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Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin

October 11, 2018 |

In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.

Also Read: A Bitcoin Rat Is Occupying Wall Street

Skepticism on Twitter over
Aggressive Yobit Campaign

Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.

The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.

In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.

Okgroup Founder Vows Full Compliance
with Planned Stablecoin

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinStar Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.

In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”

Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”

Coinbase Executive Optimistic About Securing Regulatory Approval in Japan

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinIn a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.

Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”

Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”

Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Twitter

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The post Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin appeared first on Bitcoin News.

Bitcoin News

Masked Gunman Sought in Apparently Random Chicago Slayings

October 3, 2018 |

The Chicago PD is in search of a suspect who they say fatally shot a man Sunday before gunning down another victim the next day in the same neighborhood. Per ABC News , officials are on high alert in the city’s Rogers Park area, where 73-year-old Douglass Watts was shot in…

Teen Fatally Stabbed on Train Platform in Random Attack

July 24, 2018 |

An 18-year-old woman was fatally stabbed on an Oakland train station platform Sunday night, the third possible homicide related to the Bay Area Rapid Transit system in five days. Nia Wilson had just stepped off a train at the MacArthur Station around 9:36pm when, officials say, 27-year-old John Lee…

Jessica Chastain Hands Random Woman $2K For Fertility Treatment

March 10, 2018 |

Jessica Chastain celebrated International Women’s Day by donating $ 2,000 to a woman who was apparently in need , reports ABC News . The Molly’s Game actor had engaged in an Instagram exchange with Karin Schulz, who said she was short of money for a fertility treatment. The two didn’t agree on…

Bitcoin 2018 Price Projection Using Monte Carlo Random Walks: ~50,000 USD

January 26, 2018 |

Bitcoin 2018 Price Projection Using Monte Carlo Random Walks: ~50,000 USD

Using the Monte Carlo statistical projection method, combined with what are known as random walks, Xoel López Barata developed some pretty fun bitcoin price scenarios for the end of this year. His projections are compelling because he follows data, revealing the difficulty being able to accurately prophesize much about the world’s most popular cryptocurrency’s path.

Also read: Tezos Swiss Foundation Concept is “Old, Inflexible and Stupid”

Monte Carlo Projection Method

Xoel López Barata recently published a pretty great thought experiment. Mr. Barata ran a simulated price projection for all of this year, attempting to figure out just where bitcoin will end in 2018. It is “my opinion and not investment advice,” he urges. And it’s always good to remind readers past performance is no indication of future returns, as life seems to always have other plans.

Mr. Barata used what’s known as a Monte Carlo method. The nerdiest among us will really enjoy following his inputs on Github. He uses daily returns, price variants, but doesn’t assume a normal distribution and instead notes “extreme events have a higher probability of happening.” The Monte Carlo method is usually attributed to a WWII Greek-American scientist Nicholas Metropolis.

Bitcoin Price Projection Using Monte Carlo Random Walks

Nicholas Metropolis worked with Robert Oppenheimer, Enrico Fermi, and Edward Teller at Los Alamos. There, he delivered a paper said to have simulated liquid numerically. Bitcoin is often compared to water in its resiliency, though is completely unrelated here. Named for its loose relationship to the gambling icon Monte Carlo, the algorithms rely upon random sampling, and appear to have been initially used in mechanical engineering applications.

In finance, however, “we assume that the future behavior of the price of an asset will be similar to its past behavior, and we generate a lot of random versions of that future, called random walks, similar to the past. That’s done taking random samples from the past and stacking them together to build each one of those random walks,” Mr. Barata explains.

Bitcoin Price Projection Using Monte Carlo Random Walks

$ 13,200 and $ 271,277

Starting with daily returns from 2010 to the present, he plucked random samples, added one to each, multiplying them cumulatively until the end of the year. “Then we multiply the current price of bitcoin times the values of the random walk to get the simulated future prices,” he clarifies. “This will be done a lot of times (100,000 in this case) and at the end of the year we will see the distribution of final price for each random walk.”

He struggles to get much anything concrete, as the prices swing logarithmically from 10,000 USD to as high as 100,000 USD, almost refusing to settle. After generating many more random walks, he finds “the most likely price is somewhere between $ 24K and $ 90K,” which is still a pretty wide swing but admittedly closer to something interesting.

Bitcoin Price Projection Using Monte Carlo Random Walks

He basically offers the distribution’s 50th percentile, which yields 58,843 USD. He then goes with an estimation technique known as Kernel Destiny, ending again above the 50,000 USD price mark. But he’s not satisfied, and explains estimations help us to find possible overall distribution intervals. His numbers reveal an 80 percent price distribution “between $ 13,200 and $ 271,277.” And those numbers too seem wildly out of whack, but they do jump off the page. Mr. Barata quickly tampers down excitement by noting this means only “the chance that the price at the end of the year will be below 13,200 is the same as that of it being above $ 271,277.”

He holds the Kernel Destiny figure above, and tries to find if bitcoin’s price will be lower or equal to its present day level. After plotting, he suggests an almost 10 percent chance by year’s end the price will be equal to or lower than where it sits at the moment (he uses 20 January 2018).

Bitcoin Price Projection Using Monte Carlo Random WalksMost sober bitcoiners will take away a mild hope of a 90 percent chance bitcoin’s price will be more than it is today at end of 2018. Considering the last month, that’s at least a positive outlook. For those new to the price projection game, it’s always good to remember that if anyone really could predict that number with any kind of accuracy, bitcoin would’ve more or less ceased to exist — by design it is unknowable. That fact strikes terror in some while being its best feature for others. 

What do you make of the Monte Carlo projection? Let us know in the comments section below.

Images courtesy of Pixabay, Medium.

Not up to date on the news? Listen to This Week in Bitcoina podcast updated each Friday.

The post Bitcoin 2018 Price Projection Using Monte Carlo Random Walks: ~50,000 USD appeared first on Bitcoin News.

Bitcoin News

How Amazon Picks Its Seemingly Random Deals of the Day

December 9, 2017 |

Third-party merchants slash prices and stockpile inventory in hopes will select their items for holiday promotion—which can boost sales all season. US Business

Gunman Picking Random Targets Kills 4, Wounds Kids

November 14, 2017 |

A gunman choosing targets at random opened fire in a rural Northern California town Tuesday, killing four people at several sites and wounding others at an elementary school before police shot him dead, authorities said. The AP reports the gunfire began around 8am in the community of Rancho Tehama Reserve….

Mystery Solved After Man Finds Random House in His Field

November 6, 2017 |

“If you know someone who has lost a house, let me know,” a Canadian man wrote on Facebook this week after stumbling upon a complete house in the middle of his property. His plea worked. Patrick Maze tells the CBC he was driving past a section of his property near…

Bertelsmann Tightens Control Over Penguin Random House

July 11, 2017 |

Bertelsmann is upping its stake in publisher Penguin Random House to 75%, giving the German media titan increased control over one of the top prizes in the book business as it bets hundreds of millions of dollars more on the future of print. US Business

Victim’s Random Search Lands Carjackers Back Behind Bars

February 13, 2017 |

Two Detroit carjackers are back in prison after their victim went online and found they’d been mistakenly released, the AP reports. Local and federal authorities are pointing fingers at each other—but there’s no dispute that Brittany Guerriero is the person who had to get her own justice. The men…