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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

Ethereum's Byzantium Testnet Just Verified A Private Transaction

Part of a zcash transaction was verified on an ethereum testnet amidst testing for the upcoming Byzantium upgrade.

Posted on 19 September 2017 | 12:01 pm

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average - CoinDesk


CoinDesk

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average
CoinDesk
The bitcoin-US dollar (BTC/USD) exchange rate closed above the 50-day moving average yesterday – crossing a key milestone for the first time since September 13. However, while this might be read as a bullish signal, the follow-through has not been ...

Posted on 19 September 2017 | 11:06 am

Mexican Law Would Give Central Bank Oversight of Cryptocurrency Startups

Mexico's government is close to introducing legislation that would regulate fintech firms, including those that work with cryptocurrencies.

Posted on 19 September 2017 | 10:00 am

Snip and the Future of Distributed, Online Content

Snip Header/Footer

Over the years, the world of online content has become increasingly convoluted and disjointed.

The best articles get lost beneath an avalanche of biased pieces, clickbait and content that’s too lengthy to read. All of this adversely impacts the average person’s ability to access credible media outlets that allow them to remain informed in today’s ever-changing world.

In the digital age, the biggest issue confronting the news industry is verifiability. In other words, how can readers be certain that what they’re reading is true? Moreover, how do they know whether a particular media source is trustworthy?

The growing lack of credibility within the media industry became the impetus for Ran Reichman and Rani Horev to create a fresh alternative to today’s prevailing media model. Known as Snip, this innovative news site delivers short, to-the-point summaries of the day’s most important stories and events. Through the use of state-of-the-art machine learning algorithms, Snip allows readers to tap into targeted news feeds on topics customized around their interests.

“I founded Snip in May 2016 with machine learning and data science specialist Rani Horev, a co-graduate of the elite Talpiot program of the Israeli Defense Forces,” said Reichman. “Both Rani and I were frustrated by the low quality of news and how hard it was to find high-quality, interesting and brief content. Basically, there was a lot of long and good content and a lot of short and bad content, but almost no high-quality short content. We started Snip as a small Facebook page for friends and family and it gradually grew to more than 30,000 users and 1,400 paying subscribers.”

When asked for a basic overview of Snip’s value proposition, Reichman was succinct: “Snip is a news platform which keeps you updated on things that are happening in the world, personalized to you and in a short and concise format,” he said. “The headlines are anti-clickbait, allowing you to understand what the story is about before clicking on it and wasting your time. Snip quickly learns what you care about and provides you with stories on those topics, in addition to enlightening stories on other topics.”

The platform’s core model, Reichman said, is predicated on a distributed system where a worldwide collective of content generators curate short news submissions, or “snips,” that are then read by others on the site. Snips can be accessed in a number of different mediums, including audio and video, in addition to traditional, text-based posts. At its core, the site is censorship resistant — a characteristic generally viewed as a key element in the democratization of journalism.

In gathering and curating online content, site curators are incentivized and rewarded for their efforts. The Snip online community connects writers to readers directly, mitigating the risk of censorship and bias inherent in the legacy news industry.

This entire process is seamless, with end users able to take in their own collection of snippets which are personalized through machine learning algorithms. The ultimate goal is to ensure that users can have a quality site experience without needing to understand the intricacies of the distributed technology and cryptocurrency systems undergirding the site.

Writers can generate income from their efforts. Currently, those rewards are in the form of fiat currency with plans to transition to the site’s native cryptocurrency, SnipCoin, an ERC20 token secured by the Ethereum blockchain.

Readers will have the ability to utilize SnipCoin to purchase premium services such as ad-free news feeds, audio snips and customized written content. Additionally, advertisers will eventually be able to use SnipCoin to purchase ad space to increase their visibility on the platform.

SnipCoin distributions will begin in late September with the commencement of Snip’s token sale, where a total of 3 billion coins will eventually be released. The initial coin offering (ICO) is valued at $8 million. Upon completion of the ICO, the project will launch in a closed, invite-only alpha format for the purpose of testing critical features germane to the site such as comments, voting, customized news feeds and spam protections.

Reichman, for one, has strong opinions about ICOs, noting that project developers often launch ventures without any credible evidence of a functional product or service model. Snip, he added, transcends this as a result of already having tens of thousands of active users, as well as over a thousand paying subscribers.

This proven functionality, he said, should give “our ICO participant confidence that the Snip team will create a product people will actively engage with and enjoy.”

A New Era of Blockchain-Driven Content

Blockchain-based news delivery offers immense possibilities in terms of how news could be digested, whether on social media or mainstream media feeds. This nascent technological movement has the potential to decentralize control, remove third-party intermediaries from public news access, prevent censorship and promote bias-free content.

According to Reichman, Snip is uniquely positioned to capitalize on three major trends that are currently reshaping the media landscape:

Tokenization and Cryptocurrencies: Tokens allow companies to turn their users and contributors into real stakeholders of the ecosystem, making them ambassadors of the product. This is especially important in news, where distribution is a huge challenge.

Machine Learning: Snip uses machine learning to find the best content online, then offers it to writers and subsequently personalizes the content to users with additional machine learning technology.

The Rise of the Millennial Generation: As opposed to previous generations, millennials never got used to reading print newspapers and expect an online-first news outlet — ideally, one which is smart, interactive and to the point.

When asked about his greatest hope and vision for Snip over the next 12 to 18 months, Reichman laid out his thinking.

“Our vision for Snip is to become the go-to place for news, a household name which everyone can rely on for information on what's going on, and also to discover new and interesting topics of conversation,” he said. “In 18 months we aim to reach more than a million daily users.”

To learn more about Snip and its token sale this month, read the white paper, follow Snip on Twitter or contact the team via Telegram.

The post Snip and the Future of Distributed, Online Content appeared first on Bitcoin Magazine.

Posted on 19 September 2017 | 9:48 am

Ray Dalio, founder of the world's largest hedge fund, says 'bitcoin is a bubble' - CNBC


CNBC

Ray Dalio, founder of the world's largest hedge fund, says 'bitcoin is a bubble'
CNBC
"Bitcoin today you can't make much transactions in it. You can't spend it very easily ... Bitcoin is a bubble," Ray Dalio said on CNBC's "Squawk Box" Tuesday. It's not an effective storehold of wealth because it has volatility to it, unlike gold ...
The founder of the world's largest hedge fund says 'bitcoin is a bubble'Business Insider
'Bitcoin is a bubble,' says the head of the world's largest hedge fundMarketWatch
Bitcoin Price to $4000 Even as Ray Dalio Calls it a 'Bubble'Fortune
Dealbreaker -Benzinga -Yahoo Finance
all 40 news articles »

Posted on 19 September 2017 | 7:03 am

Blockchain Truce? Putin's Internet Adviser Calls for US-Russia Cooperation

Collaboration, not competition: that's the message an advisor to Russian President Vladimir Putin is putting forward in a new interview.

Posted on 19 September 2017 | 7:00 am

The price of bitcoin has a 91% correlation with Google searches for bitcoin - Business Insider


Business Insider

The price of bitcoin has a 91% correlation with Google searches for bitcoin
Business Insider
The current price of bitcoin has a 91% correlation with the volume of Google search requests for bitcoin-related terms, according to a study by SEMrush, a search engine marketing agency. The study drew from a database of 120 million US keyword searches ...

and more »

Posted on 19 September 2017 | 6:56 am

Satoshi's Best Kept Secret: Why is There a 1 MB Limit to Bitcoin Block Size - CoinTelegraph


CoinTelegraph

Satoshi's Best Kept Secret: Why is There a 1 MB Limit to Bitcoin Block Size
CoinTelegraph
Anybody familiar with Bitcoin is aware of the vexing problem caused by the 1 MB blocksize limit and the controversy that arose over how to scale the network. It's probably worthwhile to look back on how that limit came to exist, in hopes that future ...

Posted on 19 September 2017 | 5:41 am

Ethereum's Next Hard Fork Is Now Officially Being Tested

The testing of a forthcoming ethereum upgrade is now underway, with the process expected to last up to three weeks.

Posted on 19 September 2017 | 5:00 am

Proof of Space: BitTorrent Creator Publishes Eco-Friendly Mining Paper

BitTorrent developer Bram Cohen has published a white paper setting out an eco-friendly alternative to bitcoin's proof-of-work process.

Posted on 19 September 2017 | 4:00 am

Mexico to Join Club of Countries with Bitcoin Regulation - CoinTelegraph


CoinTelegraph

Mexico to Join Club of Countries with Bitcoin Regulation
CoinTelegraph
The bill seems to be aimed at protecting customers, as well as spurring competition in this burgeoning industry. Mexico is also hoping, in this bill, to ensure ...
Mexico readies bill to regulate fast-growing fintech industryCNBC

all 8 news articles »

Posted on 19 September 2017 | 3:53 am

First Bitcoin-Only Real Estate Transaction Completed in Texas - CoinTelegraph


CoinTelegraph

First Bitcoin-Only Real Estate Transaction Completed in Texas
CoinTelegraph
In a new and interesting twist, an entire real estate transaction has taken place via Bitcoin. In other words, you can now buy your house with Bitcoin…at least in Texas. The transaction was for the purchase of a newly built custom home, and the full ...

and more »

Posted on 19 September 2017 | 3:23 am

The Economic Case for Conservative Bitcoin Development - CoinDesk


CoinDesk

The Economic Case for Conservative Bitcoin Development
CoinDesk
The way we think about bitcoin, its use cases and its subsequent road to adoption fundamentally underlies the scaling and governance debates at the heart of forks like bitcoin cash and Segwit2x. As an unprecedented technology, bitcoin's refusal to fit ...

Posted on 19 September 2017 | 3:04 am

The Economic Case for Conservative Bitcoin Development

A look at bitcoin's scaling debate and what the history of money can teach us about the best path forward for protocol development.

Posted on 19 September 2017 | 3:00 am

Bitcoin rebounds in India too, rises 20% in 3 days to wipe off losses - Economic Times


Economic Times

Bitcoin rebounds in India too, rises 20% in 3 days to wipe off losses
Economic Times
The currency came under strong pressure after BTCChina, one of the biggest bitcoin exchanges in the world, last week said it would shut down all trading activities on its platform from September 30 after the regulators clamped down on crypto-currencies.

Posted on 19 September 2017 | 12:39 am

Actor Jamie Foxx Promotes Crypto Exchange ICO

Academy Award winner Jamie Foxx has promoted an upcoming initial coin offering (ICO) on social media.

Posted on 18 September 2017 | 2:18 pm

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Survey: Younger Americans More Likely to Invest in Bitcoin

New survey data from online student loan marketplace LendEDU suggests that younger consumers in the United States are more apt to invest in bitcoin.

Posted on 18 September 2017 | 1:01 pm

Bitcoin Exchange bitFlyer Hopes to Win Big With the Japanese Bankers Association

bitFlyer.jpg

While China tightens its grip on its cryptocurrency community, Japan is openly embracing cryptocurrencies and blockchain technology, legalizing bitcoin, and encouraging and funding blockchain research.

Even Japan’s banks are onboard, working collaboratively to develop a blockchain platform specifically for the financial sector. With its 120 member banks, the Japanese Bankers Association (JBA) is creating a Collaborative Blockchain Platform and is actively looking for a company to supply its blockchain technology on an ongoing basis.

Experimenting with the Collaborative Blockchain Platform, the JBA will initially determine which financial services best lend themselves to the new platform, likely including settlement/transfer services, know-your-customer (KYC) systems and financial infrastructure such as their Zengin System and Densai Net System.

Japanese bitcoin exchange bitFlyer is stepping up to the plate to take on tech giants including Fujitsu, Hitachi and NTT Data to be the supplier of the blockchain platform that will be used by Japan’s banks.

Although it is one of the largest cryptocurrency and blockchain startups in Japan, the Tokyo-based bitFlyer has its work cut out for it if it wants to upset these three corporate heavyweights and win the right to supply the bankers with a blockchain platform using its miyabi technology.

The company’s COO Bartek Ringwelski told Bitcoin Magazine:

“bitFlyer is the only startup in the event, and we have only raised $36mm since 2014, but we have deep expertise in blockchain technology through our virtual currency exchange (the largest in the world by volume, including margin trading) and our ‘miyabi’ product.”

By way of comparison, Hitachi posted $83 billion in revenue in 2016, Fujitsu posted $47 billion on 2015 and NTT Data posted $15 billion in 2016.

Acknowledging a sea change in Japan’s attitude to cryptocurrency, Ringwelski noted that Japan is actively encouraging and supporting both cryptocurrencies and blockchain technology:

“Japan is emerging as a leader in blockchain adoption. Japanese consumers are embracing virtual currencies, regulators are proactive, and banks are recognizing the power that blockchain, and specifically miyabi, can bring to the financial infrastructure.”

Miyabi Blockchain Technology

The name “miyabi” was first coined between the 9th to 12th centuries by Japanese aristocrats to refer to the theme of elegance and refinement.

According to Ringwelski, bitFlyer’s miyabi blockchain platform is the fastest in the world:

“Based on our research, ‘miyabi’ is the fastest enterprise-grade blockchain technology, delivering 1,500 - 2,000 transactions per second on average, and in some cases, even faster,” Ringwelski said.

Their processing speed of 1,500 to 2,000 transactions per second compares with Bitcoin’s two transactions per second and Ethereum’s seven transactions per second. They also estimate that among the other three competing companies, the maximum speed to beat is 1,000 transactions per second.

When it launched the competition, the JBA made it clear that security and immutability were their first priority. In their view, only a private, permissioned blockchain could satisfy this requirement.

Going Global

BitFlyer’s CEO Yuzo Kano has said he wants the company to go global in the near future and will start by expanding to the U.S. market this fall, initially offering bitcoin trading but expanding to other cryptocurrencies within the next year. The company says it has received approval to start trading from 34 U.S. states.

In the meantime, Ringwelski says that they are eagerly awaiting the decision of the JBA:

"The partner ultimately chosen by the JBA will stand to become part of the core Japanese banking infrastructure — it would be a big deal. Beyond the value of gaining the JBA as a new customer, securing a JBA contract would help spread miyabi to new enterprise blockchain applications and customers worldwide."

Investors in bitFlyer include SMBC Venture Capital, Mizuho Capital, Dai-ichi Life Insurance, Mitsubishi UFJ Capital, Mitsui Sumitomo Insurance Venture Capital, Recruit Strategic Partners, Dentsu Digital Holdings, SBI Investment, GMO Venture Partners, QUICK and Venture Labo Investment.

The post Bitcoin Exchange bitFlyer Hopes to Win Big With the Japanese Bankers Association appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:45 pm

Blockchain Technology Plays a Critical Role in U.S. and International Open Government Initiatives

tech open door.jpg

On September 8, the U.S. government’s General Services Administration (GSA)’s program “Emerging Citizen Technology” hosted a workshop titled “Emerging Technology and Open Data for a More Open Government.” The participants in the workshop were directed to draft proposals that specifically use Artificial Intelligence (AI), blockchain technology and open data.

“Open data and emerging technologies — including artificial intelligence and distributed ledgers, such as blockchain — hold vast potential to transform public services held back by bureaucracy and outdated IT systems,” said Emerging Citizen Technology program manager Justin Herman. “We are opening the doors to bold, fresh ideas for government accountability, transparency and citizen participation by working with U.S. businesses, civil society groups and others to shape national goals for emerging technologies and open data in public services.”

At the workshop, several government agencies have indicated a strong government backing behind the development of blockchain technology. In particular, a representative of the White House Office of Management and Budget (OMB) stated that the Trump administration was serious about and committed to this technology, and would not be deterred.

The initiative is related to the fourth National Action Plan (NAP 4), which the U.S. government is releasing this year in the the framework of the multinational Open Government Partnership (OGP) and its Open Government Declaration. It is aimed at empowering citizens and advancing the ideals of an open and participatory government.

The September 8 workshop follows the first U.S. Federal Blockchain Forum, organized by the Emerging Citizen Technology program on July 18 to discuss blockchain use cases, limitations and solutions. Financial management, procurement, IT asset and supply chain management, smart contracts, patents, trademarks, copyrights, royalties, government-issued credentials, federal personnel workforce data, appropriated funds, federal assistance, and foreign aid delivery were among the government blockchain use cases discussed at the July 18 workshop. Participation was restricted to federal agencies’ managers.

The Government Blockchain Association participated in the September 8 workshop and shared details, reported by ETHNews, on the topics discussed. In particular, three priority areas were examined: a national identity system based on blockchain and biometric technologies and interoperable across different agencies; an open government innovation initiative aimed at improving the internal operations of government agencies through blockchain technology; and a blockchain open-interface framework to connect government blockchain pilots with external data systems.

The Government Blockchain Association, open to all interested individual, corporate and institutional members, was formed to explore blockchain-based solutions to problems typically faced by government entities.

"We are currently seeing deep and informed interest in blockchain [technology] across many levels of the public sector,” said Gerard Daché, Founder and President of the Government Blockchain Association. “This time next year, I would not be surprised to see dozens of pilots, legislative resolutions, and even funding spread across the various states and high up in the U.S. Federal Government specifically for piloting blockchain based innovation.”

The Association believes that blockchain technology, Bitcoin, distributed ledgers and cryptocurrencies will fundamentally transform how the government interacts with its constituents.

"We don’t believe blockchain adoption in the public sector needs to take over ten years as some suggest it might,” Daché added. "There is an excitement that is palpable so, our goal is to harness this enthusiasm and direct it into working groups that actually influence national, state and large city governmental policies."

The post Blockchain Technology Plays a Critical Role in U.S. and International Open Government Initiatives appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:34 pm

Bitcoin Bubbles, Crashes, Price Changes: Lessons Learned ... - Fortune


Fortune

Bitcoin Bubbles, Crashes, Price Changes: Lessons Learned ...
Fortune
Fortune offers a closer look at this month's bitcoin crash and four other major price shocks—as well as likely explanations for all of them.
Bitcoin's Wild Ride Shows The Truth: It Is Probably Worth Zero - WSJWall Street Journal (subscription)

all 4 news articles »

Posted on 18 September 2017 | 11:46 am

SEC Advisory Committee to Discuss Blockchain's Investor Impact

SEC officials will discuss blockchain at an event in mid-October, according to public records.

Posted on 18 September 2017 | 11:30 am

MUFG on Dimon Remarks: Bank Cryptocurrencies Have 'Nothing to Do With Bitcoin'

The CEO of Japanese finance group MUFG said today that big bank-issued digital currencies aren't quite the same as bitcoin.

Posted on 18 September 2017 | 9:30 am

'End of Life Cycle': BIS Report Positions DLT as Needed Banking Update

Distributed ledgers could help update aging central banking systems, says a new report, but issuing cryptocurrencies will be a more complex affair.

Posted on 18 September 2017 | 8:00 am

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$4,000: Bitcoin's Price Shrugs Off China Exchange News

Bitcoin's price has bounced back above $4,000 following market losses linked to the recent regulatory crackdown in China.

Posted on 18 September 2017 | 7:30 am

Bitcoin's Price Is Back Above $4,000, But Is All-Time High in Sight?

The price of bitcoin continued to recover into Monday as consolidation in pricing helped the cryptocurrency recovery Friday's steep losses.

Posted on 18 September 2017 | 6:05 am

Japan Exchange Report: Cloud Edging Out DLT for Capital Markets Needs

A new Japan Exchange Group report throws cold water on the idea that distributed ledger tech may soon make inroads in global capital markets.

Posted on 18 September 2017 | 5:32 am

Bitcoin Price Analysis: How Rumblings From China Play Into Wyckoff Distributions

China BTC price.jpg

Unless you’ve been in a crypto-free cave for the past week, you might have noticed the crypto-wide market drop.

Last week, rumors of China’s crackdown on BTC to fiat transactions began to spread across the crypto-world. On Monday, mainstream news sources such as The Guardian, Forbes, Wall Street Journal, and Bloomberg further supported or confirmed these rumors by releasing articles with the news of a Chinese crackdown on exchanges.

According to Chinese state newspaper Securities Times, “All trading exchanges must by midnight of 15 September publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations." 

Within a day and a half, BTC-USD saw a 15% markdown as the price dropped from $4400 to $3750. After all was said and done, BTC-USD managed to squeeze out one last push before bottoming out around $3000. The bottom was immediately greeted by a strong rally that propelled the price upward by $900.

The price shot down, the price shot up — where does this leave us now?

Figure_1 (7).JPGFigure 1: BTC-USD, 6-Hour Candles, GDAX, Macro Bull Run

Since the beginning of this bull run from $1800, we have established very clear, very strong support and resistance levels along the Fibonacci Retracement set shown above. At the time of this article, BTC-USD is testing the macro 38% retracement line where strong, historic support will prove quite tough to penetrate. With such a large growth in such a short period of time, BTC-USD managed to climb about 150% in market value within the span of about a month.

One idea I’ve been considering during the climbs to toward the ATH is the the Wyckoff trading range schematic shown below:

Figure_2 (7).JPGFigure 2: Wyckoff Trading Range (A great breakdown of schematic details are found here)

Historically, as markets progress through time, they go through phases of accumulation (a phase where investors and traders begin to buy and accumulate assets) and distribution (a phase where traders and investors begin to sell off their accumulated assets). In order words, the market goes up and a bull rally begins, the market begins to top out, and then a bearish rally will bring the prices back down to a comfortable level. It’s a sort of give-and-take in the market as traders begin to place their bets on the future market direction.

In our current case, over the last couple months bitcoin has formed a very similar pattern to Distribution Schematic #1 shown above. The above schematic represents one of the possible ways a market can rise, find its top, and distribute assets to market.

Comparing the schematic above to the the current BTC-USD market pattern, we can see a lot of striking similarities:
Figure_3_again.JPGFigure 3: Wyckoff Schematic Within BTC-USD Trend

The nomenclature for this schematic is found here and is vital to understanding the upcoming discussion.

While a bearish continuation has yet to be confirmed, the most recent price hike this morning seems to fit the last test of the Wyckoff schematic LPSY (Last Point of Supply). The last point of supply is essentially a false rally where those who didn’t have an opportunity to sell on the previous LPSY now have an opportunity and will begin to sell into the more bullish traders who fall victim to a false breakout.

The SOW (sign of weakness) is marked by high sell volume that leads into an AR (automatic rally) where the sell pressure lets up and bullish traders assume a bottom has been hit. The automatic rally is marked by a bullish climb with great ease before finding its top near the previous lines of support shown above in green.

The LPSY is most notably described as a series of peaks and valleys on a fairly narrow spread as the bulls and bears exchange positions. During this LPSY, we will expect to see diminishing volume as the market pushes to new highs and becomes more and more difficult.

A closer view of the current trend reveals we have begun the process of weakening rallies with the LPSY:

Figure_4 (3).JPGFigure 4: BTC-USD, 5-Minute Candles, Bitfinex

Throughout the length of this small trend, we can see diminishing volume on each consecutive push toward new highs. If we manage to continue downward, expect turbulence at the $3000 levels and a possible secondary bounce as the $3000 level offers very strong, historic support.

It should be noted however, even though this current trend has a strong resemblance to the Wyckoff schematic, it is always important to confirm the trend before trading it. As with any market, it is entirely possible that this Wyckoff distribution pattern will fail and bitcoin will manage to continue onward and upward to new highs. A market reversal should definitely not be ruled out as the current market trend is showing a strong sign of uncertainty between the bulls and bears.

Whether the market breaks upward or downward, always confirm the move with strong volume to support a strong move in the direction the trend. Volatility is to be expected, but we approach the market with a level head and objectivity, seeing the proper positional entries and exits will much easier to spot.

Summary:

  1. Strong, bearish news hit the crypto community this week as China announced harsh regulations on the BTC to fiat transactions on exchanges.

  2. Currently BTC is seeing a strong rally off the $3000 levels but is showing signs of waning strength in the upward direction.

  3. A possible macro distribution pattern is unfolding and new lows could be in store for  bitcoin over the next few days and weeks.

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: How Rumblings From China Play Into Wyckoff Distributions appeared first on Bitcoin Magazine.

Posted on 15 September 2017 | 4:17 pm

Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts

Bitcoin exchange Bitso helps mexican hurricane relief

Bitso, a cryptocurrency exchange in Mexico, has continues its campaign to aid the victims of the recent earthquake in Mexico.

A few days ago, Bitso announced their support for the Mexican people who were affected by the recent earthquake. The cryptocurrency exchange has enabled donation wallets that can be used by the company’s clients to send aid using different digital currencies, such as bitcoin, ether and ripple. According to Bitso, cryptocurrency donations are a quick and efficient way to help the victims since the assets are easy to transfer.

Unfortunately, some people have lost their homes, their belongings, and sadly even the lives of their loved ones. We are hoping this aid will help them return to their daily activities as soon as possible.

Thousands of homes were destroyed and nearly 100 people have died across the country as a result of an earthquake that struck just before midnight on September 7. It reached a magnitude of 8.2 on the Richter scale.

The donation details can be found on the cryptocurrency exchange’s blog:

“Join this campaign and help the efforts made by the RED CROSS in Mexico by using the hashtag #BitcoinAidMexico and make a donation to one of the following accounts:
Bitcoin (BTC) 1DaHfXsoPfZ2jznJhB62vR3QEVFhhZ2tMR
Ethereum (ETH) 0x88B6021aE4BB9830f2E9D5BB38B83427b9D7ffEc
Ripple (XRP) rEFMdiTbLmZq5ZiMGrWGoyP48DMFqXjNkM [No Destination Tag required]”

The Red Cross thus far has been able to set up collection and relief centers in several areas affected by the earthquake, especially in the southern states of Oaxaca and Chiapas, benefiting around 24,000 people.

Due to the transparency, traceability and real-time reporting of the technology, donations can be easily tracked by users at any time. The total amount Bitso has raised will be exchanged later for Mexican Pesos (MXN) at market rates. Bitso wrote:

“The equivalent amount in Mexican Pesos will be transferred using a local bank wire to Cruz Roja I.A.P. (RED CROSS Mexico) to the bank account CLABE 012180004040404062. This CLABE number can be validated on their website https://www.cruzrojamexicana.org.mx or on their twitter account: https://twitter.com/CruzRoja_MX/status/906600599864582144

The deadline for sending the funds is September 15; however, Bitso added that if they still receive funds later, the company will exchange those donations between September 15 and 22, and wire them to the Mexican Red Cross.

Bitso highlighted that there is no minimum amount for donations and that they will accept all transactions. The company wrote that the fundraising started with them donating MXN $50,000, which will be added to the total amount of donations.

The amount the company has raised and the transaction proof will be publicly displayed for total transparency.

Bitso emphasized that although the Mexican Red Cross will ultimately receive the funds, user contributions cannot be used as tax deductions.

“Important: BITSO will not make any user contributions tax deductible. Mexican Pesos will be transferred on behalf of third parties according to Mexican law LISR artículo 35, and the following TIN XAXX010101000 will be used in order to generate the corresponding payment as ‘General Public Invoice.’”

The post Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts appeared first on Bitcoin Magazine.

Posted on 15 September 2017 | 12:07 pm

Building “Cappasity” for AR, VR and 3D Content

Capassity Thumb 4

Imagine for a minute the next evolution of online retail, featuring an in-store browsing experience with interactive 3D images. All of this would be tethered to a broader ecosystem that delivers fast and easy augmented reality (AR), virtual reality (VR) and 3D content.

This scenario above is not a fantasy. Rather, it signifies a new world in which blockchains and virtual reality intersect to provide valuable use cases for the world of commerce. Now content creators can benefit from this convergence of blockchain technologies and AR/VR through asset ownership verification. This allows a mechanism for receiving royalties via smart contracts in order to design virtual worlds and encourage collaboration.

Leading this movement is Cappasity, a cutting-edge company founded with the goal of developing new standards as well as an easy-to-use and scalable platform for the creation, embedding and analysis of 3D and AR/VR content. This new system allows users to create, rent and sell 3D content that can be embedded into an app or website for an immersive experience.

Click here to see the type of 3D model that can be generated and shared through the platform.

The emergence of Cappasity comes at a time when new and exciting developments are arising in myriad verticals, including the medical, automotive, gaming, entertainment, art and education sectors. Here, the company is leveraging the blockchain in order to become the go-to exchange network for users, developers and businesses seeking to benefit from 3D image creation, embedding and trading.

This innovative platform will be powered by a digital payment vehicle and currency called ARToken (ART), which facilitates the trading of content inside the ecosystem. ARTs can be earned through the creation and sharing of 3D/AR/VR content.

Cappasity has been in a joint effort with Intel since 2014, a project initiative that led to the creation of a scanning software for Intel RealSense 3D cameras. After a successful campaign to raise more than $1.8 million from angel investors, the company launched a beta version of its platform and 3D digitizing software in January 2017. This ecosystem is designed in two layers, a marketplace and infrastructure layer, making it particularly special.

Given some of the company’s early success, as well as the rapidly growing popularity of 3D content, there is positive anticipation for the company’s initial ART token crowdsale which begins September 27, 2017. Various cryptocurrencies, including BTC, ETH, BCH, LTC as well as DASH, can be used to contribute to the campaign.

The goal of the crowdsale is to reach 175,000 ETH, which will make Cappasity’s revolutionary plans a reality. Two endowment entities have been established to foster this: the AR/VR Innovation Fund and the Reward Fund.

The Innovation Fund is designed to get developers on board with the platform. Once content begins to be built, a Reward Fund will be established over time. Upon completion of the token sale, 10 percent of raised funds will be dedicated to the former and 20 percent will be allocated to the latter.

Value Proposition in 3D

The Cappasity platform provides tools for 3D content creators and distributors to monetize and share their creativity through a tokenized ecosystem.

Kosta Popov, Cappasity’s founder and CEO, touts the company’s embrace of the decentralized economy through blockchain technology, which he said enables the company to address fundamental issues currently facing content creators.

“Top luxury retailers who have implemented our 3D imaging integrations are showing conversion increases of 30 to 40 percent,” Popov said. “We are excited to bring innovative content creators the opportunity to participate in the AR/VR content revolution with the utility ARToken to power the whole ecosystem.”

Delivering Excess “Cappasity” Through Collaboration

In a move signaling the company’s forward advancement, Cappasity was recently selected to participate with Lafayette Plug and Play, one of the leading innovation platforms and an accelerator designed to fuel the next generation of retail and fashion companies. Located in Paris, Lafayette selects top startups like Cappasity twice a year to promote cooperation with its partners, including the likes of Carrefour, Galeries Lafayette, Tesco, Lowe’s, Kohl’s, Lacoste, Kering and Rakuten.

Cappasity therefore has been working closely with corporate clients, including some of Europe’s top retailers, to integrate its platform into their online stores in order to provide VR/AR business solutions.

To learn more about Cappasity’s forward trajectory, including its upcoming ART token sale, read its white paper. Visit the website and follow the company’s social media channels on Facebook and Twitter.

The post Building “Cappasity” for AR, VR and 3D Content appeared first on Bitcoin Magazine.

Posted on 13 September 2017 | 2:06 pm

NO2X: Breaking Bitcoin Shows No Love for the SegWit2x Hard Fork in Paris

no 2x breaking bitcoin

“There’s no such thing as a safe hard fork,” Electrum lead developer Thomas Voegtlin corrected an audience member at the Breaking Bitcoin conference in Paris last weekend. “I would recommend to have replay protection, of course,” he added.

Community support for SegWit2x, the Bitcoin scaling proposal spearheaded by Barry Silbert’s Digital Currency Group, was virtually absent in Paris. Whenever the “2x” part of the New York Agreement was discussed in the French capital, speakers and visitors overwhelmingly considered it a risk to defend against — not a proposal to help succeed.

Electrum users, for example, will not blindly follow hash power in case of a chain-split, Voegtlin explained throughout his talk; instead, they’ll be able to choose which side of such a split they want to be on. And importantly, the lightweight wallet will implement security measures to prevent users from accidentally spending funds on both chains: “replay protection” that seems unlikely to be implemented on a protocol level if SegWit2x does fork off.

“We are ready,” Voegtlin said. “If [SegWit2x] doesn’t include replay protection, the fork detection we have in Electrum will be useful.”

Breaking Bitcoin

Inspired by the successful Scaling Bitcoin conference format, the French Bitcoin community hosted the first edition of Breaking Bitcoin two blocks from the Eiffel Tower last weekend. Bitcoin developers, academics and other technical-minded Bitcoiners gathered for a diverse program, but with the common denominator being Bitcoin’s security.

“For the past two years, the Bitcoin community has been obsessing with scale and scalability,” Kevin Loaec, managing director at Chainsmiths and co-organizer of the event, told Bitcoin Magazine. “But I’m not so worried about scale, I’m worried about mining centralization, a lack of privacy and fungibility ... these kinds of things. As an industry we need to recognize there are more challenges than just scalability; hopefully this conference reflects that.”

Whereas the first Scaling Bitcoin conference two years ago was a very specific reaction to a looming block size limit increase hard fork — then put forth by Bitcoin XT — this wasn’t necessarily the motivation behind Breaking Bitcoin. Yet, once again, a controversial hard fork is looming on the horizon. This time imbedded in the BTC1 implementation developed by Bloq co-founder Jeff Garzik, the New York Agreement’s SegWit2x is scheduled to increase Bitcoin’s “base block size limit” to two megabytes by November — an incompatible protocol change that could split the Bitcoin network in two.

And it did not take much to recognize how unpopular the proposal was in Paris. Perhaps most vividly, Italian Bitcoin startup ChainSide led a protest campaign by distributing NO2X stickers; the Twitter hashtag was proudly added as a piece of flair to the by now well-known Make Bitcoin Great Again and UASF hats. And voices critical of the project — like Voegtlin and his call for replay protection — could consistently count on rounds of applause. From a technical perspective, the proposal is often considered — quite frankly — to be reckless.

“Unfortunately, SegWit2x […] was designed to effectively be as disruptive to the minority chain,” MyRig engineer and BIP91 author James Hilliard said on stage during the miner panel.

SegWit2x: The Arguments

Arguments against the 2x hard fork are diverse.

Perhaps its biggest problem, SegWit2x currently lacks basic safety measures to prevent unsuspecting users from losing funds. This includes, most importantly, the aforementioned replay protection, but a new address format would be similarly helpful.

Additionally, the three-month lead time for this specific hard fork is considered extremely short — assuming the goal is to prevent a chain-split in the first place. “If you ask any of the developers, they will typically want to see 18 months or two years lead time, for something with as wide an impact on all the software and hardware out there as a hard fork,” Blockstream co-founder and Hashcash inventor Dr. Adam Back noted during a Q&A session.

And if the chain does split into different networks and currencies — one following the current Bitcoin protocol and one adopting the hard fork — the question becomes which of the two gets to use the name “Bitcoin.” So far, proponents of the SegWit2x hard fork have shown no willingness to pick a new name.

This branding issue, Bitcoin Core contributor and Ciphrex co-founder Eric Lombrozo pointed out, provides yet another point of controversy.

“My personal opinion is that whomever is proposing the change, the onus is on them to demonstrate widespread support,” Lombrozo said during his talk on protocol changes. “The people that want to keep status quo don’t need to show anything. It’s the people who want to change the stuff that actually need to demonstrate there is widespread support.”

And for now, not everyone is convinced that SegWit2x does indeed have this level of support — or anything close to it. While several large mining pools, as well as a significant number of companies, have signed on to the New York Agreement, this agreement was itself drafted without any feedback from Bitcoin’s technical community nor — even more important — a reliable gauge of user sentiment.

And while some Bitcoin companies claim to represent their customers, this is — once again — not taken for granted by everyone.

“One debate I want to draw attention to,” venture capitalist Alyse Killeen pointed out, “is the debate whether businesses speak for their users. I think this is probably a debate you would only see now in this space because it’s pretty well established that businesses outside of this space do not speak for users, but it’s a debate we still have in our community. Of course they don’t.”

NO2X

If Breaking Bitcoin in Paris can be considered at all representative of SegWit2x’s community support — which, it should be noted, is not necessarily the case — the proposal will face an uphill battle to be widely accepted in November.

Indeed, some signatories of the agreement are not so sure about the hard fork anymore: Bitwala and F2Pool have publicly backed out of the agreement. And, during a mining panel in Paris, Bitfury CIO Alex Petrov ever so slightly opened the door to potentially withdrawing support as well, if both the original and the 2x chain manage to survive.

In fact, it’s not just that contentious hard forks are considered a threat to be defended against by Bitcoin’s technical community. It goes beyond that.

In the words of Bitcoin developer Jimmy Song, at the conclusion of his opening talk of the event:

“What doesn’t kill Bitcoin makes it stronger. And conferences like this prove that we’re getting better at this. We’re getting immunized to all these hard forks, and it’s creating a better Bitcoin as a result, and that’s a very good thing. We’re securing against a lot of these attacks, and figuring out ways to mitigate these threats.”

Image courtesy of Federico Tenga

The post NO2X: Breaking Bitcoin Shows No Love for the SegWit2x Hard Fork in Paris appeared first on Bitcoin Magazine.

Posted on 12 September 2017 | 1:58 pm

Japanese Company Will Launch New Bitcoin Mining Operation With 7 nm Chips

GMO Internet Group Launches Massive Bitcoin Mining Operation With 7 nm Chips

GMO Internet Group, a Japanese provider of a full spectrum of internet services for both the consumer and enterprise markets, is launching a new Bitcoin mining business utilizing next-generation 7 nanometer (7 nm) semiconductor chips. “[We] believe this new business has high potential for increasing corporate value in the future,” states the company.

Headquartered in Tokyo, GMO IG comprises more than 60 companies in 10 countries. GMO IG’s size and financial muscle, as well as the novel technologies it wants to leverage, will make it a serious entrant in the Bitcoin mining industry, and one that could have a disruptive impact.

“We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe,” GMO stated, emphasizing that they will invest in R&D and manufacturing of hardware including the next-generation mining chip. “We will use cutting-edge 7 nm process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology.”

The International Technology Roadmap for Semiconductors defines 7 nm semiconductor chip technology as the next technology iteration following 10 nm technology, which, in turn, follows the 14-16 nm technology that currently represents the state-of the-art hardware in the Bitcoin mining industry. Commercial production of 7 nm chips is still in the development stage with GlobalFoundries, IBM, Intel, Samsung and Taiwan Semiconductor Manufacturing Company (TSMC) competing for market leadership.

According to a recent article in Android Authority, TSMC seems to be in the pole position in this race, having already showcased a preliminary 7 nm SRAM chip — not yet a full system on a chip (SoC) but an important milestone. Intel is said to be planning the upgrade of a manufacturing plant in Arizona to start building 7 nm SoCs. Samsung and GlobalFoundries are also striving to catch up.

According to Quartz, 7 nm technology would be four times more energy efficient than the current Bitcoin mining industry standard. Therefore, once 7 nm chips are in use, all other miners will have to upgrade to stay in the game.

“It’s clearly the next generation of miners,” Diego Gutierrez, CEO of mining software developer RSK Labs, told Quartz. “The other [mining chip makers] will surely follow and create their own 7 nm chips if they are not already doing it. As [chip manufacturers] get the new technology, everybody can access it.”

“We believe that cryptocurrencies will develop into ‘new universal currencies’ available for use by anyone from any country or region to freely exchange ‘value,’ creating a new borderless economic zone,” notes GMO IG. “[Bitcoin] can be regarded as a distributed system whose credibility is secured by mutual monitoring by network participants, as opposed to legal currencies which are a centralized system whose credibility is secured by the issuer. And management of a distributed system such as [Bitcoin] requires a mining process.”

The entry in the Bitcoin mining sector of these new Japanese players with relatively deep pockets is likely to be welcomed by those concerned about China’s dominance of the mining industry. For example, Chinese mining operator and hardware manufacturer Bitmain plays a dominant role in the $70 billion Bitcoin economy. Its mining pools, Antpool, BTC.com and ConnectBTC, account for around 30 percent of all the processing power on the global Bitcoin network, while the company is also the market leader for specialized mining hardware, including ASIC chips.

In related news, another large Japanese company, DMM, announced the launch of its own Virtual Currency Division, scheduled to begin operation of a virtual currency mining business “DMM Mining Farm” in October 2017. According to the company, which hasn’t released further information, DMM will operate one of the 10 largest mining farms in the world before the end of 2018.


The post Japanese Company Will Launch New Bitcoin Mining Operation With 7 nm Chips appeared first on Bitcoin Magazine.

Posted on 12 September 2017 | 11:58 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

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

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 »

Posted on 8 November 2016 | 6:20 pm

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

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

September 19, 2017 -
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