Day: November 13, 2017

Bitcoin Price Key Highlights

• Bitcoin price recently broke below a short-term ascending trend line and is pulling up for a retest.
• This broken support lines up with the 50% Fibonacci retracement level and could hold as resistance.
• If so, bitcoin price could resume its slide to the longer-term ascending trend line around $5000.

Bitcoin price has bounced off a near-term area of interest but the broken short-term trend line is holding as a ceiling at the moment.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame, so the path of least resistance is to the upside. However, the 100 SMA also appears to be holding as dynamic resistance around the 50% Fib and the broken trend line support.

If this continues to keep gains in check, bitcoin price could resume its slide to the swing low at $5500 or until the longer-term rising trend line support around $4800-5200.

RSI is moving higher and has plenty of room to climb, indicating that bullish pressure could stay in play for a while. In that case, bitcoin price could move back above the short-term trend line and revisit the record highs.

However, stochastic is already hitting overbought levels and looks ready to turn lower to reflect a pickup in selling pressure. A move back below the 200 SMA or $6000 area of interest could confirm that bearish momentum is setting in.

Market Factors

Traders seem to have taken the chance to buy bitcoin at cheaper levels after the selloff that ensued on the hard fork suspension. The dollar is still being pushed around by tax reform updates, and the outcome of the House vote on their version of the bill could set the tone for its movement for the next few days.

Apart from that, US CPI and retail sales are due later in the week, with today’s PPI numbers likely providing a preview. As for bitcoin itself, rival version bitcoin gold is already live and might pose stiff competition for the original one, although some have remarked that the launch has been a bumpy one.

The post Bitcoin Price Technical Analysis for 11/14/2017 – Short-Term Downtrend, Long-Term Uptrend appeared first on NEWSBTC.

New patent filings from Mastercard show how the credit card giant is looking at blockchain as a possible means for easing payment settlement times.

Who was on which side? This is where the original 58 companies stood regarding the NYA when SegWit2x was canceled.

Craig Wright, the man who famously claimed to be Satoshi Nakamoto, is back in the news again. This time he’s weighed into the bitcoin scaling debate, which is becoming increasingly politicized. In a post entitled “Scaling Bitcoin and what some will do to stop this”, he refutes sceptics who believe that bitcoin can’t scale to handle 20,000 transactions a second.

Also read: Satoshi Nakamoto’s Confidant Gavin Andresen Throws Support Behind Bitcoin Cash

Wright or Wrong?

Nchain is the name of Wright’s company, who bill themselves as “a global leader in research and development of blockchain technologies”. A week ago, Wright published a white paper examining the feasibility of the blockchain being used as a global payment system. In it, he explored speed and scalability, issues which have become pet obsessions of Wright’s.

In a follow-up post published today, Wright hit back at critics who’d found flaws in his research, which he attributed to the fact that “many academics seem to hate Bitcoin”. He wrote:

What we are finding is that there is a lot of pessimism and open condemnation of the idea that Bitcoin can scale.

The Bigger Giga Blocker

Forget 1MB, 2MB, or 8MB block sizes – if Wright has his way, block sizes in the future will be measured in gigabytes. His team have reportedly scaled and tested 340GB blocks. If such a system were ever to implemented on a live network, however, one of the conditions would be the removal of small nodes. Wright claims: “Bitcoin is and was never a home user system, it was designed to end on specialised nodes in datacentres.”

Satoshi Nakamoto did leave writings clearly detailing his vision of a future with specialized hardware;

”At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware.” – Satoshi Nakamoto, on the The Cryptography Mailing List, 2008.

Anyone who claims to know what bitcoin was “meant to be” – especially a figure as polarizing as Craig Wright – is treading dangerously. Scaling and centralization are two issues that are intertwined, and if big blockers such as Wright have their way, the price to pay for a scalable money transfer system is offloading nodes to huge datacenters. In typically combative fashion, he writes “like it or not, we are going to scale Bitcoin further than any group opposing scaling wants to see and then some”.

Just What the Doctor Ordered

Scaling bitcoin is a topic close to the heart of Dr Craig S Wright, and he’s made no bones about his support for Bitcoin Cash. While other high profile proponents including Jihan Wu have urged civility between the two bitcoin chains, Wright hasn’t minced his words, stating: “I really have no interest in BTC. It is not a payment system and it is politically limited and broken (segwit). BTC can sink or swim all on its own”.

If Wright sincerely believes big blocks to be the best solution for scaling bitcoin then his support for bitcoin cash makes sense.

Do you think Craig Wright’s bitcoin scaling solution has merit? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Craig Wright Pushes For 1GB Blocks to Attain Visa-Level Bitcoin Scaling appeared first on Bitcoin News.

Some financial technology sectors see the potential in cryptocurrencies and offer a few of the major ones as investment options. The company, Naga Group, is genuinely excited about what the blockchain offers. As a fully functioning and publicly traded organization, they anticipate a trading world without commissions. This makes the Naga Group the first ICO participant that has had an IPO.

Disclosure: This is a Sponsored Article

The Naga Group has an advantage, it is an already publicly traded fintech company founded in Hamburg, Germany. Founded in October 2015, Naga Group is a fintech company that produces companies that embrace technological changes in financial markets. One of their products, SwipeStock allows traders to trade stocks on a social network. It is often called the “Social Network” or the “Facebook” of trading. SwipeStox won an innovation award at FINOVATE in London 2016 for its ability to allow anyone to invest in financial instruments, such as market indices, forex, and CFDs.

Another Naga Group product, Switex, is an exchange for items from video games powered by the Blockchain. Individuals will be able to sell items they earned in approved video games for currency. Publishers will also have a space where they may sell virtual goods.

With their Token Sale, the Naga Development Association Ltd. has partnered with the Naga Group to introduce NGC (Naga Coin) and Naga Wallet. The Naga Wallet will store NGC which will allow you to purchase assets listed on SwipeStox and Switex.

The Naga Group has an advantage in the app SwipeStox, as it already has three to four billion dollars in trading volume every month on its platform. The Naga Group also has investments from the financial community. One of the oldest banks in Europe, Hauck & Aufhaeuser, invested in Naga Group in 2016.

As a fully established company with growth of 400% since its IPO on the Frankfurt Stock Exchange (FSE), Naga Group represents stability in the world of ICOs. It also already has a list of financial licenses from BaFin and CySEC. And all of its operations is built on top of a sound legal set up.

Now, with a market cap of 200 million euros, Naga Group is looking to change the way we bank and provide banking technology to the unbanked. By essentially democratizing the way we trade stocks with NGC, Naga Group wants to provide equitable financial tools to those who may not have access to them before. And although a small commission will be implemented at the start, Naga group plans to eliminate commissions by Q2 of 2019.

Naga Development Association Ltd., in partnership with the Naga Group, will release 220 million NGC to the public in their main sale on December 1st. 20 million NGC will be made available in the pre sale on November 15th. There will be certain advantages in each sale.

In the pre sale, there will be a 30% bonus NGC. There will also be a referral program that rewards 5% of any purchase over 10 NGC by the referred user to the referrer. The pre sale that is capped by 20 million will end November 31st. And the main sale capped at 200 million will end December 15th.

Every nation may participate in the Token Sale except US, China, and states embargoed or sanctioned by U.S.

Visit NAGA’s Website and join their Telegram to track all the latest updates.

Of course ICOs are securities! The landscape is changing and becoming more professionalized, but landmines still exist.

Bitcoin cash appears to be successfully navigating a planned hard fork. At press time, the majority of the network nodes (roughly 82 percent) have transitioned to new software that includes rules aimed at making the protocol’s reward distribution more attractive to the miners that secure its blockchain. Executed at roughly 21:00 UTC, the new version […]

A small mining rig manufacturer in Singapore has reported a huge surge in sales in recent months. Dexter Ng of Mining.sg estimates that the company has gone from selling around 15 rigs each month in July to now selling over 100. He told Channel News Asia:

Customers come in and order 50 rigs on their own. Compared to last time, probably one person only buys one or two. Now we get customers who buy 10, 20 or even 50.

In a few short months the company has expanded from a couple of friends selling specialised graphics processing units online to a fully-equipped office space in Geyland Lorong, Singapore. There, they have facilities in which to build up to 45 rigs at once. Each one can sell for between S$5,500 and S$6,500. In USD, that’s $3,670 to $4,770. Ng went on to talk about his company’s early days:

“We posted photos online, on Facebook, and people started asking how much is this and they wanted buy it off… So I sold it to people who queried on Facebook, and after a while, we started selling many on Facebook, so we decided to incorporate this company.”

The explosive growth of many different cryptocurrencies in 2017 is driving the interest in mining hardware both in Singapore and elsewhere. The price of a single Bitcoin is currently up around 6.5x in this year alone. During the last eleven months, one BTC has gone from costing around $1,000 to between $6,000 and $7,000 at the time of writing. This has encouraged many to turn to mining as a way of generating a passive income and getting involved in the space.

Likewise, the soaring market cap of the entire industry has caused a huge uptake of interest in crypto exchanges. Singapore’s Coinhako reported that the numbers of users on their books had doubled since the start of the year.

Meanwhile, the Singapore regulators are reluctant to approach the space with too heavy a hand. The Monetary Authority of Singapore told Bloomberg in October that there were no plans to regulate cryptocurrencies at present. However, they did confirm that were monitoring the space for risk.

Image: ShutterStock

The post Singapore Mining Rig Manufacturer Reports Massive Surge in Sales appeared first on NEWSBTC.

Bitcoin Cash to the moon? What about the other currencies?