracement sits around $4400.
- Bitcoin has seen a local bottom around $6,000.
- A weakening rally has left bitcoin testing strong resistance on diminishing volume.
- A potential bearish continuation could send bitcoin down to the low $4,000s, after everything is said and done.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.