Day: October 15, 2017

It is evident a lot of new cryptocurrency-related funding projects are coming to market as we speak. While not all of these ventures will work out in the end, they show there is plenty of room for exploration of new ideas. For its part, Vega aims to become a decentralized system to manage capital. The main focus is on the Ethereum blockchain, of course, as that seems to be the go-to solution for financial projects of this magnitude.

A Public Capital Allocator for Ethereum?

No one can deny there are a lot of innovative projects in the world of blockchain and cryptocurrency. Most of these ideas direly need funding, yet it can be rather difficult to obtain that capital. Not everyone wants to host their own ICO either, even though it seems that has become the go-to method for raising capital in 2017. Decentralizing the concept of managing capital is not easy, but there are efforts currently underway to change that.

The big question is whether or not any of these concepts can be successful in this regard. Answering that question is anything but easy right now. Most of the projects focusing on providing “public capital” services will first issue its own ICO token, rather than come up with a working product first and foremost. Vega is not all that different, even though it has a GitHub repo and a few demo videos on YouTube to show how they aim to handle things. It is an ambitious plan, to be sure.

According to a Reddit post, the team aims to become a distributed general partnership capable of managing outside capital. That is quite the mouthful of big words strung together, and it doesn’t necessarily mean they will be successful in their venture, to say the least. There will be some form of a decision-making engine based on meritocracy and track record. It is interesting to see them forgo the option of using the wisdom of the crowd, although that decision was seemingly made deliberately.

Under the hood, the project aims to use a blockchain to ensure the incentive system is not gamed. Anything that wishes to take itself seriously while focusing on decentralization will need a blockchain that is public, rather than a private solution.  Vega is certainly on track with its decision to utilize Ethereum. Unfortunately, there is a second reason as to why this blockchain was chosen, considering they aim to issue their own digital token which represents equity and control of the network itself. Just about every blockchain project in the financial sector wants to create a new token rather than use existing cryptocurrencies, and that trend will not stop anytime soon.

A lot of people will immediately draw similarities between Vega and The DAO. As we all know, the latter project eventually failed miserably, mainly due to its code getting hacked several times in a row. While a portion of those funds were eventually recouped, it highlighted the insecure aspect of The DAO’s smart contracts and business structure. Whether or not this new project will fare any better in this regard remains to be seen.

In the end, it is commendable to see a fully decentralized venture in the world of capital management. Vega’s decision to use Ethereum also makes sense, although it is not necessarily because their blockchain solution is better. The issuance of yet another token will not necessarily instill confidence right away, as there simply are too many projects with ICOs already. Despite all of that, Vega may yet succeed in the end. It will all depend on whether or not it can succeed where The DAO failed. For now, that question remains unanswered.

We have seen some pretty bullish Bitcoin price action over the past few days. However, when the momentum turns against the world’s leading cryptocurrency, all markets will suffer. Right now, the Bitcoin price is heading back toward US$5,500 all of a sudden. There is no clear reason for this sudden reversal, and it remains to be seen how long it will take before the Bitcoin price returns to its previous levels.

Bitcoin Price Downtrend Isn’t Worrisome yet

As was somewhat expected, the weekend brings us a negative Bitcoin price trend. Although things looked pretty decent yesterday, we have seen signs of a small correction starting to become visible as early as Friday afternoon. Given the recent bull run all the way up to nearly US$6,000 over these past few days, it was only a matter of time until things would retrace at some point.

One has to admit a brief Bitcoin price correction doesn’t have to be a bad thing. The most recent correction kept the price below US$4,500 for a while, yet eventually allowed the price to break the US$5,500 resistance in short order. The current retracement is pushing the Bitcoin price down toward US$5,500, which is a necessity before we can attempt a run at US$6,000 once again.

Although this current price dip comes out of the blue, it is only normal would see such a shift. The weekend is often pretty boring or troublesome for cryptocurrency trading. This weekend has been no different in this regard, at least where the Bitcoin price is concerned. It is nothing to be even remotely concerned about, mind you, as manipulation and speculation are slightly more lucrative ventures over the weekend. If the price were to drop to US$5,000 or lower, one should get slightly concerned, though.

One thing to keep in mind is how Bitcoin is still noting a nice trading volume. Compared to previous Sundays, the 24-hour volume is almost twice as high. With US$1.89 billion worth of cryptocurrency changing hands across all global centralized markets, there is no reason to think the demand for Bitcoin will dwindle in the near future. In fact, it seems more likely we would see a nice bounce in the next few days.

Not a day goes by without Bitfinex leading all Bitcoin exchanges in terms of trading volume. The platform is still well ahead of Bithumb and bitFlyer, although it seems the gap is shrinking a bit. Bithumb still values one BTC at nearly US$5,570 right now, though, which seems to confirm this is only a small dip to be bought up. Once again, it’s nothing to worry about in the slightest, as we will not necessarily see dirt cheap bitcoins anytime soon.

All of this goes to show cryptocurrency markets remain volatile at every turn. There is a lot of speculation and manipulation taking place on a regular basis, and Bitcoin is no exception in this regard. Things will look very different when we head into next week, but it remains to be seen if the Bitcoin price will go up again at that time or move even lower. These are exciting times for the cryptocurrency community, though; that much is certain.

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On October 14 a new bitcoin cash exchange was launched called, Localbitcoincash.org, a platform that enables people to trade the decentralized currency in a peer-to-peer fashion.

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Localbitcoincash.org Launches Beta Platform

This week the beta version of Localbitcoincash.org (LBC) was released after bitcoin cash (BCH) fans were teased with screenshots of the platform two weeks ago. The developer of the site states that the platform is in its very early stages and the team plans to improve the marketplace over time. Further, the LBC developer says he tried to contact the team from Localbitcoins so they could offer assistance with forking the code but received no reply. “We have decided to take matters into our own hands,” explains the LBC developer.

“We aim to keep transactions free, including escrows and bank transfers, to encourage more people to use Bitcoin Cash,” explains the LBC website announcement. “However, currently all expenses came from the founder’s savings so to ensure the site sustainability, we will be charging optional fees.”

As long as we can pay the bills, we are happy. We are determined as hell to make bitcoin cash become a household name.

A Good Thing About Bitcoin Cash is That Transaction Fees Are Less Than a Penny

Additionally, deposits and withdrawals are free as well except for the network transaction (tx) fee. However, the LBC developer says tx fees on the Bitcoin Cash network are typically “less than a penny, depending on your transaction size.” The site offers escrow options for trades, bank transfers and local meetups for bitcoin cash exchanges. Currently, a majority of the individuals with trades listed on the platform are choosing the meetup option.

“Please do not deposit anything if you are uncomfortable doing so — Use the meetup option to trade with other users off-site,” details the LBC developer emphasizing the platform is still in beta.

A New Subreddit and Ambitious Plans for Bitcoin Cash

For support, the website has a contact email, a phone number and the development team has also created a subreddit as well; called /r/localbitcoincash. The team will be helping people with issues and support through the subreddit regularly, explains LBC.

Further, the website gives step-by-step instructions for trading BCH with escrow, and methods of meeting up locally as well. The website also has a price index covering a variety of the top cryptocurrencies, so users don’t need to go to a separate website to find various prices. A trader reputation will be added to the LBC platform in roughly a month, the developer details on Reddit. Moreover, the LBC administrator says they have big plans for the peer-to-peer website stating:         

It has been a wild ride for bitcoin cash owners as the price swings between a low of $200 to a high of $1000 in the two months since bitcoin cash was born. As a founder, I would like to share that we have extremely ambitious plans for bitcoin cash over the next 12 months.

What do you think about the new Localbitcoincash.org platform? Let us know your thoughts in the comments below.

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Images via Shutterstock, and Localbitcoincash.org. 

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