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Russia’s Internet Ombudsman takes on China’s Bitcoin mining industry

A Russian Government-linked startup named RMC One published a presentation on Tuesday that describes an upcoming Initial Coin Offering (ICO). The organization is looking to raise US$100 million to become a leading cryptocurrency mining hardware manufacturer.

Formally referring to themselves as the ‘Russian Mining Company,’ RMC One was founded by Dmitry Marinichev, better known as Russia’s Internet Ombudsman, the technology advisor to Russian President Vladimir Putin.

A Russian Government-linked startup named RMC One published a presentation on Tuesday that describes an upcoming Initial Coin Offering (ICO). The organization is looking to raise US$100 million to become a leading cryptocurrency mining hardware manufacturer.

Formally referring to themselves as the ‘Russian Mining Company,’ RMC One was founded by Dmitry Marinichev, better known as Russia’s Internet Ombudsman, the technology advisor to Russian President Vladimir Putin.

Crypto vs VISA – Can Denarius Compete When it Comes to Transactions Per Second?

Bitcoin and blockchain technology may give us some insight into the future of payment processing but it sure has a long way to go. VISA handles on average around 2,000 transactions per second (tps) and peaks around 4,000 tps during high shopping periods. This is just a fraction of their capacity, which is said to be around 56,000 transactions per second. Paypal, in contrast, handled around 10 millions transactions per day or 115 transactions per second according to data from late 2014. If we set the benchmark for cryptocurrencies at 4,000 transactions per second, where do we stand as of right

Bitcoin and blockchain technology may give us some insight into the future of payment processing but it sure has a long way to go.

VISA handles on average around 2,000 transactions per second (tps) and peaks around 4,000 tps during high shopping periods. This is just a fraction of their capacity, which is said to be around 56,000 transactions per second.

Paypal, in contrast, handled around 10 millions transactions per day or 115 transactions per second according to data from late 2014.

If we set the benchmark for cryptocurrencies at 4,000 transactions per second, where do we stand as of right now? And what kind of speed will Bitcoin or any other cryptocurrency need to handle even 10 percent of the economic transactions done worldwide?

Today, the Bitcoin network is restricted to a sustain rate of around 7 transactions per second or a little over 600,000 transactions per day. To put this in perspective, Bitcoin could only handle roughly 5 percent of the transactions that Paypal handles everyday!

And what about Altcoins? Is Bitcoin Cash much better at this?

When the fork happened on August 1, 2017, Bitcoin Cash was unleashed and touted as a huge improvement over the current Bitcoin algorithm. As for the transactions per second, Bitcoin Cash is capable of handling around 60 transactions per second. This is a huge improvement but we found one coin that can handle more than 20 times the transactions per second of Bitcoin!

Transactions per second chart, Bitcoin vs. Denarius.

A coin called Denarius [DNR] has been under the radar lately. According to their website and whitepaper, Denarius uses a new “proof of work” algorithm called Tribus – a combination of 3 popular NIST5 algorithms that were created to resist the ability to be calculated by an ASIC (application specific integrated circuit). It also features super fast transactions with a 30 second block times!

The Tribus algorithm helps create an environment where GPU miners can prevail and easily see profitability. This differs from most mining hashes, including Bitcoin, where the prevalence of ASICs has lead to a situation where only those significantly invested in hardware are able to gain any kind of reasonable reward for mining.

So how fast is Denarius? Denarius is able to handle about 147 transactions per second! Over 20 times faster than Bitcoin and twice as fast as Bitcoin Cash. Denarius sets the standard higher for transaction speeds on a blockchain. You can find more information about Denarius at https://denarius.io

Disclaimer: This is a sponsored press release and does not necessarily reflect the opinions of any The Merkle employees. This is not investment or trading advice, always do your own independent research.

Buoyant bitcoin stirs crypto-bubble fears – Reuters


Reuters

Buoyant bitcoin stirs crypto-bubble fears
Reuters
LONDON (Reuters) – Bitcoin and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of
Fun Coincidence: Bitcoin Hits $3136 Per Token on Its 3136th Day of ExistenceCoinTelegraph
This Is What Goldman Sachs Is Telling Big Money Clients About BitcoinFortune
Bitcoin explained and why hackers use itNew York Daily News
MarketWatch –Futurism –Houston Chronicle
all 45 news articles »

Reuters

Buoyant bitcoin stirs crypto-bubble fears
Reuters
LONDON (Reuters) - Bitcoin and other "cryptocurrencies" are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of ...
Fun Coincidence: Bitcoin Hits $3136 Per Token on Its 3136th Day of ExistenceCoinTelegraph
This Is What Goldman Sachs Is Telling Big Money Clients About BitcoinFortune
Bitcoin explained and why hackers use itNew York Daily News
MarketWatch -Futurism -Houston Chronicle
all 45 news articles »

Ethereum Price Technical Analysis – ETH/USD False Downside Break?

Key Highlights ETH price corrected lower after trading as high as $313.62 against the US Dollar. There was a false break noted below a bullish trend line with support at $290 on the hourly chart of ETH/USD (data feed via SimpleFX). There pair is back above the bullish trend line, but struggling to move above … Continue reading Ethereum Price Technical Analysis – ETH/USD False Downside Break?

The post Ethereum Price Technical Analysis – ETH/USD False Downside Break? appeared first on NEWSBTC.

Key Highlights ETH price corrected lower after trading as high as $313.62 against the US Dollar. There was a false break noted below a bullish trend line with support at $290 on the hourly chart of ETH/USD (data feed via SimpleFX). There pair is back above the bullish trend line, but struggling to move above … Continue reading Ethereum Price Technical Analysis – ETH/USD False Downside Break?

The post Ethereum Price Technical Analysis – ETH/USD False Downside Break? appeared first on NEWSBTC.

Fun Coincidence: Bitcoin Hits $3136 Per Token on Its 3136th Day of Existence – CoinTelegraph

CoinTelegraphFun Coincidence: Bitcoin Hits $3136 Per Token on Its 3136th Day of ExistenceCoinTelegraphDigging deeper, this coincidence shows how Bitcoin performed solidly over the years as compared to other cryptocurrencies. Based on careful examinatio…


CoinTelegraph

Fun Coincidence: Bitcoin Hits $3136 Per Token on Its 3136th Day of Existence
CoinTelegraph
Digging deeper, this coincidence shows how Bitcoin performed solidly over the years as compared to other cryptocurrencies. Based on careful examination, there are very few virtual currencies that are in existence today that can match or surpass Bitcoin ...
Belfrics Begins Roll-out of African Bitcoin Exchanges in KenyaBitcoin News (press release)

all 4 news articles »

Bitcoin Cash Price Technical Analysis – BCH/USD Extends Decline

Key Points Bitcoin cash price failed to move above the $360 level against the US Dollar and moved down. There is a new connecting bearish trend line with resistance near $320 forming on the hourly chart of BCH/USD (data feed from Kraken). The price might extend the decline and could even trade towards the $275 … Continue reading Bitcoin Cash Price Technical Analysis – BCH/USD Extends Decline

The post Bitcoin Cash Price Technical Analysis – BCH/USD Extends Decline appeared first on NEWSBTC.

Key Points Bitcoin cash price failed to move above the $360 level against the US Dollar and moved down. There is a new connecting bearish trend line with resistance near $320 forming on the hourly chart of BCH/USD (data feed from Kraken). The price might extend the decline and could even trade towards the $275 … Continue reading Bitcoin Cash Price Technical Analysis – BCH/USD Extends Decline

The post Bitcoin Cash Price Technical Analysis – BCH/USD Extends Decline appeared first on NEWSBTC.

Bitcoin Price Technical Analysis for 08/10/2017 – Short-Term Selloff Brewing?

Bitcoin price is in the middle of forming a head and shoulders pattern on its short-term chart if bulls have trouble sustaining the climb.

The post Bitcoin Price Technical Analysis for 08/10/2017 – Short-Term Selloff Brewing? appeared first on NEWSBTC.

Bitcoin price is in the middle of forming a head and shoulders pattern on its short-term chart if bulls have trouble sustaining the climb.

The post Bitcoin Price Technical Analysis for 08/10/2017 – Short-Term Selloff Brewing? appeared first on NEWSBTC.

Bitcoin Price Holding Steady at $3300, Debating it’s Next Move

bitcoin price up or downAfter reaching an all time high of $3490 on Tuesday, the Bitcoin market has been testing support at $3300 as many traders decided to take profits and exit their position. There have been quite a few sensationalist articles in the media claiming Bitcoin price will reach $5000, and even $10,000. It is unlikely that Bitcoin’s price will double or triple in value in the next year, but will the bullish momentum continue in the next coming days? Because Bitcoin’s price is in uncharted territory, technical indicators are quite unreliable when analyzing the market. However, given the data we have so

bitcoin price up or down

After reaching an all time high of $3490 on Tuesday, the Bitcoin market has been testing support at $3300 as many traders decided to take profits and exit their position. There have been quite a few sensationalist articles in the media claiming Bitcoin price will reach $5000, and even $10,000. It is unlikely that Bitcoin’s price will double or triple in value in the next year, but will the bullish momentum continue in the next coming days?

Because Bitcoin’s price is in uncharted territory, technical indicators are quite unreliable when analyzing the market. However, given the data we have so far, one interesting indicator to notice is the formation of a nasty head and shoulders pattern. Unfortunately, an H&S pattern signals a bullish to bearish trend reversal. Taking a look at MutexLock‘s chart on Tradingview we can see that pattern highlighted:

tradingview chart

The good news is, the increasing amount of volume could be enough to keep the price above the support line. Furthermore, with the RSI hovering under 30%, it is a sign that BTC is undervalued and has potential for further price increases. Because of the constant volatility and ATH territory, one’s price prediction theories really depend on which indicators one values more.

An interesting event which could have created more negative pressure in the market is BTC-E’s most recent announcement about the state of their users’ funds. Apparently, even after the seizure of the exchange, BTC-E still has control of roughly 55% of users’ funds. The exchange goes to claim that users with funds on the exchange will incur a socialized loss of 45% and will be able to withdraw their funds after passing new KYC / AML verification. The BTC-E team pledged that withdrawals will be setup by the end of August.

This announcement created sell pressure on the market as traders realized that when the exchange finally allows users to withdraw their Bitcoins, those coins will end up on the market. In response, some traders decided to take profits while the price is high and will most likely wait until September to buy back in.

To finish off on a good note, taking a look on Google Trends we can see Bitcoin’s popularity is on track to hit a new all time high. Google trends has always been a reliable indicator in predicting when more newbies get into Bitcoin, when interest in a cryptocurrency rises so does its price.

google trends bitcoin

With the upcoming activation of SegWit and the successful completion of the Bitcoin Cash fork, something new is happening in the world of Bitcoin every day. This quick movie-like progression of Bitcoin is what attracts enthusiasts and investors alike. As more and more mainstream media report about the various events, more interest builds in the cryptocurrency. On second thought, maybe Bitcoin’s price can double in the next year, what do you think?

Buy Bitcoins in Europe With Bitmoney.eu

bitmoney.euWant to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers the hassle of waiting for their bitcoins to be deposited into their wallets. Don’t have a bitcoin wallet yet? Not a problem. Bitmoney.eu also creates a wallet automatically for customers who do not already have one. Bitmoney.eu believes that anyone and everyone should be able to acquire bitcoin. Bitcoin guarantees that your money will not disappear, ever. It is incredibly safe and secure to hold as private money, as well as making transactions.

bitmoney.eu

Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu.

Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers the hassle of waiting for their bitcoins to be deposited into their wallets. Don’t have a bitcoin wallet yet? Not a problem. Bitmoney.eu also creates a wallet automatically for customers who do not already have one.

Bitmoney.eu believes that anyone and everyone should be able to acquire bitcoin. Bitcoin guarantees that your money will not disappear, ever. It is incredibly safe and secure to hold as private money, as well as making transactions. Owning bitcoin is as good as gold, only in digital format.

Since the relaunch of their site, it is now possible to buy bitcoins all around Europe using some of your favorite online payment methods, including iDeal, MisterCash/Bancontact, Sofort, and GiroPay, fast.

Along with the four methods listed above, Bitmoney.eu has also teamed up with ecoPayz as another online payment method. ecoPayz is a popular payment system for making secure and fast purchases on the Web. ecoPayz customers can now buy bitcoin with their ecoPayz wallet (ecoAccount) or prepaid ecoCard.

Additionally, Bitmoney.eu is looking to feature even more diverse payment options on their site in the future. Keep an eye out for when Bitmoney.eu adds Visa/MasterCard options as well as other common payment methods like Neteller, AMEX, and AstroPay.

Visit their website at Bitmoney.eu to become part of this evolution of money by buying Bitcoin today!

Disclaimer: This is a sponsored press release and does not necessarily reflect the opinions of any The Merkle employees. This is not investment or trading advice, always do your own independent research.

Bitcoin retreats from all-time high even as Fidelity debuts digital-currency tracking – MarketWatch

MarketWatchBitcoin retreats from all-time high even as Fidelity debuts digital-currency trackingMarketWatchBitcoin saw a modest pullback from its recent record run on Wednesday, but the cryptocurrency enjoyed some upbeat news on the session, with Fidel…


MarketWatch

Bitcoin retreats from all-time high even as Fidelity debuts digital-currency tracking
MarketWatch
Bitcoin saw a modest pullback from its recent record run on Wednesday, but the cryptocurrency enjoyed some upbeat news on the session, with Fidelity Investments announcing that it would start tracking the digital unit for its clients. A single bitcoin ...
Bitcoin Just Surged to Yet Another All-Time HighFortune
Fidelity allows clients to see digital currencies on its websiteCNBC
Fidelity Brings Bitcoin Tracking to Traditional Investor PortfoliosCoinDesk
Investor's Business Daily -TheStreet.com -Benzinga
all 25 news articles »

Goldman Sachs: ‘Real Dollars At Work’ in Cryptocurrency Markets

Analysts at Goldman Sachs are advising clients to stay abreast of developments in the cryptocurrency sector – even if they don’t plan on investing.

Analysts at Goldman Sachs are advising clients to stay abreast of developments in the cryptocurrency sector – even if they don’t plan on investing.

Ether Price Analysis: All Signs Point Onward and Upward

Ether Price Analysis

In case you hadn’t noticed, ETH-USD markets have been on a very strong bull run for the past week. In a matter of five days, ETH-USD managed to increase by $100 — nearly a 50 percent market value increase — with very little pullback or consolidation. After ETH-USD’s multi-week-long bear run from $420 to the $130s, ETH spent over a month consolidating and forming a very solid support level before ultimately launching into its most recent bull run. Let’s take a look at some support and resistance levels, and see where ETH is likely heading in the next few days.

Looking at the macro view of this trend, we can see significant levels of support and resistance that have proven time and time again to be especially relevant throughout the life of the market:

Figure_1 (4).JPGFigure 1: ETH-USD, 12-hr Candles, Bitfinex, Macro Trend

After consolidating between the 50 percent and 61 percent retracement values, ETH-USD managed to gather enough of a foundation to break out and climb in a very strong bull run. The trend was so strong, in fact, that throughout the run, it traced the upper Bollinger Bands for several days.

Zooming in a little closer to our current candles within this trend, we can see a couple signs of slight market exhaustion that could lead to some minor pullback or possible consolidation:

Figure_2 (4).JPG
Figure 2: ETH-USD, 12-hr Candles, Bitfinex, Closer View of Current Trend

Although not a guarantee of market trend reversal, the doji candle is a sign of market uncertainty as the bearish and bullish traders attempt to gain dominance over the market. Essentially, dojis represent an opportunity for market reversal as the price movement becomes stalemated between buyers and sellers. Whether the market will actually reverse requires the confirmation of the next candle in the market. Currently, we are forming the confirmation candle to decide if we will actually reverse the 12-hour candle trend.

Zooming in even further, we can see very clear support and resistance lines not only on the macro Fibonacci Retracements shown above, but also on the Fibonacci Retracements for the current bullish breakout:

Figure_3 (5).JPGFigure 3: ETH-USD, 1-hr Candles, Bitfinex, View of Current Breakout

This breakout has managed to find support along all the major Fib lines. Currently, there is strong support between $275 (the macro 38 percent line) and $268 (the micro 50 percent line). Should a further retracement occur in this market, I would highly expect it to be short-lived and most likely rally off the 50 percent micro Fib line, ultimately making new ETH-USD highs in this bullish market. Currently, there are two things in this market that are catching my eye:

  1. During highly bullish markets, it is really common to retrace to the 38 percent line and bounce to a continuation of the bullish trend. Currently, we are in the process of bouncing off the 38 percent bullish trendline.

  2. If we zoom in to the 15-minute candles, we see a potential ascending wedge forming — a bearish continuation pattern.

Figure_4 (1).JPGFigure 4: ETH-USD, 15-min Candles, Bitfinex, Ascending Wedge

If this ascending wedge breaks to the bottom with high volume, we can expect a price target of approximately the 50 percent retracement line — the $270s. A retracement to the 50 percent values would be a very healthy event and would most likely see a pretty substantial bounce and subsequent rally leading to new highs. To further support the thesis of an ascending wedge, we can see clear MACD divergence paired with decreasing volume as the price continues to climb.

Overall, our current ETH-USD seems to be strongly bullish and doesn’t appear to show any signs of macro bullish momentum loss. Right now, it is doing healthy retracements that commonly lead to trend continuations. If you’re investing in ether, this is exactly what you want to see in a healthy bull market.

Summary:

  1. ETH-USD is showing healthy signs of bullish continuation for this rally.

  2. Although there may be some retracement along the way, overall ETH-USD looks on track to continue the bull market.

  3. Keep an eye out in the immediate future for a break to the bottom of the ascending wedge — a possible test of the 50 percent values (the $270 range) may be possible before continuing onward and upward!

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 Ether Price Analysis: All Signs Point Onward and Upward appeared first on Bitcoin Magazine.

Ether Price Analysis

In case you hadn’t noticed, ETH-USD markets have been on a very strong bull run for the past week. In a matter of five days, ETH-USD managed to increase by $100 — nearly a 50 percent market value increase — with very little pullback or consolidation. After ETH-USD’s multi-week-long bear run from $420 to the $130s, ETH spent over a month consolidating and forming a very solid support level before ultimately launching into its most recent bull run. Let’s take a look at some support and resistance levels, and see where ETH is likely heading in the next few days.

Looking at the macro view of this trend, we can see significant levels of support and resistance that have proven time and time again to be especially relevant throughout the life of the market:

Figure_1 (4).JPGFigure 1: ETH-USD, 12-hr Candles, Bitfinex, Macro Trend

After consolidating between the 50 percent and 61 percent retracement values, ETH-USD managed to gather enough of a foundation to break out and climb in a very strong bull run. The trend was so strong, in fact, that throughout the run, it traced the upper Bollinger Bands for several days.

Zooming in a little closer to our current candles within this trend, we can see a couple signs of slight market exhaustion that could lead to some minor pullback or possible consolidation:

Figure_2 (4).JPG
Figure 2: ETH-USD, 12-hr Candles, Bitfinex, Closer View of Current Trend

Although not a guarantee of market trend reversal, the doji candle is a sign of market uncertainty as the bearish and bullish traders attempt to gain dominance over the market. Essentially, dojis represent an opportunity for market reversal as the price movement becomes stalemated between buyers and sellers. Whether the market will actually reverse requires the confirmation of the next candle in the market. Currently, we are forming the confirmation candle to decide if we will actually reverse the 12-hour candle trend.

Zooming in even further, we can see very clear support and resistance lines not only on the macro Fibonacci Retracements shown above, but also on the Fibonacci Retracements for the current bullish breakout:

Figure_3 (5).JPGFigure 3: ETH-USD, 1-hr Candles, Bitfinex, View of Current Breakout

This breakout has managed to find support along all the major Fib lines. Currently, there is strong support between $275 (the macro 38 percent line) and $268 (the micro 50 percent line). Should a further retracement occur in this market, I would highly expect it to be short-lived and most likely rally off the 50 percent micro Fib line, ultimately making new ETH-USD highs in this bullish market. Currently, there are two things in this market that are catching my eye:

  1. During highly bullish markets, it is really common to retrace to the 38 percent line and bounce to a continuation of the bullish trend. Currently, we are in the process of bouncing off the 38 percent bullish trendline.

  2. If we zoom in to the 15-minute candles, we see a potential ascending wedge forming — a bearish continuation pattern.

Figure_4 (1).JPGFigure 4: ETH-USD, 15-min Candles, Bitfinex, Ascending Wedge

If this ascending wedge breaks to the bottom with high volume, we can expect a price target of approximately the 50 percent retracement line — the $270s. A retracement to the 50 percent values would be a very healthy event and would most likely see a pretty substantial bounce and subsequent rally leading to new highs. To further support the thesis of an ascending wedge, we can see clear MACD divergence paired with decreasing volume as the price continues to climb.

Overall, our current ETH-USD seems to be strongly bullish and doesn’t appear to show any signs of macro bullish momentum loss. Right now, it is doing healthy retracements that commonly lead to trend continuations. If you’re investing in ether, this is exactly what you want to see in a healthy bull market.

Summary:

  1. ETH-USD is showing healthy signs of bullish continuation for this rally.

  2. Although there may be some retracement along the way, overall ETH-USD looks on track to continue the bull market.

  3. Keep an eye out in the immediate future for a break to the bottom of the ascending wedge — a possible test of the 50 percent values (the $270 range) may be possible before continuing onward and upward!

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 Ether Price Analysis: All Signs Point Onward and Upward appeared first on Bitcoin Magazine.

Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream Adoption – CoinTelegraph


CoinTelegraph

Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream Adoption
CoinTelegraph
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset bubbles. There is evidence for both points-of-view, as some indicators point


CoinTelegraph

Bitcoin's Present Bubble Might Actually be the Beginning of Mainstream Adoption
CoinTelegraph
Bitcoin's enthusiasts are torn between whether to celebrate Bitcoin's arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset bubbles. There is evidence for both points-of-view, as some indicators point ...