The markets sprang into action this week, with the price rising steadily during a build-up to a massive rally at the end of the week. This price explosion comes while eyes are still glued to global markets, worried about a Chinese slowdown. However, it appears as if some profit taking began at the end of… View Article
Bitcoin firm Coinbase wants the industry to start working on creating the Bitcoin app ‘ecosystem.’
In a blog post, the company informed that it has started thinking over the future of the Bitcoin apps and what it would look like.
Further, Coinbase which is focused on making it easier for people to buy and sell the cryptocurrency Bitcoin in several countries, brought out a list of ideas on this issue and what could make an app, ‘a killer’ one and they are:
- Bitcoin-enabled browser
- Mobile micro-payouts service
- BTML (a new markup language) or an IDE (integrated developer environment) for developers
- Decentralized e-commerce platform
- Remittance app
- B2B cross-border payment service
- P2P data sharing
- Reddit but with Bitcoin
- Interest-bearing app
- Machine-to-machine payments protocol
The company also said that every participant in this discussion had a different point of view on what the first killer app for Bitcoin will be.
But the company also noted that this highlighted the power of an open value transfer protocol and further opined that this virtual currency doesn’t just work on the principle of improving the existing payment and settlement systems alone, but that it can enable a whole suite of applications, consumer behaviors and business models that couldn’t exist previously.
For an emerging market, such brainstorming sessions are needed to keep bringing more innovations for the users.
Hence, all these ideas put forth by Coinbase are innovative, futuristic and may end up drawing the attention of the market as apps are considered convenient by a large number of consumers.
Earlier too, this Bitcoin company was in the news when it had announced support for buying Bitcoin with 3D Secure-enabled credit and debit cards for the users in 26 countries in Europe.
This move too drew the attention of the market, as it was considered quite innovative.
The Australian Securities Exchange (ASX) is seriously considering replacing its current clearing and settlement system with blockchain technology, reports claim.
According to the Sydney Morning Herald, ASX CEO Elmer Funke Kupper said blockchain technology could help cut the cost and time associated with its Clearing House Electronic Subregister System (CHESS).
The CEO added:
“We are looking at what we can do to bring end-to-end efficiencies, and we have people looking very closely at blockchain to see if we can create efficiencies for our clients, investors and companies.”
He continued: “We’re thinking about whether there are smarter ways to do things – to remove a lot of administrative costs and reconciliation costs from the back end of investment banking and broking, and this is where blockchain could be potentially quite helpful.”
The upgrade of ASX’s clearing and settlement system is expected to begin by the end of next year.
Crypto in Australia
Funke Kupper’s comments come after the National Bank of Australia and the Commonwealth Bank of Australia – which is experimenting with Ripple’s technology – joined distributed ledger startup R3CEV’s project, which seeks to develop standards to spread the use of blockchain technology within the wider financial industry.
The news also follows reports that various banks in Australia had decided to shut down the accounts of bitcoin operating businesses in the country. The closures are currently being investigated by the Australian Competition and Consumer Commission (ACCC).
Sydney image via Shutterstock
An all-star AMA session on forum.bitcoin.com with many top names in the Bitcoin industry will begin November 2nd, and continue throughout the month. Participants include Patrick Byrne CEO of Overstock, Andreas M. Antonopoulos, Gavin Andresen and many more. Anyone will be able to ask questions directly to the biggest names in Bitcoin. The sessions will… View Article
In yet another example of the numerous applications of block chain technology, a New York-based subsidiary of Global Arena Holding called Global Election Services is keen to explore applications that aid in secured block chain voting.
With accurate record-keeping as an incorruptible digital ledger, a block chain’s applications are a varied sort while offering staggering potential due to its efficiency and clarity. The democratic process of voting, for instance, can be secured online in a way unlike any we’ve seen, with accurate vote-counting and the verification of every individual vote made possible, all while retaining anonymity.
Secured Blockchain Voting
New York-based Global Election Services (GES) has announced a partnership with Blockchain Technologies to look into exploring expansion opportunities that offer secured block chain voting applications.
With the partnership, teams from both companies have already started to “conceptually augmenting” the vital tasks of the voting process that includes registered mail ballots, tabulations, in-person registrations and of course, internet voting.
In a press release, The President of GES and Chairwoman of the Mediation and Arbitration Division notes the promise of block chain, adding:
If there is any such technology that can support the expansion of GES and advance ballot elections into a high-tech world, ‘the blockchain’ is it.
The partnership and the announcement puts the spotlight on block chains, a term and a technology that has now transcended bitcoin or even financial technology, for that matter.
Global Arena Holding, the parent company of GES, had its CEO, John Matthews, also register a vote of confidence in the technology.
“Faster. More Secure. Accurate. Non-tamperable and foolproof. Most important, ‘electronic,’ making it convenient and globally accessible,” he added.
Blockchain Voting Is Already beyond a Proof-Of-Concept
Nearly 18 months ago, the first use of bitcoin’s blockchain technology in a democratic ensemble was when the Liberal Alliance in Denmark became the first political group in the world to vote using a blockchain-centric system during its internal elections. ‘Crypto voting’ has also been used in the Spanish Congress, in Norway and among Europe’s Pirate Party.
Now, with companies like GES looking to actively develop blockchain voting applications, it’s only a matter of time before more democracies around the world start to implement it and go beyond the stereotype that e-voting is insecure and vulnerable to easy hacks.
Image from Shutterstock.
Russia and Bitcoin will never go hand-in-hand, by the look of things. In fact, it looks like a proposal is on the table to make the trading of Bitcoin punishable by law in the country, which could lead to a four-year prison sentence. Russia’s Ministry of Finance is cracking down on cryptocurrencies in general, and… View Article
Potcoin Price Key Highlights
- Potcoin price has been gradually trending lower, breaking below a short-term consolidation pattern and area of interest.
- This breakdown suggests that new lows are in sight, potentially leading to a test of the floor at 0.00000200.
Potcoin price doesn’t seem to have bottomed out yet, as the recent breakdowns indicate that bears are very much in control.
Bearish pressure piling up
The 100 SMA is below the 200 SMA, which confirms that the downtrend is likely to carry on. Furthermore, the short-term moving average is edging further away from the longer-term SMA, indicating that sellers are gaining more traction.
Stochastic is already dipping into the oversold territory already, hinting that bearish pressure might fade soon. However, the oscillator has yet to cross higher before showing that buyers are ready to take control.
For now, potcoin price remains on track to test the record lows near the 0.00000200 level or at least until the next spike at 0.00000225 level. No signs of a pullback are materializing just yet, which means that the broken near-term support might be a ceiling.
Intraday support level – 0.00000225
Intraday resistance level – 0.0000250
Charts from CrypTrader.com
Last week we saw tons of volatility across the bitcoin price, and as we moved into the weekend on Friday, we published an article suggesting that if we got a continuation of this volatility over the weekend, we could finally reach the $300 mark. Action has now played out, and although we got close, we didn’t quite reach the level we were looking for. We got to just shy of $296 before correcting to where we currently trade, just shy of $285. This does not necessarily mean we wont hit the levels we are hoping for this week, however. So, as we head into a fresh European session worth of action, what are we looking at, and where are we aiming to get in and out of the bitcoin price according to our intraday strategy Take a quick look at the chart to get an idea of today’s key levels.
As the chart shows, the levels we are watching today are in term support at 279.22 (weekend lows) and in term resistance at 285.03. These two levels will define today’s range, and serve to signal entry in the event of a breakout.
If we break below in term support, and close below that level, we will enter short towards a downside target of 275 flat. On this one a stop somewhere around 281 will define our risk.
Looking the other way, a break and close above 285.03 will put us long towards an initial upside target of 291.89. Beyond that, weekend highs at 295.97 will come into play. Again a stop is necessary, and somewhere around 282 flat on the initial entry will do nicely.
As a side note, today’s range is likely a little too tight to attempt to bring our intra-range strategy in to play. However, if we get the initial break above in term resistance, and hit our upside target, this will shift our range and an entry short on a correction from the new in term resistance at 291.89 would be a valid play.
Charts courtesy of Trading View
Blockchain, the technology behind the virtual currency Bitcoin, may soon replace the Australian Securities Exchange’s (ASX) Clearing House Electronic Subregister System (CHESS) clearing and settlement system.
As per a report by The Sydney Morning Herald, Managing director Elmer Funke Kupper of the ASX has also said that: “We have set up our equities post-trade systems as a separate business headed by Cliff Richards, who has just joined us from NAB trade. We are engaging with firms domestically and overseas about the new technologies that are available to get cost out of the equity market.”
Kupper further said that people at ASX have been studying the blockchain to see what benefits can be derived for the clients, investors and also the companies.
Calling the “CHESS replacement” as a one-in-20-year opportunity, Kupper also noted that as the organizations want to cut down the administrative and reconciliation costs from the back end of investment banking and broking, hence, blockchain technology would be useful in this case.
The upgrade of the ASX clearing and settlement system will start by the end of the year 2016.
Blockchain technology is widely being appreciated by several experts as it is considered a secure, swifter and also cheaper.
Australian experts have been voicing support for blockchain steadily.
Greg Medcraft, Chairman, Australian Securities and Investments Commission (ASIC), in a speech at Carnegie Mellon University last month had also highlighted the importance of blockchain technology and how it can help in transforming the capital market.
In the speech, he had claimed that the blockchain stood for efficiency and speed and has in it the potential to automate the financial system which will cut down the time duration that is needed for transactions.
Earlier, Bitcoin Group, which is a Bitcoin mining company based in Melbourne, was in the news when it received the approval from Australian Securities and Investment Commission (ASIC) for its $20 million listing on the ASX.
Dogecoin Price Key Highlights
- Dogecoin price has been in a steady downtrend for the past few weeks, as price just broke below a short-term consolidation pattern.
- Price dipped to the 0.000110 level before showing signs of pulling back to the broken support area.
Dogecoin price is retracing to the broken support near the 0.000120 level and may be ready to resume its drop soon.
200 SMA Resistance
At the moment, dogecoin price is retesting the broken support near the 38.2% Fibonacci retracement level. This is in line with the 200 SMA, which is above the short-term 100 SMA and indicating that the selloff is likely to resume later on.
However, a higher pullback might still be possible if traders are booking profits off their recent short positions. Dogecoin price could pull up until the 0.000125 level just past the 61.8% Fib, which might be the line in the sand for any corrections.
Stochastic is pointing down, which means that bearish momentum is still in play and that sellers might be done taking a break. RSI is also starting to turn lower, potentially drawing more bears to the mix.
Price could drop back to the previous lows or create new ones, depending on how strong selling momentum gets.
Intraday support level – 0.000110
Intraday resistance level – 0.000125
Charts from TradingView