Crypto-Currencies Will Destroy The Criminal Bankster's Monopoly On Money
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Here’s a look at what we are focusing on in the bitcoin price this morning.
We asked for action in the bitcoin price, and it’s action we got. Things haven’t been this active on the intraday charts for months, and it finally looks like price might make its way through the elusive 700 mark near term. If it does, we expect a considerable upside momentum run as the shorts are squeezed out of the market and price gains on covering. Whatever happens, the action overnight gave us plenty to go at, and we managed to get in and out of the markets according to the rules of our intraday strategy on a number of occasions. Interestingly, and good from both a long term and a short term holding perspective (well, strictly speaking, neutral on the short term side of things, but let’s be optimistic) all entries were to the upside, and all took out the take profits quickly and easily.
Described by Overstock’s communications director, Judd Bagley, as a platform for trading “widgets” whose first use case will be equities – stocks and bonds, t0 which has been touted to be the world’s first Blockchain-based platform to issue equities and usher global financial system into a new age may be operational by December 2016.
The t0 issuance and trading platform is developed by a Overstock’s majority-owned financial technology subsidiary, t0.
At the Money 20/20 conference in Las Vegas, Bagley hinted on Monday October 24 at t0’s advantages over traditional equities trading systems and that a company would soon begin selling its stock on the t0 platform. By the next day, Overstock announced it had gotten the approval of its board to make a non-transferable rights, offering that would allow Overstock’s stockholders of record to purchase shares of its preferred stock on the registered alternative t0 trading system.
Almost one million bitcoins, worth more than half a billion dollars, are currently stuck in no man’s land as the network struggles to meet rising demand from China.
At one point, 70,000 transactions were stuck, unleashing a mountain of complaints from worried bitcoin users who took to bitcoin’s main communication channels of r/btc and r/bitcoin to ask why their transaction does not confirm. Among the complainants was a parent who wondered why their son’s payment to Microsoft is not going through. Another asked why his transaction has not confirmed in 24 hours while others wanted to know how to “delete” unconfirmed transactions.
The surge in demand acted as, in effect, a DDoS of the network, denying service to users due to a 1MB transaction space limit which has been the subject of debate for many years with no solution achieved due to refusal from some bitcoin developers, mainly employed by Blockstream, to in any way provide a solution in time for surging demand.
Although Adam Back, Blockstream’s CEO, offered a 2-4-8MB increase, he quickly withdrew the offer in favor of segwit announced last year as a non-complex solution that will take only a few months. Despite arguments at the time that segwit had been in use on Liquid, Blockstream’s private chain, for a year, now, almost a year later, the segwit client has still not been launched.
For now, it remains unclear under which brand this new mining pool will operate.
If there is one thing the Bitcoin world can never enough of, it is mining pools. MGT Capital Investments, Inc. (OTCMKTS: MGTI) has signed a Letter of Intent with Bitmain Technologies Ltd. As a result of this collaboration, both companies will focus on developing a new state of the art Bitcoin mining pool. John McAfee seems to be big on Bitcoin, and this venture only reaffirms that sentiment.
This joint venture between MGT Capital Investments and Bitmain primarily targets North America. Bitmain is operating one of the world’s biggest mining pools under its Antpool brand. Moreover, they also run the Hashnest cloud mining business. It is evident why this company is a valuable partner for John McAfee’s MGT.
MGT Sees Value In Creating A New Bitcoin Mining Pool
Although details regarding this new mining pool remain vague, some tidbits of information were revealed. The pool will focus on providing miners with a more advanced user interface. Additionally, there will be superior network protection. Speaking of which, all cyber security will be handled by MGT’s proprietary technologies.
Ghana is a big time cash society. Though before the country’s 2007 redenomination, one needed to load sacks full of money before purchasing a house, car or land.
Everything is paid for with money, and in a few cases by cheque. The twenty thousand Cedis note was equivalent to $2.
Cashless society only a dream
Government attempts towards a cashless society has been a fiasco, just like most government projects are notoriously known here. Case in point is the E-Switch project initiated by the state in 2008.
Through the National Switch, the new Universal Electronic Payments (UEPS) technology was purposely intended for all commercial banks, rural banks, and savings, and loans institutions in Ghana to implement a common payment platform and biometric Smartcard.
It was a total jest of the highest order. The system was down most of the time rendering transactions impossible. Many users had bitter experiences using it. At the time Cointelegraph was filing this report, the website of the government agency responsible for this project was down. It has become a white elephant.
Godwin Bush, Director of Operations, PM Cedis Capital, an Accra-based Bitcoin Exchange echoed:
The Pirate Party, a political party that seeks to make bitcoin legal tender in Iceland, has a good chance of winning power in the country’s upcoming elections, according to New Europe.
Iceland is one of the few countries where the party already holds seats, and it has its eyes on the presidency of the Parliament and a constituent assembly to review Iceland’s Constitution.
Pirates Gain Support
Although the party formed just four years ago, its popularity in Iceland has swelled for its promotion of privacy rights and personal freedoms, according to the Free Thought Project.
Should the “Pirates” win on October 29, Edward Snowden has been offered the safe haven of Icelandic citizenship.
The party has been in ascendancy since April, when the release of the Panama Papers revealed Prime Minister Sigmundur Davíð Gunnlaugsson of the Progressive Party and his wife held ownership in an offshore investment company allowing them to profit from the big banks’ downfall.
The only viable way to bypass this backlog is for users to spend a higher transaction fee. However, that is not the “pushy” direction in which Bitcoin should evolve by any means.
The past 24 hours have been somewhat turbulent for the Bitcoin ecosystem. With the number of unconfirmed transactions surpassing the 43,500 mark just over a day ago, things weren’t looking great. But it looks like the mempool is showing signs of a desperately needed decline in unconfirmed transfers. Another stark warning that the scalability of Bitcoin needs to be addressed today rather than tomorrow.
It is not the first time the number of unconfirmed Bitcoin transactions reaches a worrisome threshold. Over the past few months, multiple mempool backlog incidents have been reported. In most cases, this seems due to the network blocks being unable to include more transactions.
calvinayre.com / JASMINE SOLANA / OCTOBER 27, 2016
Bitcoin payment service provider BitPay has launched its latest advancement—a full-featured app for purchasing, storing and spending the popular digital currency.
The new app, announced during the Money 20/20 event in Las Vegas, will allow bitcoin to be converted to dollars via an integrated BitPay Visa prepaid debit card, according to a Nasdaq report. Visa is currently the only debit card used by bitcoin users across the United States.
BitPay’s new app promises to give users “full control over their funds at all times through device-based private keys, backup protocol and multi-device authentication.” Current services normally require users to maintain their bitcoin in company-managed accounts, making them vulnerable to security breaches and hacks.
CoinJournal, a fellow bitcoin publication, saw its banking services come to an abrupt end after its banking provider Barclays terminated its business account.
CCN spoke to a representative of Manchester-based CoinJournal who was understandably none-too-pleased about the disruption. Elaborating on the need for a fiat-based banking solution, the representative stated:
[T]he account is used predominantly for taking payments via advertisers in dollars and exchanging these for Bitcoin and paying our staff and overheads using Bitcoin.
The representative also revealed that CoinJournal received no official warnings prior to its account closure. Even more alarmingly, Barclays still hasn’t given a reason for the extreme action.
BitPay has announced the first bitcoin wallet with Intel hardware security integration, assuring users their data is protected even if their application code or associated computer is compromised. The Intel Software Guard extensions integration provides hardware-level protection for the wallet’s transaction signing, private key generation and private keys.
BitPay has integrated its Copay wallet with the Intel Software Guard extensions and Intel identity protection technology with protected transaction display security technologies. Users can execute an application’s most security-sensitive operations using the new, 7th Generation Intel Core processors.
The company primarily focuses on global payment options, and Bitcoin is at the top of that list.
Etsy is one of the most popular online platforms for creators and crafters. Quite a few people have managed to earn a living from selling their crafted goods on Etsy so far. The company acknowledges this potential and expanded their range of accepted payment methods. By partnering with Adyen, Bitcoin payments may be on the horizon for the platform’s users.
From the moment Etsy was introduced, creators of physical objects saw it as a great way to sell their products to customers all over the world. Among items, one can find there are custom Pokemon balls, clothing, and wooden objects. For people who like to create things and collect valuable feedback from potential customers, Etsy is the platform to do so.
But the platform has been dealing with drawbacks as well. Particularly where payments are concerned, the options are somewhat limited. Additionally, there is very limited support for local currencies, which is not great either. For a company with such a global appeal – and serving 1.7 million sellers – things had to change.
livebitcoinnews.com / Joseph Young / October 27, 2016 at 7:54 BST
Bitcoin is one of the very few successful products of the blockchain technology despite being around for more than 8 years. Other major crypto-networks like Ethereum are performing quite well, but from security and reliability standpoints, their long term growth is difficult to speculate.
Banks and financial institutions have popularized this theory of “private blockchains,” which they believe is key to revolutionizing and optimizing banking operations, because these blockchains can settle smart contracts, cross-border transactions, cross-institutional payments, with low costs and flexibility.
However, in any industry, a smarter and more intelligent method of replicating the success of a company, product, or an individual is to analyze their advantages and various factors that have contributed to their success. In the case of bitcoin, these factors are: decentralization, open source community, immutability, and cautious approach to development.
For the past year, Kenyans have been lured with the promise of making money quickly through a pyramid scheme started by convicted Russian fraudster, Sergey Mavrodi, reports the Daily Nation, a Kenyan news site.
Mavrodi is reported to have designed a major pyramid scheme in Russia before its end came in 1997, which is believed to have conned an estimated $100 million out of its members. He was later sentenced to four and a half years in prison in 2007 for defrauding 10,000 investors of around $4.3 million. This is the same man who set up MMM Global giving promises to Kenyans interested in the latest MMM Kenya pyramid scheme that they would receive up to 100 percent returns.
As part of the scheme, members are informed that if they donate money to the needy they will be rewarded, earning points in the digital currency, bitcoin. Not only that, but for people who want financial freedom, they are promised this as well as an opportunity to ‘change the world.’
The idea behind this scheme is that you give to the network and in turn wait for others to give back to you. It is portrayed that the more you give, the more you receive.
coindesk.com / Alyssa Hertig / October 26, 2016 at 18:35 BST
A small tweak to bitcoin could have a big impact.
This has been the central point of contention in bitcoin’s “block size debate“, a long-running dispute over whether to lift a hardcoded limit on the amount of data that can be included in each block of transactions.
One side sees increasing the block size as an easy way to boost the number of transactions processed on the network, potentially expanding bitcoin’s user base. Those opposed to the move worry about the consequences (think centralization and instability) of such a change, or at least question the need to lift the block size in the near-term.
There are other pieces to bitcoin that can be changed or moved around, and any change can make a big difference for the overall health of the network – good or bad.
One data-heavy presentation from the developer conference Scaling Bitcoin earlier this month explored how changing parameters can affect the network, like how a tweak to the frequency at which blocks are created might be one way to easily grow transaction capacity.
Using data pulled from their open source simulator of a proof-of-work blockchain (bitcoin and ethereum are two such blockchains), researchers from ETH Zürich argued that bitcoin could securely reduce its block time from 10 to 1 minute.
cointelegraph.com / Olusegun Ogundeji / 2016-10-27 11:25 AM
One of the three most popular Bitcoin exchanges in the African market has warned its users on the need to be cautious of MMM Global and others offering similar schemes.
Bitpesa is a Kenya-based exchange which also operates in Nigeria, Tanzania and Uganda. It now has a screaming message that would appeal to users on its webpage which says:
“Bitpesa has recently become aware that MMM Global, Zarfund and similar services have begun operating in our markets. We are aware of many instances of customers of these services in other countries issuing complaints that these services have not always delivered on their promises and have left their customers with unexpected financial losses. We caution all of our customers to carefully consider all the investment opportunities and to be aware that they may be putting their investment at risk of total loss.”
Bitpesa’s move follows a similar warning by another Africa-focused exchange, Bitx, for its users to be cautious of such schemes. Bitx says it also resorts to blocking users who tried to facilitate the payments to such schemes through the exchange based on a combination of certain keywords, suspicious Bitcoin addresses and other means.
newsbtc.com / Nick Marinoff / 10:00 pm October 26, 2016
The bitcoin price has undergone a healthy rise, and is hovering at around $668. Price expansions have been occurring on an incremental basis; anyone who expects bitcoin to strike the $700 mark overnight is undoubtedly expecting too much, yet it’s probably safe to say that should bitcoin continue its present route uninterrupted, it may hit such a point before the year is out.
The most common suggestion for bitcoin’s subsequent rise seems to be the continued fall of the yuan in China. As the yuan and related fiat currencies continue to fall, Chinese traders have turned to bitcoin in order to gain more control over their assets. Cryptocurrency mining in China has also increased as affordable electricity and equipment have proven relatively accessible, particularly in southern districts.
ftalphaville.ft.com / Izabella Kaminska / Oct 26 18:49
The price of bitcoin has been rising in recent weeks — with the cryptocoin currently trading about $671.
All sorts of theories have landed in our inbox regarding what’s fuelling the spike: there’s been a pickup in ransomware incidents; Chinese miners have put aside their differences in the great bitcoin scaling debate and are now committed to supporting efforts to increase the so-called block size; the network is being spammed and backlogged by a multitude of small transactions; or the age-old classic that the dollar is about to collapse.
coindesk.com / Stan Higgins / October 26, 2016 at 17:39 BST
US telecom giant AT&T is seeking a patent for a kind of home subscriber server that utilizes a blockchain.
The application, filed on 6th April and published on 6th October, outlines a “decentralized and distributed secure home subscriber server device”. It was filed by Roger Piqueras Jover and Joshua Lackey, both of whom worked as researchers at AT&T before being hired as security architects for Bloomberg LP.
A home subscriber server performs authentication and media delivery functions for those who, for example, have a television subscription. According to the application, AT&T wants to boost the security of these multimedia delivery networks by distributing the nodes that store and transmit the information – that’s where the blockchain comes in.
“Everyone knows that Bitcoin is just too difficult for most consumers to use.”
iPayYou, the Bitcoin wallet created by former top Amazon executive Gene Kavner, launched a new gift card feature that allows users to instantly purchase original gift cards with the cryptocurrency. Gift cards from Amazon, Starbucks, BestBuy, and iTunes are available and other popular brands are planned for the U.S holiday shopping season.
“Even after years of effort and hundreds of millions in VC capital invested, digital currency continues to have one major weakness: the world of bitcoin is desolate. The lack of fully integrated, seamless ways to spend bitcoin for everyday goods and services is what iPayYou aims to fix,” said Kavner.
Bitcoin price could be due for more gains after this upside breakout, possibly aiming for the $750 level next.
Bitcoin Price Key Highlights
Bitcoin price made a strong upside break of the near-term resistance marked in a previous article.
This suggests that bulls are gaining strength and could push price to the next ceiling.
At the moment, bitcoin is testing the area of interest at $700, which is a major psychological level.
Bitcoin price could be due for more gains after this upside breakout, possibly aiming for the $750 level next.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, even on this daily chart. However, the gap between the moving averages is narrowing to show weakening bullish momentum and a potential downward crossover.
"At any rate, the spook spoke the truth: cryptology represents the future of privacy, and more. By implication cryptology also represents the future of money, and the future of banking and finance. (By "money" I mean the medium of exchange, the institutional mechanisms for making transactions, whether by cash, check, debit card or other electronic transfer.) Given the choice between intersecting with a monetary system that leaves a detailed electronic trail of all one's financial activities, and a parallel system that ensures anonymity and privacy, people will opt for the latter. Moreover, they will demand the latter, because the current monetary system is being turned into the principal instrument of surveillance and control by tyrannical elements in Western governments." - J. Orlin Grabbe