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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Database Giant Oracle Wants Better Governance for Blockchains

Multinational software provider Oracle is working on a way to bring "fair" governance to permissioned blockchains, according to a patent application.

Posted on 18 August 2017 | 3:00 am

What's Next for Bitcoin Cash? Making Profitless Mining Profitable

Miners are currently mining bitcoin cash at a loss. CoinDesk looks at the reasons why, and what might happen if the tables turn.

Posted on 18 August 2017 | 2:00 am

Bitcoin's rally is pausing — but Bitcoin Cash is popping - Business Insider


Business Insider

Bitcoin's rally is pausing — but Bitcoin Cash is popping
Business Insider
Cryptocurrency investors are booking profit on Friday, with Bitcoin seeing a small price dip after setting new records on Thursday. Bitcoin charged past $4,400 a coin on Thursday, setting a new record high in the process. On Friday, however, traders ...

and more »

Posted on 18 August 2017 | 12:56 am

Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High

Bitcoin Price Analysis

This morning, BTC-USD pushed a new all-time high on several exchanges. However, this time, the momentum to continue higher seems to be waning. Shortly after establishing the new all-time high, there was a $150 flash crash that sprang a series of account liquidations across several exchanges in a move that would ultimately “long squeeze” the market. A long squeeze is a term used to describe the sudden cascade of long positions getting stopped out of their positions, causing market orders to propel the price even lower:

Figure_1 (1).JPGFigure 1: BTC-USD, 5-Minute Candles, Bitfinex, Long Squeeze

The figure above shows the price movement correlated to the volume during the $150 drop. Halfway through the drop we see a sudden spike in sell volume. This spike in volume is the beginning of the “long squeeze” that initiated the cascade of market sell orders caused by traders in long positions being forced out of their positions via their stop-loss market orders.

Figure_2 (1).JPGFigure 2: BTC-USD, 15-Minute Candles, Bitfinex, Short Squeeze

Yesterday, at around 12 pm EST, the exact opposite thing happened in a market event known as a “short squeeze.” You can think of a short squeeze as literally the opposite of a long squeeze: People who are anticipating a great short entry are suddenly forced out of their positions via their stop-loss orders, and market buy orders propel the market higher, thus triggering more stop-loss orders until the market equalizes.

Today the BTC-USD market has begun a series of long squeezes that pulled the price down by $300 in a matter of hours, and it doesn’t show much sign of letting up at the moment. Let’s take a look at the macro trend and see where the market is likely heading:

Figure_3 (1).JPGFigure 3: BTC-USD, 3-Day Candles, Bitfinex

For the fifth candle in a row, the 3-day candles have managed to puncture the Bollinger Bands in a move that indicates an overbought market. We have yet to see an attempt to move within the Bollinger Bands and provide some relief for the high price range.

Zooming in a little closer, we can see that clear signs of bullish exhaustion formed as we began to push the most recent set of all-time highs:

Figure_4.jpg
Figure 4: BTC-USD, 2-Hour Candles, Bitfinex, Bullish Exhaustion

The first thing that pops out about this trend is the decrease in volume (shown in pink) leading into this morning’s all-time high. Upon reaching that high, sell volume began to pick up considerably (labeled in blue) and has continued to remain strong during the push into the $4300 and $4200 prices. The previous all-time highs (labeled in yellow) are currently paired with a decreasing MACD moving average/signal line trend that indicates the market is losing bullish momentum across the macro trend.

The BTC-USD market seems to be running on fumes at the moment, but I would not  be surprised at all to see an all-time high squeezed out of this market. However, I would be VERY surprised if that all time had any notable follow-through. The market volume on the macro levels has steadily declined, and there are key market indicators that hint toward the need for sustained sideways consolidation. Alternatively, a strong market pullback might be in the cards for BTC-USD. Each push toward the new highs has been greeted by strong sell volume. In the event of a market retracement, your key support levels on the macro exist along the Fibonacci Retracements shown below:

Figure_5.JPGFigure 5: BTC-USD, 4-Hour Candles, Bitfinex, Key Support Levels

When the market begins to struggle to push new all-time highs, it is important to keep a close eye on the volume and see how it interacts with the price movement. Consistent price growth on decreasing buy volume is a signal that the bears, although losing the battle in price currently, are gathering as the market nears its final top before ultimately correcting or consolidating. And given the price growth over the past 30 days, I would be inclined to lean toward the former rather than the latter.

Summary:

  1. Short squeezes and long squeezes have begun to shape the current market trend.

  2. On the macro and micro scale, the market is showing a highly overbought market and is beginning to lose upward steam.

  3. Key support levels lie on the Fibonacci Retracements shown in Figure 5.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High appeared first on Bitcoin Magazine.

Posted on 17 August 2017 | 2:57 pm

Bitcoin Cash Breaks Price Doldrums to Push Past $400 - CoinDesk


CoinDesk

Bitcoin Cash Breaks Price Doldrums to Push Past $400
CoinDesk
As previously reported by CoinDesk, Bitcoin Cash split off from the main bitcoin blockchain earlier this month when a group of miners and developers moved to adopt software, with new network rules, that was incompatible with the rest of the network.
ProtonMail adds Bitcoin support so you can pay for e2e encrypted email more privatelyTechCrunch
Why Bitcoin, Cryptos Aren't GoldForbes
Bitcoin: No Longer A MoonshotSeeking Alpha
Bloomberg -CryptoCoinsNews -MediaPost Communications
all 22 news articles »

Posted on 17 August 2017 | 2:31 pm

Sony and IBM Join Forces to Put Student Achievement on the Blockchain

Sony and IBM Join Forces to Put Student Achievement on the Blockchain

On August 9, IBM announced the firm’s cooperation with Sony Global Education — a subsidiary of Sony, providing global educational services — with the objective to develop a learning platform for students implementing blockchain technology.

According to IBM, the blockchain-based educational platform would allow school administrators to manage and consolidate the educational data of students at multiple schools in addition to recording and referring their “learning history and digital academic transcripts with more certainty.” The platform will use the IBM Blockchain, which is based on the IBM Cloud, to establish “transparency and accountability of scholastic achievements between students and schools,” allowing both professors and students to track the latter’s learning progress.

The tech giant pointed out that it is often difficult for employers to verify student records of potential hires. According to IBM, there are multiple reasons for this issue, including students taking online courses and attending universities abroad. Such “non-traditional methods” can create confusion for the employers; however, IBM believes implementing blockchain technology will resolve the issue. The learning platform will give both the teachers and the students a digital, trusted record showing their accomplishments, which can be — thanks to the nature of blockchain technology — easily verified by future employers or educational institutions.

“Blockchain technology has the potential to impact systems in a wide variety of industries, and the educational sphere is no exception when educational data is securely stored on the blockchain and shared among permissioned users. We are pleased that we have worked together with IBM to build a new system which can help effect real change in the education sector,” Masaaki Isozu, President of Sony Global Education, said in a statement.

The system’s work is simple: student data will be recorded by the platform and shared with “need-to-know parties,” including future employers and school administrators. Since the learning platform will be using the IBM Blockchain, every piece of data can be verified by the parties.

Schools, colleges and universities can also share the data to help teachers identify and implement unique teaching methods for each student based on the information on the blockchain. The learning platform will also collect all related information and place it in a single repository, which will allow the reliable sharing of digital transcripts. Students will be able to create certain networks on the blockchain, which can’t be altered or changed by any party.

In addition, the platform will help specific vendors target offerings based on verified needs. Representatives from IBM Japan confirmed to Bitcoin Magazine that these vendors include private preparatory schools and cram schools (institutions specialized in training students to reach certain goals). The only data provided to the vendors are the study results of the students. The students or their parents will maintain access control for the students’ study results.

“Blockchain [technology] offers a new approach to how the lifetime history of data related to a person, place or thing is shared and managed. In effect, data tracked on a blockchain becomes a single source of truth. We are delighted to have supported Sony Corporation and Sony Global Education to build up a new blockchain-based platform for innovations in education,” said Yoshiki Minowa, Vice President and partner of Cognitive Process Transformation, Global Business Services, IBM Japan.

The platform will be powered by Hyperledger Fabric 1.0, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.

The post Sony and IBM Join Forces to Put Student Achievement on the Blockchain appeared first on Bitcoin Magazine.

Posted on 17 August 2017 | 2:29 pm

Bitcoin Cash Breaks Price Doldrums to Push Past $400

Bitcoin Cash's price rose above the $400 mark today, breaking the rangebound market trend of the past several days.

Posted on 17 August 2017 | 2:25 pm

Just How Anonymous are Bitcoin Transactions? - CoinTelegraph


CoinTelegraph

Just How Anonymous are Bitcoin Transactions?
CoinTelegraph
In order to transact using Bitcoin, neither the sender or the receiver are required to identify themselves or provide any other personal information. However, many transactions contain some clues that could help identify the parties involved. Among the ...

Posted on 17 August 2017 | 1:27 pm

Bitcoin Bear Peter Schiff Doubles Down: Even at $4,000 It's Still a 'Bubble'

One of bitcoin's most notorious bears still isn't convinced bitcoin will work – even despite its record price run.

Posted on 17 August 2017 | 1:00 pm

Decentralized Exchange Protocol 0x Raises $24 Million in ICO

The team behind the decentralized exchange protocol 0x has raised $24 million in an initial coin offering (ICO).

Posted on 17 August 2017 | 12:05 pm

Bitcoin hits record and its market value now tops big tech companies like Netflix, Paypal - CNBC


CNBC

Bitcoin hits record and its market value now tops big tech companies like Netflix, Paypal
CNBC
Bitcoin's market value also tops those of leaders in a variety of major industries, including software company Adobe, financial technology firm PayPal, investment giant BlackRock, industrial company Caterpillar and package shipping company FedEx.

Posted on 17 August 2017 | 11:49 am

Presearch Uses Ethereum Blockchain and AI to Challenge Google on Its Own Turf

Presearch Uses Ethereum Blockchain and AI to Challenge Google on Its Own Turf

Presearch, a software development startup specializing in information search engines, is challenging Google on its own turf with a double-barreled approach, using both blockchain technology and AI.

Presearch’s search engine, already in use internally since 2013, is launching in beta this September. Blockchain technology and AI will be supplemented with curation by subject matter experts.

Founder and project lead Colin Pape, who previously launched the e-commerce site ShopCity.com, said:

“While Google is generally thought of as a neutral entity for search, the company answers to Wall Street and operates very secretively.

“They’ve become known for promoting themselves at the expense of alternatives and appropriating others’ information, blaming it on ‘the algorithm.’ The reality is that they manipulate results and justify changes as being best for the user.”

Pape wants to provide a community-driven, decentralized, open and transparent alternative to Google, in contrast to what he calls the “manipulated algorithm-driven methods standard among today’s industry giants.”

Pape told Bitcoin Magazine:

“Presearch will use a combination of human curation by subject matter experts who are rewarded with tokens, and machine learning technology and APIs from other search providers (particularly for long-tail searches).”

Pape told us they will be using the Ethereum Blockchain ERC20 standard to start but may build their own blockchain technology at some point down the road.

Openness, Accountability and Community Participation

The company’s white paper emphasizes that never in the history of the world has so much information been concentrated in so few hands. It also points out that Google makes $100 billion in annual revenue from search engine searches.

Presearch estimates that 77 percent of global desktop searches and 96 percent of mobile searches, more than 5 billion queries per day, go to Google.

The white paper states that Google has built up an unprecedented degree of trust with users with “their simple interfaces, lightning-fast response times and utter reliability, combined with what appear to be amazingly accurate results.”

A Search Engine Wikipedia

Presearch believes that a decentralized, community-based decision-making process ensures everyone’s interests are considered. By rewarding members for using, promoting and contributing to the Presearch platform, the company wants to create a scalable “Wikipedia for search” to allow members to curate the best content for each inquiry.

The Presearch community can also vote on and fund new development projects, continually upgrading the platform.

Pape added: “With Presearch, I wanted to flip that business model on its head and put power over information back into the hands of all internet users.”

Search is the gateway to the web. The world deserves an alternative search engine that is open, transparent, and that involves the community in product development, consensus and quality control.

Funding

Presearch’s curation and overall development of the platform is incentivized with the Presearch Token (PST).

Presearch has run three separate crowd sales for $1 million, $1.5 million and $3 million in token revenue. There are three more sales to go that are targeted to generate more than $30 million in total revenue.

The startup is headquartered in Midland, north of Toronto, Canada. A “distributed” team is located in Silicon Valley, Boulder, Colorado and the Atlanta area, and the company is planning to expand internationally.

Advisors to Presearch include internet innovator, Rich Skrenta, who sold his search engine Blekko to IBM Watson; open-source search innovator Trey Grainger, SVP of Engineering at Lucidworks; and technology lawyer Addison Cameron-Huff, whose experience includes working with Ethereum’s founding team.

Bitcoin Magazine contacted Google for comment but has not yet received a response.

The post Presearch Uses Ethereum Blockchain and AI to Challenge Google on Its Own Turf appeared first on Bitcoin Magazine.

Posted on 17 August 2017 | 11:44 am

Xerox Patent Applications Reveal Plan for Blockchain Records System

Technology giant Xerox wants to patent a way to securely revise electronic documents that uses blockchain, public records show.

Posted on 17 August 2017 | 11:00 am

Blockchain and Bitstamp Customers Can Now Use Ether

Bitstamp and Blockchain add ether

Ethereum fans got a bit of a boost today from two different companies in the crypto space. UK-based cryptocurrency firm Blockchain and Luxembourg-based cryptocurrency exchange Bitstamp have each added ether to their platforms for the first time.

Blockchain says its customers can simply toggle between bitcoin (BTC) and ether (ETH) to manage and transact funds quickly and easily. Additionally, Blockchain has also integrated ShapeShift’s API so trading bitcoin to ether and vice versa can happen all from one place.

In an earlier, separate announcement to its customers, Bitstamp said it will allow full trading functionalities of ether today. Ether deposits and withdrawals opened at 9 am (UTC) and began to allow full trading functionalities at 1 pm (UTC).

Nejc Kodrič, CEO of Bitstamp, said: "We've been encouraged by ether's potential and the demand shown for its inclusion among our trading pairs.”

Ether now joins USD, EUR, bitcoin, litecoin and Ripple among the coins for which Bitstamp allows deposits and withdrawals. In July the company announced a strategic partnership with Swissquote, the Swiss leader in online banking. Swissquote launched BTC/EUR and BTC/USD trading on its platform, with Bitstamp providing full-stack services for their two new BTC trading pairs.

Kodrič added: ”Since starting out in 2011, Bitstamp's mission has been to be the safest and most reliable digital currency exchange on the market. Our careful approach has created a market reputation for prudence which has served us well as we continue to expand and give our customers the trading options they desire."

Peter Smith, CEO of Blockchain, said in a statement that the popularity of Ethereum has grown and so has the desire from Blockchain customers to have the option to manage multiple digital assets within their Blockchain wallets. Smith said: “We are thrilled to introduce this new functionality to our community and will continue to find ways to make interacting with digital assets even easier.”

One of the earliest bitcoin companies, Blockchain was founded in 2011 and provides a non-custodial consumer wallet for digital assets, with over 16 million wallets created across 140 countries. The company has focused on creating products that make storing, transacting and hedging digital currency a frictionless experience.

Smith was recently quoted saying: “I predict that by 2037 a complete global computer fabric will make interacting with goods, services and people easier than ever. Citizens of the world will be more closely connected through technology, communication and networks."

Second in market cap, ether has seen its price soar as much as tenfold since the end of April, while its number of transactions quadrupled. Ether has since settled at about $300 at the time of publication.

The post Blockchain and Bitstamp Customers Can Now Use Ether appeared first on Bitcoin Magazine.

Posted on 17 August 2017 | 10:48 am

Bitcoin Surged to a New High Adding $17 Billion in Just Over a Week - Fortune


Fortune

Bitcoin Surged to a New High Adding $17 Billion in Just Over a Week
Fortune
The currency's total market value jumped $17 billion in the same period, thanks in part to the optimism traders have around plans to help Bitcoin eventually go mainstream. This includes speedier transactions, starting with its software update—dubbed ...
Bitcoin's Next Civil War Battle May Already Be LoomingBloomberg
Get Ready, November Event Coming For BitcoinSeeking Alpha
Two Weeks Later, Bitcoin is Forking AgainExtremeTech
The Merkle -CoinDesk -Naked Security
all 21 news articles »

Posted on 17 August 2017 | 10:35 am

Bitcoin's Biggest Software Wallet Blockchain Adds Ethereum

Bitcoin wallet startup Blockchain is expanding its service to support ether, the cryptocurrency of the ethereum network.

Posted on 17 August 2017 | 9:59 am

$7 Million: Bitcoin Wallet Startup Breadwallet Raises New Funding

Bitcoin wallet startup Breadwallet has closed a new $7 million funding to boost staffing levels and product development.

Posted on 17 August 2017 | 7:29 am

Lightning Bank Ledgers? Bitfury and Ripple Demo New Twist on Bitcoin Tech

Bitcoin's much-anticipated Lightning Network is now compatible with seven payment networks, thanks to new code from Ripple and Bitfury.

Posted on 17 August 2017 | 6:59 am

Coinbase Awarded Patent for Bitcoin Security Concept

Cryptocurrency exchange startup Coinbase has been awarded a new patent related to private key security, public records show.

Posted on 17 August 2017 | 5:00 am

Bitcoin Prices Reach New All-Time High of Over $4,500

Following two days of sideways trading, bitcoin prices have once again reached record levels.

Posted on 17 August 2017 | 4:34 am

Another major country joins China and Japan in cracking down on bitcoin exchanges - CNBC


CNBC

Another major country joins China and Japan in cracking down on bitcoin exchanges
CNBC
Following moves by China and Japan to regulate digital currencies, Australia is attempting to crackdown on money laundering and terrorism financing with plans to regulate bitcoin exchanges. "The threat of serious financial crime is constantly evolving, ...
Australia Introduces Bill That Regulates Bitcoin ExchangesBitcoin News (press release)
Australia follows Japan in move to regulate bitcoinFinancial Times
Bitcoin: Australia Cracks Down on Digital Currency ExchangesBarron's
Daily Mail
all 47 news articles »

Posted on 17 August 2017 | 4:26 am

Australia Takes Aim at Cryptocurrencies With New Money Laundering Bill

Australia is moving to introduce a new bill that would extend the country's anti-money laundering laws to cover domestic cryptocurrency exchanges.

Posted on 17 August 2017 | 4:04 am

Anonymous Email Service ProtonMail Adds Bitcoin Payment Option

ProtonMail has revealed it is adding bitcoin as an official, automated payment option – and other cryptocurrencies may soon follow.

Posted on 17 August 2017 | 3:00 am

$80,000: Zcash Foundation to Launch Grant Initiative

In an effort to propel development of its protocol, the Zcash Foundation is offering roughly $80,000 in new grants to its community.

Posted on 17 August 2017 | 2:00 am

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ASX Calls for Review of Distributed Ledger Settlement Platform

The Australian Securities Exchange wants to know more about the Digital Asset DLT platform, and will commission a third party study to do so.

Posted on 16 August 2017 | 10:00 pm

Investor Naval Ravikant Wants to Disrupt Twitter With Blockchain 'XPRIZE'

Early Twitter investor Naval Ravikant to back "XPRIZE" for a blockchain-based Twitter using Blockstack technologies.

Posted on 16 August 2017 | 1:10 pm

CULedger Credit Union Consortium Launches Blockchain Services Business

A blockchain initiative backed by a group of US credit unions has formed a new organization to support its efforts.

Posted on 16 August 2017 | 11:20 am

Crypto Exchange Shapeshift Acquires KeepKey Hardware Wallets

ShapeShift Acquires KeepKey

Today, Shapeshift.io announced its acquisition of hardware wallet manufacturer KeepKey. According to the cryptocurrency exchange, by pairing the KeepKey hardware wallet with ShapeShift, users will be allowed to safely store their coins on a secure physical device while trading their assets directly over the ShapeShift API, which can be reached from KeepKey’s interface.

“Security is of critical importance when it comes to holding and trading digital assets. One of our priorities has always been to make the exchange experience as safe and easy for users as possible, and our pairing with KeepKey enables us to provide an unmatched customer experience. Users can hold their coins on the hardware device and exchange them on demand within the wallet, without even visiting a website. When you pair the KeepKey hardware wallet with ShapeShift’s exchange, the experience is magical,” Erik Voorhees, CEO of ShapeShift, said.

KeepKey already had integrated ShapeShift’s API a year ago, allowing it to supporting the most popular cryptocurrencies. The firm’s objective is to support all leading digital assets providing the users with the “most secure storage wallet available.”

“This partnership will not only guarantee the future success of the KeepKey brand and product line, but joining the ShapeShift team will enable us to focus on continuing to work on developing better technology and security for crypto-holders,“ said Ken Hodler, Chief Technology Officer at KeepKey.

ShapeShift confirmed that the company will preserve KeepKey’s brand and product line. Furthermore, the acquisition of KeepKey will allows ShapeShift to “provide increased capital for inventory and security expertise.”

“Amid heightened interest in the concept of digital currencies, a simple, user-friendly cold storage wallet with native exchange functionality is one key to wider adoption,” said Voorhees.

The combination of ShapeShift and KeepKey reflects both companies’ commitment to security and privacy. ShapeShift does not collect any personal information on its users. Furthermore, customer funds are not collected on the company accounts and users maintain control of their keys at all times.

The KeepKey drive is physical hardware device that protects users’ funds from “hackers and thieves.” It uses wallet software located on the user’s computer. The device takes over the management of private key generation and storage along with the signing of transactions. The hardware has a built-in random number generator for private keys, which works in combination with the “randomness” provided by the user’s computer. After the private key is generated, the user is given a twelve-word recovery sentence, which can be used to recover the device without compromising its private keys.

The post Crypto Exchange Shapeshift Acquires KeepKey Hardware Wallets appeared first on Bitcoin Magazine.

Posted on 16 August 2017 | 10:12 am

Block 494,784: Segwit2x Developers Set Date for Bitcoin Hard Fork

The developer team behind the Segwit2x scaling proposal is set to announce a formal date for a planned bitcoin hard fork today.

Posted on 16 August 2017 | 9:35 am

AMD Releases New Software Package for Cryptocurrency Mining

Graphics card (GPU) maker AMD is rolling out a new software driver geared specifically toward cryptocurrency mining.

Posted on 16 August 2017 | 9:00 am

Advertise with Anonymous Ads

Bank of Canada Report: Imagining a “Bitcoin Standard” Financial System

Bank of Canada Bitcoin Standard

In a 37-page long research paper, Warren E. Weber, research consultant at Bank of Canada who is also a visiting scholar at the Federal Reserve Bank of Atlanta and adjunct professor at the University of South Carolina, speculated about a financial system where bitcoin would be the standard currency (referred as the “Bitcoin standard”) instead of fiat currencies.

In the study, Weber explored the similarity between the Bitcoin standard and the gold standard. The research consultant chose to compare bitcoin to gold since the two have many similarities. The two most prominent resemblances include the lack of control of central banks or monetary authorities and the limit in the supply: Bitcoin’s algorithm only allows the circulation of 21 million BTC while gold can be found in finite quantities on the planet. If the Bitcoin standard becomes real, there will be three distinct media of exchanges, just as there was under the gold standard. Bitcoin will serve as the main currency while there will be fiduciary currencies issued by countries’ central banks, and fiduciary currencies (banknotes or deposits) issued by commercial banks.

Issuing fiduciary currencies will be one of the very few abilities central banks can do as part of a monetary policy where banks will act as lenders of last resort. Bitcoin’s “virtually costless arbitrage” on an international scope will deprive the central banks of their ability to impose interest rate policies to affect their domestic economies, Weber detailed.

Should Bitcoin serve as the standard medium of exchange, there would be a moderate increase in deflation; however, according to Weber, once a certain level is reached, the rate of deflation will be minimal. Price levels will become highly or perfectly correlated under Bitcoin’s dominance in various countries, just as they did for those countries that adopted the gold standard. Despite the fact that the cryptocurrency would become the standard, Weber believes that economic crises could still happen since “they can occur under any fractional reserve financial system.”

According to Weber, the Bitcoin standard will benefit the economy in two ways. Due to the “known, deterministic rate” at which new BTC is created, people would be able to predict the price level of the cryptocurrency more easily. The second benefit would be that investment resources which are currently devoted to hedging against fluctuations in the currency exchange rates would free up and could be used in “more productive ways.”

On the other hand, Weber thinks that the Bitcoin standard will never come into existence since there will be heavy opposition by central banks and governments. If the Bitcoin standard becomes real, neither the governments nor the central banks will be able to implement interest rates to affect their economies, neither could they generate seigniorage revenues obtained from their ability to “almost costlessly create money,” the Bank of Canada research consultant explained. Since the governments don’t want to lose these powers, they will do anything to prevent Bitcoin from becoming the standard medium of exchange.

Weber is also skeptical about the longevity of the Bitcoin standard. According to him, the financial system is advancing so rapidly that there would likely be another (crypto)currency that can provide the same or greater benefits as Bitcoin, possibly at lower costs. Furthermore, if a financial crisis occurs, an opposition is likely to emerge that would seek to replace the “old” financial system, rather like the way that Bitcoin is challenging today’s status quo.

The post Bank of Canada Report: Imagining a “Bitcoin Standard” Financial System appeared first on Bitcoin Magazine.

Posted on 16 August 2017 | 8:51 am

Blockstack Partners with VCs to Launch $25 Million Blockstack Signature Fund

blockstack.jpg

New York-based decentralized internet and developer platform Blockstack has partnered with a number of venture capital groups to launch the $25 million Blockstack Signature fund.

The Blockstack Signature fund is backed by Lux, OpenOcean, VersionOne, RisingTide, and Compound, and funding will go toward apps being built in the Blockstack ecosystem.

Patrick Stanley, growth partner at Blockstack, explained to Bitcoin Magazine that “Blockstack is not launching the VC fund but facilitating.” That is, the company’s role in the fund has been to gather the venture capital groups, attract the developers and facilitate the partnerships that will result in quality app development on the Blockstack platform.

According to Blockstack, the VC fund will dedicated to “rapidly accelerating startups building decentralized applications on the platform, and tools for developers to bootstrap their apps, with tokens on the Blockstack network — just like you see with Ethereum.”

Muneeb Ali, co-founder at Blockstack, told Bitcoin Magazine: “We are at a stage where some of the developers are incredibly excited about building apps and usually get in touch with us. If developers get in touch with us with an app that they are excited about, this is one funding channel we can point them to.”

Ali added: “The VCs involved in the fund will take a look at that application and make a independent decision to fund that company or now. Our intention here is to bring together sophisticated investors, people who have been thinking a lot about decentralization and can do their due diligence.”

VC investing is a type of private equity, a form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high-growth potential, or which have demonstrated high growth in terms of number of employees, annual revenue or both.

Ali explains: “If you look at this space in general we feel that there are a lot of low quality apps which are raising an insane amount of capital from token sales, for example. We want to bring some quality and sanity to the picture. We feel that VCs can still have a seat at the table … we want to open up that channel as well.”

Blockstack was formerly known as Onename and passed through its young company status in the summer of 2014 as a startup looking to streamline bitcoin transactions.

Watch the video here.

blockstack video


The post Blockstack Partners with VCs to Launch $25 Million Blockstack Signature Fund appeared first on Bitcoin Magazine.

Posted on 16 August 2017 | 6:23 am

Bitcoin Price Analysis: Still More Room at the Top, For Now

Bitcoin Price Analysis

While many fear BTC-USD is entering bubble territory, others are calling for even higher price targets.  Politics aside, there is a clear push for higher BTC-USD prices and it’s creating market uncertainty.

Here are the facts:

  1. 30 days ago, BTC-USD was $1800.

  2. Today the price of BTC-USD has risen 130% and has managed to establish an all time high at $4300.

  3. In 5 days alone, the price of BTC-USD has increased its market value by 30%.

Taking a look at the macro trend since the rise post-$1800s, we see clear lines of support along the Fibonacci Retracements:

Figure_1.JPG
Figure 1:  BTC-USD, 6-Hour Candles, Bitfinex, Macro Fib. Lines

Across the length of the bullish push from the $2700s (the 61% line) there are signs of sustained momentum in the RSI and MACD.  Looking at the volume profile, there is no clear decline in volume and it appears to show market interest in higher values as the volume’s moving average has remained mostly flat.  However, since the bullish push from the $3200s (the 38% line) we can see signs of bullish exhaustion in the form MACD and RSI divergence.  

Zooming in on a smaller timescale, we see evidence of a higher push to new all time highs:

Figure_2.jpgFigure 2:  BTC-USD, 1-Hour Candles, Bitfinex, Potential Bull Pennant Breakout

At the top of BTC-USD’s strong run from the $3200s stands a classic bullish continuation pattern called a “Bull Pennant.”  The pennant is characterized by price consolidation within a convergent pattern and has decreasing volume throughout the length of the pennant body.  To accompany this pattern is a 1-hour RSI and MACD that began to consolidate toward its centerline.

At the time of this article, BTC-USD appears to have broken out of this pennant with a sharp increase in volume.  Currently, based on typical price projections for Bull Pennant breakouts, this pennant breakout has a price target of $5000.

Although this is a rather aggressive price target for this bull pennant, there are some considerations on a macro scale that should be addressed and discussed.

Figure_3.JPGFigure 3:  BTC-USD, 1 Day Candles, Bitfinex, Bollinger Bands

For the fourth day in a row, BTC-USD continues to push outside the Bollinger Bands.  Historically, this sort of push has led to market pullback or consolidation.  Even on high timescales, the current 3-day candle (not shown above) is fully formed outside the Bollinger Bands and shows, on a macro scale, that the market is overbought.  To accompany this push of the Bollinger Bands, a clear decrease in volume is seen on the moving average that shows, since the rise from $1800s, there has been waning bullish sentiment.  

While there is a lot of hype surrounding BTC’s recent rise, it is paramount to remain objective and skeptical of market activity and to view the market soberly.  The price target of $5000, on a micro level seems plausible.  However, on a macro level the bullish market appears to have slightly bearish divergence.  To remain a reliable price target, the market needs to see a push to newer all time highs accompanied by increase in volume to sustain the next $800 of price movement.

Summary:

  1. BTC-USD has broken out of a bullish continuation pattern called a “Bull Pennant” with a price target of $5,000.

  2. On a macro scale, there are signs of bullish momentum loss in the form of bearish divergence and overbought signals on the Bollinger Bands.  

  3. While the market can remain overbought for days and weeks, it’s important to keep in mind that the higher the market pushes into overbought zones, the more necessary market consolidation becomes in order to prevent a market pullback.  So far, there has yet to be any considerable market consolidation during this 130% rise.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


The post Bitcoin Price Analysis: Still More Room at the Top, For Now appeared first on Bitcoin Magazine.

Posted on 14 August 2017 | 3:35 pm

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There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

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August 18, 2017 -
Real Time Analytics