Chinese mining giant BTCC talks about Bitcoin price pop

The fact that Bitcoin is undervalued is probably not news to many people involved in the cryptocurrency ecosystem. Bitcoin's recent price increase, through the $500 resistance point, rallied over the weekend and is now crossing $700 (£493, €621).

The most immediate price driver is the halving of the number of Bitcoins being mined. Currently some 3,600 coins are mined every day, which will drop to 1,800 in July. This change is integral to the design of Bitcoin and its limited supply.

This also means that the miners that verify blocks of transactions will see their fees drop from 25 Bitcoin per block to 12.5 per block. Bitcoin has been stable for some time and the halving of supply therefore entails an increase in demand hence the price pop. Importantly, this preserves economic viability for the mining community, although there have been some casualties.

During a recent chat at Consensus 2016, Samson Mow, chief technical officer of Chinese Bitcoin mining giant BTCC, spoke about the state of play and predicted the price pop we are now seeing.

Mow told IBTimes: "I think the halving will see prices going up. Because right now every day there's 3,600 coins being mined, and the fact that the price holds stable means that people are buying those coins.

"If no one is buying those coins then it's going to be flooding the market. But because the price is holding stable and increasing over time it means there is more demand than there is supply. And the supply is going to get cut in half."

http://www.ibtimes.co.uk/mining-giant-btcc-talks-about-bitcoin-price-pop-1565189

the price now is more than $700 in several exchanges. so I think today chart will close on higher than 710 as they in the article think it is the nearest resistance point.

Amazon will not accept bitcoin because they want viable and traceable payment while bitcoin can be easily mixed and you can not know the address holder. also they have their gift card system so why would they think about accepting btc ?

USD is a global currency that people from all around the world trust it and use it in trading. so as long as the petro-dollar system is still powerful, US dollar will be dominating bitcoin trading

although one of the goals that bitcoin was created for is removing any middleman, you had to search for one to exchange your btc before spending them . this problem will remain as long as local stores do not know about bitcoin in many countries

How Two Disabled Men Changed the Financial World

The revelations of the last four months surrounding Craig Steven Wright – who claimed to be the inventor of Bitcoin – have shed perhaps a new light on the early beginnings of Bitcoin. When Wright first made his claims, he implicated his deceased friend David Kleiman as co-founder of Bitcoin.

If this is true, when paired with Hal Finney, then the two disabled men would have played an instrumental role in changing the future of banking systems – and, indeed – many systems that make up our way of life today.

When Wired and Gizmodo first broke Wright’s identity, and his claims regarding the beginning of Bitcoin, the latter publication focused in on Kleiman, who has a litany of certifications in cyber-security.

He had suffered a motorcycle accident that left him handicapped. Oftentimes, when people tried to analyze the writing of Satoshi Nakamoto, they would note how it seemed, sometimes, the writing style changed. If Kleiman indeed played an early role, then two of the earliest Bitcoiner – he and Hal Finney – would have both been wheelchair-bound.

After his accident, Kleinman’s dedication to computers grew, and he became an elite specialist. He contributed to many of the same mailing lists Satoshi Nakamoto did. While his friend’s doubt that Kleiman helped invent Bitcoin, they admit he certainly had the skills to do so.

Hal Finney, who lived far from Kleiman’s Palm Beach County residence in Los Angeles, California, received the first ever Bitcoin sent from Satoshi Nakamoto as a test. Long before receiving that, he was a respected figure in the cryptography community. He ran the first cryptographically secured anonymous mailer in the 1990s. Hal explained his situation on BitcoinTalk:


https://www.cryptocoinsnews.com/disabled-men-bitcoin-finance/

why miners will be harmed by the halving although the price rises since last summer by triple time approximately ? this increase for sure will compensate the block reward halving for their revenue

Why do you think that bitcoin price will ever go that low again ? bitcoin limited number will always keep the price high as long as there are now bitcoiners joining the network

If bitcoin ever reaches $10000, it will be a bad idea to sell there because this will mean that bitcoin is widespread and will have more rise. but I do not see this price coming at all

this will happen when most of the world get electricity and internet connection to be able to use these digital money. and after giving them the power, they need to be taught how to use it

AFAIK, PayPal stopped in Turkey because the government there did not allow them, so this same government may work on fighting bitcoin and make it illegal !

The Rise and rise of Bitcoin

Daniel Mross is a computer programmer from Pittsburgh, who - along with balancing work, marriage, and raising three boys - spends much of his time involved in everything related to Bitcoin.

When he discovered the crypto-currency in 2011, it opened up an uncharted world of new possibilities for him to explore.

"It's fascinating to imagine what it means to have global decentralised money," he says.

In this two-part documentary, we go inside the complex world of Bitcoin to explore the social and political impact of an open-source digital currency and ask if it could create a monetary paradigm shift that will forever change the world.

http://www.aljazeera.com/programmes/specialseries/2016/06/rise-rise-bitcoin-160608110618095.html

it is always a good idea to invest some money in bitcoin because it has a great potential in the future. but you must take the risk and invest only what you afford loosing so you won't regret later

I speculate that the price will be between $600 and $650 or slightly more. I do not think that the halving alone will dirve the price higher without more people start joining bitcoin and more investments appear in the market

University Pays $20,000 in Bitcoin to Hackers

A Canadian university has paid bitcoin to malicious hackers to restore its computer systems after it became the subject of a cyberattack that denied access to its data.

The University of Calgary paid a ransom amounting to $20,000 Canadian dollars worth of bitcoins in order to obtain the keys or methods of decryption to restore its data.

Linda Dalgetty, the school’s vice-president of finances and services, said in a message released on the UT website that the cyberattack, which crippled multiple systems on May 28, used ransomware, which locks or encrypts computer networks until a ransom is paid.

https://www.cryptocoinsnews.com/university-pays-20000-in-bitcoins-to-hackers/

do not really know the answer ? look at how many accounts are in the forum and look on the digital goods to see how many people are selling high ranks account to others to use it in signature campaigns, all of these proves it is worth the time for many people

Can Bitcoin Technology Solve the Migrant Crisis?


REFUGEES FROM WAR-TORN NATIONS often give up everything they have in an attempt to create a better future for themselves and their families. But in addition to the jobs, property and relations they leave behind, these migrants give up something far more fundamental: their legal identity.

As they leave their country of origin, refugees will often have their government IDs confiscated and their bank accounts wiped out. Without proof of citizenship, legally speaking, they cease to exist. This loss of identity is compounded by a loss of access to critical social and economic infrastructure—including the international banking system.

A lack of ID creates huge problems for the border countries taking in refugees and the relief organizations trying to help them. The situation with the Syrian crisis is aggravated by the fight against terrorism. Are these people who they claim to be? Where did they come from? Who is a danger and who is not?

Most of these questions could be answered by blockchain technology, a common ledger that each party can view in the same way that multiple users can work on shared computer documents. With a blockchain distributed database, when a Syrian refugee arrives in Greece, border authorities could check her identity on their copy of the ledger housing her ID and even her biometric data. And because the ledger is tamper-proof, she would be able to present a much more compelling story of who she is, where she’s been and who she knows. Furthermore, because blockchain technology allows for anonymity as well as transparency, she could choose to reveal only as much about herself as required for the transaction she wished to undertake.


http://www.wsj.com/articles/can-bitcoin-technology-solve-the-migrant-crisis-1465395474

If bitcoin is like the internet was in the 90s, then I think bitcoin needs a lot of effort and developments to be like the internet nowadays.

Muslims around the world are preparing to observe the holy month of Ramadan, which is expected to begin late Sunday or Monday, depending on the first sighting of the new moon.

The faithful are expected to spend the month fasting during daylight hours, eschewing even water, and spending more time in prayer and study of the Quran. They are supposed to avoid bad habits and indulgences, such as smoking and sex.

Cultural differences and even geography have led to differences in the ways Muslims observe the holy month.

Fasting during daylight hours has proven difficult for people living near polar regions during the long days of the summer.

Muslim clerics have in the past few years issued fatwas allowing Muslims in regions where the sun does not set in summer -- or, when Ramadan falls in winter, where the sun does not rise -- to follow the sunrise and sunset times of Mecca.

http://www.voanews.com/content/muslims-prepare-to-observe-holy-month-of-ramadan/3362359.html

Ramadan Mubarak to all Muslims here 

I do not know a lot about Mohamed Ali but it seems he was a great man because people around the world loves him and a lot of people are sad about his death. May Allah have mercy on him