The ambitious project thinks token-based governance can tackle not just censorship, but fake news, echo chambers and journalism’s other crises.
Archives for July 7, 2018
In the short-term, a movement below the $6,300 mark is more likely than a surge to the $7,000 region, due to the lack of volume of bitcoin. Weak Volumes Once Again Over the past 24 hours, the daily trading volume of bitcoin has decreased from $4.6 billion to $3.9 billion, by about 15 percent. The
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Bitmain, the Bitcoin mining behemoth, is now reportedly valued at $12 billion. This new valuation comes after the company closed a $400 million Series B funding round. Bitmain, which controls a major chunk of the Bitcoin mining hashrate, is also set to invest in the upcoming Opera browser IPO.
$12 Billion Valuation
According to local news sources in China, Sequoia Capital, Coatue, and EDBI were among the leading firms in the Series B funding. Sequoia Capital was also part of the company’s first round of funding which raised $50 million in July 2017.
Inside sources also reveal that the company has plans for a pre-IPO funding round. In May 2018, Canaan Creative, a rival mining company, also filed for a $1 billion IPO in Hong Kong.
Established in 2013, Bitmain has risen to become one of the most recognizable names in the burgeoning cryptocurrency industry. The company posted profits of between $3 billion to $4 billion in 2017. The company leads the way in both the manufacture of Bitcoin ASIC mining rigs as well as owning the two largest Bitcoin mining pools.
Bitcoin Mining Monopoly
Recently, it was reported that the company was approaching 51 percent control of the Bitcoin mining hashrate. This is because Bitmain owns AntPool and BTC.com, the two largest mining pools in the Bitcoin blockchain. Both pools account for about 35.4 percent of the network’s hashrate. Bitmain also owns a stake in the ViaBTC pool which is the third-largest mining pool in the network.
Bitmain’s Bitcoin mining monopoly has led to concerns over a possible 51 percent attack. So far in 2018, there have been at least five reported attacks on such nature on blockchains running proof-of-work mining algorithms.
Most of these attacks have been combined with a double-spend attack to increase the severity of the hack, siphoning millions of dollars in tokens from these blockchains. However, there is likely far less economic incentive for Bitmain to bit the hand that feeds it, namely the Bitcoin network.
Investing in Opera Browser IPO
In another development, Bitmain is gearing up to invest in Opera Ltd.’s $115 million IPO. The mining giant plans to buy $50 million in shares via a private placement under the aegis of Tospring Technology Ltd – which is another name for Bitmain.
This isn’t the first time that Bitmain is dominating an investment campaign. In May 2018, the company also backed Circle’s $110 million investment round.
Do you think Bitmain will be able to attain 51 percent control of Bitcoin’s hashrate? Let us know your views in the comment section below.
Image courtesy of Blockchain.com, Shutterstock
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Balaji S. Srinivasan, CTO of Coinbase and co-founder of Counsyl, Earn, Teleport, and CoinCenter tweeted out his response to the Bank for International Settlements’ critical warnings about cryptocurrency including that digital commerce will ‘bring the internet to a halt,’
Srinivasan responded to the group’s warnings by tweeting “Well, if central banks hadn’t created all those dollars, Satoshi wouldn’t have created all those bitcoins.” adding that if fiat systems were optimal crypto startups would have no chance and that Bitcoin created an easy way to opt out of that system.
Choice is everything. If the monetary policy of central bankers was truly technically superior, fiat should easily beat out the crypto upstarts in a free market for currencies. We are now putting the conventional wisdom to an empirical test.
— Balaji S. Srinivasan (@balajis) July 6, 2018
The report released by the Swiss-based group was purportedly a look “beyond the hype” surrounding Bitcoin to examine what practical use cryptocurrency may have in the real world.
Not surprisingly the group was unimpressed with their findings. They reported finding many problems with using cryptocurrency as a replacement for fiat or centralized money. One of which is the fear that its use would bring the internet to a standstill. That as all transactions in Bitcoin are recorded on a distributed ledger, for everyday retail transactions to happen supercomputers would be necessary to process the data, which would bring the world wide web to its knees.
Other than breaking the internet the report also rolled out a couple of other old chestnuts. Bitcoin is volatile, cryptocurrency is a bubble and that old cup of coffee standby. Presented by the BIS head of research Hyun Song Shin who said “Just imagine, if you bought a $2 coffee with bitcoin, you would have had to pay $57 to make that transaction go through,”
What Srinivasan was responding to in a larger sense is the BIS’s underlying message that this crypto stuff is dangerous, not only to the very useful fiat system governments have in place, but also to the good of the world itself as it has the potential to disrupt order.
Which is exactly what it was created to do. Ever since, Qin Shi Huang, the First Emporer of China introduced his copper coin as the empires only legitimate form of currency in the mid 200’s BC governments have strived to maintain a centralized monetary system.
It was the failure or, one may be forgiven to say, the sabotaging of the central banking system that created the atmosphere for Satoshi (whomever that is) to introduce Bitcoin. In 2008 as the international financial crisis was in full swing a lot of people who had lost houses, pensions, and jobs while watching those who created the problem float away on golden parachutes were ready, as Mr. Srinivasan tweeted, to opt out of the fiat system and Bitcoin allowed them to do it.
The BIS report warned that “Trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded,” but it was the breach of the public trust by the central banking system and the governments that control them which makes cryptocurrency an attractive to so many.
Featured Image From Shutterstock
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Snoozers always lose in the crypto market. This guide to the RSI indicator will assist you in making timely trades so you can walk away with the win.
Snoozers always lose in the crypto market. This guide to the RSI indicator will assist you in making timely trades so you can walk away with the win.
Top performing cryptocurrencies were Ethereum Classic and Binance Coin while Neo, Cardano, Iota and Icon were the biggest losers.
Another month went by in crypto land but June would be one that most would want to forget. Looking back at the winners and losers from the month does not display a pretty picture for most of them. Following May’s month of decline the bears hit markets even harder in June pushing them down to their lowest levels in 2018.
Total crypto market capitalization declined in June from $330 billion on the first to $245 billion at the end of the month representing a loss of 26%. Around $85 billion dollars flooded out of the crypto market during June which saw it reach a yearly low of $233 billion on the 29th. Since January’s peak markets have lost 72% to this low point five months later, it marks the third lower low and indicates that the bears were in full control as of the end of June.
Bitcoin fell from $7,500 at the beginning of June to a yearly low below $6,000 at the end of it. If the 20% drop wasn’t bad enough the sub $5,800 dip stung a few investors. Trade volume for BTC fell from $4.5 billion to $3.6 billion and market cap at the end of June was a little over $100 billion. The only good news for Bitcoin over the month was the rise of its market dominance to 42.7%.
June Crypto Winners
Ethereum Classic can only be considered a winner in June because it did not drop and ended the month around the same level as it started, just over $15. Against Bitcoin Ethereum Classic made 20% in June ending at 246400 satoshis. The boost came from Coinbase which announced that it will soon be supporting ETC trading on its platform.
Binance Coin made a little over 10% in June as traders ditched their altcoins into exchange based coins or stablecoins. Starting the month at $14.15 BNB climbed to $15.65 by the end of it to be the only crypto in the top 30 to make a gain in June.
June Crypto Losers
Ethereum got battered in June losing 25% from $575 at the beginning to $430 at the end of the month. ETH usually does a little worse than BTC but not as badly as most of the other altcoins which have all been trounced. Over $14 billion was lost from Ethereum’s market cap as trade volume fell by 25% over the month.
Ripple’s XRP took a 28% hit falling from $0.61 to $0.43 throughout June. News about new partnerships and development for the company and cryptocurrency has had very little effect on its price. Bitcoin Cash started June at a touch under $1,000 but plummeted to $660 by the end of it resulting in a beating of 34%.
The over-hyped EOS mainnet launch was riddled with bugs and centralization concerns and the ensuing FUD storm caused it to crash 37% in June from $12.25 at the beginning to $7.70 at the end. It reached a low point of $7.20 in June which is almost 70% down from its all-time high of around $23 two months ago at the end of April.
Litecoin has been in a downward spiral for months now and June has been no different. Losing 36% over the month LTC slid from $118 to $75 at the end of it reaching its lowest level since late November. Lumens had an equally bad month falling 38% from $0.29 to $0.18. Cardano fared even worse with a 45% crash from $0.22 to $0.12. ADA has consistently been the worst performing altcoin in the top ten for several months now.
A similar 45% hit was felt by Iota as it plunged from $1.75 to $0.95 over the thirty days of June. Neo also got smashed back to November 2017 levels with a 47% fall from $53 to $28. June has been the worst month for Neo since the rebrand last year. Tron, which had a more successful mainnet launch, could not benefit from price action as it lost 42% from $0.060 to $0.035 in June.
Monero suffered but not as badly with only a 22% drop from $155 on the first to $122 at the end of June. Dash dropped 25% from $305 to $230 and Nem lost 37% falling to $0.15. Other big losers in June included VeChain losing 24%, OmiseGO dropping 30%, Qtum shedding 35%, Zcash getting hammered 37%, Ontology falling 30%, Icon bashed 44%, and rounding out the top 25 Zilliqa losing 32%.
June’s losses were greater than May’s as the bears strangled the markets sending most altcoins to their lowest levels this year and back to November prices. To summarize the only two winners in June were Ethereum Classic and Binance Coin. The losers were pretty much all of the others but those getting hit the hardest for the month were Neo, Cardano, Iota and Icon.
All figures from Coinmarketcap.com
The cryptocurrency market has dropped by over 70% since the start of the year, but the world’s largest crypto exchange is still expected to rake in a hefty profit.
Changpeng Zhao: Binance Has Ten Million Users
The first half of 2018 hasn’t been kind to the cryptocurrency market, with the collective value of all cryptocurrencies seeing a 70% decline. Some have even gone on to say that investors are leaving the industry en-masse, but for Binance, that does not seem to be the case.
Changpeng Zhao, CEO of the world’s largest exchange, told Bloomberg that he expects Binance to make a minimum of $500 million in profit in 2018 alone. With the best-case scenario resulting in a cool $1 billion in annual profits.
This isn’t a fruitless prediction, with the trading platform accruing $300 million in revenue in the past six months. This substantial revenue figure is a result of Binance’s rapidly budding user base, along with near-consistent volume levels.
According to Zhao, his company has now supported over ten million customers, generating an average of $1.5 billion in trade volume each and every day. To give the user base figure a bit of perspective, Binance only had two million users at the start of 2017.
These growing figures show how Binance has not only survived but thrived in an otherwise stormy cryptocurrency market.
Binance’s Expansion Plans
Many forget that the crypto exchange is only one year old, kickstarting its business through a $15 million ICO last July. The company’s youth only makes its staggering growth statistics even more impressive.
Binance has recently announced a series of expansion plans, in an attempt to further secure its spot as the premier cryptocurrency exchange. In March, Binance thought it best to open up offices in Malta due to mounting regulatory pressure from Asian governments. Upon the firm’s announcement, Maltese governmental employees immediately issued statements on social media to welcome the exchange with wide open arms.
Welcome to #Malta @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
The exchange’s executives reasoned that operations in Malta would help the exchange secure the proper licensing for fiat to cryptocurrency transfers, which is a long time coming for the exchange.
The move to Malta has already been proven as a success, with Binance Uganda, the first fiat to crypto portal, opening late last month. The company has made it clear that this is just the beginning, reiterating its plans to secure banking licenses on a global scale.
Binance has become a hot topic in cryptocurrency circles due to its rising success, with growth culminating in the near quadrupling of the satoshi value of the exchange’s in-house crypto BNB.
BNB’s performance surprised many, as it was one of the only cryptocurrencies to grow substantially against relative Bitcoin value in this bearish trend. This growth may indicate that investors see even more potential in the platform, which is now the 17th largest cryptocurrency by market capitalization.
Many expect the continued success of the exchange, whether it be due to the strong leadership team or the ambitious plans Binance has set in place.
Featured Image from Shutterstock
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Bitcoin was the first blockchain based cryptocurrency and is still the market leader based on market capitalization. However, even as the benchmark in the crypto ecosystem, it remains exceptionally volatile.
Crypto & Blockchain
Cryptocurrency and blockchain technologies continue to spread across the globe, yet somehow, the most well-known cryptocurrency has been plummeting all year long. Bitcoin (BTC) is currently the world’s most valuable cryptocurrency with a market cap of $114.4 billion. After it set its record value of nearly $20,000 per coin in December 2017, BTC has lost more than 70% of its value, currently trading at 00.
So why is Bitcoin valued at where it is today and what is in store for the future of Bitcoin? To understand the future, one must analyze the past.
After the blockchain and cryptocurrency explosion and bull market of 2017, BTC started 2018 on a different pace. Q1 of 2018 was Bitcoin’s second-worst quarter in history for the token, with the value of BTC falling to approximately $5,900. The current price of Bitcoin continues to linger between $5,900-6,700, but the big always prevalent questions are, why are we here, and where is Bitcoin going?
Just last week, most trending analysis tools showed bitcoin to be on a downward trend. The problem with BTC’s current DMI is that it is on its strongest negative trend since the large sell-off in Q1. While DMI is an extremely useful tool, the ADX tool is a little more helpful in a volatile market.
ADX values are important to distinguish whether the conditions are currently trending or not trending at all. The correlation between ADX value and strength is as follows; 0-25 is considered absent or weak, 25 is considered strong and is usually a tipping point for traders to apply trend trading strategies. The ADX line for BTC was at 39.3 last weeks, which classifies it on the strong side since it is over 25. This means that the downward trend Bitcoin was experiencing was predicted to be strong and likely to continue. While the trend analysis tools predicted one thing, this time, the market went in the opposite direction.
Bitcoins Present State
During Bitcoin’s most recent dive, Coinbase’s announcement of Coinbase Custody helped reverse the price trend of Bitcoin as it is one of the four coins you can purchase on Coinbase.
The Coinbase exchange, founded in 2012, has over twenty billion dollars in cryptocurrencies on the exchange and a user base with more than twenty million users on the platform. New this week, Coinbase announced it is providing an easy way for institutional investors to enter the market through its launch of Coinbase Custody.
This is a strong move for Coinbase and will likely prove to be a smart choice as the financial giants that once steered clear of Bitcoin and other digital currencies are now wishing to enter the cryptocurrency market. After seeing the profits and volatility in the market, these giants are about to pump financial resources into the crypto ecosystem.
Launching Coinbase Custody was good for the crypto-community as a whole because massive amounts of incoming capital would not only bring more legitimacy to the market, but it also helps raise the prices. At least ten funds have reportedly already signed up for the service.
Coinbase CEO Brian Armstrong notes:
Over 100 hedge funds have been created in the past year exclusively to trade digital currency. By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today.
While this good news for the crypto-world helped encourage a pump in Bitcoin’s recent price…. This rise was soon corrected by more crypto FUD.
The FUD that led to Bitcoin’s most recent drop in value most was news of a hack on the Binance Exchange. The initial belief was that a block was mined and by some way shape or form that created one billion new SYS. The truth, however, was that the attackers were simply moving the same 40 million SYS around.
As such, the attack was not a hack in the conventional sense of the word, even though the end result was similar. While this was a simply SYS scheme to make money, the Binance network was accused of a hack and whenever a large exchange is accused of a hack, the price of Bitcoin plummets.
Binance remains one of the most trustworthy exchanges in existence and the number one exchange by volume.
That is why the price Bitcoin is where it is today. While the trend analysis tools can give us insight into what the future may hold in store for crypto. Changes in regulation, big news (e.g. the Swiss stock exchange launching its own crypto exchange), and quality products will continue to shape the value of projects in the industry.
According to the trending trading strategy tools and charts, the ADX is just above 20 opposed to 39.3 just last week at the time of writing. When the ADX is rising, the current trend is getting stronger. The opposite is also true when the ADX is falling, the current trend is weakening. Meaning, the negative trends of last week’s predictions have turned around and are now pointing Bitcoin in a positive direction. The most profitable trading decisions are not acts based on emotion but are thoughtful decisions made from objective signals in the market.
Not only do the charts foreshadow things may be turning in a more positive direction, but financial experts, developers, and celebrities in the crypto-community have had hope for the future for Bitcoin since the beginning of summer. Could these experts be right?
Fundstrat Global Advisors has predicted that Bitcoin will be valued at $64,000 by the end of 2019. Fundstrat’s Tom Lee is a bit more conservative, though he has doubled down in predicting that Bitcoin will reach $25,000 by 2019. While the short-term trend trading momentum continues to shift between bulls and bears, experts remain confident in Bitcoin’s long-term future.
Listening to experts is never a proper way to investment (by itself), however. It is a start, but the best investments are made from diligent research and trade strategies completed by the individual investor. The current trend trading strategies tools are starting to show hope for a rise in Bitcoin price value 00. The most recent drop in value was due to FUD that Binance will most certainly correct and overcompensate for, and Coinbase (one of the top exchange platforms in the world) will be expanding to institutional money for the first time. The giants in the financial world are about to enter the market.
And what better coin to buy first than Bitcoin?
The market cap just one week ago was 105.5 Billion, this week it is $114,360,247,885. The Bitcoin network is currently growing, its technology is constantly improving, and one of the most popular US exchanges is allowing institutional money to have easy entrance to the crypto-world for the first time. How this will affect the value of Bitcoin…
To read the King’s prior articles, to find out which ICOs he currently recommends, or to get in contact directly with the King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and Daily Reports). This does not constitute as investment advice and it is always recommended you DYOR.
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