Month: December 2017

Mohammed A. El-Erian and Roger McNamee are in agreement: as we enter the new year, the Bitcoin market is at a critical point in its development. In separate articles, both financial experts expressed their beliefs that, following a meteoric rise in 2017, the near future will define how history views Bitcoin in hindsight.

Time for a New Paradigm?

“[In] the waning days of 2017,” Mohammed A. El-Erian writes in an op-ed for Bloomberg, Bitcoin’s “market is at a crucial juncture.” A chief economic adviser at Allianz, El-Erian argues that “the market finds itself at an important juncture – perhaps even a defining one.” In light of the recent holiday dip, he believes that “this sharp price correction will act as a catalyst for expanding what, until now, has been quite limited institutional involvement in this market – or it will become a stage in the deflation of a remarkable and historic asset bubble.”

Recently, Bitcoin has gone into a free fall from its all-time high of US$20,000 reached on December 17.  For new investors in the cryptosphere, this correction was likely a harsh first lesson in an unconventional, extremely volatile market. For market veterans, it was just another day at the office – another hard-to-stomach correction after a butterfly-inducing bull market ride to new all-time highs.

As El-Erian points out, Bitcoin rode the crests and troughs of this rollercoaster market with the help of a dedicated, relatively small investor base.

Long positions in Bitcoin – “that is, those who bought bitcoins outright, either as an investment or as a trade – are dominated by individual (‘retail’) investors,” he writes. “Meanwhile, large institutional investors (such as traditional mutual funds, Wall Street banks and established hedge funds) have generally remained on the sidelines, even though their involvement is key to bitcoin’s sustainability.”  

Further, in the wake of Bitcoin’s Christmas correction, “the most important question facing it is whether the recent price correction will prove to be what market participants refer to as ‘healthy,’” according to El-Erian. Given the size of the market’s investor base relative to its 2017 growth, he argues that a healthy correction would be “one that serves to shake out excessive irrational exuberance, provides for the entry of institutional investors, encourages the development of market-deepening products, and widens and balances out the investor base and the product offering.”

In a separate CNBC interview, Elevation Partners cofounder Roger McNamee echoed El-Erian’s observation that Bitcoin has so far subsisted on marginal investment capital.

It’s “still a very small market in the context of the larger financial world, but it has had a huge year. We’ve done it around a speculative mania,” McNamee stated in the interview. He also believes that, if this mania continues, Bitcoin may become “self-fulfilling” and emerge from a potential crash as “a legitimate industry.”

“With the amount of activity going on around it, there are people willing to invest the kind of dollars it takes to make a thing like bitcoin into a long-term part of the financial market.”

McNamee holds that, as an asset, Bitcoin is still too young for anyone to make a judgment on how it will mature in the financial sector over the years to come. He does believe that 2018, though, will be critical for outlining this future.

“You’ll have these big swings, up and presumably down, as well. And, you know, wherever that settles out I think will tell us a lot about the role of bitcoin long-term,” he said.

Whether or not the bubble will pop or be inflated to new parabolic highs in 2018 remains to be seen; we don’t have a crystal ball, and neither do the world’s business leaders.

But according to McNamee, it likely won’t “be the end of the story either way.”

The man behind the sign steps into the light to reveal his motives. In a year beset by savage infighting, Bitcoin Sign Guy took a stand, with a small action that not only broke the internet, but raised the spirits of a beleaguered bitcoin community then ravaged by a years-long intellectual war. Were we all Satoshi? Maybe not in 2017. But, we were all “Bitcoin Sign Guy.”

Read more:

DIWtoken.com is pleased to announce its ICO as it has just entered its Whitelist stage – the earliest ICO stage – where early participants are invited to join the project and contribute at the lowest pricing possible. DIW’s unique concept plans to solve global security vulnerabilities in regards to private sensitive data including Identification documents, Bank details, Login details and Health care records to name a few with the introduction of a Secure Digital Vault. This will be the entry point to a global directory of professionals and individuals alike where transparency will rule, providing unprecedented levels of security and trust amongst all members. A secure Payment Gateway for e-commerce websites accepting fiat and crypto currency will also be introduced enabling mainstream adoption of all crypto currencies.

Data Breach Woes

There is simply no aspect of human life as well as business and government affairs not affected by the exchange of digital data with breaches posing a direct threat to the stability and security of our global system. Reports are flooding in as to when and how many entities have been affected by this with sometimes even catastrophic results. The global community is becoming increasingly aware of this major security thread with everyone scrambling to find a solution for their safety and peace of mind.

Global Reaction

Everyday people are naturally concerned. Multiple personal as well as Social Media hacks have distributed millions of individuals’ sensitive personal data with much of it resurfacing in the Dark Web with ominous outlook.

Industry professionals are also becoming increasingly weary in regards to the effect these data breaches may have on their businesses. Unfortunately, the impact these data breaches are having isn’t limited only to the ‘digital aspect of things’ but down to physical aspects as well, such as the actual safety and security of their premises – even property ownership has been put to question recently!  

And then there are governments. The FBI recently warned that ‘advanced persistent threat’ cyber attackers are increasingly targeting sensitive information stored on government networks globally through cyber espionage. With the thread of an imminent nuclear war looming on the horizon, a single data breach might be the spark needed to ignite such a confrontation with horrific consequences. 

A Valid Concern

There were 9 billion data records stolen since 2013 with 96% of the data stolen perfectly usable and useful to the hackers. That’s a frightening 60 records per second!

During 2017’s first six months alone, approximately 2 billion records have been breached with government, technology, education and healthcare being the sectors mostly hit.

It is clear that this trend will continue and only get worse as time passes by unless fundamental changes take place.

Growing Online Fraud

Business fraud is on a stroll! Every year, more and more people are being scammed off their valuable possessions on line. The trend is said to be increasing by 14% every 3 years with this percentage rising with every passing year. A recent report revealed that 75% of the companies included within a global survey had fallen victims of fraud with 69% of these suffering a financial loss. The numbers in regards to individuals being scammed after having proceeded with online transactions with a subsequent financial loss is said to be higher as individuals are less prepared and more prone to attacks. Finding trustworthy and professional individuals and businesses alike to work with, is proving harder and harder.

It is evident that something needs doing if we are ever going to see a fully transparent market place along with a secure way of exchanging funds.

Utilising Crypto Currency

In a period of just 12 months, the total market cap of all Crypto Currencies has seen an increase of 1700%! At the time of writing, it has surpassed the $600 billion mark.

But there is a catch: Crypto currency is solely used within the crypto – community and online exchanges – not in everyday life.

It is evident that there is a major need for crypto-currency to be widely accepted by the global retail sales leader – e-commerce.

DIW’s Proposal

DIW plans to bridge and solve all aforementioned issues with the introduction of its global, blockchain-based, decentralised network complete with its own ecosystem and currency.

To gain access into the network, members will be provided with a Secure Vault, where they will be able to store their entire ‘Digital Life’ including documents such as identities, passports, KYC & KYS, financial, contracts, health records as well as login details.

Organizations as well as individuals around the globe, will be able to join in and exchange their services in the form of a Global Directory. The network will ensure that their identity is validated and their details accurate. Transactions will be completed in full transparency and all network members will be able to see each member’s real life performance in the form of a rating score.

The DIW token will be used and accepted throughout the network for transactions between its members, enabling higher security. Additional security services such as a digital contract-based escrow service will also be offered.

To top it all up and follow the cryptocurrency trend, DIW plans to introduce its own Payment Gateway that will be easily integrated within e-commerce websites accepting both FIAT as well as Crypto currencies enabling the utilisation of crypto-currencies in everyday life.

DIW’s Phases & ICO Crowdfunding

DIW plans to proceed with its project in Phases based on the funds invested.

– Phase 1 will feature the introduction of the secure digital vault

– Phase 2 will introduce the Payment Gateway

– Phase 3 will include the development and deployment of the DIW Global Directory

– Phase 4 will introduce a paid Escrow Service in the form of smart contracts along with other services

– Our vision is for DIW to encompass this sector by enabling the encrypted storage and secure sharing of personal Electronic Health Records between account holders and healthcare professionals.

The aforementioned services will be secured and maintained by a decentralized blockchain network that will be keeping all data highly encrypted as well as available to its rightful owners at all times.

To achieve the above mentioned goals, DIW plans to proceed with crowdfund that will enable the fruition of its project. It has just entered its Whitelist stage – the earliest stage of its ICO.

For more information as well as updates in regards to its project and development including many more exciting details in regards to its team composition, supporters and technology, interested parties are invited to join the aforementioned whitelist by filling the corresponding form found on its website – https://www.diwtoken.com

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

The cryptocurrency markets are treading water right now. Bitcoin has continued its downtrend, slipping even closer to the US$10,000 mark. And with a few exceptions, the other markets are following at its heels, as portfolios the world over are turning red.

On the Come-Down

Plenty of folks, especially here in the States, went to bed with the unpleasant knowledge that Bitcoin was struggling to retake US$14,000.  Well, king crypto has slouched even lower on his throne, sitting at US$12,766 at the time of writing. This price puts it about US$700 away from reaching the floor on which it bottomed out during last week’s flash crash, and from which it seemingly bounced to a recovery price of US$16,700 in the days following Christmas.

Due to this price dip, Bitcoin’s market dominance is now only 37.4% of crypto’s total capitalization. This is the second-lowest point it’s been in the market’s history, approaching its all-time low of 37.3% seen during the altcoin boom of this summer.

Perhaps Bitcoin’s loss of dominance is to thank for the industry’s overall market capitalization floating well above US$550 million. A few months ago, if Bitcoin’s price was hit hard, you could reliably expect the rest of the markets to get hit even harder. But at the time of writing, crypto’s total market cap is sitting at US$570 billion. This certainly isn’t the US$648 billion all-time high it saw during the December run-up, but it’s a lot healthier than the US$422 billion from the lowest point of the Christmas season correction.

Still, this is not to say that the current markets are giving a stellar performance. Barring a few outliers, cryptocurrencies across the board appear gassed going into the New Year.

Excluding Tether, 88 out of the top 100 by market cap are bleeding in price right now, and most top 10 coins are experiencing major cool-offs. Litecoin, much like Bitcoin, is steadily approaching its own Christmas correction low of US$187. It’s currently resting at US$217, a major dent from the US$375 high it reached at the peak of its holiday surge.

Speaking of the top 10, there are a few gainers amongst the losing throng. Ripple, for instance, continues to impress. Yesterday, its market cap overtook that of Ethereum, and XRP currently boasts a price of US$2.39, sitting in the #2 position on CoinMarketCap.com. Its US$92.5 billion capitalization is nearly half of Bitcoin’s total worth, and its 30.79% increase over the last 24 hours has it fairing much better than most of its top 10 peers.

Cardano is also looking optimistic going into 2018. Nested comfortably in the #5 spot, its 27.94% 24-hour increase accompanies a US$0.60 price. Our newest addition to the top 10 crew, Stellar Lumens nudged out Monero with its US$5.7 billion market cap. Valued at US$0.32 per XLM, the crypto’s 24-hour increase is a respectable 16.75%.

Co-founder of SuperAngelsVentures Tony Tong, Founding Partner of SuperCharger Renu Bhatia, CEO of Australian Digital Commerce Association Nick Giurietto are now among 20+ top-notch confirmed speakers of the Blockchain Economic Forum.

Disclosure: This is a Sponsored Article

Forbes says 2017 has been a breakout year for crypto with a truly mind-bending appreciation of cryptocurrencies, transaction volumes (in USD) for Bitcoin increasing 100 times from what they were at the beginning of year, and countless new projects appearing. To summarize the development of the crypto economy and discuss its future potential LAToken organizes 2nd Blockchain Economic Forum in Singapore on February 4-6.

More than a hundred well-known experts, ranging from entrepreneurs and developers to investors and regulators, will share their insights on the blockchain technology and its best use cases. The list of confirmed speakers already includes:

• Tony Tong, Vice Chairman at China Credit Management Association
• Renu Bhatia, Founding Partner at SuperCharger and Asia Fintech Angels, VP at Hong Kong Blockchain Society
• Nick Giurietto, CEO at Australian Digital Commerce Association
• Jason Potts, Director of Blockchain Innovation Hub at RMIT University
• Mark Shmulevich, CSO at Acronis, ex-Deputy Minister of ICT in Russia
• Michael Sung, Professor at HKUST, Chairman at CarbonBlue innovation
• Greg Blackwood-Lee, Chairman at Genuine Interest Ltd
• Zach Piester, Founder at Interpid Ventures
• Nicholas Merten, Founder of YouTube channel DataDash (160k+ subscribers)

“The conversation between the converging world of the existing economy and crypto economy is the most important one happening today. Singapore is an important node in the ecosystem. Speaking at the BEF event was a no brainier. It helps to be a part of enabling and shaping the new global economic landscape,” says Chris J Snook, Bestselling Author of “Digital Sense” and Managing Partner at Launch Haus.

1000+ attendees of the Forum will look for the answers to the most important questions of the industry today. Which institution will be affected by the blockchain technology: central banks, law firms, VCs, stock exchanges? How can existing businesses implement blockchain? How does the blockchain help to promote social and economic justice? Why are top-50 tokens worth $250 bn (ex Bitcoin)? How is tokenization putting real-world assets on the blockchain, asset classes, liquidity premium, what’s next? etc

Join the most heated and vital panels and roundtables with the industry leaders now. The early bird tickets are available at the 40% discount at bef.latoken.com

Bitcoin certainly has had a wild ride in 2017. Its price has risen from around $1,000 at the start of the year to over $13,000 at the time of writing. At one point, less than a month ago, you’d have to fork out almost $20,000 to buy a single Bitcoin. The market was clearly over-extended as the mania surrounding the launch of Bitcoin futures subsided, so too did the price. Recently, fear and uncertainty over legislation in South Korea has put a temporary dampener on the party but with the price still over 13 times what it was at the beginning of the year, there’s still plenty to celebrate this New Year’s Eve.

If you really want to flaunt the Bitcoin wealth you amassed this year, a club in Singapore could be the ideal venue for you to bring in the New Year. It’s called Skyline and it’s located on the 45th floor of a a luxury skyscraper which overlooks the city-state’s glamorous waterfront. It’s the first club in the nation to accept payments in cryptocurrency. The party they’re hosting this evening is called “Bianco” and has an all white dress code. The ultimate hospitality package they offer will set you back an entire Bitcoin. This includes a limousine collection, butler, champagne, oysters, and caviar.

Despite the opulent service provided, the bar manager Subaish Rajamanickam told UK newspaper the Mail that no one had taken the club up on their elite New Year package yet. However, other cryptocurrency-themed nights there have had greater interest. He told AFP news about the decision to offer payments in Bitcoin, Ethereum, and the crypto events they’d hosted:

“We had a couple of cryptocurrency after-parties here, and we have also themed a night … called Crypto Thursdays… So that basically got the ball rolling for cryptocurrency acceptance here at Skyline.”

Despite the various digital payment options presented, most transactions still happen in cash. This is likely due to the volatility associated with cryptocurrency prices, as well as recent network congestion on both the Bitcoin and Ethereum blockchains. Unfortunately, due to the surge in popularity of digital payment methods, neither network can handle the large numbers of transactions users are trying to make. This creates a scenario where people are forced to ramp up the fee to the network. Increased fees incentivise miners to include transactions quickly. However, they do render overburdened blockchain-based cryptos useless for making micro-payments. Paying $20 for a $13,000 hospitality package isn’t so bad. That same fee for a $35 round of drinks is ludicrous.

If you’re at a loose end in Singapore later this evening, and have a whole Bitcoin to burn on indulgence, why not hit up Bianco. Alternatively, you could just pay in inflationary fiat currency, and save your crypto for a rainier day. If the average price trend is anything to go by, you’ll thank yourself later.

Image: PixaBay

The post Celebrate the New Year With Bitcoin appeared first on NEWSBTC.

UK-based Bitcoin exchange operator abducted in Ukraine, pays $1 mln ransom in Bitcoin for his freedom #ANALYSIS

In a market dominated by lofty ideas and little in the way of concrete development, it’s easy to overlook the more grounded projects, those that are actively working towards and already providing real-world solutions. However, there are a number of projects that are actively providing a product to consumers every day. Here are five that deserve some attention:

LBRY Credits (LBC)

LBC powers a decentralized media platform branded as a YouTube-killer. Using this platform, content creators and viewers are connected on an interface that allows content to be shared for free or for a price determined by the creator. Viewers can also tip the creators of the content they view. YouTube has been known to block access to certain users or withhold monetization privileges from some content creators. With LBC, media can be spread and purchased without a central regulatory body.

WaBi (WABI)

WaBi serves consumers as a method of verifying the authenticity of products. WaBi uses radio-frequency identification to tell consumers if a particular product is authentic or counterfeit. Currently, WABI technology is being applied to baby formula products sold at a number of Chinese retailers. Customers who verify products by scanning an RFID chip are rewarded with the WABI token, which provides for “mining” as well as a loyalty program for consumers.

Counterfeit goods are a major issue plaguing China and the global economy as a whole. A number of babies have died in China after consuming counterfeit formula. WABI protects consumers from the dangers of counterfeit goods. As the system grows, there are plans to expand the system to a number of other markets, including pharmaceuticals, alcohol, and cosmetics.

LomoCoin (LMC)

LomoCoin is the social currency used in the LomoStar social media application. The LomoStar app is organized into sections that feature a number of uses. Currently, there is a Twitter-like feed where users can post comments, private and group chat messaging features, a map where users can place and collect envelopes containing LMC, BTC, LTC, BCH, ETH, or CFUN globally or locally, and an account tab where users can manage their profiles, followers, and referrals. As development continues, more functions and games are planned for the application.

Binance Coin (BNB)

Binance Coin is very straightforward: holders of this coin receive a number of privileges on the Binance exchange. BNB can be used to pay trading fees, and electing to use BNB results in a 50% lower fee. Beyond this, holding BNB allows users to vote on coins to be implemented on the exchange. Lastly, BNB can be traded with any currency on Binance, and unlike other pairs, can be used to trade fractions of coins, which gives users the ability to sweep their dust.

Binance is quickly emerging as the top exchange due to its secure platform, intuitive interface, and professional approach. As the exchange offers support for more and more coins, it is establishing itself as a one-stop destination for everything an altcoin trader needs.

GameCredits (GAME)

GameCredits and its sister currency, MobileGO (MGO), seek to provide a universal gaming currency equipped with all functionalities a gamer would want. While many of its features are still in development, including e-sports wagering and one-click integration for game developers, two of its major functionalities are public and being used by consumers every day: a desktop client and the G Store.

The desktop client features a GameCredits/MobileGO wallet, a GPU miner, and a PC game store. From here, gamers can use GAME to purchase a number of PC games at a discount. They can also mine GameCredits with their GPU to earn more coins to spend. The G Store is a mobile app store that boasts fees that are three times as low, and payments that are over 20 times quicker for game developers than either Apple’s App Store or the Google Play Store. There are a number of games currently being sold on the G Store, including handheld classics such as Cut the Rope. The most exciting game on the store currently is Pixel Wars, an in-house mobile MMORPG that is planned as the project’s flagship title as it attempts to penetrate the e-sports industry.

“Bitcoin is a fraud.” Four small words ignited a maelstrom when JPMorgan CEO Jamie Dimon took the stage at a conference in September. The blockchain world was never quite the same again. In response, bitcoin became the talk of Wall Street, and in that dialogue a beast was unleashed that maybe … just maybe … took bitcoin out of obscurity, to its new peaks above $10,000.

This Year in Review article look at some of the major regulatory developments from 2017.

During the last couple of years, banks and other financial institutions throughout the world have begun investing in blockchain technology, granted that it provides numerous advantages over traditional payment solutions. Regardless, there is no bank fully based on the technology so far, and Global Crypto Bank hopes to change this.

Disclosure: This is a Sponsored Article

To put things better into perspective, Global Crypto Bank was recently founded under the jurisdiction of Switzerland, and is based on numerous innovative technologies, including blockchain, in order to help solve problems that people involved in the crypto-financial world are dealing with.

Problems Global Crypto Bank wishes to solve:

1. Helping over 5 billion unbanked people

At this moment in time, studies showcase that approximately 5 billion people are currently cut off from the world’s global financial system, due to a lack of banks in their jurisdiction, abusive clauses and/or general lack of interest. As the Internet is a tool that over 3.5 billion people have access to, Global Bank hopes to provide the unbanked with an innovative solution that will give them access to remote payments, currency exchange, money transfers and the ability to better handle their digital currencies.

2. Banking services are often expensive

While the digital currency market has rapidly evolved, crypto-investors still have trouble when it comes down to exchanging cryptocurrencies into traditional currencies (fiat), because of the high exchange fees currently charged. Global Bank has created their very own payment system, based on a bank card that will be accepted at all ATMs and POS terminals that work with either VISA or MasterCard. Therefore, apart from getting access to much lower commissions, users will also be able to enjoy increased liquidity of their crypto assets.

Currently, the services that the platform wishes to provide include safekeeping digital currencies and fiat on decentralized accounts, transfers and payments via fiat and crypto, integration of services provided by third-parties, the issuing of plastic debit cards, acquiring for commercial firms, cash withdrawal at ATMs, fiat-crypto and vice-versa monetary exchange, free payments between users, accrual of bonuses directly on account balance, mobile-based settlements, and last but not least, P2P loans.

Additionally, as part of an effort needed to be closer to its users, the bank will also open offices in a few economic areas, including the United States, China, South Africa, South Korea and Japan.

Those who are interested in learning more about the Global Crypto Bank can go ahead and check out their website, and whitepaper. Their Initial Coin Offering is also currently underway.