A board member at Swiss luxury goods maker Richemont has said the firm will use blockchain to bring transparency to its supply chain.
Archives for July 12, 2018
Up to 25 applicants will receive financial incentives for launching and running successful products.
One of the key scalability challenges with public cryptocurrency blockchains is that their size grows linearly with the number of transactions. Mature blockchains such as Bitcoin and Ethereum contain >170GB and >1 TB of historical data respectively. New nodes joining these chains need to download this data and verify it in order to become a “”full node””. The number of full nodes is a key measure of decentralization, and difficulty becoming a full node translates into future centralization.
In this episode, we are joined by the duo of Evan Shapiro and Izaak Meckler, CEO and CTO at O(1) Labs respectively. O(1) Labs is a pioneering company that uses zkSNARK technology in order to construct a cryptocurrency blockchain, called Coda, that solves the blockchain size scalability bottleneck. New nodes joining the Coda network will be able to trustlessly boot up in under a minute by verifying cryptographic proofs that attest to the validity of the current chain. This technology has great potential to enable decentralization, and for one blockchain to be a light client of another blockchain.
Topics discussed in this episode:
- Scalability challenges of current cryptocurrencies
- Background on O(1) Labs and their mission statement
- How Coda uses succinct computational integrity technology (zkSNARKs) to enable further decentralization of blockchains
- Snarky – a domain specific language for zkSNARK computations
- Current state of Coda and roadmap
Links mentioned in this episode:
- Coda protocol website
- Coda Whitepaper
- Presentation on Snarkly by Izzak Meckler
- zkSNARKs in a nutshell by Christian Reitweissner
- zkSNARKs in a nutshell by Vitalik Buterin
- Coda presentation from ZCon
- Shapeshift: Buy and sell alt coins instantly and securely without a centralized exchange
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The Maltese Islands continue to be among the prime movers in the crypto and blockchain space with new developments occurring almost every day. In fact, Tuesday was another landmark as a company called Palladium claimed to launch what it has called as the world’s first Initial Convertible Coin Offering or (ICCO) platform. In this innovative
The post World’s First Initial ‘Convertible Coin Offering (ICCO)’ Launches in Malta appeared first on CCN
- Bitcoin price declined further and broke a key support at USD 6,300 against the US Dollar.
- There was a break below a contracting triangle with support at $6,310 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently under pressure and it remains at a risk of more losses below $6,200.
Bitcoin price dropped significantly below $6,300 against the US Dollar. BTC/USD is accelerating losses towards the next supports at $6,100 and $6,050.
Bitcoin Price Analysis
Bitcoin price started a short-term correction after trading toward the $6,280 level against the US Dollar. The BTC/USD pair moved a few points higher and traded above the $6,300 and $6,350 levels. However, the upside move was capped by the 23.6% Fib retracement level of the last drop from the $6,720 high to $6,280 low. The price failed to move past the $6,400 and declined sharply.
The recent decline was such that the price broke the $6,280 low. More importantly, there was a break below a contracting triangle with support at $6,310 on the hourly chart of the BTC/USD pair. It opened the doors for more declines and the price cleared the $6,200 support. It is now trading well below the $6,500 pivot level and the 100 hourly simple moving average. A low was formed at $6,145 and the price is currently consolidating. An initial resistance is near the $6,280 level, which was a support earlier. Moreover, the 50% Fib retracement level of the last slide from the $6,399 high to $6,145 low is also near $6,290 to act as a resistance.
Looking at the chart, bitcoin price is under a lot of pressure below $6,300. If it continues to move down, a break below $6,180 could push the price towards $6,100 and $6,050.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is moving heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is moving lower towards the 20 level.
Major Support Level – $6,100
Major Resistance Level – $6,300
The post Bitcoin Price Watch: BTC/USD Trend Overwhelmingly Bearish appeared first on NewsBTC.
Though Bitcoins market price has been anything but inspiring of late, as it lingers at 70% below its all-time high, one wealthy Australian Bull still believes enough to put it up against Warren Buffets Berkshire Hathaway.
Bitcoin Punter Puts up Against Berkshire Hathaway
One of the land down under’s leading Bookmakers, Tom Waterhouse, tweeted That a well-known crypto expert ( who is choosing to remain anonymous) has requested a bet that by 2023 one Bitcoin will exceed the price of one share in Berkshire Hathaway. This well-known expert is showing a very bullish disposition as the amount of the requested wager is $AU8.5 million, which if it pans out will pay off at $AU 1.2 billion.
Big Bet: Well known Crypto expert has just requested a bet of $8.5m AUD to win $1.2bn that a Bitcoin will exceed the price of a Berkshire Hathaway share (c.$280k) by 2023. Have put him in touch with large syndicate – hope he can get set! pic.twitter.com/C20AHzH2k9
— Tom Waterhouse (@tomwaterhouse) July 11, 2018
At the moment Bitcoin has a lot of catching up to do as Berkshire Hathaway currently trades at $288,481, over 45 times the amount of BTC. Waterhouse who recently moved on from his position as chief executive of CrownBet-owned William Hill Australia reportedly put the prospective gambler in touch with a large syndicate.
The outlandish wager may be emblematic of Australia’s enthusiasm for all things blockchain related, marked just last week by Huobi Global opening their Australian operation. Which took the occasion to launch ten fiat to crypto trading pairs in celebration.
The gambit could also be a potentially costly provocation of the famous Omaha based holding company’s leaders. Both Warren Buffet and Charlie Munger have been openly vocal about their distrust and even disgust of Bitcoin and cryptocurrencies in general, even as they have confessed their combined ignorance about the technology that powers them.
Price Predictions Big and Small
Whatever reasons the secretive “crypto expert” has for taking this flyer, he’s not the first to make a potentially painful wager on the future of Bitcoin. Former cybersecurity entrepreneur and crypto personality John Macfee put his manhood on the line when he publicly announced that if Bitcoin doesn’t reach $500,000 by 2020 he would eat his own penis live on TV. People called the always eccentric Bitcoin bull crazy so he doubled down and raised the number to a million.
Bitcoin price predictions are a dime a dozen and it seems that some Bitcoin experts make a living by going on to CNBC to make predictions just to return a few days later and explain why they were wrong. This, though isn’t the first time someone has wagered Bitcoin against Berkshire Hathaway’s price. Back in 2015 when the crypto space was a bit smaller the owner of Bitbet put up a 1,000 BTC in a similar but much more complicated wager.
Some figures put Bitcoin as the winner in that bet, others disputed that outcome but in the end, it was all a wash since the instigator was outed as a fraud who had hedged against his own wager and was flogged for it on Reddit. Whatever the outcome of this new proposal it will be interesting to see if Bitcoin can make up some ground before the payout date.
Featured Image From Shutterstock
The post Expert Bets $8.5 Million That Bitcoin Will Reach $280,000, Surpassing Birkshire appeared first on NewsBTC.
- Ethereum classic price declined recently and traded as low as $15.67 against the US dollar.
- There is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may perhaps struggle to break the $16.40 and $16.60 resistance levels in the near term.
Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD has to surpass the $16.60 resistance to start a decent recovery.
Ethereum Classic Price Decline
There were heavy losses this week in ETC price as it moved below the $17.00 support against the US dollar. The ETC/USD pair even broke the $16.00 support and settled well below the 100 hourly simple moving average. It traded as low as $15.67 and is currently struggling to recover. There was a minor upside move, but buyers faced hurdles near $16.60-70. Moreover, there was no close above the 23.6% Fib retracement level of the last drop from the $18.80 high to $15.67 low.
More importantly, there is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair. The pair is slowly moving lower and is holding the $16.00 support area. On the upside, a break above the trend line and $16.40 resistance could clear the path for a decent recovery. However, there is also a crucial resistance and a pivot zone at $16.60-70. The price must break the stated pivot zone to stage a comeback above the $17.00 level.
The chart suggests that the price is finding it tough to clear the trend line at $16.35-40. On the downside, the $16.00 level is an initial support. Below this, the price may perhaps retest the $15.70 low or it could even break towards $15.50.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.
Major Support Level – $15.70
Major Resistance Level – $16.60
The post Ethereum Classic Price Analysis: Can ETC/USD Break This? appeared first on NewsBTC.
Early Bitcoin investors continue to bet on Bitcoin’s potential. For example, angel investor Jeffrey Wernick started investing in the “the currency of the people,” as he calls it, in 2009. Wernick believes that Bitcoin’s formidable power resides in the fact that its value “comes from its ability to solve the biggest problems with fiat money.”
Wernick: Bitcoin is the People’s Currency
In a recent Business Insider interview, Wernick gives details about why he started to invest in Bitcoin. And he describes how the shift in the relationship between government and people triggered his interest in gold and monetary issues.
He explains how the change in this relationship was caused by a government’s ability to run massive deficits and debase the currency, without the consent of the people.
Now the government can do a lot of things without the consent of the people because as long as the people don’t have to pay for it, they feel that they’re less interested in it.
Wernick argues that this is the most significant problem afflicting fiat money. And he affirms that Bitcoin by being “the people’s currency” has the potential to solve this problem. He defines Bitcoin:
So it’s a people’s currency, it’s defined by the people, and it’s defined by rules and a protocol that people trust. And I think in a world where people don’t trust anything anymore, that it’s good to have protocols that people trust that they control themselves, that are not controlled by third parties.
Investing in the Sharing Economy and Blockchain Technologies
Wernick’s portfolio also includes investments in key assets of the sharing economy, such as Uber and Airbnb stocks.
Since October 2017, Wernick has been a member of Qtum’s advisory board. Qtum is a global project that aims to be the bridge between the Bitcoin and Ethereum communities, the real world and blockchain world.”
Similarly, Wernick has been a member of the board of DataWallet since June 2018. According to the company website, “Datawallet is your digital wallet for your online data. It allows you to take your data from platforms such as Facebook, Amazon, Uber, Spotify and unify it in one place.”
Wernick graduated from the University of Chicago with a degree in economics and finance. He is an experienced investor who started his career at Salomon Brothers, where he worked on quantitative research and trading. Then he moved to the National Bank of Detroit (NBD), where he became the youngest Senior Officer, chairing the Risk Management Committee, the Asset-Liability Committee, the Loan Pricing Committee, the Credit Committee and Mortgage Finance.
Do you think Bitcoin is the “currency of the people”? Can it solve the problems affecting fiat money, such as deficits and inflation? Let us know what you think in the comments below.
Images courtesy of National Competitivenes Forum/C-SPAN, Pixabay
The post Uber Angel Investor Believes Bitcoin Will ‘Solve Biggest Problems With Fiat’ appeared first on Bitcoinist.com.
A report from the Chinese news agency, Xinhua, has revealed that the Chinese Yuan’s share of bitcoin transactions has fallen dramatically following the Chinese government’s decision to impose a series of bans and restrictions on cryptocurrency trading and ICO fundraising in the world’s second largest economy.
Crypto Trading Shutdown in China
Since September 2017, Chinese authorities have engaged in a series of aggressive crackdowns on crypto-related activities in the country. They first banned Initial Coin Offerings (ICOs) and later banned cryptocurrency exchanges. Prior to the bans, the yuan’s share of global bitcoin transactions topped out at over 90 percent.
The situation alarmed Chinese regulators who feared that bitcoin-yuan trading was being used to circumvent tax regulations and anti money-laundering (AML) laws. China also has some of the world’s strictest capital control measures in place, so there was a major risk of bitcoin being used to illegally export capital from China.
In response to these fears, the central government instituted restrictions aimed at severely curtailing the popularity of crypto in the country. According to the Xinhua report, since September 2017, 110 platforms offering cryptocurrency exchange services were shuttered by the Chinese government, most notably including BTCC, Huobi, OKCoin, and Binance, all of whom subsequently moved abroad.
In the same period, Chinese authorities closed down 85 ICO exchange platforms. Cryptocurrency trading was also banned in its entirety, with regulators going as far as working with payment services like Alipay to identify and shut down more than 3,000 accounts engaged in peer-to-peer cryptocurrency trading.
According to the report, the policy has been extremely successful, yielding a stunning drop in yuan-bitcoin transaction volumes in less than a year. Data from the People’s Bank of China (PBC), shows that the policy measures have reduced the global share of the yuan in bitcoin transactions “without any risks” from 90 percent to below one percent, a drop of roughly 99 percent.
The report also stated that the ban on bitcoin trading is not likely to be lifted anytime soon because the severe price fluctuations are seen as a risk to Chinese investors. A number of experts also say that they expect the policy to carry on, based on the success that it has recorded thus far. Speaking about the policy results, Guo Dazhi, research director with the Zhongguancun Internet Finance Institute, said:
“This indicates that the policy has been very successful. It is within expectations that the yuan’s share in global Bitcoin transactions would drop after China announced the ban. The fluctuation for Bitcoin has been huge and obviously that is very risky for investors. [Many Chinese investors] could not bear such risks.”
BTCManager earlier reported that despite the actions of countries like Thailand, Philippines, Australia, Malta and Japan to regulate the crypto economy and open it up for investment, Chinese regulators have adopted a zero tolerance attitude, forcing Chinese crypto platforms and miners to relocate overseas.
The post Chinese Yuan’s Usage in Bitcoin Transactions Falls Dramatically After Regulatory Crackdown appeared first on BTCMANAGER.
Fresh from meeting legendary cryptographer Phil Zimmermann, hacktivist and early bitcoin adopter Amir Taaki reflects on the PGP inventor’s legacy.