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Bitcoin Price Analysis: BTC Markets Anemic After Initial BCH Trading

Bitcoin Price Analysis

As discussed in the previous BTC-USD market analysis, the market has begun to test and retest known support and resistance lines on both the macro and micro levels. Since finding its local bottom around $1,800, BTC-USD has paved a fairly clean schematic of support and resistance levels along the Fibonacci Retracement values:

Figure_1 (2).JPGFigure 1: BTC-USD, 6-hr Candles, Bitfinex, Fibonacci Levels Post-bottom

The high $2,600 values (also the 23.6 percent Fibonacci Retracement line) have historic significance in this market because they are firmly established support values. However, if we look at the 6-hr volume trend, we can see that each rebound off the $2,600 values was paired with decreasing volume on every attempt to break support. The volume trend shown above is typically a sign that the market is no longer confident in the higher price values and will ultimately need stronger volume to break new highs.

Zooming in on the most recent test of $2,600, we can see another clean set of Fibonacci Retracement lines paving strong support and resistance values for the current trend:

Figure_2 (2).JPGFigure 2: BTC-USD, 2-hr Candles, Bitfinex, Current Bull Trend

From this perspective, the strong support outlined in Figure 1 (the 23 percent Fibonacci Retracement values) is now shown in Figure 2 as the 50 percent Fibonacci Retracement values. However, this most recent bounce is showing strong signs of market momentum loss.

For those who are familiar with my style of technical analysis, I put a strong emphasis on volume trends and how they correlate with price movement. This trend is no exception: the most recent bounce is continuing to rise on decreasing volume. A trending market that moves on decreasing volume typically indicates that the trend is beginning to exhaust and will likely need to consolidate or pull back to garner support from lower values. Our current trend has several indicators of bullish exhaustion outlined not only in the volume trend, but also in the MACD and RSI (both tools are market momentum indicators).

The MACD and RSI are showing bearish divergence. Bearish divergence is a trend used by market analysts to objectively view price activity for indications of potential pullback or market consolidation. When the price is in an uptrend and the MACD histogram (the green/red bars) fails to make a new peak to correspond to the new price highs, the ears of bearish investors perk up, as this is typically when bears are looking to place their short positions. Much like the MACD histogram, the RSI can also be used to show market momentum loss — the market is said to be diverging bearishly if the price makes a new high but the RSI does not make a new high.

This recent, low volume climb in BTC-USD value is not terribly surprising. BTC began its ascent right around the time several major exchanges enabled Bitcoin Cash (BCH) deposits. Once the BCH deposits were enabled, those who were previously sidelined immediately post-fork were able to sell off their BCH and reinvest in other coins. (I won’t dive into BCH-USD analysis, but if you take a look at the price trend, it lines up with the BTC-USD price climb.)

Typically, it isn’t advisable to zoom in terribly close within the crypto-market because the volume doesn’t provide useful resolution to its perceived trend. However, in times of high volume I find it useful to look at the timescales as small as 5-minute candles to get a small peek at where the market is heading short-term:

Figure_3 (3).JPGFigure 3: BTC-USD, 5-min Candles, Bitfinex, Double Top Reversal

Currently, the 5-minute candle trend is showing signs of a textbook Double Top Reversal (shown in the rectangle). The volume profile showing spikes on the two local highs indicates a pullback in price is possible.

Looking at the MACD histogram, we can see no signs of downward momentum loss as the histogram continues to make new lows to correspond to the lows made in price movement. To accompany the MACD, sustained sell volume is evident and hints toward continued interest in the lower price range. I won’t go into the details of how to calculate Double Top Reversal price targets, but if this reversal pattern holds true, we can expect price movement close to the 23 percent Fibonacci Retracement line shown above.

Summary:

  1. On both the macro and micro trends, BTC-USD shows signs of diminishing upward momentum.

  2. Exchanges recently enabled BCH deposits, and it is very likely that the recent hike in BTC-USD price was due to trades selling their BCH and purchasing BTC.

  3. The immediate trend shows signs of bearish momentum and is in the process of testing a Double Top Reversal pattern.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: BTC Markets Anemic After Initial BCH Trading appeared first on Bitcoin Magazine.

Bitcoin Price Analysis

As discussed in the previous BTC-USD market analysis, the market has begun to test and retest known support and resistance lines on both the macro and micro levels. Since finding its local bottom around $1,800, BTC-USD has paved a fairly clean schematic of support and resistance levels along the Fibonacci Retracement values:

Figure_1 (2).JPGFigure 1: BTC-USD, 6-hr Candles, Bitfinex, Fibonacci Levels Post-bottom

The high $2,600 values (also the 23.6 percent Fibonacci Retracement line) have historic significance in this market because they are firmly established support values. However, if we look at the 6-hr volume trend, we can see that each rebound off the $2,600 values was paired with decreasing volume on every attempt to break support. The volume trend shown above is typically a sign that the market is no longer confident in the higher price values and will ultimately need stronger volume to break new highs.

Zooming in on the most recent test of $2,600, we can see another clean set of Fibonacci Retracement lines paving strong support and resistance values for the current trend:

Figure_2 (2).JPGFigure 2: BTC-USD, 2-hr Candles, Bitfinex, Current Bull Trend

From this perspective, the strong support outlined in Figure 1 (the 23 percent Fibonacci Retracement values) is now shown in Figure 2 as the 50 percent Fibonacci Retracement values. However, this most recent bounce is showing strong signs of market momentum loss.

For those who are familiar with my style of technical analysis, I put a strong emphasis on volume trends and how they correlate with price movement. This trend is no exception: the most recent bounce is continuing to rise on decreasing volume. A trending market that moves on decreasing volume typically indicates that the trend is beginning to exhaust and will likely need to consolidate or pull back to garner support from lower values. Our current trend has several indicators of bullish exhaustion outlined not only in the volume trend, but also in the MACD and RSI (both tools are market momentum indicators).

The MACD and RSI are showing bearish divergence. Bearish divergence is a trend used by market analysts to objectively view price activity for indications of potential pullback or market consolidation. When the price is in an uptrend and the MACD histogram (the green/red bars) fails to make a new peak to correspond to the new price highs, the ears of bearish investors perk up, as this is typically when bears are looking to place their short positions. Much like the MACD histogram, the RSI can also be used to show market momentum loss — the market is said to be diverging bearishly if the price makes a new high but the RSI does not make a new high.

This recent, low volume climb in BTC-USD value is not terribly surprising. BTC began its ascent right around the time several major exchanges enabled Bitcoin Cash (BCH) deposits. Once the BCH deposits were enabled, those who were previously sidelined immediately post-fork were able to sell off their BCH and reinvest in other coins. (I won’t dive into BCH-USD analysis, but if you take a look at the price trend, it lines up with the BTC-USD price climb.)

Typically, it isn’t advisable to zoom in terribly close within the crypto-market because the volume doesn’t provide useful resolution to its perceived trend. However, in times of high volume I find it useful to look at the timescales as small as 5-minute candles to get a small peek at where the market is heading short-term:

Figure_3 (3).JPGFigure 3: BTC-USD, 5-min Candles, Bitfinex, Double Top Reversal

Currently, the 5-minute candle trend is showing signs of a textbook Double Top Reversal (shown in the rectangle). The volume profile showing spikes on the two local highs indicates a pullback in price is possible.

Looking at the MACD histogram, we can see no signs of downward momentum loss as the histogram continues to make new lows to correspond to the lows made in price movement. To accompany the MACD, sustained sell volume is evident and hints toward continued interest in the lower price range. I won’t go into the details of how to calculate Double Top Reversal price targets, but if this reversal pattern holds true, we can expect price movement close to the 23 percent Fibonacci Retracement line shown above.

Summary:

  1. On both the macro and micro trends, BTC-USD shows signs of diminishing upward momentum.

  2. Exchanges recently enabled BCH deposits, and it is very likely that the recent hike in BTC-USD price was due to trades selling their BCH and purchasing BTC.

  3. The immediate trend shows signs of bearish momentum and is in the process of testing a Double Top Reversal pattern.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: BTC Markets Anemic After Initial BCH Trading appeared first on Bitcoin Magazine.

What is Ethfinex?

TheMerkle EthfinexWe have seen quite a few new and interesting projects in the world of cryptocurrency these past few months. One of those projects is Ethfinex, recently announced by the parent company of Bitfinex. It will be a discussion and ERC20 investment and trading platform for all Ethereum users, and it will use a hybrid decentralized exchange model under the hood. Ethfinex Could Be a Game Changer It is always exciting to see established entities in the cryptocurrency world launch new initiatives. Many people have come to know the Bitfinex exchange. Its parent company also runs the Tether.to platform. It will now be adding a

TheMerkle Ethfinex

We have seen quite a few new and interesting projects in the world of cryptocurrency these past few months. One of those projects is Ethfinex, recently announced by the parent company of Bitfinex. It will be a discussion and ERC20 investment and trading platform for all Ethereum users, and it will use a hybrid decentralized exchange model under the hood.

Ethfinex Could Be a Game Changer

It is always exciting to see established entities in the cryptocurrency world launch new initiatives. Many people have come to know the Bitfinex exchange. Its parent company also runs the Tether.to platform. It will now be adding a third platform to its umbrella of services, which will focus on the Ethereum community. That is a rather remarkable decision which shows there is still a lot of faith in the future of the Ethereum ecosystem.

Ethfinex will not be your average trading platform. Rather, Ifinex Inc. will introduce Ethfinex as a decentralized information and exchange platform for Ethereum-based assets. ERC20 tokens will find a new home on this upcoming platform once it has launched. That is a more-than-welcome change, as a lot of these tokens have been having a hard time getting on regular exchanges.

However, Ethfinex will not just be about trading. The upcoming platform will also serve as a community and information hub for all current and future Ethereum-based projects. It will be interesting to see how that plays out, considering there are already plenty of ways for people to do so. Then again, there are also a lot of recurring questions that get answered in the same manner repeatedly. This is especially true when it comes to cryptocurrency ICOs.

A hybrid and decentralized model will be used for the exchange portion of the platform. Creating a high-liquid customer-centric digital asset exchange platform with decentralized ownership will be very difficult to pull off, especially considering that this ownership is to be turned over to users over time. The company is seeking to model their new platform in such a manner as to resemble the Ethereum ecosystem itself.

The decentralized aspect of Ethfinex can be explained easily. All trades on the platform will be processed by a high liquidity pool on-chain without iFinex ever having custody of the funds. The company is confident that they can create a “laboratory” for creating decentralized exchange protocols. Additionally, the company plans to issue an Ethfinex token which will not be sold through an ICO.

There is no lack of ambition as far as this project is concerned. Whether or not the venture will be successful remains a big question for the time being. iFinex should be praised for its novel approach toward creating some sort of decentralized exchange. The issuance of this new token will raise a lot of interest as well, even though there are many details missing for the time being. Ethfinex sounds like a project that will be invaluable to Ethereum supporters.

New ‘bitcoin cash’ crashes 30% Friday in volatile first week of trading; original bitcoin steady – CNBC


CNBC

New ‘bitcoin cash’ crashes 30% Friday in volatile first week of trading; original bitcoin steady
CNBC
Bitcoin is holding up well against its offshoot rival in its wild first week of trading. The new “bitcoin cash” plunged 30 percent Friday to below $300, while the original cryptocurrency edged higher and approached $2,900, nearly triple in value for
Bitcoin cash is crashingBusiness Insider
Price of Bitcoin Cash Plummets as Exchanges Open DepositsCoinTelegraph
Bitcoin Cash: Is It Crashing?Barron’s
CoinDesk –Engadget –Slate Magazine (blog) –Coin Market Cap
all 58 news articles »

CNBC

New 'bitcoin cash' crashes 30% Friday in volatile first week of trading; original bitcoin steady
CNBC
Bitcoin is holding up well against its offshoot rival in its wild first week of trading. The new "bitcoin cash" plunged 30 percent Friday to below $300, while the original cryptocurrency edged higher and approached $2,900, nearly triple in value for ...
Bitcoin cash is crashingBusiness Insider
Price of Bitcoin Cash Plummets as Exchanges Open DepositsCoinTelegraph
Bitcoin Cash: Is It Crashing?Barron's
CoinDesk -Engadget -Slate Magazine (blog) -Coin Market Cap
all 58 news articles »

Bitcoin Cash: Is It Crashing? – Barron’s


Barron’s

Bitcoin Cash: Is It Crashing?
Barron’s
Although holders of bitcoin who now also hold bitcoin cash have come out ahead, future forks could even precipitate a collapse in bitcoin and the rise of a rival, such as ether, which is already nipping at bitcoin’s heels in terms of market capitalization.

and more »


Barron's

Bitcoin Cash: Is It Crashing?
Barron's
Although holders of bitcoin who now also hold bitcoin cash have come out ahead, future forks could even precipitate a collapse in bitcoin and the rise of a rival, such as ether, which is already nipping at bitcoin's heels in terms of market capitalization.

and more »

The SXSW of Blockchain

ConsenSys hosts Ethereal SF event to merge culture and technology.

ConsenSys hosts Ethereal SF event to merge culture and technology.

Op Ed: Is the Blockchain Economy Ushering in a New World Economic Order?

Op Ed: The Blockchain Economy: New World Economic Order?

In this guest post, blockchain theorist Melanie Swan discusses three recent developments in the blockchain economy, using classical economic principles to distinguish between hype and long-term structural change.

The Hard Fork of August 1

The first important recent event in the blockchain economy is the long-anticipated Bitcoin hard fork that happened on August 1, 2017. A hard fork is a change to the software protocol that creates a permanent divergence from the previous version of the blockchain, such that nodes running the old software are no longer accepted by the newer version. The change was for the purpose of improving scalability, the Bitcoin blockchain’s ability to handle larger-size blocks of transactions.

The number of transactions per block swelled from 400 in 2014 to 2,000 at the beginning of 2017, so developers had plenty of advance warning to work out a solution for greater scalability. The hard fork is an example of decentralized democracy in action in that participants registered their preference regarding one of two methods for addressing the scalability challenge. The majority of the constituencies (developers, miners, exchanges, wallet companies and merchants) elected the hard fork to one of the new protocols (SegWit2x), while the other group split to a new Bitcoin blockchain, Bitcoin Cash, which supports another protocol.

It was almost possible to see Adam Smith’s invisible hand operating in real-time as transactions amassed and the first block was recorded on the new Bitcoin Cash blockchain six hours after the split. It comprised of 6,985 transactions in a block size of 1.9 MB, indeed almost two times the previous block size, thus demonstrating greater scalability.

The economic theory upshot of the Bitcoin hard fork is that it is a demonstration of competitive markets proceeding in an orderly and efficient fashion, offering choices to participants, who coordinated themselves between the two options.

Developments in Regulation: The SEC

A second recent event in the blockchain economy is in regard to regulation. On July 25, 2017, in the U.S., the SEC (Securities and Exchange Commission) ruled that ICOs (initial coin offerings, also known as token sales), unlike crowdfundings, in certain cases, may count as securities and therefore would be subject to securities registration laws (both the offerings and any exchange coordinating their purchase and sale).

An initial coin offering is similar to an IPO but is an investment directly in a company project, in exchange for cryptocurrency coins or tokens, which provide greater liquidity to both investors and companies. It is complicated because the SEC may use the Howey test, a long-standing mechanism, to determine whether a particular instrument is a security or not, in their analysis of ICOs.

It could be that ICOs are split into two categories: those that are regulated (i.e., subject to securities laws) and those that are unregulated (i.e., exempt from registration).

Unregulated offerings may pertain to “utility coins” as in the case of storage cryptocurrencies (such as Siacoin [SC] and Storj [STORJ]). These projects may be categorized as internet network public goods creation, where tokens are related to network operation but not profit-garnering.

Regulated offerings concern investments that are more like the traditional idea of stock, where shareholders have an expectation of profit and a say in corporate governance. ICOs in the latter form would need to comply with securities registration laws.

The economic theory implication is that involved parties are sorting out the definitions and treatment of new kinds of entities in the blockchain economy using established precedents. Above all, knowing the regulatory stance of governments can help to stabilize the market. The SEC acted in the wake of what some call an “ICO dotcom bubble,” in which some firms raised millions of dollars within minutes for their crypto-projects.

The result is that the investment market for cryptocurrencies is becoming distinctly more institutional. One indication is the SEC’s move to regulate ICOs. Another is the decision of the U.S. CFTC (Commodity Futures Trading Commission) in July 2017 to grant approval for cryptocurrency derivatives to be launched by LedgerX on the CBOE (the largest U.S. options exchange). This is important because derivatives markets are already connected to the vast global institutional trading ecosystem, and thus cryptocurrency derivatives might be a more accessible and liquid means of trading and investing in cryptocurrencies than the underlying cryptocurrencies themselves. A third indication is “Project Omni’s” announcement in August 2017 that it will be building a platform for trading large-size positions (i.e., $20 million and up) for the institutional market.

Many Sectors of the Economy Go Crypto

A third important recent development is the awareness that the blockchain economy is a system in which businesses create private currencies that compete for customer acceptance in the marketplace.

Economists from Friedrich Hayek to Paul Krugman have envisioned and heralded this development. The word “private” has different meanings in the blockchain economy. Here, “private” is meant in the sense of being offered by companies in the private sector as opposed to governments in the public sector. Traditionally, governments have had a monopoly on offering currencies, but blockchain technology is changing that.

The other meaning of “private” in the blockchain economy is that there are public chains where anyone may participate, like Bitcoin and Ethereum, and private or “closed” chains where users must be approved, such as the closed banking chains envisioned for securities clearing.

The closed banking chains (like those of the consortia R3 in U.S./Europe and NEM in Japan) would be a shared ledger for an industry group that wants to clear transactions among themselves.

While Hayek only saw private currencies for financial institutions (i.e., there would be a ChaseCoin, a CitiCoin, etc.), cryptocurrencies are emerging for many kinds of businesses across all sectors of the economy. A notable example is decentralized storage (private online cloud storage), where consumers may choose between Sia (SC), Storj (STORJ) and MaidSafe (MAID).

Before picking, websites like CoinMarketCap and WorldCoinIndex can be consulted to check the health of a company’s cryptocurrency.

The CoinMarketCap listing starts to read not only as a directory of money-like cryptocurrencies, but closer to what might be Hayek’s wildest dream: a listing of a new-world economic order.

There are businesses in storage, news (Steem [STEEM] and Yours), healthcare (Factom [FCT]), financial services (NEM [XEM]), the Internet of Things (IOTA [IOTA]), blockchain as a service (BaaS) technology platforms (Stratis [STRAT]), fundraising platforms (Waves [WAVES]) and interbank transfer (Ripple [XRP]). Business cryptocurrencies are mixed in with cryptocurrency cash systems (e.g., Bitcoin, Ethereum, Litecoin, Dash and Zcash). CoinMarketCap is a listing of the rich panoply of the economy itself.

Recent blockchain economy events — the Bitcoin hard fork, the SEC ruling about ICOs and a growing awareness that blockchains are popping up in many sectors of the economy — suggest that economic principles might be a helpful tool for distinguishing hype from structural change in that these three developments appear to be significant and enduring.

The post Op Ed: Is the Blockchain Economy Ushering in a New World Economic Order? appeared first on Bitcoin Magazine.

Op Ed: The Blockchain Economy: New World Economic Order?

In this guest post, blockchain theorist Melanie Swan discusses three recent developments in the blockchain economy, using classical economic principles to distinguish between hype and long-term structural change.

The Hard Fork of August 1

The first important recent event in the blockchain economy is the long-anticipated Bitcoin hard fork that happened on August 1, 2017. A hard fork is a change to the software protocol that creates a permanent divergence from the previous version of the blockchain, such that nodes running the old software are no longer accepted by the newer version. The change was for the purpose of improving scalability, the Bitcoin blockchain’s ability to handle larger-size blocks of transactions.

The number of transactions per block swelled from 400 in 2014 to 2,000 at the beginning of 2017, so developers had plenty of advance warning to work out a solution for greater scalability. The hard fork is an example of decentralized democracy in action in that participants registered their preference regarding one of two methods for addressing the scalability challenge. The majority of the constituencies (developers, miners, exchanges, wallet companies and merchants) elected the hard fork to one of the new protocols (SegWit2x), while the other group split to a new Bitcoin blockchain, Bitcoin Cash, which supports another protocol.

It was almost possible to see Adam Smith’s invisible hand operating in real-time as transactions amassed and the first block was recorded on the new Bitcoin Cash blockchain six hours after the split. It comprised of 6,985 transactions in a block size of 1.9 MB, indeed almost two times the previous block size, thus demonstrating greater scalability.

The economic theory upshot of the Bitcoin hard fork is that it is a demonstration of competitive markets proceeding in an orderly and efficient fashion, offering choices to participants, who coordinated themselves between the two options.

Developments in Regulation: The SEC

A second recent event in the blockchain economy is in regard to regulation. On July 25, 2017, in the U.S., the SEC (Securities and Exchange Commission) ruled that ICOs (initial coin offerings, also known as token sales), unlike crowdfundings, in certain cases, may count as securities and therefore would be subject to securities registration laws (both the offerings and any exchange coordinating their purchase and sale).

An initial coin offering is similar to an IPO but is an investment directly in a company project, in exchange for cryptocurrency coins or tokens, which provide greater liquidity to both investors and companies. It is complicated because the SEC may use the Howey test, a long-standing mechanism, to determine whether a particular instrument is a security or not, in their analysis of ICOs.

It could be that ICOs are split into two categories: those that are regulated (i.e., subject to securities laws) and those that are unregulated (i.e., exempt from registration).

Unregulated offerings may pertain to “utility coins” as in the case of storage cryptocurrencies (such as Siacoin [SC] and Storj [STORJ]). These projects may be categorized as internet network public goods creation, where tokens are related to network operation but not profit-garnering.

Regulated offerings concern investments that are more like the traditional idea of stock, where shareholders have an expectation of profit and a say in corporate governance. ICOs in the latter form would need to comply with securities registration laws.

The economic theory implication is that involved parties are sorting out the definitions and treatment of new kinds of entities in the blockchain economy using established precedents. Above all, knowing the regulatory stance of governments can help to stabilize the market. The SEC acted in the wake of what some call an “ICO dotcom bubble,” in which some firms raised millions of dollars within minutes for their crypto-projects.

The result is that the investment market for cryptocurrencies is becoming distinctly more institutional. One indication is the SEC’s move to regulate ICOs. Another is the decision of the U.S. CFTC (Commodity Futures Trading Commission) in July 2017 to grant approval for cryptocurrency derivatives to be launched by LedgerX on the CBOE (the largest U.S. options exchange). This is important because derivatives markets are already connected to the vast global institutional trading ecosystem, and thus cryptocurrency derivatives might be a more accessible and liquid means of trading and investing in cryptocurrencies than the underlying cryptocurrencies themselves. A third indication is “Project Omni’s” announcement in August 2017 that it will be building a platform for trading large-size positions (i.e., $20 million and up) for the institutional market.

Many Sectors of the Economy Go Crypto

A third important recent development is the awareness that the blockchain economy is a system in which businesses create private currencies that compete for customer acceptance in the marketplace.

Economists from Friedrich Hayek to Paul Krugman have envisioned and heralded this development. The word “private” has different meanings in the blockchain economy. Here, “private” is meant in the sense of being offered by companies in the private sector as opposed to governments in the public sector. Traditionally, governments have had a monopoly on offering currencies, but blockchain technology is changing that.

The other meaning of “private” in the blockchain economy is that there are public chains where anyone may participate, like Bitcoin and Ethereum, and private or “closed” chains where users must be approved, such as the closed banking chains envisioned for securities clearing.

The closed banking chains (like those of the consortia R3 in U.S./Europe and NEM in Japan) would be a shared ledger for an industry group that wants to clear transactions among themselves.

While Hayek only saw private currencies for financial institutions (i.e., there would be a ChaseCoin, a CitiCoin, etc.), cryptocurrencies are emerging for many kinds of businesses across all sectors of the economy. A notable example is decentralized storage (private online cloud storage), where consumers may choose between Sia (SC), Storj (STORJ) and MaidSafe (MAID).

Before picking, websites like CoinMarketCap and WorldCoinIndex can be consulted to check the health of a company’s cryptocurrency.

The CoinMarketCap listing starts to read not only as a directory of money-like cryptocurrencies, but closer to what might be Hayek’s wildest dream: a listing of a new-world economic order.

There are businesses in storage, news (Steem [STEEM] and Yours), healthcare (Factom [FCT]), financial services (NEM [XEM]), the Internet of Things (IOTA [IOTA]), blockchain as a service (BaaS) technology platforms (Stratis [STRAT]), fundraising platforms (Waves [WAVES]) and interbank transfer (Ripple [XRP]). Business cryptocurrencies are mixed in with cryptocurrency cash systems (e.g., Bitcoin, Ethereum, Litecoin, Dash and Zcash). CoinMarketCap is a listing of the rich panoply of the economy itself.

Recent blockchain economy events — the Bitcoin hard fork, the SEC ruling about ICOs and a growing awareness that blockchains are popping up in many sectors of the economy — suggest that economic principles might be a helpful tool for distinguishing hype from structural change in that these three developments appear to be significant and enduring.

The post Op Ed: Is the Blockchain Economy Ushering in a New World Economic Order? appeared first on Bitcoin Magazine.

Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic: Price Analysis, August 4 – CoinTelegraph

CoinTelegraphBitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic: Price Analysis, August 4CoinTelegraphBitcoin has managed to settle at $2,700 and move up to the upwards trend. The demand volume during the formation was less compared to the previous …


CoinTelegraph

Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic: Price Analysis, August 4
CoinTelegraph
Bitcoin has managed to settle at $2,700 and move up to the upwards trend. The demand volume during the formation was less compared to the previous figures. Thus the $2,800 zone does not seem to be interesting for the majority of buyers. They seem to be ...
Bitcoin Continues To Gain As Crypto Markets Show Mixed ResultsCryptoCoinsNews

all 3 news articles »

Where Was Your Beef? How One Farmers’ Co-op Will Track Meat on the Blockchain

beef_block.jpg

In an attempt to provide transparency to customers, a group of livestock farmers in Arkansas is planning to implement blockchain technology to track the origins of meat products.

Economic development charity Heifer International published a press release on August 2 announcing a partnership between the Arkansas-based Grass Roots Farmers’ Cooperative and the British startup Provenance. By using blockchain tech, customers will be able to track meat products “from farm to fork.” The farmers’ co-op believes using the technology will boost the confidence of consumers since they will have more insight on the quality and origins of the meat they purchase.

Detailed in a separate press release published by the Grass Roots Farmers’ Cooperative, the farmers are planning to put QR codes on the meat products they sell, which customers can use to track their food on the blockchain using Provenance’s platform. In addition to the quality and the origins of the meat, customers will be able to see how the animals were raised and gain insight into the people who contributed to producing the final product.

“Americans have an increasing interest in better understanding what they’re eating. According to the 2016 Label Insight Study, 83 percent of consumers want more information about what’s in their food, and I totally believe it,” Cody Hopkins, Grass Roots general manager and founding member, wrote.

“When I learned about this technology, I thought, ‘This is the solution.’ It’s the perfect way for Grass Roots to offer folks total transparency. Provenance has developed a platform that levels the playing field for small-scale farmers and puts information directly in consumers’ hands.”

According to Hopkins, the same study showed that 75 percent of the U.S. citizens polled stated they do not trust the accuracy of food labels. The Grass Roots founding member believes utilizing blockchain tech for meat products will provide transparency, thereby improving the reputations of the farmers among consumers.

“This is a total breakthrough for the small-scale, sustainable farmer. Until now, it’s been a struggle for us to tell the story of why our foods are different from those raised in feedlots and large chicken houses. With blockchain, we can show you,” Hopkins wrote.

Hopkins added, “We can prove exactly who raised the animal and how it was raised, how many animals were raised in its batch and how they lived, and who the butcher was and how it was harvested. And all of this farm-to-fork information is authenticated by a technology that’s virtually unhackable.”

San Francisco–based Golden Gate Meat Company will be the first to trial blockchain tech for their products using Provenance’s platform. According to Heifer International’s press release, the test of the platform for meat products started on August 2.

“Our farmers are innovative, always looking for ways to incorporate the latest technology that ultimately create real value to the consumer,” said Pierre Ferrari, chair of Heifer USA’s advisory board.

“It’s only a matter of time before this becomes ‘best practice’ throughout the industry.”

The post Where Was Your Beef? How One Farmers’ Co-op Will Track Meat on the Blockchain appeared first on Bitcoin Magazine.

beef_block.jpg

In an attempt to provide transparency to customers, a group of livestock farmers in Arkansas is planning to implement blockchain technology to track the origins of meat products.

Economic development charity Heifer International published a press release on August 2 announcing a partnership between the Arkansas-based Grass Roots Farmers’ Cooperative and the British startup Provenance. By using blockchain tech, customers will be able to track meat products “from farm to fork.” The farmers’ co-op believes using the technology will boost the confidence of consumers since they will have more insight on the quality and origins of the meat they purchase.

Detailed in a separate press release published by the Grass Roots Farmers’ Cooperative, the farmers are planning to put QR codes on the meat products they sell, which customers can use to track their food on the blockchain using Provenance’s platform. In addition to the quality and the origins of the meat, customers will be able to see how the animals were raised and gain insight into the people who contributed to producing the final product.

“Americans have an increasing interest in better understanding what they’re eating. According to the 2016 Label Insight Study, 83 percent of consumers want more information about what’s in their food, and I totally believe it,” Cody Hopkins, Grass Roots general manager and founding member, wrote.

“When I learned about this technology, I thought, ‘This is the solution.’ It’s the perfect way for Grass Roots to offer folks total transparency. Provenance has developed a platform that levels the playing field for small-scale farmers and puts information directly in consumers’ hands.”

According to Hopkins, the same study showed that 75 percent of the U.S. citizens polled stated they do not trust the accuracy of food labels. The Grass Roots founding member believes utilizing blockchain tech for meat products will provide transparency, thereby improving the reputations of the farmers among consumers.

“This is a total breakthrough for the small-scale, sustainable farmer. Until now, it’s been a struggle for us to tell the story of why our foods are different from those raised in feedlots and large chicken houses. With blockchain, we can show you,” Hopkins wrote.

Hopkins added, “We can prove exactly who raised the animal and how it was raised, how many animals were raised in its batch and how they lived, and who the butcher was and how it was harvested. And all of this farm-to-fork information is authenticated by a technology that’s virtually unhackable.”

San Francisco–based Golden Gate Meat Company will be the first to trial blockchain tech for their products using Provenance’s platform. According to Heifer International’s press release, the test of the platform for meat products started on August 2.

“Our farmers are innovative, always looking for ways to incorporate the latest technology that ultimately create real value to the consumer,” said Pierre Ferrari, chair of Heifer USA’s advisory board.

“It’s only a matter of time before this becomes ‘best practice’ throughout the industry.”

The post Where Was Your Beef? How One Farmers’ Co-op Will Track Meat on the Blockchain appeared first on Bitcoin Magazine.

Why Even Miners That Hate Bitcoin Cash Might Want to Mine It

A cryptic message on the bitcoin cash blockchain on Friday reveals insights into the minds of miners – who now can pick and choose between the chains.

A cryptic message on the bitcoin cash blockchain on Friday reveals insights into the minds of miners – who now can pick and choose between the chains.

NASA to Test Planetary Defense System on Oncoming Asteroid

TheMerkle Factory in SpaceAn asteroid impacting Earth would be a huge catastrophe. The odds of that happening are roughly one in 10,000. Though it is an unlikely scenario, NASA scientists have been preparing for such a space-based threat. On October 12, an asteroid is set to speed past Earth, and scientists at NASA’s Planetary Defense Coordination Office (PDCO) are planning to use the opportunity to test their systems. NASA Will Test Its Planetary Defense Systems Scientists at NASA do not know much about the asteroid that is going to fly past Earth on October 12. Dubbed “2012 TC4,” the asteroid is considered small by asteroid standards,

TheMerkle Factory in Space

An asteroid impacting Earth would be a huge catastrophe. The odds of that happening are roughly one in 10,000. Though it is an unlikely scenario, NASA scientists have been preparing for such a space-based threat. On October 12, an asteroid is set to speed past Earth, and scientists at NASA’s Planetary Defense Coordination Office (PDCO) are planning to use the opportunity to test their systems.

NASA Will Test Its Planetary Defense Systems

Scientists at NASA do not know much about the asteroid that is going to fly past Earth on October 12. Dubbed “2012 TC4,” the asteroid is considered small by asteroid standards, at only about 30 to 100 feet in size (9 to 30 meters). Though it will not hit our planet, it is expected to get within 4,200 miles (6,800 kilometers) from the Earth’s surface.

In late 2009, according to Space.com, an asteroid with an estimated diameter of 16 to 33 feet (5 to 10 meters) hit Indonesia and released the equivalent of 110,000 pounds of TNT when it exploded. 2012 TC4 is not so much a threat as an opportunity for NASA to test its planetary defense systems.

Astronomers were only able to catch a fleeting glimpse of TC4 when it flew past Earth in 2012, at a distance much closer than that of the Moon. It only allowed astronomers to study it for seven days before moving out of telescope range, so all we know about this asteroid is based on data gathered back then.

Observation campaign lead Michael Kelley stated:

“This time we are adding in another layer of effort, using this asteroid flyby to test the worldwide asteroid detection and tracking network, assessing our capability to work together in response to finding a potential real asteroid threat.”

According to reports, over a dozen observatories, universities and labs across the globe will collectively analyze our strengths and limitations when dealing with space objects such as asteroids which could wipe us out.

Paul Chodas from NASA’s Center for Near-Earth Object Studies stated:

“It will be incumbent upon the observatories to get a fix on the asteroid as it approaches, and work together to obtain follow-up observations than make more refined asteroid orbit determinations possible,”

What Is the Planetary Defense Coordination Office?

The Planetary Defense Coordination Office (PDCO) was established last year, with the goal of monitoring the skies in search of hazardous objects that could pose a threat if they ever got close enough to us.

The program uses powerful ground-based telescopes from around the world, as well as a space-based infrared telescope, to help astronomers learn about potential impact timing, location, and effects.

To date, over 13,500 near-Earth objects have been discovered, and roughly 1,500 new ones are detected every year. If one were ever to head towards Earth, NASA hopes to be able to deflect or redirect it.