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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.

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Posted on 17 January 2018 | 12:57 pm

Qtum Forges Ahead with Development of Its x86 Virtual Machine and Expanded Network

qtum_dev.jpg

Qtum is on the move with the announcement of a partnership with Baofeng to begin running 50,000 full Qtum nodes and an upcoming x86 VM to support multiple languages for smart contracts.

Qtum is a hybrid of Bitcoin and Ethereum that is based on proof-of-stake consensus instead of proof of work, and is compatible with existing Ethereum contracts as well as Bitcoin gateways. Supporting the Ethereum Virtual Machine (EVM) wasn’t enough for Qtum co-founder Jordan Earls, who has been working on an x86 Virtual Machine for the Qtum system.

Earls comments that a great reason to build a x86 VM is to add more programming language support for smart contracts, his favorite being Rust. The overall list of objectives is much bigger though:

  • Programming Language Support
  • Standard Library
  • Optimized Gas Model
  • Unlock the full power of the Account Abstraction Layer (AAL)
  • New possibilities for smart contracts
  • First-Class Oracles
  • Blockchain Analysis
  • Alternative Data Storage
  • Explicit Dependency Trees
Bitcoin Magazine spoke with Earls with some more in depth questions about some of those items:


Bitcoin Magazine: What proof of concept or scalability testing have you done for the VM?

Jordan Earls: We have a very rough proof of concept we completed a few months ago where we integrated a prototype x86 VM into the Qtum network. This success is what led us to pursue this plan. We are confident that the x86 VM will be more scalable than the EVM, but we are thus far unsure how much. We are designing the VM and all of its APIs and other aspects to be scalable. We are making a big shift in the smart contract world where we actually reward smart-contract developers (in the form of cheaper gas costs) for limiting the features their smart contract has access to, and we are confident it will be faster than current EVM technology.  

Bitcoin Magazine: What are you doing to address the problem with x86 programming in general, where they assume near infinite memory and CPU time being available?

Jordan Earls: We think smart contract development crossed with this x86 paradigm will resemble something similar to real-time or embedded programming, where there are various constraints that developers must always be optimizing for.  

We foresee the same kind of design optimizations happening in the smart contract world as happen in the embedded world, and, for the first time, Qtum's blockchain will allow for these small optimizations to be directly rewarded for all users of the smart contract.

We know these optimizations are not cheap for smart contract developers to spend their time on, so we need to reward developers for taking such steps to keep the Qtum blockchain running smoothly and efficiently.

Bitcoin Magazine: What are some of the advantages with the Standard Library that will help keep smart contract code tight?

Jordan Earls: Currently in Ethereum, if you want to do a simple operation, like testing if two pieces of text are equal, you need to write your own code to do it.

This is a problem for a number of reasons: Developers in a secure context should rely on existing code that's been tested and verified, if possible. A naive implementation of this function will be slow, but a more complex and optimized implementation could have security problems. Deploying this code with your contract means another 100 bytes or so of wasted code that every node in the ecosystem now has to worry about.

Qtum will provide a standard library of functions that contract developers can rely on to have reasonable gas costs, secure and validated implementation and an easy to use interface. This means less bloat on the blockchain, easier to write and understand smart contracts and even a faster blockchain (since these functions can be optimized with native code).

Bitcoin Magazine: What about executable size? These x86 programs tend to be quite large.

Jordan Earls: This is true but also misleading. If I write a C program that just prints "hello world," about 8kB of that is going to just be the number "0." This is because x86 processors (as well as many others including ARM) benefit from a thing called "alignment." The important thing for Qtum is that the wasted bytes doing alignment can be discarded without performance impact. This immediately brings down that C program build to ~1-2kB.

We can reduce even more because we don't need all the baggage required by a standard program for Windows: We have our own "operating system" for smart contracts, so only a dozen or so bytes of actual setup code is wasted.

We have done some actual physical tests with these configurations to compare what an x86 smart contract might look like compared to an EVM smart contract. Our findings indicate that x86 programs are around 10–20 percent smaller than their EVM equivalent and, in many cases, significantly more so. And this was done without the standard library concept that was discussed above. We are not worried about getting usable executable sizes from x86 programs.

Bitcoin Magazine: So the language compiler has to be modified to support the VM? What kinds of modifications?

Jordan Earls: Only minor modifications need to be made. The language compilers do support our x86 VM already, but the Qtum smart contract environment is different from a traditional operating system like Windows or Linux. So, basically, the only big modification we have to make is to tell the language how to communicate with our smart-contract operating system.

Bitcoin Magazine: Is QTUM going to provide language packages or libraries to support the VM so people can just use those?

Jordan Earls: C and C++ will be the first languages we support "out of the box" because they tend to be the easiest due to the way they are designed. We also plan to support Rust. Go should easily be possible. For interpreted languages like Python and Perl, it becomes more complex and we must do research to ensure that they can be supported in an efficient and secure manner.

Bitcoin Magazine: Is this going to impact the development of your eSML smart contract language?

Jordan Earls: We are continuing to research the eSML approach and will decide at a later point if it is still a requirement to achieve our goals. We prefer to not do more work if it won't have a tangible benefit to our ecosystem.


Helping to support all this growth is the partnership announced on January 4, 2018, with Chinese video portal giant, Baofeng. With the help of Baofeng, the Qtum network will be boosted to 50,000 full network nodes, making it the most decentralized blockchain platform with the largest number of nodes with more than Bitcoin and Ethereum combined. The increased size of the Qtum system should provide for improved security, stability and speed, all of which will provide a solid base for the upcoming x86 VM later this year.

Earls projects that the x86 will be integrated into the Qtum main network in Q3 of 2018 but hopes to have a prototype to test with before Q2.


This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 12:09 pm

Bitcoin tests important price level after dramatic plunge - CNBC


CNBC

Bitcoin tests important price level after dramatic plunge
CNBC
While bitcoin may look like it will continue to crash and burn, its chart suggests it could be trying to find at least a temporary price floor. Technical analysts say it's way too soon to say whether the price of the cryptocurrency is bottoming, after ...

and more »

Posted on 17 January 2018 | 12:08 pm

Visa CEO: We won't process transactions in bitcoin, because it's not a payment system - CNBC


CNBC

Visa CEO: We won't process transactions in bitcoin, because it's not a payment system
CNBC
Bitcoin, the world's largest cryptocurrency, is not really money and Visa won't touch it, the credit card giant's CEO told CNBC. "I don't view it as payment system player," Alfred Kelly said in an interview recorded on Tuesday at the National Retail ...

Posted on 17 January 2018 | 11:46 am

Bitcoin's price dropped 50 percent in one month - Recode


Recode

Bitcoin's price dropped 50 percent in one month
Recode
The price of bitcoin has dropped 50 percent from its high of nearly $20,000 last month. Currently, it's worth just over $10,000, according to CoinDesk. At the end of 2017, bitcoin had shot up to 20 times its value since the beginning of the year. Like ...

Posted on 17 January 2018 | 10:57 am

Israel Releases Draft Plan for Taxing ICOs

Israel's government has published draft circular outlining possible approaches to taxing the proceeds of initial coin offerings (ICOs).

Posted on 17 January 2018 | 10:45 am

Bitcoin selloff deepens, digital currency now down 50% from recent peak - USA TODAY


USA TODAY

Bitcoin selloff deepens, digital currency now down 50% from recent peak
USA TODAY
Bubble warnings have proven savvy in recent weeks as bitcoin's value drop "abandon ship," says Craig Erlam, senior market analyst at Oanda, a currency trading firm with offices in New York. The question now, he says, is whether bitcoin and other ...
Sorry, Bitcoin Fans. Digital Currency Is Still a Dream.Bloomberg
The price of Bitcoin could reach $100000 in 2018, says analyst who correctly forecast last year's price riseDaily Mail

all 6 news articles »

Posted on 17 January 2018 | 9:58 am

BitConnect Investors Left in the Lurch as Token's Price Drops 90%

Numerous users complained on social media they couldn't cash out their BCC tokens on BitConnect's site following the shutdown of its lending platform.

Posted on 17 January 2018 | 9:57 am

The dollar will eventually run like bitcoin and other cryptocurrencies, venture capitalist Joyce Kim predicts - CNBC


CNBC

The dollar will eventually run like bitcoin and other cryptocurrencies, venture capitalist Joyce Kim predicts
CNBC
That can be upgraded," she added. Kim, also co-founder of digital currency payments platform Stellar, spoke after the price of bitcoin after a number of other major digital assets fell sharply this week on concern about a crackdown on virtual ...

Posted on 17 January 2018 | 9:27 am

The First Blockchain ETFs Have Launched on the Nasdaq Exchange

Reality Shares Advisors and Amplify Trust ETF launched the first blockchain-based exchange-traded funds on Nasdaq today.

Posted on 17 January 2018 | 8:00 am

Bitcoin's Price Drops Below $10,000 for First Time Since Early December

The price of bitcoin has fallen below $10,000 for the first time since early December.

Posted on 17 January 2018 | 7:26 am

Bitcoin Plunges to $10000, Half Its Peak Price, as Investor Fears Blossom - Fortune


Fortune

Bitcoin Plunges to $10000, Half Its Peak Price, as Investor Fears Blossom
Fortune
Bitcoin skidded a further 12% on Wednesday, marking an almost halving in value from its peak price, with investors spooked by fears regulators could clamp down on the volatile cryptocurrency that skyrocketed last year. The price of bitcoin, the world's ...
Bitcoin Watchers Are Blaming the Slump on the MoonBloomberg
Bitcoin drops 50 percent from its peak value as it falls below $10000The Verge
Bitcoin dips below $10000 for first time since DecemberBBC News
CNBC -Engadget -CNNMoney -Bloomberg
all 704 news articles »

Posted on 17 January 2018 | 6:13 am

As Bitcoin's Slide Continues, Prices Look Towards $8K

Bitcoin is still dropping and might soon test near-$8,000 levels, chart analysis indicates.

Posted on 17 January 2018 | 6:00 am

To Understand Bitcoin, I Studied Karl Marx

While both were great minds, neither Marx nor Satoshi had the power to predict how their ideas would influence others or be implemented.

Posted on 17 January 2018 | 5:00 am

Blockstream Launches Micropayments Processing System for Bitcoin Apps

Bitcoin startup Blockstream has introduced a micropayment processing system that it claims makes it simpler to build bitcoin payment apps.

Posted on 17 January 2018 | 4:00 am

Proposed US Task Force Would Tackle Crypto Use in Terrorism Financing

A new bill introduced by a U.S. lawmaker calls for the formation of a task force to combat the use of cryptocurrencies in financing terrorism.

Posted on 17 January 2018 | 3:00 am

Tokens Will Bring Conflicts of Interest to Healthcare

ICOs and tokens may open up new modes of healthcare funding, but are there as many cons as pros?

Posted on 17 January 2018 | 2:00 am

The Sidechains Breakthrough Almost Everyone in Bitcoin Missed

Though it's garnered little attention, "non-interactive proofs of proofs of work" may clear a roadblock for sidechains, a potential "altcoin killer."

Posted on 16 January 2018 | 10:00 pm

Why This Startup Took Part of Its Venture Funding in XRP

Announced Tuesday, the investment by Ripple executives in Omni feels ill-timed as the price of the coin has fallen more than 40 percent.

Posted on 16 January 2018 | 5:30 pm

BitConnect Shutters Crypto Exchange Site After Regulator Warnings

The company behind the controversial cryptocurrency BitConnect has announced that it will close down its lending and exchange platform.

Posted on 16 January 2018 | 5:22 pm

Most of the World's Biggest Cryptocurrencies Are Down Today

It's been a day of major losses so far across the cryptocurrency markets, with the top 20 all in the red and a big chunk knocked off the total value.

Posted on 16 January 2018 | 10:36 am

Metropolitan Bank Denies Policy Change on Crypto Wire Transfers

Metropolitan Bank released a statement stating that it had a "long-standing policy" barring crypto-related wire transfers outside the U.S.

Posted on 16 January 2018 | 9:20 am

Mark Cuban: Dallas Mavericks to Accept Bitcoin, Ether 'Next Season'

The Dallas Mavericks will begin accepting cryptocurrency payments during their next season, according to owner and investor Mark Cuban.

Posted on 16 January 2018 | 8:50 am

Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading

Ripple's XRP token fell to a 2.5-week low today, and is looking at a more or less sideways movement in the short-term, chart analysis suggests.

Posted on 16 January 2018 | 8:00 am

France Creates Working Group for Cryptocurrency Regulation

The French minister of the economy has announced the creation of a working group to develop cryptocurrency regulations.

Posted on 16 January 2018 | 6:30 am

BlackWallet Hacked: Warns Stellar Community Not to Log In to Site

Stellar Wallet “BlackWallet” Hacked

On January 13, an unknown hacker(s) hijacked the DNS server for BlackWallet.co, a web-based wallet for the Stellar Lumens cryptocurrency, and redirected it to their own server.

Security researcher Kevin Beaumont, who analyzed the code, said, “The DNS hijack of Blackwallet injected code, if you had over 20 Lumens it pushes them to a different wallet.” It is estimated that nearly 700,000 Lumens (XLM) were stolen, with a current value of over $400,000.

Warnings and alerts not to log into the BlackWallet site have been sent out by the BlackWallet team and other XLM users via Stellar Community, Galactic Talk, Reddit, Twitter and GitHub. Unfortunately, users continued to log in for some time, and thus, saw their funds vanish from their wallets.

Following the address of the attacker, it is possible to track the movement of funds from BlackWallet to the Bittrex exchange, where they are likely to convert the funds and cover their tracks. BlackWallet has since messaged Bittrex in an effort to coordinate with the exchange to block the hacker’s account.

In a statement on Reddit, the BlackWallet admin is suggesting that people move their funds to a new wallet using the Stellar account viewer. At the time of this writing, the BlackWallet website is returning a 404 error. Bitcoin Magazine will update this story as it evolves.

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 2:31 pm

Credit Suisse Argues Irrational Exuberance Around ICOs Indicates Bitcoin Bubble

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In a paper written in the fall of 2017 and published on the Social Science Research Network (SSRN) on Friday, January 12, 2018, Credit Suisse’s Dietmar Peetz and Gregory Mall argue that the boom in the initial coin offering (ICO) market is the clearest indicator of a bubble in bitcoin.

Zurich-based Credit Suisse is one of the 40 largest banks in the world with more than $800 billion in total assets, according to Standard & Poor.

According to Peetz and Mall, bitcoin should not be seen as a currency. Instead, the Credit Suisse duo places bitcoin into a new, distinct asset class.

The paper notes that bitcoin’s epic price run, which started in September 2015 and accelerated further in July 2017, is obviously not sustainable over the long term. However, it also adds, “There are arguments for a continuation of this trend for some time.”

The ICO Boom

ICOs were all the rage in 2017, and these new mixtures of seed investing and crowdfunding raised more than $5 billion throughout the year (according to Token Data).

The basic idea with an ICO is that a company or project will create a new token (usually via the ERC-20 standard on Ethereum), which will have some sort of utility on a platform that is either in development or already available.

Whether it makes sense to hold these sorts of digital tokens as investments or speculations is still up for debate.

“These [ICO tokens] often trade at penny-stock prices, experiencing dramatic price increases within hours and are often trading at very low liquidity,” says the paper from Peetz and Mall. “Most of these companies merely offer a so-called ‘white paper,’ basically a business plan that explains which product a company wants to develop in the future and how it wants to market it. Most of these promised projects are praised as having huge potential but are extremely uncertain to be actually developed.”

Having said this, the paper adds that “ICO companies” may continue to raise large sums of money over the short-to-medium term. As supporting evidence for this claim, Peetz and Mall point to the fact that the amounts raised from ICOs increased after the U.S. Securities and Exchange Commission began to caution investors over the summer.

The paper also compares the irrational exuberance around ICOs to the dotcom bubble; however, Peetz and Mall note a key difference in that the dotcom boom at least had companies selling real goods and recording cash flows.

Questions remain as to whether there is any direct correlation between a token’s price and the level of success achieved by a platform connected to the token.

“Most investors acknowledge the bubble situation,” the paper continues. “However, they argue that central bank’s easy money will help the bubble mania to grow bigger and bigger, thus attracting even more investors (speculators) looking for easy profits. They remain bullish because of the Greater Fool Theory.”

Authorities May Prevent Bitcoin from Becoming a Currency

While some people use bitcoin or other cryptocurrencies simply because they have no other option available to them for a particular type of transaction, Peetz and Mall argue that bitcoin is not a transactional currency — mainly due to its inability to act as a reliable unit of account.

Although the paper indicates bitcoin volatility has declined from its peak from 2014 and could fall further through the financialization of the asset, Peetz and Mall also argue a currency cannot work as a clearing mechanism for payments if it cannot be accurately valued.

“The enormously high bitcoin price volatility makes it unsuitable for a reliable day-to-day exchange medium,” says the paper.

In addition to the lack of price stability and time-tested store of value properties in bitcoin, Peetz and Mall also point out a multitude of reasons as to why, in their view, widespread use of the intrinsically-deflationary asset would be detrimental to the overall economy. For this reason, the paper argues authorities may be emboldened to prevent bitcoin from becoming a currency.

“Based on historical precedents, it is not unthinkable that in times of economic or financial crisis, political and regulatory pressure on an unwanted currency would increase, possibly in a similar manner as in the U.S. in 1934, when the Gold Reserve Act of 1934 was ratified, nationalizing all gold and subsequently revaluing it by 69% in U.S. dollar terms,” says the paper.

Of course, Bitcoin was designed to be resistant to government coercion — a sort of BitTorrent for digital, free-market money.

The Bitcoin Bubble Could Continue

So what happens next? According to Peetz and Mall, the bitcoin bubble could continue for some time.

“We believe the most realistic scenario for bitcoin, based on the premise of the currency not being banned by major regulatory agencies, is that it will continue to rise in price in the short to medium term with increased institutional demand prior to the initial hype fading,” says the paper. “At that juncture, bitcoin’s monetization or return prospect realities will begin to set in and, if history is any guide, eventually dominate valuation.”

From Peetz and Mall’s perspectives, the financialization of bitcoin is a symptom of a bubble in money available for investment and the unavailability of productive, real-economy investments.

“Borrowing money for free and having easy access to capital and leverage (for big entities) is the fuel asset bubbles crave,” says the paper. “By aggressively mitigating the effects of the 2008 financial crisis via unparalleled global monetary debasement extending for nearly a decade, central banks have brought us today’s ‘bubbles everywhere’ investment landscape.”

In terms of specific events that could trigger an end to the bitcoin bubble, the paper mentions a crash in the equities market or a potential ban on the possession of bitcoin as two possible scenarios.


Further Reading: Op Ed: Bitcoin is not a Bubble; It's in an S-Curve and It's Just Getting Started

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 10:57 am

Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain

Insurance Block.jpg

The Institutes has announced a new blockchain framework called RiskBlock to provide more streamlined and secure proof of insurance. Nationwide Insurance is the first company to begin rolling out product on the platform.

RiskBlock is the first blockchain framework delivered from the newly formed RiskBlock Alliance and the first of its kind that is designed specifically for the risk management and insurance industry. The Institutes RiskBlock Alliance is an industry-led, insurance-focused consortium that developed the RiskBlock framework.

RiskBlock will provide insurers with real-time verification of insurance coverage; allow law enforcement to verify proof of insurance efficiently without relying on paper forms; provide insurers with a streamlined and cost-effective way to offer proof of insurance; and, in the near future, will allow insured clients to share trusted, third-party verified proof of insurance with a click on their mobile devices.

“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to streamlining the process of providing proof and marks the start of our efforts to revolutionize many other aspects of the insurance industry. Our collaboration with Nationwide is the first step toward a better overall system.”

The membership of the Alliance includes over 30 companies as members, ranging from the top 10 carriers to brokers and reinsurers. Nationwide Insurance is the first to use the platform in a pilot program to simplify real-time insurance coverage verification, eliminating paper insurance cards and providing a mobile app for real-time verification. ac

The coverage verification is an initial use case and the Alliance anticipates its members will be able to better serve policyholders and reduce costs by streamlining claim payments and premiums, reducing fraud through centralized recording of claims and improving acquisition of new policyholders by validating accuracy of customer data.

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 8:42 am

Making Voting, Elections Both Secure and Accessible with Blockchain Technology

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Voatz, a startup based in Boston, MA, promises to dispel some of the biggest challenges associated with voting: access, security, transparency and efficiency. The company plans to achieve this goal by combining internet-based voting with blockchain technology.

What is Voatz?

Voatz enables voters to make their voices heard conveniently by allowing mobile voting via any smartphone or tablet connected to the internet. The platform integrates blockchain technology and cutting-edge security to maintain the integrity of the electoral process.

“Voatz tackles two of the core challenges in voting –– low participation in local elections and the need for better citizen engagement. Its mobile-first solution is poised to be a category leader, democratizing voting across government, corporate, academic, and union elections," explained Julie Lein, managing partner of the Urban Innovation Fund.

Accessibility and Security via Blockchain Technology

Unlike current voting systems, Voatz can ensure tamper-proof record keeping, identity verification and proper auditing by incorporating a secure, immutable blockchain. Therefore, citizens on the Voatz platform will have virtual certainty of the accuracy of their internet-based voting results.

Alongside concerns over voter fraud and security, conversations around voter accessibility are focusing attention on underrepresented citizens who often lack proper forms of voter ID, such as the poor or the elderly, and those who live in remote areas with limited access to proper infrastructure services.

Voatz co-founder and CEO Nimit Sawhney told Bitcoin Magazine that Voatz is working to connect disenfranchised citizens so that the platform plans to remain accessible to all, regardless of geography or socioeconomic status.

“Aside from major government-issued IDs such as driver’s licenses, state IDs or passports, Voatz has experience using the ten different kinds of official documents for the purposes of verifying a voter’s identity.”

Sawhney noted that Voatz has started testing its secured tablet ballot stations in hospitals and elder-care centers. He explained that the Voatz platform also removes friction in the registration process, especially in states where “motor voter” (the National Voter Registration Act) is available.

The Effect of Voting Technology on Disenfranchised Citizens

Sawhney explained that the Voatz platform is designed to make it easier for disenfranchised voters to participate. The platform is flexible and meant to simplify current barriers to voting.

“Voters who are willing to go through the initial security/vetting process can use their own devices. If a voter doesn’t have a compatible device, he or she can use certain shared devices such as the Voatz Tablet Ballot Station to vote in person after going through a security verification process.”

In the case of public elections, Sawhney notes that traditional voting methods will remain available as well, and that Voatz is just another, more convenient option.

The Future of Voatz and Democracy

Voatz technology has been incorporated in pilot programs by more than 70,000 voters in elections and voting-related events in multiple jurisdictions. State political parties, leading universities, labor unions and nonprofits have successfully used the Voatz platform. Voatz is also in the process of deploying its technology for town-meeting voting in Massachusetts.

The Voatz team recently completed the 2017 Techstars and MassChallenge startup accelerator programs in Boston. For their cutting-edge system, the team has been awarded the 2017 Harvard SECON Prize, the 2017 MassChallenge Gold Award and the 2016 MIT Startup Spotlight Favorite Prize.

On Monday, Voatz announced a $2.2 million seed funding round led by Overstock.com’s subsidiary, Medici Ventures. Jonathan Johnson, president of Medici Ventures, shared his enthusiasm for the project, and vision for the future of democracy:

“The Voatz team has developed a leading solution to usher in an era of greater efficiency and transparency in voting. Democracy will benefit greatly from critical improvements [that] blockchain technology can bring to voting systems.”

The Voatz platform is currently invite-only and will be accessible to a wider audience in the coming weeks.

This article originally appeared on Bitcoin Magazine.

Posted on 11 January 2018 | 10:02 am

Bitcoin Price Analysis: Choppy Market Conditions Lead to Tests of Parabolic Resistance

Bitcoin Price Analysis

The bitcoin market has been getting chopped to pieces for weeks as the market has faked up, faked down, consolidated and routinely stopped out traders. Last week, we discussed a potential large move due to a consolidated symmetrical triangle. However, the breakout failed to garner any momentum and ultimately flopped as the move upward quickly died down and ultimately reversed.

At the time of this article, however, the market is poised in a precarious situation as it tiptoes around historic support/resistance along the parabolic envelope:

Figure_1 (3).JPGFigure 1: BTC-USD, 2-Hour Candles, Parabolic Curve Test

As noted in previous bitcoin analyses, this parabolic envelope has been the dominating trend for the last three years:

Figure_2 (3).JPGFigure 2: BTC-USD, 1-Day Candles, Macro Trend

Over Thanksgiving, the parabolic trend that was previously governing much of the three-year bull market broke upward as the market’s parabolic movement accelerated aggressively upward. Since the break to the top of the parabolic envelope, the market has been on shaky ground where, at one point, it even did a massive 50% retracement. Since that aggressive retracement, the market has yet to fully recover and resume any semblance of a bullish continuation. Currently, the once-supportive parabolic curve is now proving to be a point of resistance as the market has made several tests of the upper resistance.  

To date, this marks the fifth test of the parabolic trend. This time, however, we are testing it from the bottom of the parabola. Previous tests from the top side of the parabola were swiftly rejected causing very little market activity to take place below the parabolic trend. It seems, yet again, bitcoin is at a crossroads as it decides if the upper parabolic resistance is too strong to resume an uptrend.

If the market continues downward, we can expect to find support along the low boundaries of the trading range (shown in blue), the linear trend (shown in pink) and the lower parabolic curve (shown in black):

Figure_3 (2).JPGFigure 3: BTC-USD, 2-Hour Candles, Next Lines of Support

Summary:

  1. Choppy market conditions have led bitcoin to test the parabolic support — a previous guiding trend for the last three years.

  2. A failure to break the upper parabolic resistance may cause a test of lower values.

  3. Support will be found at the lower ranges of the trading range and along the linear and parabolic trend lines.


Trading and investing in digital assets like bitcoin 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.


This article originally appeared on Bitcoin Magazine.

Posted on 10 January 2018 | 3:48 pm

Kodak Gets in on the Blockchain and ICO Picture

kodak.jpg

Kodak, the iconic photography company first established in in the 1880s, has joined the blockchain and ICO age. Today, January 9, 2018, it announced a new blockchain-based platform with WENN Digital to empower and protect image makers, photographers and artists.

The new platform, known as KodakOne, will enable users to register their work and license it with the platform. The image rights management platform will utilize the new KODAKCoin cryptocurrency to provide photographers with a new revenue stream and secure platform for protecting their work.

The smart contract associated with KODAKCoin will ensure that photographers receive payment immediately upon their work being licensed in addition to receiving a share of the overall platform revenue. The platform will also continually scan the web to monitor and protect the artist’s IP and assist them in dealing with illegal use of their work.

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” said Kodak CEO Jeff Clarke in a statement. “Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

The KODAKOne platform and KODAKCoin cryptocurrency were developed for Kodak by WENN Digital. Their ICO will begin on January 31, 2018, and is open to accredited investors from the U.S., U.K., Canada and other select countries. This ICO is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.

This article originally appeared on Bitcoin Magazine.

Posted on 9 January 2018 | 1:21 pm

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $3,000

Posted on 12 June 2017 | 1:06 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

January 17, 2018 -
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