Tag - Cryptocurrency

For Stellar, Positive News Flow Last Few Months

The last few months have been positive for Stellar with major alliance announcements. Aside from that, the development team is on its toes by not only update but also enhancing the core protocol of the digital coin. The virtual has asset has toppled Litecoin to reach the sixth position by virtue of market cap and managed to hit the fifth position only for a brief period as EOS came back with a bang to regain its lost position. For the emerging sector, the key lies in constant update and enhancement and expansion.

Switching Over To New Version

The latest positive catalyst is that the Stellar Foundation has declared an update on the social media and provided with instructions in respect of those running nodes or creating on its network. The company indicated that it would migrate to a new Stellar Core version 10.0.0. early September. The enterprise indicated that there would be some major changes as far as the order book work is concerned, investinblockchain.com reported. In a nutshell, the testnet will be moved over to the new code.

Stellar indicated that it would look into any issues of bug and once it fixes them the new version will go on live on the mainnet. The update for the testnet has already been done, and the mainnet could see it later this month or early next month. As far as changes, a hard fork will become a necessity since the Stellar protocol will be large enough to switch. However, the community has agreed upon all the major changes.

Therefore, the company expects smooth transition to happen while moving to a new version. Stellar wanted anyone, who is running a validated note, to vote on the changes. This will ensure that validators would remain updated as the team is working out to fix any bugs during the transition period. The company’s API, Horizon, will help apps to interact within the network so that upgrade could be done to the version 14 to ensure compatibility with the new code.

The developers will also take care of the upgrades of both apps and wallets and that there is no need for any user to do anything. The company indicated that any issues in respect of the transition could be discussed on its Stack Exchange. BumpSequence command is the most expected update to be implemented.

Invalidating Several Transactions

Last year, the company planned to launch BumpSequence enabling invalidation of several transactions. The transactions would have been issued though it would not have been processed by the network. This involves skipping forward to a particular transaction in the list. This will mean that several transactions could be made conditional based on external event and add an additional smarter contract logic layer to the digital coin.

This is in line with Stellar’s philosophy as far as the overall design is concerned. The company indicated that the kind of business operations, which could be implemented in the network, is expanding slowly and steadily through its function is to transfer value. The upcoming months will demonstrate how projects will make use of the new feature.

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How Market Reaction Softened To Bitcoin Cash Inclusion to Futures in Crypto Facilities?

CME partner, Crypto Facilities, a trading platform for cryptocurrencies, declared the inclusion of bitcoin cash to its futures products list. The digital currency is ranked as the fourth biggest by virtue of market cap. The two companies struck an alliance last year, and that resulted in the launch of the bitcoin futures for the first time in December last year. Though the market has greeted the news initially, the interest towards the digital coin has waned on Monday.

Official Launch

The first bitcoin cash – US Dollar futures have started since Friday in the CME Group’s partner, Crypto Facilities, trading platform. The new product meant that traders and investors could either take a short or long position in the cryptocurrency to get more opportunities in terms of investment, as well as, risk management, coindoo.com reported. Before adding this, the exchange has already provided a futures contract for litecoin, ether, Ripple XRP, and bitcoin.

Crypto Facilities CEO, Timo Schlaefer, told media that “We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash futures. BCH is a top five coin with a market capitalization of around $10 billion* and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class.” The digital currency market is developing much like the share market where the futures contract is used for a number of stocks. Hedge funds and institutional investors prefer such products.

Following the addition of bitcoin cash into futures, there will be an expectation of more investors joining to trade in the virtual asset. This is the first regulated futures options by the FCA for the cryptocurrency and will allow professional investors to get them involved in the changing scenario. Their participation will allow the market to widen opportunities and at the same time hedge risk factors more effectively.

Reacting to the developments, Profluent Group CEO, Bert Mouler, said that Japan is happy to make markets in bitcoin cash derivatives. He said that there was a need for proper hedging mechanism for the institutional trading community enjoying a first-class management team. He cited that Crypto Facilities is the first cryptocurrency marketplace to offer such a service. This could probably set the tone for the other exchanges to start the service.

Innovative And Useful

Similarly, bitcoin cash association advisor, Roger Ver, said that the latest addition is one more example of how the virtual currency is moving ahead as the innovative and useful digital coin in the world. One of the biggest mining hardware maker, Bitmain, has also expressed its confidence in the cryptocurrency since it is one of the largest holders.

Though the digital currency market is undergoing pressures due to a variety of reasons currently, the move could be helpful sooner than later. Also, this is a key development to attract institutions once the custodian issue is sorted out. The regulatory ambiguity will clear a lot of issues to attract more investors and traders, who are waiting in the sidelines.

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How Pornographic Website Will Reward Viewers With VIT Tokens?

After pop stars and cinemas, it is the turn of the pornographic website to engage digital currencies or blockchain technology. The web portal will reward its viewers with the Vice Industry Token (VIT). A free pornographic video services and Pornhub’s subsidiary, Tube8 is ranked as the 27th most popular web portal in the world and is now aligned with VIT to reward its viewers. The company is eager to reward them for their involvement in the platform’s activities. The fact is that everyone is keen to take advantage of the emerging sector.

Integration with Adult Entertainment Site

The company disclosed that the web portal has aligned with the VIT to amalgamate its digital currency with that of the adult entertainment site. Once the collaboration is completed, viewers or visitors of the pornographic site would get rewarded by way of digital currencies. The reward is not only for watching videos but also for interacting with the services of the platform, according to a report in coindoo.com.

Robin Turner, the representative of Tube8, said that getting paid to watch pornographic has remained only as a pipe dream as far as he is concerned or remembrance. Though someone could have dreamt about being paid to watch such adult entertainment videos, it was never ever realized completely. However, he said that with the launch of VIT, the company could see a paradigm shift. This will demonstrate as to how people are consuming adult entertainment in the upcoming months.

In the normal circumstances, users might have to pay for consuming content if the website does not offer it freely. On the other hand, Turner said that users would be paid to consume its free content in the form of reward and digital currencies. Therefore, those who are eager to watch such videos would not have to pay and instead get paid. In fact, the more the visitors interact with the videos, the more money viewers could earn in the process.

On its part, Stuart Duncan, CEO of VIT, has claimed that the company would change its ethereum-powered blockchain with a Steem blockchain version. This is called a grapheme. Turner pointed out that “VIT uses [delegated proof-of-stake] and is fully decentralized. [It] is the only true working fork of steem in existence.” Though blockchain is more productive for fintech, it is finding its importance in other sectors due to its decentralized nature.

Mechanism Not Disclosed

However, the porn video service provider has not disclosed any mechanism through which the rewards would be calculated to the visitors. At the same time, the company has clarified that it does not want to lose its earnings. Therefore, the web portal will create a restriction or put a maximum cap on rewards.

Turner indicated that the company is not worried about shelling out extra money as commissions. He pointed out that there are no fees and hopes depend on mutual gains through the expansion of the user bases, as well as, increasing engagement with respective products between the collaborating parties.

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The Effort of Making CryptoKitties A Household Name!

At a time when Ethereum is facing a tough situation, CryptoKitties is experiencing nationwide popularity.

According to Planet Money’s podcast on markets and economics by National Public Radio, Indicator has purchased two digital cats and also introduced one of the silliest commodities present on blockchain to millions of listeners.

In Wednesday’s episode, Cardiff Garcia and Stacey Vanek Smith introduced it as a “strange, kind of ugly, kind of cute-ish crypto fad which also represents a brand-new type of commodity.”

Although, reports have always been skeptic about blockchain pets, yet they have also talked about the capabilities of non-fungible tokens as a more sincere product. The second installment showcases reporters trying to buy and breed CryptoKitties, much to their disappointment.

Can it be a mass product?

As of now, digital currencies are not considered products of mass consumption and they have a long way to go before becoming reliable products. Back to the reporters, they were able to buy $100 in crypto after spending more than an hour on Coinbase. Garcia added, “I feel like we’re on the cutting edge of 2009.” The next time they updated the story the currency downshifted by 30 percent.

The program concluded with Garcia’s words, “We have lost more than thirty percent because of the exchange rate. I’m betting against us getting our money back.”

It was not the first time that Planet Money talked about upcoming or risky commodities. In earlier episodes, they bought a hundred barrels of oil and captured its journey from the refinery to pump. They have published a report talking about the benefits of brand name vodka plus indulging in gold panning.

Digital currencies have been the latest trend followed by such podcasts which hint about the fascination and curiosity for the crypto space amidst the normal public. Back in 2017, the podcast also captured Charlie Shrem’s second innings with Dogecoin, who completed several years in Federal Prison.  At the beginning of 2018, they interviewed Jackson Palmer, creator of Dogecoin, and also captured an early adopter’s efforts to restore an old BTC wallet which was empty.

It seems like NPR were themselves amongst the early adopters. In 2011, an early pair of reporters tried to buy few bitcoins to use them practically, which could have been possible when Mt. Gox was the leader of crypto exchanges.

By the end of Thursday’s episode, reporters from The Indicator lost most of their money as they were successful in selling only one newly-bred CryptoKitties. It simply means that they will forget about their products without much effort.

One must also know that gambling apps have now surpassed the once top-selling commodity of crypto enthusiasts. Recently, Fomo3D attracted more than five times the users than CryptoKitties which says a lot about the present value of virtual felines.

Only time will tell about the context of their new episode which depends upon the amount of craze felt in the market for digital pets.  It would be hard for the developers to persuade general investors in buying a pet that cannot be traded nor provides value to your life.

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Is Bitcoin Progressing Towards A New Rally?

In an unexpected turn of events, bitcoin jumped up from $5,850 to $6,500 in a matter of three days which hints towards a new bullish run for the entire market.

Following the progress made by bitcoin and its new-found drive, small-time digital currencies and tokens have also risen by abnormal margins between 30 to 40 percent in the past 48 hours.

Similarly, the prices for, VeChain, a China-based digital currency, rose over 50 percent while other tokens like ICON and Ontology went through 30 percent appraisal.

According to some market experts, the crypto space has touched its lowest low or the bottom. The event occurred after prominent investors like Bart Smith, Susquehanna digital asset lead, and BitMEX CEO Arthur Hayes speculated a large drop in bitcoin’s value.

As per the popular investors, bitcoin and the whole crypto market was set to go through another correction stage before rising through a mid-term rally. They claimed that the coin needs to establish and stabilize a foundation before supporting the next bull run.

One should know that the market last went through such a recovery in April when prices for bitcoin bounced back from $5,900 to $10,000. Furthermore, the growth in valuation of the crypto space in the last three days also recorded an accelerated recovery in the value of tokens.

Between July and August, the majority of the tokens like VeChain, Ontology, and ICON suffered almost an 80 percent dip against bitcoin, which itself dropped down by 40 percent. It happened due to the amount of risk involved in high risk and high return trades due to a volatile and unstable crypto exchange market.

But, the previous three days have come as a reversal which forced a shift in the momentum of tokens. Ethereum based tokens that looked tiny against bitcoin and US dollar in July and August have experienced huge gains in the last 48 hours.

As more investors are moving their funds from stablecoins and premier cryptocurrencies to tokens, they are taking high risk moves under considerations that hint towards a solid mid-term rally.

A highly respected investor and analyst, Smith, stated that commencement of a Bitcoin exchange-traded note (ETN) in US markets is bound to attract new investors in the upcoming months.

He added, “It’s $8 million traded today (via the ETN). So, if you had that repeat in a fund over and over again, that would add up pretty quick. I would think that if this volume persisted over time that the ETN could be a big deal, but the market didn’t move, and the market is in show-me mode.”

Although, bitcoin is enjoying a new momentum yet its rise above the $7,000 mark can also conclude in another fall as noted in February, April, and June.

Even after the possible unfavorable condition, the next few weeks will support a rise in value. The increase in investments shows the degree of confidence traders now have in the asset class. It will be interesting to see whether bitcoin makes a huge return or disappoints its supporters once again.

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Is Thailand Ready To Dig Deep Into Crypto?

The signals from Thailand suggest that the country is ready to dig deep into the crypto world sooner than later through the rest of the world is cautious baring few countries. This is quite evident when the Securities and Exchange Commission (SEC) in Thailand gave its approval to seven digital coin exchanges to continue their business. This is despite the regulator indicating that it is reviewing their applications for license. The approval could be interpreted as the country is getting ready to accept the virtual asset as a financial tool in a digital economy.

Full License

Thailand SEC indicated that there are no issues in cryptocurrency exchanges such as Coin Asset Co. Ltd., Satang Corp., Cash2coins Co. Ltd., Bitkub Online Co. Ltd., and Bitcoin Co. Ltd. continuing their businesses. At the same time, they have to wait and see whether they would be provided with a full license, ethnews.com reported. Aside from these, the regulator is also reviewing applications from Thai WebMoney and Coins TH Co. Ltd, the two digital coin dealers.

It might be premature to think that the country is getting ready to accept digital coin as a viable financial tool through the signs from the regulator could provide such possibilities. That is because of the volatility in the current virtual asset market and the ambiguity in regulating the sector in rest of the world. Even the strongest supporters of the crypto are struggling to find solutions to some of the issues that the regulator comes across.

Aside from these, the past events suggest that the country could change its opinion. For instance, in February, the central bank in Thailand has declared about curbing the financial institutions from investing in the new asset class. This included trading in digital currencies or operating any virtual asset exchanges or any other kinds associated with trading platforms. Offering investment or trading advice to clients was also prohibited by the central bank.

However, the country has softened its stand on cryptocurrency in May. Thai King Rama X has implemented a law that allowed transactions in digital coins in a regulated way. Following his order, the country’s regulator was left with no alternative but to monitor and regulate digital currency market. Thai SEC was also mandated to seek companies that were keen on selling crypto to register themselves with the regulator within a period of 90 days. In the absence of it, they would have to face tough financial penalties.

Influx of Enterprises

Following the royal decree, there was an influx of companies that showed their interest in registering their initial coin offerings (ICOs) with the regulator. Following this, there were as many as 50 different ICO projects that were keen on raising funds from investors in Thailand.  However, only five of them are ready with their pilots in June.

The current move of allowing the digital coin exchanges to continue their business is a favorable catalyst for the country’s crypto market. The regulator seems to have taken an attractive route for adopting digital coins, and the consideration of license issue is meant in that direction.

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Coinbase CEO Draws Parallel with CRYPTOCURRENCY and Internet Bubble

The largest digital currency trading platform, Coinbase co-founder, and CEO, Brian Armstrong, has shared his experience of the virtual asset market with media recently. He termed his experience as “organizational chaos” while seeing it as a crazy journey from the entrepreneur point of view. He also drew parallel the cryptocurrency bubble with that of the Internet bubble of 2001. The CEO indicated that he has already witnessed 4 or 5 bubbles in the virtual currency market until now.

A New Skill Set

The six-year-old firm’s CEO told the media that there is a lot more to learn every year like a skill set. This included fundraising exercises or understanding to learn as to how to manage more effectively as the company has six or seven offices around the globe, ambcrypto.com reported. He pointed out that he is learning on the flight so that he could communicate with the international workforce on everything. Though he talked about digital coins, his primary focus was on the bitcoin price.

That is mainly because the virtual asset price has plunged to around $6,000 level currently from a lifetime high price of $19,700 seen in December last year. He thinks that the digital coin markets are going through a series of bubbles currently with a bias towards correction. The co-founder has already been a witness to 4 – 5 bubbles in which price of the cryptocurrency has increased in an irrational way. After that, the price has corrected by about 60 or 70 percent.

He termed it as a new plateau every time the cycle repeats referring to the ups and downs of bitcoin price. At the same time, he thinks that it matched with Coinbase growth. He pointed out that there were only about 500 users signing up every day during the period 2012 – 13 when the company was established. However, it has increased gradually to 5,000 and then shot up to 50,000 due to correction bubble.

Brian has drawn parallel the existing digital coin bubble with that of the Internet bubble in 2001. He pointed out that everybody’s expectation was well ahead of the realistic value when the Internet went through the bubble. Though the bubble has led to a crash, a number of enterprises have also started off well. As a result, firms such as Facebook became a big one. He thinks that in the cryptocurrency market too, the same thing is happening.

Steady Increase In Usage

The co-founder of Coinbase also referred about the SEC stand on bitcoin ETF and the rejection. As far as he is concerned, he is positive on bitcoin since Brian does not see any scope for an instant blessing from the regulator for the new asset class. His contention is that the regulator is only doing its job, which is to ensure the consumer protection and safe market and there is no scope for fraud.

Therefore, Brian said, “So, I think rightfully so, they [SEC] are looking at a lot of scrutinies especially as there are so many new coins coming out there [cryptocurrency market] that are you know have questionable value.”

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Majority of ETH Movement Is Unrecognized

According to a research conducted by trustnodes.com, a major part of ETH transactions are un-related to crypto exchanges, through data provided by Santiment. It simply means that the in and out movements of exchanges could not pile up to the amount of movement ETH experiences on an average.

The report noted that almost two million ETH change hands on a daily basis. The numbers change according to market trend, but 2 percent of the tokens do move on a daily basis.

Yesterday, on August 14, the numbers went up to 3.5 million which shockingly coincided with the recent low of $250 per ETH. Meanwhile, the difference between the amounts of ETH withdrawn from exchanges to the supply sent to them also expanded.

The data reveals that almost 100,000 more ETH have been deposited in the exchanges than the number of coins withdrawn. For Tuesday, the number went up to 120,000.

Such a huge gap in movements was recorded back in March when around 600,000 more tokens were funded in exchanges than withdrawn. Stats provided by Santiment blockchain solutions also show a deeper analysis of this exercise rather than just the difference in deposits and withdrawals.

Talking about today’s situation, some 450,000 tokens have circulated through the system while around 1.34 million ETH have been transferred. The figure is far less than what we experienced in January when the total ETH transfers reached 26 million. August 30, 2017, still holds the record for most coins transferred, when 36 million ETH relocated their addresses.

Back to yesterday, 1.3 million of the sum total was either sent or withdrawn from exchanges, giving again around 30 percent-35 percent. The website also stated that the percentage could vary as they were not able to calculate the exact average. But, apparently, it did claim that only 30 percent of ETH movements are used for trading purposes on exchanges.

One should know that the figures are partially manual, including the exchanges investigated for stats, and some of it was moderately automatic.

CTO of Santiment, Valentin Mihov, stated in an interview, “Today we added a new list of ~100 new exchange addresses, and we will update this stat, but most probably it won’t change much.”

He claimed that his company tracks some of the premier exchanges like Kraken, Binance, Bitfinex, Poloniex, etc. Mihov added, “Our total list is around 140 wallets, but we don’t give out the list at the moment, as it took quite a bit of effort to collect it. It is much bigger than the wallets marked on etherscan.”

140 addresses is not a small number and makes us believe that it would be the major share of exchange activity, but a better estimate for every operational exchange would shift the ETH movement to 40 percent.

It probably means that most of the ETH transfers are not affected by speculative use and are essentially sent to dApps, proceed between wallets or are used to buy goods from merchants that support Coinbase Commerce.

It has also become the most suitable coin for crypto scammers that increase the importance of knowing ethereum’s movement patterns. Thus, the recent report holds a great importance for regulatory authorities and local crypto communities.

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Genesis ETH Movement Leads to Increase In Days Destroyed

A specific ETH address moved around 93,750 ethereum from its total hold of 314,807.84 tokens since the ICO finished four years ago. Currently, 100,000 of those 300,000 coins still remain in the address. Almost 100,000 of the sum total were sold during the bear market of May and the account is ready to sell the same amount right now.

As per records, the much-hyped addresses uses an intermediary address named ‘the 0a0f’ to transfer ETH. At present the intermediary address states that it holds some 93,000 eth (~$26 million) which have not been moved yet.

Data reveals that after funds are transferred to the above address, they are further circulated to another intermediary or what seems like an exchange deposit address.  One should know that all these funds under supervision were previously sent to a 976 address.  Looking at the sheer number of transactions it can be regarded as an exchange deposit. A detailed study of these movements also reveals that funds are sent to Bitfinex, Kraken or to a number of token exchanges.

It certainly seems that the entity or the individual holding all these assets, who bought them for $80,000 at the ETH ICO, is ready to cash them out. Hence, the whole situation has increased the days destroyed. Although the term is no longer used but it clearly describes this activity.

Days destroyed simply means the numbers of days in which coins have changed their location. In order to get a numerical presentation, you can multiply the amount of coins moved with the amount of days that show zero activity.

It should also be noted that the last spike in days destroyed occurred in May which is also the time when the first batch of genesis coins were sold. Another such spike is being experienced as the same address is about to send more coins on sale.

According to the graphs prepared, based on data provided by Santiment, we can conclude that old coins recorded an increase in the movement back in February and then again in May, followed by a peak in August. However, looking closely at the movements, we will find that the peak of August fades in comparison to the May movement and the previous activity also looks quite insignificant by comparison. The coin holders weren’t exactly hodling their coins when prices reached their peak.

Yet, it cannot be recognized as the only measure as both old and new ETH is still the same. But, we assume that movement in old coins mostly happens for being sold. Again, this condition hints about the improvement in the distribution of supply as people who bought ETH at cheap prices are now selling them out to others.

On the other hand, ethereum experienced a huge sink in prices when it plunged 16 percent in the last 24 hours. Being the second biggest digital currency, it is still trading at $284.58 but has roughly lost all the gains made in the bull run of December 2017.

The decision taken by the above-mentioned address is still confusing as the token is not performing at a bearable level. However, it is difficult to judge the performance or movement of a coin in a highly volatile market like digital currencies.

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ETC Makes a Comeback on the Candlestick

Ethereum Classic has made a comeback on the candlestick chart based on the daily ETC/USD values. The green candle run strongly suggests that the downward spiral has ended and the bears have gone back to their caves. Thus, Ethereum Classic is ready to move on a new cycle as a reversal seems more than possible.

It has been noticed that the solid support of $10 has been ETCs demand zone. As per the chart, it has rebounded from the price level towards an increase in its value. Earlier, the RSI reached over sold levels and currently gets traded above 30. Experts believe that there is a huge room for improvement in prices mainly because of the Coinbase listing last week. ETC has often been regarded as the coin that will trigger the upward market trend and such positive developments will nevertheless help it.

In comparison to BTC, Ethereum Classic is still in a downtrend as shown by the weekly ETC/BTC chart. Although the coin has to break this sliding motion yet, it has still not reached the lowest levels. Currently, it has bounced back due to a strong support line but is still at the lower end of the ascending channel. RSI for ETC/BTC is trading sideways and is expected to break out in the coming weeks.

Meanwhile, the EMA alignment for ETC/BTC is surviving the bearish trend and is hopeful for a new price rise. Ethereum classic has been acknowledged as the only coin which was able to hold its position alongside BTC through the recent correction as it fell just by 73 percent since its ATH.

ETCs original self, i.e., Ethereum and Ripple fell by 80 percent and 92 percent respectively. Moreover, ETC is also the second-best store of value after market leader bitcoin. Being an undervalued venture with a lot of potential it has worked as a safe bet for those investors who are not strong enough to invest in any other currency than BTC.

We must also consider the fact that ETC went through a 3,615 percent rally within 238 days of completing a correction. The current price action demands the RSI, going through a falling wedge, to show a better performance. Since April 2017 we have not witnessed the RSI at such critical levels. Hence, ETC prices are at a crossroads and they can either go upside or rumble downwards.

Noticing the recent strong bounce off the support price of $10 and the number of positive developments in wait we can rightly assume that the new cycle will record the next break out towards the top of the charts.

Candlestick claims that the price might probably reach a level of more than $377 and will continue to grow until April 2019.

Trading at $13.77, Ethereum Classic has hinted new moves towards a bull run. If nothing goes wrong, then most of the currencies will follow in its footsteps, and the market will see another boost just before the end of this year. In a contradictory situation, the crypto space is bound to lose trust, especially among new and casual investors.

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