Day: January 9, 2018

Not only in size, but also in scope: the messaging app provider wants to bring crypto payments to the masses and decentralize online communication.

Trading Bitcoin? You’ll find it useful. #NEW YEAR SPECIAL

Recent news and sluggish price performance could indicate a bear market on the horizon, but nothing is decisive yet. #ANALYSIS

Finance regulators in South Korea are reportedly looking to cooperate with authorities in China and Japan on new rules for cryptocurrency trading.

On January 9, Adam White, the general manager of the GDAX exchange, a subsidiary of Coinbase, gave his “retrospective” on the recent and controversial bitcoin cash (BCH) launch on the platform. White details that despite the company’s best efforts things didn’t go as planned, and the executive gives a transparent timeline of events.

Also read: Investors Call Foul Play as Coinbase Parries Insider Trading Accusations

When GDAX Opened its Order Books, in Three Minutes Demand for BCH Sucked Up Liquidity  

The day Coinbase and GDAX added bitcoin cash to the company’s two trading platforms things went haywire for a few hours. When the exchange actually opened the trading sessions, BCH prices jumped over 200 percent in just a short period of time. According to White, the exchange announced support for BCH trading on three new books: BCH-USD, BCH-EUR, and BCH-BTC. At 5:20 pm PST White details the BCH-USD book was opened, and three minutes later the books were temporarily closed.      

“At 5:23 pm PST, we paused trading on the BCH-USD book due to significant volatility caused by heavy market buy demand that resulted in insufficient liquidity,” explains White’s retrospective.

$15.5Mn in USD Trade Volume Occurred Which Led to the 70 Percent Bitcoin Cash Price Increase

The GDAX general manager says that in the “2 minute and 40-second” period 4,443 orders were placed, 3,461 matches occurred, and 2,202 market orders got executed. The demand was significantly larger than usual, because within that short period of time “$15.5 million USD of trading volume occurred,” notes White. The GDAX executive states:      

During this period, nearly 90% of all market orders were buy orders — This resulted in a thinning of liquidity and a rapid increase in price on the BCH-USD book.

Coinbase Denies Insider Trading Accusations

During this time many traders accused GDAX and its parent company Coinbase of insider trading. White responds to these accusations in his retrospective timeline, stating that employees were notified of the BCH listing on November 13th, 2017. All employees working for both Coinbase and GDAX were “explicitly prohibited from buying and selling bitcoin cash,” White emphasizes.

“All employees were also barred from sharing this information with anyone outside of Coinbase — This approach is modeled after best practices at other financial institutions and captured in our employee trading policy,” explains the GDAX general manager.

BCH Liquidity Issues Continued to Plague GDAX Order Books for a Few Days

On December 20, GDAX announced its intentions to open BCH books and trading pairs again in a ‘post-only’ mode. The team also adjusted liquidity minimums to match the previous day’s market behavior, White details. That day BCH market prices were 70 percent higher than the day before the Coinbase launch. White says the BCH-USD order books worked fine since the first adjustment, but later that day at 7:41 pm PST both BCH-EUR and BCH-BTC books failed to achieve liquidity minimums needed for trading. So the company moved the books to ‘cancel mode’ and tried again the next day, but liquidity still did not meet the requirements. Those books were put on hold until after the holidays.

White says both GDAX and Coinbase take the process of “supporting a new asset seriously,” especially when that asset was created by forking a token already supported by the company. Because of this, White says that in order to minimize problems, the way they released access to the fork asset was a good decision.

“This belief drove our decision to announce our support for BCH trading only once all customers had access to their BCH,” White concludes.

What do you think about the day GDAX and Coinbase launched BCH and the price shot up 200%? Let us know what you think about this event in the comments below.

Images via Shutterstock, GDAX, Bitcoin Cash, Youtube.

Keep track of the bitcoin exchange rate in real-time.

The post GDAX on Bitcoin Cash Launch; “Heavy Buy Demand Led to Insufficient Liquidity” appeared first on Bitcoin News.

A new P2P cryptocurrency exchange service Streamity is set to launch the most powerful P2P cryptocurrency exchange platform in the Market. This service is based on the smart contract for secure exchange.

The platform is preparing for its ICO before it starts transforming the cryptocurrency exchange scene with a list and very dynamic and efficient cryptocurrency exchange and investment services run by industry class Algorithm.

A New Exchange Service Tailored to Handle the Dynamism of the Ever-Rising Cryptocurrency Market

Cryptocurrency is evolving to be the best form of money for the 21st Century civilization, fully rich with abilities to carry out transactions securely and anonymously from any part of the world, making it the future of money. Since 2009, different forms of cryptocurrencies have emerged into the market. Some being very useful to the general users, while others have a definite specific purpose. Those with the general usage have surged in prices to unprecedented levels and have been adopted on a bigger scale. But nevertheless, every cryptocurrency is useful in the community who has a consensus on it.

The need for a solution to best harmonize the differences between the thousands of cryptocurrencies have never been answered at least not to a half of what the market demands. A series of cryptocurrency exchange platforms already exists with others attempting to incorporate a variety of cryptocurrencies under one platform as well. But a lot of flaws and unnecessary malfunctions and user dissatisfaction are being reported by users of these exchange services. Anomalies ranging from server blackouts for very long hours, causing users to lose millions of dollars to a full takeover of customer deposits by malicious hackers have recently hit a series of existing cryptocurrency exchange service providers.

Streamity is a well-thought project with some of the most prominent brains on the international cryptocurrency scene carefully knitting its algorithm one patch at a time. Streamity aims to transform the cryptocurrency exchange ecosystem and redefined the already lost glory of lightning speed transaction at the lowest cost cryptocurrency once had. Streamity at the same time will take cryptocurrency investment to the next level by implementing a community choice token, the Streamity Tokens (STM) which will also be used for all transactions within the Streamity network. The STM tokens will be available for exchange to any of the major cryptocurrency. The platform will add the major Fiat Currencies traded worldwide.

Encapsulation, Speed, and Low-Cost Minded Design

One of the most important selling points of the Streamity project is the improvement of cryptocurrency transaction propagation speed. The project has devoted a great deal of resources to develop and test its solution to this problem. The Streamity team knows what cryptocurrency users want in terms of transaction speed and has gauged the market capacity to be below consumers demand. The project has designed a record-breaking smart contracts applet – the Streamdesk aggregator – that will ensure cryptocurrency exchange to Fiat without involving intermediaries. This way transaction can be trajected without incurring any unnecessary delays and costs at any third-party intermediary like other exchanges do, this has enabled Streamity achieved lightening speed transactions.

Streamity will cover all the cryptocurrencies listed in the market and live feeds of market data for all the listed cryptos and companies will be transmitted in real time. Converting any of the cryptocurrencies listed on the platform to another would be carried out instantly, efficiently and securely on the Streamity platform.

Streamity was built to resurrect the low fee transactions capabilities cryptocurrencies were once known for. Case in point on Localbitcoin transactions which currently cannot be confirmed even for transactions amounts as high as $33 making cryptocurrency lose its meaning of enabling the propagation of low to zero fees on small transactions.

Streamity Smart Contracts Secured Transactions Beat all Hacking Attempts

Streamity has designed hack-proof, smart contracts secured transaction lane where all the transaction streamings through the platform will flow. This has been made possible firstly by incorporating the Ethereum introduced smart contract service into the transaction processing algorithm. Since smart contracts alone do not ensure complete transaction security of the transaction stream fluxing through the system, as seen from recent mistakes that saw about $300 million locked away in Ethereum smart contracts by an anonymous user unknowingly.

The Streamity developers have added yet another brilliant security feature – the timing Control.  The timing control algorithm shall allow the transaction to be added on to a smart contract within a specified period of time else canceled and reverted to the initial user. Coupled with a user verification system Streamity can achieve the next generation of transaction security on its upcoming platform.

The post Streamity is Set to Launch the Most Powerful P2P Cryptocurrency Exchange Platform appeared first on NewsBTC.

Investors are excited that Kodak is tying itself to the Blockchain movement, as company releases details of KodakOne platform, to be powered by KodakCoin. #NEWS

Several firms seeking to list exchange-traded funds (ETFs) tied to bitcoin have withdrawn their filings at the request of officials from the SEC.