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Sentiment Analysis Service Predicoin Launches for Cryptocurrency Traders

December 11, 2018 |

Sentiment Analysis Tool Predicoin Launches for Cryptocurrency Traders

Keeping abreast of cryptocurrencies means frequently browsing and interpreting vast amounts of content from various online sources. As the crypto markets expands and matures, information overload becomes a problem. Astute traders are increasingly seeking crypto-specific tools that can distill the noisy input data into quality insights. Predicoin is one such potential solution.

Also read: Meet the New Sentiment Analysis Tools Empowering Smarter Trading

Predicoin Goes Live With “Sentscore” Functionality

Sentiment Analysis Service Predicoin Launches for Cryptocurrency TradersIn August, news.Bitcoin.com previewed Predicoin, which was then in early stage development. The data analytics platform, which is now open to the public, aggregates news and social media content before extracting the sentiment using machine learning. In addition to serving up crypto news and social media content, Predicoin provides its own built-in analytics in the form of “Sentscore” (sentiment score). This functions as a general sentiment indicator for the cryptomarket, powered by algorithms that compute sentiment from five verticals:

  • Amount of content and article context from crypto news sites
  • Social media sentiment (currently Twitter and Reddit) and volume from crypto influencers
  • Macro and micro economics/fundamentals of a coin (team, developers etc.)
  • Technical indicators on a coin’s price
  • Popularity and trending characteristics of a coin

Predicoin plans to use its datasets and analytics framework to derive trends between sentiment and price. “We’re still tuning our algorithms and regularly backpropagating updates to prior data,” explained Pierre-Alexandre Picard, Predicoin COO. “These metrics could change, but we’re very excited to start seeing some potential correlations on our charts. We continue to work hard on identifying patterns to provide the most accurate indicators to our users.”

Sentiment Analysis Service Predicoin Launches for Cryptocurrency Traders
BCH social sentiment leading up to the hard fork

Gauging Social Sentiment

Although Predicoin is still in beta, testing shows the platform to be quite efficient in some cases at accurately conveying social trends. For instance, at the height of the recent Bitcoin Cash fork, Predicoin detected a significant upward shift in volume of news and social media that mentioned BCH. While this finding isn’t surprising, seeing the data overlaid with that of BCH price action suggests the degree to which sentiment can be used to predict price.

This is best seen in the case of Ripple’s eponymous cryptocurrency. XRP’s price run-up in September, which was linked to the announcement of U.S.-based PNC Bank partnering with Ripple to conduct instantaneous cross-border payments. Predicoin identified the positive news published on XRP and shared multiple times across social media, taking its native Sentscore to an all-time high for ripple. The price followed within the next 12-24 hours, boosting XRP to over $ 0.60.

Sentiment Analysis Service Predicoin Launches for Cryptocurrency Traders

BTC’s social chart is also interesting to explore, showing sentiment falling with the bitcoin crash that occurred on Nov. 15:

Sentiment Analysis Service Predicoin Launches for Cryptocurrency Traders

The platform detected a strong downturn in the sentiment of social media the moment BTC lost around $ 100. To further improve its algorithmic predictions, Predicoin runs statistical tests on the data it amasses to develop metrics that connect price and social information. The goal is to ultimately develop a tool that traders and investors can rely on for asset research.

Predicoin’s data analytics service currently extends to 30 cryptocurrencies, enabling enthusiasts to log in and discover social patterns, check daily, weekly, and monthly scores, and access the content from which these scores are formulated. Generating profit in a bear market isn’t easy, even when armed with tools and algorithms aplenty. Given the fallibility of technical analysis, however, alternative indicators are to be welcomed, be it to bolster existing trading ideas or to give rise to new ones.

Do you think sentiment analysis can be a valuable trading indicator? Let us know in the comments section below.


Images courtesy of Shutterstock and Predicoin.


Disclaimer: Bitcoin.com does not endorse nor support this product/service.

Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The post Sentiment Analysis Service Predicoin Launches for Cryptocurrency Traders appeared first on Bitcoin News.

Bitcoin News

Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

December 11, 2018 |

Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

Kenyan health services provider Health Land Spa has started taking BTC and other cryptocurrencies as a means of payment with a view to increasing accountability and averting losses. Across East Africa, cryptocurrency acceptance is on the rise, with at least two restaurants in Uganda and Kenya selling food for virtual currencies.

Also read: Wirex Introduces Iban for all European Crypto Card Accounts

‘Safe and Secure’ Currency

Tony Mwongera, founder of Nairobi-based Health Land Spa, told Kenyan news site Bitcoinke that he resorted to BTC to plug revenue loss. “There was so much theft in my business. So I decided, why don’t I use a technology which is safe and secure, and I decided to accept bitcoin [core] as a mode of payment.”

Steady Rise in Small Businesses Accepting Bitcoin for Payment in Kenya
Tony Mwongera

With the introduction of cryptocurrencies, Health Land Spa customers will now be footing the bill for massages, pedicures and other health and beauty treatment services from their digital wallets. The company, which also accepts dash, is looking to add more cryptocurrencies in the coming months.

Mwongera is not the first Kenyan service provider to make a bitcoin move. Boxlight Electronics, a Kenyan company that distributes a range of electrical gadgets including television sets and home theaters, now accepts payment in bitcoin core and bitcoin cash.

Robinson Murage, chief executive officer of Boxlight Electronics, has said previously: “We have received tons of requests from our customers to pay using digital currencies. As a company whose 90 percent of customers are young, tech savvy and predominantly online we choose to be all inclusive and adapt to the needs of those that prefer this type of currency.”

 Bitcoin for Roast Beef

In Kenya’s rural town of Nyeri, Betty Wambugu operates a restaurant business, Betty’s Place, selling roast beef in digital currency. “Bitcoin is a means of payment like any other and we accept it here at the restaurant the way we do … cash,” restaurant owner Wambugu was quoted as saying.

Steady Rise in Small Businesses Accepting Bitcoin for Payment in Kenya

“Since the world is becoming more global, my place is also becoming a global restaurant. I attract different customers from different parts of the world, whichever coin they have. As long as it’s a viable coin we accept it,” she added.

Wambugu’s relationship with BTC started much earlier than her acceptance of the digital coin. The business woman used her cryptocurrency savings to buy a two-storey building she later converted into Betty’s Place, BBC reported. However, the bitcoin side of business has not been fast for Wambugu, with about 30,000 Kenyan shillings ($ 300) in sales from around 20 people, as of October.

Unfazed, Wambugu has recently started hosting classes at her restaurant on Sundays to encourage uptake of cryptocurrency. She intimated that the authorities are not up to speed on the technology, but Kenya’s government has launched a taskforce to look into ways the country can advance in blockchain and artificial intelligence.

Top Crypto Market in Africa

Several months have passed since the Kenyan parliament tasked the country’s Financial Ministry with coming up with a determination as to whether to regulate bitcoin and other cryptocurrencies. There has not been any official communication from the Kenyan government in relation to its latest position on the future of BTC.

Steady Rise in Small Businesses Accepting Bitcoin for Payment in Kenya

However, the economy is rated as one of the top 25 cryptocurrency markets in the world, and third in Africa after Nigeria and South Africa.

In neighboring Uganda, restaurant owner Jennifer Birungi also accepts BTC; not a hard business decision as the Ugandan capital, Kampala, is home to dedicated bitcoin evangelists like the lecturer Richard M Bagorogo. “I am living on bitcoin because getting a job in this country is not easy,” Bagorogo told the congregation that faithfully flocks to his bitcoin “sermons.”

What do you think about bitcoin acceptance in Africa? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitcoinke


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The post Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya appeared first on Bitcoin News.

Bitcoin News

US Law Professor: Confusing Cryptocurrency Regulations Will Hamper Innovation

December 11, 2018 |

US Law Professor: Confusing Cryptocurrency Regulations to Hamper Innovation

Carol Goforth is a professor at the University of Arkansas School of Law. She recently published a paper about the consequences of having cryptocurrency regulations fall under a number of conflicting laws, defined by various U.S. authorities, all at the same time.

Also Read: IRS to Face Record Number of Crypto-Related Loss Claims

Confusing, Prohibitive and Expensive Regulations

US Law Professor: Confusing Cryptocurrency Regulations Will Hamper InnovationCrypto assets are currently regulated in the U.S. as property by the Internal Revenue Service (IRS), as money by the Department of Treasury’s Financial Crimes Enforcement Network (Fincen), as commodities by the Commodity Futures Trading Commission (CFTC), and as securities by the Securities and Exchange Commission (SEC). Additionally, every single state has its own set of laws that may apply to crypto, and some have even adopted unique regulatory approaches towards the matter.

This has produced a set of overlapping rules and confusing requirements that is likely to hamper innovation in the American crypto industry, according to law professor Carol Goforth. Moreover, the expenses associated with complying with all of these obligations can be prohibitive and time-consuming for U.S. crypto businesses such as exchanges. And with the added risk of investigations and enforcement actions, “it is easy to see why the U.S. is not regarded as being receptive to crypto,” she explained in her paper.

A Paradigm Shift Is Required

US Law Professor: Confusing Cryptocurrency Regulations Will Hamper InnovationUnfortunately, professor Goforth has determined that it is unlikely that the U.S. will do away with any of the aforementioned bodies or limit the jurisdiction of existing agencies so as to consolidate regulatory power. This is because prior attempts to consolidate functions of different financial regulators have failed, legislators think that existing authorities have differing areas of expertise, and the courts have approved the situation.

It therefore behoves these agencies to get together and make a concerted effort to coordinate enforcement and regulatory oversight based on a more nuanced approach. “This change in perspective requires a paradigm shift that moves away from treating crypto as a single kind of asset, when in reality, it is not. Hopefully, American regulators will realize this, and act on this reality, sooner rather than later,” she concluded.

How should US-based cryptocurrency innovators deal with confusing regulation? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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

The post US Law Professor: Confusing Cryptocurrency Regulations Will Hamper Innovation appeared first on Bitcoin News.

Bitcoin News

Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar

December 11, 2018 |

Gibraltar Exchange Buys Insurance Cover for Listed Crypto Assets as Cyber Attacks Soar

With cyberattacks on the rise, Gibraltar Blockchain Exchange (GBX) has announced an insurance policy to cover its digital assets in partnership with Gibraltar-based Callaghan Insurance. Cryptocurrencies held in both the hot and cold wallets of the trading platform will be insured.

Also read: Report: Swiss City of Zug Named Fastest Growing Tech Hub in Europe

Cyber Insurance for Cryptocurrencies

“We are delighted to announce the introduction of insurance coverage … this represents an important step in attracting users who require strict assurances around the security of their assets,” Nick Cowan, chief executive officer of GBX, said in a statement on Dec. 10.

Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar

Cowan said his exchange, licensed by the Gibraltar Financial Services Commission only last month, was “committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.”

The insurance cover ensures that assets in the custody of the GBX are insured. It also means digital currencies held by the exchange for investors will be covered, “providing additional reassurance to a wide variety of traders around security and transparency,” stated the CEO.

Cyber Attacks on the Rise

Attacks by hackers on exchanges are not uncommon in the fledgling cryptocurrency industry. Estimated losses from cyber crime have topped $ 930 million so far this year, according to data by U.S. security firm Ciphertrace.

As thefts have rocked exchanges worldwide, some platforms have woken up to the need to not only strengthen their security to safeguard investor funds, but also to buy insurance to cover potential losses. This is particularly crucial in an industry that has drawn its share of unsophisticated investors who trade with a certain degree of naivety in many cases, lured by the promise of quick riches.

Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar

Incidents of fraud and stolen funds can smear a market struggling to build confidence in the absence of regulatory oversight. Exchanges will also have to worry about the costs associated with investigating and closing a breach in the event of a hack, loss of business, public relations to repair confidence and other issues. Given these factors, it is of little surprise that GBX has opted to invest in cyber insurance.

Gibraltar Developing Into a Cryptocurrency Hub

Bruno Callaghan, managing director of Callaghan Insurance Brokers, said: “I am delighted that Callaghan have been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit for purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the distributed ledger technology arena.”

GBX, a unit of the GSX Group, owners of the Gibraltar Stock Exchange, was recently granted a full license to operate by the country’s financial regulator. In the past 24 hours, about $ 6.5 million worth of BTC had been traded on the platform, according to Coingecko.

Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar

Gibraltar is positioning itself to be a major center for cryptocurrency development. Earlier this year, the European territory introduced a purpose-built distributed ledger regulatory framework. GBX chief executive officer Nick Cowan said the partnership with Callaghan Insurance “highlights the relentless efforts being made by businesses and regulators in Gibraltar to provide a sustainable environment for blockchain development.”

What do you think about cyber insurance cover for cryptocurrency exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar appeared first on Bitcoin News.

Bitcoin News

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

December 10, 2018 |

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

There has been a slew of bitcoin mining rigs announced during the last 12 months that claim to process more terahash per second while consuming less energy. However, with cryptocurrency prices so low, lots of newly launched machines are not profitable and many of them haven’t even shipped yet.

Also read: Federal Agents Told This Silk Road Moderator to Fake His Own Death  

The Five Profitable Mining Rigs

Digital asset prices have seen better days as cryptocurrency markets throughout the entire 2018 calendar year have been riding a long bearish trend. Many coins with the SHA-256 mining algorithm such as bitcoin cash (BCH), bitcoin core (BTC), and peercoin (PPC) have lost considerable value. Because cryptocurrency prices are so low, many mining devices announced this year are failing to bring a profit and some machines cannot be purchased on the open market. According to real-time statistics from Asicminervalue.com at the time of publication, only five mining devices make a profit and two machines are not yet available on the market. The data website uses a combination of electrical costs, current network difficulty, block reward, and exchange rates to figure out whether or not certain ASIC machines are profitable.

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Machines With Significant Terrahash Pull Small Profits

The most profitable machines on Monday, Dec. 10, 2018, three weeks before the new year, are manufactured by the corporations Ebang, Asicminer, Innosilicon, and Bitmain. The Ebang Ebit E11++ is currently the most profitable mining device on the market with 44 terrahash per second (TH/s) and it consumes 1,980W. The Ebang mining rig priced at $ 2,500 makes about $ 1.39 per day profit with current BTC prices. The E11++ is currently available on the open market from two companies but one vendor is only taking pre-order right now. The Asicminer 8 Nano is another machine that processes 44TH/s but pulls 2,100W from the wall. The machine created by Asicminer was launched in October and pulls a profitability of about $ 1.02 per day, at the time of writing. The company’s 8 Nano is available for purchase through the Canadian dealer Mining Cave for $ 2,045.

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Then there’s the new Innosilicon T3 model, which also claims to boast roughly 43TH/s but the rig is not available to the public just yet. The T3 will be released in January 2019, according to the company, at a price of $ 2,500 per machine. With current market statistics, this gives the T3 a profitability of about $ 0.84 per day for a machine you cannot obtain. The next most profitable miner, Asicminer 8 Nano Pro, is obtainable according to Asicminervalue. The Nano Pro claims to process a whopping 76TH/s but consumes over 4,000W in electricity. These metrics make the $ 11,600 machine only profitable by $ 0.59 per day. Lastly, Bitmain contends the Antminer S15 machine produces about 28TH/s, pulling 1,596W from the wall, giving the device a profitability of $ 0.27 every 24 hours.

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Operating at a Loss

Many other machines that were announced this year are not showing profits and consume more energy cost if the companies continue to operate them. GMO’s B2 and B3, which boast 24-33TH/s, can lose between $ 1.90-4.98 per day at current BTC prices. The infamous Halong Mining Dragonmint T1 model sees a loss of around $ 1.87 per day.

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Innosilicon’s previous models, besides the unobtainable T3, are all seeing losses at the time of publication. The top four Whatsminer models (M10, M10s, M3, and M3X) lose $ 1-4.25 every 24 hours, according to the statistics. A large variety of SHA-256 Bitmain models, including the S9, R4, S11, and many other series, are unprofitable. The Canaan Avalon series is in the same boat as the 841, 821, and 921, losing about $ 1.69-1.86 per day with current BTC prices at $ 3,500 per coin.

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Bearish SHA-256 algorithm coin prices have affected network hashrate considerably over the last few months. For instance, the bitcoin core (BTC) hashrate touched 61 exahash per second (EH/s) during the last week of August, but this month the BTC hashrate is only 35 EH/s. However, there may be many facilities which are still making a profit with older machines if their electric cost is highly subsidized or nearly free.

Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Many flashy machines announced this year have touted 7 and 10 nm chips and much bigger processing power, but cryptocurrency market prices have made it so only a few machines are profitable. But if markets push higher again turning from a bearish-to-bullish trend, then a great majority of the newly released 2018 mining rigs should become profitable again.

What do you think about these mining rigs and their profitability rates with current prices? Let us know what you think about this subject in the comments section below.

Disclaimer: Bitcoin.com does not endorse these products/services. Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. This editorial is intended for informational purposes only. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images via Shutterstock, Ebang, Asicminer Nano, Bitmain, and Asicvalue.com.


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The post Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December appeared first on Bitcoin News.

Bitcoin News

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive ‘Bottom’

December 10, 2018 |

The entire crypto-economy has been meandering just above $ 109 billion after the last two weeks of market dumps. Volume has been light this week as digital asset enthusiasts and traders are now pondering the crypto market’s next big move.

Also Read: Former Israeli Prime Minister Calls Cryptocurrencies a ‘Ponzi Scheme’

Market Surfers Wait for the Next Big Crypto Wave

Digital currency prices are at their lowest in over 15 months and prices have dropped considerably over the last few weeks. After many of the top cryptocurrencies touched significant lows on Dec. 7, about 48 hours later markets saw a brief spike upwards. Right now, most of the top coins are moving in a consolidated triangular pattern, seeing some lighter swings on Monday, Dec. 10.

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive 'Bottom'
The top 10 cryptocurrencies on Monday, Dec. 10, 2018.

At the time of publication, the price of bitcoin core (BTC) is about $ 3,478 and is down roughly 4.5% over the last 24 hours. The second highest valued market held by ripple (XRP) is down 4.8% and each coin is trading for $ 0.30. Ethereum (ETH) prices have lost 6.2% during the last day and the coin is being swapped for $ 91. The cryptocurrency stellar (XLM) is the fourth largest market cap today as each coin trades for $ 0.11. Meanwhile, the stablecoin tether (USDT) has seen significant demand and now captures the fifth largest crypto valuation. Tether usage has reached a three-month low, however, as other stablecoins like TUSD, USDC, and GUSD have seen significant volume increases.  

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are doing better today after a little skirmish with BSV in terms of prices on Dec. 7. Today, BCH is trading for $ 106 per coin and markets are down 2.9% for the day and 33% for the week. Bitcoin cash has about $ 86 million in trade volume which still pales in comparison to the $ 500 million global trades per day the coin held prior to the fork. The top five trading platforms swapping the most BCH today are Lbank, Binance, Huobi, Bluebelt, and Hitbtc. The biggest pair today being swapped against BCH is ethereum (ETH) which captures over 34% of Monday’s BCH trades. This is followed by BTC (28.5%), USDT (25.6%), USD (4.9%), and the EUR (2.3%). This week BCH is the 13th most traded cryptocurrency out of the 2,000+ coins on the market.

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive 'Bottom'
BCH/USD 7-day chart on Dec. 10.

BCH/USD Technical Indicators

Looking at the BCH/USD four-hour chart on Bitstamp shows bulls are attempting to push forward after some heavy hits the past few days. At the moment, one BCH is trading for $ 101 per coin. The two Simple Moving Averages (SMA) show the long-term 200 SMA is still above the short term trendline indicating the path toward the least resistance is still down.

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive 'Bottom'
BCH/USD 4-hour chart on Bitstamp. 12/10/18

However, the 30-minute BCH/USD chart shows the two trend lines recently crossed paths and on the four-hour chart it looks as though they may cross hairs as well. The relative strength index on the four-hour shows oversold conditions at -39 and the MACd shows room for improvement too, but more so toward the downside. Order books on Bitstamp indicate that BCH bulls need to fight current resistance that’s stacked up until the $ 125-$ 150 zones. If bulls can surpass this region then they could gain some upward momentum. On the backside, order books show fairly solid foundations between now and $ 88 per BCH.

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive 'Bottom'
BCH/USD 4-hour chart 3:00 p.m. EST, 12/10/18.

The Verdict: Traders Too Skeptical to Call the Bottom

Most traders have been conversing about whether or not current prices can be regarded as ‘the bottom’, a topic they have pondered multiple times this year. Prices have shown various bull traps and dead kittens bouncing from the all-time highs last December all the way to the lowest of lows this December. BTC/USD shorts are still incredibly high and short positions placed on Bitfinex touched all-time highs on Dec. 6, reaching more than 42,000 that day.

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive 'Bottom'
BTC/USD shorts on Bitfinex. 12/10/18.

This metric has tapered off a little, but BTC/USD short positions are still incredibly high (37,000) with the price as low as it is today. Nevertheless, BTC dominance among all digital asset market valuations has remained unscathed over the last three months. Again, another week has passed and cryptocurrencies have seemingly bottomed out and continue to consolidate for now, leaving traders to pray they played their positions right this time around.

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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The post Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive ‘Bottom’ appeared first on Bitcoin News.

Bitcoin News

Bitmain Shuts Down Research and Development Center in Israel

December 10, 2018 |

The ongoing bear market has caused another cryptocurrency company to downsize its operations. Bitmain, the Beijing-headquartered bitcoin mining technology giant, has now begun shutting down its research and development center in Ra’anana, Israel.

Also Read: Former Israeli Prime Minister Calls Cryptocurrencies a ‘Ponzi Scheme’

Bitmaintech Israel Closes Down

Bitmain Shuts Down Research and Development Center in IsraelAccording to reports from Israel, Bitmain’s research and development center in the country will be shut down this week. A total of 23 employees are being laid off, and Gadi Glikberg, who headed the Israeli company and served as a VP at Bitmain, will also lose his position.

“The crypto market has been going through turmoil in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation,” Glikberg told his staff according to a report by the local Globes newspaper.

AI and Mining Talent

Bitmain Shuts Down Research and Development Center in IsraelBitmaintech Israel was the company’s first R&D center outside of China. It created the ‘Connect BTC’ mining pool and also developed Artificial Intelligence applications for the Chinese company.

“Over the past three years, we have built an amazing team with the highest performance capabilities in the field. Our development plans included a lot of work in the field of onboarding and making digital currencies more accessible to the general public, but unfortunately the market growth and user base forecasts have not materialized. Therefore, it was sadly decided to terminate the activity and stop the work of the 23 employees of the company in Israel,” Glikberg added in his announcement to the employees.

“We are gathering together a number of applications from technology companies that have already shown an interest in recruiting staff, and our human resources department will continue to assist as much as possible in the rapid integration of our people into the job market. It was a wonderful journey, and I am saddened it ends this way, but at least we got to experience it with you – programmers and professionals among the best in the Israeli market and even the world. ”

Do you expect more cryptocurrency businesses to shut down if the market does not recover soon? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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

The post Bitmain Shuts Down Research and Development Center in Israel appeared first on Bitcoin News.

Bitcoin News

Israel Tax Authority Launches Offensive on Undisclosed Crypto Earnings

December 10, 2018 |

Israel Tax Authority Launches Offensive on Undisclosed Crypto Earnings

Local reports have asserted that the Israel Tax Authority has launched a renewed crackdown on unreported cryptocurrency earnings. The Israeli tax regulator has opened hundreds of tax accounts and sent letters of notice to Israeli citizens suspected of failing to disclose earnings derived from cryptocurrency-relate activities.

Also Read: $ 1 Million BTC Options Position Set to Expire on Dec. 28

Israel Tax Authority Targets Undisclosed Cryptocurrency Earnings

Israel Tax Authority Launches Offensive on Undisclosed Crypto EarningsThe Israel Tax Authority has launched an offensive designed to crack down on cryptocurrency earnings not reported by Israeli citizens, reportedly resulting in the opening of hundreds of tax accounts.

Citing an anonymous “Israeli official familiar with the matter,” local media outlet Calcalistech has reported that the Israel’s tax regulator has sent letters to citizens suspected of failing to report crypto income, as well as individuals who frequently travel overseas without possessing the required funds on paper and individuals who own more than three apartments.

Eran Yaakov, the head of the Israel Tax Authority, stated that the regulator will continue to actively target withheld cryptocurrency earnings moving forward.

Crackdown Expands on Previous Action Taken by Israel Tax Authority in May

Israel Tax Authority Launches Offensive on Undisclosed Crypto EarningsIn February, the Israel Tax Authority announced that it would mandate the taxation of cryptocurrency as an asset, resulting in the introduction of a 25 percent capital gains tax for private investors and a 47 percent marginal rate for businesses. Additionally, individuals mining or trading cryptocurrencies through a business were made liable for Israel’s 17 percent value-added tax.

Soon thereafter, the Israel Tax Authority sought to crack down on undisclosed cryptocurrency earnings and holdings, issuing letters to citizens suspected of failing to divulge pertinent cryptocurrency-related activities in May of this year.

At the time, news.Bitcoin.com reported on rumors that undercover agents of the Israeli tax regulator were monitoring local groups for the peer-to-peer trade of cryptocurrencies on major social media platforms including Facebook, Whatsapp, and Telegram.

What do you think of Israel’s tax regime for cryptocurrency earnings? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, gov.il


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Bitcoin News

The Daily: Virtual Land Auction Goes Live, How the Crypto Crash Affects Miners

December 10, 2018 |

The Daily: Virtual Land Auction Goes Live, How the Crypto Crash Affects Miners

From mining virtual currencies to purchasing virtual land, Monday’s episode of The Daily spans very different regions of the cryptosphere. We begin with an examination of how the latest bitcoin crash has affected miners, and then follow up with a look at the second Decentraland virtual land auction, which commences at 10 a.m. EST today.

Also read: Trace Mayer Draws Support for Proof of Keys — Celebrating Genesis Block Day

Miners Struggle to Keep the Lights on in Bitcoin’s Darkest Hour

It isn’t easy being a bitcoin miner, what with sunk costs, rapidly devaluing hardware, market volatility, and the stress of competing against every other entrepreneur in the world with the same idea. When the going’s good, the rewards for mining cryptocurrencies such as BTC can be handsome, but when it’s bad, the only certainty is a huge electricity bill at the end of the month. In its latest report, Bitmex Research has examined the effect that plummeting crypto prices have had on miners. It charts the two recent downward difficulty adjustments, in mid-November and early December, before observing that BTC “mining industry revenue has fallen from around $ 13 million per day, at the start of November, to around $ 6 million per day, at the start of December.”

The Daily: Virtual Land Auction Goes Live, How the Crypto Crash Affects Miners

The drop in mining revenue outstripped the drop in the price of BTC during this period. The report notes that “There has been considerable speculation around the causes of the price crash, with some saying miners sold [BTC] in order to finance a costly hashwar in Bitcoin Cash. The cryptocurrency intelligence monitoring platform Boltzmann flagged to us that their platform had detected unusually large miner selling of [BTC] on 12th November, a few days before the Bitcoin Cash split.” The report concludes with an observation that others within the crypto community have also made in recent weeks, to the effect that bitcoin mining will remain cost-effective for sufficient miners to secure the network for the foreseeable future:

This is likely to be a very tough time for the mining industry. However, for miners with lower costs, our basic analysis indicates that the situation may be better than people expect. If the miners acquired their equipment from Bitmain at below-cost prices, they could still be in the green, even when including depreciation and other administrative expenses.

Over 9,000 Decentraland Parcels Go Up for Auction

The second Decentraland auction commenced at 10 a.m. EST today, following on from the initial auction that took place in the virtual city last year. All of the remaining 9,331 parcels of land, currently marked as black squares on the map, will be made available via a Dutch auction in which prices begin at 200,000 mana ($ 12,000), before dropping gradually to as low as 1,000 mana if required. It is expected that all of the new parcels will have been purchased by the time the bidding price falls to around 5,000 mana, however.

The Daily: Virtual Land Auction Goes Live, How the Crypto Crash Affects Miners
Decentraland

During the past week, Decentraland has announced a number of partnerships and integrations, enabling bidders to purchase land using not only mana, but also ZIL, SNT, ELF, DAI, MKR, KNC, RCN, and BNB. There has been significant interest in the project as the auction date has neared, offsetting some of the gloom that’s pervaded the market at large amidst falling cryptocurrency prices. Bloggers have published guides advising interested parties on where the pick of the unclaimed lands lie on the map, and how to go about obtaining them. Despite Decentraland’s virtual world yet to have launched, interest in trading the parcels, represented as ERC721 non-fungible tokens, has been keen, with land fetching as much as $ 175,000 a square.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock, Decentraland, and Bitmex Research.


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The post The Daily: Virtual Land Auction Goes Live, How the Crypto Crash Affects Miners appeared first on Bitcoin News.

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Trace Mayer Draws Support for Proof of Keys — Celebrating Genesis Block Day

December 10, 2018 |

Trace Mayer Draws Support for Proof of Keys - Celebrating Genesis Block Day

Trace Mayer is calling for all bitcoiners to participate in a “Proof of Keys” celebration on Genesis Block day. “Not your keys; not your bitcoin,” he emphasized, urging bitcoiners to declare monetary sovereignty by withdrawing all of their bitcoins held with trusted third parties to software for which they control the private keys.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Proof of Keys

Trace Mayer Draws Support for Proof of Keys — Celebrating Genesis Block DayEarly Bitcoin promoter, investor and podcaster Trace Mayer is hoping to inspire the community to take their bitcoins out of exchanges and third-party wallets on Genesis Block day.

“Let’s start a new #Bitcoin cultural tradition,” he tweeted on Sunday. “I want to start a new cultural tradition where we declare and re-declare our monetary sovereignty every Jan. 3 as a celebration of the Genesis Block,” he said. Mayer has created a website, Proofofkeys.com, to provide details of the event and spread the word. He described:

Every January 3rd the Bitcoin community HODLers of last resort participate in a Proof of Keys celebration by demanding and taking possession of all bitcoins held by trusted third parties on their behalf.

The concept for the event originated from Reddit user “sotashi,” whom Mayer credited on his new website. He further explained that “By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.”

Genesis Block Celebration

Trace Mayer Draws Support for Proof of Keys — Celebrating Genesis Block DayMayer has invited anyone interested in participating in the Proof of Keys event to tweet or retweet his message and fill out a form on the Proof of Keys website with links to their tweets. Their names will then be displayed on the website. At the time of this writing, 70 people have filled out the form, including crypto personalities such as Keiser Report co-host Stacy Herbert and Adamant Capital founder Tuur Demeester.

This event will also be “The ultimate stress test,” Mayer added, given that the movement of participants’ coins would result in a large number of transactions on that day. Noting that “Companies and exchanges must prove their trustworthiness and consensus,” he asserted:

This simple exercise costs little, perhaps a few transaction fees, yet proves possession and strengthens network consensus.

“Remember, remember the 3rd of January! And please help spread the word,” Mayer reiterated, adding that “Then on the 4th of January there can be a return to business as usual with renewed confidence based on Proof of Keys.”

Will you be participating in the Proof of Keys event? Let us know in the comments section below.


Images courtesy of Shutterstock and Trace Mayer.


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The post Trace Mayer Draws Support for Proof of Keys — Celebrating Genesis Block Day appeared first on Bitcoin News.

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