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Last week, I made an analysis of the bitcoin price situation. My analysis noted that while the rumors of Wall Street price manipulation was most likely false, the fear was real. Despite that, the price did not break under $ 10,000. Because my inclination towards bitcoin is bullish (based on the the positive sentiment around the Lightning Network) my conclusion was that there was a chance that we had bottomed out and would resume a recovery towards $ 13,000-14,000 in the coming weeks. I was wrong.
I Was Wrong
As you’ve probably noticed, the price dropped as low as $ 7,540 (GDAX) yesterday. My long position from $ 11,012 on Bitmex got liquidated.
Long XBTUSD from $ 11012 on BitMEX.
Timestamp for future reference.
— Eric Wall (@ercwl) January 26, 2018
When I accepted the role as trading tip columnist on Bitcoin.com, I knew that there were going to be times when I would find myself in the situation of being wrong. It is not fun to be wrong, but that is a part of reality.
Here’s the story of how I was wrong
This is the graph I posted in my article on Jan 27. I was expecting a positive breakout from that consolidation period, and entered a long position.
I don’t just draw triangles on charts and expect to be able to predict the future. I paid close attention to this triangle because I noticed that a lot of traders were looking at this particular triangle. When many are observing the same pattern, it triggers a behavior as if the pattern itself really did carry significance.
24 hours later on Jan 28 things were looking good. Breakout.
Later that day, things started turning the other way. I began dreading a fakeout (a thing which happens so commonly that it even has a page on Investopedia).
On Jan 30, the breakout had fully retraced, and we even broke below the lower trend line. We also broke under $ 10,000. No matter if you cared about TA or not, things looked bearish to most people.
In retrospect, this is where I should have exited my position. Things clearly weren’t going as I had anticipated. But trading is not my full-time job. I work full-time as a cryptocurrency engineer, so this happened while I was at work.
The Tether News
Tether is the Achilles heel of the cryptocurrency market. It is hands-down the most infected story of the year. While I’ll save the my full commentary on the Tether-debacle for another time (spoiler: Ari Paul’s recent tweetstorm mirrors my own thoughts almost exactly), I think it is safe to say that there’s a widespread belief within the cryptocurrency community that Tether might have single-handedly inflated the entire cryptocurrency market during 2017. Anything tangentially negative news-related to Tether is bound to cause a market reaction.
This graph depicts the vertex of the triangle zoomed in.
When I read the news of the subpoena, I did not immediately jump to close my position. The news had caught me without warning, and selling the moment bad news hits the papers is how you end up selling the exact moment when everyone else is selling. My strategy is to buy the exact moment everyone else is selling.
This made the situation complex for several reasons.
- I was already underwater on a long position from $ 11,012.
- It is a bad time to sell at the publication of worrying headlines before getting the full story. A subpoena in and of itself is a warning sign, but does not inherently mean that there is any real issue. A later clarification may cause the price to recover instantaneously.
- Despite there being a news story in the mainstream media about Tether, the price only dipped to around $ 9,500. That is not a very significant crash given the circumstances, so not a great time to buy either.
I chose to not exit my position until more information was available. Shortly after Bloomberg published the story, they updated their article to include the crucial piece of information that Tether had been subpoenaed on Dec 6, not last week, which made the story less worrying. That night, Bitfinex’s social account on reddit offered a pretty good explanation on what had happened, connecting the subpoena to the recent Tether hack. It was looking like a recovery was in the cards for bitcoin, but volumes were still very weak. Things were ominous.
The further down we dip from from our December high at $ 19,891, the more does the 2017 run-up resemble 2013, which was followed by a long bear market. In many people’s minds, the stage is set for yet another bear market to begin.
India banning cryptocurrencies
Then the “India is banning cryptocurrency” story broke loose. India’s finance minister Arun Jaitley made some comments during his budget speech in the Parliament on Feb 1, which Quartz interpreted as “the end of the road for cryptocurrencies in India” and that “the government will do everything to discontinue the use of bitcoin and other virtual currencies in India”.
While this was a misrepresentation of the actual comments (which only mentioned a crackdown on illegitimate activities), this story ended the last hope of a smooth recovery for the bitcoin price. I got liquidated at $ 8,300.
I was trading in December 2013 just as I am in December 2017, and I find very few similarities between the outlook for bitcoin in these different time periods. The cryptocurrency space today is orders of magnitudes more mature than 2013. What is making me even more bullish is that mainstream speculators still seem to live under some kind of illusion that bitcoin is built on “stone-age technology that has failed to adapt” and avoid investing in bitcoin for this reason. I remain positive that the positive momentum building up around the Lightning Network can eventually serve to recapture some of that capital.
As for my trading, I mentioned in last week’s post that I had been hoping to get in some long positions in at ~$ 8k if my position from $ 11,012 got liquidated. Nothing fundamental has changed since I wrote that, and I remain more confident than ever that we are going to see a recovery to the $ 13,000-14,000 range, although it may take a bit more time to get there now than before. I’ve opened some larger, low-leverage positions from $ 8,500 which I am planning to hold long term. If you are planning to do that as well, I recommend the Bitmex futures contracts rather than the perpetual swaps as the futures contracts are completely free from rolling fees, and thus more suitable for long-term positions.
I was wrong. I was forcibly liquidated on BitMEX out of this position.
I have opened a new, long-term long position from ~$ 8500 on the BitMEX June futures (XBTM18 @ $ 8899).
Currently writing an article to explain this move, stay tuned. https://t.co/VVIwa7kFJ1
— Eric Wall (@ercwl) February 3, 2018
What are your thoughts on market manipulation? Let us know in the comment section below!
Images via Shutterstock, Twitter.
Disclaimer: Bitcoin 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.”
The Russian Prime Minister Dmitry Medvedev has asked the leaders of the Eurasian Economic Union countries to jointly develop a common approach to cryptocurrencies. Both the Russian central bank and the prime minister believe that cryptocurrencies should not be restricted to one nation’s framework.
A Common Approach to Cryptocurrencies
Russia’s prime minister Dmitry Medvedev urged the countries of the Eurasian Economic Union (EAEU) to develop a common approach to cryptocurrencies, Tass reported. At “The Digital Agenda in the Era of Globalization” forum on Friday, he expressed the necessity of bringing together “approaches to cryptocurrencies within the framework of the EAEU.”
The EAEU has five member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Other than Medvedev, the meeting was attended by Prime Minister of Armenia Karen V. Karapetyan, Prime Minister of Belarus Andrei Vladimirovich Kobyakov, Prime Minister of Kazakhstan Bakytzhan Abdirovich Sagintayev, Prime Minister of Kyrgyzstan Sapar Dzhumakadirovich Isakov, and Chairman of the Board of the Eurasian Economic Commission Tigran S. Sargsyan.
Regarding cryptocurrencies, Medvedev told the other EAEU leaders:
We should not be locked into the framework of the national model…It is impossible to implement these principles within one country; we need to bring our approaches closer to the level of the Union…Otherwise, all this will be under a completely different angle to develop and will not look completely understandable and legitimate.
Citing that some of his peers said that “it would be possible to pay with cryptocurrencies,” Medvedev was quoted saying, “Let’s take a closer look because our economies are too tightly and closely related.” The prime minister also suggested preparing international conventions of cryptocurrencies, stressing the need to “synchronize efforts in this area with the EAEU countries.”
Russian Central Bank Agrees
In late December, First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, said that the bank supports the idea of issuing a supranational cryptocurrency in the territory of EAEU or within the BRICS countries. She was quoted by Vedomosti:
The introduction of the national digital currency seems to us not entirely justified from the point of view of macroeconomics…The question that seems to us worth discussing on the site with our colleagues is the introduction of a digital currency in the territory of the Eurasian Economic Union or within the BRICS.
Do you think the Eurasian Economic Union countries should develop a common framework for cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock and the Russian government.
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Hardware wallet manufacturer Ledger, which sold over one million devices last year, has alerted its users to a major attack vector that’s recently been discovered. Although there are no reported cases of the attack being successfully deployed, the threat itself is very real. Today, Ledger urged users of its cryptocurrency wallets to take steps to avoid falling prey to the address spoofing attack.
Beware the Man in the Middle
Hardware wallets are regarded as one of the safest means of storing bitcoin and other cryptocurrencies. The USB cold storage devices eliminate the sort of attack vectors synonymous with being connected to the web. But to send funds or issue a receiving address, a hardware wallet has to be plugged in to an internet-enabled device, and researchers have discovered a vulnerability that affects Ledger devices at this stage. A newly published report reveals the way the MiTM attack would play out. It explains:
The attack, if executed, would leave the victim unaware at first that anything was the matter. To prove the the vulnerability is real, the report’s authors have posted a proof of concept that demonstrates the attack in action. The severity of the attack is heightened by the fact that, with Ledger’s wallet software stored in the AppData folder, it is relatively easy for malware to modify the receiving address. As the report notes, “All the malware needs to do is replace one line of code…this can be achieved with less than 10 lines of python”.
A Solution of Sorts
To avoid succumbing to this attack, there is a means of verifying the receiving address is correct, as the report explains, and as Ledger acknowledged in a tweet earlier today:
This solution, while effective, is not failsafe in that it’s reliant on the user remembering to follow this procedure every time they transact. As the report points out, “A proper solution would be to [force] the user to validate the receive address before every receive transaction, just like the wallet [forces] the user to approve every send transaction”.
That’s the system that Trezor now uses with its hardware wallets, mandating the use of 2FA simply to access the receiving address. It is hoped that Ledger will follow suit in updating its devices to adopt this methodology. Hardware wallets are still significantly safer than leaving funds stored on a centralized exchange, but no solution is entirely foolproof, as the Ledger case demonstrates.
Do you think this vulnerability is cause for concern and do you think Ledger should enforce 2FA to resolve it? Let us know in the comments section below.
Images courtesy of Shutterstock, and Ledger.
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The Satoshi Revolution: A Revolution of Rising Expectations.
Section 2 : The Moral Imperative of Privacy
Chapter 5: Implementing Crypto Privacy
by Wendy McElroy
Privacy, Anonymity, and Pseudonymity (Chapter 5, Part 1)
It is often said that there is a tradeoff between privacy and security…. Security is defined as the state of being free from danger or threat. One threat is assault. How is one made free from assault by being assaulted at an airport?…. How is one made free from the threat of being harassed or charged with a crime by the State by the State’s knowing every move you make, every statement you make, and every financial transaction you make? I say that your security is going DOWN, not up. The State can fend off terrorists by the ordinary methods of policing if it had a mind to. It doesn’t. It prefers to expand into a totalitarian monster.
— Mike Rozeff
Privacy will determine the future of cryptocurrencies. Will they continue to enhance individual freedom, or will they become a government tool of social control?
Privacy is a human need, which is why the battle over its control is so intense. Constant surveillance makes it difficult or impossible for individuals to forge intimate family and romantic bonds, to create, to vote their conscience, to sexually explore, to discover who they are politically and religiously, to experiment with drugs, or to dissent without danger. Personal privacy is also the greatest barrier to government power, which rests on government knowledge.
“Only criminals need to fear government surveillance” is a common response to the defense of privacy. But every peaceful person is a criminal with something to hide. Why? They have exceeded the speed limit, taken an illegal drug, smuggled cheap booze or cigarettes across a border, made “unauthorized” additions to a house, fibbed to a customs official, understated their income on a tax form, or violated one of the tens of thousands of other laws that criminalize harmless behavior. Government makes criminals of us all. As Ayn Rand explained, “The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws.” Thus, all individuals are under control.
The assault on privacy also harms society as a whole. Consider freedom of speech. I remember being in a restaurant when a relative went on a post-9/11 rant about how the U.S. was beginning to feel like Cuba, from which he escaped. His wife tried to silence him, declaring in an adamant whisper, “You can’t say those things in public.” She was nervous as she glanced around to see who could have heard. Surveillance and informants make people reluctant to express opinions that could be used against them in a legal or political manner. Property can be seized, families destroyed, and prison ensue. Why would anyone speak out if his children could lose a parent as a result?
The killing of free speech is one of many political repercussions of destroying privacy. Privacy is a key characteristic that distinguishes a totalitarian, Kafka-esque society from a free one. Can you shut your front door and be safe from invasion? Everyone agrees that criminals should not break through your locks and treat your body and possessions as their own. Why are government agents entitled to do the same thing? They are nothing more than the for-hire workers of an employer whose authority comes because enough people give the employer a thumbs up to invade and steal. They are criminals sanctioned by consensus.
Until recently, many incursions on privacy have been prevented for no other reason than they were difficult to enforce. And, then, technology arrived. Even with its notorious incompetence, government is now able to surveil as never before, and many people have grown afraid or complacent, as the mass frisking at airports proves.
The government assault on privacy benefits from a Big Lie: namely, privacy is now impossible because government surveillance is omnipotent, omniscient. Resistance is futile. Privacy is so last century. Balderdash. First of all, technology has always empowered the individual more than it has the government. Second, there is a world of difference between “difficult” and “impossible.” Privacy is certainly more difficult in the 21st century, which only means it takes work. Individuals need to assert actively what they once could take for granted in order to end the ongoing rape of their data.
What Should You Do?
No one answer exists. How to handle personal information is up to the lifestyle and goals of each individual.
Before answering, however, some distinctions are useful: privacy versus anonymity, for example. Privacy is the ability to keep personal data or activities to yourself; you close the door while using the washroom, for example; the activity is not shameful but neither is it for the world to see. Anonymity is when your activities are transparent to the world but the fact that you are the one acting is not. Rick Falkvinge, founder of the first Pirate Party, elaborated, “The typical example would be if you want to blow the whistle on abuse of power or other forms of crime in your organization without risking career and social standing in that group, which is why we typically have strong laws that protect sources of the free press. You could also post such data anonymously online through a VPN, the TOR anonymizing network, or both. This is the analog equivalent of the anonymous tip-off letter, which has been seen as a staple diet in our checks and balances.”
Another distinction: there are two types of data — private and public. If data is private – for example, if it is kept behind closed doors or within a limited circle of personal transmissions–then it can remain private. If data is publicly displayed, however, the practical ability to control it is lost. If I discuss my sex life on a public bus, for example, I have no business denouncing a blabby eavesdropper who passes on my experiences. Unfortunately, a great deal of personal data becomes public through no fault of the person it describes. Government vigorously mines information on everyone from birth, and well-meaning parents register children for everything from medical care to government entitlements.
Happily, cryptocurrency transfers are the data under discussion; they combine the best aspects of private and public data. They are protected by encryption and anonymity or pseudonymity, while remaining transparent. This is a new expression of data that needs to be protected in new ways, both from government and from malicious hackers.
The most effective tactics may well be technological, but this article does not address them. The tactics change constantly and quickly in response to government or hacking threats. And, frankly, although some tactics are simple, like spreading assets over a number of wallets, understanding other tactics requires a technological sophistication that I do not possess.
Instead, the article points to variations on privacy strategies that have been used for decades, if not for centuries. Pick and choose, but it may be best to use them all because the regulatory wolves are circling. Here is a sampling:
Obfuscate or “hide in plain sight.” One way for a person to preserve privacy is to be so inconspicuous or subtle that he is almost unnoticeable. Blend in, or become invisible. Sometimes obfuscation involves participating in so much noise that an eavesdropper cannot distinguish your signal from any other. An example might be sending only modest payments across the blockchain so the transactions join with hundreds of thousands of similar others, all of which are of scant interest because of the small amounts. Other times, obfuscation means masking activity through mixers or tumblers that further anonymize transactions. The anonymization carries a risk, however. It can constitute a red flag to eavesdroppers.
Avoid Centralized Exchanges and Other Data Sharing Centers. If a person wants government to have his financial data, then he should just mail it in an envelope to the government. Of course, signing up with an exchange, like Coinbase, saves a stamp. Centralized exchanges are now an arm of the government. Moreover, they carry their own risks, including bankruptcy or other reasons for withholding funds. Nevertheless, there are good reasons for using exchanges; they permit futures trading and other Wall Street niceties, for example. But decentralized exchanges are preferable; exchanges outside the U.S. or other crypto-hostile nations are preferable, as are ones that do claim jurisdiction over private keys. Even then, wealth should be moved in and out as quickly as possible, without allowing the third party to control it for longer than necessary.
Find Discreet Ways to Cash Out. The crypto veteran Kai Sedgwick wrote,
“Bitcoin transactions are semi-anonymous: every transaction on the blockchain is broadcast publicly and visible for all eternity, but the owner of each wallet is unknown. Tying addresses to real-world identities is now relatively easy for the powers-that-be, because everyone has to cash out somewhere, and that usually involves linking bitcoin addresses to bank accounts.” Don’t. As much as possible, deal with people one-on-one. Seek venues that exchange crypto for gift cards to stores you regularly use, such as grocery stores. Be inventive in avoiding the banks and centralized exchanges; they are the “trusted third parties” that Bitcoin was designed to obsolete.
Use a Privacy Currency. Dozens and dozens of private currencies exist, with several being solid. Although most of them use different techniques to preserve privacy, anonymity is a theme. The founder of Zcash explained the philosophy behind that particular privacy currency. “We believe that privacy strengthens social ties and social institutions, protects societies against their enemies, and helps societies to be more peaceful and more prosperous…. A robust tradition of privacy is a common feature in rich and peaceful societies, and a lack of privacy is often found in struggling and failing societies.”
Zip It on Public Forums. Public forums, like Facebook or Twitter, are monitored and mined by government and corporations. They are collection points for data, even if a person tries to post anonymously. If social media is necessary for professional reasons, then use it to the bare minimum. Never post anything on social media that you wouldn’t put on the front page of the New York Times, and that includes crypto forums.
Be Careful in Writing Down Information. Do not write down your private keys, for example, without having a secure, undisclosed place to store them.
The government is coming for crypto, which means it is coming for users. Its front line attack will be an attempt to eliminate privacy; it realizes privacy is the backbone of cryptocurrency as a freedom tool, even when users do not. Now it the time for heightened vigilance. To paraphrase the comedienne Lily Tomlin, “No matter how paranoid I get, it is never enough to keep up.”
[To be continued next week.]
Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters
Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.
The post The Satoshi Revolution – Chapter 5: Privacy, Anonymity, and Pseudonymity (Part 1) appeared first on Bitcoin News.
The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down exchanges, South Korea has adopted a less strict approach.
Korea Discussing Crypto Policies With China
The South Korean Minister of Strategy and Finance, Kim Dong-yeon, on Friday met with the governor of the People’s Bank of China (PBOC), Zhou Xiaochuan. While discussing the economic issues of both countries, the regulators also discussed their cryptocurrency policies, local media report.
China has imposed a ban on cryptocurrency trading including closing down domestic crypto exchanges. South Korea, however, has been successively releasing countermeasures for cryptocurrencies since December. The Korean government has considered various measures ranging from a complete ban suggested by the Ministry of Justice to less strict measures. At the end of last month, the regulators mandated the implementation of the new real-name account system for all cryptocurrency exchanges.
Kim was quoted by Newsis describing:
The two sides shared their opinions on the situation and policy responses of the two countries regarding the recent virtual currency issues.
During the meeting, the PBOC reaffirmed its close cooperation with the South Korean government, the news outlet added. The Korean ministry also said that it will continue to cooperate with the PBOC “through high-level consultation channels,” Asia Today reported.
Korea Avoids Closing Down Exchanges
While the South Korean government has continually emphasized the importance of strict measures to curb the overheated cryptocurrency market, closing down crypto exchanges has been avoided so far.
At the National Assembly Planning and Finance Committee meeting on Wednesday, Kim pointed out that there may be a problem of underground transactions and foreign currency leakage if exchanges are closed, YTN reported. Money Today then quoted him saying:
The government has no intention of eliminating or suppressing virtual currencies…I am currently discussing urgent matters with the [cryptocurrency] task force in the government because the virtual transaction facilities [exchanges] regulated by the e-commerce law are the biggest problem.
Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority.
Kim’s meeting with the PBOC governor followed the South Korean government’s announcement in early January that it will cooperate with China and Japan to address cryptocurrency speculation. In addition, the vice chairman of the country’s Financial Supervisory Commission (FSC), Kim Yong-bum, also urged 23 other countries and 12 organizations, including the International Monetary Fund and the European Union, to collaborate on curbing cryptocurrency trading.
Do you think the PBOC has inspired any changes in South Korea’s crypto policies? Let us know in the comments section below.
Images courtesy of Shutterstock and Newsis.
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The Japanese Financial Services Agency has announced that it is inspecting all 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that have not obtained a license but are currently under review by the agency and those that are already fully licensed.
16 Exchanges Fully Licensed
The Japanese Financial Services Agency (FSA) published a list on Friday of 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that are already licensed and 16 other exchanges that have applied for a license and are currently under review.
The FSA first approved 11 exchanges in September of last year: Money Partners, Quoine, Bitflyer, Bit Bank, SBI Virtual Currencies, GMO Coin, Bittrade, Btcbox, Bitpoint, Fisco Virtual Currency, and Zaif.
Then in early December, 4 companies were additionally approved to operate cryptocurrency exchanges: Tokyo Bitcoin Exchange, Bit Arg Exchange Tokyo, FTT Corporation, and Xtheta Corporation. At the end of December, another exchange, Bitocean, was approved. In total, 16 businesses are licensed to operate cryptocurrency exchanges in Japan.
16 More Exchanges Under Review
Before Friday, the FSA has never revealed the names of the companies that have applied for a license and are under review. In addition to the aforementioned 16 exchanges, another 16 are currently not licensed but are classified as “deemed virtual currency exchange traders” while under review, the agency explained. Among them is Coincheck, one of the country’s largest cryptocurrency exchanges.
The other 15 are Minnano Bitcoin, Payward Japan, Lemuria Bitcoin Exchange (Bitcrements), Campfire Corporation, Tokyo Gateway, Lastroots Corporation, Debit, Eternal Link, FSHO Corporation, Kirin Corporation, Bit Station, Blue Dream Japan, Mr. Exchange, Bmex Corporation, and Bitexpress Corporation.
Inspections of All Exchanges
The agency published this list of all exchanges in response to the hack of Coincheck, where 58 billion yen (~USD$ 530 million) worth of NEM were stolen last week. While the exchange has promised to repay its 260,000 affected customers out of its own capital, no timeframe has been set.
Following the hack, the FSA issued a business improvement order to Coincheck and ordered it to submit a report by February 13 on the hack as well as measures for preventing a recurrence. The agency also conducted an on-site inspection of the exchange on Friday to “ensure the protection of users,” Japan Times quoted Finance Minister Taro Aso explaining. The agency also plans to find out if Coincheck has the financial resources to repay its customers.
In addition, the FSA has ordered the internal inspections of all other cryptocurrency exchanges in Japan based on a checklist of 43 items, according to Jiji Press. They are to submit reports of their risk management systems such as the details of their systems to manage customer assets and cyberattack countermeasures.
Do you think Japan will have too many crypto exchanges? Let us know in the comments section below.
Images courtesy of Shutterstock and Nikkei.
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CEO and founder of McAfee Antivirus, John McAfee, advises the Transcodium Project while reiterating the prospects of the project
Transcodium is the first of its kind decentralized transcoding platform, and Transcodium Ltd. began the pre-ICO sale on the 7th January, 2018, allowing participants to get the token for a remarkably amazing discount of 30%. Described as the solution for transcoding, the project has been receiving accolades from different quarters, and the latest of such accolade is coming from the founder and CEO of popular antivirus, McAfee Antivirus, in the person of John McAfee.
John McAfee is a popular and well-respected name in the IT industry, with his McAfee Antivirus ranked amongst the first ten antivirus software applications in the world. John McAfee has not only advised the Transcodium project on ways of ensuring its effectiveness and how the aims of the project will be achieved. He described Transcodium as the solution to the high cost of creating streaming networks.
In the words of John McAfee and as tweeted on his official Twitter handle, “My personal investment of the week: http://www.transcodium.com Giants own the video streaming world with no room for small players. Transcodium, a solution to the cost of creating streaming networks, is the first ICO opportunity investors to participate in this arena.” – https://thinklab.com/content/1529292
The aim of Transcodium is to provide the first of its kind peer-to-peer decentralized file editing, transcoding and distribution platform with high quality and reliable computational power, without requiring users to break the bank. This will eventually create a global market for users that are willing to rent their idle machines to be used as workers. Workers will also get rewarded with tokens at the end of the processing.
Transcodium is a registered and verified company that has been issued with EV SSL. The company is also tested and trusted, as it already has an existing product on media transcoding and distribution. The transcoding industry is an existing market and is described as one of the fastest growing fields. Therefore, it is not surprising that giant companies like Google and Amazon are tapping into this field.
With John McAfee now lending his support to the Transcodium project, Transcodium aims to become one of the major players in the global video transcoding market that is expected to grow from USD 3.25 Billion in 2017 to USD 7.50 Billion by 2022.
More information about Transcodium and the token sale can be found on website, Twitter (@transcodium), Facebook (transcodium), Telegram (@transcodium)
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted 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 the press release.
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On February 1 the cryptocurrency media outlet and blockchain company Coingeek announced it plans to fund the Electron Cash team’s development. The new Electron Cash projects will involve working on innovative plans for the bitcoin cash ecosystem and a partnership with the firm Nchain.
Coingeek Will Provide the Electron Cash Team $ 300,000 Per Year to Continue Adding Value to the Bitcoin Cash Ecosystem
Coingeek.com has announced funding the team who created the Electron Cash wallet, one of the first wallets to support the bitcoin cash (BCH) protocol. The blockchain company led by the billionaire entrepreneur Calvin Ayre will fund Electron Cash with $ 300,000 USD per year for Bitcoin Cash (BCH) open source projects. Both Coingeek and the blockchain firm Nchain believe that the Electron Cash wallet is a “tailored fit” for the BCH chain.
Jonald Fyookball: “The Funding Will Help Achieve the Original Satoshi Nakamoto White Paper’s Vision”
The Electron Cash wallet’s development has been led by the pseudonymous programmer, Jonald Fyookball, who believes bitcoin cash is the ‘true bitcoin.’ Fyookball thinks BCH meets the Satoshi Nakamoto white paper’s description of a “peer-to-peer electronic cash system.” The Electron Cash team plans to use the funding to expand development groups, while also focusing its energy on other open source software projects for the BCH network. The team plans on creating a ‘native’ Android Electron Cash wallet, an iOS version, and even a feature phone (Nokia) version of the client. Nchain will provide the team with technical advice, R&D support, and the firm’s chief scientist, Craig Wright, has plans to work with the Electron Cash developers.
“To have this level of financial muscle from Coingeek and technical expertise from Nchain means we have the resources to develop numerous software projects that will help the BCH community,” explains the Electron Cash lead developer Jonald Fyookball.
We are excited to contribute our part to help achieve the original Satoshi Nakamoto white paper’s vision that got us all so excited in the first place.
Coingeek’s Calvin Ayre Believes Bitcoin Cash is the All-In-One Cryptocurrency for the Future
The owner of Coingeek, Calvin Ayre, hopes the new funding can improve BCH-centric applications. Ayre states that anyone with a knowledge of BCH understands that it is the all-in-one cryptocurrency for the future.
“But BCH is in its early stages, and needs more technical advancements to make it easily used in daily life — especially at the enterprise level,” explained Ayre during the funding announcement.
That’s why we support open source projects that make sure the best ideas in cryptocurrency are built into the BCH ecosystem.
Members of the Three-Party Initiative Say This Is Only the Beginning
Jimmy Nguyen, the CEO of Nchain, details that the three-party initiative with Electron Cash is just what is needed to continue bolstering the bitcoin cash ecosystem. “We’re especially excited to work with the Electron Cash team to help realize implementations of some of our patent-pending inventions – such as blinded threshold signatures,” Nguyen explained to news.Bitcoin.com.
In addition to the Electron Cash development funding and open source initiatives, Ayre explains this is only the beginning. Coingeek plans to launch campaigns that help promote merchant adoption, alongside offering to fund other developers willing to push BCH to the next level.
“If you are a developer or technology venture that needs funding to develop projects or applications for the bitcoin cash chain, send us your pitch,” Ayre emphasizes.
What do you think about Coingeek.com funding the Electron Cash development team and other open source initiatives? Let us what you think in the comments below.
Images via Pixabay, Nokia, Coingeek, Electron Cash, and Nchain.
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The price of bitcoin has seen some corrections over the years, but really there have only been a few deep cuts. With the bearish dips in price over the past five weeks it’s always good to look at the historical view of value drops and the long-term achievements of the cryptocurrency economy in general.
Mainstream Media Assumes the Cryptocurrency ‘Bubble Has Popped,’ But In Reality This Economy Is Just Getting Started
If you look at all the headlines across mainstream media publications today, lots of these ‘news sources’ claim “bitcoin is dead” and the “digital asset bubble has burst.” Cryptocurrency prices have been on a downward spiral since BTC/USD markets reached an all-time high above $ 19K in December of 2017. Of course, since that point, there’s been many predictions to how low values will fall as some predicted BTC markets to stop at $ 10,000, while a lot of speculators forecasted today’s low of $ 7,625, and some individuals think the value will still sink even lower. Since reaching a global average of $ 19,600 USD per BTC, the digital asset had lost approximately 61.22 percent when it arrived at its lowest point today. However, bitcoin markets have rebounded, and the loss is only 56 percent at the time of publication.
Bitcoin’s Recent Five Week-Long Drop In Value Has Come Close to a Few Outlier Corrections
A lot of people are looking at prior bitcoin price corrections to figure out where this one will lead. Historically bitcoin markets have seen a number of broad cuts in value, but this particular drop overwhelms four previous corrections. On December 16, 2017, BTC markets touched an all-time high and lost 61 percent in just five weeks leading to today. Even with the rebound, the dip outpaces the June 2012 Linode hack scare where bitcoin markets lost 36 percent. Additionally, the past month’s decline has been more prominent than the 2014 Mt Gox bankruptcy plunge (49%), and the value drop that was correlated to Chinese exchange bans back in September of 2017 (40%).
However, there are three significant bitcoin market outlier corrections that have been far larger than this past drop. In 2011 the BTC market lost 94 percent of its value during the first hack of the Japanese exchange Mt Gox. Further, Mt Gox spurred another 79 percent selloff in 2013 when the platform halted trading. Lastly, bitcoin’s value sunk over 87 percent from November 2013 to January 2015 as the cryptocurrency experienced the longest ‘bear run’ in its history. There’s also been quite a few ‘major corrections’ over the 35 percentile mark, and every one has led the mainstream media and many newcomers to believe it’s time to close the casket on this ‘magical internet money.’
After the Big Dip, Bitcoin’s 70,000% Increase Is Far from Being ‘Dead’
What these pundits don’t realize is even after this current price drop since bitcoin’s inception, the cryptocurrency has gained roughly 70,328 percent. Since last February BTC/USD markets are still up 720 percent and many other digital assets have seen even more substantial price gains year-over-year. Historically, for every two steps back, the value of bitcoin has leaped seven steps forward after nearly every correction.
Will this be the case again? We really don’t know, but cryptocurrencies have never ‘died’ and many believers feel the value of this economy will likely continue to rise over the long term. Those who say cryptocurrencies are in a death spiral have not looked at the whole picture.
Where do you see cryptocurrency market values going from here? Let us know in the comments below.
Images via Shutterstock, Reddit, Trading View, and Barrons.
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The post Dead again? In Reality Bitcoin Is Up 729% Since Last February appeared first on Bitcoin News.
This week, the cities of Butte and Anaconda, Montana, learned bitcoin mining company Crypto Watt LLC secured 53 acres on which they plan to invest at least 75 million USD to facilitate the process of how the world’s most popular cryptocurrency’s transactions are authenticated and confirmed.
Montana to be a Bitcoin Mining Hub
Just two months ago, MSE Technologies in Butte, Montana employed 50 engineers. Today, it’s contracting like crazy, shedding half its work staff, selling off its holdings, and trying to stay afloat amid tax arrears going back three years and other fiscal headaches. It’s perhaps a real life metaphor for out with the old, in with the new.
Companies like MSE were propped up by subsidies and Acts of Congress as far back as the 1970s, when over 150 million USD in tax dollars went to build the sprawling 53 acre site. As congress was reigned in a tad with regard to earmarks, money dried up and so did the MSE business.
Whereas government cheese-dependent business has been vanquished, a new kid has come to town, Crypto Watt, part of holding company The Burrell Group. Its companies include osteopathic colleges and bitcoin mining. In Montana’s industrial sector, it has gobbled up the languishing MSE property which now “is expected to be transformed into a bitcoin mining operation by the beginning of March” according to local reports.
The company hopes to employ 50 people at the site, and believes its investment will see between 75 and 100 million USD to get it up to par as a data center. Crypto Watt CEO Dan Burrell assured: “We’re confident we have a sustainable business model. We’re in this for the long term,” he told The Montana Standard.
Data centers are key to the broader bitcoin project going forward as fewer coins are available to be mined and computation becomes ever more difficult. The climate of Montana is conducive to bitcoin mining. Located in the West and Northern-most part of the US, bordering Canada, Montana is very cold for a substantial part of the year. Mr. Burrell also mentioned the Butte and Anaconda sites could be used to mine other cryptos along with bitcoin, and that the sites could double as space for retail investors to mine as well.
This would be the second large mining operation to find Montana in as many years. Back in 2016, Project Spokane, LLC launched its site near Missoula. It’s already one of the largest energy consumers in the region, housing a 20 megawatt facility, employing at least 25 locals.
Burrell Vice President Scott Mosebach explained: “We’ll be training employees to maintain the data center that we would be building in another location. The underlying technology which this is a product of is exciting from an investment standpoint,” he urged. “This is obviously going to be revolutionary.”
Crypto Watt has already attracted Global Blockchain Tech, a Canadian company which said it would use the facilities in Anaconda and Butte, and is expected to be up and running by March.
What do you think of more mining data centers opening? Let us know in the comments section below.
Images courtesy of Pixabay,
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