Former ECB President: Bitcoin Market’s Speculative Nature “Not Healthy”

Bitcoin is under fire once again. This time, the former president of one of the world’s most important monetary authorities — the European Central Bank (ECB)  — has called out the cryptocurrency industry, bashing what he sees as flaws in the digital asset markets.

The flaw in question: the financial speculation side of the Bitcoin industry.

Bitcoin Moon

Bitcoin Speculation Should End, Financial Incumbents Assert

Like it or not, many don’t put money into the cryptocurrency markets to make a statement to central banks and governments or because they think fiat is doomed; people put money in Bitcoin and its ilk to speculate, to hopefully turn a profit by throws craps at the crypto table. Look simply to the frequency of mentions of cryptocurrency in the mainstream media, which is undoubtedly tied to price action.

While there is nothing wrong with this per se, financial incumbents, for some reason, aren’t all too happy with the trend of speculation in cryptocurrency.

Speaking at a conference in Beijing hosted by Chinese media group Caixin, Jean-Claude Trichet, who led the ECB from 2003 to 2011 after heading the Bank of France, said that investing cryptocurrencies is “in many respects pure speculation.” Trichet added that this speculation isn’t healthy, looking to the fact that he sees little fundamental value in Bitcoin — something he called “not real” and noted is sans “the characteristics that a currency must have.”

The former ECB chief is far from the first representative of traditional finance to have pushed such sentiment.

Legendary billionaire investor Warren Buffett told Yahoo! Finance in an interview last year that Bitcoin is anything but an investment, but rather speculation. He said:

If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything… You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more.

Buffett asserted that real investment is when an investor allocates capital towards something that has inherent value — something that the businessman says Bitcoin is clearly devoid of. While many in the cryptocurrency space would beg to differ, the 89-year-old investor has been touting this line for years. Seeing that he still owns and uses a flip phone, this is unlikely to change any time soon.

The former chief executive of Nasdaq, too, has made this assertion. Speaking with industry outlet The Block last week, Bob Greifeld said that for cryptocurrencies to succeed and reach their maximum potential, the speculation side of the industry will have to go.

This is likely in reference to the oft-cited idea that volatility drives away consumers from adopting this technology. Case in point, Facebook’s blockchain head David Marcus just last week said that the volatility in the markets will stop Bitcoin from becoming a proper digital currency.

A Tall Ask

These pundits of the world of traditional finance are urging for the speculative nature of the cryptocurrency market to end, but this may be a tall ask.

Simply put, Bitcoin price speculation, which is encapsulated by the volatility this market sees on a day-to-day basis, is a byproduct of the size of this asset class compared to its potential impact.

Like the DotCom stocks in the late-1990s and the early-2000s, Bitcoin and other cryptocurrencies are hyper-volatile, being susceptible to parabolic rises and brutal -80% crashes. And until Bitcoin and other cryptocurrencies reach full market saturation, meaning their full potential, this volatility is likely to persist, especially as the world wakes up to the potential that digital assets have to usurp everything.

The post Former ECB President: Bitcoin Market’s Speculative Nature “Not Healthy” appeared first on Blockonomi.

Andreesen Horowitz Rolling Out Free School for Crypto Startups

Are you tech savvy and thinking about starting your own cryptocurrency company? Powerhouse private venture capital firm Andreesen Horowitz, commonly shortened to a16z, may have just the program for you.

On November 8th, a16z’s general partner Chris Dixon unveiled the firm’s new Crypto Startup School (CSS), a seven week program that will kick off next year in February.

Education

Notably, the VC firm will charge no tuition to entrants and will not be asking for equity to partake, either. In explaining what participants could expect, Dixon said:

“The lectures will be in person in Menlo Park, Cali., and afterwards we’ll be putting videos of the event along with curriculum materials online. The program is completely free. There is no charge and we don’t take equity. The curriculum is meant to supplement — not replace — the many other excellent programs and resources that help founders learn about building tech startups.”

The setup is poised to be a win-win situation for a16z and its students. On the one hand, participants will receive an excellent, accelerated curriculum that will help them build out their own blockchain enterprises. On the other hand, a16z will benefit from a wider, more robust cryptocurrency ecosystem within which to make later moves and investments as the firm sees fit.

“We think that sharing the most important lessons we’ve learned could accelerate the development of existing projects, and inspire more talented people to join the space,” Dixon added.

And speaking of lessons, the CSS program will cover lots of ground in short order. Though the curriculum is still set to change, the tentative course outline is set to cover a range of topics, including cryptoeconomics, applicable business models, blockchain computing primitives, user experience topics, governance, fundraising, and the fledgling arena’s current regulatory environment.

Meet One of the School’s First Mentors

On the same day as the Crypto Startup School announcement, Spencer Noon, head of DTC Capital, commented on his participation in the initiative as one of its inaugural mentors.

Noon, a respected analyst and investor in the space, said in a Medium post that the “timing for CSS couldn’t be more perfect,” insofar as the cryptoeconomy was fundamentally as promising as ever while still being down relative from its latest January 2018 peak:

“Given how today’s prices are clearly under-indexed on fundamentals, entrepreneurs are now presented with a golden opportunity to create an outsized impact in an industry that is poised for mainstream adoption in the coming years. Because of this, I believe that starting a crypto project is perhaps the highest-leverage bet that tech entrepreneurs can make today—and CSS is the perfect jumping-off point.”

Beyond Noon, other notable experts from the cryptocurrency space are also slated for the school’s first round of mentors, including but not limited to Arianna Simpson, Linda Xie, Jill Carlson, Nick Tomaino, and Haseeb Qureshi. For his part, Qureshi recently made waves for co-writing an article in which he and his co-author made the case that Etheruem had become “unforkable” due to the rising prominence of its biggest decentralized finance apps.

Crypto Work Opportunities Abound

You definitely don’t have to start a business to find work around cryptocurrency. And such work is acutely on the rise according to a new study from Indeed, a jobs search engine firm.

The company found that cryptocurrency and blockchain-centric jobs listings increased by 26 percent between 2018 and 2019. During the same span, Indeed discerned that searches for these same types of jobs declined by more than 50 percent, indicating the need for workers in the space has recently outpaced the amount of available laborers therein.

As for the blockchain jobs that have recently been most in demand, Indeed found the three most sought positions were for software engineers, senior software engineers, and software architects.

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CoinMarketCap to Replace Volume With a New Metric + More Crypto News

Crypto Briefs is your daily bite-sized digest of cryptocurrency and blockchain-related news – keeping you up-to-date with under the radar crypto news from around the world. Exchanges news The most popular crypto market data provider CoinMarketCap announced the launch of its new Liquidity ranking metric aimed at fighting “volume inflation” problem. The Liquidity metric

Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K

  • Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar.
  • The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500.
  • Today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A clear break below $8,600 is likely to push the price below $8,500 and $8,450.

Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation.

Bitcoin Price Analysis

In morning, we discussed the chances of more losses and sell opportunities for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area.

Additionally, the price is now trading well below the $8,800 and the 100 hourly simple moving average. It seems like the price failed to capitalize above the 23.6% Fib retracement level of the last drop from the $9,150 high to $8,610 low.

More importantly, the price was rejected near the 50% Fib retracement level of the last drop from the $9,150 high to $8,610 low. Bitcoin is now trading below the $8,750 level and is following a bearish path.

Recently, there was a break below a contracting triangle with support near $8,730 on the hourly chart of the BTC/USD pair. Therefore, there is a risk of more downsides below the $8,650 and $8,600 levels.

In the mentioned bearish case, there is a risk of a sharp breakdown even below the $8,500 support. On the upside, an initial resistance for the bulls is near the $8,820 level and the 100 hourly SMA.

However, the main resistance is near the $8,850 and $8,950 levels. Besides, today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair.

If there is a nice upward move above the $8,850 and $8,950 resistance levels, the price may perhaps start a fresh increase towards $9,200 and $9,500 in the coming days.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin is clearly sliding and is trading well below the $8,850 resistance area. Thus, the bears remain in control and any recovery is likely to face resistance near $8,820, $8,850 and $8,950. On the downside, the bulls might be keeping a close eye on the $8,500 zone.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is trading below the 40 level.

Major Support Levels – $8,600 followed by $8,500.

Major Resistance Levels – $8,820, $8,850 and $8,950.

The post Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K appeared first on NewsBTC.

Alibaba Subsidiary Ant Financial Tests Its Enterprise Blockchain

The financial technology subsidiary of Chinese e-commerce giant Alibaba, Ant Financial, started testing its enterprise blockchain platform.

The financial technology subsidiary of Chinese e-commerce giant Alibaba, Ant Financial, started testing its enterprise blockchain platform.

According to local news outlet Sina Finance on Nov. 12th, the senior director of technology and business innovation at Ant Financial, Jieli Li, announced the development at the World Blockchain Summit at Wuzhen. The firm’s plans to launch its own blockchain platform were first reported in September last year.

During the event, Li said that the platform — dubbed Ant Blockchain Open Alliance — will go live three months after the testing period. The platform aims to support small and medium-sized businesses by allowing them to cut costs and expand their reach.

Not so open

While the platform’s name includes the word “open,” Li explained that not everyone will be able to run the network’s nodes. During a Nov. 11 interview with local news outlet CCValue he said:

“As for the selection of node operators, we are more cautious. [...] Because to form a credible value network, not only do they need to be a consensus accounting node, but they also need to provide authoritative endorsements.”

Li said that educational and certification institutions are more desirable node operators as they will ostensibly lend credibility to the blockchain. Node partners will be selected based on the industries in which they operate, with physical location in the country being irrelevant. No organization entrusted with running a node has been announced so far.

In September, Ant Financial also partnered with pharmaceutical giant Bayer Crop Science, Monsanto’s owner, to develop a blockchain solution for the food and crop industry.

TSLA at $530? China, New Models, Cost Cutting Could Drive Tesla Stock Higher

Buy price targets for Tesla stock range from $400 to $530. The ‘Made in China’ Model 3 is gearing for launch,  although a date hasn’t been set yet. Next year the Model Y will be unveiled and Elon Musk has big hopes for it. Since Tesla’s (NASDAQ: TSLA) shares hit a low of $176 in […]

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The CannaCor Coin: A Cryptocurrency For Medicinal Cannabis

CannaCor (Pty) Ltd is a company licensed as a prohibited drug operator. With over 50 000m2 of acquired land in Berea, Lesotho, the company will dedicate the land to the greenhouse or indoor cultivation of Cannabis. This company aims to become one of the top players in the industry of Medicinal Cannabis, currently licensed and compliant with regulations to provide services in Canada, Europe and other global markets from this facility.

Medical Cannabis is the medical use of the Cannabis sativa, Cannabis indica and various other strains to relieve symptoms of diseases and treat their conditions. Medical cannabis is a category term for anything from dried cannabis flowers, cannabis oils, capsules and tablets to mouth spray. Cannabis-derivatives can provide a remedy for patients suffering from pain, cramps and/or nausea and many other illnesses and diseases, improving function and overall quality of life. 

Patients find that medical cannabis from cannabis plants works better than simple medications containing cannabinoids, where active substances are isolated.

With an innovative proposal, CannaCor aims to provide this industry with a unique platform capable of digitalizing the supply chain process, enhancing overall production across the sector. Through the application of blockchain technology, the company seeks to offer a cost-effective solution to the supply-chain processes, capable of providing real-time information about the production process of Cannabis, while also guaranteeing the unalterability of the product. These features ensure an increase in revenue and provide higher levels of transparency for the company and its customers. 

Cannacor will hold the first medical cannabis Initial Coin Offering (ICO) in southern Africa. The CannaCor cryptocurrency will operate on the Ethereum Blockchain, a fast, decentralized and immutable blockchain to enable secure cross-border transactions between CannaCor, suppliers and the general public.

The CannaCor Coin

The CannaCor coin is an ERC20 based on the Ethereum Blockchain. ERC20 is an official protocol for proposing improvements to the Ethereum (ETH) network and can be understood as a standard for coins that are created on the Ethereum blockchain. The ERC20 coin standard makes it easier to exchange one ERC20 coin for another, and to integrate various ERC20 coins into platforms such as blockchain wallets and exchanges, and more.

To develop its business strategy, CannaCor plans on raising funds through a series of two rounds, named pre-ICO and ICO. Funds raised throughout the ICO shall be used to:

  • Develop a 30 000 m2 aquaponics medical cannabis cultivation plant.
  • Develop the Blockchain Corporation’s blockchain technology and its applications.
  • Create the CannaCor cryptocurrency.

Funds Allocation

During the pre-ICO, the price per coin is quoted at $0.06 USD, with 463 million coins available through this phase, interested parties have until January 31st, 2020, to jump on board and get on the project. Once the pre-ICO is over, the day of 08 February the ICO will begin with a quoted price of $0.12 USD per coin and will last until April 2020. 

Funds Distribution

An important aspect of this project is that they’re committed to its development. If the Soft Cap is not met, the company will refund all investors after the completion of the ICO. The funds raised during the ICO will be used to build the cultivation facility and to develop the blockchain and its applications. Furthermore, all coins will be distributed to participants within 30 days after the ICO. Accepted currencies to buy the Cannacor Coin are Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).

What Are The Benefits For Investors?

Once the ICO is completed, CannaCor will use 12% of the net profit to buy back coins twice a year over a period of 10 years. 100% of the coins bought back will be burnt/destroyed. This

Will ensure that the cryptocurrency maintains stable growth, decreases the initial supply, ensures a stable store of value with low volatility and increases its value. 

If you wish to know more about CannaCor, make sure to visit their website

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Ho Chi Minh City to Develop Blockchain Regulations for Smart Cities

Ho Chi Minh City plans to develop a regulatory framework for blockchain technology and how it is applied to smart city development.

Ho Chi Minh City will develop a blockchain-oriented regulatory framework for the development of smart cities. 

Tran Vinh Tuyen, Vice Chairman of the Ho Chi Minh’s People's Committee, announced the news during the sixth annual international conference of Saigon High-Tech Park (SHTP), Viet Nam News reports Nov. 11.

At the same event, the SHTP, an incubator for high tech businesses, signed a memorandum of understanding with South Korea’s CBA Ventures to promote the research and application of blockchain technology.

Le Bich Loan, a senior exec at the Saigon Hi-Tech Park’s board of management, emphasized that blockchain tech has made financial transaction systems more efficient, transparent and easier to use in terms of online payments.

Ministry of Science and Technology prioritizes blockchain tech

According to Viet Nam News, the country’s Ministry of Science and Technology also announced plans to prioritize blockchain-focused startups within the national program "Supporting the National Innovation Initiative to 2025.”

The program was approved by the Vietnamese government in May 2016 and aims to create favorable conditions for business development. The initiative provides support to 2,000 startups, according to the ministry’s website.

Smart cities and blockchain

The concept of a smart city envisions the use of emerging technologies such as blockchain and artificial intelligence to improve the quality of municipal government services and citizen welfare. 

As a major technology that is expected to improve the transparency, speed and immutability of records, blockchain has been increasingly implemented in smart city projects globally.

China recently introduced a new blockchain-based city identification system on Nov. 4. In June 2019, Automotive giant China Wanxiang Holding partnered with blockchain-based tech firm PlatOn to develop a smart city in Hangzhou.

Earlier this year, a project at the University of Nevada, Reno announced it was developing a new blockchain-based autonomous vehicle smart city project.

Regulated Swiss Crypto Bank SEBA Opens Doors

Regulated Swiss cryptocurrency bank SEBA is now fully operational for professional investors and enterprise clients.

Switzerland-based cryptocurrency bank SEBA has launched its services for professional investors and enterprise clients, according to an official news release published on Nov. 12.

As reported, SEBA Bank AG (formerly SEBA Crypto AG) is a fully-regulated institution, having secured a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August of this year.

A fully-fledged, regulated crypto bank

According to the announcement, the bank’s services are now fully operational for a range of prospective clients, including corporates, asset managers and professional private investors. SEBA will seek to attract clients from selected foreign jurisdictions starting in December.

In a statement, SEBA CEO Guido Buhler emphasized that those opening an account with SEBA should be able to take full advantage of the digital asset sector’s potential without having to sacrifice security. He added:

“We are proud to have founded a bank within 18 months, raised CHF 100 million [$100.5 million] in capital from investors and obtained a banking and securities dealer license.”

SEBA card, five major cryptos and enterprise accounts

As part of its account services, SEBA is offering a SEBAwallet app, e-banking services and SEBA card facilities, with support for five major cryptocurrencies: (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC). 

The bank provides investors with both crypto-crypto and crypto-fiat conversion services online and SEBA cards are supported at 42 million points of sale globally, paving the way for the “mass introduction of cryptocurrencies,” according to Buhler.

Notably, SEBA is also rolling out enterprise accounts for blockchain firms and their employees, closing what it identifies as an important gap in the domestic sphere.

As reported, fellow Swiss cryptocurrency bank Sygum — which was also issued a banking and securities dealer license from FINMA in August — has in parallel conducted negotiations with regulators to seal a banking license in Singapore.

As a regulated institution, Sygnum equally aspires to roll out digital asset custody, brokerage and tokenization services for accredited investors and institutions.

Google’s Impressive Launch Lineup Gives Stadia a Fighting Chance

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Bitcoin Volume Profile Suggests Rally to Bring Price Past $20,000 is Near

In June, Bitcoin (BTC) saw itself go through a spectacular blow-off top. In a few weeks, the cryptocurrency had shot up by 50%, leading to a number of predictions that this market would surpass its all-time high in months.

Related Reading: Why Bitcoin Needs to Flip $9,700 Into Support to Support Bull Case

True to the unpredictable nature of the crypto market, however, this didn’t happen. After tapping $14,000 — a quite important historical level, as this is a key Fibonacci Retracement level of the $20,000 bubble — BTC plunged as volumes spiked. Within a day, the asset had plunged some 20%. And it’s been a vast amount of pain since then.

The blow-off top that was seen in June, though, might be a sign that a long-term Bitcoin bull run is on the horizon. Here’s why.

Bitcoin Preparing for Bull Run

This June, the cryptocurrency market set a new volume record. Although some dispute this fact — the volume records were largely set on exchanges deemed “uncredible” by some — at least the futures side of Bitcoin (the CME and BitMEX) saw monumental trading days, as Bitcoin incurred its largest rally in over a year. Heck, BitMEX alone processed $16 billion worth of leveraged trades in one day alone.

When Bitcoin tumbled after this historical volume spike, analysts thought the nail was in the coffin of bulls. Though, digital asset manager Charles Edwards has proposed that the consolidation after the volume record is actually a positive signal.

In an extensive Twitter thread published on Monday, the analyst noted that in previous bull markets, fresh all-time highs in volumes were always followed by consolidation.

What’s interesting is what came after those consolidation phases. No, in the cases that Edwards pointed out, Bitcoin didn’t tumble. Instead, “huge rallies followed,” with the growth in volume leading to long-term exponential bull markets that brought Bitcoin to orders of magnitudes higher than it was before the surge.

This was the case in at least three scenarios Edwards singled out. So if historical precedent is of any current relevance, Bitcoin might be about to explode higher yet again.

It isn’t only volumes that are signaling that a long-term bull trend is (back) on the table. As reported by NewsBTC previously, popular cryptocurrency trader FilbFilb noted that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses. As Filb’s chart below depicts, the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out.

To add to that confluence, cryptocurrency markets research firm Delphi Digital found that Bitcoin’s volume profile has shown that a medium-term bottom is likely in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.

Featured Image from Shutterstock

The post Bitcoin Volume Profile Suggests Rally to Bring Price Past $20,000 is Near appeared first on NewsBTC.

Unilever, O2 and Sky Join Blockchain Pilot for Digital Ad Transparency

Unilever, O2 and Sky are among the latest big firms to sign on to a blockchain pilot program designed to improve trust and transparency in digital advertising.

Unilever, O2 and Sky are among the latest big firms to sign on to Jicwebs’ blockchain pilot program designed to improve trust and transparency in digital advertising.

The news was revealed in a Nov. 12 report from United Kingdom-based industry magazine Campaign.

Industry involvement

Jicwebs — an acronym for the U.K. digital ad trading standards body, the Joint Industry Committee for Web Standards — first announced its blockchain pilot initiative in May 2019. 

It counts the participation of major global media agencies Zenith, OMD UK and Manning Gottlieb OMD, who have been evaluating the potential for blockchain technology to bolster transparency in the sector and increase operational efficiency.

According to Campaign’s report, the U.K.’s popular online platforms Gumtree, Netmums and Rightmove have also all signed on to the project.

To complement the Jicwebs pilot, ISBA — an entity representing the U.K’s leading advertisers — is also conducting an end-to-end audit of some of the problems that plague the digital ad sector, notably in regard to trust and brand safety. 

Richard Reeves, managing director of the Association of Online Publishers, said that the body welcomes “all initiatives that increase transparency for our members and shed light on where advertising spend is being distributed across the digital supply chain."

If the pilot proves successful, Jicwebs reportedly plans to consult the digital ad industry on how to implement the blockchain solution in 2020.

An embattled industry

As previously reported, McDonald's, Nestlé and Virgin Media joined Jicwebs’ initiative this July. Blockchain technology is increasingly gaining traction in a sector that is battling the increasing threat of fraudulent activity, “deepfakes” and opaque financing. In late 2018, major Japanese car manufacturer Toyota partnered with blockchain advertising analytics firm Lucidity to reduce fraud in its digital ad campaign buys.

Dow Futures Nervy as Ultra-Rich Brace For 2020 Stock Massacre

Dow Jones Industrial Average (DJIA) futures traded flat on Tuesday morning. UBS report reveals that 55% of high-net worth investors see a crash before the end of 2020. Millionaire investors are taking the “Warren Buffett” approach and stockpiling cash in preparation for possible downturn. Dow Jones Industrial Average (DJIA) futures were flat ahead of the […]

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Bitcoin 90-Day Volume Breaks Bullish Above Peak 2017 Levels

Bitcoin Could Start 2017 Style Bull Market

The Bitcoin market has recently surpassed the activity levels of late 2017, when BTC started its historical rally that shot prices to an all-time high above $19,900.


Futures Markets Take Over Spot Trading

This time, the BTC market has made a complete recovery from the low volumes in January. The biggest boost comes from the newly launched futures markets, and the heightened activity on BitMEX. The leading futures exchange saw open interest exceed $1 billion several times in the second half of the year.

According to a market commentator, Charles Edwards, Bitcoin’s 90-day volume recently broke as high as 40% above 2017’s peak levels. This, he says, ‘has powerful implications’.

The BTC spot market, which was a source of price discovery for years, has been supplanted by the larger, more agile futures market. Price discovery is happening both on BitMEX and Binance futures markets, as well as CME and Bakkt, which are attracting mainstream investors with cash-settled and physical delivered bitcoin futures.

Bitcoin and Tether Flows Signal End of Rally

The BTC market is also dependent on the interplay between exchange inflows and outflows. BTC movements to exchanges signal selling pressures. Tether (USDT) inflows however, are usually followed by a rally.

But the most effective combination for a bullish price move would be an outflow of BTC, while USDT liquidity grows. The “hodling” behavior on the side of whales and new funds to boost buying BTC positions.

In the past few months, the flow profile signals a potential price slide, due to diminishing sources of new liquidity. The attitude to BTC is signalling a return to pessimism, with the Bitcoin fear and greed index moving down to “fear” territory at 39 points.

For BTC, almost all factors that determine a rally period can shift within days or even hours. BTC has shown that even at depressed prices, a rally to a higher valuation can take just a few weeks to set up. The activity of USDT shifts quickly. Right now, each USDT coin moves about four times through the exchange ecosystem in a day. During peak activity periods, each coin moves more than 11 times per day, giving the 4.1 billion coins a magnified effect.

BTC turned down at the end of last week, abandoning the levels above $9,000. On Monday, the coin touched lows very near $8,700, without breaking down under that level. On Tuesday, the price started sinking again, to $8,775.59. The BTC market cap dominance shrank to 66.1%, as BTC erased its positions, while altcoins for now are holding onto relatively stable prices.

What do you think about the BTC market activity? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @Caprioleio @Ceterispar1bus

The post Bitcoin 90-Day Volume Breaks Bullish Above Peak 2017 Levels appeared first on Bitcoinist.com.

The Force is Strong with EA Haters After Canceled Star Wars Early Access

EA announces that Star Wars Jedi: Fallen Order will not include early access or a 10-hour trial for Access and Origin members. Publishers states avoiding spoilers as the reason behind the decision, but there may be more to it. The news has pushed many Access members to cancel their subscription to the service. EA Access […]

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Ethereum developer activity is seeing “parabolic” growth says analyst; will price follow?

According to data from Santiment, developer activity on the Ethereum blockchain network has seen parabolic growth as of late, rising to May 2019 levels.

In May, the Ethereum price was hovering at around $260, nearly 40 percent higher than its current price of $186.

ethereum developer activity
Ethereum developer activity has increased in the past several months (source: Santiment)

Is developer activity an indicator of the future price?

Previously, Ivey Business School professor JP Vergne found in a study that the best predictor of the short term price trend of a cryptocurrency is developer activity. He said:

“We found that the best predictor of a cryptocurrency’s exchange rate is the amount of developer activity around it.”

The developer activity on the Ethereum network is likely on the rise in anticipation of the launch of Ethereum 2.0, and reports indicate that major corporations are paying attention to the said launch, as it would allow the blockchain to process information more efficiently.

In an interview with Decrypt, EY’s global blockchain head Paul Brody said that the firm is processing more than 10,000 transactions on Ethereum for Microsoft, and larger capacity would allow firms to better utilize Ethereum to settle data.

An analyst, who operates with the alias Cactus, said:

“ETH development activity has been going parabolic the past three weeks, early 2020 we are going to be seeing some major announcements from the ethereum team… It will take other blockchains years to catch up in terms of development.”

State of the DApps, an analytics firm that evaluates the usage of decentralized applications, reported that the release of new DApps per month has increased to nearly 1,500.

Dapp
Number of DApps per month is rising (source: State of the DApps)

As the scalability of the Ethereum network improves, DApps and other blockchain networks operating on top of Ethereum will benefit from expanded capacity, creating a more practical environment for decentralized platforms to operate in.

Ethereum price is sluggish

With technical analysts generally gearing towards a deeper pullback for the cryptocurrency market following the drop of the bitcoin price below $9,000 earlier this week, the Ethereum price is expected to stall, possibly to the year’s end.

As reported by CryptoSlate, November has historically been a strong month for both Bitcoin and other major alternative cryptocurrencies, but as seen in 2018, significant sell-pressure could prevent rapid recovery.

Prominent trader Josh Rager said:

“Alts are directly correlated to Bitcoin. If price goes south, diversifying into alts will only make things worse If you want hedge, learn how to use futures or options to your advantage Diversification in crypto is not strategy – majority of portfolio should be BTC.”

In recent months, bitcoin has become more volatile than Ethereum and other alternative cryptocurrencies, which may indicate that a large price move could occur in the short term.

The post Ethereum developer activity is seeing “parabolic” growth says analyst; will price follow? appeared first on CryptoSlate.

Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange

Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange

In addition to listing the Universal Protocol Alliance’s mega-utility token, Bitcoin.com Exchange will also list the group’s stablecoins, as well as support interoperability between the Ethereum protocol and the Simple Ledger protocol.

Also Read: Cred Merchant Solutions to Help Unbanked Business Sectors

Bitcoin.com Exchange to List Mega-Utility Token

It was announced today that Bitcoin.com Exchange will provide an initial exchange listing to support an interoperable mega-utility token backed by the Universal Protocol Alliance, the Universal Protocol Token (UPT). The new token is expected to be on listed Nov. 20, 2019, and will be available for trading by non-U.S. persons only.

In addition to listing UPT, the platform will also be listing Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to an ERC-20 version of bitcoin core, the Universal Bitcoin (UPBTC). The exchange will also support interoperability between the Ethereum protocol and the Simple Ledger protocol on Bitcoin Cash, as well as work to develop the Universal Yen (UPYEN).

Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange
Bitcoin.com Exchange

The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. The alliance members include Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. Bitcoin.com Exchange now supports the alliance and its mission to provide blockchain interoperability, mainstream consumer safeguards, and practical applications for blockchain that reduce time, effort and cost for businesses and consumers as well as local governments.

“At Bitcoin.com Exchange we believe in tokens that tie communities and ecosystems together,” said David Shin, head of Bitcoin.com Exchange. “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange.”

Bitcoin.com Exchange was launched on Sep. 2, as an easy-to-use trading platform that offers world-class security and a powerful trading engine. The venue has a wide variety of trading pairs like litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC) and denominated markets with base currencies such as tether (USDT), bitcoin cash (BCH), and bitcoin core (BTC). The platform employs institutional-grade encryption, two-factor authentication (2FA) and IP whitelisting, meant to keep users’ accounts secure at all times. If you haven’t signed up yet, the process takes less than a minute and you can start swapping digital assets immediately after you register.

The Universal Protocol Alliance Mission

Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is aiming to produce viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. In addition to the contributions made by alliance members, each member organization will integrate and incorporate UPT directly into their businesses, which will be announced soon by the group.

“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other,” said JP Thieriot, co-founder of the UP Alliance and Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”

Digital assets like bitcoin cash and ethereum operate on disparate networks that currently cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens.

Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange

Universal Protocol recently demonstrated a new service for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with bitcoin cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities. Universal Protocol has declared its support for California Assembly bill AB 953, which would permit the California state government to accept tax remittances in stablecoins like the Universal Dollar. This is meant to resolve a significant tax-collection issue for governments, and paves the way for comprehensive adoption of digital assets across the state .

“We are thrilled to build technology that solves real problems for customers, merchants, and elected officials to help usher in the next 100 million users of blockchain,” said Dan Schatt, co-founder of the Universal Protocol Alliance and Cred. “Not only does blockchain technology result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.”

What do you think about the Universal Protocol Alliance listing the mega-utility token and stablecoins on Bitcoin.com Exchange? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Google Collects US Patient Data in Secret, Another Call For Blockchain

Google secretly collects us patient data blockchain another call

New reports indicate that Google has been secretly collecting US patients’ data from over 2,600 hospitals in order to train its new AI project.


Codename ‘Project Nightingale’

A recent report published by The Wall Street Journal indicates that Google has been collecting medical data on millions of US citizens through something known as the ‘Project Nightingale.’ 

According to the report, the project had started in secret at some point in 2018, in collaboration with a St. Louis-based healthcare system known as Ascension. The system includes a chain of around 2,600 Catholic hospitals, all of which have handed over private medical information to Google’s new AI initiative.

Of course, the company had a reason behind collecting all of this data, and the reason was to create and test new software. The software is based on AI and machine learning technologies, and it should be able to help with analyzing patients’ records, confirming doctors’ diagnoses, and potentially even influencing patients’ treatments.

Furthermore, Google apparently did not break federal laws by collecting this data. Hospitals are allegedly allowed to share medical data with business partners if doing so helps them carry out their healthcare function. With Google’s goals in mind, it obviously does.

However, the issue with the entire event is that neither Google, nor the collaborating hospitals, did not see fit to inform patients or even their staff of the fact that they were collecting all of this data. This highlights the complete lack of control that individuals have over their own personal data, and how little is known about who can view, share and store it. 

Can Google and Other Firms Be Stopped?

The question of privacy in the modern day is one that is asked quite frequently. It has been a topic of countless discussions, debates, arguments, and speculation for years now, and thanks to modern technologies, there might finally be a solution.

Those familiar with the blockchain likely already know that this technology can be used for storing excessive amounts of information. The same technology is also praised for its privacy and security features, especially since it serves as an underlying tech for digital currencies. 

As such, many have speculated that blockchain could be used for storing patients’ data. Furthermore, patients could also share and monetize this data with whomever they wanted to, and even choose which parts of it would be visible.

A recent report on the future of blockchain technology in the global healthcare market, expects the industry to grow by $500 Million over the next 3 years. Medibloc, Medishares and Medicalchain are just a few examples of projects already using blockchain technology to allow patients to take back control of their own medical data. 

While this technology is still young and needs further development, it definitely sounds promising when it comes to stopping firms like Google from invading patients’ privacy.

What do you think about blockchain technology? Would you be willing to use it to stop Google and other IT giants from looking over your shoulder at all times? Join the discussion in the comments below.


Images via Shutterstock

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Talking Bitcoin on a First Date: What Women Say

Talking Bitcoin on the First Date, Should You Do It?

Some women, like Jessica Huseman, hate bitcoin so much that if the word was even mentioned on a first date, the guy wouldn’t get a second. But how do women really feel about Bitcoin? 


Jessica Huseman Causes a Tweet Storm

Jessica Huseman, caused a tweetstorm when she gave out some unsolicited advice to her female followers.

All I’m saying ladies is that if he brings up bitcoin or blockchain unprompted in the first date there shouldn’t be a second.

Apparently, there are plenty of women who agree with her, replying with supporting GIFs and memes. And other comments like “I had one date who *only* talked about Bitcoin… that night could not end fast enough.”

It looks as if the contentious debate over how to encourage more women into blockchain is facing an uphill battle. According to a medium post, females currently make up about 5% of the entire cryptocurrency and blockchain industry. 

Bobby Lee may be trying hard to make bitcoin more accessible to females by bringing out hardware wallets with no setup and giving them female-friendly names, but it may be falling on deaf ears. 

Not All Women Dislike Bitcoin

Of course, the Twitter thread sparked a decent amount of backlash. Don’t worry guys, if bitcoin is your thing, it isn’t completely game over. Some women actually said they quite like it.

Most notably, bitcoin influencer and Host of N₿TV Naomi Brockwell, who simply replied: “we’re into very different types of men.”

Another female follower argued:

For me there would be a second, because I would probably mention it on the first. Some women actually find it interesting.

Others went even further to point out that this lack of appreciation for Bitcoin is why women don’t have an equal share of the wealth, and that it was “her loss.” 

But she remained unpersuaded–and then made herself look even less informed by adding she also would date men who spoke about ‘whatever Facebook just made’.

Who Is Jessica Huseman, Anyway?

At this point, you may be wondering, who is Jessica Huseman, anyway? She’s an outspoken Texan reporter at ProPublica political news site with over 65,000 Twitter followers. And although she seems to hate Bitcoin, she appears to be an extremely intelligent lady and even teaches at the prestigious Columbia University.

According to her LinkedIn, she covers “voting rights and fair elections.” Somewhat ironic, then, that she should take such a stance against a technology repeatedly purported to be able to bring transparency to numerous voting processes. Or that she would be so closed off to hearing about an alternative financial system that benefits the very people she’s supposed to be helping.

Would you bring up Bitcoin on the first date? Add your thoughts below!


Images via Shutterstock, Twitter @JessicaHuseman

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Boxing Legend Manny Pacquiao: Pac Token Set for IEO on GCOX

Pac Token — the cryptocurrency token launched by Philippine boxing legend Manny Pacquiao, is set for its maiden initial exchange offering (IEO) on GCOX. The Singapore crypto exchange is known for offering support to altcoins linked to celebrity figures.

Initial investors and the core team for the altcoin will be hoping Pacquiao’s star power will help to trigger a successful IEO with plans for the token to be utilized in digital payment and merchant services. The development also provides further proof of the growing interest in celebrity-backed crypto tokens.

GCOX

Pac Token Sale Begins with IEO Listing on GCOX

Singapore-based GCOX is ready to list Pac Token for its IEO following a successful token launch announcement in September 2019. The public sale will see crypto investors able to purchase the newly created cryptocurrency.

Noted figures like former England professional football, Michael Owen and Abu Dhabi royalty, Sheikh Khaled bin Zayed al-Nahyan already participated in a private investment round.

According to the project team, Pac Token holders will be able to interact with the boxer-turned Filipino senator on social media platforms. Token owners will also be able to use the cryptocurrency to purchase Pacquiao-branded merchandise.

For Jeffrey Lin, the GCOX CEO, the Pac Token IEO goes beyond a fundraiser for the project. According to Lin, the token sale event isn’t only to raise money but to create a framework for the development of the altcoin’s ecosystem.

Commenting on the utility of the token, the Pacquiao released a statement back in September, stating:

“PAC Tokens may also be used to support philanthropic and charity causes that I champion. Together with my fans, we can help more people in need and improve the lives of others.”

Post-IEO Plans for Pacquiao’s Crypto Token

Apart from the GCOX IEO token sale event, the Pac Token team is reportedly looking to launch Pacpay — a payment gateway that will use the crypto token. Pac owners will be able to make discounted purchases and also earn rebates on the service.

As a payment platform, Pacpay will require regulatory approval. Some reports suggest may receive backing from Chinese billionaire Jack Ma who owns the Alibaba conglomerate.

Alibaba’s Alipay is one of the major Chinese payment platforms with a significant presence outside mainland China. Ma has also been critical of cryptocurrencies stating that blockchain technology held greater promise.

If launched, Pacpay will become the latest crypto-related entrant into the digital payments arena. Across the globe, cryptocurrency is beginning to play a more significant role in electronic payments with some commentators forecasting that virtual currencies will eventually replace fiat in digital payment transactions.

The Pac Token team will be looking to mortgage the significant popularity of the boxing legend to not only reach its IEO token sale goal but to engineer massive adoption for the token. Pacquiao himself has been front and center of the marketing efforts for the token which may help to remove doubts held by some investors.

Crypto fundraising has declined significantly with initial coin offerings (ICOs) and IEOs no longer delivering hundreds of millions of dollars in token sales. Financial regulators in several countries have also created robust regulations to govern the crypto ICO market.

Growing Celebrity Crypto Involvement

While the Pac Token team touts itself as being involved in the first-ever celebrity cryptocurrency, other notable figures from across the world are reportedly looking to launch their virtual currencies. LaLiga — the top tier of Spanish football has also signed a partnership deal with GCOX to sell its tokenized merchandise in the Asian and Middle Eastern markets.

The emergence of celebrity-launched tokens appears to be an extension of the involvement of public figures in altcoin projects. Some popular figures have landed in trouble for endorsing altcoin projects in the past including the likes of DJ Khaled and popular boxer Floyd Mayweather. Suspected fraudsters have also taken to creating fake crypto investment schemes with false endorsements from celebrities.

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Australian Man Arrested for Unregistered Crypto Transactions

Australian law enforcement arrested a 38-year-old Australian man for violating Anti-Money Laundering laws by operating an unregistered cryptocurrency ATM.

Australian law enforcement arrested an unnamed 38-year-old Australian man for performing unregistered cryptocurrency transactions. 

The police department of Victoria announced on Nov. 12 that the man has been arrested at his address in the town of Cairnlea. The joint report from the Victoria Police and Australian Transaction Reports and Analysis Centre (AUSTRAC) reads: 

“Detectives from the E-Crime Squad have arrested a man today as part of an investigation into unregistered cryptocurrency transactions.” 

Money laundering accusations

The Cairnlea resident is accused of violation of the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 for providing an unregistered crypto exchange service and the Criminal Code Act 1995 for dealing with property suspected of being proceeds of crime.

During the arrest, law enforcement found a substantial quantity of cash and false identification documents, which were seized along with a cryptocurrency ATM from a shopping center in Braybrook. 

The investigation was initiated by reports of scam activity linked to the ATM provided to the police by AUSTRAC. This collaboration between the two agencies is one of the first actions by the E-Crime Squad that was related to cryptocurrencies. 

AUSTRAC’s national manager of intelligence operations, David Hawkins, said that the outcome of the investigation underscores the importance of collaboration between AUSTRAC and law enforcement.

As Cointelegraph reported in late October, Ivan Manuel Molina Lee, the president of controversial Panama-based payments processor Crypto Capital, tied to Bitfinex and other major cryptocurrency exchanges, was arrested by Polish authorities under money laundering accusations.

Twitter CEO Sets Sight on African Bitcoin Market

jack dorsey twitter CEO

Twitter and Square chief, Jack Dorsey, is meeting with African tech entrepreneurs as the bitcoin bull sets sight on the continent’s growing crypto industry.


Twitter CEO Heads to Africa

Dorsey is currently in Ghana after spending a few days in Nigeria meeting with tech entrepreneurs. Part of his visit has included mini bitcoin meetups with developers and startup founders pushing Bitcoin utilization in both countries.

If Google searches are anything to go by, then Africa is where it’s at. Data from Google Trends, shows Nigeria as having the highest BTC searches worldwide, over the past 12 months.

Nigeria Tops Google Trends for Bitcoin

Twitter CEO bitcoin trends google

In fact, two other African countries — South Africa and Ghana also make up the top five. This high level of interest hasn’t, however, translated to concrete bitcoin adoption outside of the African cypherpunk scene just yet.

For Dorsey, this gap between interest and real-word utilization presents an opportunity for Square’s CashApp to penetrate the continent. Speaking during a town hall meeting at Techpoint in Lagos, the Square chief remarked,

I want to understand the challenges of starting a company here and figure out a way I can support. I want to live here for three to six months next year, full time, no travelling.

Some commentators say Dorsey’s approach highlights what constitutes the important aspects of mainstream adoption rather than the pursuit of ETFs and worthless blockchain applications.

African Mobile Money Market is Ripe for Bitcoin Adoption

According to World Bank figures, the majority of Sub-Saharan Africa remains unbanked. However, the continent has seen a massive penetration of mobile telecommunications technology.

Startups have also been able to leverage this telecoms boom to provide mobile money services even in rural areas without access to brick-and-mortar banking infrastructure. With such a buoyant mobile digital money market, bitcoin payment adoption seems like the next logical step.

Unlike officials in Asia and the West, governments in Sub-Saharan Africa haven’t created administrative roadblocks for crypto adoption. Save for the usual talk of risks, startups operating in the industry have a much clearer field.

Some crypto companies seem to be alive to this reality and are already seeking ways to leverage the potential in the African digital market. As previously reported by Bitcoinist, Binance added the Nigerian Naira as its first ever fiat trading pair.

Do you think Africa can take the lead in global bitcoin adoption? Let us know in the comments below.


Images via Google Trends and Twitter @jacobkostecki.

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Wyoming Unveils First-Ever Crypto Custody Rules for ‘Blockchain Banks’

Wyoming has unveiled a series of opt-in custody rules for its so-dubbed “blockchain banks,” covering areas such as cryptocurrency forks, airdrops and staking.

The United States’ state of Wyoming has unveiled a series of opt-in custody rules for its so-dubbed “blockchain banks,” covering areas such as forks, airdrops and staking. 

The rules were announced during the Fordham Law Blockchain Regulatory Symposium in New York on Nov. 11, according to a thread of tweets published by Wyoming Blockchain Task Force president Caitlin Long.

“First-ever” regulatory provisions for crypto custodians in many areas 

Wyoming’s “blockchain banks” — legally known as “special purpose depository institutions” (SPDIs) — were approved by the Wyoming state legislature in February of this year and were introduced to serve those businesses unable to secure FDIC-insured banking services due to their dealings with cryptocurrency.

In her tweets, Long — a 22-year Wall Street veteran and cryptocurrency activist — indicated that the newly-released custody rules include what she claims are the first-ever regulatory provisions for digital asset custodians in many areas — including forks, airdrops, staking, customer notice requirements and so forth.

As regards airdrops, the rules state that all proceeds defined as ancillary/subsidiary —  i.e. those earned via forks, airdrops, staking gains — automatically accrue to the customer, not the custodian, unless otherwise agreed in writing.

The rules also proscribe SPDIs from authorizing or facilitating the rehypothecation of crypto assets under its custody.  

According to Long, the document was reviewed by four crypto sector Chief Technical Officers, alongside multiple Chief Operating Officers and dozens of attorneys.

Wyoming’s impressive crypto-legislative activity

As Cointelegraph has extensively reported, America’s least populous state has approved a steady stream of blockchain and cryptocurrency-related legislations.

In January, Wyoming’s Senate passed a bill — later passed by the House on Feb. 14 — allowing for cryptocurrencies to be recognized as money.

That same month, Wyoming passed a bill defining certain open blockchain tokens as intangible personal property, as well as a bill to establish a fintech regulatory sandbox.

This February, Wyoming passed two further bills on tokenization and industry compliance — the latter establishing SPDIs.

In 2018, the Wyoming Senate and House of Representatives passed a bill relaxing securities regulations and money transmission laws for certain tokens offered via an initial coin offering in the state.

A separate house bill exempting cryptocurrencies from the Wyoming Money Transmitter Act was passed by the state legislature in March 2018, as well as a house bill exempting them from state property taxation in February. 

Yet, further pro-crypto and blockchain senate and house bills had already been passed into Wyoming law.

Australia’s ‘E-Crime Squad’ Arrests Man Flouting Unregistered Crypto Exchange

Australian Detectives known as the ‘E-Crime Squad’ have arrested a man for providing unregistered cryptocurrency services. Authorities charged the man for breaking anti-money laundering and counter-terrorism financing laws. The E-Crime Squad seized sizable amounts of cash, forged documents, and even a crypto ATM machine. Police in southeastern Australia arrested a 38-year old man on Tuesday […]

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The Importance of Supporting a Robust Developer Ecosystem

In projects which focus on high-performance blockchain technology, developer community is essential to the nascent growth.

Blockchain development communities cultivate the healthy growth of an open-source software platform.

“It takes a village to raise a child,” is a popular saying that emphasizes the role of a larger group to properly nurture and develop the youngest members of society.

The same holds true for young businesses. Without the endorsement of its 16 million-plus backers, Kickstarter projects would not come to fruition. Twitter would surely not have evolved into one of the world’s most well-known social networking platforms without adoption from 330 million monthly active users.

Community supporters are the lifeblood of emerging companies. So, it’s critical for companies to know how to respond to, and interact with, their communities. Whether made up of consumers, users or developers, brand advocates should be prioritized, engaged with, and listened to. For young businesses juggling many priorities, this can be a challenge.

A defining quality of any endeavor’s success can often be measured in terms of support. Whether it is the capital of pioneers who first forged into an industry or the consumer adoption of a new good or service in the marketplace, without support, it would often not be possible for the ecosystem to grow beyond early adopters. As this applies to open-source blockchain products, the support of developers often represents the difference between success and mass adoption, and failure and obscurity.

For the major role they play, blockchain developers are a sought-after commodity. Hired’s State of Software Engineers Report for 2019 shows a year-over-year 517% rise in global demand for blockchain engineers. The blockchain industry’s growth stems from this community’s diligence to test new releases and provide feedback. For up-and-coming enterprises, collaboration with developers has led to rapid growth for software and quick newcomer adoption. 

A chain of successive improvements

The blockchain industry owes its beginnings to a community of developers that supported  Bitcoin. As the first mover among blockchain technology platforms, Bitcoin’s proof-of-work and encryption mechanism laid the underpinnings from which many other open-source blockchain platforms would follow. A community of minds working together made this momentum possible, and the growing support of a diverse number of developers has resulted in a more thoroughly tested — and thereby robust — code base.

Developers committing to the repository of Bitcoin's open-source code

As it expanded from a handful of developers running nodes scattered across the internet, blockchain technology blossomed into a more decentralized network of validators. Although it stemmed from relatively humble beginnings, there are now at least 9,493 reachable nodes in the Bitcoin network. The growing diversity of the teams working on the network’s infrastructure enriched the community. Open-source code made it possible for anyone to branch off and develop their own solutions. From this creative sandbox, other networks emerged, giving rise to an ecosystem of blockchain applications. Some examples of this can be seen with the launch of Ethereum in 2015 as well as that of EOSIO in 2018.

How to nurture a long-lasting community

Like any other constituent, the developer community needs to be nurtured and engaged with for long-lasting benefits. These might include the establishment of a dedicated “developer relations” team that engages with the developer community through events, developer resources and training materials.

Developers thrive when they have access to the latest tools, educational frameworks and reference examples that improve the learning experience to continue building on blockchain software. In turn, developer feedback is taken into consideration by the core teams who engineer many of the open-source protocols that make blockchain applications work. This feedback becomes an outlet for community input on how platforms evolve to meet the needs of a rapidly growing user base. The results of this back-and-forth are often reflected in the open-source Github repositories behind various projects.

The Bitcoin Core Github repository offers a solid example of how community support ultimately stimulates growth. As the code base grew, a lack of formality in the coding style led to inconsistencies. To better manage input from a growing number of engineers, development guidelines were published that allowed for a more efficiently coordinated effort. This move simultaneously strengthened the community and Bitcoin Core’s code repository during a phase of growth.

When open-source development communities have access to vast libraries of tools that simplify the building process, it makes it possible to more rapidly deploy projects. For Ethereum developers, a long list of open-source tools has been published to help developers get started. With numerous resources at their disposal, engineers have an easier time making their creative visions a reality. 

One example from my company, Block.one, is the release of a Contract Development Toolkit complete with a set of utilities designed to aid EOSIO developers as they build smart contracts. The toolkit lets developers process and compile C++ code to WASM binary code to be executed on the blockchain. It also contains a more advanced set of tools to customize smart contracts to meet maximum performance and efficiency criteria.

Today’s blockchain development community spans multiple platforms. By tapping the collective community wisdom, software companies could solve some of the thorniest tech issues. When software architects offer their support, it becomes possible to harness the potential of a robust developer ecosystem. Building connections with communities at the start may yield global inputs to bring creative answers.

Serg Metelin is the head of developer relations at Block.one. Originally from Ukraine, he was one of the early pioneers of social media applications for Eastern European social network VK.com. After moving to Australia in 2009, Serg worked with digital and marketing agencies and consultancies, delivering solutions for large Australian and international brands such as Disney, Electronic Arts, Woolworths and others. In 2015, he won a Westpac-sponsored Australian national competition, “Disrupt@Scale,” securing seed funding for his food delivery startup HowAboutEat, which he co-founded and served as the company’s chief technology officer.

Is Ethereum DeFi the Answer to the Global Debt Crisis?

ethereum defi answer to global debt crisis

The economic and financial news this year has been grim to say the least. As central banks battle to keep their monetary systems afloat, global debt is skyrocketing to an unsustainable level. A massive paradigm shift is needed and Ethereum could be part of it.


Flawed Fiat = Galloping Debt

All signals are pointing to the premise that we are in the final cycle of the current financial and fiat based system which has rapidly become an unsustainable debt and credit bubble. Economists such as Bridge Water Associates founder, Ray Dalio, have been warning of an impending crisis and the collapse of global reserve currencies.

In a recent report, the billionaire hedge fund manager asserts that central banks are pushing newly printed money on to lenders while buying financial assets in a futile attempt to ramp up economic activity and inflation. Additionally they are depreciating interest rates to encourage more borrowing and spending, while discouraging saving.

In a related medium this week, the narrative that the fiat system is doomed has been continued. The end of the Bretton Woods System and the Gold Standard, turning the USD fiat currency in 1971, was when things started to go wrong. From being backed by the world’s largest gold reserve, the greenback was turned into a piece of paper backed by a centralized authority.

Since then, US national debt has skyrocketed to its current level of $23 trillion and is showing no signs of slowing down. The problem is not limited to America, as the world’s major economies have debts of as much as 70% of their GDP according to the Financial Times.

Enter Ethereum Based DeFi

A new open financial system based on Ethereum could well be part of this paradigm shift that the global financial system desperately needs. Decentralized finance (DeFi) is growing, according to defipulse.com the amount of ETH locked in DeFi is at record levels of 3.5 million. In USD, the figure is approaching its all-time high from July of $650 million. Last week the collateral based stablecoin Dai reached a record $100 million in market capitalization, a third of which was ETH.

Unlike altcoin prices, DeFi has seen explosive growth in 2019 and that is set to continue as global economic pressures intensify.

Ethereum is way more than just a dApp platform; it is the underlying backbone for an entirely new finance system. The following infographic from The Block shows the reach that the network already has, and DeFi is still in its infancy.

Ethereum DeFi

The world is on the cusp of a massive paradigm shift when it comes to financial systems and the future clearly needs to be decentralized if we are to avoid a return to bartering with cattle or cowrie shells.

Will Ethereum based DeFi change the future of finance? Add your thoughts below.

The post Is Ethereum DeFi the Answer to the Global Debt Crisis? appeared first on Bitcoinist.com.