Crypto-Currencies Will Destroy The Criminal Bankster's Monopoly On Money
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The Octopocket team are members of a Bitcoin Association in Spain called avalbit.org. They love bitcoin and do monthly meetups to introduce people to blockchain technology.
The project believes that practice is more important than theory, and they want to make their platform as simple to use – and access – as possible.
Manual Sales, the system architect at Octopocket said:
So simple wallets are welcome by newcomers, people should not be worrying about losing their keys or passwords. Apps are also becoming a barrier for bitcoin adoption – people get tired of using apps for just trying something. People don’t want to exhaust their data plan downloading an app or don’t have enough space in the phone.
For those reasons having a wallet in Telegram it makes sense; it’s a nice messaging platform with great features and with a growing number of users. People use messaging every day and having an embedded wallet there is very useful.
newsbtc.com / Samuel Rae / 11:49 am August 30, 2016
Here’s a look at what we are focusing on in the bitcoin price this morning.
It’s Tuesday morning, and we’ve had a pretty interesting start to the week. Things flattened out toward the end of last week, and as the weekend rolled by it looked like we may just get a continuation of the flat action. By the open of play on Monday, however, things were looking a little more active. The activity carried through the Monday session, and we got chopped out a couple of times on some erroneous entries. Overnight was a little easier on us, and we managed to get in for a decent gain on a breakout scalp position.
So, as we head into a fresh European session today, how are we expecting things to play out? Let’s take a look.
Bitcoin has had a hectic year, with prices spiking and high-profile thefts keeping it in headlines. Being cautious around the cryptocurrency might be understandable, but experts defend it as a viable investment.
Last August, bitcoin traded at around $230. One year on and the price has more than doubled to nearly $580. Not forgetting, the price spiked to over $760 in June before coming back down steepily. That kind of volatility would make some investors wary.
Also, the price of bitcoin (BTC) received a shock earlier in August as a result of the high profile hack of the exchange platform Bitfinex, where around $70million worth of bitcoins were stolen from the exchange. The cybertheft led to the accounts of all customers on the exchange receiving a haircut of 36 percent.
Despite concerns over volatility and security, many industry experts have a positive outlook for bitcoin.
“We always advise our investors to consider the fundamentals, but regardless of the temporary shocks, such as the Bitfinex one or the MtGox [hack in 2014], the reasons to buy BTC have remained the same,” Anatoliy Knyazev, co-founder of investment company Exante, told CNBC via email.
The bitcoin security threat is bigger than many people think, based on a recent report on bitcoin vulnerability funded by the U.S. Department of Homeland Security.
Nearly one-third of bitcoin trading platforms have been hacked, reports Reuters, while about half have closed up shop in their first six years. In addition, there is no depositor’s insurance to cover losses, meaning investors in the cryptocurrency have no choice but to do business with exchanges that cannot absorb losses the way that traditional banks and exchanges do.
Bitcoiners Resist Centralization
One trader who lost $1,000 in bitcoin from the recent Bitfinex hack who wished to remain unnamed said there is a general sense among cryptocurrency users that any centralized repository is at risk. The investor said he knows traders who have lost millions of dollars’ worth of bitcoins.
Tyler Moore, an assistant cyber security professor at the University of Tulsa’s Tandy School of Computer Science, said he is skeptical of any technological solution to address the security challenge. Moore will publish research on bitcoin exchange vulnerability funded by the U.S. Department of Homeland Security.
Remember Windows Vista? The new Coke? An upgrade is not always a good thing until it is a good thing. Yet, without making changes and testing, things will never improve.
Bitcoin Core is also going to be upgraded and hopefully things will be better for the cryptocurrency after it comes out. The new version is 0.13.0, and this release brings several new features, but the chief among them is Segregated Witness (Segwit) which is likely to solve some crucial issues which has plagued Bitcoin such as scalability and malleability.
Doing more with less
Segwit is a proposed solution to the slowness of Bitcoin transactions and has been included in the release 0.13.0. Segwit may be a workaround to allow more transactions through without increasing the blocksize, which has been part of a raging debate for a while.
Although Segwit is not supported on the mainnet, testnet use is supported in this release. This ‘new’ solution has been around since December 2015 and the inclusion in testnet will allow it to be extensively tested before it is fully rolled out.
Private Internet Access has announced the inclusion of Roger Ver as a member of the company’s advisory board. Read more…
VPN service provider Private Internet Access has announced the inclusion of Roger Ver, a well-know Bitcoin veteran, in its new advisory board.
The London Trust Media-owned company, which is also known to be one of the first VPN services to accept Bitcoin payments for subscriptions, discussed how and why Ver came into the frame. CEO Ted Kim called Ver his invaluable friend, and desired that his strong background in privacy and encryption will help Private Internet Access grow. Excerpt:
“We are honored and thrilled to officially welcome Roger Ver to Private Internet Access. Roger has been an invaluable friend and colleague since the early days of PIA – when we were one of the first companies to start supporting and accepting Bitcoin. Roger has a strong background in privacy and encryption and we look forward to expanding our relationship in the coming years.”
bitcoinmagazine.com / Akbar Thobhani / Aug 29, 2016 09:42 PM
Bitcoin prices are fun, if you like roller coasters. For traders who see volatility as an opportunity to make money and are willing to accept the risks, this is great. However this volatility presents a risk for long-term investors, fund managers and businesses who use digital currency for day-to-day operations. The newly launched algorithm for Bitcoin trading, TWAP (Time Weighted Average Price), could save both money and headaches for people and companies not equipped for higher risk.
Benchmarking Your Trades
On January 15, 2016 at 21:58 GMT (Figure 1), the price for bitcoin was $390. In an hour, it dropped to $365. I’m sure you have your own annoying price drop stories. This kind of volatility creates multiple challenges. First, it increases risk; and second, it makes it difficult for your stakeholders to know whether you are providing them a fair price.
Companies using Bitcoin for operations rely on the price of bitcoin. If in one hour — about the time it takes for six confirmations — the price of BTC can swing by 7 percent (and it does!), companies need to add a buffer to account for it. Thus, volatility increases the overall cost of using digital currency.
Stakeholders care about your Bitcoin trading strategies. This includes the CFOs of firms (e.g. Bitcoin mining firms), your limited partners, suppliers, merchants and customers who are relying on you to get them the best price. Using digital currency is risky enough for customers, and asking them to take on additional trading risk is cumbersome. They don’t ask you to predict the market but they do ask that you give them a fair rate.
marketwatch.com / RYANVLASTELICA / Aug 29, 2016 4:40 p.m. ET
Interested in some investment exposure to bitcoin but too impatient to wait for the Winklevoss twins to get regulatory approval for their first-of-its-kind Bitcoin Trustexchange-traded fund?
There’s at least one way for investors to get a piece of cryptocurrencies and the even newer concept of blockchain, the shared payments database underpinning digital currencies. Although no ETF or mutual fund currently offers direct exposure to bitcoin—a decentralized digital payment system whose value fluctuates, sometimes wildly, like a traded security or a conventional currency—some small firms are providing a taste of indirect exposure through the Bitcoin Investment Trust (BIT).
Two actively managed ETFs from ARK Invest include the trust as a holding: the ARK Web x.0 ETF ARKW, +0.00% and the ARK Innovation ETF ARKK, +0.00% Both also hold traditional equities as components and stress a focus on mobile and cloud-computing technology, according to a FactSet analysis. On the mutual-fund side, four of the eight offerings from Kinetics Mutual Funds hold shares of BIT, albeit in very small amounts.
BIT, which trades on the over-the-counter market, operates as a private, open-ended trust that invests solely in bitcoin, with the value of its shares entirely derived from price moves in bitcoin, according to filings made by the trust. Each share initially represents 1/10th of a bitcoin, but that amount diminishes over time as the trust sells and distributes bitcoin in order to pay for expenses. Stakes are sold in blocks of 100 shares.
Split by internal divisions while its most useful aspects are harvested by the very financial behemoths it once hoped to destroy, Bitcoin is fast becoming the tech world’s version of Waiting for Godot, wherein a hermetically sealed community squabbles and bickers over arcane points of code and law as their world slowly crumbles around them. In the last 12 months, attempts made to produce a road map for the cryptocurrency’s future have come to naught, all while core developers abandon the project and opaque Chinese mining concerns wield outlandish power.
Welcome to today’s Bitcoin—a phenomenon so internally focused that its advocates have barely noticed the battle has already been lost.
Back at its inception, the conversation around the currency was driven by an almost unconscionable optimism. This wasn’t simply a mechanism for the easy transfer of capital: This was a tool by which the entire international financial system could be made anew, with corrupt central banks, inflationary currencies, and immoral stockbrokers consigned to the dustbin of history. In a world still reeling from the chaos of the global financial crisis, Bitcoin seemed less like a currency and more like a way of future-proofing the global economy from ever having to deal with something so awful again.
Not too long ago, we mentioned the ShopAwl service, which lets Bitcoin users shop around on the web. The company has expanded their offering, and will now accept eBay purchases as well. By using the service, any bitcoin user can buy goods from eBay in exchange for Bitcoin. Do keep in mind to check whether or not the seller ships to your country.
EBAY SHOPPING WITH BITCOIN IS NOW AN OPTION
Up until this point, is has been almost impossible to buy things from eBay while using Bitcoin. Hardly any of the sellers accepts the payment option, and it is not officially covered by the auction platform itself. PayPal remains the preferred form of payment, and Bitcoin can’t be used in that regard either.
asia.nikkei.com / Mariko Tai / August 30, 2016 11:34 pm JST
BEIJING — Internet giant Baidu‘s decision to freeze bitcoin advertisements on its search engines has thrown a dampener on the growing industry.
Baidu last week quietly removed advertisements of bitcoin and other virtual currencies from its search engine. Although the company declined to comment officially, China’s largest bitcoin exchange OKCoin said on Tuesday that they received a notice before Baidu’s action last Wednesday.
The ban has led to an online outcry. “The era of bitcoin is over!” one wrote on news website qq.com, owned by Tencent Holdings. “Bitcoin was safer asset than Chinese yuan,” wrote another.
A Baidu worker familiar with the matter confirmed the company’s decision to remove bitcoin ads, adding “we are taking stricter measures on healthcare and financial advertisements as they are more high-risk to our business.” Baidu was embroiled in a scandal in May when a student died after following medical advice listed among top results on the company’s search engine.
Baidu’s action was in line with recent efforts by Chinese authorities to combat widespread financial crime. The China Banking Regulatory Commission warned financial companies not to use the word “bank” loosely in their names. China’s authorities had also pledged to clamp down on online fraud in March.
Custos Media Technologies, a South African bitcoin blockchain-based startup that has developed the means to identify and track illegal file-sharing and pirates through the bitcoin blockchain, has received a new cash injection of over $400,000.
South African startup Custos Media Technologies, a company that uses the bitcoin blockchain to combat media piracy has reached an agreement with the Technology Innovation Agency (TIA) that will see funding of 5.9 million Rand (approx. $400,000) gained by the startup over the next two years.
A Bitcoin Reward for Downloaders?
The technology, seen as a unique way to combat media piracy, works by embedding a bitcoin bounty within a piece of a media. The watermark can then be tracked on the blockchain with the idea of recognizing and identifying infringements when the media leaves the original recipient or buyer of the media.
newsbtc.com / Guest Author / 7:05 pm August 29, 2016
Bitcoin Press Release:One of a kind bitcoin-based retirement service to offer 1% rebate of real silver for all new retirement accounts.
August 29, 2016, Los Angeles, CA –Bitcoin IRA, the only company that enables people to invest in real bitcoins as part of their retirement portfolio, has announced that it has exceeded $500,000 in total investments since launching in June 2016. To mark this achievement, the company is offering investors a limited-time rebate of 1% in real silver for each new account they open.
The rebate applies to all accounts opened through the end of August 2016, and offers $150 in real silver in exchange for a $15,000 investment, $250 in real silver for a $25,000 bitcoin investment, and so on. As two of the top performing assets for 2016, precious metals and bitcoin are becoming popular choices for investors, who are increasingly rolling their 401(k) and IRA accounts into these alternative investments in an effort to safeguard their financial future.
Zapchain was once touted as a future mainstream Bitcoin use cases. The company had a very simple business model: everyone could submit content and ask questions. Users could then tip valuable answers of posts with Bitcoin payments. Unfortunately, the company announced they would shut down after seeing a significant decline in user activity.
ZAPCHAIN COMES AT THE END OF THE LINE
Monetizing social activity with Bitcoin is a great concept on paper, but it is rather difficult to achieve. Zapchain found that out the hard way, ever since launching back in 2014. As of August 31st, which is tomorrow, the company will shut down all of its services. A rather surprising turn of events, but not entirely surprising either.
cointelegraph.com / Joseph Young / 2016-08-29 02:53 PM
Hydraulic Press Channel, one of the most popular technology-focused Youtube channel with nearly 1.5 million subscribers, has begun to accept Bitcoin donations through ChangeTip.
Since the introduction of Youtube’s new policy and community guidelines, operators of channels, even major channels with millions of subscribers, began to struggle in monetizing their content. Various popular Youtube channels launched GoFundme campaigns after failing to obtain sufficient funds to support its content.
The average CPM rate of Youtube videos is estimated at US$2, which enables creators to earn around $2 per thousand views. That means, a Youtube video with over a million views will earn around US$2,000 on average.
“Sometime in the last year, my YouTube videos received their billionth view. At the average YouTube ad rate of $2 per thousand views (a $2 CPM), that’s around $2 million in revenue from advertising over the last eight years.”
newsbtc.com / Sarah Jenn / 5:04 am August 30, 2016
Bitcoin price is stuck in consolidation, stalling at the middle of its range and still deciding whether to make a test of resistance or not.
Bitcoin Price Key Highlights
Bitcoin price has been moving sideways recently, bouncing off support at $565 and finding resistance at $585.
Price is in the middle of its range for now and may be encountering a bit of resistance at the area of interest.
A break above the moving averages could put it on track towards testing the range resistance once more.
Bitcoin price is stuck in consolidation, stalling at the middle of its range and still deciding whether to make a test of resistance or not.
Technical Indicators Signals
The moving averages are oscillating, which suggests that the range-bound bitcoin price action could continue. At the moment, price is treading around the dynamic inflection points, still trying to find momentum in either direction.
Sandia Research is being backed by the U.S. Government in the creation of a tool that will help law enforcement de anonymize bitcoin transactions.
Bitcoin is becoming all but mainstream these days, with more and more businesses and entities all over the world accepting bitcoin as a method of payment. People even work, and get paid in Bitcoin. With the gain in popularity, it’s no wonder that law enforcement would want to be able to link bitcoin transactions to a physical identity, rather than a stream of numbers and letters. While Bitcoin is not very hard to use, it is extremely hard to fully understand the technology that drives this ever growing, ever expanding cryptocurrency.
Law enforcement is going to be setting its sights on more illegal operations, opposed to your everyday, law abiding citizen’s daily transactions.
Andrew Cox, lead researcher for Sandia said that the teams job is to understand how bitcoin works. He noted that the semi-anonymous currency could very well change the face of transactions for the benefit of the national economy.
CredibleFirends, a recently launched mobile application for peer-to-peer lending in Bitcoin, is planning to issue a physical credit card that will be accepted as a Visa card, much like the Coinbase Shift and Bitpay cards.
Currently the mobile wallet and lending application is available only for Android devices, but will appear in the Apple iTunes store shortly. A web wallet is also in the works.
Only recently CredibleFriends raised $100 006 of its $250 000 fundraising goal on the cryptocurrency crowdfunding site BnkToTheFuture from 87 backers, surpassing the $100 000 needed by July 15 to ensure the funds pledged will be deposited.
“The mission at Credible Friends is to get digital currency into everyone’s pocket by making it insanely easy to extend credit to the people you know and trust already,” Zach Doty, CEO Credible Friends told Bravenewcoin.com.
According to a report of the TASS Russian news agency, the deputy-finance minister Alexei Moiseev said the ministry will not be insisting on a full ban of Bitcoin.
“The bill is ready, but we are not going to rush it and most notably, will be amending it as we go,” Moiseev told journalists and added he was planning to hold a series of meetings with experts to consider once more what is to be done. “Perhaps, considering the fast technological developments, a blanket ban would not be very appropriate.”
"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