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1  Bitcoin / Press / [2019-09-09] Vitalik Buterin: Days of 1000x Crypto Growth is Gone! on: September 09, 2018, 11:58:12 PM


According to Vitalik Buterin, the co-creator of Ethereum, the days of 1000x growth as seen in 2017 in the cryptocurrency sector is gone.

Speaking to Bloomberg, Buterin emphasized that the awareness of cryptocurrencies and blockchain technology has already achieved its high point in Dec. 2017, when the price of major cryptocurrencies like Bitcoin, Ethereum, Ripple, and Bitcoin Cash demonstrated 10 to 300-fold returns.

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” he said.

Moving From Promotion to Real Adoption
The speculative bubble of last year has led the vast majority to take interest in cryptocurrencies as an emerging asset class. In the upcoming years, Buterin stated that the industry will focus on improving the usability and accessibility of decentralized systems rather than promotion and gathering interest.

Buterin explained that the strategy of promoting blockchain technology and cryptocurrencies to the broader consumer base is hitting a dead end and that it is time to improve the infrastructure of decentralized systems, applications (dApps), and protocols to encourage consumers to commit to blockchain-based platforms.

“Go from just people being interested to real applications of real economic activity,” he stated, adding “that strategy [promoting the blockchain to the broader consumer base]is getting close to hitting a dead end.”

In the upcoming months and years, to reach true mainstream adoption, developers of dApps will have to ensure that the utilization of decentralized systems is as seamless and efficient as centralized platforms.

For instance, apps like Peepeth, a decentralized alternative to Twitter, which was recently discussed on the Joe Rogan Podcast, require users to send Ether or gas every time a piece of information has to be broadcasted to the Ethereum mainnet.

The simple shift from cash to cryptocurrencies can already be difficult and technically challenging for the majority of people. Then requiring users to utilize MetaMask to process gas on a dApp through the Ethereum mainnet could be highly complicated for most.

As decentralized cryptocurrency exchange Kyber Network CEO Loi Luu previously said, in the near future, dApps will have to improve their user interface to refine and simplify the process of utilizing blockchain-based systems.

“I think it’s because the UI isn’t good enough. The users aren’t familiar with the Decentralized Exchanges; they’re more familiar with Binance or Bittrex. So that’s why we wanted to make it really easy for the user to use. So we don’t focus on the decentralized aspect of it. We focus more on the usability aspect of it,” Luu said, recognizing that the current UI of decentralized exchanges and dApps is not efficient enough.

Improvements on Protocol and dApps
On the protocol side, the open-source developer community of Ethereum is working on the implementation of Sharding and Plasma, two solutions that are expected to massively increase the scalability of the Ethereum network.

Other projects like Cardano and Zilliqa are working on proof-of-stake (PoS) and Sharding-related solutions as alternatives to Plasma and Ethereum-based solutions.

Still, the front-end and UI side of dApps and decentralized systems in general need significant improvement, especially if dApps intend to target the consumer base of widely utilized centralized platforms.


Source: https://www.ccn.com/why-ethereum-co-creator-believes-days-of-1000x-crypto-growth-is-gone/
2  Bitcoin / Press / [2019-09-09] A Billion People Will Be Using Crypto in 5 Years: Brian Armstrong on: September 09, 2018, 11:54:06 PM
A Billion People Will Be Using Cryptocurrency in 5 Years: Brian Armstrong



The world of money is revolutionizing in front of our eyes. Cryptocurrency is creating new paradigms for alternative payment systems and decentralized banking. There is no doubt that the user adoption of various cryptocurrencies is rapidly increasing. The cryptocurrency industry has become more fluid as the borders between it and mainstream finance continue to blur. At the same time, regulators are spending long hours at work to regulate the booming circle of crypto-enthusiasts.

It could be one of the prime reasons why Brian Armstrong believes crypto-adoption will increase at an astronomical pace in the next half-decade.

The Coinbase chief executive was responding to a question about cryptocurrency’s international outreach at TechCrunch Disrupt in San Francisco, to which he predicted that 1 billion people would eventually be using cryptocurrencies in the next five years.

Armstrong believes a growing number of cryptocurrency companies will contribute to the overall crypto ecosystem growth. These companies, under a regulated environment, will issue their tokens backed by their respective market caps. In a way, these institutionalized digital assets will prove to be an alternative investment system in addition to equities.

“It makes sense that any company out there who has a cap table should have their token,” Armstrong said. “Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their tokens.”

Coinbase, the U.S. company Armstrong heads, is one of the world’s largest bitcoin and altcoin exchanges by trading volume. They have only recently entered the U.K. markets to tap the growing crypto-user base in the country. Previously, it had been working actively in the U.S. and Europe, and it has amassed over 13 million users to date. That makes it 32.5 percent of the overall crypto-users — arguably, anyway.

Armstrong plans to expand Coinbase to more global territories. They have recently announced their plans to open new offices in Africa.

In the long run, Armstrong believes they will function like the New York Stock Exchange (NYSE), with “probably” millions of tokens in their portfolio.

“We do feel a substantial subset of these tokens will be securities,” he said. “Our approach has always been to be the most trusted [cryptocurrency exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities.”


Source: https://www.ccn.com/a-billion-people-will-be-using-cryptocurrency-in-5-years-brian-armstrong/
3  Alternate cryptocurrencies / Altcoin Discussion / EOS Block Producers Move to Cut Costs for Users on: September 08, 2018, 12:21:37 AM
The EOS blockchain project is hoping to boost the onboarding of new users by reducing the cost of opening accounts.

EOS New York, one of the network's 21 block producers (the entities elected to verify transactions on the network), announced Thursday that 15 block producers had approved a new protocol update which reduces cost of a new account from 4 kibibytes (KiB) to 3 KiB (roughly $1.84 as of September 6). KiB are used to measure amounts of data.

The change also grants new accounts 1,400 bytes of RAM for free, though existing accounts can buy, delegate or undelegate RAM to also receive 1,400 bytes for free.

Accounts on the EOS blockchain are necessary for transferring tokens or otherwise launching a transaction on the network.

The post further stressed the importance of making account creation easier to bring more decentralized app (dApp) developers on board in the early adoption phase, explaining:

    "EOS account creation cost is an extremely important aspect of the health of the platform. Many users of EOS decentralized applications are early adopters, people who are eager and willing to spend the time to understand the EOS blockchain. But in the future, users will not be as eager."

Because dapp developers will therefore either have to create users' accounts or otherwise force users to pay to create accounts, lowering the cost "dramatically reduces the barriers to development," the post said.


Source: https://www.coindesk.com/eos-block-producers-move-to-cut-costs-for-users/
4  Alternate cryptocurrencies / Altcoin Discussion / XRP Faces Tough Battle against Selloff on: September 08, 2018, 12:20:06 AM
On Friday, Sept. 7, the Ripple price (XRP) is recovering, although the intraday outlook is still mixed. Ripple is trading around 0.2905.
Fundamentals

XRP news are mostly neutral. This week, TransferGo launched a payment channel to India based on XRP technology, which will enable real time transactions.

The channel is going to be available across Europe and, going forward, will enable avoiding most current payment methods where transactions take around two or three days. It is yet unknown which XRP product TransferGo is using, but the reason for basing the transactions on XRP is quite clear: this token is very widespread in India and opens the door to unlimited opportunities there.

Another payment service being launched by TransferGo is also based on XRP. Although it is a bit slower, it is going to be completely free of charge.

Ripple CEO Brad Garlinghouse said this week that there was no point in replacing fiat currencies with cryptos. Regular money does its job quite alright, he added. In order to contest this point the speed and usability digital money must get much more effective, and while cryptocurrency can function well for overseas transactions, it is still not that useful for everyday payments.


Continue reading: https://www.ccn.com/ripple-price-xrp-faces-tough-battle-against-selloff/
5  Alternate cryptocurrencies / Altcoin Discussion / Fool’s Gold? Bitcoin Fork Faces Cryptocurrency Exchange Delisting after Attack on: September 08, 2018, 12:18:21 AM
Fool’s Gold? Bitcoin Fork Faces Cryptocurrency Exchange Delisting after 51% Attack



Three months after Bitcoin Gold fell prey to a high-profile 51 percent attack, one of the cryptocurrency exchanges affected by that exploit is threatening to delist BTG unless the coin’s developers help cover its losses.

Last week, the Bitcoin Gold organization announced on its official website that Bittrex, a top-30 cryptocurrency exchange by volume and one of the few to offer USD trading pairs, has informed the project that it will delist BTG since the former has refused to reimburse the 12,372 BTG that the hackers stole from the company’s hot wallet.

As CCN reported at the time, the attackers managed to steal an estimated $18 million worth of BTG from multiple cryptocurrency exchanges by using rented mining rigs to accumulate a majority of the Bitcoin Gold network’s hashpower. This allowed them to execute a double spend attack, through which they rewrote recent blockchain data to reverse payments and steal funds from exchanges.

Bitcoin Gold, which has since upgraded the BTG protocol to a new hashing algorithm in response to the incident, claims that it is not responsible for the losses incurred by Bittrex.

The organization wrote:

    “Despite all of our efforts, Bittrex was the victim of the last and largest BTG double-spend the attackers performed. The attackers deposited 12,371 BTG from the wallet we previously identified. Several hours later, Bittrex allowed them to trade that BTG and withdraw some amount of other coins, and then the attackers used the 51% attack to double-spend those BTG, invalidating their original deposit. (We do not know the net value of Bittrex’s loss since they have not disclosed the value of the coins they allowed to be withdrawn.)”

Continue reading: https://www.ccn.com/fools-gold-bitcoin-fork-faces-cryptocurrency-exchange-delisting-after-51-attack/
6  Bitcoin / Press / [2018-09-07] Quione Looks to Boost Crypto Liquidity With New Trading Platform on: September 07, 2018, 11:48:21 PM



Cryptocurrency exchange startup Quione has launched a new trading platform that it says will bring much needed liquidity to the crypto markets.

Called Liquid, the new service is a cryptocurrency trading "portal" that provides users with access to what it claims in a press release is "a worldwide network of cryptocurrency exchanges."

With a lack of liquidity having "hampered the development of the cryptocurrency markets," Liquid argued that its new product could help usher in greater stability.

From launch, Liquid will allow users to match trades across "multiple transactions and cryptocurrencies" – that is, make cross cryptocurrency conversions, as well as convert from the Singapore dollar (SGD). The firm says, as an example, orders of BTC/SGD, ETH/SGD and BTC/ETH could be matched together.

Later on, the firm plans to expand that offering with what it is calling a "World Book" technology. This aggregates orders and prices on different exchanges into a single order book and allows orders to be placed in the currency of choice, Quoine said.

According to an example of the system in the Liquid white paper, a German trader who wants to sell bitcoin can opt to view the World Book for bitcoin (BTC) in euros (EUR). When an order is placed, they will see their order enter the BTC/EUR market, with the order's price also being reflected in their orderbook in EUR.

If the trader's order to, say, sell BTC/EUR is matched with an order to buy BTC/SGD, "an FX conversion happens behind the scenes." After the trade, both parties receive their funds in their chosen order currencies.

Mike Kayamori, co-founder and CEO of Quoine, said in the release:

    "Cryptocurrency markets need stability. This year, the 30 day BTC/USD volatility [2] index has been above 3 percent for almost the entire year, with highs topping 8 percent at the start of the year. Liquid is paving the way to a less volatile future by improving liquidity within the cryptocurrency ecosystem."

Quoine operates cryptocurrency exchange businesses, and was licensed by Japan's financial watchdog, the Financial Service Authority, for its operations in the country back in September 2017.

Two months later, Quoine raised $105 million in a sale of its QASH token that it said would fund Liquid's development. The utility token will now be used to power the platform, allowing users to access to services.

In the press release, the firm further listed a number of features that it plans to add in the future including verification that allows withdrawals "under certain limits" to be made without having to undergo a know-your-customer process.

A credit card funding option and mobile apps for iOS and Android are also in the works.


Source: https://www.coindesk.com/quione-looks-to-boost-crypto-liquidity-with-new-trading-platform/
7  Bitcoin / Press / [2018-09-07] $6K Ahead? Bitcoin Price Plunges After Brief Recovery on: September 07, 2018, 11:39:10 PM


For bitcoin, the path of least resistance is to the downside.

At press time, the leading cryptocurrency is trading at $6,340 on Bifinex – down 3 percent from the high of $6,550 hit earlier today. The bulk of that loss came amid a dramatic drop over almost $100 in an hour soon before press time.

The minor recovery from the previous day's low of $6,300 was likely a product of oversold conditions reported by the short duration relative strength index (RSI) yesterday.

More importantly, the fact that the gains were erased so quickly indicates that bearish sentiment is still quite strong and the minor pop has likely recharged engines for further sell-off.

After a period of strengthening bull indicators over the last three weeks, the technical charts have now shifted toward the bears. As a result, a drop to $6,000 (February low) cannot be ruled out


Source: https://www.coindesk.com/6k-ahead-bitcoin-price-drops-after-brief-recovery/
8  Bitcoin / Press / [2018-09-07] Crypto and Stock Trading Startup Robinhood Is Eyeing an IPO on: September 07, 2018, 11:35:50 PM



Mobile investment app Robinhood, which launched a zero-commission cryptocurrency trading service early this year, is now searching for a chief financial officer as it prepares for an initial public offering (IPO).

Speaking at a TechCrunch event on Thursday, Robinhood CEO Baiju Bhatt revealed that the firm is "actively looking for a CFO right now" as he confirmed going public is "definitely" in the company's plan in the medium- to long-term.

He added:

    "Being a public company I think aligns very closely with our mission as well. And it's definitely on the horizon, not in the immediate term, but that's something we are thinking about."

Further, Bhatt said as a financial service company, its security measures and financial performances are being audited by financial regulators in the U.S. such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The news follows Robinhood's announcement in May that it raised $363 million in a Series D round funding led by DST Global and Sequoia Capital, which valued the firm at $5.6 billion.

Bhatt said at the time that with the new capital, the firm aimed to "become either the largest or one of the largest crypto platforms out there" by end of 2018.

As CoinDesk previously reported, the zero-fee stock trading startup launched Robinhood Crypto in February aimed to allow users in the U.S. to buy and sell cryptocurrencies at lower costs.

Currently, it offers trading options for bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, and dogecoin in 17 states in the U.S. and claims to have over 5 million users on the platform.


Source: https://www.coindesk.com/crypto-and-stock-trading-startup-robinhood-is-eyeing-an-ipo/
9  Bitcoin / Bitcoin Discussion / Houston Rockets’ Billionaire Owner Accepts Bitcoin at Luxury Car Dealership on: September 07, 2018, 01:50:37 PM


A luxury car retailer based in Houston, Texas, has become the first Bentley, Bugatti and Rolls-Royce (but not Lamborghini) dealership in the United States to adopt cryptocurrency as means of payment.

Post Oak Motor Cars, which is owned by Houston Rockets billionaire, Tilman Fertitta, will now accept bitcoin and bitcoin cash thereby breaking new ground in a segment that caters to athletes, celebrities and other elite clients.

According to Fertitta, the decision to accept crypto is aimed at enhancing the experiences of customers.

“The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier,” Fertitta, said in a statement.
Partnering With Payments Processor

Bitcoin payments at Post Oak Motor Cars will be processed by Bitpay, whose chief commercial officer, Sonny Singh, has said most buyers prefer making big purchases using the largest cryptocurrency by market capitalization because it is convenient.

Fertitta, who acquired the NBA team Houston Rockets last year at a price of US$2.2 billion, has been a vocal proponent of bitcoin. At the beginning of the year, for instance, the billionaire who also hosts the Billion Dollar Buyer reality television show on CNBC declared that bitcoin would become a permanent feature as he predicted that his businesses spread across various sectors would start accepting cryptocurrencies as means of payment.


Reference: https://www.ccn.com/houston-rockets-billionaire-owner-accepts-bitcoin-at-luxury-car-dealership/
10  Alternate cryptocurrencies / Altcoin Discussion / Ethereum Price Falls to 12-Month Low as Altcoins Suffer on: September 07, 2018, 01:42:44 PM
Ethereum’s price fell to a 12-month low of $228.8 today, falling below the $255.05 of Sept. 17, 2017, fulfilling expectations of those who have predicted a weakening of support that ICOs have bestowed on the second largest cryptocurrency since early last year.

Ethereum’s price has been on a roller coaster since it began climbing above the $20 range in March of 2017. The price reached $1,377.72 on Jan. 13, 2018, according to Coinmarketcap.com, riding the cryptocurrency market growth at the time. Some analysts credited a surge to ICOs on the Ethereum blockchain.

After January, the price fell, hitting $386.59 on April 7, 2018, then rose to $830.02 on May 5 before falling to its current low. The price began the current year in the upper $200 range, reaching $283.29 on Sept. 10, 2017.

Arthur Hayes, CEO of BitMEX, postulated in mid-August that Ethereum’s price was being supported by the ICOs that occurred starting in early 2017. Hayes said the ICO investments come from VCs that will dump their Ether in response to the bear market. He predicted Ethereum will fall below $100.


reference: https://www.ccn.com/ethereum-price-falls-to-12-month-low-as-altcoins-suffer/
11  Bitcoin / Press / [2018-09-07] Crypto Exchange ShapeShift Sees Criticism for KYC Norms on: September 07, 2018, 01:32:04 PM


Often lauded as a bastion of anonymity, financial independence and personal security, ShapeShift exchange has made a controversial move in the eyes of some users by introducing KYC (know your customer) guidelines which will require their users to register their real identities to use the service.

CEO Eric Vorhees published an announcement which was posted on Twitter describing ShapeShift membership as a loyalty program offering rewards such as discounts and higher transaction limits to users completing KYC.

    📰🦊ShapeShift has big news for our users! We are now offering a new membership program, that will provide users with more benefits & a better user experience. Find out why we are making these changes from our CEO @ErikVoorhees: https://t.co/LnOoyLbIMU pic.twitter.com/PiTk26xVkA

    — ShapeShift.io (@ShapeShift_io) September 4, 2018

Vorhees wrote:

    “Membership requires basic personal information to be collected. Today, Membership is optional, but it will become mandatory soon.

    Yes, that last detail sucks. We would prefer if the collection of personal information was not a mandatory element. We still firmly believe that individuals, regardless of their race, religion, or nationality, deserve the right to financial privacy, just as they deserve the right to privacy in their thoughts, in their relationships, and in their communications.”

Vorhees states in the post that there are three reasons for the decision – an increase in users asking for account-based features, the relationship between tokenisation and accounts, and of course, regulation.

“The practice of requiring customers to hand over personal private information is one we’ve struggled with since inception,” he said. “To the extent that digital asset technology remains a legal grey area, we need to be prudent and thoughtful in our approach as we navigate the regulatory environment.”

The move has unfortunately been met with immediate criticism throughout the space, with prominent figure Andreas Antonopoulos voicing his disapproval:

    Very disappointed that @ShapeShift_io is implementing KYC.

    Just goes to show that any centralized entity will be pushed in that direction, which is why LN, atomic swaps and Decentralized Exchanges are the only way to resist surveillance economics.

    — Andreas M. Antonopoulos (@aantonop) September 5, 2018

Securities and defense litigation lawyer Jake Chervinsky posted an entire thread on Twitter discussing the matter, stating that regulators were silently invading crypto:

    0/ A few thoughts on @ShapeShift_io's decision to start collecting users' personal information through a mandatory membership program.

    In short, this is how regulators silently invade crypto.

    Thread.https://t.co/ygiGzraE8q

    — Jake Chervinsky (@jchervinsky) September 5, 2018

Chervinsky stated that ShapeShift has historically enabled users to trade with total anonymity, referring to CEO Eric Vorhees as  “a true bitcoiner who speaks passionately about financial privacy & separating money from state.”

The lawyer went on to point out that the US government wouldn’t stand for that separation, calling the concept of anonymous crypto exchanges a “genuine nightmare” for regulators relying on financial surveillance. Chervinsky believes that FinCen, a bureau of the US Treasury Department, has threatened ShapeShift with enforcement action.

In 2013, FinCEN issued guidance saying that all the regulations governing money services businesses apply in full to crypto companies, and offered an insight into the shadowy world of forced regulation.

    “Unfortunately, this is how regulation often gets done here in DC. Regulators accuse a company of violations based on a weak-but-plausible theory that might fail in court, but would be too expensive/risky/damaging for the company to fight in public, so the company cooperates.”

Users on Reddit didn’t take the news any better than those on Twitter, with comments such as “Shapeshift is dead to me,” “Shapeshift has lost its moral compass,” “So sad. Time to move on,” and “Goodbye forever!”

Shapeshift responded to one commenter asking if ShapeShift thought the users were stupid, referring them to a recent tweet by Eric Vorhees which simply said:

    What I write is being watched very closely. Please give us time.

    — Erik Voorhees (@ErikVoorhees) September 4, 2018


Source: https://www.ccn.com/crypto-exchange-shapeshift-sees-criticism-for-mandating-memberships-with-kyc-norms/
12  Bitcoin / Press / [2018-09-07] Malware Targeting Bitcoin ATMs Goes on Sale for $25,000 on: September 07, 2018, 01:20:37 PM


Regular bank ATMs have long been a target for criminals but now bad actors are turning their sights on Bitcoin ATMs as cryptocurrencies gain acceptance.

According to Trend Micro security researchers, a malware targeting Bitcoin ATMs has been discovered in the underground markets. The Bitcoin ATM malware which is being sold at a price of US$25,000 takes advantage of a service vulnerability that allows users to purchase bitcoin worth 6,750 in either US dollars, British pounds or euros. The cryptocurrency purchases are done using Near-Field Communication (NFC) or the Europay, Mastercard and Visa (EMV) pre-written cards which are provided to buyers of the malware.

Lack of Common Standards

Per the cybersecurity researchers, the lack of standardization with regards to Bitcoin ATMs may be contributing to the problem.

“Unlike regular ATMs, there is no single set of verification or security standards for Bitcoin ATMs. For example, instead of requiring an ATM, credit, or debit card for transactions, a Bitcoin ATM involves the use of mobile numbers and ID cards for user identity verification,” wrote Senior Threat Researcher at Trend Micro, Fernando Merces. “The user then has to input a wallet address or scan its QR code. The wallets used to store digital currencies are not standardized either and are often downloaded from app stores, posing another security problem.”

From the analysis they have conducted, Trend Micro researchers have determined that the vendor of the malware has received more than 100 reviews meaning the malware could be gaining traction. The situation could get worse as the vendor is also proposing partnerships with interested parties on a revenue-sharing basis.


Looking to Cash in as Bitcoin ATMs Increase

This comes at a time when the number of Bitcoin ATMs has exceeded 3,500 across the globe as CCN recently reported. While the Bitcoin ATM malware can be used in any location of the world, support by the malware vendor is restricted to the English, Russian and German-speaking markets. This is likely not a coincidence as more than half of the Bitcoin ATMs are located in predominantly English-speaking countries with Russian and German-speaking groups also enjoying healthy representation.

A pre-dominantly English-speaking market such as the United States currently has 2166 Bitcoin ATMs while the United Kingdom boasts of 171 such devices. The Russian Federation is also in the top five with 72 locations besides more outlets located in other countries with Russian-speaking populations such as Ukraine. Austria and Switzerland, which boast of a significant number of German speakers, are also among the leading countries with regards to Bitcoin ATM adoption – with 153 and 29 locations respectively.


Source: https://www.ccn.com/malware-targeting-bitcoin-atms-goes-on-sale-for-us25000/
13  Bitcoin / Press / [2018-09-07] Bitcoin Dominance Hits 55% as Crypto Market Struggles to Recover... on: September 07, 2018, 01:17:48 PM



Subsequent to recording the steepest daily drop in valuation in recent years, the crypto market has struggled to rebound in a convincing manner, pushing the dominance index of Bitcoin further up.

Throughout the past 24 hours, the dominance index of Bitcoin achieved 55 percent, its highest point since December of last year. As tokens lost out largely against Bitcoin, the dominance index of the cryptocurrency increased significantly over the past few days, from 51 percent to 55 percent.





While the crypto market has avoided a drop below the $200 billion mark to its yearly low at $192 billion, Bitcoin and the rest of the market are still in a steep downward trend, with little to no support in mid-$6,000.


Goldman Sachs Wasn’t the Trigger

Yesterday, on September 6, CCN reported that the announcement of Goldman Sachs, the $90 billion US-based investment bank, to supposedly pivot away from Bitcoin trading desk operation to crypto custody had no impact on the price of Bitcoin.

“It is evident that the Goldman Sachs announcement had no impact on the short-term price of BTC. Ostensibly, the announcement of Goldman Sachs may seem like a negative development for the cryptocurrency sector,” the report read.

Hours after the report of CCN was released, Goldman Sachs chief financial officer Martin Chavez officially refuted the reports that Goldman Sachs is delaying the launch of its Bitcoin trading operation, characterizing the reports as fake news.

“I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as Fake news,” Chavez said at a TechCrunch conference.

If Goldman Sachs had been the main trigger that led the Bitcoin price to fall from $7,400 to $6,400, the direct denial of reports regarding its Bitcoin trading operations should have led BTC to recover to its previous resistance level.

The unconvincing movement of the cryptocurrency market despite the decision of Goldman Sachs to refute all reports related to its crypto venture has shown that the market initiated a large sell off due to large sell pressure that was built on top of Bitcoin since late August.


Where is Bitcoin Headed to?


If Bitcoin fails to break out of the $7,000 resistance level in the next 24 to 48 hours to completely reverse its fall from the $7,400 mark, then it is highly likely that Bitcoin will test the $6,000 resistance level once again in the upcoming days, as it has done in April, June, and August.

The expected drop of Bitcoin to the low $6,000 level is not necessarily negative, as it would allow the dominant cryptocurrency to bottom out at its low price range and prepare for a mid-term rally in the months to come.

In the meantime, due to low volumes and increasing activity of Tether (USDT), tokens and small market cap cryptocurrencies will likely continue to bleed out against Bitcoin and the US dollar.


Source: https://www.ccn.com/bitcoin-dominance-hits-55-as-crypto-market-struggles-to-recover-convincingly/
14  Bitcoin / Bitcoin Discussion / Pornhub subsidiary wants to pay you cryptocurrency for watching porn on: September 02, 2018, 11:58:21 PM
Adult entertainment streaming service Tube8 – a Pornhub subsidiary with over 150 million page visits each month – wants to reward your porn-watching habits with cryptocurrency… so it is putting its entire platform on the blockchain.

In a note exclusively shared with Hard Fork, the company revealed it has entered an agreement with Vice Industry Token (VIT) that will see its platform entirely tokenized. The collaboration will enable users to earn VIT tokens for streaming and interacting with Tube8 videos.

The token implementation is expected to take place by the end of the year. The move will make Tube8 the very first major adult platform to adopt token-based rewards and actually pay its users for their activity on the website.

"But before you get too excited about turning your pornography addiction into a career, there are a few red flags you should know about." Tongue


Source: https://thenextweb.com/hardfork/2018/08/17/pornhub-tube8-blockchain-cryptocurrency/
15  Bitcoin / Press / [2018-09-02] 300,000% Return in a Few Seconds – the 2017 GDAX Flash Crash on: September 02, 2018, 11:24:01 PM
300,000% Return in a Few Seconds – the 2017 GDAX Flash Crash



Crypto veterans will remember the June 21, 2017 GDAX flash crash, where the ETH/USD market experienced a rapid 99.96% price drop of ETH from $317 to $0.10 in a matter of seconds.


What happened?

On 21 June 2017 at 12:30 PT, a multimillion dollar market sell of ETH was placed on the GDAX ETH/USD order book. Due to a thin order book, the massive market sell off caused buy orders to be filled from $317 to $224, translating into a book slippage of 29.4%.

This slippage started a cascade of approximately 800 stop loss orders and forced liquidations of long positions, pushing the price further down, causing ETH to trade as low as $0.10 for a few seconds before completely recovering to around $300.

Moments before the crash, one trader placed an order to buy 3,809 Ether at the price of $0.10. With ETHs price recovery, in seconds, that Ether was worth $1,124,700, resulting in a 300,000% return for the trader.


Why Was Such a Drop Possible?

On traditional markets, flash crashes have happened before, such as the 2010 flash crash which saw the Dow Jones index lose 9% in a matter of minutes. As is usually the case when comparing the cryptocurrency market with traditional markets, the GDAX flash crash was much more extreme.

It is speculated that the same trader who made the trade of a century also orchestrated the flash crash themselves with a multi-million dollar market sell because they noticed:

   - That GDAX had no internal protocol to automatically halt trading of an asset after it drops a certain percentage quickly.
   - The thin buy order book.
   - The abundance of stop loss orders. Stop loss orders which are placed by traders to market sell their assets after they drop a certain amount.
   - The amount of leveraged longs. When a leveraged long is margin called, the exchange sells the collateral at market price in order to prevent further losses.


The Aftermath

Coinbase, the company that operated the GDAX exchange, stated that the official investigation showed no indication of wrongdoing or account takeovers and reported that their matching engine operated as intended through the event.

Citing their terms&conditions, they reminded customers that margin trading carries inherent risk, and that no trades will be reversed.

The company was facing a public loss of trust and potentially even lawsuits from disheartened traders. Eventually, the came out with a second public release and stated that every trader that got margin called or had their stop loss orders executed will be credited for the lost amount with Coinbase’s own funds.


The Wonder of Market Forces

After news of the traders incredible return of investment went around, traders started putting in limit buy orders at price levels they knew were unlikely to get filled, hoping to make a huge profit in the event of another flash crash.

In doing so, traders consolidated the buy order book and increased support levels at all prices, reducing the chance of such a flash crash happening in the future.


Source: https://coincodex.com/article/2272/300000-return-in-a-few-seconds-the-2017-gdax-flash-crash/
16  Bitcoin / Bitcoin Discussion / is this real Satoshi twitter handle? on: September 02, 2018, 10:42:12 PM
I found this twitter handle a few months ago
Code:
https://twitter.com/satoshi

which claims to be own by the founder "Satoshi Nakamoto" and I've been following it ever since.

What are your thoughts... I know there are lots of "Faketoshi(s)" out there Grin
17  Bitcoin / Bitcoin Technical Support / I've been waiting for bitcoin transaction for 4 hours+... WTF??? on: July 03, 2018, 01:06:23 PM
What the hell is happening today, does SegWit address got infected with some spam shit or what? Waiting for over 4 hours really starting to piss me off!

Reference: https://www.blockchain.com/en/btc/tx/b89dee0a8c4a86010bc6d7e85a1fdd2ce68144b0323f5d49a569024ac0a6b3f8
18  Alternate cryptocurrencies / Altcoin Discussion / SPECTRE & Envion... Do these altcoins really have a future? on: July 03, 2018, 09:31:50 AM
I'm still confused about these two altcoins "SPECTRE & Envion" Do these altcoins really have a future?

Envion:
https://coinmarketcap.com/currencies/envion/

SPECTRE
(D) : https://coinmarketcap.com/currencies/spectre-dividend/
(U) : https://coinmarketcap.com/currencies/spectre-utility/

What y'all think about them... thanks Smiley
19  Economy / Economics / The money started coming back to the cryptocurrency market on: June 30, 2018, 02:26:47 AM
The total cryptocurrency market was $238 Billion a few hours ago and yet the market is almost $260 Billion.

20  Alternate cryptocurrencies / Altcoin Discussion / Envion destroys the life of 'Jessica Smith' and many more around the world on: June 11, 2018, 11:13:51 AM
The New York Times spoke to 21-year-old Jessica Smith who invested $28,000 in Envion, almost all the money she had made after two years trading cryptocurrency. Smith is now looking for new work, saying this “has been very painful.”


Article: The Envion ICO Scandal – Both Sides of the Story
https://www.ccn.com/the-envion-ico-scandal-both-sides-of-the-story/

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