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Bitcoin Price Watch; A Volatile Week Ahead?

newsbtc.com / 

Here’s a look at what we are focusing on in the bitcoin price this morning.

So it’s the start of a fresh week, and action over the weekend in the bitcoin price was pretty interesting. We’ve seen what amounts to pretty much sideways trading over the last week or so, and we were hoping that this sideways action would translate to some volatility once it unwound. As things turned out, that’s what happened. We saw a pretty steady decline into Friday evening, and then price rose a little throughout Saturday. Then, early Sunday morning, price jumped, and then did the same late Sunday evening. Not massively, but on the intraday charts (like the one we are watching today) enough to generate a decent profit on some high volume scalps.

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Blockchain – Euphemism For People That Don’t Understand Bitcoin?

cointelegraph.com / Joseph Young / 2016-08-29 12:22 PM

Central authorities and major financial institutions responded to the emergence of Bitcoin by targeting the development of its underlying technology in attempt to distract the real value of the digital currency.

Experts have criticized the desperate attempts of banks in adopting the technology, describing that blockchain is a euphemism for people that don’t understand Bitcoin.

Since 2015, banks have poured hundreds of millions of dollars in capital and a significant share of their resources for the development of private blockchain networks. In an awkward series of events, the blockchain technology has been referred to as a mystical invention that creates an irrefutable and unalterable ledger for banks and financial institutions to store transaction data and private information.

Not a single working product to showcase

Most notably, organizations like the R3 Consortium have focused on the development of permissioned blockchains, or blockchain networks overseen by local network administrators, for banks to create a cost-free and robust financial network to handle its transactions and settlement of assets.

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Bitmain to Launch Antminer R4 for Home Bitcoin Mining

cryptocoinsnews.com / Elliot Maras / 29/08/2016

Bitmain Technologies Limited, the Beijing-based owner of the Antminer series of bitcoin miners, Hashnest, Antpool and BTC.com, will launch what it calls the world’s most silent multi-terahash bitcoin miner and a silent 2600W PSU designed for high-performance bitcoin mining.

With these new products, Bitmain seeks to bring bitcoin mining back to homes and continue decentralizing the bitcoin mining network.

Most Power Efficient Chip

The Antminer R4 uses a 16nm BM1387 ASIC chip, which it considers the world’s most power-efficient chip for bitcoin mining. The chip can deliver a hashrate of 8.6TH/s with a power efficiency of 0.1J/GH at a noise level less than 50dB. The noise level is 52dB at an ambient temperature of 35°C.

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Ethereum Woes Validate Conservative Nature Of Bitcoin Developers

pymnts.com / PYMNTS / 

For some time now, some people have thought the Bitcoin Core development team is too conservative and too concerned with technical failures to take action to improve the ability of the network to grow, but after the collapse of the DAO, two Ethereum blockchains are operating, lending more credence to bitcoin’s approach.

In a report, Joe Colangelo, executive director of Consumers’ Research, said he thinks the result “completely vindicates” the path Bitcoin Core has chosen. He said the conservative nature of the team developing it has given him and others confidence in rules that make bitcoin so important. “The intransigence of the bitcoin development community is a feature, not a bug. If it’s this hard to raise the block size, that 21m limit for bitcoin looks rock solid,” he said in the report.

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Risk of Bitcoin Hacks and Losses Is Very Real

fortune.com / Reuters / 

One study suggests a third of all bitcoin exchanges had been hacked.

When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency.

The cyber theft—the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo’s MtGox exchange in early 2014—is hardly a rare occurrence in the emerging world of crypto-currencies.

New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene.

This rising risk for bitcoin holders is compounded by the fact there is no depositor’s insurance to absorb the loss, even though many exchanges act like virtual banks.

Not only does that approach cast the cybersecurity risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with undercapitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would.

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Bitcoin Tipping Platform Zapchain to Shut Down

coindesk.com / Pete Rizzo / August 29, 2016 at 15:13 BST

Another bitcoin-based content monetization startup has announced it will shut down.

Social network Zapchain, launched in 2014 as part of accelerator Boost VC‘s fourth batch of startups, has told users that it will cease services effective 31st August. The announcement comes less than a year after the startup raised $350,000 in seed funding.

The decision, made public on the company’s website, marks the end of a project that was once one of bitcoin’s fastest-growing projects, and comes amid a decline in the number of consumer-facing startups seeking to launch services on the bitcoin network.

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Experts: FBI Not Bidding On Hacked NSA Code With Bitcoin From Silk Road Seizure

cryptocoinsnews.com / Elliot Maras / 29/08/2016

The FBI is not bidding on stolen National Security Agency (NSA) source code with bitcoins seized from Silk Road, contrary to a widely reported allegation. That’s according to security experts interviewed by The Hill.

The allegation emerged when a bitcoin user sent money to both an NSA source code account and the seized bitcoin account, but no money changed between the accounts, according to experts.

NSA Source Code Hacked

Last week, a group called the Shadow Brokers claimed to have hacked NSA source code and offered to sell hacked source code in exchange for the most generous financial offer. Hence, when someone sent money to both the NSA source code account and the seized bitcoin account, the action fed suspicion that someone was bidding on the hacked NSA source code with the bitcoin the FBI seized from Silk Road.

Some people are mistaking incoming and outgoing payments, said Wesley McGrew, director of cyber operations at HORNE Cyber. He said he initially made the same mistake. If one does not look closely enough, or is not familiar with bitcoin, the mistake is easy to make.

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Singapore Central Bank Proposes New Rules for Bitcoin Startups

coindesk.com / Stan Higgins / August 29, 2016 at 13:40 BST

The central bank of Singapore has proposed a new regulatory framework for payments providers in the city-state, a move that would bring digital currency exchanges under its oversight.

The proposed framework would require applicable companies to obtain a license from the Monetary Authority of Singapore (MAS), and divides payment activities into several categories. Digital currency exchanges would be covered by a provision overseeing startups that provide “money transmissions and conversion services”.

The MAS said:

“The scope of currency conversion activities is intended to encompass the business of exchanging of currencies at a rate of exchange. In addition, it is likely that under the [Proposed Payments Framework], virtual currency intermediaries which buy, sell, or facilitate the exchange of virtual currencies, such as bitcoin, will also be considered to undertake [money transmissions and conversion services].”

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Let’s Talk Bitcoin! #306 – Bitcoin Vaults and Selective Reversibility as a Virtue

Published on August 27th, 2016 by  Adam B. Levine

How Bitcoin Blockchain and Ripple May Help Kill U.S. Dollar

cointelegraph.com / Evander Smart / 2016-08-29 10:36 AM

The U.S. Dollar has ruled the financial world for longer than most of us have been alive. As far as the vast majority of us knows, the world orbits the sun, and the sun orbits the U.S. Dollar. Every nation in the world has been forced to become a loyal subject of this Western-based hegemony for decades, and the U.S. has been living on an unlimited credit card ever since World War II.

This cozy world of fiat dominance, well-maintained at the barrel of a gun, has worked out incredibly well for the U.S. Government, its central bankers, and the citizens of the republic.

Well, I’m here to report to you that the days of $499 42” HD TVs and $1.99 gallons of gas are numbered, and a new economic reality show is about to begin.

One that will be built around technological innovations like Bitcoin’s blockchain technology and new dedicated instruments like Ripple. These protocols will help change the monetary systems of the world forever, systems that frankly are long overdue for an upgrade, and the ‘American Empire’ will never be the same again.

Fools and vested interests may end up blaming ‘The Blockchain’

First things first. I titled this article this way for a reason. The U.S. Dollar is going to collapse, and it will collapse regardless of the implementation of these new technologies.

In the coming years, when the U.S. Dollar has been removed from its global leadership position, there may be a spin from vested interests to blame the new digital currency technologies wrought by Bitcoin for this economic reset.

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Zebpay, a fledging Indian bitcoin exchange startup crosses 100,000 total app downloads

thetechportal.com / Anmol Sachdeva / August 29, 2016

Though the virtual cryptocurrency, Bitcoin, is yet to receive direct support and acceptance from financial regulators, there is one Indian startup that is nurturing and growing the use of same among the populous. Zebpay, an Ahmedabad-based Bitcoin exchange startup has today announced that it has crossed 100,000 app downloads, including both Android and iOS.

Started in 2015 by Mahin Gupta, along with co-founders Saurabh Agarwal and Sandeep Goenka, Zebpay is the largest Bitcoin exchange startup in the country. It has been setup with the simplistic(yet tough) outlook of providing a reliable and secure investment experience to the regular crowd. With its own in-house developed blockchain technology, Zebpay is one of the most secure platforms to buy and sell bitcoins in the country.

This milestone, achieved within an year of operations, confirms the company’s belief in virtual cryptocurrency and the growing interest of Indians in bitcoins as an investment, commodity and technology. Commenting on the same, Mahin Gupta, co-founder and CTO, Zebpay says,

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Bitcoin Will Not Be Banned In Russia After All

livebitcoinnews.com / JP Buntinx / August 29, 2016 at 11:00 BST

Russia’s stance on Bitcoin and cryptocurrency has changed yet again. For the longest time, the country’s officials seemed poised to ban Bitcoin altogether. But those plans have been altered, as the Russian Ministry of Finance wants to do no such thing. That doesn’t mean they will embrace cryptocurrency all of a sudden, though.

Russian Ministry of Finance Does An 180 On Bitcoin

In what can be called a surprising turn of events the Russian Ministry of Finance did a full 180 on Bitcoin. Not too long ago, government officials were proposing a solution to make Bitcoin usage punishable by law. Business owners would even face up to seven years in prison for their involvement in cryptocurrency.

Alexei Moiseev, the Deputy Finance Minister in Russia, has highlighted the new bill on cryptocurrency. The current plans involve a series of meetings with experts to consider the development of Bitcoin technology. Making an outright ban on Bitcoin would be “unwise’, which is rather shocking. For some reason, Russia seems unable to make up its mind when it comes to cryptocurrency.

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Bitcoin Super-Team Creates MASS: Blockchain-Based Solution to Online Advertising Inequity

cointelegraph.com / Cointelegraph / 2016-08-29 11:37 AM

Consumer disaffection with irrelevant and obtrusive ads has resulted in the rapid growth of ad-blocker adoption.This fact is making data-tracking nearly useless and threatens the entire online advertising business model as a result. The industry’s current solution is an arms race of anti-blockers versus anti-anti-blockers and in some cases alliances with the ad-blockers, themselves. This inefficient counter-productivity inevitably leads to a dead-end.

To solve this problem, ad industry and Blockchain experts have combined efforts to create The Mass Network – a Blockchain-based solution aimed at fixing the imbalance of power between the online advertising industry and internet users who unwittingly provide the ad machine its revenue source: data. Mass users benefit from contributions by Colu (assets protocol), Mycelium (wallet component), and ShapeShift (integrated exchange).

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Bitcoin Price Technical Analysis for 08/29/2016 – Support Turned Resistance

newsbtc.com / Sarah Jenn / 3:30 am August 29, 2016 

Bitcoin price is trending lower but is making a correction to an area of interest before resuming the selloff.

Bitcoin Price Key Highlights

  • Bitcoin price recently broke below a short-term support area visible on the 1-hour time frame.
  • Price found support around the $565 area before showing signs of pulling back.
  • Bitcoin is now approaching the former support zone around $575, which might now hold as resistance.

Bitcoin price is trending lower but is making a correction to an area of interest before resuming the selloff.

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No-More-Ransom publishes decryption tool for bitcoin ransomware ‘Wildfire’

econotimes.com / August 29, 2016 5:33 AM UTC

No-More-Ransom, an initiative by the National High Tech Crime Unit of the Netherlands’ police, Europol’s European Cybercrime Centre and two cyber security companies – Kaspersky Lab and Intel Security, has decrypted files affected by the Wildfire ransomware.

Coinfox reported that No-More-Ransom published a decryption app that frees the victims from the need to pay bitcoin ransom. The Wildfire Decryptor is the latest addition to six other decryption tools by the team which includes Chimera, Teslacrypt, Shade, CoinVault, Rannoh and Rakhni.

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Avoid Malicious IPTV Services Which Accept Bitcoin Payments

themerkle.com /  JP Buntinx / August 29, 2016

Bitcoin and other cryptocurrencies allow users to launch their own business models with relative ease. By using the internet, it is not difficult to find someone who will have a need for the product or service one can offer. But that does not mean people should illegally sell access to paid services either. IPTV4BTC is one of those examples.

USING BITCOIN TO PAY FOR TV IS DIFFICULT

Paying a cable tv subscription with Bitcoin is possible, in theory. Either the provider needs to accept Bitcoin directly – which is rarely the case – or one converts bitcoin to fiat currency to pay the bill. This latter option is not the most preferable, but either option is entirely legitimate.

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Private Internet Access VPN Adds Bitcoin.com CEO Roger Ver to Board of Advisors

‘As a long time user of Private Internet Access, I’m thrilled to be able to be directly contribute to a company that shares such similar values to my own.’ – Roger Ver

prweb.com / August 29, 2016

Roger Ver brings years of experience in international business and Bitcoin to the PIA Board of Advisors

Private Internet Access, the world’s leading VPN service, welcomes Roger Ver as the first member of its Board of Advisors, effective immediately. Often referred to as “Bitcoin Jesus,” Roger Ver is CEO of MemoryDealers.com, one of the first businesses in the world to accept Bitcoin, and also owns and operates Bitcoin.com. Ver also serves as the Chairman of the Cryptocurrency Advisory Council of the soon-to-be John McAfee Global Technologies, Inc.

Besides being an investor and influencer in the space, Roger Ver is also one of the leading bitcoin philanthropists, having donated thousands of BTC over time to various charitable causes. Besides personally donating a record 1000 bitcoins (then valued at over 1 million USD) to the Foundation for Economic Education, Ver has also supported AntiWar and FreeRoss with generous matching donations. Ver explained his reason for joining PIA:

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Coinbase extends mobile credit/debt card payment for Bitcoin, Ether to Europe

smnweekly.com / Henry Hughes / August 29, 2016

Coinbase, an exchange offering trading in Bitcoin and Ether, announced it is extending to its European clients the option to pay for cryptocurrencies with a credit or debit card through their mobile phones.

According to a Coinbase statistics, 40% of its US clients make credit and debit card purchases through their mobile phones, and now the exchange is adding the same service for Europe.

“Our mission at Coinbase is to create an open financial system for the world, and enabling easy access to digital currencies like bitcoin and ethereum in as many countries as possible gets us one step closer to that goal,” the company said in its blog.

The new option is available though the payments methods page on the company website or through the settings tab in the Coinbase Bitcoin Wallet application for iOS and Android.

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Opera Browser May Consider Integrating Bitcoin, Implements Built-in Adblock

cointelegraph.com / Joseph Young / 2016-08-28 05:20 PM

The team behind Opera, a web browser developed and released by Opera Software in 1995, may consider integrating Bitcoin after introducing a built-in Adblock feature in its newest release.

Opera’s adblock-integrated browser received positive responses from online communities, particularly for its ability to load web pages 90% faster than other browsers. Because the adblock software is built into the system of Opera, it catches advertisements in the engine when a webpage is requested, enabling users to access the web more efficiently.

How about Brave browser?

Another browser to implement a similar concept of Opera is Brave, a web browser developed by JavaScript creator and co-founder of Mozilla, Brendan Eich. The Brave browser eliminates any advertisements seen on a webpage and replaces them with advertisements sold by the Brave Software team. To compensate publishers, the team pays 55% of ad revenues in Bitcoin.

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What Venture Capitalists Need to Know before Investing in Bitcoin

cryptocoinsnews.com / Justin OConnell / 28/08/2016

Bitcoin and blockchain spaces have received much attention in recent years as investors recognize massive opportunities in the spaces – they themselves can enter into the cutting edge of financial technology.

Financial technology, in general, has received attention as banks cut down on bank branches, looking to bring their services into the 21st century. Bitcoin has caught a lot of attention but there are key things any investor in the space should know.

For one, if you’re looking to invest into the Bitcoin space, remain humble. Bitcoin doesn’t actually need your participation. Its deflationary coding will ensure that the idea Bitcoin proliferates. Many firms in the space celebrate the same innovation they’ve made: they all make Bitcoin easier to use. In reality, Bitcoin and the core wallet it’s pretty easy to use anyway.

For that reason, many Bitcoin startups are redundant. Why, for instance, is there a need for so many wallets? Competition for competition’s sake? And, furthermore, what new features do they bring to the table? Most importantly: how do they profit?

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