Friday 31 August 2018

Storing a Lot of Bitcoins in One Wallet Is a Bad Idea

Keeping a Lot of Bitcoins in One Wallet Is a Bad Idea

Interest has piqued in a bitcoin wallet that’s lain dormant for four years. This week’s movement of the funds it contains, worth close to $850 million, has sparked intense debate over whose address it might be. Regardless of which whale holds the rights to it, the wallet’s very existence demonstrates the drawbacks of holding a lot of bitcoins in one address.

Also read: Payment Platform Bitpay Adds Bitcoin Cash Settlement Services

Mt Gox, Silk Road, and the Mystery of the Whale-Sized Wallet

Gawping at the fortunes of the super rich is a universal pastime with a storied past. In centuries gone by, the poor would watch in envy as the rich rattled past on their horse-drawn carriages clad in the finest scarlet robes. Today, the rich retain much of their fortune in digital form, and the closest we get to inspecting it is on a blockchain explorer. In many other respects though, little has changed. Observers have been transfixed, over the past 72 hours, by the movement of funds from a wallet containing 111,000 BTC and an identical number of BCH.

Storing a Lot of Bitcoins in One Wallet Is a Bad IdeaA lot of the attention has focused on the identity of the wallet’s owner, whose funds have been attributed to Silk Road or Mt Gox – the usual suspects in other words. Craig Wright also claimed ownership of the wallet in a lawsuit, though like many of his claims, this one has been granted no credence. The open nature of blockchains is an inherent part of their design; rich or poor, whale or minnow, everyone’s transactions are equally transparent in a block explorer. While democratic, this system does have its downsides, such as when wishing to move a large amount of bitcoin without attracting scrutiny.

Don’t Keep All Your Bitcoins in One Basket

Keeping a Lot of Bitcoins in One Wallet Is a Bad IdeaThe attention that the 111,000 BTC/BCH wallet has gathered highlights some of the pitfalls to keeping large quantities of coins in a single address. For one thing, the cost of failure is insanely high. Lose the private key and you’ve lost your fortune. From a risk management perspective then, it would seem sensible to break a large wallet down into smaller parts. From a privacy perspective, it also makes sense to move smaller quantities of coins at one time rather than attract attention by shifting six-figure amounts of bitcoin in one go.

Aside from pondering the mystery of the wallet’s owner, observers have been rapt in case a tranche of those coins is sent to an exchange wallet. In the past, EOS sending large quantities of ETH to Bitfinex, for example, has been enough to spark panic among holders fearing a major dump. Whales have probably got better things to do with their time than send hundreds of millions of dollars of bitcoin to an exchange wallet just to spook traders. It is a quirk of bitcoin’s design, however, that such an event is even possible. As of today, 83 wallets have received just under 1,000 BTC apiece as the wallet’s owner distributes their estate. This may be the last time their wealth is analyzed so openly by so many.

Who do you think the whale-sized wallet belongs to? Let us know in the comments section below.


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Report: Miner Spends Only $1567 per BTC

Report: Miner Spends Only $1567 per Bitcoin

Electricity is the number one cost for cryptocurrency mining, giving an edge to whoever can secure it for the lowest price. Bitfarms, which has access to cheap renewable energy in Canada, reports that mining a single BTC cost the company just $1567 in the first half of the year.

Also Read: The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

$1567 Per BTC

Report: Miner Spends Only $1567 per BitcoinTel Aviv Stock Exchange listed firm Bitfarms Technologies Ltd. (TASE: BLLCF), today reported its consolidated results for the half-year period which ended June 30, 2018. The report shows that the company generated 1,923 BTC, 2,222 BCH, 3,324 LTC, 567 ETH and 220 DASH during the first six months of 2018. And the figures also reveal that it cost Bitfarms just $1567 to mine each BTC.

Financial highlights for the period include mining operations segment revenue of $21.1 million, gross profit of $12.3 million (58% gross profit margin), gross mining profit of $17 million (80% gross mining margin), operating income of $8.1 million (38% operating margin), EBITDA of $13.9M (66% EBITDA margin) and net income of $6.2 million. Bitfarms also executed an acquisition of a company with 40 electricians specialized in building infrastructure for computing centers, and installed over 6,500 ASICs at a St. Hyacinthe, Quebec facility producing about 91 PH/s of hash power.

Low-Cost, Clean Energy

Bitfarms has bought land and two industrial properties in Sherbrooke, Quebec where it plans to build a “mega-facility”. It negotiated energy purchasing agreements with Hydro-Sherbrooke to secure 98 MW of low-cost electricity, enough to grow its mining operation five times their current size. The company also reports it completed the Report: Miner Spends Only $1567 per Bitcoinconstruction of leasehold improvements and installation of all electrical infrastructure for a new 10MW facility in Magog, Quebec.

“We are very proud of the tremendous progress made in the first half of Fiscal 2018,” commented CEO Wes Fulford. “Through disciplined execution and responsible financial management, our team has successfully completed several key initiatives that align with our strategic objectives of securing low-cost, clean energy, growing mining infrastructure and operations, vertically integrating to minimize dependence on costly third-party service providers and exploring exciting new business verticals within blockchain technology. Contrary to industry trends, we achieved strong revenues and robust margins throughout the period. Our impressive cost structure, enabled by long-term, affordable electricity and real-estate leasing costs, allows us to maintain profitability during periods of volatile cryptocurrency pricing. We are committed to executing our vision as we strengthen Bitfarms’ position as a leading player within the global blockchain industry.”

Does access to cheap energy guarantee that mining will support the development of renewable sources? Share your thoughts in the comments section below.


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

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Payment Platform Bitpay Adds Bitcoin Cash Settlement Services

The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

In today’s edition of Bitcoin in Brief we cover stories that show how Houbi is nearing a possible backdoor listing on the Hong Kong Stock Exchange, why Elon Musk is still impressed by the quality of cryptocurrency scambots on Twitter, and an Italian football club bought with crypto.

Also Read: Binance, Okex, Huobi and Upbit Back New Stablecoin, Terra

Huobi Nears Backdoor Listing

The Daily: Huobi Nears Backdoor Listing, Musk Still Loves ScambotsHuobi Global has issued a joint announcement with Pantronics Holdings (HKEX: 1611), a firm listed on the Hong Kong Stock Exchange, about the acquisition of shares in the public company by the cryptocurrency exchange operator. Huobi is now the majority shareholder in Pantronics, which it can use to perform a backdoor listing for itself. This means that the cryptocurrency exchange now has the option of becoming a public company without having to go through an IPO, giving it the credibility that such a status holds among traditional investors and an ability to raise funds by selling stocks, options or bonds. The companies have not responded to questions about the deal yet, and investors are probably interested to know if the companies have approached HKEX management to see if they won’t raise difficulties in such a process.

Musk Still Loves Scambots

The founder of Tesla and Spacex, Elon Musk, seems to still be impressed by Twitter scambots – algorithms that automatically reply to messages by high profile accounts with false promises of giveaways. Back in July he sounded like he wanted to offer the programmers behind them a job, tweeting: “I want to know who is running the Etherium (sic) scambots! Mad skillz …”. He’s apparently so impressed with their performance, he’s now joked, “At this point, I want ETH even if it is a scam.”

Italian Football Club Bought With Crypto

The Daily: Huobi Nears Backdoor Listing, Musk Still Loves ScambotsCryptocurrency trading companies, ICO projects and others in the ecosystem have been using sports sponsorships deals to reach a mass audience for a while now. And the latest example of this comes from Italy, where according to local media, a football team was bought with digital tokens. UAE-based Heritage Sports Holdings reportedly paid with Quantocoin (QTC) for 25% of the shares of Rimini F.C., an Italian association football club founded in 1912 that plays in Serie C. If the name of the token sounds familiar, a Quantocoin ICO investor was also behind the recent decision by Gibraltar United F.C. to pay its players with crypto.

Mycrypto Raises $4 Million in Series A Funding

Mycrypto, the client-side tool for generating ETH wallets created by Myetherwallet founder Taylor Monahan, has announced today it raised $4 million in a Series A round of funding led by Polychain Capital. Additional investors include Shapeshift, Boost VC Fund 3 LP, Mainframe’s Mick Hagen, Chance Du (Coefficient Ventures), Ausum Blockchain Fund LP, early Dropbox employee Albert Ni and Earn Co-Founder Lily Liu (4T Global LLC). “We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people. Mycrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next one hundred million cryptocurrency users,” said Olaf Carlson-Wee, Founder and CEO of Polychain Capital.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


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

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Markets Update: BTC Consolidates Around $7K After Breaking Trendline

Bitcoin Cold Storage in DNA

Bitcoin Cold Storage Now Available in DNA

Savvy Bitcoiners know: whoever controls keys and passphrases, controls the coins. As cryptocurrency becomes part of everyday life and investment, enthusiasts are increasingly searching for unique, secure ways to store access to their digital assets. Enter Carverr, the startup claiming to keep passwords and keys in a microtube of deoxyribonucleic acid (DNA). It’s just so crazy sounding it might work.  

Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Store Bitcoin Passwords in DNA

Some keep them on hard drives; others, paper, separated, and in two locations. Still others employ complex safety deposit box schemes. Indeed, as cryptocurrency takes on greater significance in more financial plans, what to do with essential access to it becomes of utmost importance.

Carverr is offering what it calls a “DNA-based cold storage for digital currencies. Our system is the safest method of cold storage on the planet, developed by a group of experienced asset managers and biotechnologists.” They believe their storage idea is one of a kind, transforming “data from digital information to biological, and therefore requires no software updates or internet connection,” according to their website.

Bitcoin Cold Storage Now Available in DNA

Cold storage, the practice of keeping crypto details away from a ‘hot’ wallet, one connected to the internet, seems to be a safer practice all around. Though not entirely foolproof, coming with its own challenges, cold storage is the preferred method for security minded enthusiasts. “Since it lives off-line,” the company explains, “it is protected from hackers and because your code is contained in a strand of DNA it can never become obsolete, unlike other cold storage wallets. Even storing your digital codes in-offline servers in a mountain means at some point, those servers will become obsolete and require updates. Carverr’s DNA system is a one and done solution that ensures your code outlives you.”

Clients begin their DNA storage journey by the most dangerous of possible scenarios: they send either their “passcode, passphrase or private key” to the company. “This is done through an encrypted messaging service based in Switzerland. You don’t need to tell us what your passcode is for,” Carverr notes. “Feel free to alter your code before sending it to us. We do not verify the context of your passcode, we only convert whatever code you provide to us into DNA.”

Bitcoin Cold Storage Now Available in DNA

No Way Watson and Crick Could’ve Imagined This

Remembering back to biology class, readers might recall nucleic acids chain together, their bases of four making a DNA strand: adenine, cytosine, guanine, thymine. Shorthand reads A, C, G, T, respectively. Carverr uses “a special algorithm to convert your digital code (1s and 0s) into a string of bases consisting of As, Ts, Cs, and Gs, i.e. DNA.  Your code is checked numerous times for accuracy. Carverr then manufactures a strand of synthetic DNA, using the string of bases. DNA manufacturing is a tried-and-true method dating back to the 1950s.”

Indeed, it was in 1953 two Cambridge researchers, James Watson and Francis Crick, identified DNA’s molecular structure. DNA has gained traction in recent years as a keen method of providing a unique identifier to catch baddies; and within the last 20 years it has been advanced in the quest to map the human genome. It’s probably safe to assume no one 6 plus decades ago could have imagined it as a digital currency storage mechanism.

Bitcoin Cold Storage Now Available in DNA
“We utilize a number of manufacturing partners who produce hundreds of thousands of base pairs per day, for use in biomedical and agricultural applications. All of these sectors require extreme precision, which is why exhaustive quality checks are performed,” they stressed. Once your test tube is ready, it can be shipped back to you, or you can elect to have Carverr store it on your behalf. Currently, your data is best suited for storage in a freezer (4° C), however, a shelf stable version is currently in development.”

Users of the DNA cold storage service are also able to receive data retrieval support. “Data retrieval takes about 48-72 hours from the time of the request. It may take longer if you decide to store your data yourself. We retrieve the code by sequencing your DNA and then de-coding the information to retrieve your password. The password is then transmitted back to you through our secure communication channel,” the company urges. “Unlike electronic devices, DNA will never become obsolete. Reading and writing DNA will always be relevant; therefore, there is no need for software patches, updates or new hardware.”

Would you use DNA for cold storage? Let us know in the comments below. 


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We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto. 

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Electrosteel reports net profit of Rs 927.96 crore for April-June quarter

Electrosteel reports net profit of Rs 927.96 crore for April-June quarter The total income of the company increased to Rs 1,046.15 crore in April-June quarter over Rs 814.94 crore in the year-ago period, it said.

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Unitech Q1 net loss widens to Rs 73 cr

Unitech Q1 net loss widens to Rs 73 cr The company said in a regulatory filing that its total revenue declined sharply to Rs 77.94 crore in the first quarter of this fiscal, compared to Rs 289 crore in the corresponding period last year.

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Nokia 6.1 Plus Review

The Nokia 6.1 Plus review takes an in-depth look at the new Android One smartphone to see its performance, battery life, cameras, and design.

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Jack Ryan TV Series Review, Release Date, Cast, and Everything Else You Need to Know

Jack Ryan with John Krasinski as the lead actor is out August 31 on Amazon Prime Video in India. Here's everything you need to know about the new series, including release date, cast, review and more.

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Xiaomi Poco F1 Review

Poco F1 from Xiaomi packs the powerful Snapdragon 845 processor and a 4000mAh battery, all for a starting price of Rs. 20,999. Read our review to see how it performs.

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Samsung Galaxy Note 9 Review

Samsung Galaxy Note 9 review explores the S Pen, performance, camera, battery life, and more. The Galaxy Note 9 price in India is Rs. 67,900.

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10.or D2 Review

The 10.or D2 is a budget offering that boasts of good battery life and a 18:9 display. But does it have the right mix of specifications and features to stand out? Find out in our review.

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Ripple Price Analysis: XRP/USD’s Support Turned Resistance at $0.3400

Key Highlights

  • Ripple price extended its downside move and broke the $0.3400 support area against the US dollar.
  • Yesterday’s highlighted key bullish trend line was broken with support at $0.3405 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair declined towards the $0.3200-50 support area and is currently correcting higher.

Ripple price faced an increased selling pressure against the US Dollar and Bitcoin. XRP/USD is moving higher, but the previous support at $0.3400 could act as a resistance.

Ripple Price Resistance

Yesterday, a short-term downside correction was initiated from the $0.3580 high in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.3500 and $0.3450 levels. Later, sellers gained traction and the price declined below the $0.3400 support and the 100 hourly simple moving average. The price also broke the 61.8% Fib retracement level of the last leg from the $0.3190 swing low to $0.3579 high.

More importantly, yesterday’s highlighted key bullish trend line was broken with support at $0.3405 on the hourly chart of the XRP/USD pair. The pair traded towards the $0.3200 support and established an intraday low at $0.3230. Later, the price corrected higher above the $0.3300 level. It also broke the 23.6% Fib retracement level of the last slide from the $0.3579 high to $0.3230 low. It seems like the price may slowly climb higher towards the $0.3400 resistance and the 100 hourly SMA. However, it won’t be easy for buyers to clear $0.3400 and the 50% Fib retracement level of the last slide from the $0.3579 high to $0.3230 low.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price is following an ascending channel and it could rise towards $0.3400. If it fails to break $0.3400, it could decline back towards the $0.3200 support in the near term. Conversely, above $0.3400 the price may climb back above $0.3500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Major Support Level – $0.3200

Major Resistance Level – $0.3400

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Traders Expect Bullish Bitcoin Move After Daily Candle Close, Tokens Rising

Yesterday, the majority of investors in the cryptocurrency market were bearish towards the short-term movement of major digital assets like Bitcoin, as BTC dipped below the $6,900 mark.

In the past 24 hours, Bitcoin has recovered from $6,800 to $7,000, during a period in which analysts expected the price of BTC to fall to major support levels at $6,500 and $6,300.

Optimistic Daily Close

On August 31, the daily candle of BTC as seen below was formally closed, establishing an optimistic short-term trend that will highly likely be sustained throughout this week. Bitcoin, which traders predicted to fall to the mid-$6,000 region, rebounded strongly to $7,000 and if BTC breaks out above the $7,100 mark in the next 24 hours, a move to $7,000 is said to be a possibility.

1-day Bitcoin price chart taken from Cryptowat.ch

Lil Uzi Vertcoin, a widely recognized technical analyst, said on August 30:

“BTC topped the bollinger bands and rejected the ichimoku cloud resistance here, $7,130 is the resistance to break but it looks more difficult now, expecting $6,700 to $6,500 to be good support. I’ll probably long if we test $6,500-$6,600 again.”

Some traders have suggested that the reverse trend of BTC can be attributed to the expiration of the CME Bitcoin futures market on September 1, which may create a short squeeze and trigger an upward movement for BTC.

Previously, CNBC Fast Money contributor and BKCM CEO Brian Kelly stated that a short squeeze created by the US Bitcoin futures market can contribute to a 10 to 15 percent short-term rally for Bitcoin, leading other tokens and small market cap cryptocurrencies to also recover by intensified margins.

“They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 percent run on Bitcoin on a short squeeze, it should bring everything else backup,” Kelly said earlier this month.

If the expiration of Bitcoin futures have a similar impact on the price of BTC as it did in early August, then a positive upward movement can be expected.

Stability

In previous months, BTC was wildly volatile in the $6,000 to $10,000 range, spiking from $6,000 to $8,000 within 30 minutes and plunging from $10,000 to $7,000 in hours.

Researchers at Diar said:

Month-on-month volatility has decreased from December 2017 peak, when futures began trading, from 8% now down to 3% (see chart). Whether or not Bitcoin Futures are at play in this instance would be speculative considering that both CME and CBOE Bitcoin Futures trading volume account for a mere 2% against spot trading (Diar, 6 August).

In August, BTC demonstrated the highest level of stability in 14 months, showing that the worst part of the bear market has gradually come to an end and the market has become more stable from the 80 percent correction it has experienced since early 2018.

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Ethereum Price Analysis: ETH/USD Holding Key $270-275 Support

Key Highlights

  • ETH price extended decline and traded below the $284 support against the US Dollar before correcting higher.
  • There was a break above a connecting bearish trend line with resistance at $280 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $270-274 support zone to climb back higher in the near term.

Ethereum price is under pressure below against the US Dollar and bitcoin. ETH/USD is still above the $270-274 support, which is a positive sign.

Ethereum Price Trend Support

Yesterday, there was a downside correction initiated from the $298 swing high in ETH price against the US Dollar. The ETH/USD pair declined and broke the $290 and $284 support levels. The decline was such that the price settled below the $284 support and the 100 hourly simple moving average. There was also a break below the 76.4% Fib retracement level of the last wave from the $270 swing low to $298 high.

The price almost tested the last swing low and traded as low as $270.50. Later, there was a sharp bullish reaction and the price moved above $280. There was also a break above a connecting bearish trend line with resistance at $280 on the hourly chart of ETH/USD. However, the price struggled to clear the previous support at $284 and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last decline from the $297 high to $270 low also acted as a resistance. The price retreated and is currently retesting the broken trend line at $276.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price was rejected from the $270-274 support area. As long as the price is above the mentioned support, it could bounce back towards the $284 and $290 resistance in the near term.

Hourly MACD – The MACD is about to move back in the bearish zone.

Hourly RSI – The RSI is currently below the 50 level and is moving south.

Major Support Level – $274

Major Resistance Level – $284

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Bitcoin (BTC) Price Watch: Bulls Defend Uptrend Line, Aiming Higher

Bitcoin Price Key Highlights

  • Bitcoin price pulled back to the area of interest marked previously and bounced off support.
  • Price is setting its sights back on upside targets indicated using the Fibonacci extension tool.
  • Technical indicators are giving mixed signals in terms of direction, but bearish pressure appears to be fading.

Bitcoin price is resuming its climb after testing the rising trend line connecting the lows since mid-August.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA on the 4-hour time frame to indicate that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume at this point.

However, the gap between the moving averages is narrowing to indicate slowing selling pressure. The 200 SMA, which lines up with the trend line, also held as dynamic support and could continue to do so moving forward.

In that case, bitcoin price could aim for the 38.2% extension at the swing high next or the 50% extension just past the $7,200 major psychological resistance. Stronger bullish momentum could bring it up to the 61.8% extension at $7,315 or the 78.6% extension at $7,457.70. The full extension is just above the $7,600 mark.

BTCUSD Chart from TradingView

BTCUSD Chart from TradingView

RSI is on the move up so bitcoin price could follow suit while buyers have the upper hand. This oscillator has some room to climb before hitting overbought levels, which means that buyers could stay in the game for a bit longer.

Meanwhile, stochastic just pulled up from the oversold area to indicate a return in bullish pressure. This has more room to head north, also suggesting that the bounce could be sustained.

A bit of month-end profit-taking flows could be seen so be mindful of any sharp dips as traders try to book profits off recent positions. In the meantime, traders still seem optimistic that the SEC could have a more positive decision in the pending bitcoin ETF applications.

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Bitcoin Cash Price Analysis: BCH/USD Turned Short-term Bearish

Key Points

  • Bitcoin cash price failed to hold gains above the $540 and $545 support levels against the US Dollar.
  • This week’s followed key bullish trend line was breached with support at $544 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading below the $540 support and it could decline further in the near term.

Bitcoin cash price declined below the $540 key support against the US Dollar. BCH/USD may perhaps continue to move down towards the $520 and $510 levels.

Bitcoin Cash Price Decline

We saw a downside correction from the $576 swing high in bitcoin cash price yesterday against the US Dollar. The BCH/USD pair declined below the $550 support area to move into a short-term bearish zone. Later, sellers gained control and pushed the price below an important support near $540. There was also a break below the 61.8% Fib retracement level of the last leg from the $510 swing low to $575 high.

The price settled below the $545 level and the 100 hourly simple moving average. Lastly, this week’s followed key bullish trend line was breached with support at $544 on the hourly chart of the BCH/USD pair. The pair traded as low as $524 and later corrected a few points. It moved above the 23.6% Fib retracement level of the last drop from the $570 high to $524 low. However, the price is facing resistance near $540 and a bearish trend line on the same chart.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price seems to be struggling to move above the previous support area near $540. If it continues to struggle to settle above $540 and $550, it could continue to move down towards the $520 and $510 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.

Major Support Level – $510

Major Resistance Level – $550

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First Instance of Blockchain Discovered in New York Times Circa 1995

Mysterious Bitcoin creator Satoshi Nakamoto is also credited with creating the distributed ledger technology known as blockchain that underpins Bitcoin and most other cryptocurrencies on the market. However, the first instance of blockchain has been discovered in the pages of the New York Times, predating Nakamoto’s creation by 13 years.

The Blockchain Before Bitcoin

Blockchain is defined as a growing list of permanent records, called blocks, which contain a cryptographic hash of the previous block, transaction data, and a timestamp. The technology was designed to be permanently verifiable and impossible to alter, creating a trustless system for things like financial transactions.

Blockchain is viewed by many industries as a way to improve data security and transparency, all while reducing operating costs.

Due to the great potential blockchain offers, the technology is now being considered to track transactions beyond payments. Supply chain management, or device-to-device communication across the Internet of Things (IoT) are just two examples of common use cases being considered.

Blockchain’s biggest benefit for businesses is around its chronological chain of hashed data it records. It’s this method of timestamping data that early cryptographers Stuart Haber and Scott Stornetta first invented in 1991, reports Motherboard. However, Haber and Stornetta at the time saw the tech as a way to timestamp digital documents to prove authenticity.

In the physical world, timestamping and verification is a lot easier. There are notaries to verify documents, and even something as simple as sealing an envelope can potentially prove a document arrived without any alteration. For digital documents, however, its far more difficult to verify data hasn’t been altered in some way.

The two developers set out to solve the need for digital document verification. They knew data would have to be timestamped to ensure any changes to a document would be noticeable, and they understood that same timestamp needed to be impossible to change to ensure authenticity.

Together, Haber and Stornetta landed on using a cryptographic hashing algorithm to generate a unique ID for each document. The ID would change each time the document was altered. The duo eventually launched their own timestamping service called Surety.

Surety’s main product AbsoluteProof serves as the best example of blockchain before Bitcoin. AbsoluteProof was designed to be a cryptographically generated seal for digital documents. The software is used to generate a cryptographic hash of a digital document that is later sent to Surety to create a timestamp seal. The seal acts as the unique ID verifying authenticity.

A copy of the seal is then sent to what Surety called a “universal registry database” composed of hashed customer seals, creating an immutable ledger of all of Surety’s customers seals ever created. The design makes it impossible for anyone outside of Surety to alter the seal.

The way Bitcoin’s blockchain and Surety’s AbsoluteProof differ is that Bitcoin’s blockchain is decentralized, adding a layer of trustlessness to the technology first invented by Haber and Stornetta.

As further “absolute” proof of Surety’s verification process, the company would publish newly added hash values each week to the New York Times in a small ad in the classified section. It’s that record published in the New York Times, dating back as far as 1995, that serves as the first-ever instance of blockchain technology, and would inspire Bitcoin creator Satoshi Nakamoto to create Bitcoin in the wake of the 2008 global financial crisis.

In Bitcoin’s whitepaper, Nakamoto actually referenced three separate papers written by Haber and Stornetta out of eight papers cited in the text. It’s clear Nakamoto used Surety’s AbsoluteProof system as inspiration for Bitcoin’s blockchain, perfecting what Haber and Stornetta originally set out to accomplish.

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Cardano (ADA) Technical Analysis: Cardano Activities in Africa A Moon Sling For ADA

Technically, the altcoins market—including that of Cardano (ADA) is on a recovery path. We can see this panning out in the charts and despite sell attempts in the daily chart, still ADA is up a market boosting 10 percent in the last week. On the fundamental front, ADA should benefit from the extra liquidity following Bittrex’s move to open up USD market for individuals and approved corporate accounts.

From the News

As the market bottom out, several events stand out in the Cardano markets. In the past 24 hours, these Cardano specific news have been commanding the headlines:

Bittrex shall avail the ADA/USD markets for their customers

In a tweet, Bittrex, the Seattle based crypto exchange, said beginning Sept 5, the trading platform shall introduce two new trading pairs: ADA/USD and ZEC/USD. Though the service will be available to only select account holders in six US states and pre-qualified international account holders, individual accounts must white-list their bank accounts to allow deposit and withdrawal from Bittrex. Additionally, only accounts older than one month will be allowed to trade the USD market while corporate accounts desirous of fiat trading must fill in and submit a request form. Overly, Bittrex is rolling out this service to test the market and to establish quality controls now that they have a working partnership with Rialto Trading as they aim to create a next gen digital asset trading platform.

Cardano Targeting Nigeria

After Rwanda and Ethiopia, the Cardano Foundation is setting their eyes on Nigeria, an African power house. This comes days after Cardano sponsored a well-attended community meet up in the coastal town of Port Harcourt where many expects more collaboration and announcement will be made in coming days. Overly, this is not surprising and as an emerging market, Cardano and IOHK should strategically position themselves to offer several blockchain based solutions in this thriving African market which has seen Bill Gates sink in more than $1.6 billion in several start-ups in the country.

Cardano (ADA) Technical Analysis

Weekly Chart

At position nine in the liquidity list, Cardano (ADA) is up 10% in the last day even in the face of resistance in lower time frames. While this week has been emphatic for buyers who have been successful in reversing last week’s losses, that long upper week visible in the current bar should be a pointer to slowing bull momentum.

After all, price action is technically bearish with ADA trading below the psychological resistance level at 12 cents. On top of this ADA prices are trading inside week ending Aug 12 initiated bear break out pattern.

Daily Chart

As mentioned before, ADA reversals are on the cross roads. And we can see these developments happening in the daily chart.

While yesterday signaled the completion of a three bar bear reversal pattern, the evening star, we shall still hold on to a bullish projection unless there is a dip past our immediate support line at 8 cents.

Before then, our previous Cardano (ADA) long trades are valid and that path way should apply for consequent ADA traders searching for long opportunities on every dip.

However, on a conservative approach, risk on traders must first wait for a conclusive close and break above 12 cents, our immediate resistance line as spelled out in our last Cardano (ADA) trade plan.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

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BitPay Announces the Launch of Its Bitcoin Cash Option for Merchants

Bitcoin payment services provider BitPay, a global leader in processing payments for merchants, has announced the much-awaited option of receiving settlement in the form of Bitcoin Cash.

The news hasn’t had an effect on the price of the cryptocurrency as of yet, as BCH continues its downslope towards the $500 line.

BitPay Responds to Merchant Demand by Launching Bitcoin Cash Option

Founded in 2011, BitPay has made a name for itself by giving merchants tools for accepting blockchain payments from their customers, as well as providing its customers with reliable bank settlements. This includes their own local currency (USD, EUR, etc.) without the risk of volatility. Bitpay mitigates the risk of Bitcoin price volatility by converting Bitcoin to a local currency immediately.

The company based in Atlanta, Georgia, USA, announced Bitcoin Cash as its second digital currency settlement option for BitPay merchants.

“Since our springtime launch of Bitcoin Cash payment processing, BitPay merchants have been able to accept Bitcoin Cash payments from customers alongside Bitcoin payments. Now they can get their settlement payments in Bitcoin Cash, too. We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.”

The BitPay community on Reddit cheered the news and some concluded that the cryptocurrency payment services provider has worked hard to offer the altcoin option in response to merchant demand.

Fees on the Bitcoin Cash network have historically been considerably lower than those on the Bitcoin network. The BCH average transaction fee on Thursday was 0.0157, while Bitcoin cost 0.704, according to BitInfoCharts.com.

During the peak of the cryptocurrency fever in late 2017, Bitcoin fees jumped above 50%, which caught the attention of BitPay CEO Tony Gallipi.

“How many #Bitcoin UTXOs are currently unspendable? I just received $45 and now it will cost me more than that to spend it”, he wrote on Twitter in November 2017.

BitPay first announced the decision to add the Bitcoin Cash option in March 2018, including the ability to use BCH tokens to purchase gift cards in-app from Amazon and Mercado Livre, a leading Brazilian online marketplace. Since then, it was possible to use BCH with the BitPay Visa debit card with no fees.

The platform, however, began integrating BCH support with almost all of its partner merchants several weeks prior to that first announcement.

Bitcoin Cash, with a market capitalization value over $9 billion, has been stuck below the $600 mark since losing the handle in early August. Despite the good news for the BCH ecosystem, the cryptocurrency remains priced below 0.08 BTC.

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EOS, Litecoin, IOTA, Stellar Lumens, Tron Price Analysis: IOTA, Tron Shed 8%, Altcoins Risk Slipping Back To Red

Even in the face of bullish expectations, altcoins bull momentum is fading out and the market is down roughly five percent from recent highs. Like their rapid gains, IOTA and Tron are leading the charge losing eight percent in the last 24 hours while others as Litecoin is likely to retest main support at $50. In any case, today will most likely determine the next course of action as laid out.

Let’s have a look at these charts:

EOS Technical Analysis

After periods of acceptable higher highs, EOS price are now finding resistance near $7. Though there were expectations of further upsides, yesterday’s damping effect didn’t do much service to price which is currently down eight percent in the last 24 hours.

Needless to say, yesterday’s EOS trade strategy holds true following that Aug 27 upsurge and close above Aug 17 highs triggering our intra-range longs with targets at $7.5. As it is, any dip below $4.5 effectively invalidates this trade plan.

Therefore, bearing in mind yesterday’s bull damping effect, we suggest taking a neutral approach. Any follow through adding on Aug 27 gains with closes above $7 shall trigger the next wave of buys.

Litecoin (LTC) Technical Analysis

From the News

  • Traders whose exchanges support TradeIt can now buy Litecoin and three other coins directly from Yahoo Finance. Declaring this as path towards mass adoption, Charlie Lee is upbeat about this new found support and so are enthusiasts. TradeIt is supported by CoinBase and Robinhood meaning one can easily link to their brokerage accounts via Yahoo Finance APIs.

Technical Analysis

A three percent clip and a sell candlestick mean bears are back judging from yesterday’s events. From previous Litecoin technical analysis, our long positions remain valid that’s until sellers dip past $55, the immediate support and stop levels.

Overly though—and assuming prices find support and there is a rejection of lower lows today, current prices could after all present an opportunity for aggressive traders to add on to their longs.

On the other hand, conservatives should wait for strong gains above $65 and $70, our resistance zone before taking on longs on dips.

Stellar Lumens (XLM) Technical Analysis

Like the rest of the market, Stellar Lumens is snapping back to consolidation with caps at 25 cents on the upside and the monthly support trend line on the downside.

By trading within a tight trade range—roughly 4 cents in the last month, it means Stellar Lumens prices are stuck within a range mode and in the process validating our  prior XLM price forecasts.

In any case and as per our trade emphasis, what we need is a break below our support trend line and 18 cents on the downside for sells activation and 25 cents on the upside for long trading.

Each break out should be accompanied by high trading volumes superseding recent averages.

Tron (TRX) Technical Analysis

From the News

  • Traders can now swap and exchange their TRX at Swaplab. By adding TRX, it means the platform now supports more than 45 different cryptocurrencies. Aside that, as they plan to add Visa and MasterCard later this year, the platform would have that exponential exposure due to that fiat-crypto capability.

  • The Tron Foundation plans on creating another separate token native to the BitTorrent network.

Technical Analysis

Even the hype around TVM launch couldn’t help spur TRX bulls. At current prices, TRX is most likely to head lower completing a technical pattern—the retest set in motion by Aug 3 break below 3 cents.

Because of that possibility of prices reverting to bear trend, I suggest staying neutral today and should today end up bearish, then we can begin ramping up shorts from tomorrow with targets at Jan 24 lows in line with our last TRX trade plans.

IOTA (IOT) Technical Analysis

An eight percent clip of IOTA buy momentum mean bulls didn’t break and close above Aug 27 highs. Regardless, our trade position remains unaltered.

However, should we see a dip below Aug 17 highs at 55 cents in the course of today, we shall recommend exiting our longs—if stops haven’t been hit—and taking shorts.

The reasons for this is simple, by rejection of higher highs, the second phase of a break out pattern, the retest would be complete. Therefore, as sellers join in from around previous support—now resistance, traders should sync with bears on the early stages of a potential trend resumption phase. If it pans out as per this projection, stops should be at 83 cents with first bear targets at 30 cents.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

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Research Firm Satis Group Predicts Bitcoin at $144,000 in 10 Years, Bitcoin Cash at $180

Research firm Satis Group has released a new report making bold price predictions about the current leading cryptocurrencies on the market. It is attempting to create accurate valuations based on real-world data.

Individual Crypto Asset Valuations

As an emerging, disruptive technology that’s value isn’t yet fully understood or demonstrated, it’s increasingly difficult to give each individual crypto asset a valuation. This creates wild price volatility led by speculators working through natural price discovery.

The report, penned by researchers Sherwin Dowlat and Michael Hodapp, is a deep dive into cryptocurrency market valuations. The duo used a combination of peer-based metrics, quantity theory, discounted cash flow models, and economic forecasting to come up with their valuations.

Satis Group’s research suggests that Bitcoin (BTC), the original cryptocurrency created by Satoshi Nakamoto that started it all, will unsurprisingly continue to reign supreme. They project that it will be priced at $96,000 by the year 2023, and could reach nearly $144,000 before the end of the next decade (sorry, McAfee).

The next highest value cryptocurrency is Monero (XMR), which Satis predict could reach over $18,000 within five years. By 2028, XMR is estimated to be worth as much as $39,000 according to the report. Satis suggest the “largest upside” in the “entire crypto asset market” is in the privacy sector. The firm believes that the network effect, similar to what’s happened with Bitcoin since its inception, would be repeated with the dominant privacy coins.

Zcash (ZEC) and Dash (DASH) are right behind Monero with five-year valuations of roughly $4,400 and $1,900 respectively. In 10 years, Zcash could be valued over $9,000, while Dash would come in just under $3,000.

Litecoin (LTC) is predicted to never again reach its all-time high price of $375, with its 10-year outlook performing at just $225.

Ethereum (ETH), the number two cryptocurrency by market cap, has struggled throughout 2018 after reaching an all-time high of $1,432. Interestingly, like Litecoin, the report suggest that it won’t ever reach that high a valuation again. Statis does believe that Ethereum will rise from here, peaking in 2019 at $882, then dropping roughly $100 per three, five, and 10 years out.

Other entries from the current cryptocurrency market top 10 will suffer far worse fates than Litecoin and Ethereum. These will not only decline in value and never reach their previous all-time highs, but will see their prices drop significantly lower than their current bear market prices.

Ripple (XRP) for example, will end up valued at $0.004 in 10 years, according to the data. Stellar (XLM), which shares the same founder as Ripple, Jed McCaleb, will see consistent prices between $0.01 and $0.02 over the next 10 years. Cardano (ADA) shares a very similar fate, dropping to $0.0001 10 years out.

That leaves just EOS (EOS) and Bitcoin’s hard fork, Bitcoin Cash (BCH). EOS oddly drops off to an estimated $0.05 a year from now, only to reach lower than current prices of $4.50 and $4.80 in five and 10 years. Unfortunately for frontman Roger Ver, Bitcoin Cash will fail to see prices over $1,000 again, and won’t come close to its previous all-time high of $4,330. Satis suggests Bitcoin Cash will decline to as low as $268 in 2023, and only $180 in 2028.

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India has been best performing part of our portfolio: Teresa C Barger, Cartica Capital

“In Indian market, hyper growth, hyper price taken over by reasonable growth and valuations.”

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RBI intervention needs to be stronger on rupee: Sajal Gupta, Edelweiss Securities

As of now, exporters don’t want to sell because they feel that rupee can go to 72-73

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Adani Transmission to pursue all distribution opportunities: Anil Sardana

Total gross debt of Adani Transmission post the acquisition is Rs 18,500 crore.

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For next 3-5 years, midcaps and smallcaps hold a lot of promise: Pankaj Tibrewal, Kotak Mutual Fund

Do invest completely in either largecap or a multicap fund, says Pankaj Tibrewal, Kotak MF.

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Don’t deviate in asset allocations even in face of volatility: Lakshmi Iyer, Kotak Mutual Fund

“It is very prudent that you have a conservative outlook within fixed income.”

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India has capability in project export but needs access to cheap loans: MS Unnikrishnan, Thermax

"Majority of the capital goods companies saw uptick in order intake for the last three quarters."

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Reliance is firing on all cylinders, energy biz poised for huge growth: Jal Irani, Edelweiss Securities

“The value appreciation, partly driven by Jio, is coming because of the market perception of risk mitigation.”

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Project exports market could be the next big thing for India after IT: Vinayak Chatterjee, Feedback Infra

Due to a weakening rupee, the export markets are getting increasingly attractive.

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Saurabh Mukherjea on how to liquidity-proof your portfolio

"With the core of our banking system gone, we are left with no cushion to face a western liquidity shock."

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Next 10 years, big players will emerge from small town India: Saurabh Mukherjea, Marcellus Investment Managers

"Play the churn as regional players turn national biggies in both B2C and B2B segments."

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Not biggies, go for these niche pharma cos: Dipan Mehta

Buy contract manufacturing pharma companies on correction, says Mehta.

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Moody’s on India: Robust growth, stable outlook on sovereign rating

“India’s external vulnerability risks are quite low and external risks are quite contained.”

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By December end, we may become second largest steel producer in world: Chaudhary Birender Singh

"I have formed a task force to look into this aspect of NMDC raising prices"

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Look for value but it is not yet time for bottom fishing: Sunil Subramaniam, Sundaram MF

After 2 years, private capex will pick up & infra value will kick in, says Sunil Subramaniam.

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Elections are big disruptors but 6-8% industry growth is possible: Shekhar Ramamurthy, UBL

“In India, beer is taxed much higher than spirits and marketed as aspirational drink.”

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Technical View: Nifty forms #39;Hammer#39; like pattern; 11,615 crucial for bulls

Technical View: Nifty forms #39;Hammer#39; like pattern; 11,615 crucial for bulls The market recovered from intraday low in the late trade but that does not change the short term outlook, experts said, adding the index is expected to be weak and remained in a consolidation mode.

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