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Bitcoin Price Watch; Deconstructing Today’s Action

newsbtc.com / 

Here’s what we are looking at in the bitcoin price this evening, and beyond, out of Europe

Its that time again – that’s right, time for the second of our twice daily bitcoin price watch articles, and for us to take a look at how action during the European session today is going to influence our strategy for this evening’s session out of the US.

In this morning’s article, we noted that price has logged some pretty solid upside gains across the last week or so, and that this might be indicative of further gains as we head forward into this evening, and beyond into the Asian session tomorrow morning. Action today supports this hypothesis, with the bitcoin price having broken our in term resistance level a little earlier on this afternoon and putting us in a long trade towards 462. We remain in this trade, and as a result, wont be entering any fresh trades this evening (that is, at least, until this one resolves).

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Cash Losing Popularity, Banks Losing Trust – The Time is Ripe for Bitcoin?

cointelegraph.com / Olusegun Ogundeji / 2016-05-26 02:50 PM

Our society is moving faster and faster towards its cashless future, paradoxically at the same time losing trust in traditional banking. Does it mean that we are ready for Bitcoin? Is it time for it to officially enter the financial scene?

Giving up on traditional banking

When a mobile security researcher/developer at Zimperium wrote that he is giving up on traditional banking and would be living on Bitcoin, it was to express his frustration with the banking system for being told to “trust” that his money is safe even when he has no idea where it is or who is controlling it. Just like anyone else in his situation would have done.

Simone Margaritelli writes:

“At the same time, I hate the idea that someone is monitoring how much I can withdraw or deposit at any given time. It’s my money and I should be able to access it whenever I want, without the interference or input of the government or banking officials.”

According to Margaritelli. the same goes for mandatory waiting times on wire transfers—this isn’t a technical issue. Banks are free to continue speculating on your money even when you are not able to access it.

He calls banking fees “a huge scam” saying that they are “simply way too high for the quality of service provided”.

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Bitcoin: The Gift that Keeps on Giving

nasdaq.com / Martin Tillier / May 26, 2016, 01:09:50 PM EDT 

As increasing numbers of companies, both old and new, take the blockchain concept behind Bitcoin and adapt it to other uses, it’s easy to lose sight of something pretty basic: Bitcoin was not created as just an operating system, but as an actual currency that could be used to execute transactions.

The distributed ledger that enables those transactions was, for sure, a stroke of genius, but if Bitcoin as an entirety rather than just the blockchain concept is to survive and fulfill its potential, then increasing the number of transactions is essential.

For individuals who believe in the concept of a peer to peer currency, however, there is a limited amount that can be done to spread the word. Preaching at social gatherings can rapidly turn you into the insurance salesman at the party, lecturing others that they should be prepared and making it clear that you have the answer.

That strategy is particularly ineffective when talking to the millennial generation who are the key to Bitcoin’s future. They have no experience of inflation, so find it hard to see the benefits of a currency with limited supply, and they possess the sense of invincibility that only the young can ever feel.

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Panama Papers prove bitcoin isn’t the problem

itweb.co.za / Ivo Vegter / 26 May 2016

Ever since the advent of bitcoin in 2008, skeptics, critics and, most importantly, financial authorities, have cautioned that online cryptocurrencies, of which bitcoin is the most prominent example, pose serious risks for tax authorities and law enforcement.

Here’s the FBI on the subject: “Bitcoin will likely continue to attract cyber criminals who view it as a means to move or steal funds as well as a means of making donations to illicit groups. …it will become an increasingly useful tool for various illegal activities. …bitcoin might also logically attract money launderers and other criminals who avoid traditional financial systems by using the internet to conduct global monetary transfers.”

The South African Reserve Bank also weighed in on what it calls ‘decentralised convertible virtual currencies’, or DCVCs: “New payment mechanisms and innovations can facilitate greater flexibility, efficiency, speed and operational immediacy.

DCVCs, in particular, may reduce the costs associated with the conventional banking system as these are perceived to be expensive. However, such innovations simultaneously provide a platform for, inter alia, money laundering and the financing of terrorism, and introduce a new set of risks to consumers as DCVCs are susceptible to misuse and, at the very worst, have the ability to disrupt the financial system.”

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Bit Hash Limited offers legal bitcoin schemes to investors

econotimes.com / May 26, 2016 7:23 AM UTC

Bitcoin investment service provider Bit Hash Limited reaps maximum gain from bitcoin investments by legally and securely offering various schemes to the potential investors using Bitcoins.

The company brings most reliable solutions for investors who are interested in real online investments with the addition of bitcoin. The main motive of Bit Hash is to bring the most reliable and secured framework for those investors who would like to explore the potential lying with Bitcoin investments so that their resources go at a speed.

Speaking about the schemes, the company spokesperson said that, “we have several pay plans for the investors to earn Bitcoins and subsequently multiply their resources securely and genuinely. It is very easy for the investors to register with us and we offer a simple process for investing or to withdraw the returns.”

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Companies Explore Bitcoin Technology For Travel Authentication

newsbtc.com / J

The way this would work is by generating a Single Travel Token containing all of their travel documentation. Scanned documents and sealed with a public and private key, similar to how Bitcoin addresses are protected.

Companies are looking at various ways to implement Bitcoin technology these days, and managing traveler identification is one of the potential opportunities. ShoCard and SITA are exploring what Bitcoin technology is capable of in this regard.

Bitcoin Technology For Identification Purposes

ShoCard has been working on merging the Bitcoin blockchain with storing identities in a secure manner. Doing so would let anyone quickly retrieve their details and prove they are who they claim to be. This can be quite a valuable tool in the long run, regardless of where one is at any given time.

Collaborating with SITA on this project is an exciting choice, given the IT company’s experience in the air transport industry.  Should this collaboration prove to be a success, it will be easier for consumers to get through border airports. Speeding up passport checks if something people and airlines have been waiting for for quite some time now.

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Bitcoin Due to Get a Watchdog, via the European Union

cryptocoinsnews.com / Samburaj Das / 26/05/2016

The European Parliament has voted in a non-binding resolution today which approved a proposal for a taskforce looking into virtual currencies like bitcoin and blockchain technology.

A proposal from late February, which sought to form a bitcoin- and blockchain-centric taskforce overseen by the European Commission, the executive arm of the European Union, was approved by the European Parliament in a majority vote today.

The call for a task force is to study the technology to understand the risks and opportunities of virtual currencies (VC) and distributed ledger, or blockchain technology (DLT).

The vote to establish a task force comes soon after the final report put forth by the European Parliament’s Committee on Economic and Monetary Affairs (ECON), earlier this month. In it, the ECON recommends that the EU Commission consider revising EU payment laws, on the basis of its assessment of virtual currencies and blockchain technology.

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21 Unveils Vision for Bitcoin-Powered Weather Data Market

coindesk.com / Pete Rizzo / May 26, 2016 at 16:55 BST

Bitcoin’s best-funded startup, 21 Inc, has unveiled a new proof-of-concept aimed at providing an illustration of how its bitcoin hardware and software can create new ways for data to be collected and monetized.

Called Sensor21, the prototype outlines specifically how a precision altimeter can work with a 21 Bitcoin Computer to create a miniaturized weather tracker capable of monitoring data points such as air pressure, altitude and temperature.

Using such a network, 21 contends that these devices can be made to query other cities to determine their data. Further, by gathering data from more than one location, users could collectively build a comprehensive weather map for a particular region.

The company explained:

“With this short set of commands, you were able to turn a small sensor into a passive income stream. The value from the sensor comes from the fact that it is not locked up in a datacenter like a cloud computer, but out in the real world and part of a compute grid.”

The goal that 21 is moving toward is one whereby individuals are ultimately incentivized to share all sorts of data, whether it is the weather or radiation levels collected with a Geiger counter.

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Bitcoin Price Technical Analysis for 05/26/2016 – Short-Term Selloff

newsbtc.com / 

Bitcoin price made a break of the short-term trend line support, signaling a potential selloff from here.

Bitcoin Price Key Highlights

  • Bitcoin price had been moving above an ascending trend line on its 1-hour time frame.
  • Price just made a downside break of support as risk aversion seems to be back in the financial markets.
  • This could be an early signal of a pending selloff, although technical indicators are still giving mixed signs.

Bitcoin price made a break of the short-term trend line support, signaling a potential selloff from here.

Technical Indicators Signals

The 100 SMA is starting to cross above the longer-term 200 SMA, which suggests potentially stronger buying pressure. If so, bitcoin price could land back above the rising trend line and carry on with its climb.

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Burned By Bitcoin Scandal, Japan Is Introducing Controls

fortune.com / David Meyer / 

Japan’s new law is touted as an anti-money-laundering move.

Japanese lawmakers have passed legislation requiring virtual currency exchanges to be regulated by the Japanese financial services authority.

The country played host to one of the most prominent bitcoin exchanges, Mt. Gox, which collapsed in 2014 due to lax security and/or fraud—its users are still trying to claw back the millions they lost.

The episode led to a flurry of activity as no-one was quite sure who was responsible, or what the status of bitcoin actually was. At the time, the government said any regulation should be international in nature.

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Ice Ice Bitcoin: Nordic Startup Event “Arctic15” Invites Tim Draper as Key Speaker

cointelegraph.com / Charlie McCombie / 2016-05-26 11:00 AM

Taking place just before the start of Summer on June 2nd – 3rd in Helsinki, ArcticStartup, the media and events company behind the event, hopes to showcase the next stars of the Nordic startup scene.

Arctic15 is the largest startup event in the Nordics, and claims to be the most exciting startup event in Northern Europe.

Highlights of the event this year

This year’s focus is on health, food technology, cloud services, virtual reality and fintech.

Dmitri Sarle of ArcticStartup says to Forbes:

“Most events are pushed to become bigger, because the bigger you are, the more money you make. We want to create a place where people can network and meet anybody they want. What that means is an interesting balance.”

Arctic15 will be held at the Cable Factory in Helsinki on June 2–3. Alongside 2000+ attendees, there will 75 speakers, 200+ investors, 400+ startups, and 100+ corporations participating in the event, as well as 3500+ one-on-one meetings between investors and startups taking place.

Among the first speakers announced are investors like “King of AngelList,” Gil Penchina, who has over 3000 angel investor networks, as well as Marcos Battisti, managing director of Intel Capital.

The speakers also include Vice President of the European Commission, Andrus Ansip, and CTO of Cisco, Monique Morrow.

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Lost your shirt in the MtGox Bitcoin mess? Release the Kraken!

theregister.co.uk / Shaun Nichols / 25 May 2016 at 20:53

BTC exchange says it will refund lost funbux soon

The operators of the Kraken alt-coin exchange will distribute $91m in Bitcoins to people left out of pocket by the 2014 MtGox collapse.

Kraken, appointed to oversee what remains of the MtGox estate, says it has reviewed thousands of claims by MtGox’s customers, who want their BTC back. Kraken will now hand out millions of dollars in the virtual currency to some of those who lost out at the (alleged) hands of MtGox CEO Mark Karpeles and company.

The claims stem from the 2014 implosion of the world’s largest Bitcoin exchange. The $91m represents the scraps of digital currency MtGox held before the bankrupt biz was frozen – and Kraken is now handing over those remaining Bitcoins to some of those stiffed during the financial crisis.

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A Brief History of Bitcoin and Bitcoin Mining

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Bitcoin has undergone a lot of changes since it was first introduced to the world back in 2009. The history of Bitcoin and Bitcoin Mining is worth knowing. Read more…

Bitcoin has taken the world by storm. Designed to be an instrument for peer-to-peer fund transfer, bitcoin gains its popularity due to its decentralized and open source nature. Unlike other fiat currencies, bitcoin doesn’t need a central authority like a bank or some other government or a private institution to facilitate the transaction of funds from one person to another.

The Bitcoin network has a large number of people sharing processing power and facilitating the digital currency transactions. These people are known as miners and the process Bitcoin Mining. Bitcoin mining is a vital aspect of the Bitcoin protocol, without miners, the network cannot possibly exist.

Bitcoin has been around since 2009, about a year after Satoshi Nakamoto published a paper about the digital currency. In spite of fewer than 8 years of experience, Bitcoin already has a rich history which is worth understanding. In order to get a complete picture of its history, it is important to know about Bitcoin mining and its progression through time.

What is Bitcoin Mining?

The official Bitcoin website describes Bitcoin Mining as a process of adding transactions to Bitcoin’s public ledger, which is known as blockchain. Now, blockchain is a distributed ledger and it contains records of all the transactions that has ever taken place over the network. Whenever somebody makes a bitcoin transaction, these miners verify the transaction against the existing records to confirm its validity. By confirming its validity, miners ensure that no bitcoin is double spent (bitcoin once spent can’t be spent again).

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One of the biggest bitcoin startups just took ‘bitcoin’ out of its Twitter bio

recode.net /  

For the last four years, a heavily funded startup called Coinbase has been all about the digital currency bitcoin. And its Twitter bio said it all: “The easiest way to buy bitcoin.”

But earlier this week, that tagline changed. “Our mission is to create an open financial system for the world,” it now reads.

That swap of a few words is significant. It underscores the crisis recently facing the bitcoin movement and the rapid rise of a potential competitor network called Ethereum.

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Goldman Sachs: Bitcoin Blockchain’s Public Ledger Is A “Novel” Feature

cryptocoinsnews.com / Samburaj Das / 26/05/2016

A new report from Goldman Sach’s Investment Research projects arm has praised the bitcoin blockchain – the most prominent and largest blockchain around – for its public, open nature.

A newly released report by investment banking firm Goldman Sachs makes an effort to dissect through the hype surrounding blockchain by explaining and itemizing the innovation has lauded the public nature of the Bitcoin blockchain.

The report proclaims the public distributed ledger used by Bitcoin as the “ideal vehicle” for public transactions and settlements between individuals who don’t know each other. The report adds:

In fact, the public nature of the Bitcoin ledger is one of the most appealing and novel features of the distributed database.

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Spanish police seize bitcoin mining centers, arrest 30 for money laundering

zdnet.com / Stephanie Condon for Between the Lines / May 25, 2016 — 21:09 GMT (05:09 GMT+08:00)

Spanish police seized six bitcoin mining centers and arrested 30 people accused of using bitcoin mining in a money laundering scheme, Reuters reports.

The money laundering was part of a broader plot to to illegally decode and distribute pay-TV content, which the Spanish police investigated with Spain’s tax office. Along with using the bitcoin mining centers to launder their proceeds, the suspects also allegedly invested in banking products, luxury cars and property.

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Japan will regulate bitcoin and other virtual currencies

news.fastcompany.com / 05.26.16

Japanese lawmakers voted on Wednesday to regulate all virtual currencies, meaning that bitcoin other digital money will now fall under the purview of the country’s Financial Services Agency.

Regulating virtual currency will make it easier for governments to respond to events like last year’s collapse of bitcoin exchange MtGox, in which some $480 million worth of bitcoin disappeared, leaving investors with steep losses and little recourse. 

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Arctic15 Is around the Corner, Presents an Ideal Opportunity for Bitcoin Startups

newsbtc.com / 

Arctic15, the Startup and Entrepreneurship conference of the year is just a week away. The two-day conference aims to promote entrepreneurship by providing a platform for all the stakeholders in the global startup ecosystem to meet in one place.

Bitcoin and its underlying technology has been around for a bit more than 7 years. However, the digital currency did not become popular until late 2012. Once people started getting to know about Bitcoin, within months’ businesses built around this technology started cropping up. These prolific businesses were not part of big tech conglomerates or banking and financial giants, but startups.

Startups have been very instrumental in getting the digital currency sector so far, making them part of the mainstream industry domains. Now, these very startups are partnering with well-known businesses, few of which have been around even longer than the average age of the startup community itself. The world is currently riding on the startup wave, but it doesn’t mean that the startups are getting things easily. These early stage companies, some of them started by first-time entrepreneurs, and those potential entrepreneurs with the next world-changing idea based on Bitcoin and blockchain technology need the right kind of support and mentorship by like-minded, experienced professionals who know the ins and outs of the startups’ target industries.

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Bitcoin Weekly 2016 May 25: U.S. Postal Service looks into blockchain-technology, Bitcoin smart contracts by end of 2016, SaruTobi Android app

siliconangle.com / by Kyt Dotson / May 25, 2016

This week the Bitcoin community saw a fairly slow news cycle but there’s still some gems to be found. The United States Postal Service released a report on Monday outlining the government’s approach to using blockchain-technology to enhance what the post office already does, and add services such as financial services and identity management for citizens.

RSK Labs, also known as Rootstock, has announced that the company will be using 2way-pegged Bitcoin sidechains to deliver smart contracts to the Bitcoin blockchain by the end of 2016. Media for the community claims these smart contracts will be better than the Ethereum blockchain, which has a claim to fame for doing smart contracts extremely well.

Somewhat popular iOS game SaruTobi that tips players in bitcoins has just been released on the Android operating system. The developer of the game has some things to say about using bitcoin to promote and spread a mobile game.

Finally, Balaji Srinivasan, CEO of 21 Inc., argues that bitcoin will clearly become the currency of the next-gen of virtual worlds, especially because of its born-digital nature (and mentions virtual reality), although exactly how that will come together is still hard to tell.

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Members of the European Parliament just voted to introduce a bitcoin and cryptocurrency regulator

cityam.com / Francesca Washtell / 26 May 2016 2:46pm

Members of the European Parliament (MEPs) have called for the creation of a cryptocurrency watchdog to combat money laundering and terrorism. 

The EU Commission should set up a taskforce to monitor virtual currencies, such as bitcoin, to prevent their use in money laundering or terrorist financing, the European parliament said in a non-binding resolution today.

The proposal, set out in a resolution drafted by German social democrat MEP Jakob von Weizsacker, suggests that the taskforce, which would be overseen by the Commission, should build expertise in the underlying technology of virtual currencies.

The watchdog would also be tasked with recommending any further necessary legislation, the proposal outlined.

Read more: China just joined a major blockchain consortium

However, the text warned against taking a heavy-handed approach to this new technology which, it says, can offer significant opportunities for both consumers and wider economic development.

The parliament’s proposal was passed by 542 votes to 51, with 11 abstentions, and will now be sent to the European Commission for consideration.

Weizsacker said:

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