Bear Market and Declining Hashrates Mean Mining ETH No Longer Profitable, Analysis Finds

Susquehanna’s analysts say that due to the slump in crypto markets and declining network hashrates, mining Ethereum using a GPU is no longer profitable.

Mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, according to an analysis from U.S.-based global trading and technology firm Susquehanna. CNBC reported Nov. 13 on Susquehanna’s findings, which point to the protracted slump in crypto markets and declining network hashrates as reasons for the profit decrease.

In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of Nov. 1 this year, down from almost $150 in July 2017. Susquehanna notes the decline in Ethereum’s price as a major factor, with the altcoin currently trading at $204, down almost 85 percent from its record-high of around $1,350 in mid-January 2018.

Notably, however, on July 17, 2017, when Susquehanna’s figures indicate a $147 profit for GPU-reliant miners, the asset was trading at around $175, just slightly lower than today’s valuation.

To explain this pattern, Susquehanna analyzed a second factor: the Ethereum network’s hashrate, which fell substantially in 2018. A higher hashrate is more advantageous for miners, as it increases their opportunity of computing the next block and being remunerated in ETH.

Susquehanna’s graph showing decline in ETH mining profits. Source: CNBC

Susquehanna semiconductor analyst Christopher Rolland told CNBC that in this context, using chipmaker Nvidia’s flagship GPU card “is no longer profitable,” noting that the company’s crypto-derived revenue is down around $100 million quarter over quarter. He forecast this revenue would likely be “close to zero” in the forthcoming Nvidia 3Q report, set to be released this week:

"We estimate very little revenue from crypto-related GPU sales in the quarter, consistent with management's prior commentary that they were including no contribution from crypto in their C3Q18 outlook.”

As reported just yesterday, experts from analytics firm Trefis have in fact forecast that Nvidia’s overall Q3 revenue will rise, yet like Susquehanna, they projected that sales from cryptocurrency-related activities will remain in a downtrend.

In August, Nvidia stocks fell amidst a decrease in digital currency mining as the crypto markets saw a downturn.

Australia’s Science Agency & Commonwealth Bank Trial Blockchain ‘Smart Money’

A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s

The post Australia’s Science Agency & Commonwealth Bank Trial Blockchain ‘Smart Money’ appeared first on CCN

Bitcoin Cash Price Remains Stable as Pre-fork Trading Volatility Increases

bch fork

Today and tomorrow will be two incredibly important dates for Bitcoin Cash. The upcoming hard fork is a very controversial development which can have all kinds of side effects. So far, the Bitcoin Cash price is holding its own despite all of the controversy. Finding stability near $520 would be a semi-bullish signal for the future.

Bitcoin Cash Price Needs Solid Support

Despite a relatively steep price rise last week, the value per BCH has not found any real stability to speak of. Remaining above $500 has not been too big of a problem, although there is still a lot of negative pressure on the market. This is primarily because of the upcoming hard fork and the BCHABC / BTCSV power struggle.

In the past 24 hours, there has been a 2% Bitcoin Cash price increase. This affects both the USD and BTC ratio in a similar manner. It is a sign of looming stability, although there will be some added volatility later today and tomorrow. As the fork happens tomorrow, there will be users who still want to take advantage of the “free coins” created during its fork in an effort to score some profits.

Speaking of the BCHABC struggle, it currently has insufficient mining power to become the main Bitcoin Cash chain. That situation may come to change in the coming hours. There are rumors Bitmain will be deploying tens of thousands additional mining units to support this branch. Bitmain’s Antpool is the only major mining pool not supporting Bitcoin SV at this time. Even so, the rest of the network seems to favor Craig Wright’s vision at this time.

For those still confused as to what exchanges will do, Coinbase made its stance clear. The company will follow the winning fork, yet if a second chain emerges as viable, users will be given access to those tokens as well. When that will happen exactly, will heavily depend on how messy the hard fork becomes in the end. With no replay protection to speak of, it will take some time for the network to stabilize.

Last but not least, it seems Bitcoin Cash will have a bright future either way. CryptoCapitalist confirms how Asian investors are effectively excited about Bitcoin Cash regardless of this ongoing squabble. It is pretty interesting to see how BCH is considered a “mature investment” in Asia, whereas the West still sees it as a failed propaganda tool first and foremost.

All of these developments show there will be some major market volatility moving forward. How that will affect Bitcoin Cash or its subsequent forks exactly, is very difficult to predict. Prices of both Bitcoin SV and BCHABC on exchanges are fluctuating wildly in the past few hours. This paves the way for some exciting money making opportunities, although caution is advised at all times.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post Bitcoin Cash Price Remains Stable as Pre-fork Trading Volatility Increases appeared first on NullTX.

Ripple Price Analysis: XRP/USD Sellers In Control Below $0.5200

Key Highlights

  • Ripple price declined recently and tested the $0.5000 support area against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.5120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently under pressure below the $0.5120 and $0.5200 resistance levels.

Ripple price is struggling to gain bullish momentum against the US Dollar and Bitcoin. XRP/USD may continue to consolidate below $0.5200 for the next few sessions.

Ripple Price Analysis

After testing the $0.5200 resistance, ripple price declined once more against the US Dollar. The XRP/USD pair formed a swing high at $0.5255 and traded below the $0.5150 level. There was even a close below the $0.5100 level and the 100 hourly simple moving average. The decline was such that the price spiked below the $0.5000 support. However, the price recovered later and it is currently consolidating above $0.5000.

An initial resistance is the 23.6% Fib retracement level of the recent slide from the $0.5255 high to $0.4970 swing low. There is also a major bearish trend line in place with resistance at $0.5120 on the hourly chart of the XRP/USD pair. Around the trend line, the 50% Fib retracement level of the recent slide from the $0.5255 high to $0.4970 swing low is positioned at $0.5114. Therefore, if the pair corrects higher, it could find a strong resistance near $0.5115 and $0.5120. Above the trend line, the next major hurdle for buyers is near the $0.5200 level. On the downside, an initial support is at $0.4970, below which the price could revisit $0.4860.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly under pressure below the $0.5200 resistance area. If buyers continue to fail to gain traction, the price may perhaps decline towards $0.4860 or $0.4700.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.

Major Support Level – $0.4970

Major Resistance Level – $0.5200

The post Ripple Price Analysis: XRP/USD Sellers In Control Below $0.5200 appeared first on NewsBTC.

Crypto Music Festivals Are Setting a Precedent for Future Gatherings

Last month, Bitcoinist reported on Our Music Festival (OMF), a cryptocurrency music festival held in Berkeley at the end of October. OMF’s crypto environment sets a precedent for future festivals like South by Southwest, which will host a series of crypto-related events and talks next year.


The University of California at Berkeley served as the site of Our Music Festival (OMF) on October 20th. Berkeley’s Hearst Greek Theater — named after media magnate William Randolph Hearst — served as the stage for the event. The Greek Theater is a historic venue, having hosted a spectrum of names over the years from the Teddy Roosevelt to the Dalai Lama, the Grateful Dead to the Berkeley Jazz Festival. Why not add a crypto music festival to the list?

Party On

By all accounts, the festival appears to have been a success. According to Zara Stone of Forbes, 8,000 people showed up to the Greek to take part in the collective crypto experience. Stone attended the festival, and she illustrates the kaleidoscopic scene at-length in her article.

The line-up for OMF, announced in early August, included a Zedd headlining set, as well as sets from Big Sean, Matt and Kim, and Charlotte Lawrence.

Producer 3LAU — who also performed his own DJ set — teamed up with promotion company Prime Social Group, as well as SingularDVT, a “blockchain entertainment” company. Together the trifecta succeeded in packing the Greek Theater. Stone said that “During 3LAU’s set, the DJ made a plea for more ‘people to get on the blockchain […]’”

While the party was clearly incredible, the festival’s underlying focus on crypto made it especially unique. For the occasion, the organizers introduced the OMF Token. The original Berkeley ticketing page for the event notes that the token was introduced in hope of:

[…] creating the first decentralized music festival network powered by a cryptocurrency (OMF Token) that will be redeemable for products, services, and experiences (physical, digital & virtual) within the network. The network will be comprised of OMF branded events and partnered festival events. OMF will establish the gateway for all transactions between consumers, artists and event organizers that participate in festival ecosystems

The festival also incorporated its own OMF app which could be used to tokenize festival-wide QR codes. The app was created by Interstellar, “[…] a new company formed by Chain and Lightyear to make building and operating on Stellar even easier.”

Quest for the Fest

OMF is a unique case in the rich and often innovative history of the American music festival. However, a handful of festivals — like South by Southwest Festivals & Conferences (SXSW), a multimedia festival in Austin, Texas — have begun to incorporate crypto elements.

The 2019 South by Southwest event, which will be held between March 8th and 18th, encompasses music, film, and tech, and more. SXSW also includes a series of conferences, workshops, and panels that run along particular topical ‘tracks.’ This portion of SXSW will hold a handful of crypto-centered events. These include idiosyncratic selections like “Crypto Crime: How to Steal Cryptocurrency,” as well as more practical choices like “The Arsenal of a Blockchain Developer.”

Crypto motifs were even been spotted at this year’s Burning Man festival in the form of a Bitcoin (BTC) 00 sculpture protruding from a group of tables. Burning Man organizers even accepted bitcoin donations in 2014. Ironically, Burning Man’s intentional community is based entirely on a barter economy.

Perhaps in the future, festival giants like Bonnaroo and Coachella will join the party. Until then OMF remains not just the first, but the only full-fledged crypto festival.

OMF Festival

A Shared Heritage

The merging of crypto and festival culture tells a story about a shared set of values. Both cultures strive to rethink the status quo by introducing creative and experimental alternatives to traditional ways of doing things.

These values are reflected in Berkeley’s Bay Area locale, which historically represents the birthplace of both large music festivals, and Silicon Valley tech culture — both rooted in the countercultural values of the 1960’s.

There is no word yet on whether Our Music Festival will become a Bay Area fixture. Regardless, the event is bound to reshape the festival-going experience.

What are your thoughts on Our Music Festival and the future of crypto in the festival scene? Don’t hesitate to let us know in the comments below!


Images and media courtesy of Bitcoinist archives, Forbes, Shutterstock, Twitter (@OURMusicFest, @3LAU), Wikimedia Commons.

The post Crypto Music Festivals Are Setting a Precedent for Future Gatherings appeared first on Bitcoinist.com.

Binance CFO Interview: 2 Main Things Will Drive Mainstream Crypto Adoption

Wei Zhou, the chief financial officer of Binance, believes two main factors will drive the mainstream adoption of crypto in the long-term.

Solid cryptocurrency exchange infrastructure that increases the ease of purchasing cryptocurrency and an increase in the number of high-quality projects in the ecosystem will fuel the growth of the cryptocurrency sector, Zhou said in an exclusive interview with CryptoSlate.

“I think two things will drive crypto adoption. One is the ease of purchasing cryptocurrency, essentially the entry coins like Bitcoin and Ethereum and for that, I think we need more on-ramps (fiat-to-crypto) and off-ramps to be honest. That’s sort of common. The other one is basically we need more high-quality projects in the ecosystem and we need to attract more intellectual capital for more high-quality founders coming into the ecosystem to build projects, to attract investments, to have sort of secondary markets for those projects. We want to be able to help drive that.”

Binance is Healthy, Vision of BNB

Throughout the past eleven months, the valuation of the cryptocurrency market has declined by more than 70 percent from $800 billion to $212 billion.

Consequently, as Binance CEO Changpeng Zhao (CZ) disclosed on CNBC Crypto Trader, the volume of Binance and every other cryptocurrency exchange has fallen by around 80 to 90 percent.

According to the Blockchain Transparency Institute, Binance is still recording more than $1 billion in daily trading volume, as the largest digital asset trading platform in the world.

However, since early 2017 and years to prior to that, the volume of the cryptocurrency market is up substantially, by unprecedented levels. With the over-the-counter (OTC) market estimated to be at least as large as the cryptocurrency exchange market, the volume of the global crypto market is around $22 billion.

Binance Co-Founder on Launching Fiat Exchange, Confident in Crypto Market Trend [INTERVIEW]
Related: Binance Co-Founder on Launching Fiat Exchange, Confident in Crypto Market Trend [INTERVIEW]

Throughout this year, despite the decline in volume and overall trading activity in the market, Binance has made significant progress building and improving the cryptocurrency exchange market.

On September 27, CryptoSlate reported that Binance finalized its plans to operate a fiat-to-crypto exchange in Singapore with the approval from local financial authorities. At the time, Yi He, the co-founder and Chief Marketing Officer at Binance, told CryptoSlate in an interview that the company remains confident in the trend of the market.

“I am full of confidence in this industry – and typical for those who feel this way, I am devoting my all to this industry. Nearly all Binance employees are receiving part of their salaries in BNB, and many have heard how CZ sold his house to buy bitcoin years ago. In fact, just two years after he purchased the bitcoin, that house had doubled in value, yet the price of bitcoin had crashed immensely. CZ never doubted and was hardly shaken, and my personal assets are basically all held in cryptocurrency to this day. This is faith.”

In the months to come, Binance CFO Wei Zhou emphasized that the company will continue to work to drive mainstream crypto adoption and increase the usage of cryptocurrencies. He explained that the company has been around for less than a year and a half and that more than 10 million users in 180 countries already use the exchange. Zhou explained that the company realized it needs to be at the forefront of driving crypto adoption to increase the usage of digital assets:

“If you look at the history of the company, it’s very short. We did our ICO, we completed it in July and August last year, the exchange only launched August to September last year. We have only been around for five quarters,” said Zhou, explaining that the company realized it needs to be at the forefront of driving crypto adoption to increase the usage of digital assets.”

He continued:

“Two reasons: one, we have a pretty big global user base; over 10 million active users in about 180 countries. Secondly, a lot of users use the Binance exchange as one of their secondary or tertiary wallets. So from that, we’re able to figure out that outside of trading, our users have been asking us what can we do.”

1 Billion is End Goal

Previously, CZ stated that Binance is aiming to secure more than a billion users by 2030 to 2040, in the long-term.

Zhou noted that with Africa as a target market and considering the rapid adoption of mobile phone technology throughout the continent, a billion users is a target that could be achieved in the future.

“Yes. I think if you look at two major trends: one the increase in mobile phones. Take Africa as an example. Only about 15 percent of the two billion growing rapidly young population have access to banking services. With the infrastructure being built there, you’re going to get a cellphone first before you get a bank account. I think that is just a very natural place for cryptocurrency to displace traditional finance.”

By the end of 2019, the number of mobile phone users in Africa is expected to reach 789 million, as shown by the research of Statistica.

The post Binance CFO Interview: 2 Main Things Will Drive Mainstream Crypto Adoption appeared first on CryptoSlate.

Top 5 Ways How Blockchain Can Help Startups

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

The post Top 5 Ways How Blockchain Can Help Startups appeared first on CCN

$3 Billion Deleted From Crypto Market as Major Digital Assets Perform Poorly

Over the last 24 hours, the crypto market has seen a drop of $3 billion from $212 billion to $209 billion, as major cryptocurrencies including Stellar (XLM) and Cardano (ADA) have fallen by 3 to 6 percent. Peculiarly, Stellar and Cardano are amongst three cryptocurrencies alongside Zcash that are expected to be integrated into Coinbase,

The post $3 Billion Deleted From Crypto Market as Major Digital Assets Perform Poorly appeared first on CCN

Cardano Price Analysis: ADA/USD Could Extend Declines To $0.072

Key Highlights

  • ADA price failed to stay above the $0.0760 support and extended losses against the US Dollar (tethered).
  • There was a break below a key bullish trend line with support at $0.0760 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may perhaps continue to move down towards the $0.0730 or $0.0720 support.

Cardano price is slowly moving lower against the US Dollar and Bitcoin. ADA/USD could accelerate declines towards the $0.0720 support in the near term.

Cardano Price Analysis

Recently, cardano price settled below the $0.0800 support level against the US Dollar. It resulted in a fresh decline and the ADA/USD pair declined below the $0.0780 support and the 100 hourly simple moving average. During the decline, the price traded below the 50% Fibonacci retracement level of the last major wave from the $0.0703 low to $0.0820 high.

More importantly, there was a break below a key bullish trend line with support at $0.0760 on the hourly chart of the ADA/USD pair. The pair settled below the $0.0760 support, which is a short term bearish sign. The next support is near the $0.0730 level. It represents the 76.4% Fibonacci retracement level of the last major wave from the $0.0703 low to $0.0820 high. Below $0.0730, the price will most likely decline towards the $0.0720 support area. If there is an upside correction, the $0.0760 level and the 100 hourly SMA are likely to act as hurdles. Above the $0.0760 resistance, the price may resume its upward move.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price moved into a short term bearish zone below the $0.0760 support and the 100 hourly SMA. If buyers struggle to push the price back above $0.0760 and $0.0762, there could be more losses towards $0.0720.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently attempting a recovery from the 30 level.

Major Support Level – $0.0720

Major Resistance Level – $0.0762

The post Cardano Price Analysis: ADA/USD Could Extend Declines To $0.072 appeared first on NewsBTC.

Go to Source
Author: Aayush Jindal

Cardano Price Analysis: ADA/USD Could Extend Declines To $0.072

Key Highlights

  • ADA price failed to stay above the $0.0760 support and extended losses against the US Dollar (tethered).
  • There was a break below a key bullish trend line with support at $0.0760 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair may perhaps continue to move down towards the $0.0730 or $0.0720 support.

Cardano price is slowly moving lower against the US Dollar and Bitcoin. ADA/USD could accelerate declines towards the $0.0720 support in the near term.

Cardano Price Analysis

Recently, cardano price settled below the $0.0800 support level against the US Dollar. It resulted in a fresh decline and the ADA/USD pair declined below the $0.0780 support and the 100 hourly simple moving average. During the decline, the price traded below the 50% Fibonacci retracement level of the last major wave from the $0.0703 low to $0.0820 high.

More importantly, there was a break below a key bullish trend line with support at $0.0760 on the hourly chart of the ADA/USD pair. The pair settled below the $0.0760 support, which is a short term bearish sign. The next support is near the $0.0730 level. It represents the 76.4% Fibonacci retracement level of the last major wave from the $0.0703 low to $0.0820 high. Below $0.0730, the price will most likely decline towards the $0.0720 support area. If there is an upside correction, the $0.0760 level and the 100 hourly SMA are likely to act as hurdles. Above the $0.0760 resistance, the price may resume its upward move.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price moved into a short term bearish zone below the $0.0760 support and the 100 hourly SMA. If buyers struggle to push the price back above $0.0760 and $0.0762, there could be more losses towards $0.0720.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently attempting a recovery from the 30 level.

Major Support Level – $0.0720

Major Resistance Level – $0.0762

The post Cardano Price Analysis: ADA/USD Could Extend Declines To $0.072 appeared first on NewsBTC.

Trade in Crypto and Earn in Fiat – Get STC Now!

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

The post Trade in Crypto and Earn in Fiat – Get STC Now! appeared first on CCN

Bitcoin Blackmail Scam Terrorizing Paradise Valley Residents

A local Arizona police department is warning residents in the area of a potential blackmail scam involving Bitcoin.

Paradise Valley Residents Receive Threatening Letter Demanding Bitcoin

Paradise Valley, Arizona police department is warning residents via its official social media accounts of a blackmail letter being sent around that attempts to scare recipients of the letter into sending Bitcoin or risk having their dirty laundry exposed. The letter, which appears to try and extort $9,200 in Bitcoin from Paradise Valley residents, was sent by snail mail and includes text threatening to expose “evidence” of an affair.

“I know about the secret you are keeping from your wife and everyone else,” the letter reads.

The blackmail letter is authored by a criminal going by the alias GreyCircle54 and claims to know about a “secret” and even claims to have “evidence” of this secret. GreyCircle54 essentially claims that they weren’t specifically targeting the person, and did not “go out looking to burn” the recipient of the letter, however, they happened to discover the “evidence” and are using it to threaten innocent individuals that may have a guilty conscience.

Related Reading: Another Rapper Sued in Alleged Crypto Scam

GreyCircle54 gives the recipient two “paths:” pay up, or be exposed.

The scam is only effective if the recipient is having an affair, however, it was enough to frighten Paradise Valley residents into reporting the issue to the local authorities. Police have a copy of the letter as evidence.

Bitcoin Blackmail Scam Makes Return After FTC Warning

This isn’t the first time this Bitcoin blackmail scam reared its ugly head. Back in August, the United States Federal Trade Commission (FTC) Division of Consumer and Business Education, whose mission is to educate consumers on how to protect themselves, issued a warning via a blog post entitled “How to avoid a Bitcoin blackmail scam.”

The FTC back then called it a “new” scam targeting men, and denounced the practice as a “criminal extortion attempt to separate people from their money.” The FTC recommends anyone who receives a similar letter report it to local authorities, as residents did in Paradise Valley, or to report it to the Federal Bureau of Investigation (FBI).

Beware of Bitcoin Scams in By Mail, and on Social Media

Cyber criminals are always seeking ways to part investors from their cryptocurrency assets. However, by being extra careful and paying attention for warning signs, scams can often be identified before falling prey to a scammer. The FTC points out that scams like the Bitcoin blackmail letter often contain “classic signs” like “threats, intimidation, and high-pressure tactics.”

Related Reading: Indian Teen Threatens to Blow Up Airport Over Bitcoin Scam

Another classic warning sign: If something looks too good to be true, it probably isn’t. Such is the case with another type of Bitcoin scam, in which Twitter accounts market a “giveaway” to their followers. Twitter users are invited to send a small portion of a cryptocurrency to a wallet address, and in return, the user will receive a much larger sum of cryptocurrency. The “giveaway” is often riddled with spelling errors, and it makes little sense for corporations or public figures to give cryptocurrency away or need to receive some in advance to be able to send more in return – yet thousands of dollars worth of Bitcoin are lost to these scams daily.

 

Image from Shutterstock

The post Bitcoin Blackmail Scam Terrorizing Paradise Valley Residents appeared first on NewsBTC.

Go to Source
Author: Tony Spilotro

Bitcoin Blackmail Scam Terrorizing Paradise Valley Residents

A local Arizona police department is warning residents in the area of a potential blackmail scam involving Bitcoin.

Paradise Valley Residents Receive Threatening Letter Demanding Bitcoin

Paradise Valley, Arizona police department is warning residents via its official social media accounts of a blackmail letter being sent around that attempts to scare recipients of the letter into sending Bitcoin or risk having their dirty laundry exposed. The letter, which appears to try and extort $9,200 in Bitcoin from Paradise Valley residents, was sent by snail mail and includes text threatening to expose “evidence” of an affair.

“I know about the secret you are keeping from your wife and everyone else,” the letter reads.

The blackmail letter is authored by a criminal going by the alias GreyCircle54 and claims to know about a “secret” and even claims to have “evidence” of this secret. GreyCircle54 essentially claims that they weren’t specifically targeting the person, and did not “go out looking to burn” the recipient of the letter, however, they happened to discover the “evidence” and are using it to threaten innocent individuals that may have a guilty conscience.

Related Reading: Another Rapper Sued in Alleged Crypto Scam

GreyCircle54 gives the recipient two “paths:” pay up, or be exposed.

The scam is only effective if the recipient is having an affair, however, it was enough to frighten Paradise Valley residents into reporting the issue to the local authorities. Police have a copy of the letter as evidence.

Bitcoin Blackmail Scam Makes Return After FTC Warning

This isn’t the first time this Bitcoin blackmail scam reared its ugly head. Back in August, the United States Federal Trade Commission (FTC) Division of Consumer and Business Education, whose mission is to educate consumers on how to protect themselves, issued a warning via a blog post entitled “How to avoid a Bitcoin blackmail scam.”

The FTC back then called it a “new” scam targeting men, and denounced the practice as a “criminal extortion attempt to separate people from their money.” The FTC recommends anyone who receives a similar letter report it to local authorities, as residents did in Paradise Valley, or to report it to the Federal Bureau of Investigation (FBI).

Beware of Bitcoin Scams in By Mail, and on Social Media

Cyber criminals are always seeking ways to part investors from their cryptocurrency assets. However, by being extra careful and paying attention for warning signs, scams can often be identified before falling prey to a scammer. The FTC points out that scams like the Bitcoin blackmail letter often contain “classic signs” like “threats, intimidation, and high-pressure tactics.”

Related Reading: Indian Teen Threatens to Blow Up Airport Over Bitcoin Scam

Another classic warning sign: If something looks too good to be true, it probably isn’t. Such is the case with another type of Bitcoin scam, in which Twitter accounts market a “giveaway” to their followers. Twitter users are invited to send a small portion of a cryptocurrency to a wallet address, and in return, the user will receive a much larger sum of cryptocurrency. The “giveaway” is often riddled with spelling errors, and it makes little sense for corporations or public figures to give cryptocurrency away or need to receive some in advance to be able to send more in return – yet thousands of dollars worth of Bitcoin are lost to these scams daily.

 

Image from Shutterstock

The post Bitcoin Blackmail Scam Terrorizing Paradise Valley Residents appeared first on NewsBTC.

Ethereum Price Analysis: ETH/USD Extends Losses, $200 Holds Key

Key Highlights

  • ETH price declined further and broke the important $206 support against the US Dollar.
  • This week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is under pressure below $208 and $206, which could result in more losses in the near term.

Ethereum price extended losses against the US Dollar and bitcoin. ETH/USD could continue to move down towards the $200 or $198 support level.

Ethereum Price Analysis

During the past three sessions, there were bearish moves in ETH price below the $210 resistance against the US Dollar. The ETH/USD pair failed to recover and broke the important $206 support to move into a bearish zone. Sellers took control and pushed the price below the $204 level. The price traded as low as $202 and it is currently well below the 100 hourly simple moving average.

At the moment, the price is consolidating losses above $202. An initial resistance is the 23.6% Fib retracement level of the recent slide from the $210 high to $202 low. However, the most important resistance is near the $206 level, which was a support earlier. More importantly, this week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent slide from the $210 high to $202 low is positioned at $206.50. Therefore, if the price corrects higher, it is likely to face a solid selling interest near the $206-208 resistance zone.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is under pressure below $206. If there is a downside break below $22, the price may even test the $200 handle. The next support below $200 is near the $198 level.

Hourly MACDThe MACD could move into the bullish zone in the short term.

Hourly RSIThe RSI is currently well below the 50 level.

Major Support Level – $200

Major Resistance Level – $208

The post Ethereum Price Analysis: ETH/USD Extends Losses, $200 Holds Key appeared first on NewsBTC.

Go to Source
Author: Aayush Jindal

Ethereum Price Analysis: ETH/USD Extends Losses, $200 Holds Key

Key Highlights

  • ETH price declined further and broke the important $206 support against the US Dollar.
  • This week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is under pressure below $208 and $206, which could result in more losses in the near term.

Ethereum price extended losses against the US Dollar and bitcoin. ETH/USD could continue to move down towards the $200 or $198 support level.

Ethereum Price Analysis

During the past three sessions, there were bearish moves in ETH price below the $210 resistance against the US Dollar. The ETH/USD pair failed to recover and broke the important $206 support to move into a bearish zone. Sellers took control and pushed the price below the $204 level. The price traded as low as $202 and it is currently well below the 100 hourly simple moving average.

At the moment, the price is consolidating losses above $202. An initial resistance is the 23.6% Fib retracement level of the recent slide from the $210 high to $202 low. However, the most important resistance is near the $206 level, which was a support earlier. More importantly, this week’s followed key bearish trend line is still in place with resistance at $208 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent slide from the $210 high to $202 low is positioned at $206.50. Therefore, if the price corrects higher, it is likely to face a solid selling interest near the $206-208 resistance zone.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is under pressure below $206. If there is a downside break below $22, the price may even test the $200 handle. The next support below $200 is near the $198 level.

Hourly MACDThe MACD could move into the bullish zone in the short term.

Hourly RSIThe RSI is currently well below the 50 level.

Major Support Level – $200

Major Resistance Level – $208

The post Ethereum Price Analysis: ETH/USD Extends Losses, $200 Holds Key appeared first on NewsBTC.

Crypto Arbitrage Today: XRP, XLM, ETC, EOS, ZEC, XMR

stock chart arbitrage

As another day dawns upon the altcoin markets, new arbitrage opportunities become apparent. There are many different ways of trading altcoins for profit even if their individual prices may not necessarily look all that appealing. The following six coins offer some easy profits, although it mainly depends on liquidity associated with the exchanges involved.

EOS (KuCoin / Bitfinex / YoBit)

There are several arbitrage opportunities when it comes to EOS, though they also involve different exchanges. One option is to buy on Paribu and sell on HitBTC for a 0.8% profit. Another option is to buy either on KuCoin, Gate, Paribu, Bitfinex, or Binance and selling on YoBit. The latter option offers rewards of up to 1.9%, which is a bit more appealing compared to the alternative.

ZCash (Poloniex / Bittrex / YoBit)

It is evident ZCash will be subject to some small arbitrage trading gaps for some time to come. The altcoin is found on many exchanges, though prices tend to differ slightly. Buying ZEC on Poloniex, Gate, CEX, Bittrex, Bitfinex, or HitBTC and selling on YoBit will yield profits of up to 24%. All of these opportunities are incredibly profitable first and foremost, especially given how nearly no real effort is involved.

Monero (Kraken / HitBTC / Poloniex)

Not too many altcoin arbitrage opportunities only involve some of the bigger exchanges on the market. For those looking to flip XMR, buying on Kraken and selling on HitBTC, Poloniex, or Gate will yield some pretty good profits overall. Gains of up to 1.1% are certainly possible, especially because these platforms should all offer decent liquidity first and foremost.

Ethereum Classic (Koineks / KuCoin / YoBit)

For the umpteenth day, YoBit maintains a higher price for Ethereum Classic compared to virtually all other exchanges. Buying on Koineks, Binance, KuCoin, and Poloniex will always reward traders with some quick profits of up to 2.5%. It is unclear how long this gap will remain in place, though,

XLM (Kraken / Binance/ KuCoin)

A few interesting arbitrage options exist where Stellar’s XLM is concerned. Buying on Kraken and selling on HitBTC or Gate will yield profits of roughly 1%. Buying on Sistemkoin, CEX, or Kraken and selling on Binance, Gate, or KuCoin will yield profits of 0.9%. Many different options to choose from, although the gains are not necessarily as appealing as on other days.

XRP (Kraken / HitBTC / OKEx)

The most trading opportunities pertain to XRP at this time. Buying on Kraken and selling on HitBTC, OKEx, or Poloniex can yield a 1% profit. Buying on Vebitcoin and selling on these exchanges or Binance will yield profits of 0.9%. Buying on Bitstamp to sell on OKEx or Poloniex yields 0.95%. Purchasing XRP from Vebitocin and selling on Bittrex or Bitfinex results in a 0.8% profit.


Information provided by Arbing Tool.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post Crypto Arbitrage Today: XRP, XLM, ETC, EOS, ZEC, XMR appeared first on NullTX.

Blockchain Wunderkinds Headline Forbes 30-Under-30 List

The blockchain and cryptocurrency ecosystem is well represented in this year’s Forbes 30-Under-30 list, with four young founders and CEOs aged between 25 and 28 featured for their work on crypto finance, blockchain scaling and crypto asset management. Olaoluwa Osuntokun (25), Nader Al-Naji (26), JB Rubinovitz (26) and Hunter Horsley (28) have made their debut

The post Blockchain Wunderkinds Headline Forbes 30-Under-30 List appeared first on CCN

South Korea’s First Crypto Fund Shut Down Over Regulatory Pressure

south korea cryptocurrency fund

South Korea is a very interesting region when it comes to cryptocurrencies. In most cases, there is nothing but positive news first and foremost. At the same time, local regulators are looking for ways to ensure the industry gains more legitimacy. This has forced the first cryptocurrency fund in the country to shut down effective immediately.

A Major Setback in South Korea

Most cryptocurrency enthusiasts look at South Korea as a bastion of proactive regulation. There are some efforts underway to officially regulate Bitcoin and altcoins, but it seems there is no intent on banning this form of money whatsoever. That in itself is a good thing, although there are no permanent solutions in place just yet.

As this regulatory uncertainty remains in place, there will be some casualties along the way. For Zeniex, the regulatory pressure has gotten to the company in a major way. They operate an exchange, which remains unaffected for the time being. However, their cryptocurrency fund is closing down immediately. It is an unfortunate development, but something that can’t be helped either.

Although it is a bit unclear why their fund is being closed, the company is adamant about doing so. Their current approach has attracted a lot of attention by regulators, which may indicate their lack of transparency is a key point of contention. All existing users should be refunded if they still have outstanding balances, though no specifics were provided on this front.

For the time being, the Zeniex exchange will remain in operation. Government officials have no beef with the exchange or its activity itself, which further confirms there were genuine concerns over the fund itself. Being the first to come to market with a cryptocurrency fund gave Zeniex a competitive edge, but it seems they may have to revise that initial plan in the future.

The company itself is confident they did nothing to warrant such scrutiny. More specifically, the fund tried to raise 1,000 ETH to kick off this venture. While it is unclear if that attempt was successful, the total amount wouldn’t warrant reporting the activity to the authorities either. How this will pan out exactly, has yet to be determined. Cryptocurrency funds remain a somewhat controversial concept, even in South Korea.

It is expected this development will not necessarily affect cryptocurrency in South Korea whatsoever. Considering how there are so many exchanges still generating a hefty trading volume, there is no genuine reason for concern whatsoever. Even so, it seems unlikely any cryptocurrency fund will be set up in South Korea for the foreseeable future. That might hinder overall adoption a bit, luckily there are plenty of other ways to invest in Bitcoin and altcoins moving forward.

The post South Korea’s First Crypto Fund Shut Down Over Regulatory Pressure appeared first on NullTX.

Target Twitter Account Hacked by Bitcoin Scammers

A recent hack involving the Twitter of retailer Target has wise investors doubling down on too-good-to-be-true offers.


Target Becomes the Target

The cryptocurrency community is no stranger to hacks and scams and most hodlers are wise enough to steer clear of too-good-to-be-true ICOs and The Real Real Elon Musk #GivingAwayFreeETH Twitter scams. In spite of this, hackers remain undeterred and numerous get rich quick schemes and all sorts of scams continue to proliferate on the internet.

The most recent of these involves American retail giant Target and it’s official Twitter account. The company was recently the victim of a somewhat obvious scam but nonetheless, there are surely a few innocent doo-gooders who fall for these blatant schemes.

Apparently, the scammers hacked into Target’s official Twitter account to promote a Bitcoin giveaway. After co-opting the account, the hackers falsely posted that Target was introducing cryptocurrency payments online and instore and to celebrate the event the company would give away 5,000 Bitcoin.

Robinhood CEO: No Plans to Make Money on Cryptocurrency Trading for 'Forseeable Future'

Buy One Get Three Free!

In order to enlist in the crypto-raffle, participants were asked to verify their BTC address by sending up to 2 BTC in order to enter a raffle to win up to 40 BTC in return. The post also mentioned that participants who sent 1.00 BTC would get an additional 200% back. Twitter did confirm that Target’s official account was compromised for a brief period of time, and reinforced that impersonating another user is a direct violation of Twitter policy. Target has nearly two million Twitter followers and it quickly deleted the tweet without issuing a statement.

Since 2017’s explosion in cryptocurrency awareness, Bitcoin and Ethereum scams have become something of a routine affair on Twitter. The number of figures like Vitalik Buterin and Elon Musk giving away ETH has led the real owners of these accounts to tag #NotGivingAwayETH or #NotGivingAwayBTC to their Twitter accounts.

Hack

Don’t Knock the Hustle

Twitter has taken measures to prevent crypto-scams, yet scammers now resort to hacking into verified accounts and posting Bitcoin and Ethereum giveaways. As reported previously by Bitcoinist, crypto-giveaway scams are surprisingly lucrative and a recent interview with a ‘professional’ scammer revealed that this simple scams typically net $50,000 – $100,000 per day.  

Should Twitter do more to prevent these type of hacks from occurring or is it up to an investor’s own recognizance to differentiate a scam from an investment opportunity? Share your thoughts in the comments below.


Images courtesy of Shutterstock.

The post Target Twitter Account Hacked by Bitcoin Scammers appeared first on Bitcoinist.com.

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near $500

Key Points

  • Bitcoin cash price stayed above the $496 swing low and consolidated against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $510 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair struggled to move above the $530 resistance and the 100 hourly simple moving average.

Bitcoin cash price mostly consolidated near $500 against the US Dollar. BCH/USD must break the $530-540 resistance zone for a decent recovery.

Bitcoin Cash Price Analysis

Yesterday, there was another break below the $500 support in bitcoin cash price against the US Dollar. However, the BCH/USD pair found support near the last swing low at $496 and later recovered. It traded above the $505 and $510 resistance levels to start a recovery. The price climbed above the 50% Fib retracement level of the recent decline from the $562 high to $496 low.

Moreover, there was a break above a key bearish trend line with resistance at $510 on the hourly chart of the BCH/USD pair. However, the price struggled to break the $535-540 resistance zone and the 100 hourly simple moving average. Besides, the price was rejected near the 61.8% Fib retracement level of the recent decline from the $562 high to $496 low. As a result, the price retreated and traded below the $520 level. At the outset, the price seems to be consolidating above the $500 level. Buyers must clear the $530, $535 and $540 resistance levels to start a decent rebound.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price may continue to stay above the $500 support area. Having said that, if buyers continue to fail near the $535 level, the price may perhaps break the $500 and $495 support levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is still placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 levels.

Major Support Level – $500

Major Resistance Level – $535

The post Bitcoin Cash Price Analysis: BCH/USD Consolidating Near $500 appeared first on NewsBTC.

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Author: Aayush Jindal

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near $500

Key Points

  • Bitcoin cash price stayed above the $496 swing low and consolidated against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $510 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair struggled to move above the $530 resistance and the 100 hourly simple moving average.

Bitcoin cash price mostly consolidated near $500 against the US Dollar. BCH/USD must break the $530-540 resistance zone for a decent recovery.

Bitcoin Cash Price Analysis

Yesterday, there was another break below the $500 support in bitcoin cash price against the US Dollar. However, the BCH/USD pair found support near the last swing low at $496 and later recovered. It traded above the $505 and $510 resistance levels to start a recovery. The price climbed above the 50% Fib retracement level of the recent decline from the $562 high to $496 low.

Moreover, there was a break above a key bearish trend line with resistance at $510 on the hourly chart of the BCH/USD pair. However, the price struggled to break the $535-540 resistance zone and the 100 hourly simple moving average. Besides, the price was rejected near the 61.8% Fib retracement level of the recent decline from the $562 high to $496 low. As a result, the price retreated and traded below the $520 level. At the outset, the price seems to be consolidating above the $500 level. Buyers must clear the $530, $535 and $540 resistance levels to start a decent rebound.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price may continue to stay above the $500 support area. Having said that, if buyers continue to fail near the $535 level, the price may perhaps break the $500 and $495 support levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is still placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 levels.

Major Support Level – $500

Major Resistance Level – $535

The post Bitcoin Cash Price Analysis: BCH/USD Consolidating Near $500 appeared first on NewsBTC.

Xerox Wins Patent for Blockchain System That Tracks Revisions to Electronic Documents

Xerox was awarded a patent by the U.S. Patent and Trademark Office for a blockchain platform that can track amendments made to electronic documents.

The U.S. Patent and Trademark Office (USPTO) has awarded Xerox a patent for a blockchain-driven auditing system for electronic files, according to a patent filing published Nov. 13.

Xerox — known for its eponymous  printing and digital copying appliances — first filed the patent in August 2017. The patent describes a blockchain-based system for the secure recording of revisions made to electronic documents.

The technology offered by Xerox can supposedly detect whether a file has been altered and tracks the history of changes made. Owing to the decentralized verification mechanism, the system thus becomes resistant to tampering, the filing states.

Explaining the technology behind the patent, Xerox describes a series of blockchain nodes that may approve or dismiss each amendment made. The filing also implies that the management network will alert its users whenever a particular node fails to approve the document or the content differs from its verified version.

Xerox believes that the newly patented technology can be used to audit electronic files in many areas, such as medical and financial records, tax papers, and educational documents. The filing specifically mentions criminal investigation records, such as interview notes, crime scene photos and DNA test results that must be protected from alterations and tampering.  

In 2016, Xerox filed a similar patent., aiming to create a blockchain-based timestamp protocol for data such as copies or pictures. According to the filing, the company wanted the marks to be irrevocable, meaning that data bearing such a mark could be submitted in court as evidence.

Major tech and electronics companies have filed a slew of patent applications for various proprietary iterations and applications of blockchain technology. A September report stated that IBM had filed more blockchain-related patent applications than any other company at the time of publication.

IBM has filed over 90 blockchain patents, the most recent of which aims to use blockchain technology to aid scientific research and provide a record of its results.

Xerox Wins Patent for Blockchain System That Tracks Revisions to Electronic Documents

Xerox was awarded a patent by the U.S. Patent and Trademark Office for a blockchain platform that can track amendments made to electronic documents.

The U.S. Patent and Trademark Office (USPTO) has awarded Xerox a patent for a blockchain-driven auditing system for electronic files, according to a patent filing published Nov. 13.

Xerox — known for its eponymous  printing and digital copying appliances — first filed the patent in August 2017. The patent describes a blockchain-based system for the secure recording of revisions made to electronic documents.

The technology offered by Xerox can supposedly detect whether a file has been altered and tracks the history of changes made. Owing to the decentralized verification mechanism, the system thus becomes resistant to tampering, the filing states.

Explaining the technology behind the patent, Xerox describes a series of blockchain nodes that may approve or dismiss each amendment made. The filing also implies that the management network will alert its users whenever a particular node fails to approve the document or the content differs from its verified version.

Xerox believes that the newly patented technology can be used to audit electronic files in many areas, such as medical and financial records, tax papers, and educational documents. The filing specifically mentions criminal investigation records, such as interview notes, crime scene photos and DNA test results that must be protected from alterations and tampering.  

In 2016, Xerox filed a similar patent., aiming to create a blockchain-based timestamp protocol for data such as copies or pictures. According to the filing, the company wanted the marks to be irrevocable, meaning that data bearing such a mark could be submitted in court as evidence.

Major tech and electronics companies have filed a slew of patent applications for various proprietary iterations and applications of blockchain technology. A September report stated that IBM had filed more blockchain-related patent applications than any other company at the time of publication.

IBM has filed over 90 blockchain patents, the most recent of which aims to use blockchain technology to aid scientific research and provide a record of its results.

Go to Source
Author: Ana Berman

Crypto Arbitrage Today: ADA, QTUM, BTG, XLM, USDT, DASH

arbitrage

Every day in the cryptocurrency world comes with new opportunities to explore. Especially for those who simply want to score a quick buck by moving funds to and from exchanges, good money can be made in quick succession. Some intriguing arbitrage opportunities are popping up once again, albeit these gaps can close pretty quickly.

Cardano (Kraken / Gate)

In the case of Cardano – or ADA – there is one particular arbitrage opportunity which stands out in a rather spectacular fashion. For the time being, it is very cheap to buy ADA on Kraken and selling it on Gate.io. Doing so will net users a quick 1.5% profit, depending on how the liquidity holds up across both trading platforms. Even so, it allows for easy money to be made with very little effort involved.

Qtum (Kraken / Gate)

For those who are willing to explore the Cardano arbitrage opportunity, it may be worth it to scoop up some QTUM at the same time. The price per QTUM on Kraken is 1.6% lower compared to Gate.io. There is no reason not to diversify one’s arbitrage holdings if they involve the exact same exchanges for buying and selling. Another quick flip for easy money, which is all one can ask for these days.

Bitcoin Gold (CEX / Bitfinex / HitBTC)

It has been a while since anyone even openly discussed Bitcoin Gold. This hard fork of Bitcoin has never been a big success whatsoever, primarily because it never gained any traction, trading volume, or support. Despite all of those setbacks, there is still an arbitrage opportunity for BTG, especially when buying on CEX and selling on Bitfinex or HitBTC for a quick 0.9% profit.

XLM (Kraken / KuCoin / CEX)

There are two different exchanges arbitrage traders need to watch when it comes to buying XLM. As of today, buying on either Kraken or CEX will set up some significant profit potential moving forward. Selling on Binance, KuCoin, HitBTC, Gate, or Biteven can yield profits of up to 1.85%. This gives traders plenty of options to explore, depending on which platform provides the most liquidity at this time.

USDT (BtcTurk / Bittrex / KuCoin)

For some unknown reason, the world’s most “popular” stablecoin remains subject to price fluctuations and arbitrage trading opportunities. In the case of USDT, buying on either BtcTurk or Bittrex and selling on KuCoin will score profits of up to 2.6% with little effort involved. This gap should not remain in place for too long, albeit one never knows how these prices will fluctuate moving forward.

DASH (Kraken / HitBTC/  LiveCoin)

There are quite a few DASH arbitrage trading opportunities today. Buying this altcoin on Kraken will open up nice opportunities across HitBTC, Gate, Livecoin, and YoBit. Profits of up to 3.8% can be achieved with ease when following this path. Buying on HitBTC and Gate to sell on YoBit are also options, albeit the profits are slightly lower at 1.8%.


Information provided by Arbing Tool.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post Crypto Arbitrage Today: ADA, QTUM, BTG, XLM, USDT, DASH appeared first on NullTX.