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What is Bitcoin?

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

Bitcoin Latest News

'Voldemort' Strikes Again? A New Crypto White Paper Has His Name On It

A new crypto paper arrived today bearing a familiar (and mysterious) pseudonym.

Posted on 17 October 2018 | 6:35 pm

Centralized Cryptocurrencies Dominate Market, But What About Bitcoin? - newsBTC


newsBTC

Centralized Cryptocurrencies Dominate Market, But What About Bitcoin?
newsBTC
While the original cryptocurrency that started it all, Bitcoin, was designed by the mysterious Satoshi Nakamoto to focus on decentralization and removing the control governments have over existing fiat currencies, the industry he or she created is ...
Majority of Crypto Assets Are Highly Centralized, Research FindsBitcoin News (press release)

all 7 news articles »

Posted on 17 October 2018 | 4:31 pm

CME Group: Bitcoin Futures Trading Is Up 41 Percent in Quarter Three

CME volume

Bitcoin futures trading is up. American financial market company CME Group Inc. announced on Twitter early on the morning of Wednesday, October 17, 2018, that its futures products are experiencing rising volume, explaining, “In Q3, Bitcoin futures average daily volume rose 41% and open interest was up 19% over Q2.”

This is a massive improvement over just two months ago when CME stated that volumes on the futures markets had been in the hole for three consecutive trading sessions. During that time, CME’s data reported less than 2,500 BTC transactions — down from over 8,000 at the month’s midpoint. This represented a fall of nearly 70 percent over eight days.

Now, however, trading is heating up. Per the company’s data, the average daily volume soared above 5,000 contracts in the third quarter, a significant increase from the 3,577 contracts traded in Q2 and a 170 percent hike from the first quarter’s 1,854 contracts.

CME also offered data regarding open interest, which accounts for the total number of unsettled contracts held by current market traders. This figure is also significantly larger, jumping from about 1,500 individual contracts in quarter one to nearly 2,900 contracts in the third quarter. This number has also grown significantly from the second quarter, which boasted just over 2,400 separate contracts.

Tim McCourt, CME’s managing director and global head of equity products and alternative investments, suggested in September that volumes had been spiking and that the firm was witnessing growing interest from Asian markets.

“Out of the 40 percent of bitcoin futures trading on CME that’s outside the United States, approximately 21 percent are coming from Asia,” he mentioned at CoinDesk’s Consensus in Singapore.

CME’s data is somewhat comparable to bitcoin futures products listed on the Chicago Board Options Exchange (CBOE), which has posted similar numbers for each quarter with differences of only a few hundred contracts. In mid-February during Q1, for example, CBOE daily volume was at roughly 2,100 contracts, while open interest accounted for just over 1,100 contracts. By mid-June, both figures had jumped to 2,258 and 1,412 contracts, respectively. Now, in mid-October, CBOE is reporting significantly larger numbers, with nearly 5,800 contracts in the total volume category and about 1,750 contracts in open interest.

The first institutional-grade bitcoin derivatives of their kind in the U.S., both the CME and CBOE futures were launched back in December of 2017. The derivatives were considered a significant step toward attracting institutional money into the largely retail-investor-driven crypto market, and other legacy financial institutions have been following — or, in the case of a bitcoin ETF, trying to follow — CME’s and CBOE’s lead in 2018 to provide like products.





This article originally appeared on Bitcoin Magazine.

Posted on 17 October 2018 | 3:59 pm

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No Connection Required: How One Dev Sent Bitcoin While Off the Grid

goTenna bitcoin transaction

Following a partnership between Samourai Wallet and goTenna, which now allows users to send bitcoin transactions offline, one developer in New Zealand is staying ahead of the curve.

Detailing the feat in a series of tweets, Rigel Walshe used a $27 entry level, Android smartphone and four goTennas (portable devices used to create off-grid radio signals) to successfully send a bitcoin transaction without access to the internet.

Over the weekend I sent a bitcoin transaction to a relay 12.6km away with no cell network or internet connection. Here's a tweetstorm about how I used @gotenna and @SamouraiWallet to do it

— Coinsure (@Coinsurenz) October 16, 2018


Here’s how he did it.

Working in Auckland, New Zealand, Walshe used Google Maps to devise a relay route that would respect goTenna’s stated maximum relay range of 6.4 km (though he notes this region is mountainous, so it was important to find high ground so as to not have any land structures interfere with the signals).

As Walshe set up each goTenna, which has a concealed relay station, he sent a transaction to see if it effectively went through. His girlfriend was waiting on the other side of each transaction, with her smartphone connected to the goTenna mesh network Walshe created. (Although an internet connection was not needed in order to receive the transaction, she was only able to confirm that the transaction was successful by checking the blockchain over the internet.)

The developer was able to send a transaction from two of the three locations he used, citing that the third didn’t go through because it was “pushing the distance” of the goTennas.

A huge takeaway for Walshe was that, from the offline device, there was no way to know if the transaction had been received by the other party. Therefore, he would need to essentially depend upon the party on the other side, in this case his girlfriend, to accurately report back to him whether or not she had received the transaction. He noted that an analog message confirming that a successful transaction had taken place would be a huge advantage to the network.

“If this was being used in a disaster scenario ... after Hurricane Katrina, or in a hostile environment such as a prison or warzone, people may not be able to communicate to confirm the payment has actually made it onto the blockchain, as goTenna is a passive receiver system. A confirmation message would help reduce additional risk for those unable to use a solution like the Blockstream satellite for confirmation.”

So What?

While the experiment can be considered a success, off-grid transactions still have a long road ahead of them before they see mainstream adoption and application. Walshe’s own transactions were cumbersome enough, requiring that he set up specific hardware and map out a grid with multiple antennae to relay the transactions.

Nonetheless, the ability to begin to experiment with possible offline solutions is a huge plus for the Bitcoin community as a whole. As Walshe notes, “the requirement for internet access has been an objection point for bitcoin detractors since it started.”

Developments like this are important for Bitcoin, as it shows the technology being used in creative ways that are just beginning to push the boundaries of what we thought was possible.

When asked how he sees the results of his experiment used in the future, Walshe said to Bitcoin Magazine, “Hopefully other people will pick up the gauntlet and try to beat my record.” Indeed, we have seen blockchain technology make improvements in strides by first implementing ideas in the form of a game in the past.

A challenging, time-costly game at best, the infrastructure setup was the hardest part of the experiment, according to Walshe. Despite the difficulties, however, he still points out that he’s “going to do a few more reports using some interesting terrain.”

Walshe welcomes other Bitcoin enthusiasts to try to top him. “There [are] some amazing things that could be done by combining goTenna and drones,” he said. “Let’s see what everyone can come up with.”




This article originally appeared on Bitcoin Magazine.

Posted on 17 October 2018 | 3:36 pm

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 17 - Cointelegraph


Cointelegraph

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 17
Cointelegraph
The launch of Fidelity Digital Asset Services, by leading U.S. investment firm Fidelity, is a step in the right direction, providing institutional players a “secure, compliant, and institutional-grade omnibus storage solution for Bitcoin, [Ethereum ...
Bitcoin, Ethereum, Ripple, and Bitcoin Cash are sinking lower on ThursdayMotley Fool Australia

all 4 news articles »

Posted on 17 October 2018 | 3:29 pm

Huobi's US Exchange Sees 30% Boost in Trading for Tether Alternative

A spokesperson for HBUS says the exchange has seen a massive increase in USDT/TUSD trading this week after tether broke the proverbial buck.

Posted on 17 October 2018 | 2:45 pm

Bitcoin news latest: Is bitcoin real money? Tech giant Google says 'NO' in mocking advert - Express.co.uk


Express.co.uk

Bitcoin news latest: Is bitcoin real money? Tech giant Google says 'NO' in mocking advert
Express.co.uk
Google Call Screen promises to help you deal with calls from unknown numbers or people you'd rather avoid. The service works by answering incoming calls, asks the person for more information and offers options throughout the screening process to better ...

Posted on 17 October 2018 | 12:27 pm

Gemini Stablecoin Volume Doubles on Top 10 Exchange Amid Tether Turmoil

The Bibox exchange dominates trading in the Gemini Dollar, the Winklevoss twins' month-old stablecoin. Its volume surged when tether's peg broke.

Posted on 17 October 2018 | 12:00 pm

Canadian Blockchain Company Sees Opportunity in Newly Legalized Cannabis

DMG Cannabis

Like Walmart with pork from China and Maersk with shipping containers, DMG Blockchain Solutions (DMG) is hoping to be the first global supply chain company to manage cannabis products on the blockchain, initially in Canada — and then around the world.

Canada’s legalization of cannabis came into effect today on October 17, 2018, and Vancouver-based DMG Blockchain Solutions is poised to launch its platform built on the Hyperledger permissioned blockchain to provide what it calls “legal and safe” marijuana.

DMG Blockchain Solutions CEO Dan Reitzik told Bitcoin Magazine in an interview:

“The legal cannabis industry is brand new and, as such, producers, distributors, retailers and regulators are waiting for a solution and don't have years of experience with existing technology.”

In an effort to ensure that individual information and privacy will be protected, DMG is using the Hyperledger permissioned blockchain in conjunction with its own proprietary technology.

“This is one of the reasons we have partnered with a globally known, respected and trusted technology partner, as they have the experience integrating platforms with existing systems and software,” said Reitzik.

Medical marijuana has been legal in Canada for medical purposes since 2011, and, to this end, existing cannabis regulation calls for tight licensing and compliance measures. As pot goes recreational in the country, DMG’s solutions will leverage blockchain technology to enforce and streamline these processes.

This mainly involves verifying and tracking products — anything from cannabis, including edibles, oils and other derivatives — using a combination of the blockchain’s immutable distributed ledger and monitoring hardware. Keeping tabs on the flow of products with more certainty than existing systems will make it easier for companies to demonstrate that they’re falling in line with regulatory mandates, as federal departments responsible for regulating and taxing cannabis will have access to the DMG platform.

“[Companies] have been approved by the Canadian Government to cultivate and sell product, and our intention is to have ALL industry participants on this blockchain … [the government] will want assurances that product is from legal sources (elimination of black market) and that the products are safe for consumers. This is why all stakeholders will want to participate on our blockchain — to access these markets,” Reitzik said.

Canada: Fertile Market for Growing Cannabis Demand

According to DMG, cannabis represents a $23 billion industry in Canada alone. Some reports estimate that the global cannabis market could exceed $500 billion.

“Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of product, and enhancing product safety, as well as facilitating and automating legal and taxation compliance,” DMG noted in a public statement.

“Canada has set up a network of more than 100 Licensed Producers (LPs), some of which have market caps in excess of $5 billion,” claimed Reitzik.

DMG is currently in discussions with cannabis industry players, including major licensed producers, quality assurance labs, retail distributors and government regulators.

The Blockchain Prescription

DMG’s goal is to have a global platform that will provide immediate product traceability, as well as the ability to automate transactions and information flow among licensed producers, licensed distributors, regulators, retailers, shippers, and reporting and auditing systems.

To DMG, there are many clearcut benefits to using a permissioned blockchain to manage cannabis logistics.

It can integrate the licensed accreditation of producers, distributors, retailers, shippers, as well as manage reporting and auditing systems. For an industry that is still federally illegal in the neighboring U.S., such rigid control mechanisms are essential to keeping product flow within regulatory confines and preventing it from illegally jumping across the border.

Within the supply chain itself, smart contracts will detect events such as defective products and product recalls, which will allow distributors and retailers to react to issues in real time.

For all other operations, interfaces are being developed between the blockchain and traditional systems to facilitate faster and more efficient information flow. The same systems will ensure that employee and client onboarding is frictionless and fast and that cooperation between industry entities is painless and efficient.

“This global blockchain initiative is a collaboration among industry stakeholders and is being tailored to meet industry players’ specific requirements. DMG intends to onboard significant industry participants as it launches its cannabis supply chain solution,” said Reitzik.

“This project is not simply DMG building a platform, it is a collaboration between many industry participants. Just as there's one global blockchain that manages bitcoin globally, we intend for this to be the single blockchain to manage the entire supply chain for cannabis globally,” added Reitzik.


This article originally appeared on Bitcoin Magazine.

Posted on 17 October 2018 | 10:50 am

CME: Average Daily Volume for Bitcoin Futures Grew 41% in Q3

Average daily volumes for bitcoin futures trading saw a significant jump in the third quarter compared to the last period, according to CME Group.

Posted on 17 October 2018 | 10:49 am

Bitcoin is Repeating 2014's Downtrend Action That Corrected Vastly - newsBTC


newsBTC

Bitcoin is Repeating 2014's Downtrend Action That Corrected Vastly
newsBTC
As speculation over Bitcoin finding a bottom grows, one historical price action has surfaced to back a strong demand around a specific trading range. Crypto Monk, a highly followed Bitcoin and altcoin trader and founder of CryptoMonsoon podcast on ...

and more »

Posted on 17 October 2018 | 10:45 am

F2Pool Founder's Crypto Wallet Startup Raises $13 Million

Cobo, the crypto wallet created by F2Pool's founder, has raised $13 million from NEO and DHVC to expand its staking pool with a cold wallet launch.

Posted on 17 October 2018 | 10:16 am

Your Alma Mater Wants Your Donation—Just Not in Bitcoin - Fortune


Fortune

Your Alma Mater Wants Your Donation—Just Not in Bitcoin
Fortune
If you've invested in Bitcoin and want to share the cryptocurrency with your alma mater for a donation, you might face some trouble. According to a new report from Bloomberg, the University of Puget Sound is believed to be the first in the country to ...
Bitcoin Volatility Hits Record Low, Calm Before a Major Short-Term Rally? Experts Weigh InCointelegraph
Bitcoin price DOWN despite sudden huge price SURGE after launch of key crypto businessExpress.co.uk
Bloomberg: Colleges Are Learning to Handle Donations in Bitcoin (BTC)Ethereum World News (blog)

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Posted on 17 October 2018 | 9:22 am

Crypto Exchange Binance Adds Compliance Tools from Chainalysis

Binance, the biggest cryptocurrency exchange by trading volume, is rolling out new software to aid detection of potentially illicit transactions.

Posted on 17 October 2018 | 8:00 am

Bitcoin rally stalls as it approaches trade above 200-day moving average - MarketWatch


Bitcoin rally stalls as it approaches trade above 200-day moving average
MarketWatch
Major cryptocurrency prices were trading marginally lower Wednesday. After rising as much as 10% on Monday, bitcoin, the world's largest digital currency, broke out of a triangle formation, which if holds, one analyst said could point to another leg ...

Posted on 17 October 2018 | 7:24 am

Wallet Provider Blockchain Is Backing Crypto Giveaways In a Big Way

Cryptocurrency wallet and data provider Blockchain.info is launching a program to assist crypto projects distributing free tokens to users worldwide.

Posted on 17 October 2018 | 7:00 am

Qtum Blockchain Becomes Amazon Web Services Partner in China

Amazon Web Services' China unit is partnering with blockchain project Qtum to develop blockchain-as-a-service solutions for enterprises.

Posted on 17 October 2018 | 6:00 am

Bitcoin Value Indicator IQR Visualizations - Seeking Alpha


Bitcoin Value Indicator IQR Visualizations
Seeking Alpha
Using the Bitcoin Value Indicator, we can produce helpful visualizations of the expected market capitalization of Bitcoin under different time scopes. The Price/Predicted is mapped over the low, Q1, Q2, Q3, and high range of observations. This new ...

Posted on 17 October 2018 | 5:06 am

3 Hurdles Could Complicate Bitcoin's Price Recovery

Forcing a bitcoin price breakout is looking anything but easy for the bulls, with several major resistance levels lined up ahead.

Posted on 17 October 2018 | 5:00 am

Rwanda Starts Tracking Conflict Metal Tantalum With Blockchain

The Rwandan government has turned to blockchain to track tantalum, a metal used in consumer electronics and often associated with conflict zones.

Posted on 17 October 2018 | 4:22 am

CFTC Official Warns Smart Contract Designers Over Predictive Code

Smart contract coders could be held liable for providing predictive "event contracts" on a blockchain, a CFTC commissioner has said.

Posted on 17 October 2018 | 3:00 am

Monero to Become First Billion-Dollar Crypto to Implement 'Bulletproofs' Tech

A highly anticipated technology designed to make blockchain privacy features more scalable will be tested on Monero soon.

Posted on 17 October 2018 | 1:59 am

How Savvy Crypto Traders Gamed Coinbase's Latest Listing for a 35% Payday

It's possible to know what cryptocurrencies are going to be listed on Coinbase before it goes public.

Posted on 16 October 2018 | 10:00 pm

Media Startup Civil to Issue Refunds as $8 Million Token Sale Fails

New York-based blockchain media startup Civil will issue refunds to participants in its token sale, which failed to hit the $8 million minimum.

Posted on 16 October 2018 | 8:48 pm

Stablecoins All Want to Be $1, But They're Not Worth the Same

Buying bitcoin may be cheaper using a stablecoin the market has greater confidence in, like the Gemini dollar, than with an alternative like USDT.

Posted on 16 October 2018 | 4:30 pm

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance.

Amidst news of listings on Huobi and OKEx, two of the industry’s largest exchanges, TrueUSD (TUSD), Gemini USD (GUSD), the Paxos Standard (PAX) and Circle’s USD Coin (USDC) have all risen well above their pegs. Following the fiat-collateralized model pioneered by Tether (USDT), these stablecoins are meant to retain a stable $1 value, keeping their peg by backing each on-chain token with a dollar in their bank accounts.

On October 15, 2018, OKEx announced its immediate support of the four previously mentioned stablecoins, putting them in the company of tether, previously the platform’s only stable asset. Huobi, which also supports tether, followed suit the next day, announcing that it would open deposits for the four on October 19, 2018, with trading support to be announced at a later date.

On the same day as its OKEx listing, TUSD, the oldest and most established of the newcomers, rose to a high of $1.10. Settling down a bit, the coin has fallen since, but, at $1.03, it hasn’t completely stabilized.

Currently trading at $1.02, PAX mimicked TUSD’s price movements down to the cent, jumping to $1.10 on October 15, as well. USDC climbed higher at $1.11 on the same day before coming back down to $1.02.

Gemini exchange’s GUSD, though, had the worst go of it. During the OKEx listing, the coin rose 14 percent above its peg to $1.14. But it even trumped this price rise a day later when it jumped to $1.20 on October 16, 2018, following news of its forthcoming Huobi listing.

These new exchange listings and the subsequent price rises of the assets in question point to the market’s swelling demand for stablecoins, a story their issuance and circulation data makes clear. For example, since it was first listed on CoinMarketCap, TUSD’s market cap and circulating supply has grown 23 fold from $6.4 million to over $139 million. Coming to market roughly half a year after TUSD, PAX is catching up to tether’s number one competitor, minting just over $50 million worth of tokens in the month following its launch.

The Tether Effect

These price rises appear to have been isolated incidents involving only those fiat-collateralized stablecoins that are experiencing new exchange listings. Crypto-collateralized coins like MakerDAO’s Dai (DAI) and Bitshare’s BitUSD (BITUSD) did not experience the same upward price action.

This isn’t surprising given that each of the four coins were in the limelight for their integrations into two of the industry’s biggest exchanges. But the market’s leading stablecoin’s own stability woes might have a hand in the four’s price leaps.

In the early morning of October 15, a market-wide sell-off sent tether’s peg downward, driving prices to an average low of $0.92 on CoinMarketCap. It continued to trade well below its peg for the remainder of the day, and, on Bittrex, it even bottomed out to $0.90 against its USD pair.

Its peg disrupted, tether’s discounted price distorted prices across the market, as bitcoin began trading at a premium on exchanges that use USDT as a dollar denominated trading standard. Calling it a premium, though, is somewhat misleading, as bitcoin’s actual USD rate was a few hundred dollars lower than its rate against tether. In other words, the demand that was driving bitcoin’s price rise against tether would not hold its value when trading for hard cash, indicating that, instead of bitcoin trading at a more valuable position, tether was actually trading at a less valuable position.

The same effect, in part, could be at play with these four stablecoins’ appreciations. TUSD, for example, has pairs with USDT across multiple exchanges, including Binance and Bittrex, and USDT’s depreciating value could have buttressed TUSD’s own in these markets. PAX has a significant number of USDT pairings too, the largest market coming from Binance. GUSD has a single USDT trading pair on Bibox, though the volume on this pair is too negligible to effect its market averaged rate. USDC features a single trading pair with ether on Poloniex, its native exchange.

Given that Gemini saw the most violent upswing of the four and its USDT pair only accounts for a fraction of its 24-hour volume, tether’s influence could very likely be minimal. In addition, the ripple effect of tether’s distortion of bitcoin and ethereum prices — the two coins most often traded against stable assets — could be a contributing factor, as well.

At any rate, the broken pegs and contingent exchange listings indicate a rising demand for new stable assets. With roughly $600 million shaved off from its market cap during its price drop, the market-wide tether sell-off reveals that the market’s appetite for alternatives is growing. In the case of TUSD, GUSD, PAX and USDC, these alternatives offer more transparency and regulatory protections in areas where Tether has failed to deliver, and the drama that has punctuated the last two days in the market could foreshadow Tether’s waning industry dominance as competitors continue to encroach on its market share.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 4:17 pm

Bitcoin Price Analysis: Bitcoin Consolidation Forecasts $3,500 Move

Bitcoin Price Analysis

A strong round of buys hit the market this weekend as unsubstantiated rumors began to circle surrounding Tether and Bitfinex’s potential insolvency. I won’t be going into the details surrounding the allegations because, like I said, they are nothing more than unsubstantiated rumors. However, the effects of the rumors did not go unnoticed.

Tether, a stablecoin and dollar-backed token, began to stack up a sizable premium from its normal 1:1, dollar-to-tether market rate. This deviation in price began to run massive premiums between Bitfinex and other large crypto exchanges. At one point, the price of bitcoin on Bitfinex hit a high of $7,800 while barely breaking $6,700 on most other exchanges. At the time of this article, the premium, although still modest, has closed significantly. The trend difference between Bitfinex and other exchanges tells a very different story than those of Coinbase, Gemini and Bitstamp:

fig1Figure 1: BTC-USD, 12-Hour Candles, Bitfinex Premium and Break of Downtrend

One huge difference between Bitfinex and other exchanges is this clear and decisive break of the multi-month downtrend that has governed the market dynamic for the last 10 months. Currently, Bitfinex is consolidating outside this downtrend and saw the largest daily volume that its BTC-USD market has traded in over 6 months. However, if we take a look at Bitstamp, for example, we see a very different story:

fig2Figure 2: BTC-USD, Daily Candles, Bitstamp Price Trend

Although Bitstamp also saw a sizeable round of buying pressure, it wasn’t enough to crack the downtrend (shown in black). I’m not going to attempt to speculate on the potential outcome of this whole Tether/Bitfinex debacle, but judging strictly from price action, bitcoin is looking very consolidated and ready for a very large move.

The current consolidation pattern is called a descending triangle and has a measured move of approximately $3,500. Whether that $3,500 move is upward or downward remains to be seen, but one thing is certain: The market is very tightly wound and ready for a move:
fig3Figure 3: BTC-USD, Weekly Candles, Bollinger Bands

The weekly Bollinger Bands (bbands) have been consolidating since bitcoin topped at $20,000. If you are unfamiliar with bbands, you can think of them as an envelope of volatility: If the bands are expanding, they forecast a continuation of volatility, if they are contracting they forecast reduced volatility, and if they are squeezing (which is what we see right now) they forecast upcoming volatility.

Since the bear market began, bitcoin has been unable to break the midline of weekly bbands and volume has contracted. Currently, we are making a pivot for a fourth higher low as the volume and price volatility has continued its trend of consolidation. The first milestone, on a macro perspective, would be a break and close above the weekly bbands midline — which just so happens to also line up with the macro downtrend shown in Figure 2.

We have already wicked above the weekly midline, but the price is currently sitting just below the midline values. If we can manage to close the current candle above the midline, that would be a very bullish signal and will likely see the projected move of the descending triangle (shown in Figure 2) push the price to the low $10,000 range.

However, if we fail to break out upward we have an immediate support test in store in the low $6,000 range. This would mark our sixth test of this support — typically not a good sign as support tests tend to weaken with each test. If we break below support, I would fully expect to see, at minimum, a test of the macro 78% retracement shown in Figure 3 — the low $4,000 range. There is very strong support on these values which will likely stifle any significant round of selling. For now, we are basically in wait-and-see-mode until the bitcoin consolidation is broken.

Summary:

  1. Tether/Bitfinex insolvency rumors caused a massive tether premium to occur and, ultimately, resulted in a large price discrepancy across multiple exchanges.
  2. Currently, Bitfinex is sitting outside its macro downtrend while virtually every other exchange is sitting inside its downtrend.
  3. We are in the process of testing the weekly bbands midline and are currently rejecting the midline values. If we can manage to close the weekly candle above the midline, that would be a very bullish signal.
  4. Our currently consolidation pattern has a measured move of $3,500 and can break out in either the upward or downward direction. For now we are consolidating, so it’s very difficult to tell in which direction it will actually break out.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 4:03 pm

Ethereum Foundation Issues $3 Million in New Grants

Ethereum Foundation Grants Program

The Ethereum Foundation has awarded a total of $2.86 million to 20 different projects in Wave IV of its Grant Program.

Announced at the beginning of 2018, the foundation began the new year with a resolution to fund promising projects that develop on Ethereum. Since the program’s launch, the foundation has committed over $14 million to 72 projects, the majority of which has gone to startups focused on scaling, with security and user experience receiving the next most in funding.

The latest wave of capital allocation keeps with the familiar theme of scalability, though it also concentrates almost equally on developer experience projects. Securing $500,000, Status’ Nimbus, an Ethereum 2.0 sharding client, is tied alongside Prysmatic Labs’ Eth 2.0 Prysm client for attracting the most funding. These two are followed by the $420,000 accrued by Spankchain, Kyokan and Connext for a collective project, originally unveiled at DevCon 4, focused on a non-custodial payment channel. To the tune of $375,000, the third largest grant was awarded to Prototypal​​ for “[front-end] state channel research and development.”

Honorable mentions include the $250,000 allocated to Finality Labs​​’ work on forward-time locked contracts (FTLC) and with a like amount given to Kyokan to develop cash and debit plugins for Plasma, an Ethereum payment channel solution in the same vein as Lightning.

For developer experience, TrueBlocks secured $120,000 to create an open source block explorer, and Gitcoin​​ received $100,000 to kickstart bounty funding on its platform.

In the original post that unveils the program, Vitalik Buterin stresses that “[these] payments are NOT intended to be sources of substantial profit to recipient organizations; they are rather intended to cover some of the costs involved, with the understanding that anyone who participates in the scheme will have access to a unique opportunity to participate in Ethereum 2.0 development.” Outside of an infusion of capital, this “unique opportunity” includes working closely with Ethereum’s core research and development team.

At the end of each grant update, the foundation provides a wish list for the projects it’s looking to fund in the future. At the top of the Wave IV list, the foundation calls for more payment/state channel solutions, Plasma development, smart contract auditing, intuitive wallet designs, key management software and privacy solutions, among others.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 12:23 pm

Huobi Joins OKEx in Adding Four New Stablecoins

Huobi stablecoins

Huobi Global has announced its decision to list four USD-pegged stablecoins by the end of the week.

In a support notice published on its platform, the company noted that users will be able to make deposits for Paxos Standard Token (PAX), True USD (TUSD), Circle’s (USDC), and Gemini exchange’s (GUSD) on its exchange starting from Friday, October 19, 2018 (GMT +8).

That was as much detail as the exchange revealed, as it says further information for when trading would start on the exchange will be announced at a later date. Huobi is the fifth largest digital currency exchange and is currently the ninth largest market for Tether, according to data from CoinMarketCap.

Huobi becomes the latest top 10 crytpocurrency exchange to add new stablecoins as uncertainty continues to mar Tether’s market reputation. OKEx took the same step by adding the aforementioned tokens to its listed assets yesterday. Tether, the world's largest stablecoin, lost its peg in the early hours of October 15, 2018, causing major price discrepancies between bitcoin’s BTC/USDT and BTC/USD trading pairs across the market.

While uncertainty persists regarding Tether's USD holdings, Leonardo Real, Tether’s chief compliance officer, in an email response to CNBC, believes the current happenings in the market are no cause for alarm.

"We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities," he added.

At press time, Tether is trading at $0.98, tied to bitcoin trading pairs. Against the USD on Kraken and Bittrex, it is trading at $0.95 and $0.96, respectively.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 12:15 pm

Advertise with Anonymous Ads

Winklevoss-Backed Stablecoin Soars Above $1 as Tether's Market Cap Plunges

The Gemini dollar has broken its peg, climbing to an all-time high of $1.19 on Tuesday.

Posted on 16 October 2018 | 11:15 am

Reshape Blockchain Security With BlockSafe Technologies - [BTC Media Sponsor]

BlockSafe Thumb

In today’s rapidly advancing world of blockchain innovation, it’s no secret that cryptocurrency wallets, exchanges and enterprise platforms are targets for nefarious activity. Underscoring this threat are three notable hacks and accompanying losses for investors in recent history: Mt. Gox (650,000 BTC lost), Bitfinex (120,000 BTC lost) and DAO Ethereum ($50 million lost). 

At the epicenter of efforts to thwart the proliferation of these intrusions is BlockSafe Technologies. A U.S. company with headquarters in Edison, New Jersey, BlockSafe is a subsidiary company of StrikeForce Technologies, Inc., a leading cybersecurity solutions provider for corporations, government agencies and consumers that has been in business over 18 years. 

According to BlockSafe, most hacks involve wallets compromised by malware, where keyloggers are used to obtain secret codes and clipboard information is used to redirect destination addresses. Once a wallet has been hacked, getting money returned or even the prospect of legal recourse has always proven next to impossible. 

BlockSafe employs a multipronged approach that locks down the decentralized ecosystem along the three primary exposure points of wallets, exchanges and private blockchains. Through a comprehensive set of solutions, BlockSafe provides a stable approach for today’s topsy-turvy blockchain ecosystem at its two highest on-ramps of vulnerability: user authentication and interaction. 

1.     Wallet Security

BlockSafe’s CryptoDefender product includes two versions, one for desktop and one for mobile, to ensure device protection. It accomplishes this by proactively mitigating keylogging malware, which is often the source of crypto wallet credential theft. Available on both Android and iOS devices, it also includes a password vault, secure browser, two-factor authentication and strong password generator.

2.     Exchange Security

BlockSafe’s ExchangeDefender consists of two product features — CryptoDefender, as well as ProtectID, which protects the computers and mobile devices involved in the exchange.

3.     Blockchain Security

BlockSafe’s BlockchainDefender serves as an interchange between applications and private blockchains. Data fields are scanned for malware, and transactions are authenticated via ProtectID.

According to BlockSafe CEO George Waller, $9 million is stolen from crypto wallets every day.

“They are an easy target for hackers,” he said. “When money is stolen from a user’s wallet, it’s gone. There is no one to call because there’s no one regulating it.” 

Because of the skyrocketing growth of blockchains and cryptocurrencies, Waller said that the team at BlockSafe began looking at vulnerabilities across the ecosystem. It was here where they began to realize that three areas (wallets, exchanges and blockchains) all have major vulnerabilities. 

“That’s what led us to open up and dedicate a company exclusively to the security concerns facing crypto wallets, exchanges and private blockchains,” Waller said. “We’re dedicated 100 percent to just protecting this ecosystem.”  

He also noted that if you look at the non-crypto world in the last seven years, over 90 percent of attacks throughout the world are malware and spyware related. 

“Thieves just don’t decide they want to be in a network and get in,” he said. “Rather, they have to use brute force and steal credentials and stuff like that.” 

This, said Waller, is where malware comes in.

“They use it to steal your credentials and to log themselves in,” he explained. “About 95 percent of the time with that malware, a keylogger was at least one of the components used to facilitate the breach —what we call a ‘malware cocktail.’ So, as cryptocurrency started to grow quickly over the past few years, the hackers started turning their attention to using this same malware with other components, to steal from user wallets and their phones.”   

The good news, according to Waller, is that BlockSafe Technologies’ parent company, StrikeForce Technologies, has dedicated the past 18 years to helping people protect what they do.

“We live, eat and breathe cyber,” Waller said. “That is all we do; we do cyber and nothing else.” 

Dean Anastos, founder and CEO of blockchaindevelopers.org, a company specializing in token creation, smart contracts and crowdsale services on the Ethereum blockchain, is adding his own expertise to the efforts of BlockSafe Technologies.

“We have been assisting George and his group over the past year or so in getting his

STO [security token offering] project off the ground,” Anastos said. “They have a very interesting technology that seeks to basically protect individuals from getting their crypto stolen. It is a genius idea, and they have a patent on it.”

With help from blockchaindevelopers.org, BlockSafe is conducting a security token offering and creating a revenue-generation token.

“Right now, what we are very concerned about from the perspective of crypto is minimizing the barriers of mass adoption into this industry,” Waller said. “Because if malware really starts to reap the benefits of what malware does, it is going to prevent mass adoption. We see the value of blockchain technology, but we also know from 18 years of experience how hackers steal. So, we want to protect the wallets, protect the exchanges and protect private blockchains. That’s where we are laser-focused at the moment.”

Note: Trading and investing in digital assets is speculative and can be high risk. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.

This promoted article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 9:58 am

The Price Of Bitcoin And Equities Are Correlated - Forbes


Forbes

The Price Of Bitcoin And Equities Are Correlated
Forbes
Bitcoin is not meant to be an asset that is correlated to things like commodities and equities. However, it is--and if you are a chart-watcher you have likely seen bitcoin move in line with other markets. The clearest example of this has been shown in ...

Posted on 16 October 2018 | 8:38 am

Australian State Eyes Blockchain Upgrade for Property Transactions

The New South Wales state government is trialing blockchain tech from ChromaWay as part of a bid to digitize property conveyance by next summer.

Posted on 16 October 2018 | 8:30 am

Is The Correlation Between Stocks And Bitcoin Real? - Forbes


Forbes

Is The Correlation Between Stocks And Bitcoin Real?
Forbes
Market analysts have repeatedly asked whether stocks and bitcoin are correlated. Long story short, it depends on one's time frame. In the short-term, there are certainly instances where stocks and the digital currency have moved in tandem. During 2017 ...

Posted on 16 October 2018 | 5:00 am

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

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

Posted on 12 June 2017 | 1:06 am

Bitcoin Trading Bots

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

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

October 17, 2018 -
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