Ripple price gained bullish momentum and broke the $0.3265 and $0.3300 resistances against the US dollar.The price even climbed above the $0.3350 resistance level to move into a positive zone.This week’s highlighted key bearish trend line was breached with resistance near $0.3288 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair traded close to $0.3420 and now it remains well supported above the $0.3290 level.Ripple price recovered nicely and gained bullish momentum against the US Dollar, along with bitcoin. XRP is likely to extend gains towards the $0.3500 or $0.3520 level in the near term.Ripple Price AnalysisYesterday, we saw a decent recovery above the $0.3200 resistance area in ripple price against the US Dollar. The XRP/USD pair settled above the $0.3210 level and later started trading in a range. Finally, buyers had the upper hand and pushed the price above the $0.3250 resistance and the 100 hourly simple moving average. It opened the doors for more gains and the price broke the 61.8% Fib retracement level of the decline from the $0.3330 swing high to $0.3135 low.More importantly, this week’s highlighted key bearish trend line was breached with resistance near $0.3288 on the hourly chart of the XRP/USD pair. The pair climbed sharply above the $0.3350 resistance level to move into a positive zone. Finally, there was a break above the $0.3400 level and the price traded as high as $0.3422. Recently, there was a minor downside correction below $0.3380 and the 23.6% Fib retracement level of the last wave from the $0.3209 low to $0.3422 high. However, dips remain supported above the $0.3300 level. An initial support is at $0.3320.The 50% Fib retracement level of the last wave from the $0.3209 low to $0.3422 high is also near $0.3315 to act as a support. The next main support is near $0.3260 and the 100 hourly simple moving average. Therefore, if the price corrects lower further, it could find a strong support near the $0.3320 and $0.3300 levels. On the upside, a break above the $0.3422 high is likely to push the price towards the $0.3500 level.Looking at the chart, ripple price clearly moved into a positive zone above the $0.3300 and $0.3320 levels. It may continue to rise if buyers clear the $0.3420 and $0.3450 resistance levels in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently placed nicely in the bullish zone, with positive signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 60 level, with a bullish bias.Major Support Levels – $0.3320, $0.3300 and $0.3265.Major Resistance Levels – $0.3420, $0.3450 and $0.3500.
Archives for April 17, 2019
ETH price extended gains and rallied towards the $175 resistance area against the US Dollar.The price pumped sharply above the $169 and $170 resistance levels to test $174.There is a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains well supported on the downside near $170 and it could continue to rise towards $180.Ethereum price climbed higher above key levels versus the US Dollar, along with bitcoin. ETH remains well bid and it seems like buyers could push the price towards $180 and $182.Ethereum Price AnalysisYesterday, we saw a strong rebound in Ethereum price above the $162 and $165 resistance levels against the US Dollar. The ETH/USD pair even tested the $170 resistance level and settled above 100 hourly simple moving average. Finally, the price broke the $169 and $170 resistance levels to extend the rally towards the $175 level (as discussed in yesterday’s analysis). The price tested the $174 level and it is currently consolidating gains below $175.An initial support is near $172 and the 23.6% Fib retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are many supports near the $170 and $169 levels (the previous resistances). There is also a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent wave from the $164 swing low to $174 high. Therefore, if the price corrects below $172, it is likely to find support near the $168 support area.On the upside, an initial resistance is near the $175 level. Should Ether buyers push the price above the $175 resistance, there could be a strong move towards the $180 and $182 resistance levels. If buyers remain in action, there is even a chance of a run towards the $190 resistance area.Looking at the chart, Ethereum price trading nicely above the $168, $169 and $170 support levels. As long as there is no close below $168, the price remains in a positive zone. Below $168, the next support is at $164 and the 100 hourly simple moving average. The overall price action is positive and the recent break above $170 suggests that bears are clearly struggling to push the price lower.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining strong momentum in the bullish zone, with positive signs.Hourly RSI – The RSI for ETH/USD jumped above the 60 level and it is currently near 75.Major Support Level – $168Major Resistance Level – $175
By CCN: Perhaps no country has tried harder to snuff out bitcoin than China. After putting the kibosh on ICOs, the government banned crypto exchanges and now they’re targeting bitcoin mining. While they may have slowed crypto down, especially in China, this train is moving full-speed ahead. Sooner or later, they might find themselves boarding, too.
Blockchain Research Institute Executive Chairman Donald Tapscott suggested that it’s only a matter of time before the renminbi makes its way onto the blockchain, telling Bloomberg:
“In 20 years, we’re not going to be using bitcoin in China. The Chinese people will use the RMB, only the RMB will become a cryptocurrency. The Central Bank of China will turn it into a digital currency.”
Chinese Government Is Intent on Hurting Crypto
During his recent trip to the East Asian country, Tapscott learned that President Xi Jinping believes the “blockchain is one of the two most important technologies for the future of China.” Funny, he could have fooled us. As for the ban on bitcoin exchanges, Tapscott says it’s a “mistake.”
The blockchain researcher goes on to explain a “dichotomy” in China, one in which the government has shunned crypto but deems the blockchain as okay.
“The government is quite serious about hurting crypto,” he said.
Central Bank Digital Currencies
It’s a lot easier for centralized entities to embrace blockchain technology than it is for them to accept crypto. Any decentralized currency that does not require the control of a central bank threatens to disrupt their purpose. Yet even the IMF’s Christine Lagarde believes that cryptocurrencies are “shaking the system.”
IMF to crypto: “please be gentle with our house of cards” https://t.co/8bEWXlzk4v
— Spencer Bogart (@CremeDeLaCrypto) April 11, 2019
China’s Crypto Would Be Just the Beginning
Meanwhile, it’s not just China that could see its own cryptocurrency. In his book entitled “Blockchain Revolution,” Tapscott points out that a Bank of Canada official wants to see “central banks everywhere…seriously study the implications of moving entire national currency systems to digital money.”
Meanwhile, Bank of England Economist Andrew Haldane “famously proposed a CBDC [Central Bank digital currency] as a solution to the inability of central banks to set negative rates of interest on currencies in severe economic downturns.” While crypto hasn’t been around for a global economic recession yet, it’s only a matter of time.
There has never been a global recession since Bitcoin was created. Next time it happens, there is an escape hatch. https://t.co/XmwcCcuSU9
— Erik Voorhees (@ErikVoorhees) April 16, 2019
Don Weinland of the Financial Times, however, argues that “no central banks are seriously considering issuing a CBDC at this time.” Instead, he points to “pushback” from the likes of the Fed and the Bank for International Settlements.
Nonetheless, if China is in play for its own crypto, however, it’s clear the “virus is spreading.”
Over the last few months, crypto traders and analysts have been ranting and raving about an apparent alt season, that saw the price of many altcoins double in value. It wasn’t until Bitcoin’s recent rally that the alt season was stopped in its tracked.
Despite witnessing some exciting price action over the past several weeks, the crypto markets are currently taking a slight breather as Bitcoin tepidly advances into the $5,200 region.Although the recent upwards momentum appears to have fizzled out, analysts are now expecting Bitcoin to make another upwards push back up towards its strong resistance level around $5,400 – which could open the gates for significantly further gains, assuming that BTC is able to break above this level.Bitcoin Finds Stability Above $5,200 As Crypto Markets Climb Slightly At the time of writing, Bitcoin is trading up 2.4% at its current price of $5,230 and is up slightly from its weekly lows of roughly $4,950. The recent price climb appears to be part of a larger consolidation pattern, as BTC has now been stuck between roughly $5,000 and $5,400 since early-April.$5,400 was first established as a level of resistance one-week ago when Bitcoin surged to this price level before incurring a significant amount of selling pressure that sent it spiraling downwards to approximately $5,000 – a price level at which it found support.Since then, BTC and the entire crypto markets have climbed slightly, but they have failed to gain any significant levels of upwards momentum, leading them to enter what one analyst describes as a “slumber.”“Though we do seem to be in some sort of slumber, there’s really no telling how long this will last. It could take months to see another breakout, or it could happen between now and the time you read this message,” Mati Greenspan, the senior market analyst at eToro, said in a recent email, also pointing to declining trading volume the markets are experiencing.Chonis Trading, another popular cryptocurrency analyst, also spoke about Bitcoin’s current price action in a recent tweet, noting that BTC’s EMA12 has been holding as a support level.“$BTC – daily candle continues to close above EMA12 support on notable declining #bitcoin volume,” he noted.$BTC – daily candle continues to close above EMA12 support on notable declining #bitcoin volume… pic.twitter.com/Wnz5QLScGl— Chonis Trading… (@BigChonis) April 17, 2019Analyst: Bitcoin May Soon Surge To $5,400… Again…Despite the current lull in the crypto markets, analysts do believe that Bitcoin may be gearing up for another upwards swing.UB, another popular cryptocurrency analyst on Twitter, explained where he sees Bitcoin heading next, noting that its ability to treat $5,182 as a level of support is positive, and could lead it to climb back into the $5,400 region.“$BTC – As Long as Red ($5182) continues to act as support, a move up to Blue seems likely. PA shows a long setup but a few other systems I use on the side show a short setup. One of which is a strong sell $5202. Bullish argument invalid if the Range High flips into Resistance,” he explained in a recent tweet.$BTC – As Long as Red ($5182) continues to act as support, a move up to Blue seems likely.PA shows a long setup but a few other systems I use on the side show a short setup. One of which is a strong sell $5202.Bullish argument invalid if the Range High flips into Resistance pic.twitter.com/qS7TWjs3tI— UB (@CryptoUB) April 17, 2019Assuming that the markets truly have found a long-term bottom that is currently set at their late-2018 lows, it is highly likely that 2019 will prove to be a very positive year for Bitcoin and the crypto markets.Featured image from Shutterstock.
Most of the world’s largest companies experimenting with blockchain are apparently doing so on Ethereum. Amongst the notable names are Fidelity, Google, and HTC.Blockchain spending has been increasing dramatically over the last few years and it looks like the number two crypto by market capitalisation is leading the way in terms of corporate adoption.Much of Ethereum’s Fabled EEA Still Interested in the PlatformFor many Ether investors, enterprise adoption is all important. In 2017, Enterprise Ethereum Alliance announcements were often accompanied by massive price surges for the number two crypto by market capitalisation. Names likes Deloitte, National Bank of Canada, Samsung SDS, and Toyota and many more were gradually added to the list. Meanwhile, investors waited for one of these massive companies to develop a killer application for the blockchain that requires the use of vast quantities of Ether, thus sending the price rocketing.Things have not exactly turned out as many had expected. The Enterprise Ethereum Alliance (EEA) has not been in the news much of late and there is no corporate use case of the blockchain that has sent the price parabolic again. However, development is clearly still going on.EEA announcements have inspired their fair share of ETH price runs in the past.Forbes has just released a list of billion dollar companies experimenting with blockchain technology. The “Top 50 Billion-Dollar Companies Exploring Blockchain” is the first part of two similar articles. It will eventually create a full top 100.The list shows that most of the world’s largest companies that are interested in distributed ledger technology are currently looking at public Ethereum or private Ethereum-derived ledgers to build applications on. Most companies featured are exploring numerous blockchains, however.Of those that prefer other blockchains, Hyperledger, IBM Blockchain, and Bitcoin all seem popular amongst the corporate giants exploring the tech.In an article detailing the new Forbes list, ConsenSys stated that 24 of the 50 billion-dollar companies are currently investigating the Ethereum public blockchain, with a further 12 using Enterprise Ethereum-derived platforms in instead.The ConsenSys piece goes on to opine:“It’s likely that the large developer community, existing standards developed by the EEA, and public compatibility are driving some of Enterprise Ethereum’s reported dominance.”What Are The Biggest of The Big Working on?Below are some of the more notable companies on the list and the specific blockchains they’re currently exploring:Amazon — Hyperledger, Gabric, Ethereum (later this year).Citigroup — EthereumCoinbase — Bitcoin, Ethereum, XRP, Lumen.Fidelity — Bitcoin, Ethereum.Google — Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Zcash, Dogecoin, Dash.HTC — Bitcoin, Ethereum.IBM — IBM Blockchain, Stellar, Hyperledger Burrow, Sovrin.JP Morgan Chase — Quorum.MasterCard — An original blockchain built from the ground up.Microsoft — Ethereum, Parity, Corda, Hyperledger Fabric.Nasdaq — Symbiont, Corda, Hyperledger Fabric.Nestle — IBM Blockchain.Overstock — Bitcoin, Ethereum, RVN, Florin.Samsung — Nexledger, Ethereum.Visa — Hyperledger Fabric.Walmart — Hyperledger Fabric.Blockchain Spending Growing DramaticallyAccording to International Data Corp, spending on blockchain technology solutions increased by 89 percent compared to the previous year. It is projected to reach $2.9 billion this year and $12.4 billion by 2022.Meanwhile, Deloitte surveyed executives from a range of companies. The results found that 95 percent of those asked were already invested or planned to at some point this year. Related Reading: Vitalik Buterin Remains Confident About Ethereum 2.0 Development Amid ConcernsFeatured Image from Shutterstock and Enterprise Ethereum Alliance.
Although Ripple’s performance over the past few weeks has been dismal to say the least, and holders of the cryptocurrency have missed out on many of the massive gains that other cryptocurrencies have been experiencing, XRP incurred a sudden burst of buying volume today that has allowed it to surge 4%.Now, analysts are setting their sights on further gains for the embattled cryptocurrency, with one analyst setting a target of $0.48 – assuming XRP is able to follow through with its current surge.Ripple (XRP) Reverses Downwards Trend After Holding Above SupportAt the time of writing Ripple is trading up 3.4% at its current price of $0.332 and is up its daily lows of $0.32 – a level at which XRP has found support over the past several days.Although the crypto markets as a whole experienced some massive upwards swings over the past few weeks, with Bitcoin climbing from lows of $4,000 to highs of $5,400, XRP only briefly surged to highs of $0.37 from lows of $0.30, before settling down towards its current price levels.This dull price action was certainly disappointing to Ripple investors, as the crypto has previously incurred massive gains during market surges.While looking towards XRP’s Bitcoin trading pair (XRP/BTC) many analysts had noted that the cryptocurrency was reaching a “make or break” price level that could have led to significantly further downside for the digital asset, had it broken down further.Cryptorangutang, a popular cryptocurrency analyst on Twitter, spoke about this price level in a tweet made just prior to today’s surge, noting that Ripple will either “jump here or the drop will be brutal.”“I’ve seen people trying to buy $xrp’s bottom for a month now, but this is the first time imo it’s worth it. Steadily declining volume on that drop, important level, bullish divs. Either jump here or the drop will be brutal,” he explained.I’ve seen people trying to buy $xrp‘s bottom for a month now, but this is the first time imo it’s worth it. Steadily declining volume on that drop, important level, bullish divs.Either jump here or the drop will be brutal.I’m in #xrpthestandard pic.twitter.com/YEQe43vLrk— #DYORangutang (@cryptorangutang) April 16, 2019Analyst: XRP May Surge as High as $0.48 in Near-FutureBecause this upwards move firmly established XRP’s support level around $0.32, one analyst believes that it may continue surging towards $0.48 in the near-future.Ryan W, another popular cryptocurrency analyst, spoke about this possibility in a recent tweet, noting that Ripple does face resistance levels at $0.38, $0.44, and $0.50, but also explaining that he expects the crypto to garner enough upwards momentum to break above at least two of these resistance levels with a price target set at $0.48.“We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView,” he explained.We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView. #XRPcommunity pic.twitter.com/6qCfPTG0L4— Ryan_W (@RyanICNN) April 17, 2019Although many crypto enthusiasts dislike XRP for a plethora of reasons, it has built up a strong investor base that may ultimately help propel it higher as the overall crypto market conditions continue to improve.Featured image from Shutterstock.
The iconic 900-year-old Catholic church literally went up in flames after being destroyed by a massive fire. Authorities are still investigating the suspicious cause of the raging blaze.
‘Bring Crypto to Religion!’
“If we can push crypto to the last mile of the Cathedral building, it’s the ultimate adoption. Bring crypto to religion!”
Reading the comments, please understand Charity is not exclusive, or obligatory. Feel free to choose the program you wish to donate to.
If we can push crypto to the last mile of Cathedral building, it’s the ultimate #adoption.
Bring crypto to religion! https://t.co/3OrvyAEUXW
— CZ Binance (@cz_binance) April 17, 2019
‘We Call On Our Colleagues In the Crypto Space’
Binance launched the Rebuild Notre Dame campaign on April 17. On the fundraising page, the crypto juggernaut wrote:
“On April 15, 2019, fire broke out of the roof of the historic Notre Dame Cathedral in Paris, France, severely damaging the edifice and destroying valuable artworks and relics.”
“It was a great moment of loss for culture, arts, and history shared by all humankind.”
“As a pioneer of using blockchain for social good, BCF launched a crypto-fundraising channel. We call on our colleagues in the crypto space to show your support for our campaign to Crypto-Rebuild Notre Dame.”
You can make contributions either by name or anonymously. As of this writing, the campaign has received 29 donations in 12 hours. Contributions top 1.47 BTC, or roughly $7,646.
So far, the Binance fundraising drive is off to an encouraging start.
Binance Is Outdoing French Crypto Fundraiser
The Binance campaign is doing considerably better than a similar donation drive that was launched on April 15 by French crypto journalist Grégory Raymond.
That campaign was largely ignored by the crypto community, garnering just $1,000 in two days.
However, part of the reason for the underwhelming response to the French campaign may be that massive donations from two rival French billionaires had a chilling effect on European donors.
As CCN reported, François-Henri Pinault — the CEO of the holding company for Gucci and Balenciaga — is donating 100 million euros ($113 million) to restore Notre Dame.
In addition, Bernard Arnault — the chairman of luxury-goods giant LVMH — is contributing 200 million euros (roughly $226 million).
Bitcoin Faithful Ignore Crypto Donation Drive to Rebuild Notre Dame https://t.co/erGvBkgls7
— CCN.com (@CCNMarkets) April 17, 2019
Disney and Apple Donate to Rebuild Notre Dame
Across the pond in the United States, Disney is donating $5 million.
CEO Robert Iger tweeted that Disney “stands with our friends and neighbors in Paris with heartfelt support.”
.@notredameparis is a beacon of faith, hope & beauty, inspiring awe and reverence. The Walt Disney Company stands with our friends & neighbors in Paris, with heartfelt support and a $5 million donation for the restoration of this masterpiece.
— Robert Iger (@RobertIger) April 17, 2019
Similarly, Apple CEO Tim Cook also pledged to donate to restore Notre Dame’s “precious heritage for future generations.”
Cook did not state an amount, but it will undoubtedly be in the millions.
We are heartbroken for the French people and those around the world for whom Notre Dame is a symbol of hope. Relieved that everyone is safe. Apple will be donating to the rebuilding efforts to help restore Notre Dame’s precious heritage for future generations.🇫🇷
— Tim Cook (@tim_cook) April 16, 2019
So far, the donation drive to restore Notre Dame Cathedral tops $1 billion, thanks to worldwide efforts.
Cryptocurrency exchange giant Binance will launch its new fiat-to-crypto platform in Singapore next week, its chief financial officer said.
CEO Changpeng “CZ” Zhao announced in early April that the Singapore fiat “on-ramp” would be coming sometime this month. But speaking to CoinDesk Wednesday from Paris, Binance CFO Wei Zhou gave a more precise timeframe.
“Next week we are going to launch the Singapore simple buy/sell on-ramp,” said Zhou, who was in town for Paris Blockchain Week. “It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars.”
Zhou said that for now in Singapore, “it will just be bitcoin, but we hope to add more [cryptocurrencies]. For a lot of these regulated jurisdictions, it’s easy to start with things that people know and understand and you can gradually build on that.”
Binance began its project of building fiat-to-crypto gateways in January when it partnered with Simplex to let traders use Visa and MasterCard to buy a wide range of cryptos. Then in March, it launched Binance Lite in Australia which allows users to buy bitcoin at newsagents in over 1,300 locations across the country.
The company’s expansion in recent months has been both rapid and eclectic, taking in Europe and the U.K. via the islands of Malta and the British Crown Dependency of Jersey. The company has also set up in Uganda citing the need to bring financial inclusion to the underbanked in that region. It is currently the No. 5 exchange by 24-hour trade volume (when excluding no-fee trades and transaction mining), according to CoinMarketCap.
Asked if the exchange had any designs on North America, Zhou said:
“We have plans for U.S. but I can’t go into these right now.”
Clear the DEX
Binance has also embarked on plans to start a system of decentralized exchange (DEX), which is going to be built on Binance Chain, the exchange’s home-grown ledger to transfer and trade blockchain assets.
In terms of the timing of that, Zhou noted that the Binance Chain testnet is up and running and “we hope to release the mainnet by the end of the month as well.”
He said there are a couple of reasons for pursuing a DEX route. As well as providing trading functionality, exchanges, by their centralized nature right now, hold customers’ assets, making them juicy targets for hackers.
“That is a risk that we do not want to take in the long run,” said Zhou
Speaking philosophically, Zhou also pointed out that change is the only constant in crypto. Two years ago 90 percent of trading was fiat to crypto; today 90 percent is crypto-to-crypto, he said. Hence:
“I think the key here is that innovation is going to happen regardless of whether it comes from us or other people – so we would rather be proactive.”
It’s possible to disrupt your own business model and do so in a virtuous way, Zhou added. “We are almost there, very close.”
Regarding the expectation that large swathes of institutional investors from the traditional finance world are waiting to enter the crypto sphere at some point soon, Zhou said Binance has seen institutional trading increase some 40 percent to 50 percent over the past six months.
According to Zhou, these institutional traders are leveraging Binance’s application programming interface (API), heralding a new type of institution entering the space. These players wield less capital than, say, a typical tech-focused hedge fund, but they operate in a way that is “highly nimble, highly algorithm-driven and highly efficient,” he said.
This will characterize the new money entering institutional crypto trading, said Zhou, adding:
“I think right now, all the world is focused on what they call ‘old money’ – which is great, but I think the style of a lot of these institutions just don’t move at crypto speed.”
In the context of crypto trading, algorithmic trading strategies interact directly with the technology of an exchange. Traders can develop their own applications, using programming languages like Python, and execute trades using the API.
“It’s basically my code fighting against your code fighting against another code – figuring out each one,” said Zhou.
Binance CEO Changpeng Zhao: CoinDesk archives
An early Bitcoin investor’s short-lived dream lifestyle has turned into a nightmare after the Thai navy has accused him of breaching the nation’s sovereignty. Chad Elwartowski’s SeaStead floating home is apparently too close to the Thai coastline.The idea of SeaSteading is to create a living space on a floating vessel out in international waters and not under the jurisdiction of any nation state. According to Elwartowski, the Thai military now wants both him and his girlfriend dead.Couple on the Run from Thai Authorities Over SeaSteadAs reported by the UK’s Daily Mail, a Bitcoin investor and his girlfriend have gone into hiding because of apparent threats made against the pair’s lives by the Thai military. Chad Elwartowski and Supranee Thepdet, also known as “Bitcoin Girl Thailand”, could face charges of breaching the Kingdom of Thailand’s sovereignty.NewsBTC first reported on Elwartowski and Thepdet’s successful launch of the planet’s first SeaStead early last month. Just weeks later, the two are apparently wanted dead for building it too close to the Thai coast.To those who don’t know, a SeaStead is a floating vessel designed for individuals to live in. The idea behind the SeaSteading project is to create living spaces outside of the law of the land. Elwartowski explains:“I like the idea of being able to vote with your home. If you don’t like how your community is being run, you just float to a new one.”Elwartowski, who previously worked as a US military software engineer, reportedly got the $150,000 to build his SeaStead from an early Bitcoin investment. Like Bitcoin, the SeaSteading project is particularly popular with libertarian-leaning people.According to Thai authorities, the military recently found the floating home uninhabited around 12 nautical miles off the coast of Thailand. Elwartowski refutes this, saying that his SeaStead was 13 nautical miles off the coast of Phuket island and therefore in international waters.Colonel Nikorn Somsuk, of the Phuket police force, confirmed that an official complaint had been filed today. He stated:“The navy and its team found a concrete tank floating on the sea but there was no one on it. So they filed a charge citing criminal code article 119.”If an official charge is brought against the pair, they could be sentenced to death. The Thai Navy reportedly stated via social media that the pair didn’t seek Thai permission for their Bitcoin-funded SeaStead. Evidently disrespected, the organisation went on to say that their advertising of the SeaSteading lifestyle and inviting others to join them in creating a floating home near Thailand showed no regard for the nation’s sovereignty.According to the Daily Mail, the pair state that they are on the run from a national military that wants them dead.Bitcoin’s Micro-Nation DreamersThe SeaStead project is hardly the first example of people enamoured with the freedom-bringing potential of Bitcoin attempting to set up communities outside of the rule of any nation. One such effort is Liberland, located between Croatia and Serbia. The experiment in self-determination even had an ICO associated with it to raise funds to apparently finance the non-state.Similarly, NewsBTC reported on the group behind a floating island in French Polynesia that proposed to establish a government and the launch of a digital currency of its own last year. The project seeks to establish hundreds of new floating nations, inspired by the same ideas as SeaSteading. Related Reading: Roger Ver Attempts to Create a “FreeSociety”Featured Image from Shutterstock.