Cryptocurrency Market Update: All Quiet on Monday Morning in Asia

FOMO Moments

Nothing to report during Monday’s Asian trading; Dentacoin and Polymath are the only ones moving.

Monday morning brings little to talk about on crypto markets. Nothing has moved since yesterday, or last week for that matter, and total market capitalization is at the same place, just below $210 billion.

Bitcoin has seen its longest period of inactivity for quite a while. Remaining sideways at the same place it has been all last week, BTC is still trading at $6,480. The possibility of it dropping further is more likely than a reversal. Ethereum is suffering the same fate at the moment with no movement there either; it is still stuck at $205.

There is more green than red in the altcoin charts at the moment but when figures are less than half a percent there isn’t a lot to write about.  Nothing has moved more than a percent in the top ten since yesterday. Cardano is the only coin in the red but losses are marginal.

In the top twenty Zcash is posting the biggest gain but it is only 2.5% on the day to reach $123. Dash is also up 1.7% to $156 but the rest have not really moved.

A couple of altcoins are making their fomo pumps today as usual and they are Dentacoin and Polymath both gaining between 12 and 13 percent since Sunday morning. Revain and MobileGo are also posting good gains of 10 and 8 percent respectively. Fortunately there no major dumps today in the top one hundred, but Eternal Token is the top of that list with a 3% decline.

Total crypto market capitalization is exactly where it was this time yesterday, $209 billion. The tedium continues as we enter the third week with no activity on the markets. Every small upswing is immediately countered with one in the opposite direction and the day looks like a series of mini pump and dumps. That volatility that so many use to criticize crypto certainly has not been showing itself in recent weeks.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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Thai SEC Warns About 9 Unauthorized Tokens

Thai SEC Warns About 9 Unauthorized Tokens

Thailand’s Securities and Exchange Commission (SEC) has warned about nine unauthorized tokens and initial coin offerings. These have neither been approved by the authorities nor met the necessary requirements. In addition, the regulator is also reportedly considering allowing asset management companies to launch cryptocurrency funds.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

SEC’s Warning

Thai SEC Warns About 9 Unauthorized TokensThe Thai SEC warned the public on Friday about nine tokens and initial coin offerings (ICOs) that have not applied for approval. However, the authority has found posts on social media, such as on Facebook and Youtube, publicly promoting and soliciting investments in them.

The nine consist of five tokens and four ICOs. According to the Thai SEC’s website, the tokens are Every coin, Orientum coin, Onecoin and OFC coin, Tripxchain coin, and TUC coin. The four ICOs are those issued by G2S Expert, Singhcom Enterprise, Adventure Hostel Bangkok, and Kidstocurrency.

The regulator has warned anyone who may come across them to take caution due to their high investment risks, stating:

Currently, no digital asset issuer has been approved and no one has filed an application for a license [to issue tokens] with the SEC. Therefore, [the SEC is warning] investors to take caution when being solicited or receiving information about investments in digital assets.

The Thai SEC specifically noted five key risks associated with the above nine tokens and ICOs. Firstly, they have not applied for approval or been approved by the commission. Secondly, they have not been evaluated by any SEC-licensed ICO portals. In addition, they may not provide adequate disclosure for investors. Next, their issuers and promoters have not been licensed to carry out digital asset-related activities. Lastly, they may not be liquid and may not be easily converted to cash, the commission detailed.

Thai SEC Warns About 9 Unauthorized TokensIn August, the Thai SEC warned about a company called DB Hold Plc that had been soliciting investments in its token without approval. The regulator subsequently ordered the company to cease all token issuance and promotional activities. Local companies that launched their ICOs before the country’s regulations took effect, such as Jmart Plc, are allowed to continue their token activities without gaining approval.

Crypto Asset Funds

Thai SEC Warns About 9 Unauthorized TokensWith the rising interest in cryptocurrencies in Thailand and abroad, the SEC is also “considering allowing asset management companies to launch digital asset funds to meet growing investment demand for digital assets,” the Bangkok Post reported on Oct. 22.

While the publication emphasized that no proposal has been submitted to the commission, SEC deputy secretary-general Tipsuda Thavaramara was quoted describing:

We have to consider this carefully because it is a new type of investment asset … If something goes wrong, there will be a huge impact on the mutual fund industry.

Thai SEC Warns About 9 Unauthorized TokensAccording to the news outlet, the Association of Thai Securities Companies said that many securities firms are interested in starting crypto businesses such as exchanges, brokers, dealers, and ICO portals. One of the largest asset management companies in Thailand, SCB Asset Management Co. Ltd., an affiliate of Siam Commercial Bank, revealed in February its desire to launch a cryptocurrency fund that invests in bitcoin futures.

Currently, six cryptocurrency exchanges have been temporarily granted approval by the Thai SEC to operate in the country while their applications are being reviewed. They are Bx, Bitkub, Cash2coin, Tdax, Coin Asset, and Seadex.

In addition, two dealers were temporarily approved: Coins Th and Thaiwm. However, the latter has withdrawn its application and ceased crypto-related operations since Sept. 28.

What do you think of the Thai SEC’s warning? Let us know in the comments section below.


Images courtesy of Shutterstock and Thai SEC.


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Bitcoin (BTC) Price Watch: Sellers Waiting at Area of Interest

Bitcoin Price Key Highlights

  • Bitcoin price continues to trade inside its descending channel on the 1-hour time frame.
  • Price looks ready for a pullback to the resistance and the Fib retracement tool shows where sellers might be waiting.
  • Technical indicators also seem to be suggesting that the downtrend might resume at some point.

Bitcoin is in the middle of a pullback from its selloff and might be due to test the resistance at these Fibonacci levels.

Technical Indicators Signals

The 100 SMA is safely below the longer-term 200 SMA on the 1-hour time frame, indicating that the path of least resistance is to the downside. This basically means that the selloff is more likely to resume than to reverse. The gap between the two moving averages is also getting wider to reflect strengthening selling momentum.

The 100 SMA also coincides with the 50% Fibonacci retracement level at $6,526 to add to its strength as a ceiling. This coincides with a former support zone, which might now hold as resistance since it’s close to the top of the channel. A larger correction could test the 61.8% Fib closer to $6,500 and still within the channel top and area of interest.

Stochastic is still heading north and has some room to go before hitting the overbought zone, which suggests that buyers could stay in the game for a bit longer and keep the correction going. Price is currently testing the 38.2% Fib at the mid-channel area of interest, which likely contains some sell orders, too. RSI is also heading higher so bitcoin price might follow suit while buyers are in control.

BTCUSD Chart from TradingView

BTCUSD Chart from TradingView

Traders appear to be liquidating some of their bitcoin positions while still waiting for more catalysts to sustain earlier rallies. There is a lot to look forward to for the industry, but it appears that investors are hoping to get more confirmation and momentum before loading up their long plays.

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BTC/USD Bitcoin Price Analysis: China’s support of BTC Very bullish

China is important. It is home to the largest Bitcoin mining companies and their citizens are fast adopters. Therefore, the recent court ruling is bullish and could fast-track Bitcoin loss reversal driving prices back above $7,000 in the process strengthening market confidence. So far, BTC/USD pair is stable and down one percent in the last week as prices trade in tight trade ranges.

Latest Bitcoin News

As reported earlier, Shenzhen Court of International Arbitration has declared Bitcoin property allowing merchants as well as individuals to own and even transfer Bitcoin without conflicts with existing regulations. This is positive and the simple fact that Bitcoin has protection from the law goes on to show how BTC is quickly turning into a globally recognized asset and a store of value. From court translations, it appears as if it considers Bitcoin a property because of decentralization and the economic value behind it. This decentralization and economic benefit give users freedom. Besides, as a store of value businesses and individuals are free to use Bitcoin as a form of payments without contravening any laws. Considering how Chinese are instrumental in Bitcoin and crypto ecosystem, we expect adoption to increase in coming weeks and months as the second largest economy continue to thaw to crypto.

While this news coming out of China could go a long way in steadying and even encouraging market participation, we should note that Bitcoin is generally stable. Many are attributing this to the exit of speculators keen on money minting while some are linking this drop in volatility to a bottoming market. Though speculation of a bottoming market continues to build up, we are yet to see hints as volumes continue to dry up on every low.

BTC/USD Bitcoin Price Analysis

Weekly Chart

BTC/USD Bitcoin Price Analysis

Talk of market stability is best exemplified in the weekly chart. Although we can see fundamental events as recent court ruling from China spurring demand, the lack of activity in the last week is a cause of concern. In fact-as we can see from the chart, last week’s prices were moving inside a $350 range inside week ending Oct 21 high low.

Technically that is positive because the bar itself did close as a bull at the back of high volumes thrusting prices above the all important $7,200 bull trigger line and the main resistance trend line. Thing is, as long as bulls are within week ending Oct 21 bar, we recommend buying small amounts of BTC in lower time frames with first targets at $7,200.

Daily Chart

BTC/USD Bitcoin Price Analysis

Back in the daily chart, Oct 15 is definitive like it has been in the last 10 days or so. Moving on, our previous BTC/USD trade plan is valid and as long as BTC/USD price is trending inside Oct 15 high low, then we can trade as aforementioned. That mean, we recommend buying on dips with stops just below the three months support trend line anywhere between $6,200 and $6,300.

As per our last iterations, losses below $6,200 will nullify our bullish projections and in that case we might see drops below 2018 lows at $5,800 which inevitably solidify bear momentum.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Thailand’s SEC Warns Investors Against Unregistered ICO Investment Risk

Thailand’s Securities and Exchange Commission (SEC) has issued a warning to investors against putting their money into initial coin offerings (ICOs) that are not recognized and authorized by the SEC. On Oct. 25, the Bangkok Post reported that the Thai market regulator has warned against investing in ICOs promoted through a plethora of online media, which the SEC has neither accredited nor acknowledged.

Scam ICO Advertisements on Social Media

The Thai SEC recently conducted an investigation after discovering that a number of unrecognized sales offering digital assets and cryptocurrencies were being advertised across social media platforms like Facebook and YouTube to Thai investors. The results of the investigation revealed the existence of nine such unregistered and unrecognized ICOs namely,

Every Coin, Orientum Coin (ORT Coin), OneCoin and OFC Coin, Tripxchain Coin (TXC Coin), TUC Coin, G2S Expert ICO, Singhcom Enterprise ICO, Adventure hostel Bangkok ICO, and Kidstocurrency ICO.

Related: Thailand Open for Business: 20 New Exchanges Aim to Establish Kingdom of Crypto

According to the SEC which is Thailand’s principal markets regulator, not one of these ICOs have approached the SEC to apply for any form of approval, which makes them a huge investment risk for people who may have already put their money into them. The SEC further revealed that the tokens and ICOs in question have not met any of the necessary requirements for registration, neither have they presented their smart contracts for assessment and approval by the regulator.

To further compound the high-risk factor presented by these offerings,  their disclosed information to investors which should serve as a basis for making investment decisions is inadequate, and there is no evidence that the cryptocurrencies being mooted have the requisite liquidity to trade on exchanges or be converted into cash. The implication of this is that investors buying into these cryptocurrencies with hopes of making a return on their investment may effectively be buying worthless faux-assets that cannot be traded for other crypto assets or cash.

Strong SEC Warning

According to the SEC, the Monetary Authority of Singapore has previously warned that OneCoin and all its affiliated businesses are not under any supervision, and a number of other jurisdictions have warned investors against OneCoin. The regulator described OneCoin and other ICO investment schemes modeled after Ponzi schemes as “opportunists with no details available on business plans, product, platform or credible management team”.

It will be recalled that in October 2017, the Thai SEC published its ICO regulatory guidelines, which it said were intended to strike a balance between promoting beneficial innovation and protection of investors.

An excerpt from the SEC’s ICO regulation guidelines reads:

“ICO fundraising needs to be done through an ICO portal approved by the SEC. The ICO acceptance criteria may include due diligence and screening of funders from dishonest people. The source code of the smart contract will automatically be enforced against the contract. After the sale, the SEC publishes a copy of the statement on the SEC website.”

The post Thailand’s SEC Warns Investors Against Unregistered ICO Investment Risk appeared first on CryptoSlate.

TRX/USD Price Analysis: Altcoin Rally Inevitable in Q4 2018

Altcoins are flat lining as bulls accumulate in lower time frames. As we can see from the charts, XLM/USD is bullish and that might spill over to today while LTC/USD, ADA/USD and EOS/USD range above important support lines. If anything, this is a waiting game and once we see rapid gains in the direction of Oct 15 bulls, then we shall recommend buying on dips.

Let’s have a look at these charts:

EOS/USD EOS Price Analysis

On average, the EOSIO blockchain attracts 60,000 unique daily users thanks to a 500 percent surge in user activity taking their accounts to 450,000 as the platform popularity balloon. Coincidentally, this come at a time when the platform is facing issues around it’s block producer centralization, governance issues and later accusation of block producer collusion.

EOS/USD EOS Price Analysis

Back to price and EOS/USD is stable at the weekly and daily time frame. In the last week it is down 0.6 percent and up 0.3 percent in the last day meaning volatility is low as prices range. Therefore, considering how price action is laid out, our last EOS/USD trade plan is valid. Regardless of the ranging market, we hold a bullish outlook because of Oct 15 bulls from where current prices are moving inside of and the simple fact that prices are down +90 percent from 2017 peaks. Any breakout above $7 ignites bulls aiming at $9 while dips below $4.5-$4 support cancel this bull projection.

LTC/USD Litecoin Price Analysis

LTC/USD Litecoin Price Analysis

Overly, we remain neutral on LTC/USD partly because of the momentum shaping ranging market and secondly because of the price action proximity of $50. Like in all our LTC/USD price analysis, our trade plan relies mostly on price will react at $50 where by movements below support might end up pushing prices towards $30. On the flip side, should this accumulation lead to breaks above $55 or $60 then odds are Litecoin will be bottoming out. In that case prices would easily expand igniting aggressive traders aiming at $70 and later $90.

XLM/USD Stellar Lumens Price Analysis

XLM/USD Stellar Lumens Price Analysis

Yesterday’s bulls could be the launching pad that drives Stellar Lumens prices above 25 cents and later 30 cements validating our last XLM/USD trade plan. Like we keep on saying, at the back of dropping trade volumes, XLM slide provides an opportunity for savvy traders as long as prices are trading above Oct 15 high lows. It’s an effort versus result scenario and the realization that prices need to recover after this year’s deep correction. Therefore, if anything, we remain bullish and once XLM cross then 25 cents mark, traders can pick up the asset on dips with first targets at 30 cents. Any declines below the main support at 15 cents-20 cents cancel this projection.

TRX/USD Tron Price Analysis

TRx/USD Tron Price Analysis

Technically TRX/USD prices are everywhere. However, what we can observe is that as prices drop so are volumes. In fact we cannot compare the volumes of the last 10 days with that of Oct 15 meaning bulls have an upper hand as Oct 15 bull bar reflect. As such, the bar’s high low is important in our analysis. In that line therefore, surges above Sep highs at 2.5 cents-3 cents level validates our bullish projection and bulls should aim at 4 cents. However, if bears confirm their presence like they have been doing in the last 10 months and cause prices to dip below 2 cents then we shall recommend sells on pullbacks.

ADA/USD Cardano Price Analysis

ADA/USD Cardano Price Analysis

All things constant, a dip in ADA/USD should provide an opportunity for traders to buy on dips in line with our iterations. Even though sellers are in control from a top down approach, losses below 7 cents will quash out bullish ambitions as bears would have been successful in reversing Oct 15 losses. The high volume bull bar anchors our analysis and as long as prices are within its high low, risk-off traders can buy on dips with stops at 6.8 cents—Oct 14 lows with first targets at 12 cents—our main resistance and buy trigger line.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Boost VC Issues Call for Crypto Startups

Technology startup accelerator Boost VC has announced that it is accepting applications from crypto startups to join Tribe 12, its latest accelerator program cohort. Since 2012, Boost VC has graduated several cohorts with more than 75 crypto-related projects including prominent blockchain projects like Etherscan, Aragon, and MyCrypto. According to the announcement, which appeared in a Medium post,

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French Business School Accepts Fees in Bitcoin for Blockchain Technology Courses

French University Accepts Fees in Bitcoin, Steps up Crypto-Based Adminstrative Innovations

France’s Financia Business School, which offers post-graduate courses in financial and blockchain technology, now allows students to pay their fees in cryptocurrency. Since the institution introduced the measure, about half a dozen students have paid in BTC for the 2018 academic year.

Also Read: Okex Cryptocurrency Exchange to Delist 42 Trading Pairs

Cryptocurrency to Cut Transfer Costs for Foreign Students

A quarter of the Financia Business School’s enrolment is foreign, with many students having to shoulder complex and punitive money transfer costs. The acceptance of cryptocurrency for fees makes it easier for foreign students to cut these costs and transact with ease, said the Paris-based college.

French Business School Accepts Fees in Bitcoin for Blockchain Technology Courses

Students wishing to transact in BTC do so through Coin Capital, a startup specializing in digital assets and blockchain techology, which has entered into partnership with Financia Business School for support with fee payment processes.

Adam Hasib, a foreign student at the school, is an early adopter of cryptocurrency tuition payments. He acquired his first BTC last year, and relishes being able to register with the school while getting added value on his digital currency investment.

“I became interested in this technology early on and quickly became a staunch supporter of blockchain’s decentralized model,” Hasib told Studyrama, an online French education platform. “By June 2017, I had acquired my first bitcoins, which allowed me to pay the registration deposit at school … I just had to contact the administration to get the wallet address before [making] my deposit.”

Financia to Deepen Blockchain Offerings as the Technology Gains Global Traction

Financia Business School said it was committed to embracing emerging technologies within the financial sector, hence its early development of a blockchain curriculum. It is set to complement the cryptocurrency fee facility with a raft of blockchain-inspired administrative innovations.

These will include the creation of a token for the payment of services within the school and partner institutions; the launch of proof of concept around blockchain projects by and for students; and the reinforcement of courses on blockchain, initial coin offerings and other related issues.

Financia’s adoption of virtual currency fees could be the first of a wave as legacy institutions of higher learning continue to show interest in blockchain technology. In Britain, the London School of Economics recently launched a course titled “Cryptocurrency Investment and Disruption,” while research in the U.S. last month revealed that 9 percent of U.S. undergraduates across the world have taken a blockchain-related class and 26 percent intend to.

French Business School Accepts Fees in Bitcoin for Blockchain Technology Courses

An August 2018 study established that among the world’s most prestigious higher learning institutions, Stanford University offers the most cryptocurrency and blockchain courses. The study also established that 42 percent of the world’s top 50 universities now offer at least one blockchain or crypto-related class.

This academic interest corresponds with a rapidly increasing industrial demand for blockchain and cryptocurrency talent. Research shows blockchain-related jobs in the U.S. rose 300 percent and 50 percent in Asia in the past year.

Would you pay your fees in cryptocurrency? Let us know what you think in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Berlin Is Rapidly Becoming a Hotspot for Blockchain and Cryptocurrency

Berlin Is Rapidly Becoming a Hotspot for Blockchain and Cryptocurrency

Berlin has become a hub for all things cryptocurrency and blockchain over the past couple of years. Berliners look set to keep the trend going thanks to an enthusiasm for digital currencies like Bitcoin.


Germany’s biggest city has long been on the radar for those interested in digital currencies and blockchain.

In 2013, the Guardian reported on enthusiasts in the southern Berlin district of Kreuzberg who were happily using Bitcoin in local shops that accepted the cryptocurrency.

At the time, leaders speculated how the district’s rebellious and critical mindset seemed to fit in well with an alternative system like virtual currencies.

Five years later, Berlin and has become a leader across Europe and the wider world in the blockchain and cryptocurrency fields.

A range of developers, entrepreneurs, and those interested in cutting-edge technology have given vibrancy to local crypto meetups. A growing number of start-up companies and talent are now considering moves to the German capital, especially in light of Brexit.

A Focal Point for New Technology

At the start of 2018, a lead developer of Ethereum, Fabian Vogelsteller, mentioned how

Berlin is the crypto capital of Europe if not the world.

Recent reporting from Deutsche Welle (DW) commented on how the city’s low cost of living and number of co-working spaces have drawn people to start working in the area.

Jazmine Zhang of LongHash Germany, a blockchain accelerator, noted how the diverse range of talent coming into Berlin has engendered a “very open ecosystem” during blockchain and crypto meetups.

Zhang said people in the city have a desire to “work together and partner with each other” since they share excitement about the cutting-edge technology.

Berlin’s rising notoriety across the cryptocurrency and blockchain world is in no small part to the profiles of a few entities who are associated with the city.

The Berlin-based EOS operating system now has a market capitalization of nearly $4.9 billion dollars.

Has Berlin’s Bitcoin Brigade Been Blinded by Bullishness?

Berlin is also a base of IOTA, who has built an IoT transnational settlement and has a market capitalization of $1.3 billion, according to DW. Co-founder Dominik Schiener said in March he was able to make connections from Berlin with a variety of companies who have worked on IOTA’s development.

IOTA has been working on opening up a set of offices across the globe to, in Schiener’s terms, now change the perception IOTA is a German cryptocurrency.

Pushing Forward 

The growth of the industry inside of Berlin and across Germany has led to more of a willingness to collaborate with government authorities.

Currently, a blockchain trade association called Bundesblog is collaborating with government officials inside the European nation to help promote the technology.

A couple of Berlin artists, Paul Kolling and Paul Seidler, have been presenting work related to a project that envisions a “self-owning, self-governing forest on the blockchain.”

Right now, the plans are just an artistic idea, but the end goal is to create a forest that can autonomously sell trees and eventually turn into a self-owned economic unit.

Do you have any plans to visit Berlin for blockchain and crypto? Let us know in the comments below!


Images courtesy of Bitcoinist archives

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Smart Contracts Coding Spotlight: Bitcoin Cash’s Spedn

bch spedn

Smart contracts have the potential to elevate any cryptocurrency project to an entire new level. Though Bitcoin itself does not have a direct smart contract language, its “competitor,” Bitcoin Cash, does at this time. Known as Spedn, this new layer can bring substantial functionality to Bitcoin Cash moving forward.

Why Does Spedn Exist?

That is what most people are thinking when introduced to the concept. While it has been a quite a minute since anyone has looked at Bitcoin’s codebase-  or forks based on Bitcoin – to contemplate building dApps or smart contracts. In the case of Bitcoin Cash, that option is now actively explored through Spedn, a smart contract language native and unique to Bitcoin Cash at this time.

What can it Offer?

The real concern is whether Bitcoin Cash even needs smart contract technology. While having an added layer of potential is never a drawback by any means, it seems unlikely Spedn will make people flock to BCH over Ethereum, NEO, TRON, or EOS at this stage. Despite this, smart contract competition is never a bad thing as it will unlock a lot of interesting tools down the line.

For the time being, Spedn is still in the early experimental stages. Even the creator acknowledges this tool should not be used on the Bitcoin Cash main net until the code has been put through its paces properly. However, as far as testnet purposes go, this technology can be quite valuable in its own right. After all, once people pay attention to Spedn, Bitcoin Cash-based smart contracts may become commonplace very quickly.

Other selling points of Spedn include how it is statistically and explicitly typed, is purely functional, and seems to resemble the C-syntax in some regards. This should make it easier to get acquainted with Spedn as time progresses, although there is still plenty of work to be done prior to turning this into a viable solution.

What Comes Next?

Given the early stages of development that Spedn is subject to, a lot of future progress can be expected. For now, there is a plan on the table to make this smart contract language interoperable with JavaScript, as well as adding an IDE with an official debugger. More templates will be added as well, as only two options are available at this time. If the Bitcoin Cash community can get behind Spedn, there may be a bright future ahead.

The post Smart Contracts Coding Spotlight: Bitcoin Cash’s Spedn appeared first on NullTX.

Blockchain Documentary Produced by Ethereum Co-Founder Opens in New York

A documentary film that profiles distributed ledger technology and counts an Ethereum co-founder as one of its executive producers had its theatrical release on October 26 in New York. Written and directed by Alex Winter, Trust Machine: The Story of Blockchain, runs for 84 minutes and covers subjects ranging from the history of Bitcoin to the

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Top 5 Crypto Performers Overview: EOS, Ripple, Ethereum Classic, Dash, Monero

The crypto markets are in a very tight range for the past few weeks, what can become a catalyst to shake them?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The crypto markets are stuck in a very tight range for the past few weeks. It needs a strong catalyst to shake out of this consolidation. The breakout or breakdown of the range is likely to start a new trend that will remain in force for a few days.

Though it is difficult to predict the exact news event that will trigger a response from the traders, we can take a calculated guess. The outcome of the Bitcoin ETF proposals is one of the most watched events that can cause a large move.

The fact that the crypto markets have not been affected by the decline in the stock markets in the past few days is a positive thing. If this outperformance continues, we anticipate some speculative money to shift to cryptocurrencies, resulting in a sharp upward movement.

As traders, we should watch the important levels that warrant an action. Let’s take a look at  the top five performers of the past seven days and find out if they are forming any buy setups.

EOS/USD

Barring Tether, EOS was the best performer in the past seven days, rising just under a percent.

Freewallet, a cryptocurrency wallet, announced a release of a new EOS wallet where users can perform all transactions free of charge. During the week, the EOS network saw its unique daily active account hit a record of 60,000. Will the rising popularity reflect in higher prices?

EOS

The EOS/USD pair fell to its year-to-date lows of $3.8723 on March 18. From there, it rose to a new high of $23.0290 on April 29, a rise of about 494 percent in just over a month. However, the breakout to new highs above $18.67 turned out to be a bull trap because the prices have plunged about 76 percent since then.

From mid-August, the virtual currency has been trading in a range of $6.8299-$4.4930. A breakdown of this range will retest the critical support at $3.8723, below which the fall can extend to $3 and $2.4.

On the upside, a breakout of $6.8299 can push prices to $9.4456. If this level is crossed, the price can move up to $15.

XRP/USD

Progress on xRapid, real-time settlement platform and xCurrent payment solutions have kept Ripple in the news for the past few days. The company reported that it sold $163.33 million worth of XRP in Q3, which is a 122 percent increase over the previous quarter’s sales of $73.53 million. Ripple also hired Amir Sarhangi as vice president of products, who was Google’s head of rich communications services (RCS), to lead RippleNet, a payments network.

How have these events affected its price?

XRP

Both moving averages are turning flat, and the RSI is also at the midpoint. This points to a range bound action in the next few weeks.

Though the XRP/USD pair has regularly made new lows in 2018, the bulls are currently trying to break that sequence. They have been attempting to hold the recent correction to $0.37185.

A rally above the overhead resistance at $0.76440 might confirm a bottom and the price can reach $0.96 and $1.22.

On the downside, a break below the support at $0.37185 will result in a fall to the year-to-date lows of $0.25300.

ETC/USD

Ethereum Classic has seen positive developments in the past few weeks. Donald McIntyre, former Vice President of Morgan Stanley, believes that ETC has “has an incredibly unique market positioning in an extremely valuable niche” in the crypto sector.

ETC

The ETC/USD pair has been trading close to the strong support of $9.5 for about a month and a half. This is a critical support level because it has not been broken convincingly since end-May of last year. If the bears sink prices below $9.5, the next support is way lower at $5.2.

The price is currently below both moving averages, and the 20-week EMA has turned down  — this shows that the bears have an upper hand.

On the upside, a breakout above $11.883 will indicate strength that can propel the virtual currency to $14.5 and above that to $19.

DASH/USD

The recent announcement of integrating Uphold directly into the official Dash mobile wallet and the partnership between Dash and the cryptocurrency debit card company FuzeX saw great support from the traders. Does the recent price action indicate a bottom formation? Let’s find out.

DASH

The trend in the DASH/USD pair is clearly down. It has consistently made lower lows during the year, marked as ellipses on the chart. The price has stayed below the 20-week EMA since end-February of this year.

The bulls had attempted to push prices higher in end-August, but a lack of follow-up buying resulted in the digital currency giving up most of its gains. Currently, the bulls are trying to defend the year-to-date lows of $129.58. A break of the lows will resume the downtrend and sink prices to the next lower support of $113.

The virtual currency will show signs of a turnaround if it breaks out of the overhead resistance at $229.24. A breakout of this level can carry prices to the minimum target objective of $339 with a minor resistance at $266 levels.

XMR/USD

Though Monero’s bulletproofs upgrade reduced withdrawal fees by about 95 percent in a week, it was not enough to change the larger trend.

XMR

The XMR/USD pair has strong support close to the $81 levels that has not been broken convincingly for more than a year. Therefore, this becomes the level to watch on the downside. Any break on a weekly closing (UTC time frame) basis can push prices towards the lower support at $58-$52.

Currently, the digital currency has been trading inside a tight range of $128.65-100.453. A break of the bottom of this range will retest the $81 levels, whereas, a breakout of the range can result in a rally to $150.

We believe that a breakout above $150 will start a new uptrend that can propel the virtual currency to $220 and above that to $300 levels.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

Dev: Ethereum May Fail if it Relies on Infura to Run Nodes, Potential Solution

Afri Schoedon, an Ethereum developer at Parity Technologies, said that the network cannot rely on Infura to process 10 billion requests per day. Created by Michael Wuehler, an author at ConsenSys and NYC Ethereum founder, Infura is an infrastructure that allows decentralized applications (dApps) to process information on the Ethereum network without running a full

The post Dev: Ethereum May Fail if it Relies on Infura to Run Nodes, Potential Solution appeared first on CCN

Send Bitcoin Cash Over the Web in a Private Fashion Using Tor

There are several ways to add layers of anonymity to bitcoin cash (BCH) transactions such as using a VPN or shuffling coins with mixers. One way to anonymize when using the BCH chain is by utilizing free Tor software while transacting online. This way, internet traffic is encrypted and routed through nodes throughout the overlay network. Tor won’t hide the transaction’s path, but bitcoiners using the Tor network can make it extremely hard for investigators to pinpoint their IP address and geolocation.

Also read: How to Use a VPN in the EU to Access the Uncensored Web    

The Overlay Network Known as Tor

Send Bitcoin Cash Over the Web In a Private Fashion Using Tor When Satoshi Nakamoto launched the Bitcoin network, the creator did not make the protocol anonymous. The network is not private and all the transactions broadcast over the network are available to see by anyone with a copy of the blockchain. However, the technology is pseudo-anonymous and when transacting with a cryptocurrency like bitcoin cash, users can add a few levels of privacy to obfuscate BCH transactions. One privacy method cryptocurrency proponents use is the Tor protocol, an overlay network consisting of thousands of nodes that conceal a user’s location. If a person were to send a bitcoin cash transaction using the Tor network it would help encrypt and route the web traffic, which essentially hides the user’s location and internet provider (IP).

Send Bitcoin Cash Over the Web In a Private Fashion Using Tor
Tor, or ‘onion routing’, was created around the mid-1990s. Links to download Tor and resources concerning how the protocol works can be found here

People can download the Tor software for Windows, Mac, and GNU/Linux from the official website. Tor is about 64MB in size and downloads quickly from the server depending on your internet speed. The program can run immediately after the install but it can also be installed to a USB flash drive. Tor comes with its own web browser that protects anonymity when it’s used to surf the internet.

Send Bitcoin Cash Over the Web in a Private Fashion Using Tor
How Tor encrypts internet traffic and routes through the network.

VPN, Tor and Tumble

Most of the time when people are using Tor to conceal the original location of BCH transactions, individuals will create a bitcoin cash wallet while using the Tor network. Additionally, they can use a virtual private network (VPN) to further bury their internet traffic. Both Tor and a VPN will help confuse online investigators looking for the exact location of a user who sent the transaction. Tor will not conceal the original BCH addresses or destinations, as blockchain surveillance can follow these inputs and outputs. A user who wants to overcome this anonymity hurdle has to use a cryptocurrency tumbler or mixer to hide the fund’s original derivation and paths going forward. If a person uses Tor coupled with a VPN and then uses a bitcoin cash tumbler as well, the chances of the owner being found are much slimmer.

Send Bitcoin Cash Over the Web In a Private Fashion Using Tor
The Cash Shuffle application is a bitcoin cash shuffling plugin for the Electron Cash wallet. There are also centralized BCH shuffling services that can be found on both clearnet and the deep web.

Running a Bitcoin Cash Full Node With the Tor Network

Send Bitcoin Cash Over the Web In a Private Fashion Using Tor There’s also a way that BCH full node operators can hide their transaction originations over the Tor network. For instance, a user can download the Bitcoin ABC client or another BCH implementation and route traffic through the Tor network instead of having it stem from a real IP address. As long as the user has a Tor proxy running on port 9150 they can send and receive BCH using a full node client in a fairly anonymous manner.

Send Bitcoin Cash Over the Web In a Private Fashion Using Tor
Running a Bitcoin Cash full node behind a Tor proxy

In order to configure the Tor browser to work with a BCH full node client, the Tor SOCKS proxy host must be the same. To find this in the Tor browser, simply select the advanced network settings in the tools section and make sure the configuration is set to 127.0.0.1: 9150. After checking the Tor configuration, the Bitcoin ABC client or another BCH implementation needs to be set to 127.0.0.1: 9150 as well. In the full node client’s user interface (UI), look for the network tab in the settings section and configure the BCH implementation to 127.0.0.1:9150.

Send Bitcoin Cash Over the Web in a Private Fashion Using Tor
Running a Bitcoin full node behind a Tor proxy to make all outgoing transactions more private.

Your Sovereign Right to Use Privacy Protocols

There are additional steps to take a BCH full node implementation further down the road of privacy by binding the address using the Tor proxy. The user can study and execute a variety of methods so all clearnet connections are unable to connect and view the incoming and outgoing traffic. The Tor protocol, VPNs, and tumblers are great methods to anonymize bitcoin cash transactions, but none of them are 100 percent full-proof. They do help confuse blockchain surveillance, though, if you are concerned with onlookers viewing your funds. Moreover, anyone can use these protocols to make themselves anonymous. While there’s a misconception that only criminals use these tools, that’s really not the case. Privacy is extremely important to a lot of people in this world, especially when it comes to money. Just like using the BCH protocol, every individual on this planet has the sovereign right to use a VPN, Tor, and even mixing services.

What do you think about using Tor while sending bitcoin cash transactions? Let us know what you think about the Tor project in the comments section below.

Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Bitcoin.com and the author are not responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.


Images via Tor, Pixabay, Github, Fossbytes, and Electron Cash. 


Need to calculate your bitcoin holdings? Check our tools section.

 

The post Send Bitcoin Cash Over the Web in a Private Fashion Using Tor appeared first on Bitcoin News.

Minor Crypto Exchange Pulls Off Exit Scam, Steals All User Funds

A small Canada-based crypto exchange called MapleChange has pulled off an exit scam, disappearing with user funds.

The exchange has deleted its website, Twitter account, and other social media handles along with the identity of its executives and chief executive officer.

The disappearance of MapleChange with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

Suffered a “Hack” But Can’t Refund Users, CEO Hunted Down

On Oct. 29, MapleChange claimed that it suffered a security breach that led to the loss of user funds. However, the exchange did not mention the involvement of law enforcement or any technical intricacy of the supposed hack.

Suspicious about the incident, users started to demand more information and almost immediately after the “hack,” the exchange decided to shut every channel of communication down.

The MapleChange team said:

“Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything.”

Absurdly, the exchange said that due to the hack, the exchange is not able to pay any user back and closed down all of its social media accounts.

“We have sustained a hack, and we are investigating the issue. Because we have no more funds to pay anyone back, the exchange has to close down unfortunately. This includes all of our social media.”

As seen in previous security breaches of major exchanges like Bithumb in South Korea and Coincheck in Japan, in an event of a hack, exchanges cooperate with local financial authorities and government-backed intelligence agencies to investigate the hack and potentially recover the funds lost in the hack.

MapleChange showed no intent of recovering user funds or compensating its customers, instead of shutting down the platform and social media accounts related to the business.

Investors affected by the fraudulent operation formed a group called “Maplechang’ed,” to disclose the identities of executive behind the exchange and locate the team responsible for the exit scam.

Within hours after the incident, the group of investors found the identity of the CEO of MapleChange to be Glad Poenaru, a service technician at American Piledriving Equipment, whose location matched that of MapleChange.

At this time, it remains unclear if Poenaru is wholly responsible for the operation but if he is, Maplechang’ed firmly stated that the group will initiate legal action against the individual.

Binance CEO Calls For Transparency, Cold Wallet Holdings of Exchanges

Changpeng Zhao, the CEO of Binance, the world’s largest crypto exchange which recently expanded to Singapore to operate its second fiat-to-crypto trading platform, called for the ranking of exchanges by amount held in cold wallets, as it is not possible for exchanges to fake holdings in cold wallets.

Small crypto exchanges often focus on maximizing profitability over security and investor protection. Several exchanges in South Korea were hacked because the trading platforms allocated all of their resources in listing new tokens and building features without establishing necessary infrastructure and security measures to protect user funds.

For security and protection, it is of utmost importance for crypto investors to rely on established, reputable, transparent, and regulated cryptocurrency exchanges that have the capability of protecting user funds and compensate investors in an unfortunate event of a security breach.

The post Minor Crypto Exchange Pulls Off Exit Scam, Steals All User Funds appeared first on CryptoSlate.

TravelbyBit to Integrate Binance’s BNB Coin Across all Merchants

TravelbyBit to Integrate Binance’s BNB Coin Across all Merchants

Tourism cryptocurrency-payments startup TravelbyBit is ready to announce BNB integration across all its merchants, including shopping at Australia’s cryptocurrency-ready Brisbane airport.


Binance announced a $2.5 million investment into TravelbyBit on October 6th, 2018. TravelbyBit has quickly followed revealing plans to fully integrate Binance’s BNB cryptocurrency across its platform and its partner retailers.

TravelbyBit partnered with Brisbane Airport, Australia, back in January 2018 to introduce cryptocurrency payments to the airport’s terminal shopping. The retailers include Botanist, Spoon, Merino Collection, news outlets, and multiple other brands who will accept payments in Bitcoin, Dash, Ethereum and others, with BNB soon to be added.

Speaking in January, Roel Hellemons, Brisbane Airport Corporation (BAC) General Manager Strategic Planning and Development said:

Many people around the world have made money investing in cryptocurrencies and a lot of these people travel internationally, so it makes sense to offer a digital currency experience within our terminals.

Increasing Utility for BNB

TravelbyBit’s position with Brisbane Airport, as well as its network of now hundreds of partnering retailers across wider Brisbane, will increase the use of BNB. One bar in Australia is already accepting BNB payments with TravelbyBit, using Trust wallet.

Caleb Yeoh, CEO of TravelbyBit explained his reasons for founding TravelbyBit and the focus on airport retail:

I spent a lot of transit time at airports and the exchange rate robbery that happens in these locations is shocking. The fees and inconvenience in dealing with multiple currencies when in transit is a nightmare. Imagine if you can travel all around the world with one truly global currency with no fees.

Yeoh met with Binance CEO Changpeng Zhao in Malta recently to discuss joint plans to increase the use of cryptocurrency in global payments. TravelbyBit is enticing retailers with low setup fees and no commissions to either the merchant or the consumer. Yeoh says:

You will be surprised how many people genuinely support us because of the philosophy behind crypto, which is centered around freedom and liberty.

The startup, with backing from Binance, is now talking to airline lounges and airports, as well as retailers, across the globe in an endeavor to roll out its blockchain payment system.

To encourage adoption TravelbyBit hopes to channel at least some of Binance’s 10 million strong user base towards partner retailers at airports.

Binance, led by a very driven Zhao, is pushing forward with plans and partnerships right across the cryptocurrency and blockchain space.

Binance’s Blockchain Charity Foundation is joining forces with both the United Nations Developer Programme (UNDP) and The TRON Foundation to bring cryptocurrencies into charitable donations and for social good. It has also seen investment this month from Vertex Ventures to establish a fiat-to-crypto exchange in Singapore as well as reaching into Africa with the launch of a fiat-to-crypto exchange in Uganda.

Will you be using BNB coin on your next trip?


Images courtesy of Shutterstock.

The post TravelbyBit to Integrate Binance’s BNB Coin Across all Merchants appeared first on Bitcoinist.com.

Bitcoin Opinion: The Long [Achievable] Road to Adoption

It has been a pain to watch the bitcoin charts these past couple of months, but lucky enough I’ve been busy reading about the latest discussions around technology developments to take my mind out of it. Why is the market crashing? What’s bringing it down? Who’s responsible for this calamity? When will it recover? I,

The post Bitcoin Opinion: The Long [Achievable] Road to Adoption appeared first on CCN

Canadian Exchange MapleChange Announces All Funds Lost

funds lost

While top cryptocurrency exchanges and financial behemoths are racing to provide wholly compliant full service platforms, the wild west of shady exchanges continues to wreak havoc. Users of MapleChange caught the brunt of the chaos today, as all signs point to a complete loss of funds.

Earlier today, MapleChange tweeted that they had been hacked. Moments later, they added that all funds have been stolen. By the end of the hour their Twitter account was deleted, alongside all other media outlets: Discord, Telegram, and Facebook. The website is also offline. For traders of this exchange, it appears the worst case scenario is upon them.

Screenshots of the tweets before the account was wiped

While it remains uncertain what the exact situation was, all signs point toward a textbook exit scam. Although MapleChange’s history dates back to the end of May, activity was minimal until last week when the daily volume reached a high of just under US$70,000, which carried into notable $30,000 daily averages for most of the week, according to Coingecko.

It is not known for certain how much funds were stored on the exchange, but total losses likely rest somewhere around US$3-5 million. MapleChange was the primary source of trading for three altcoins: Conceal, Lumeno, and Blur Network. Each of these coins face a grim future as the communities are left to themselves to pick up the pieces from this unfortunate event. Conceal and Lumeno both boasted market caps above $1 million, but it’s very possible the value of the coins could drop to zero as a result of the shutdown.

MapleChange hosted exchange pairs for 24 cryptocurrencies, including larger coins like Monero and Dogecoin. However, excluding the previously mentioned, trade volume across the exchange was negligible.

There were roughly 1,000 users registered on MapleChange that were potentially affected; the site also enforced KYC, alluding to the possibility that their personal information may be at risk as well.

The Conceal Telegram is currently in a state of chaos. The admins of Conceal are thus far buying into the notion that this was, indeed, a hack and that they plan to take part in an upcoming investigation. The Conceal Team admin account is not taking responsibility for the projects endorsement of the exchange, instead plainly stating, “the only safe place to keep your CCX is the official wallet,” and that they are “waiting on official word from the exchange.”

Blur Network has chosen to take a noticeably more relaxed response. The Telegram admin in their group already pinned the message “MapleChange just exit scammed,” and members are bonding over their mutual losses. “I lost precious Blur,” wrote Xenoflux. Another member shared they had lost just $50, another $100. One user, Josh, was more frustrated than his counterparts explaining how he became involved in the mess–

“Yesterday I send BTC to maple, bought some blur, but wallet was offline so I couldn’t withdraw. This morning I withdrew, got a TX but nothing in my wallet. There’s my story. I never keep funds in exchanges longer than necessary.”

As has happened many times before, it appears that another shady exchange has taken advantage of its users and ran with the money. Those affected are hoping to be able to compile identifying information of the admin. It will be interesting to see if much comes from it.

The post Canadian Exchange MapleChange Announces All Funds Lost appeared first on NullTX.

Hodler’s Digest, October 21-October 28: US SEC Mulls Over Bitcoin ETFs, While Bakkt’s BTC Futures Inch Closer To Approval

Bakkt BTC futures are tentatively set to launch in December, while New York regulators give Coinbase the green light for custody services.

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

Top Stories This Week

US SEC Releases Memorandum From Meeting Over Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission has published a memorandum from a meeting about the Bitcoin exchange-traded-fund (ETF) proposal from VanEck and SolidX that included EC Commissioner Elad L. Roisman and his counsels Dean Conway, Matthew Estabrook, and Christina Thomas, along with representatives from SolidX, VanEck, and the Chicago Board Options Exchange (CBOE). The memorandum outlines the parties’ arguments over the regulators decision to disapprove SolidX’s previous ETF application, specifically the failure to comply the section of the Securities Exchange Act over the prevention of fraud and manipulation.

Crypto Exchange Coinbase And Circle Launch USD Stablecoin

Cryptocurrency exchange and wallet Coinbase has now launched the USD Coin (USDC) stablecoin, which was developed in collaboration with Coinbase and blockchain-powered payments tech company Circle. Coinbase users in the supported jurisdictions can now trade in USDC at Coinbase.com, as well as the iOS and Android apps. According to Coinbase, USDC will soon be supported on Coinbase Pro. The coin is reportedly 100 percent collateralized with U.S. dollars.

New York Regulators Approves Coinbase’s Crypto Custody Offering

The New York State Department of Financial Services authorized Coinbase’s wholly-owned subsidiary Coinbase Custody Trust Company LLC to add a range of custody services for virtual currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, and Litecoin. Coinbase had launched its custody services in July, with the aim to bring in institutional customers and able to store large amounts of digital currency.

NYSE Parent Company Announces BTC Futures Launch Date On Bakkt Platform

The Intercontinental Exchange, the parent company of the New York Stock Exchange, announced a Dec. 12, 2018 launch date for Bitcoin futures on its Bakkt platform this week. According to the release, ICE will list Bakkt Bitcoin (USD) Daily Futures Contracts for trading starting in December, and the product will be physically-settled and cleared by ICE Clear U.S., Inc. Also this week, an unnamed source told a tech outlet that ICE’s Bakkt crypto platform could get approval as soon as the first week of November.

Indian Crypto Exchange Detained For Unregistered Bitcoin ATM

Harish BV, the co-founder of Indian cryptocurrency exchange Unocoin, was held in custody this week shortly after setting up an allegedly unregistered Bitcoin ATM in Bangalore. Harish BV reportedly installed the ATM kiosk at a mall together with fellow Unocoin co-founder Sathvik Viswanath. According to local Indian media reports, Harish BV was detained because the ATM did not receive permission from the state, and was dealing with crypto outside of regulations.

Most Memorable Quotations 

Young Dirty Bastard

“I look forward to delivering even more music that would make Dad proud,” — Young Dirty Bastard, speaking about the Ol’ Dirty Bastard’s estate’s upcoming release of O.D.B. Coin

Sathvik Viswanath

“The minister’s statement was clear: Cryptocurrencies are not legal tender in India. He did not say ‘illegal tender.’ There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry,” — Sathvik Viswanath, co-founder of Indian crypto exchange Unocoin

Laws And Taxes

Spanish Crypto Investors Could Face Mandatory Reporting Of Crypto Holdings For Taxes

Spain this week approved a new draft law that could require cryptocurrency investors to report their crypto holdings for tax purposes. Finance minister María Jesús Montero said that the new measures would apply to all Spanish citizens, even if they are currently living overseas. The draft bill specifically would requires both the identification and the balances of each investor’s virtual currencies. If the latest draft becomes approved as law, virtual currency holdings would need to be included in Spain’s “notorious” tax reporting structure known as the 720 form.

Taiwan Plans Initial Coin Offering Regulation To Be Issued By June 2019

The current chairman of Taiwanese finance regulator, speaking at a meeting of the Legislative Yuan Finance Committee, said that the country plans to release ICO regulation by June 2019. According to the chairman, “the more we regulator, the more this new economic behavior wanes.” Despite the chairman’s statement on ICO regulation, Taiwan does not have any plans on “curbing the creativity and productivity associated with cryptocurrencies” provided they do not constitute securities.

New York Judges Throw Out Class Action Lawsuit Against Nano Developers

A class action lawsuit brought on by a crypto investor against the development team of altcoin Nano was dismissed by a New York judge this week. According to court documents, the lawsuit alleged that the developers had lured him to trade in Nano on a platform that lost hundreds of millions of dollars’ worth of the cryptocurrency. The lawsuit had asked that Nano do a “rescue fork” to return investors’ missing money. However, in the dismissal, the judge notes that the case had lacked merit.

Coinbase Lawsuit Over Insider Trading Of BCH Dismissed

A U.S. district judge has dismissed the lawsuit over alleged insider trading against crypto wallet and exchange Coinbase during its launch of Bitcoin Cash support last year. The lawsuit alleged that Coinbase employees had benefited from insider trading in the process of adding support for the altcoin. However, the judge noted that the plaintiff didn’t have a sufficient legal basis for his claims in the complaint, and dismissed the class action without prejudice.

US Tax Agency Advisory Committee Asks For Additional Guidelines For Crypto Transactions

An advisory committee of the U.S. Internal Revenue Service has asked the agency to provide more guidelines for the taxation of crypto transactions, according to a 2018 general report. In 2014, the IRS had issued commentary specifically concerning digital currencies, with the recommendation that they be treated as property. However, the advisory committee has brought up several questions surrounding crypto taxation, including whether crypto can be considered as a “specific foreign financial asset.

Adoption

Visa Plans Quarter 1 Launch Of Blockchain-Based Digital Identity System

Visa is planning to release its blockchain-based digital identity system for cross-border payments in the first quarter of 2019. The system, called Visa B2B Connect, support a blockchain-based solution for financial institutions to securely process cross-border payments by tokenizing sensitive business data and creating a unique cryptographic identifier for transactions. The solution will use a Hyperledger Fabric framework, along with Visa’s “core assets.”

Report Finds Demand For Blockchain Engineers Has Grown 400 Percent Since 2017

Hired’s 2018 State of Salaries Report has found that demand for blockchain role has risen by 400 percent since the end of 2017. According to the report, the average earnings of a blockchain engineer has soared to between $150-175,000 per year. This salary puts blockchain engineers into the same category as artificial intelligence specialists, as the need for blockchain-able engineers increases. CNBC notes the demand is further fueled by the interest of global tech giants such as Facebook, Amazon, IBM and Microsoft, all of whom are currently advertising for specialists from the emerging sector.

Sony Creates Contactless Cryptocurrency Hardware Wallet

Japanese technology firm Sony’s research arm announced this week that it had created a contactless cryptocurrency hardware wallet that utilizes IC smart card technology to communicate with the Bitcoin or other cryptocurrency network. According to the developers, the wallet’s advantages lie in dispensing with the need to attach the wallet to a device with a USB, the current industry standard.

Oracle Announces Suite Of Blockchain-Based Software For Supply Chain Management

Oracle Corp., a software development company, has announced the release of a suite of blockchain-based software-as-a-service (Saas) applications based on its Oracle Blockchain Cloud Service. Oracle’s new product is designed to increase the traceability and transparency through supply chains. The new product, called the Oracle Blockchain Applications Cloud, includes four apps: Intelligent Track and Trace, Lot Lineage and Provenance, Intelligent Cold Chain, and Warranty and Usage Tracking.

Binance’s Fiat-Crypto Exchange Goes Live In Uganda

Binance, the world’s largest crypto exchange, has officially launched its fiat-to-crypto exchange in Uganda this week. Binance Uganda has launched its live trading, enabling users to buy Binance and Ethereum with local fiat currency Ugandan shillings. This week’s announcement also noted that Binance Uganda is the “first step” to the expansion of crypto exchange markets for a “more inclusive ecosystem that will involve fiat currencies.

Mergers, Acquisitions, And Partnerships

China’s Largest Newspaper To Launch Blockchain Lab With Tech Firm

The official newspaper of the Communist Party of China’s venture capital wing has made a deal with Shenzhen-based technology company Xunlei Limited. According to the agreement, People’s Daily Online and the tech firm will create a laboratory for “technology innovation” at the People Capital’s Blockchain Research Institute. In addition to blockchain research, the partners will also create a “high-level industrial service platform” for organizing seminars, as well as promote and identify startups in the blockchain industry.

Largest Port In Europe Partners With Dutch Bank, Samsung For Blockchain Shipping Tests

The port of Rotterdam, the largest port in Europe, has announced a partnership this week with Dutch bank ABN AMRO and the IT subsidiary of Samsung to test blockchain use for shipping. The trial, according to Samsung SDS, will focus on shipping containers from an unnamed factory in Asia to the port of Rotterdam. The experiment will officially start in January, and the results will be announced in February.

Johnny Depp Partners With Crypto-Powered Social Entertainment Platform

U.S. actor and producer Johnny Depp has partnered with crypto-powered social entertainment platform TataTu in order to create and produce film and digital content together. The content will be produced by the Infinitum Nihil film production firm owned by Depp, who will be collaborating with TaTaTu founder Andrea Iervolino. TaTaTu, which launched in May of this year, aims to combat illegal piracy and improve transparency for rights holders, as well as to assist high-quality brand advertising by using distributed ledger technology (DLT).

VeChain, Republic Of Cyprus Sign MoU For Blockchain Development

Singapore-based blockchain platform VeChain Foundation, the U.S. blockchain startup CREAM, and the national investment partner of the Republic of Cyprus have signed an MoU for blockchain development and its use cases. According to their agreement, the parties will collaborate on national level investment strategies, using blockchain-powered economies and promoting blockchain technology, particularly in the field of financial services.

Funding Rounds

Government-Owned Holding Firm Subsidiary Invests In Binance Singapore Expansion

Vertex Ventures, a subsidiary of Singapore-based government-owned investment company Temasek Holdings, has announced an investment in crypto exchange Binance to support its expansion into Singapore. The investment is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia and India, and will support Binance’s plans to create crypto-fiat services throughout South Asia. Wei Zhou, CFO at Binance, said in the release that the exchange “look[s] forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.”

Overstock’s Medici Ventures Announces Investment In Decentralized Social Networks

Medici Ventures, Overstock’s venture capital subsidiary, has invested an undisclosed Series A investment in Minds, Inc., a decenetralized social network. Minds, founded in 2011, is a social network platform that rewards users with crypto for their activity online. According to the press release, Minds has adopted the Electronic Frontier Foundation (EFF) Manila Principles as the platform’s Digital Bill of Rights in order to “ensure freedom of speech” for its users.

Winners And Losers

Chart

Bitcoin is remaining stable this week, trading at around $6,473, with Ethereum at around $204. Total market cap is currently at around $208 billion.

The top three altcoin gainers of the week are PrimeStone, HappyCoin, and Paypex. The top three altcoin losers of the week are CJs, EPLUS Coin, and Etheera.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

FUD Of The Week

$50 Million Australian ICO Shuts Down, Cites Regulatory Requirements

Australian crypto startup Global Tech Exchange (GTE) has ceased the operations of its ICO — which had a fundraising goal of $50 million — citing the Australian Securities and Investments Commission (ASIC) requirements. The firm had gained popularity after being endorsed by Michael Clark — a former Australian cricket captain and national celebrity. As of press time, the reasons behind the ICO’s closure have not yet been publicly commented on.

Head Of Indian Nonprofit Trade Organization Calls Cryptocurrency “Illegal”

The president of India’s National Association of Software and Services Companies (NASSCOM) said this week that cryptocurrency is “illegal” and asked businesses to obey the law. Speaking to a local news outlet, the president said that the illegality of crypto is the result of the government’s apparent failure to keep up with innovation. While cryptocurrency is actually currently legal in India, the Reserve Bank of India banned the country’s banks from servicing crypto-related businesses in July.

Thai SEC Issues Warnings About Investing In Nine Unregistered Tokens And ICOs

The Thai Securities and Exchange Commission has issued a warning about investments in nine digital tokens and ICOs, which have reportedly not been registered. According to the Thai SEC, the regulator has initiated an investigation into digital tokens and ICO investments promoted on social media platforms, and have found nine where the product was not authorized. The Thai SEC notes that as the digital assets and ICOs do not have the SEC’s official approval, investors should be aware of associated risks of investment.

Coinbase Lets Fifteen Staff Members Go, Sources Report

Major U.S. cryptocurrency exchange and wallet Coinbase has let “at least” fifteen staff members go after hiring 250 this year, according to unnamed sources speaking to Yahoo Finance. The crypto company confirmed the layoffs, noting that their hiring practices moving forward would only allow for employees to be hired into Coinbase offices. One source told Yahoo that “people here are pretty upset about it, and so far senior leadership is handling communications poorly.”

Hong Kong-Based Crypto Exchange OKEx Delists 50+ Trading Pairs

Cryptocurrency exchange OKEx will delist over 50 trading pairs — not the coins themselves — that reportedly have weak performance. According to the exchange’s announcement, the exchange will halt the trading of more than 50 pairs at 6:00am on Oct. 31, 2018 CET, warning users that they should cancel their orders of the affected pairs from the platform. Andy Cheung, Head of Operations at OKEx, said that “as leaders, we are responsible for promoting a robust ecosystem [...] We need to take action on those underperforming tokens now.”

Best Features

Iceland's Farmers Have A Cunning Plan To Solve Crypto's Energy Crisis

Wired speaks to math teacher Krista Hannesdóttir about her innovative crypto mining strategy in Iceland: she pays farmers for the use of their excess geothermal energy for running mining equipment. While the crypto mining scheme is relatively small — she makes around £7,876 (about $10,107) in Ethereum each month — they have to keep it on the down low in case the question of its legality could threaten the subsidies farmers receive for geothermal energy use.

Anybody Want Bitcoin Futures? Anybody?

Bloomberg Business looks at the role of Bitcoin futures in the market, from the initial hype in the fall and winter of last year, to current day realities of CBOE and CME trading around a combined 9,000 contracts a day. In comparison, CME traded over 18 million contracts daily in Q2 for oil, gold, and interest rates. However, even with the low daily trading rate, the BTC futures are “probably considered statistically one of the more successful products, both out of the gate and with the growth in the first six months.”

Markets Roundup: Spot BTC Markets Shrug CME Settlement, Pantera CEO on Cyclical Sentiment

In the cryptocurrency markets, the recent settlement of CME futures contracts appears to have exerted little impact on spot BTC prices, the CEO of Pantera Capital has shared his outlook on initial coin offerings, and October has proven to be the least volatile month of 2018, with only a single day producing a price swing greater than 5 percent as of this writing.

Also Read: Taiwan Drafting National ICO Standards

CME Futures Settlement Exerts Little Impact on Price

Markets Roundup: Spot BTC Markets Shrug CME Settlement, Pantera CEO on Cyclical SentimentThe recent settlement of CME’s bitcoin futures contracts appears to have little effect on the spot markets, with many analysts inferring that the settlement date for said contracts does not exert a significant impact upon the retail price of BTC.

Many analysts are attributing the apparent lack of influence from the futures markets to the lack of trade volume. CME recorded an average of 5,000 contracts traded daily during the third quarter, which, despite comprising a 43% increase over the previous quarter’s 3,500, is dwarfed by the 18 million contracts traded across CME’s other products during the second quarter.

Dan Morehead: Bitcoin Is in “Buy One, Get Two Free Sale”

Speaking to CNBC Crypto Trader’s Ran Neu-Ner at the recent Crypto Invest Summit, Dan Morehead, chief executive officer of Pantera Capital, shared his opinion on the current cryptocurrency bear trend and the cyclical sentiment surrounding the crypto markets.

Markets Roundup: Spot BTC Markets Shrug CME Settlement, Pantera CEO on Cyclical SentimentRegarding the current state of bitcoin and cryptocurrency price performance, Morehead stated: “I think this is a multi-decade thing. I’ve been involved in bitcoin since 2011 and seen several of these cycles already, there’s going to be a dozen more before this thing has fully played out, so you have to be investing for the multi-year approach.”

“Human nature is pro-cyclical,” he continued, “when the market is at highs in December, and the FOMO devil is whispering in your ear … it’s so easy to want to buy, and then now, when it’s down, you don’t want to tell your spouse you want to buy something that’s down 70% because that seems crazy – but that is actually the time to buy.”

On Pantera’s position with regards to investing in initial coin offerings (ICOs), Morehead stated: “ICOs have been around since Mastercoin in 2013, and Ethereum in 2014 … they’ve been around for a long time, and our fund has been buying one or two a month for a long time … In May of last year, it exploded [and] we were getting 50 … inbound token projects … a week,” adding that “now, it has essentially gone back to normal, there [are] one or two really interesting projects a month.”

October Poised to Post Weakest Daily BTC Volatility of 2018

As of this writing, October has comprised the weakest month of volatility for 2018, with only a single day posting a price swing exceeding 5 percent.

Markets Roundup: Spot BTC Markets Shrug CME Settlement, Pantera CEO on Cyclical Sentiment

So far, October appears to have beaten out May, June, August, and September – all of which saw just three days of price action greater than 5 percent. The average number of days in a month to experience BTC price volatility of more than 5 percent for 2018 is 4.7 as of this writing.

Do you think the markets are overdue to make a large move? Share your price action predictions in the comments section below!


Images courtesy of Shutterstock, Bloomberg.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Markets Roundup: Spot BTC Markets Shrug CME Settlement, Pantera CEO on Cyclical Sentiment appeared first on Bitcoin News.

Crypto Markets Keep Seeing Minor Fluctuations, Price Changes Mostly Around One Percent

Bitcoin market see some minor fluctuations, as most of the top twenty coins on CoinMarketCap see changes of less than 1 percent.

Sunday, Oct. 28: crypto markets have seen some minor fluctuations, with most of the top 20 coins by market cap seeing price changes within 1 percent over the past 24 hours, according to CoinMarketCap.

The total market capitalization has remained hovering below $210 billion over the day.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) is slightly up 1.7 percent and trading at $6,483 at press time, according to CoinMarketCap. Following reports on Bitcoin hitting 18-month lows of volatility, the major cryptocurrency is seeing insignificant price fluctuations over the past 7 days, down around 0.6 percent over this period.

Bitcoin 30-day price chart

Bitcoin 30-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH), the second cryptocurrency by market cap, is up around 0.2 percent over the day and trading at around $204 as of press time. According to CoinMarketCap, the leading altcoin is down around 0.7 percent over the week.

Ethereum 30-day price chart

Ethereum 30-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP) is up 0.2 percent over the past 24 hours and trading at $0.45 at press time. Over a 7 day period, the cryptocurrency has seen almost zero fluctuations, slightly down 0.1 percent.

Recently, Ripple announced that the company has seen its revenues doubled in Q3 over Q2 in 2018, with around $163 million worth of XRP sales in Q3, up from $73.53 million in Q2. On Friday, Oct. 26, Ripple revealed that the company has hired a former senior developer at Google’s new wireless messaging service as vice president of products.

Ripple 30-day price chart

Ripple 30-day price chart. Source: CoinMarketCap Ripple Price Index

At press time, total market cap amounts to $209 billion, while daily trading volume has remained below the $10 billion threshold.

Total market capitalization 30-day chart

Total market capitalization 30-day chart. Source: CoinMarketCap

While most of the top 20 coins by market cap have seen insignificant price changes, IOTA (MIOTA) has seen slightly bigger losses over the day. The altcoin is down around 1.6 percent over the past 24 hours, trading at $0.48 at press time.

ZCash (ZEC) and Dash (DASH) are up more than 1 percent over a 24 hour period, trading at around $123 and $156 respectively.

On Thursday, Oct. 25, major Hong Kong-based crypto exchange OKEx announced they will delist more than 50 trading pairs that had low liquidity and trading volumes.

Also on Thursday, a new commissioner from U.S. financial regulator the Commodity Futures Trading Commission (CFTC) urged that the fintech field – including crypto and blockchain – should be considered and handled with an “open mind.”

Newsflash: Canadian Bitcoin Exchange ‘Hacked,’ Says All Funds are Gone

A small Bitcoin exchange based in Alberta, Canada, has gone offline. Before their Twitter page went offline, MapleChange had announced on Twitter that they “[had] no more funds to pay anyone back.” In the way of an explanation, the exchange had, approximately one hour before deleting its Twitter page, said that a “bug” had enabled

The post Newsflash: Canadian Bitcoin Exchange ‘Hacked,’ Says All Funds are Gone appeared first on CCN

Giacomo Zucco on Bitcoin maximalism

In November 2014, Ethereum co-founder Vitalik Buterin has written an extensive and analytical article in order to popularize a new term: the Bitcoin dominance maximalism, or in short Bitcoin maximalism. The mastermind behind ETH has openly declared that the stance in regards to BTC’s absolute dominance isn’t just an isolated phenomenon, but an entire ideology which is based on shared valued and beliefs. His purpose, however, isn’t merely sociological or scientific: in his article, “On Bitcoin maximalism, and currency and platform network effects“, Mr. Buterin distinguishes these particular individuals and tries to argue for Proof of Work and a dual-currency model inspired by Robert Sams.

Though “Bitcoin maximalist” has mostly been used as a pejorative term and a Crypto Twitter insult, there are individuals like Giacomo Zucco who openly embrace this label and take their time to argue why it’s beneficial for the cryptocurrency industry at large. During his exclusive Crypto Insider interview, the Italian Bitcoinist has defined the layers of BTC maximalism and has taken his time to explain why the sound money and store of value model makes sense for the global markets. His argument is also based on the lengthy theoretical presentation that he’s made during the Baltic Honey Badger Conference in September 2018.

During the interview, Mr. Zucco has been more than generous with his explanations, and you can watch the video segment or read the complete transcript below:

Vlad: Hello this is Vlad and welcome to the Interview of Crypto Insider! Today I’m going to be talking with Giacomo Zucco who is a well known Bitcoin maximalist and one of the few people who embraced the label of being a maximalist despite all the bad meanings that it might have. And that’s something that we’ll be discussing today, so hello Giacomo!

Giacomo Zucco: Hi everybody! We’re not so few, I mean there are a lot of people that are self labelling maximalist but, yeah.

Vlad: It seems to me like a derogatory term on Twitter, and some people appropriate the idea and say “you know I’m also a maximalist but at the same time I also believe in Monero or in Litecoin or whatever”. And I remember the last episode of Magical Crypto Friends which is with Charlie Lee and Fluffy Pony, Whale Panda, and Samson Mow, and at some point they all said “you know we are all bitcoin maximalists in the sense that we want bitcoin to succeed and we want it to be the best coin but we don’t want it to be the only one, or not necessarily”. So do you think there are layers to being a maximalist?

Giacomo Zucco: There certainly are because the term itself was created in a derogatory form from Vitalik Buterin and others in order to represent these approaches as wrong. So it was some kind of blockchain slang and some of us adopted that in order to diffuse their rhetorical attempt. So now everybody is using the term in different ways. I tried to give a presentation about a very very scary street definition of maximalist with a lot of bad connotation in order to try to prove that even that very very scary cult like definition of maximalist is actually very very close to what a cautious approach would be to this ecosystem.

So yeah there are Fluffy Pony and Charlie Lee are people who are contributing somehow to bitcoin so in a way I would say they are defintiely bitcoiners. I tend to use the term maximalist in order to imply that I really do not think that altcoins can succeed in general. So while I’m not sure that Bitcoin will succeed, I’m kind of sure, as sure as I am as other things like that small private internet that you create in your garage is not going to  take over the internet very very soon. In that same way I’m sure that altcoins cannot be sustainable and deliver what they promise. While bitcoin could very well fail itself. From a destitute point of view, I am like a fifth morning maximalist meaning that I recognize right now that the USD unfortunately is the kind of money that people is using. It sucks because it’s manipulated and inflated and difficult to transmit over the internet without third parties and third parties can sensor you and spy on you and track you they can enforce KYC/AML mafias. So it’s a bad situation but that’s the reality.

Bitcoin could, maybe overthrow that. I hope that it will. And I think there are very very good chances it will. While altcoins by definition I think they cannot succeed.

Vlad: I remembered last week I had an interview with Jimmy Song and he had a controversial statement that it’s a good idea to spend with you credit card and then pay with bitcoin that you have. Do you think that up to this point it’s a better idea to actually use fiat for your purchases and save your bitcoin just for emergency spending?

Giacomo Zucco: Yea I completely agree. Actually in the presentation of Riga about maximalism I included also this part. So I argued these points in a satirical and sarcastic way but also serious in a way with some nuances, I argued first my position about altcoins and that they cannot succeed. Basically, altcoins are a scam in very loose definition of the term for some, and a very strict definition of the term for others. The second point was that any important change to the base rules of bitcoin is also something that we should reject and we should basically not accept. And the third point was about spending. I simplified version of what I said is that pushing people to spend bitcoin is a scam. The nuanced version would be if we think that bitcoin can be a better form of money, during the process of monetization of bitcoin, in which bitcoin chooses to just be a digital collectible and start to become a store of value and that medium of exchange, then eventually even a unit of account so it become really money, in this phase it’s reasonable to expect and appreciation of bitcoin compared to fiat money. And even if bitcoin doesn’t appreciate which is something it has to do if it’s going to succeed, fiat money is by definition always depreciating as far as purchasing power is concerned. So fiat money is always debased and deflated and depreciated over time.

So if you have two kinds of money, both kind of accepted…let’s assume first that you have two kinds of money accepted at the same rate at the market around you. And one money is going to be depreciated over time, and the other money is that some of it cannot be inflated, it’s very resistant to production, so you have hard money and easy money. And the market around you accept both at the same rate, which one would you spend first? Of course, you’d spend the easy money first. That’s called the Gresham Law, but Gresham law is actually referring more specifically to legal tender and denominations. But we could call it, maybe tier’s law which is probably more proper. Tier’s law says that the good money in store of value terms, drives off the bad money. While Grecian law simplified says that bad money in every day purchases, drives out the good money which is instead hoarded and HODLed and stored. So I agree with what Jimmy said may be tricking because we spend a lot of time in early bitcoin narrative about how we should always use bitcoin in the sense of spending bitcoin and we should hope for merchant adoption. But, actually that will kind of all fade.

Every time we celebrated merchant adoption of bitcoin, we’re actually celebrating some guy joining Bitpay in order to receive bitcoin from HODLers , from people believing in bitcoin, and immediately sell bitcoin at market price on the open market, actually depressing the price. It’s not real adoption. While using bitcoin to store your wealth, that’s adoption. That’s an actual use of bitcoin. So I was saying before, assuming that they market is accepting both forms of money. The shitty valuated money and the hard money, you should spend the former first. But, we are not even in that situation. We are in a situation in which the market usually do not even accept the hard money. So we have a strong hard money which is not even very widely accepted and fiat money which is accepted everywhere basically and it sucks by definition in storing wealth. So it’s a no brainer, you should spend first the shitty kind of money which is depreciated which everybody already accepts. Of course there are some caveats here if we want to be super pedantic. If you only receive bitcoin, if you are one of the lucky dudes who managed to be completely unbanked and post-bank, and you receive your wage in bitcoin only, and you have 100% of your wealth in bitcoin only. In that situation you will spend bitcoin only.

Or if you want to spend in one of those use cases that require by definition bitcoin because fiat money systems won’t let you spend money that way. For example, you want to donate to WikiLeaks and you cannot use a credit card. Or you want to buy certain substances on the silk road that are maybe legal in some countries but not other countries, you cannot use credit card or apple pay for that. So in that case you spend bitcoin because you don’t have anything else to spend or because that specific purchase cannot be performed using fiat money. And that’s all the point of bitcoin in the first place. So I think that the general statement by Jimmy is absolutely correct. I don’t know why it triggers so many people. I mean, I know why, because we accepted the narrative that using bitcoin is spending while using money sometimes is above spending but sometimes is about storing. And we accepted the narrative that people accepting bitcoin with payment processor dumping on the marketing is a good thing, while it isn’t. And we accepted that and we forgot the point of Gresham’s Law that says that you spend the shitty money first and the good money after.

Vlad: So you’re basically saying that you should be spending your Bitcoin Cash? *smiles*

Giacomo Zucco: (laughs) Yea, well I did take a while to split my bitcoin cash from my actual bitcoin UTXO so it’s a nightmare time. I took a while to claim my bitcoin cash airdrop from using my bitcoin UTXO, but because of privacy concerns and security concerns many people gave up their privacy completely with these airdrops. For example, constantly dating all their UTXO set into one address of an exchange with name and surname and KYC, so many people did terrible things for their privacy with these airdrops. I took a while to collect it, but when I did I spent it in order to buy bitcoin first thing so yes, if you have bitcoin cash you should use that way before bitcoin I completely agree.

Vlad: OK, I’m going to ask you to comment on another comment which I read on twitter, because you know it’s the most active place where people debate ideas which are not always profound or meaningful in any way but I think Jackson Palmer has at some point said that if you have the term maximalist in your description somewhere on twitter then you should replace it with “close minded”.

Giacomo Zucco: No I think that’s makes completely no sense. I mean the term maximalist was created in order to represent people using basic logic and common sense about Bitcoin and altcoins as some kind of close minded, childish, intolerant sect. So that was the original design of the word, and we self-ironically adopted the word. Right now people using the term in the description are mostly just signaling that they are using some kind of healthy skepticism and that they want extraordinary proofs in order to sustain extraordinary claims. Bitcoin itself was an extraordinary claim, and many people required a lot of evidence and a lot of explaining in order to accept that there was something, possibly capable of overthrowing the fiat money system worldwide.

So that was a very extraordinary claim, well, we are still should doubt this claim to a certain degree because nothing is certain. Bitcoin could still fail. But if you adopt a rational mindset and if you adopt any kind of healthy skepticism, then you know that full approach should be that something extraordinary usually too good be true is usually too good to be true. So having thousands of different coins, each one serving the market as money, is an inconsistent scenario. Because one point of money is that it is the most saleable good on the market. And the most saleable good is one. And in every kind of local market that you can imagine, there’s one form of money that usually gets to include, or gets to represent, the best money and usually cannibalizes the others.

Sometimes you don’t see that because you have external interferences, for example nation states that monopolize money and they impose political money with legal tender, so you could see one form of money in the older times which one the gold standard Gold, now you can can see different forms of money but that’s because politically imposition between nation states. But if you go to the free market, so if you also go to the black markets of many nation states, for example Venezuela, or Cuba, or the USSR before the Berlin wall crashes down, then you could find only one basically strong currency that was the USD being actually used instead of the depreciated alternatives. So maximalists in this regard is just being realistic and expecting economical typical behaviors to still be in place and to not expect extraordinary suspensions of laws of logic and economics. Also there is a point about technological revolutions. Like there is a very good essay by Andrew Poustre about altcoin, which was posted about three years ago, and was describing all the subtitle, very small mistakes that people creating the first altcoins because creating a new crypto system is not easy and it is kind of a miracle that we have one that actually works and miracles tend not to replicate very very often so I completely disagree with a statement that if you don’t want to use the label maximalist because you don’t want to basically concede this kind of “negative” depiction then don’t use that term but people using that term to describe themselves are mostly just signaling that they are logical and reasonable.

Vlad: Ok, so I will ask you one last question which revolved around commenting on somebody else’s comments. So I saw that Roger Ver was very critical of your PowerPoint presentation. And he precisely picked that slide which was the most controversial about it. I think it was the one in which you said that bitcoin is the only legit cryptocurrency everything else is a scam, don’t trust anyone who tells you to sell your bitcoin, don’t trade your bitcoin, just hodl it. And how did you feel when that went viral on twitter?

Giacomo Zucco: Actually not very happy because the narrative in my presentation was started I would say, and I’m probably overstating because I created that the night before as I do always, and I was thinking about the presentation I was going to give and there was a path in my mind. I will describe why I will talk about Bitcoin maximalist. I will put here the most possible triggering and scary and counter intuitive set of “maximalist rules” in order to trigger you, people of the audience, which by the way were people inside of the conference of Baltic Honey Badger so they were already bitcoin maximalist so it was some kind of inside joke. So I want to represent what we would believe in the most possibly triggering kind of way and then I will explain some logical assumption and I will show you that the consequences of these logical assumptions, if they are not triggering sentences that are written down, they are anyway counterintuitively paradoxically very very similar to these general prima facie heuristics.

The rules in the slide were basically ‘everything besides bitcoin is a scam’. So actually, let’s start with the title of the slide. The title of the slide was “the Four universal truths about bitcoin”. Which is itself mocking the Buddhist four universal truth. So the title itself was already an attempt at self irony in order to present maximalism as a religious thing. You would not call something the four universal truths if it was not already somehow sarcastic. The first thing was that everything which is not bitcoin is a scam. Of course that cannot be taken literally. I mean Linux is not bitcoin and it isn’t a scam. Git is not bitcoin it isn’t a scam. Bit Torrent is not bitcoin. Physical gold is not bitcoin; it isn’t a scam. My car, even if it’s not a Lambo, it’s working very well it’s not a scam. So it’s not literally everything.

But everything which pretends to be something like Bitcoin or something like the next Bitcoin using Bitcoin technology in improper ways in order to replicate the same kind of effect reaching the creators, is prima facie as general heuristic a scam until proven otherwise. That would be the nuanced definition. Of course the simple definition is that “everything that is not bitcoin’s a scam”. And the second one was every attempt to change bitcoin is a scam. Of course neither these can be taken literally. Like Segregated Witness, or Schnorr, they are changes to bitcoin but even when you implement Lightning Network even if you’re not changing Bitcoin layer one, you’re changing Bitcoin as a global experience, as a global set of protocols. So of course we will change bitcoin as a general experience for all the times being and we will probably even change some more the base consensus with I hope very very few and very very slow last modification before reaching stability. So the scope or the goal of that second point was you should think that every attempt at modifying bitcoin is itself problematic and potentially dangerous and potentially an attack vector and so that we should also always prefer to protect status quo over any change until we get proven that they change is necessary and uncontentious and safe to deploy and tested and so on and so on.

So your mindset should be until proven otherwise, every attempt to fundamentally change the bitcoin is something wrong. Even because if bitcoin can change too much, then the sound money characteristic is gone. Because if you change the total supply, you don’t have harmony anymore. If you can change or maybe enforce a black list, a white list, or KYC, the permissionless side of bitcoin is gone. So there are some changes that will destroy bitcoins value proposition completely.

Then there was the third truth which was the one we discussed before about Jimmy Song’s triggering tweet which was everybody’s trying to push you to spend bitcoin is scamming you. There was a very good article by  Michael Goldstein “everyone is a scammer”.  This is a great article on the Nakamoto Institute about the fact that when you have something like harmony, everybody wants you to spend and they want to hold. It’s a normal thing to try to trick others into spending a very valuable asset and of course that’s a usual “scam” which is the worst scam if you lose improperly.

And the last truth is that we should not be nice with scammers. Even this can not be taken literally. I’m personally kind of nice with people who I consider doing very very scammy things. For example, I meet Zooko at a conference and he’s a very nice guy and I tend to be nice with him but I think that Zcash is very very unethical on different points of view and it’s very scammy in a way that it has been promoted for many many reasons. So that’s not literally either, but what I try to convey with the last sentence was that we should append some social costs into social attacks on bitcoin. Because otherwise social attacks on bitcoin, they carry zero technical cost. So there should be some kind of social protocol that makes it expensive for the attacker to try to manipulate or distort or corrupt bitcoin somehow. And especially because sometimes people think that if I call something scam it means that I want the government to step in banning that thing. It’s the other way around.

It’s precisely because we don’t want the government to step in whatsoever, that we need to create a self-regulating culture and attitude in which we enforce a very very strict set of rules and we keep ourselves to very high standard of ethics and technical precision and we basically bash and mock and ridicule most of the scammy marketing which is so common in other sectors so in any sector which is not bitcoin, I don’t care very much if some marketing or advertising is pushing some forced narrative. But if bitcoin, it’s very very important, it’s more important, to bash and mock and expose and debunk fake narratives exactly because we don’t want a regulator or a consumer protection or any kind of legal restriction of liability. So the last sentence was basically in the cypherpunk crypto-anarchy model you don’t want a state to regulate stuff. But you do want people calling out lies or misconception or dishonest marketing. So to answer, I spoke a lot, your question was simple, how did I feel about that slide. That slide was not intended to go viral on twitter as it was a completely serious slide. That said, I think it’s kind of like this. It’s kind of like a filter, people incapable of looking for the context of the slide and incapable to understand the irony of the title itself, and incapable to understand that these sentences even if clearly exaggerate and hyperbolic, they are actually very very close to a good prima facie in order to navigate this world. They are basically filtering themselves out of the conversation. So if you feel so much trigger by this slide, then it’s a good signal from me that I should probably not engage with you in conversation. So it’s a timesaving anti-spam mechanism so, thank you Roger, I am ok with it! (thumbs up)

Vlad: That’s a good answer! I actually wrote and article about this that a few weeks ago, the Bitcoin community was consisting of some of the smartest people who are actually aware of the financial system and they saw what happened in 2008 / 2009 when the banks collapsed and they had all of these ideals of turning bitcoin into the next big financial instrument of the world. But we have seen in the last two or three years how all of this spirit has vanished and we have people who actually expect the SEC to give an approval to the ETF for bitcoin and open trading desks and that’s so much against the spirit and ethos of the early bitcoin adopters who actually wanted to distance themselves from the banks. So what do you think happened in the process? Do we have too many greedy investors like the Forex guys who just stepped in and wanted to make as much money as they could and they ended up holding bags?

Giacomo Zucco: So first of all I don’t completely agree with you that the original narrative was especially was against banks. It was especially against bailouts to banks like the genesis block newspaper title was about the chancellor Darling of the second bailout of banks. So the problem was not that we have this business called bank which is a business consisting of people on the market proposing to other people to store their value for them or to invest their wealth giving out loans so managing credit and debit and matching the demand and supply of credit. So that’s not the evil thing itself. The problem with banks, just like many other fields of the market like the military the self defense or in many cases the healthcare, it has been completely hijacked by government monopolies that started to use this monopoly in order to promote exclusions and control, Orwellian surveillance, and of course taxation in the form of inflation. And manipulation in the form of management of interest rates.

So I think that the regional narrative, even if probably we intercepted as a Bitcoin community, we did intercept some kind of anti-banks meaning, anti-rich rhetoric. So like some kind of Occupy Wall Street rhetoric, like „You are a banker, you are rich, so you are evil”. But the point was never actually that you cannot not have a guy managing credit. The point was that the sector of credit and money and banking in general has been completely hijacked by the government, so there are now rules that, for example, if you try to donate to WikiLeaks the government convinced or forced the banks to shut down your payment to WikiLeaks, or if you tried to save your wealth from inflation, the banks will help the government to inflate using fractional reserve, or if you are trying to compete with the government like with e-gold, the banks will have the government to shut you down. If you purchase goods and services, the banks will have the government to track you down, spy on you, and eventually punish you for your preferences. So especially the banks are betting financially – if they win, they get the profits; if they lose, the government will take money from other people in order to bail out the losers so they can never so that generates a lot of moral hazard. And so the banks and the financial sector in general, are getting even more and more risky and unsustainable over time because of moral hazard created by bailouts.

So Bitcoin wasn’t thought as a way to do that, but was intended to disintermediate banks directly because they were corrupted by the violence of the state. The fact that some bank could maybe serve some Bitcoin investor and not become user, but Bitcoin investor is actually not so bad. I don’t think that the SEC allowing a Bitcoin ETF or the Bitcoin future markets… they are not bad things per se because Bitcoin users, people that want to use Bitcoin to store wealth in an unconfiscatable way, they don’t care about ETF. They will get Bitcoin because an ETF can be confiscated, while real Bitcoin cannot be confiscate. People want to donate to WikiLeaks or move money out of China, they don’t need a Bitcoin EWF because you cannot move a BTC ETF out of China, and you cannot use a BTC ETF to donate to WIkiLeaks. People who really need Bitcoin as a tool will use Bitcoin, but if somebody just wants to bet on the price of Bitcoin, I think that’s good for us because more demand for synthetic Bitcoin can anyway bring up the price and I don’t expect an old legacy investor, a guy who is used to pick up the phone, call his banks and say „Let’s buy two Apple shares, three barrels of oil, and three bitcoins”. This guy will never become a cypherpunk managing his own full node and his own private keys. It doesn’t need it, this guy does not need persmisionless finance. He is okay with permissioned finance, he just wants to speculate on the price.

So I think there is nothing bad in permissioned finance allowing people to speculate on Bitcoin price. I think that’s okay. The problem is that people are expecting the SEC or other regulators to actually give a pass to all these ICO centralized and super easy to censor initiatives. So the government is telling you that you cannot issue securities without following some kind of stupid regulations, which is very bad for financial exclusion and everything. But the government is forcing you to follow these regulations. Now you create your centralized ICO or altcoin, and suddenly you hope that the government is not going to enforce the same regulations on your only because you pretend to use buzzwords like “blockchain” and “Bitcoin”. But you’re still completely centralized, completely censorable, but you hope that the government will not crack you down.

And I don’t know if think that this fairy tale exists in every culture, but in Italy we have it. It’s called the three little pigs: so you have one pig that’s building his home with straws, the second one uses wood, and the third one uses bricks. So the third one takes a lot of time, it’s like he’s the boring pig who will have to study architecture, spend a lot of energy and money and time slowly building the brick house. The straw house pig will just do something quick, dirty, super effective, and then dance all the time mocking the brick house pig because he was faster and more effective. Altcoins and ICO tokens are like that.

Bitcoin has been built in order to resist the regulator wolf when it comes. So Bitcoin has been created in a way that when the wolf comes, he cannot bring the house down. While altcoins are just like the straw house, they have been built very quickly, very easily, and you don’t have all the hard things that you can find in Bitcoin so you can profit more and buy your Lamborghini. But when the wolf comes, just like Ethereum, they are trying to keep the wolf calm using lobbyism or asking “Please, do not censor us!”, which is completely nonsense.

The post Giacomo Zucco on Bitcoin maximalism appeared first on Crypto Insider.

Google Expert Developer Joins Ripple to Lead Crypto-Powered Payments Network RippleNet

Ripple has hired Google’s leading developer as vice president of products to lead RippleNet, the company’s global payments network.

Ripple has recently hired a former senior developer at Google’s new wireless messaging service as vice president of products, Reuters reports Friday, Oct. 26.

The U.S. tech company that backs the third top cryptocurrency by market cap, Ripple (XRP), has confirmed to Reuters that Amir Sarhangi is leaving his position at Google to lead Ripple’s global payments network, RippleNet. Sarhangi reportedly joined Google in 2015 when the tech giant acquired Jibe Mobile, a startup that he founded to develop technology for wireless carriers to implement rich communication system (RCS).

The RCS technology standard is considered to be a successor to text messages (SMS) as a better method to send media and commercial messages over cell networks. According to Reuters, RCS technology has seen broad adoption by major global tech suppliers such as Apple and Samsung.

The announcement follows the recent report by Ripple that the company has seen its revenues doubled in the third quarter over Q2 in 2018. According to the official data, Ripple has sold $163.33 million worth of XRP in token sales in Q3, which is more than double the $73.53 million that they sold in previous quarter.

In late September, Ripple set up a group of crypto startups in order to lobby lawmakers and financial regulators aiming to assist in taking a softer governmental stance towards crypto-related industries. According to the agreement, Ripple will pay Klein/Johnson Group, a bipartisan lobby group, to convey to state authorities that the industry needs support from regulators.

In early October, crypto exchange and wallet Coinbase announced that a member of the board of directors of the Charles Schwab Corporation had joined the crypto firms’ board of directors.

Also in October, the former COO of major U.S. stock exchange Nasdaq subsidiary Jeanine Hightower-Sellitto joined crypto exchange Gemini as their managing directors of operations to lead its client services team.

Bitcoin Price Watch: Bitcoin Is Stable, but Are Investors Happy?

At press time, the father of cryptocurrency is still trapped in the $6,400 range, where it’s been for roughly 11 days. Though the price has remained relatively stable and volatility has been at an all-time low, it’s hard to describe bitcoin as “exciting.” The currency simply won’t move; it has recovered somewhat from a $300 drop it incurred roughly two weeks ago, but no serious price swells have occurred.

What’s troubling is how much the volume of bitcoin has declined over the past three days. At the time of writing, the volume has fallen from roughly $3.6 billion to about 3.1 billion – that’s a fall of nearly 20 percent. The sentiment remains that many crypto-traders – whether novices or experienced – are looking to avoid high-risk trades during this period of relative uncertainty. There’s no guarantee that bitcoin, or other cryptocurrencies for that matter, will offer the big returns they’re looking for, and it appears many are looking to avoid the entity for the time being.

BTCUSD: BTCUSD / D1 / Technical Analysis

Some believe the low volatility level is something to be grateful for; that it’s a sign of a maturing market and bitcoin “finding itself.” To an extent, this view isn’t difficult to accept. Bitcoin is presently showing a record-high level of stability; a level that traders haven’t seen, well, ever actually. Not even after the dramatic correction that occurred in 2014 was this kind of stability witnessed in bitcoin’s behavior.

However, bitcoin has stabilized so much over the past few months that its resistance and support levels are beginning to merge. Previously, high-end cryptocurrency trader Peter Brandt commented that the short-term price trend of bitcoin could be classified as standard “Wyckoff hinge behavior,” which could ultimately lead to a big short-term rally for the currency.

At the same time, crypto analyst and operator of Woobull.com Willy Woo believes that technical indicators, such as the NVT Ratio, suggest bitcoin is likely to be trapped in bearish conditions for some time. He comments:

“if you’re into timing games, then my own NVT Ratio is saying we are still in the middle of a bear market. NVT is simply the ratio of volume carried by the blockchain to the historic price. This indicator is due for recalibration after the Liquid Sidechain launch.”

He further stated that the relationship between network volume and market cap serves as a strong indicator of how deep the bear market travels. Speaking further about the NVT Ratio, he explains:

“This is the chart that NVT is based upon. The historically tight correlation between the value transmitted by the chain (network volume) and network value (market cap). The deviation we are going through right now are clues to how much of a bear market we are in.”

Bitcoin Charts by TradingView

The post Bitcoin Price Watch: Bitcoin Is Stable, but Are Investors Happy? appeared first on NullTX.

Regulations Roundup: Cryptocurrency Campaign Donations, US Judge Warns Malaysians

In recent regulatory news, a report by the Center for Public Integrity has explored the potential for cryptocurrency donations to obfuscate politicians’ sources of funding, a U.S. judge has urged the Malaysian public to exercise due diligence when considering seeking exposure to cryptocurrencies, and a report conducted by IBM Blockchain and the Official Monetary and Financial Institutions Forum (OMFIF) has found that central banks are unlikely to adopt national cryptocurrencies in the near term.

Also Read: Silk Road Operator Libertas Pleads Guilty, Seeks Plea Deal

Cryptocurrency Campaign Contributions and Donor Transparency

Regulations Roundup: Cryptocurrency Campaign Donations, US Judge Warns MalaysiansA report published by the Center for Public Integrity and Politico has sought to explore whether cryptocurrency donations pose a unique challenge to transparency in the donors to politicians.

The study looks at 20 candidates from across the political spectrum that have received or requested campaign donations in the form of cryptocurrencies. The report asserts that at least three of said candidates were running for office in a state that has since banned crypto donations.

Cryptocurrency analyst Joseph Argiro is quoted as emphasizing the need for US states to “put in political surveillance on [cryptocurrency] campaign contributions.” Despite such, Argiro noted that “the industry is so new that the tools are still being developed to facilitate that surveillance.”

US Judge Urges Malaysian Public to Exercise Caution With Cryptocurrency

Regulations Roundup: Cryptocurrency Campaign Donations, US Judge Warns MalaysiansWhile speaking at the “Cybersecurity in a Digital Era of Human Security” conference in Malaysia, Paul Grimm, United States district judge of the U.S. District Court for the District of Maryland, urged Malaysian citizens to exercise caution and conduct due diligence in considering making investments in cryptocurrency.

Grimm warned that cryptocurrency “exists in a market that is subject to fluctuations that are not controlled by a national bank with professionals,” adding: “Cryptocurrencies are not backed by the national banking system and no regulator can step in to ‘cool it down’ or ‘heat it up’ with regulatory monitoring policy that will affect it.”

“If you are looking at cryptocurrency as an investment, you should do due diligence over how the currency is valued, the value fluctuations and how to deal with risks associated with the investment,” Grimm stated.

Report Finds Central Banks Hesitant on National Cryptocurrencies

Regulations Roundup: Cryptocurrency Campaign Donations, US Judge Warns MalaysiansIBM Blockchain and OMFIF have published their findings from a joint survey of central banks looking into sentiment regarding central bank-issued digital currencies (CBDC).

The report was informed by 21 central banks that participated in the OMFIF’s survey during July and September of this year. The results show that 38 percent of the institutions are actively “researching or trialing a wholesale CBDC to best inform the next upgrade to their [Real Time Gross Settlement] system,” leaving 62 percent that are not exploring CBDC. 69 percent of the respondents reported “significant issues with the current cross-border processes.”

The survey finds that 76 percent of institutions are uncertain as to “whether [distributed ledger technology (DLT)] will be able to deliver on its promise, especially in areas such as regulation,” suggesting that more than a third of the institutions currently exploring blockchain technologies may not be optimistic about the prospect of integrating DLT into their operational processes.

The report asserts that “Trials of wholesale CBDC systems illustrate how variations of distributed ledger technologies have the capacity to meet and, in some cases, exceed the performance of existing interbank systems,” however, it concludes that “there is still a long way to go before the technology is mature enough to meet central banks’ expectations for the next generation of real-time gross settlement systems.”

Do you think that we will see widespread central bank adoption of distributed ledger technology? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Regulations Roundup: Cryptocurrency Campaign Donations, US Judge Warns Malaysians appeared first on Bitcoin News.

After Coinbase, PayPal Bans Social Media Platform Gab ‘Just Because’

PayPal

Gab.ai, the social messaging platform born in 2016 as an answer to the “Big Social Monopoly” of extant social media giants, has lost access to its PayPal account.


PayPal: Gab Should ‘Find Alternative’

Gab, which in June saw itself unexpectedly banned from US cryptocurrency exchange and wallet provider Coinbase, did not receive an explanation from PayPal, the company’s decision being effective immediately.

“(Gab) is now banned from Paypal ‘just because,’” officials wrote on the platform’s Twitter account.

According to a reproduction of the email Gab received from PayPal, the company had opted to pursue its decision as part of its “right to terminate your account for any reason and at any time upon notice to you.”

More curiously, the notice does not even suggest Gab had flouted its User Agreement, and adds that its seller status or volume of sales did not factor in its decision.

“We encourage you to use this time to find an alternative online payment processor,” it adds.

The Perils Of Trust

The episode comes just four months after Coinbase was similarly opaque about its reasoning for suspending Gab’s access, leading CEO Andrew Torba to label centralized exchanges as “cancer” and “contradictory to everything crypto stands for.”

Despite the inconvenience of the debacle, it is unlikely Gab will struggle to find a more willing payment processor or settlement portal.

PayPal has earnt itself a dubious reputation among cryptocurrency users for its policies, in March this year becoming the subject of intense scorn over a mass email warning its account holders not to trade cryptocurrency.

While the email subsequently appeared to be fake, the centralized nature of the business and its ability to freeze funds at will have put it head-to-head with cryptocurrency advocates.

Coinbase too, along with multiple mainstream exchanges, continually face criticism over its policy implementations, social media regularly seeing horror stories over blocked accounts, missing funds and other irregularities.

What do you think about PayPal blocking Gab? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

The post After Coinbase, PayPal Bans Social Media Platform Gab ‘Just Because’ appeared first on Bitcoinist.com.