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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Enterprise Blockchain Is Ready to Go Live in 2018

2018 will be the year enterprise blockchain goes live and businesses can move from experimenting to production, says Oracle's Mark Rakhmilevich.

Posted on 18 January 2018 | 2:00 am

Colorado New Bill Encourages State to Adopt Blockchain for Data Security

A new state bill introduced to the Colorado Senate is looking at using blockchain technology to secure private data from cyberattacks. 

Posted on 18 January 2018 | 12:19 am

Report: South Korea Mulls Closure of Domestic Crypto Exchanges

South Korea is considering to ban all cryptocurrency exchanges or just those that have violated the law, and vows to make a decision today.

Posted on 17 January 2018 | 11:30 pm

Bitcoin is making a comeback - Business Insider


Business Insider

Bitcoin is making a comeback
Business Insider
But the gains seen earlier this morning have solidified in Asian trade, and Bitcoin has now bounced by almost 20% today off its overnight low. And the buying has extended to all the major alt-coins, following the sector-wide selloff which over the ...
Bitcoin's Breach of $10000 Triggers Sell Signal for TechniciansBloomberg
Bitcoin tumbles below $10000 in heaviest rout since 2015Financial Times
Bitcoin Cash in a Gravity Defying MoveYahoo Finance
Livemint
all 82 news articles »

Posted on 17 January 2018 | 10:54 pm

Blockchain Bloat: How Ethereum Clients are Tackling Storage Issues

With long-term fixes like sharding a ways off, ethereum developers are making the software run more efficiently to ease growing storage requirements.

Posted on 17 January 2018 | 10:22 pm

Old hands in South Korea bitcoin market unfazed by threats of ban - CNBC


CNBC

Old hands in South Korea bitcoin market unfazed by threats of ban
CNBC
Threats of a potential cryptocurrency trading ban in South Korea have scared many investors away, but some veterans of the young market are defiant, saying restrictions would be relatively easy to circumvent. Although the cryptocurrency market lost ...
After a Terrible Start to 2018, Bitcoin Rebounds Above $11000Fortune
Bitcoin sell-off deepens, digital currency now down 50% from recent peak as Dow closes above 26000USA TODAY
Bitcoin speculative bubble is bursting and has a long way to fall, economists warnThe Guardian
Seeking Alpha -Snopes.com -New York Times -Bloomberg
all 1,069 news articles »

Posted on 17 January 2018 | 10:09 pm

3 (Possible) Reasons the Crypto Markets Tanked This Week

What do you get when you mix regulatory threats, an immature market infrastructure and an influx of new investors? Lots of red on the trading screens.

Posted on 17 January 2018 | 5:00 pm

Bitcoin Crashes to Below $10000 as Cryptocurrency Scams Scare Investors - Fortune


Fortune

Bitcoin Crashes to Below $10000 as Cryptocurrency Scams Scare Investors
Fortune
Bitcoin and cryptocurrency prices deepened their weeks-long rout Wednesday as a spate of hacks and scam warnings compounded fears that regulators would crack down on the nascent digital assets. The price of Bitcoin crashed to well below $10,000 ...
Crypto-cash exchange BitConnect pulls plug amid Bitcoin bloodbathThe Register
Bitconnect, which has been accused of running a Ponzi scheme, shuts downTechCrunch
BitConnect (BCC) price, charts, market cap, and other metrics | CoinMarketCapCoinMarketCap
Bitconnect -Bitconnect
all 72 news articles »

Posted on 17 January 2018 | 3:40 pm

Halong Mining and MyRig Announce Partnership

dragonmint.png

Halong Mining and MyRig are working together to bring the new DragonMint miner from Halong to market.

First announced in November 2017, the new Halong Mining DragonMint 16T miner is the result of 12 months of R&D and a $30 million investment in development. It has a hashrate of 16th/s with a power consumption of 1440–1480 watts optimized for 240v operation. The DM8575 ASIC runs at 85 GH per chip with a power efficiency of 0.075 J/GH. No special modifications are needed in a data center to use the DragonMint if it is already configured to support a typical Chinese-manufactured ASIC miner.

MyRig (formerly BitmainWarranty) has been providing hosting and retail sales of miners and accessories, PCB design and manufacturing, software engineering and factory approved warranty and repair services since 2013. The partnership with Halong means that MyRig will take care of retail-side distribution, support and warranty services for the DragonMint 16T.

Halong will be manufacturing the DragonMint and continue to sell direct, albeit with a five-unit minimum. Halong told Bitcoin Magazine that the five-unit minimum per order on their site will remain when ordering direct from Halong, but when ordering from MyRig, customers will be able to order single units. They indicated that lead time for shipping at the moment is April 15–30, 2018, and they expect the first batch to go out in March 2018.

According to a MyRig representative, they will ship to any country that either UPS or DHL can deliver to, provided it is not on a sanctions list.

This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 3:37 pm

Hyperledger’s Behlendorf: 2018 Will Bring Breakthrough Blockchain Developments

hyperledger_behlendorf.png

Brian Behlendorf is confident that 2018 will be a peak year, not only for Hyperledger — the international consortium of companies and organizations developing open source, permissioned blockchain technology — but also for blockchain technology in general as businesses and governments recognize the potential power of distributed ledgers and smart contracts.

“2018 will be the year that Hyperledger and blockchain come into their own. Projects demonstrating real world solutions, like Change Healthcare, that will enable healthcare systems to better and more efficiently process claims and payments, will launch this year.”

Hyperledger, founded in 2015, incubates and promotes blockchain technologies for business, including distributed ledgers, client libraries, graphical interfaces and smart contract engines.

Their 200 members include leading companies in finance, banking, Internet of Things, supply chains, manufacturing and technology development.  

“2017 was a milestone year for Hyperledger both for new members and for new technical breakthroughs. In 2017 we doubled our membership, gaining companies like American Express, Cisco, Daimler and Baidu, and we’re expecting more companies and organizations to join in 2018,” said Behlendorf.

“On the technical side, 30 companies and more than 100 developers contributed to the launch of the first production ready Hyperledger blockchain framework called Hyperledger Fabric,” he added.

According to Behlendorf, an important part of Hyperledger’s mandate is to also help educate and train the workforce for the many new blockchain opportunities coming in 2018.

“We’re happy to have launched our new Resource Center, and our online blockchain course is a great success with more than 45,000 enrolled and an average of 2,500 new enrollments per week.”

Hyperledger Blockchain Frameworks

In 2018, Hyperledger will start launching a number of frameworks and platforms that are currently in incubation.

“Interoperability in a multi-blockchain world will be the major focus in 2018. A number of Hyperledger projects are exploring integrations among one another including Hyperledger Sawtooth and Burrow and Indy, Composer and Quilt.”

Behlendorf expects that 2018 will also see some experimentation with different levels of permissioned access to blockchain networks.

He noted that permissioned and permissionless is more of a spectrum than a binary notion, and an important question is what the cost to join a node to a network is in any blockchain platform.

By reducing the cost of joining a networked ledger, Hyperledger hopes to enable new use cases and ways to solve problems.

“Hyperledger was started by a set of developers very focused on modest-sized permissioned ledgers, so that’s where the initial work has been, but there’s no hard limit to that. So we’re happy to look at options that make it easier, perhaps even to full permissionless frameworks,” said Behlendorf.

“I should note that our projects including Hyperledger Indy (for identity), Hyperledger Burrow (for smart contracts), Hyperledger Quilt (for interoperability) and Hyperledger Composer and Cello (developer tools) are agnostic about consensus mechanisms and would work fine with permissionless approaches,” he added.

Expect to see the following Hyperledger launches in 2018:

Quilt will offer interoperability between ledger systems by implementing ILP, which is a payments protocol designed to transfer value across distributed and non-distributed ledgers.

Sawtooth is a blockchain platform for creating and managing distributed ledgers. Sawtooth includes Proof of Elapsed Time (PoET) and a new consensus algorithm that is maintained without a central authority. It was originally proposed by Intel.

Iroha is a business blockchain framework for infrastructure projects that require the use of distributed ledger technology. It includes a chain-based Byzantine Fault Tolerant consensus algorithm. Soramitsu, Hitachi, NTT DATA and Colu originally proposed this framework.

Burrow is a smart-contract creator with a permissioned smart-contract interpreter included.

Indy is a distributed ledger with a decentralized identity designed to create independent digital identities between blockchains.

Composer is an open development tool set designed to make it easier to integrate existing business systems with the blockchain.

This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 3:21 pm

Treasury Official: Department Working With IRS to Police Crypto Exchanges

U.S. Treasury Department Deputy Sigal Mandelker explained how the department would regulate cryptocurrency exchanges in testimony before the Senate.

Posted on 17 January 2018 | 2:30 pm

Cryptocurrency’s Red Tuesday Firesale Leaves Everyone Speculating

cryptomarket_sell-off.png

The cryptocurrency sky fell yesterday as 49 of the top 50 coins (by Market Cap) were down with only Tether (USDT) posting a gain. In fact, only two coins, KuCoin Shares and VeChain, showed losses less than 10 percent and only 12 of the top 50 have lost less than 20 percent of their value.

The effects of the market-wide shock are clear, but explanations vary based on where you get your news. In an effort to make sense of the situation, here are the stories and rationales explaining the systemic drop.

South Korea

Korean leadership this week has been fragmented on the subject of cryptocurrencies, causing a public backlash in a country that has enthusiastically embraced the new asset class.

On January 16, 2018, Yonhap News reported that the Prime Minister Lee Nak-yon stated, “What the justice ministry is going to do is not immediately shut down (exchanges) ... As this is a legislative issue, it is not possible to shut them down without going through the National Assembly.”

This seemingly contradicts a radio interview given earlier in the day by Korea’s finance minister, Kim Dong-yeon, who stated in a radio interview with TBS Radio, “The government stance is that it needs to regulate cryptocurrency investment as it is a largely speculative investment … The shutdown of virtual currency exchanges is still one of the options (that the government has).”

The perceived discord from top Korean officials is a carry over from January 11, 2018, reports where Justice Minister Park Sang-ki stated regulators were preparing legislation to halt cryptocurrency trading. Those statements were walked back by the presidential office (The Blue House) later in the day, when a spokesperson relayed that the government has not yet decided on shutting down cryptocurrency exchanges. This statement came a mere seven hours after the Justice Minister’s statements and after a petition to the presidential office gained viral support. This communicative disharmony doesn’t even address the raids on Korean exchanges Coinone and Bithump last week.

Bloomberg (which also cites China as a causal factor), New York Post, MarketWatch, and others have cited the latest actions today by South Korea as an inciting reason for the digital currency market-wide bloodbath.

China Threatens More Bans

Korean Leadership may not be the only source of consternation for the cryptocurrency market. Some media outlets, such as Quartz have pointed towards Korea’s much larger neighbor to the West, China.

China has had a tumultuous history with cryptocurrencies. In the past few months alone, the Central Bank of China banned ICOs in September 2017, followed by a January 2, 2018, leaked memo where the leading internet-finance regulator in the country, the Leading Group of Internet Financial Risks Remediation, called for an orderly exit of crypto-mining operations. The forced exodus of crypto-mining operations, according to TechCrunch, will slowly extinguish a group that is estimated to produce three-quarters of the world’s supply of bitcoin.

The final straw for the China thesis were reports on Monday, January 15, 2018, that the Chinese government is escalating its crackdown to include domestic cryptocurrency trading by planning to block access to online platforms, exchanges, market-makers and mobile application platforms that cater to Chinese citizens.

While Chinese citizens have in the past used VPNs to work around similar blocks to sites such as Google and Facebook, China has been determined to stem capital outflows from the country (and the government has ordered a crackdown of VPN usage starting next month).

Cryptocurrencies have provided the potential for unregulated outflows of capital from the mainland, so it seems that the cryptocurrency facilitators in China may face a different fate than their internet counterparts.

The U.S., Brazilian, Indian, French, German Regulator Effect

Regulation is the name of 2018. If the regulatory issues out of South Korea and China were standalone examples, that may be enough to explain the sell-off. But other regulatory fears may have been increased by a flurry of announcements over the past week:

On January 12, 2018, U.S. Treasury Secretary Steven Mnuchin mentioned a working group comprised of multiple federal agencies had been formed to look into how to regulate cryptocurrencies.

That same day, Brazilian regulator CVM banned funds from buying cryptocurrencies.

On January 14, 2018, The Hindustan Times reported the Indian government has formed a committee to fast-track the country toward regulating the domestic cryptocurrency marketplace. In line with previous efforts by Indian Prime Minister Narendra Modi to demonetize lower denominated rupees last year, the committee was formed, according to The Financial Express, based on Indian authorities’ apprehension of illicit money being used to trade cryptocurrencies (colloquially referred to as “black money”).

On January 15, 2018, French Minister of the Economy Bruno Le Maire announced the creation of a working group with the purpose of regulating cryptocurrencies and appointed Jean-Pierre Landau, the former deputy governor of the Banque de France, to lead the group. Landau wrote an editorial piece for the Financial Times in 2014 titled “Beware the mania for Bitcoin, the tulip of the 21st century.”

Also on January 15, 2018, a board member for Germany’s Central Bank (Bundesbank), Joachim Wuermeling, called for effective regulation of virtual currencies on a global scale.

The Post-FOMO FUD Factor

The cause for the market wide plummet yesterday in cryptocurrencies could simply be a case of FUD (“Fear, Uncertainty, Doubt”) among new investors panic selling in the face of all of these regulatory actions or initiations by major world economies. Or perhaps it is entrenched investors taking regulatory actions as their signal to sell before regulations negatively impact their unrealized profits.

It may be a combination of events and speculation. The news reports differ on what events are emphasized depending on what coverage you look at (and if you look to John McAfee for causation, you’ll note the market drop was all because of J.P. Morgan spiking fears about potential government bans).

Regardless of the cause, the effects are clear. It now remains to be seen whether there will be a rebound or whether the sell-off will gain momentum as we look ahead to a future where regulatory impacts potentially curtail the bull-run the industry blossomed under in 2017.

This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 12:40 pm

Qtum Forges Ahead with Development of Its x86 Virtual Machine and Expanded Network

qtum_dev.jpg

Qtum is on the move with the announcement of a partnership with Baofeng to begin running 50,000 full Qtum nodes and an upcoming x86 VM to support multiple languages for smart contracts.

Qtum is a hybrid of Bitcoin and Ethereum that is based on proof-of-stake consensus instead of proof of work, and is compatible with existing Ethereum contracts as well as Bitcoin gateways. Supporting the Ethereum Virtual Machine (EVM) wasn’t enough for Qtum co-founder Jordan Earls, who has been working on an x86 Virtual Machine for the Qtum system.

Earls comments that a great reason to build a x86 VM is to add more programming language support for smart contracts, his favorite being Rust. The overall list of objectives is much bigger though:

  • Programming Language Support
  • Standard Library
  • Optimized Gas Model
  • Unlock the full power of the Account Abstraction Layer (AAL)
  • New possibilities for smart contracts
  • First-Class Oracles
  • Blockchain Analysis
  • Alternative Data Storage
  • Explicit Dependency Trees
Bitcoin Magazine spoke with Earls with some more in depth questions about some of those items:


Bitcoin Magazine: What proof of concept or scalability testing have you done for the VM?

Jordan Earls: We have a very rough proof of concept we completed a few months ago where we integrated a prototype x86 VM into the Qtum network. This success is what led us to pursue this plan. We are confident that the x86 VM will be more scalable than the EVM, but we are thus far unsure how much. We are designing the VM and all of its APIs and other aspects to be scalable. We are making a big shift in the smart contract world where we actually reward smart-contract developers (in the form of cheaper gas costs) for limiting the features their smart contract has access to, and we are confident it will be faster than current EVM technology.  

Bitcoin Magazine: What are you doing to address the problem with x86 programming in general, where they assume near infinite memory and CPU time being available?

Jordan Earls: We think smart contract development crossed with this x86 paradigm will resemble something similar to real-time or embedded programming, where there are various constraints that developers must always be optimizing for.  

We foresee the same kind of design optimizations happening in the smart contract world as happen in the embedded world, and, for the first time, Qtum's blockchain will allow for these small optimizations to be directly rewarded for all users of the smart contract.

We know these optimizations are not cheap for smart contract developers to spend their time on, so we need to reward developers for taking such steps to keep the Qtum blockchain running smoothly and efficiently.

Bitcoin Magazine: What are some of the advantages with the Standard Library that will help keep smart contract code tight?

Jordan Earls: Currently in Ethereum, if you want to do a simple operation, like testing if two pieces of text are equal, you need to write your own code to do it.

This is a problem for a number of reasons: Developers in a secure context should rely on existing code that's been tested and verified, if possible. A naive implementation of this function will be slow, but a more complex and optimized implementation could have security problems. Deploying this code with your contract means another 100 bytes or so of wasted code that every node in the ecosystem now has to worry about.

Qtum will provide a standard library of functions that contract developers can rely on to have reasonable gas costs, secure and validated implementation and an easy to use interface. This means less bloat on the blockchain, easier to write and understand smart contracts and even a faster blockchain (since these functions can be optimized with native code).

Bitcoin Magazine: What about executable size? These x86 programs tend to be quite large.

Jordan Earls: This is true but also misleading. If I write a C program that just prints "hello world," about 8kB of that is going to just be the number "0." This is because x86 processors (as well as many others including ARM) benefit from a thing called "alignment." The important thing for Qtum is that the wasted bytes doing alignment can be discarded without performance impact. This immediately brings down that C program build to ~1-2kB.

We can reduce even more because we don't need all the baggage required by a standard program for Windows: We have our own "operating system" for smart contracts, so only a dozen or so bytes of actual setup code is wasted.

We have done some actual physical tests with these configurations to compare what an x86 smart contract might look like compared to an EVM smart contract. Our findings indicate that x86 programs are around 10–20 percent smaller than their EVM equivalent and, in many cases, significantly more so. And this was done without the standard library concept that was discussed above. We are not worried about getting usable executable sizes from x86 programs.

Bitcoin Magazine: So the language compiler has to be modified to support the VM? What kinds of modifications?

Jordan Earls: Only minor modifications need to be made. The language compilers do support our x86 VM already, but the Qtum smart contract environment is different from a traditional operating system like Windows or Linux. So, basically, the only big modification we have to make is to tell the language how to communicate with our smart-contract operating system.

Bitcoin Magazine: Is QTUM going to provide language packages or libraries to support the VM so people can just use those?

Jordan Earls: C and C++ will be the first languages we support "out of the box" because they tend to be the easiest due to the way they are designed. We also plan to support Rust. Go should easily be possible. For interpreted languages like Python and Perl, it becomes more complex and we must do research to ensure that they can be supported in an efficient and secure manner.

Bitcoin Magazine: Is this going to impact the development of your eSML smart contract language?

Jordan Earls: We are continuing to research the eSML approach and will decide at a later point if it is still a requirement to achieve our goals. We prefer to not do more work if it won't have a tangible benefit to our ecosystem.


Helping to support all this growth is the partnership announced on January 4, 2018, with Chinese video portal giant, Baofeng. With the help of Baofeng, the Qtum network will be boosted to 50,000 full network nodes, making it the most decentralized blockchain platform with the largest number of nodes with more than Bitcoin and Ethereum combined. The increased size of the Qtum system should provide for improved security, stability and speed, all of which will provide a solid base for the upcoming x86 VM later this year.

Earls projects that the x86 will be integrated into the Qtum main network in Q3 of 2018 but hopes to have a prototype to test with before Q2.


This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 12:09 pm

Bitcoin tests important price level after dramatic plunge - CNBC.com - CNBC


CNBC

Bitcoin tests important price level after dramatic plunge - CNBC.com
CNBC
While bitcoin may look like it will continue to crash and burn, its chart suggests it could be trying to find at least a temporary floor.

and more »

Posted on 17 January 2018 | 12:08 pm

Visa CEO: We won't process transactions in bitcoin, because it's not a payment system - CNBC


CNBC

Visa CEO: We won't process transactions in bitcoin, because it's not a payment system
CNBC
Bitcoin, the world's largest cryptocurrency, is not really money and Visa won't touch it, the credit card giant's CEO told CNBC. "I don't view it as payment system player," Alfred Kelly said in an interview recorded on Tuesday at the National Retail ...
Visa CEO: Bitcoin is Not a Payment SystemBitcoin News (press release)

all 7 news articles »

Posted on 17 January 2018 | 11:46 am

Israel Releases Draft Plan for Taxing ICOs

Israel's government has published draft circular outlining possible approaches to taxing the proceeds of initial coin offerings (ICOs).

Posted on 17 January 2018 | 10:45 am

BitConnect Investors Left in the Lurch as Token's Price Drops 90%

Numerous users complained on social media they couldn't cash out their BCC tokens on BitConnect's site following the shutdown of its lending platform.

Posted on 17 January 2018 | 9:57 am

Did Bitcoin Just Burst? How It Compares to History's Big Bubbles - Fortune


Fortune

Did Bitcoin Just Burst? How It Compares to History's Big Bubbles
Fortune
Bitcoin's recent wobbles have given fresh urgency to a question that's gripped market observers for much of the past year: Will the cryptocurrency go down as one of history's most infamous bubbles, alongside tulipmania and the dot-com craze? The ...
Did the bitcoin bubble just burst?The Globe and Mail

all 13 news articles »

Posted on 17 January 2018 | 9:47 am

The First Blockchain ETFs Launched on Nasdaq, NYSE Today

Reality Shares Advisors and Amplify Trust ETF launched the first blockchain-based exchange-traded funds on Nasdaq today.

Posted on 17 January 2018 | 8:00 am

Bitcoin's Price Drops Below $10,000 for First Time Since Early December

The price of bitcoin has fallen below $10,000 for the first time since early December.

Posted on 17 January 2018 | 7:26 am

Enterprise Ethereum Alliance Appoints First Executive Director

The Enterprise Ethereum Alliance has announced the appointment of its first executive director.

Posted on 17 January 2018 | 7:00 am

As Bitcoin's Slide Continues, Prices Look Towards $8K

Bitcoin is still dropping and might soon test near-$8,000 levels, chart analysis indicates.

Posted on 17 January 2018 | 6:00 am

To Understand Bitcoin, I Studied Karl Marx

While both were great minds, neither Marx nor Satoshi had the power to predict how their ideas would influence others or be implemented.

Posted on 17 January 2018 | 5:00 am

What Could Kill the Bitcoin Boom - Bloomberg


Bloomberg

What Could Kill the Bitcoin Boom
Bloomberg
If you bought a Bitcoin in early 2017, when one cost less than $900, you could have a profit of more than 1,200 percent now. But you almost certainly didn't do that. Perhaps you dipped in a toe in November or December, as the price hit headline ...
A Complete Beginner's Guide To Bitcoin In 2018Forbes
Down 14 Percent: Bitcoin Charts Bearish Amid Asia ConcernsCoinDesk
Bitcoin miners have extracted 80% of all the bitcoins there will ever beDigital Trends

all 1,054 news articles »

Posted on 17 January 2018 | 4:31 am

Blockstream Launches Micropayments Processing System for Bitcoin Apps

Bitcoin startup Blockstream has introduced a micropayment processing system that it claims makes it simpler to build bitcoin payment apps.

Posted on 17 January 2018 | 4:00 am

Proposed US Task Force Would Tackle Crypto Use in Terrorism Financing

A new bill introduced by a U.S. lawmaker calls for the formation of a task force to combat the use of cryptocurrencies in financing terrorism.

Posted on 17 January 2018 | 3:00 am

Tokens Will Bring Conflicts of Interest to Healthcare

ICOs and tokens may open up new modes of healthcare funding, but are there as many cons as pros?

Posted on 17 January 2018 | 2:00 am

The Sidechains Breakthrough Almost Everyone in Bitcoin Missed

Though it's garnered little attention, "non-interactive proofs of proofs of work" may clear a roadblock for sidechains, a potential "altcoin killer."

Posted on 16 January 2018 | 10:00 pm

A Note to CoinDesk Readers

On Tuesday, we had technical difficulties that prevented us from posting for several hours. We apologize for any inconvenience this may have caused.

Posted on 16 January 2018 | 5:49 pm

Bitcoin Price Analysis: Bitcoin Sees Lower Lows as It Drops Below Historic Support

Bitcoin Price Analysis

Over the last couple months, we’ve been tracking a potential Distribution Trading Range at the top of bitcoin’s market cycle. Today, we have received higher confidence that bitcoin may have topped out. At around 3:00 p.m. EST, bitcoin broke through the bottom of the trading range and is now seeing aggressive selling as long positions begin to close and short positions begin to open. Today marks the first day of lower lows since bitcoin topped out around $20,000:

Figure_1.JPGFigure 1: BTC-USD, 4-Hour Candles, Distribution Trading Range

Bitcoin managed to blow through several milestones including both the parabolic and the linear trends. The linear and parabolic trends have been guiding trends for the last three years, and today bitcoin has broken parabolic support. It could get ugly:

Figure_2.JPGFigure 2: BTC-USD, 1-Day Candles, Macro Trend

What was once strong support has now become resistance as bitcoin scrambles to find a bottom. We can see quite clearly there is a line of support around $10,000 where the macro Fibonacci retracement values for the 50% retracement line exist. Any downward continuation will likely be supported in the interim. However, it’s fair to say that bitcoin is beginning a new downward trend. As stated earlier, today marks the first day of lower highs and lower lows — i.e., a downtrend.

So where does the bottom lie? That remains to be seen. What is clear, however, is that there was a systematic distribution of bitcoin from large players to the masses; and now we are beginning the next phase of the market cycle — the markdown phase. Will it be a sustained markdown? It’s too early to tell at the moment, so we will have to play it by ear.

Bitcoin is a long-time fan of violent drops and violent bounces, so it’s unclear how this downtrend will terminate. For now, I highly recommend traders stay away from smaller time frames and focus more on the macro view of things.

As we come to test the macro 50% retracement values, it’s important to view how the market responds and see how the volume reacts. If we don’t see strong follow-through on a bounce from the 50%, there could be a strong bearish continuation in its future. Volume is your friend and confirms the trend. If you don’t see strong volume following an upward bounce, it’s entirely possible you could get stuck in a bull trap — and no one wants that.

Bull traps are designed to lure aggressive bulls into long positions prematurely to create liquidity for the bearish investors in the market. If you are unsure of what direction the market is moving, there is nothing wrong with sitting out.

Summary:

  1. A potential markdown phase is under way as bitcoin sees aggressive selling pressure.

  2. Today marks the first day of lower lows in weeks and marks a potential macro downtrend.

  3. Support will likely be found at the $10,000 values, which coincide with the 50% macro Fibonacci retracement values.


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.

Posted on 16 January 2018 | 3:18 pm

St. Louis Fed: In Some Ways, Bitcoin Is More Robust Than Many Fiat Currencies

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In a recent article on the basics of bitcoin and other cryptocurrencies (PDF), Aleksander Berentsen and Fabian Schär of the Federal Reserve Bank of St. Louis cover the usefulness of bitcoin and other alternative cryptoassets.

Throughout the article, Berentsen and Schär make the case that cryptoassets are well suited to become a new, important asset class. The duo goes as far to say that bitcoin is, in some ways, more robust than many fiat currencies.

Cryptocurrencies Are a Welcome Addition to the Current Currency System

Surprisingly, Berentsen and Schär are of the belief that cryptocurrencies are a welcome addition to the current currency ecosystem. While some critics claim bitcoin’s price should drop to zero because there is no intrinsic value found in the cryptoasset, the co-authors of the article from the Federal Reserve Bank of St. Louis point out that this argument also applies to the various government-issued currencies around the world.

“Bitcoin is not the only currency that has no intrinsic value,” states the article. “State monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either. They are fiat currencies created by government decree. The history of state monopoly currencies is a history of wild price swings and failures. This is why decentralized cryptocurrencies are a welcome addition to the existing currency system.”

Berentsen and Schär also cover the possibility of Bitcoin’s consensus rules eventually being changed to allow for an increase in the supply of bitcoin tokens. They take the view that this scenario is very unlikely to unfold.

Even though in theory it is possible to increase the Bitcoin supply, in practice, such a change is very unlikely because a large part of the Bitcoin community would strongly oppose such an attempt.

The authors go on to point out that this sort of change in monetary policy may be more likely in a fiat currency protocol.

“Undesirable changes in fiat currency protocols are very common and many times have led to the complete destruction of the value of the fiat currency at hand,” says the article. “It could be argued that, in some ways, the Bitcoin protocol is more robust than many of the existing fiat currency protocols. Only time will tell.”

Bitcoin Is the Most Apparent Application of Blockchain Technology

In addition to offering some basic information on the topic of cryptoassets, the article from the Federal Reserve Bank of St. Louis also provides a general outlook on the future of blockchain technology.

According to Berentsen and Schär, the most apparent application of this technology right now is the use of bitcoin as a new type of asset. The duo see cryptoassets, such as bitcoin, emerging as their own asset class and having the potential to develop into an interesting instrument for investment and diversification.

“Bitcoin itself could over time assume a similar role as gold,” says the article.

The paper also covers applications of blockchain technology in the areas of colored coins, smart contracts and data integrity. The Ethereum network is specifically pointed out as a leader in the area of smart contracts.

Risks of Blockchain Technology

The article from Berentsen and Schär also covers some of the risks associated with cryptoassets.

Minority splits from major cryptoasset networks, such as Bitcoin Cash (Bcash) and Ethereum Classic, are the first risk pointed out in the article, but the downsides of these sorts of spin-off assets are not discussed.

One could argue that these sorts of minority forks create uncertainty around the value of a particular cryptoasset, although this is also the case with the creation of new altcoins more generally.

The paper mentions excessive power consumption as another potential risk of blockchain technology, but Berentsen and Schär do not necessarily agree that proof-of-work mining is wasteful.

“There are those that criticize Bitcoin and assert that a centralized accounting system is more efficient because consensus can be attained without the allocation of massive amounts of computational power,” says the article. “From our perspective, however, the situation is not so clear-cut. Centralized payment systems are also expensive. Besides infrastructure and operating costs, one would have to calculate the explicit and implicit costs of a central bank. Salary costs should be counted among the explicit costs and the possibility of fraud in the currency monopoly among the implicit costs.”

In the past, “Mastering Bitcoin” author Andreas Antonopoulos has argued that the power consumed by Bitcoin miners is “used” rather than “wasted.”

The last risk associated with blockchain technology found in the article is bitcoin’s price volatility. Berentsen and Schär claim that a rigid, predetermined supply of bitcoin is not a desirable monetary policy in the sense that it will not lead to a stable currency.

“If a constant supply of money meets a fluctuating aggregate demand, the result is fluctuating prices,” explains the article. “In government-run fiat currency systems, the central bank aims to adjust the money supply in response to changes in aggregate demand for money in order to stabilize the price level. In particular, the Federal Reserve System has been explicitly founded ‘to provide an elastic currency’ to mitigate the price fluctuations that arise from changes in the aggregate demand for the U.S. dollar. Since such a mechanism is absent in the current Bitcoin protocol, it is very likely that the Bitcoin unit will display much higher short-term price fluctuations than many government-run fiat currency units.”

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 11:04 am

Credit Suisse Argues Irrational Exuberance Around ICOs Indicates Bitcoin Bubble

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In a paper written in the fall of 2017 and published on the Social Science Research Network (SSRN) on Friday, January 12, 2018, Credit Suisse’s Dietmar Peetz and Gregory Mall argue that the boom in the initial coin offering (ICO) market is the clearest indicator of a bubble in bitcoin.

Zurich-based Credit Suisse is one of the 40 largest banks in the world with more than $800 billion in total assets, according to Standard & Poor.

According to Peetz and Mall, bitcoin should not be seen as a currency. Instead, the Credit Suisse duo places bitcoin into a new, distinct asset class.

The paper notes that bitcoin’s epic price run, which started in September 2015 and accelerated further in July 2017, is obviously not sustainable over the long term. However, it also adds, “There are arguments for a continuation of this trend for some time.”

The ICO Boom

ICOs were all the rage in 2017, and these new mixtures of seed investing and crowdfunding raised more than $5 billion throughout the year (according to Token Data).

The basic idea with an ICO is that a company or project will create a new token (usually via the ERC-20 standard on Ethereum), which will have some sort of utility on a platform that is either in development or already available.

Whether it makes sense to hold these sorts of digital tokens as investments or speculations is still up for debate.

“These [ICO tokens] often trade at penny-stock prices, experiencing dramatic price increases within hours and are often trading at very low liquidity,” says the paper from Peetz and Mall. “Most of these companies merely offer a so-called ‘white paper,’ basically a business plan that explains which product a company wants to develop in the future and how it wants to market it. Most of these promised projects are praised as having huge potential but are extremely uncertain to be actually developed.”

Having said this, the paper adds that “ICO companies” may continue to raise large sums of money over the short-to-medium term. As supporting evidence for this claim, Peetz and Mall point to the fact that the amounts raised from ICOs increased after the U.S. Securities and Exchange Commission began to caution investors over the summer.

The paper also compares the irrational exuberance around ICOs to the dotcom bubble; however, Peetz and Mall note a key difference in that the dotcom boom at least had companies selling real goods and recording cash flows.

Questions remain as to whether there is any direct correlation between a token’s price and the level of success achieved by a platform connected to the token.

“Most investors acknowledge the bubble situation,” the paper continues. “However, they argue that central bank’s easy money will help the bubble mania to grow bigger and bigger, thus attracting even more investors (speculators) looking for easy profits. They remain bullish because of the Greater Fool Theory.”

Authorities May Prevent Bitcoin from Becoming a Currency

While some people use bitcoin or other cryptocurrencies simply because they have no other option available to them for a particular type of transaction, Peetz and Mall argue that bitcoin is not a transactional currency — mainly due to its inability to act as a reliable unit of account.

Although the paper indicates bitcoin volatility has declined from its peak from 2014 and could fall further through the financialization of the asset, Peetz and Mall also argue a currency cannot work as a clearing mechanism for payments if it cannot be accurately valued.

“The enormously high bitcoin price volatility makes it unsuitable for a reliable day-to-day exchange medium,” says the paper.

In addition to the lack of price stability and time-tested store of value properties in bitcoin, Peetz and Mall also point out a multitude of reasons as to why, in their view, widespread use of the intrinsically-deflationary asset would be detrimental to the overall economy. For this reason, the paper argues authorities may be emboldened to prevent bitcoin from becoming a currency.

“Based on historical precedents, it is not unthinkable that in times of economic or financial crisis, political and regulatory pressure on an unwanted currency would increase, possibly in a similar manner as in the U.S. in 1934, when the Gold Reserve Act of 1934 was ratified, nationalizing all gold and subsequently revaluing it by 69% in U.S. dollar terms,” says the paper.

Of course, Bitcoin was designed to be resistant to government coercion — a sort of BitTorrent for digital, free-market money.

The Bitcoin Bubble Could Continue

So what happens next? According to Peetz and Mall, the bitcoin bubble could continue for some time.

“We believe the most realistic scenario for bitcoin, based on the premise of the currency not being banned by major regulatory agencies, is that it will continue to rise in price in the short to medium term with increased institutional demand prior to the initial hype fading,” says the paper. “At that juncture, bitcoin’s monetization or return prospect realities will begin to set in and, if history is any guide, eventually dominate valuation.”

From Peetz and Mall’s perspectives, the financialization of bitcoin is a symptom of a bubble in money available for investment and the unavailability of productive, real-economy investments.

“Borrowing money for free and having easy access to capital and leverage (for big entities) is the fuel asset bubbles crave,” says the paper. “By aggressively mitigating the effects of the 2008 financial crisis via unparalleled global monetary debasement extending for nearly a decade, central banks have brought us today’s ‘bubbles everywhere’ investment landscape.”

In terms of specific events that could trigger an end to the bitcoin bubble, the paper mentions a crash in the equities market or a potential ban on the possession of bitcoin as two possible scenarios.


Further Reading: Op Ed: Bitcoin is not a Bubble; It's in an S-Curve and It's Just Getting Started

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 10:57 am

Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain

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The Institutes has announced a new blockchain framework called RiskBlock to provide more streamlined and secure proof of insurance. Nationwide Insurance is the first company to begin rolling out product on the platform.

RiskBlock is the first blockchain framework delivered from the newly formed RiskBlock Alliance and the first of its kind that is designed specifically for the risk management and insurance industry. The Institutes RiskBlock Alliance is an industry-led, insurance-focused consortium that developed the RiskBlock framework.

RiskBlock will provide insurers with real-time verification of insurance coverage; allow law enforcement to verify proof of insurance efficiently without relying on paper forms; provide insurers with a streamlined and cost-effective way to offer proof of insurance; and, in the near future, will allow insured clients to share trusted, third-party verified proof of insurance with a click on their mobile devices.

“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to streamlining the process of providing proof and marks the start of our efforts to revolutionize many other aspects of the insurance industry. Our collaboration with Nationwide is the first step toward a better overall system.”

The membership of the Alliance includes over 30 companies as members, ranging from the top 10 carriers to brokers and reinsurers. Nationwide Insurance is the first to use the platform in a pilot program to simplify real-time insurance coverage verification, eliminating paper insurance cards and providing a mobile app for real-time verification. ac

The coverage verification is an initial use case and the Alliance anticipates its members will be able to better serve policyholders and reduce costs by streamlining claim payments and premiums, reducing fraud through centralized recording of claims and improving acquisition of new policyholders by validating accuracy of customer data.

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 8:42 am

Making Voting, Elections Both Secure and Accessible with Blockchain Technology

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Voatz, a startup based in Boston, MA, promises to dispel some of the biggest challenges associated with voting: access, security, transparency and efficiency. The company plans to achieve this goal by combining internet-based voting with blockchain technology.

What is Voatz?

Voatz enables voters to make their voices heard conveniently by allowing mobile voting via any smartphone or tablet connected to the internet. The platform integrates blockchain technology and cutting-edge security to maintain the integrity of the electoral process.

“Voatz tackles two of the core challenges in voting –– low participation in local elections and the need for better citizen engagement. Its mobile-first solution is poised to be a category leader, democratizing voting across government, corporate, academic, and union elections," explained Julie Lein, managing partner of the Urban Innovation Fund.

Accessibility and Security via Blockchain Technology

Unlike current voting systems, Voatz can ensure tamper-proof record keeping, identity verification and proper auditing by incorporating a secure, immutable blockchain. Therefore, citizens on the Voatz platform will have virtual certainty of the accuracy of their internet-based voting results.

Alongside concerns over voter fraud and security, conversations around voter accessibility are focusing attention on underrepresented citizens who often lack proper forms of voter ID, such as the poor or the elderly, and those who live in remote areas with limited access to proper infrastructure services.

Voatz co-founder and CEO Nimit Sawhney told Bitcoin Magazine that Voatz is working to connect disenfranchised citizens so that the platform plans to remain accessible to all, regardless of geography or socioeconomic status.

“Aside from major government-issued IDs such as driver’s licenses, state IDs or passports, Voatz has experience using the ten different kinds of official documents for the purposes of verifying a voter’s identity.”

Sawhney noted that Voatz has started testing its secured tablet ballot stations in hospitals and elder-care centers. He explained that the Voatz platform also removes friction in the registration process, especially in states where “motor voter” (the National Voter Registration Act) is available.

The Effect of Voting Technology on Disenfranchised Citizens

Sawhney explained that the Voatz platform is designed to make it easier for disenfranchised voters to participate. The platform is flexible and meant to simplify current barriers to voting.

“Voters who are willing to go through the initial security/vetting process can use their own devices. If a voter doesn’t have a compatible device, he or she can use certain shared devices such as the Voatz Tablet Ballot Station to vote in person after going through a security verification process.”

In the case of public elections, Sawhney notes that traditional voting methods will remain available as well, and that Voatz is just another, more convenient option.

The Future of Voatz and Democracy

Voatz technology has been incorporated in pilot programs by more than 70,000 voters in elections and voting-related events in multiple jurisdictions. State political parties, leading universities, labor unions and nonprofits have successfully used the Voatz platform. Voatz is also in the process of deploying its technology for town-meeting voting in Massachusetts.

The Voatz team recently completed the 2017 Techstars and MassChallenge startup accelerator programs in Boston. For their cutting-edge system, the team has been awarded the 2017 Harvard SECON Prize, the 2017 MassChallenge Gold Award and the 2016 MIT Startup Spotlight Favorite Prize.

On Monday, Voatz announced a $2.2 million seed funding round led by Overstock.com’s subsidiary, Medici Ventures. Jonathan Johnson, president of Medici Ventures, shared his enthusiasm for the project, and vision for the future of democracy:

“The Voatz team has developed a leading solution to usher in an era of greater efficiency and transparency in voting. Democracy will benefit greatly from critical improvements [that] blockchain technology can bring to voting systems.”

The Voatz platform is currently invite-only and will be accessible to a wider audience in the coming weeks.

This article originally appeared on Bitcoin Magazine.

Posted on 11 January 2018 | 10:02 am

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

January 18, 2018 -
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