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MIT Comes Up With Three Ways To Destroy Bitcoin

MIT thinks that a Federal Reserve-backed coin, a Facebook BTC takeover, or the multiplication of altcoins could be ways to take BTC down. #NEWS

MIT thinks that a Federal Reserve-backed coin, a Facebook BTC takeover, or the multiplication of altcoins could be ways to take BTC down. #NEWS

Japanese Blockchain Power Sharing Project to Reduce Carbon Emissions

With solar power scaling rapidly and pressures to provide greener energy sources growing, there is an increasing market for energy trading. The new Power Sharing blockchain platform backed by Japanese energy and technology companies has been launched with the goal of reducing carbon emissions. The current grid systems The current systems in place do provide a basic means for selling …

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With solar power scaling rapidly and pressures to provide greener energy sources growing, there is an increasing market for energy trading. The new Power Sharing blockchain platform backed by Japanese energy and technology companies has been launched with the goal of reducing carbon emissions.

The current grid systems

The current systems in place do provide a basic means for selling energy back to the grid but is lacking in scalability for creating a more complex market among the general public.

Centralized systems today suffer from a slow movement of data. After power is generated, a record of meter readings is stored and then transferred to a registry provider. Certificates have to be created, exchanged and verified between several parties. Blockchain provides a decentralized solution with the data instantly accessible by all parties with the ability to program smart contracts to initiate a trade.

Solar power growth

Global solar capacity has more than trebled in the past four years and until there are more efficient storage methods, excess potential power generating isn’t being properly utilized.

2016’s growth in solar energy in China was 34.5 GW and the US measured at 14.7 GW, totaling two-thirds of the global increase in solar capacity. Japan, providing an 8.6 GW gain, was the third largest expansion in the industry.

Worldwide in 2016, there was a step-up of 75 GW, taking global solar power production to 301 GW by the end of the year. Global adoption of renewables is on the rise and as the ways in which we distribute and produce power change, there is an opportunity to do the same for the supporting systems.

A blockchain market platform for energy trading

The blockchain community feels it has a part to play in the upcoming change. GTM Research has tracked 122 energy-based-blockchain startups, with 22  focused on peer-to-peer trading.

A blockchain system could bring the concepts of sharing power with a distant friend or relative, creating regional power, the ability for PAYG electricity, and of selling electricity competitively.

A new system could enable people to use electricity they have produced themselves at various locations. Prices could dictate the choice of the electricity source, with people opting for greener options.

Power Sharing hopes to incentivize the occupants of Japan to invest in clean energy sources to benefit from customer-to-customer trading. More efficient power management by selling excess capacity will lead to a reduction in carbon dioxide emissions.

 

The post Japanese Blockchain Power Sharing Project to Reduce Carbon Emissions appeared first on BitcoinNews.com.

Ripple Price Technical Analysis – XRP/USD Targets Fresh Highs

Key Highlights Ripple price gained a lot of traction recently and is comfortably placed above $0.8600 against the US dollar. There was a break above a key bearish trend line with resistance at $0.8750 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair remains in an uptrend and is eyeing

The post Ripple Price Technical Analysis – XRP/USD Targets Fresh Highs appeared first on NewsBTC.

Key Highlights

  • Ripple price gained a lot of traction recently and is comfortably placed above $0.8600 against the US dollar.
  • There was a break above a key bearish trend line with resistance at $0.8750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in an uptrend and is eyeing a break above $0.9500 for a fresh monthly high.

Ripple price is surging higher against the US Dollar and Bitcoin. XRP/USD may soon break the $0.9500 level for further gains towards the $1.00 level.

Ripple Price Trend

After a minor downside correction, Ripple price found support around the $0.8000 level against the US Dollar. The price started an upside move and traded above the $0.8500 resistance. It cleared the $0.8600 barrier and settled above the 100 hourly simple moving average. There was also a break above a key bearish trend line with resistance at $0.8750 on the hourly chart of the XRP/USD pair.

More importantly, the price broke the 61.8% Fib retracement level of the last decline from the $0.9410 high to $0.8080 low. These are positive signs with an hourly close above the $0.9000 level. The recent high was $0.9261 and it seems like the price may correct a few points in the near term. An initial support is close to the 23.6% Fib retracement level of the last wave from the $0.8000 low to $0.9261 high. However, the most important support is near $0.8700 and the 100 hourly SMA. Therefore, if the price corrects lower, the $0.8700 level could act as a strong buy zone.

Ripple Price Technical Analysis XRP USD

Looking at the chart, the price looks set to extend gains above $0.9300. It could break the $0.9500 level and extend upsides in the near term to a new monthly high.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 75 level.

Major Support Level – $0.8700

Major Resistance Level – $0.9500

The post Ripple Price Technical Analysis – XRP/USD Targets Fresh Highs appeared first on NewsBTC.

Ether & Ripple Doomed As Securities According to Regulation Expert

Ether & Ripple Doomed As Securities According to Regulation ExpertFormer Obama administration financial regulator Gary Gensler believes cryptocurrencies such as ether and ripple appear as unregistered securities, and in current violation of the law. His comments carry considerable weight in the broader financial community. They also come after venture capitalists and lawyers invested in ether projects met secretly with the US Securities and Exchange […]

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Ether & Ripple Doomed As Securities According to Regulation Expert

Former Obama administration financial regulator Gary Gensler believes cryptocurrencies such as ether and ripple appear as unregistered securities, and in current violation of the law. His comments carry considerable weight in the broader financial community. They also come after venture capitalists and lawyers invested in ether projects met secretly with the US Securities and Exchange Commission (SEC) to head off such regulation. Spokespeople for both coins insist they’re not securities.  

Also read: Telegram Urges Paper Airplane Protest, Pussy Riot Activist Arrested

Ether and Ripple Might Be Securities

Former Obama CFTC head Gary Gensler told The New York Times, “I would be surprised if 10 years from now this isn’t somewhere in the financial system in a meaningful way. But so much of the stuff that is being promoted now will not be around.” The ‘this’ he’s speaking of is cryptocurrencies, and as part of his appointment to the Massachusetts Institute of Technology (MIT), Mr. Gensler is weighing in on the phenomenon’s future with regard to regulation.

In particular, he’s focusing upon two of the most popular cryptos, ether and ripple, as potentially very susceptible to future designation as securities. Should that happen, many experts believe it would herald the decline of both. Securities regulation imposes a host of legal burdens upon registrants, and costs to comply are often prohibitive and burdensome.

Ether & Ripple Doomed As Securities According to Regulation Expert

“There is a strong case for both of them — but particularly Ripple — that they are noncompliant securities,” he told Nathaniel Popper. Bitcoin and others like it are decentralized to such an extent as to not trigger regulation, he believes. That’s not so clear in the cases of ether and ripple, both of which Mr. Gensler insists are in violation of securities law.

“2018 is going to be a very interesting time. Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law,” the Times quotes him as saying. Indeed, representatives with heavy financial interests in ether-related projects recently were discovered to have secretly pled their case to the SEC in hopes of heading off what some say is certain regulation. That’s a potential problem for tens of billions of dollars in coins respectively when ether and ripple are combined.

Impact Not Good

Ether & Ripple Doomed As Securities According to Regulation Expert
Gary Gensler

Should such a designation be handed down, one of crypto’s largest markets, the United States, would essentially be cut off, made against the law for trading ETH and XRP on exchanges. It’s not too extreme to figure such a move would impact both coins’ prices, and probably not in a good way. 

Mr. Gensler, 60, was tapped by MIT’s Media Lab and its Digital Currency Initiative, along with being a lecturer at its Sloan School of Management (with a blockchain emphasis) for his expertise in the financial sector. His views on the future of regulation carry heft simply because of his past experience in the Obama administration, and previous connections to Goldman Sachs as well as helping to finance the ill-fated Hillary Clinton run of 2016. 

Asked for comment about Mr. Gensler’s claims, the Ethereum Foundation answered how it “neither controls the supply of nor has the ability to issue Ether, and the quantity of Ether that the foundation holds (under 1 percent of all Ether) is already lower than that held by many other ecosystem participants,” according to the Times. A Ripple spokesperson responded by insisting, “XRP does not give its owners an interest or stake in Ripple, and they are not paid dividends. XRP exists independent of Ripple, was created before the company and will exist after it.”

Do you think ether and ripple should be regulated? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Ether & Ripple Doomed As Securities According to Regulation Expert appeared first on Bitcoin News.

Will Bitcoin Ever Replace Gold as a Store of Value

Can Bitcoin ever match or even replace gold as a safe haven from fluctuating fiat currency and unstable stock and bonds markets? Some experts see a future where it will. Forget the FOMO Bitcoin will last For as long as human records go back in time gold has been a constant form of wealth in

The post Will Bitcoin Ever Replace Gold as a Store of Value appeared first on NewsBTC.

Can Bitcoin ever match or even replace gold as a safe haven from fluctuating fiat currency and unstable stock and bonds markets? Some experts see a future where it will.

Forget the FOMO Bitcoin will last

For as long as human records go back in time gold has been a constant form of wealth in the majority of world cultures. As other precious materials and forms of currency have come and gone gold has remained a trusted asset. Its value is derived from its scarcity and as a form of wealth, it can be taken to any country and converted into fiat or traded as is for goods and services.

In many ways, gold and Bitcoin are similar except that gold has passed the test of time while Bitcoin is in its infancy as a universal currency. Some experts though are examining the possibility that Bitcoin could surpass gold as the most trusted fall back commodity.

Last year when Bitcoin rose from $1,000 to $19,000 in value and gold remained stagnate at about $12,000 an ounce the market was alive with talk of Bitcoin usurping golds place as a hedge to currency.

That price rise and its subsequent market correction can be chalked up to FOMO (Fear of Missing Out). The same kind of inflated values that gold once saw during mining booms and busts and is not really part of the question of whether Bitcoin will ever take or match the yellow metal’s place as a store of value.

Pete Thomas President of Zaner precious metals and a physical market broker spoke to CNBC about his experience with gold buyers getting into the cryptocurrency market saying,

“People were going to a gold broker and swapping crypto out or swapping gold to buy crypto.”

Bitcoin and Gold Benefit from the Same Economic Conditions

The one characteristic that gold and Bitcoin share is there scarcity which is what gives any commodity its value in a supply and demand market.  As time goes on though Bitcoin becomes scarcer while gold will continue to be mined at the same rate.

There will only ever be 21 million Bitcoin of which at least 75% has already been mined. When all 21 million become available Bitcoin becomes finite and this, experts say, is when the market will find it’s true pace.

Gold on the other hand is and will be continually mined at the rate of about 32,000 metric tons adding 1.7 % to the total stock of gold ever mined per anum which ensures the price of gold will continue to rise and fall along with other commodities.

The World Gold Council wrote in its annual report that

Bitcoin’s future diminishing growth rate and ultimate finite quantity are clearly attractive attributes, as is gold’s scarcity and marginal annual growth,”

Naysayers talk of gold’s history of being a safe hedge against crashing currency markets in times of trouble because it is a decentralized commodity that is universally recognized as having value. Yay-sayers agree, just as Bitcoin is.

 

Image from Shutterstock

The post Will Bitcoin Ever Replace Gold as a Store of Value appeared first on NewsBTC.

Cboe Exchange Wants to Lower Its Bitcoin Futures Prices – Coindesk

CoindeskCboe Exchange Wants to Lower Its Bitcoin Futures PricesCoindeskThe Cboe wants to change the way it prices bitcoin futures contracts, a move that comes just months after the exchange operator first debuted its inaugural cryptocurrency product. I…


Coindesk

Cboe Exchange Wants to Lower Its Bitcoin Futures Prices
Coindesk
The Cboe wants to change the way it prices bitcoin futures contracts, a move that comes just months after the exchange operator first debuted its inaugural cryptocurrency product. In a newly published letter to the Commodity Futures Trading Commission ...

and more »

Ethereum Price Technical Analysis – ETH/USD Buyers in Control

Key Highlights ETH price is trading in a bullish zone above the $630 support zone against the US Dollar. There are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD (data feed via Kraken). The pair is eyeing more gains in the short term above the

The post Ethereum Price Technical Analysis – ETH/USD Buyers in Control appeared first on NewsBTC.

Key Highlights

  • ETH price is trading in a bullish zone above the $630 support zone against the US Dollar.
  • There are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is eyeing more gains in the short term above the $675 resistance level.

Ethereum price surged higher against the US Dollar and Bitcoin. ETH/USD is now well above $640 and it looks set to extend gains above the $675 and $680 levels.

Ethereum Price Trend

There was a solid upside move from the $585 swing low in ETH price against the US Dollar. The price broke the $600 level and settled above the same. It also cleared the $640 and $650 resistance levels, and traded as high as $674.73. At the moment, the price is positioned nicely above the $630 pivot level and is eyeing more gains above the recent high.

On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $617.66 low to $674.73 high. More importantly, there are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD. The first trend line is close to the 50% Fib retracement level of the last wave from the $617.66 low to $674.73 high. Thus, if the price corrects lower, it will most likely find buyers near the $640 and $635 levels. Additionally, the $630 pivot level is also a strong support.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, it seems like the price may continue to grind higher above $675. The next resistance above $675 is near the $690 level. A push above the stated $690 level could clear the path for more gains above $700 in the near term.

Hourly MACD – The MACD is placed nicely with positive signs in the bullish zone.

Hourly RSI – The RSI is currently near the overbought levels.

Major Support Level – $640

Major Resistance Level – $690

The post Ethereum Price Technical Analysis – ETH/USD Buyers in Control appeared first on NewsBTC.

Let’s destroy Bitcoin – MIT Technology Review


MIT Technology Review

Let’s destroy Bitcoin
MIT Technology Review
And Bitcoin is now clearly the dominant cryptocurrency; as of this writing, in early April, its market cap was three times that of Ethereum, its nearest competitor, and roughly equal to those of all other cryptocurrencies combined. Yet while Bitcoin

and more »


MIT Technology Review

Let's destroy Bitcoin
MIT Technology Review
And Bitcoin is now clearly the dominant cryptocurrency; as of this writing, in early April, its market cap was three times that of Ethereum, its nearest competitor, and roughly equal to those of all other cryptocurrencies combined. Yet while Bitcoin ...

and more »

Asian Cryptocurrency Trading Roundup: Top Altcoin is Bitcoin Gold

FOMO Moments Crypto markets are still looking strong this morning as buyers dominate during Asian trading. The total market capitalization surpassed $400 billion for the first time in over six weeks yesterday and has continued higher today. Bitcoin is still bullish and has moved above $9,000 to trade up 3.6% on the day at $9,170

The post Asian Cryptocurrency Trading Roundup: Top Altcoin is Bitcoin Gold appeared first on NewsBTC.

FOMO Moments

Crypto markets are still looking strong this morning as buyers dominate during Asian trading. The total market capitalization surpassed $400 billion for the first time in over six weeks yesterday and has continued higher today. Bitcoin is still bullish and has moved above $9,000 to trade up 3.6% on the day at $9,170 at the time of writing. Altcoins have been leading the charge this time around and are largely in the green at the moment, the one running away with it today is Bitcoin Gold.

For the second day Coinmarketcap is reporting that a forked version of Bitcoin is the top performing cryptocurrency. BTG is up 29% on the day according to the analytics website and is trading at $87 from $68 this time yesterday. Volume has jumped significantly in the past 24 hours from $30 million to $178 million. Over the week Bitcoin Gold has gained an impressive 72% from $51 this time last Tuesday. The monthly picture displays a similar gain as this coin was trading at around $60 this time last month. Against its big brother BTG is up 24% on the day at almost 951000 satoshis from 772000 sats this time yesterday. On the week BTG has gained almost 50% against BTC from 643000 satoshis the same time last week.

Looking at the charts there have been two spikes in the last 24 hours suggesting that momentum may have been driven by a few big players. Bitcoin Gold was viewed as a ‘friendly fork’ from Bitcoin unlike its nemesis Bitcoin Cash which is also doing very well this morning. Holders of BTC also were awarded BTG so it stands to reason that the Bitcoin whales can easily influence the price of this altcoin.

South Koreans are currently dominating the Bitcoin Gold trade in their own currency, KRW. Upbit and Bithumb share almost 50% of the total trade volume at the moment, and Binance is third with nearly 20%. Market capacity for BTG is now at $1.48 billion which has moved it above Lisk, Verge, and Zcash to 22nd position.

Total market cap for all cryptos has increased once again this morning during Asian trading by 5.6% to $416 billion, the highest it has been since March 7. Another Bitcoin fork is also doing well today and that is Bitcoin Cash which is up almost 18% to $1,540. A few other altcoins are also looking strong at the moment and these are EOS, Dash, Tron, Ethereum Classic, and Icon.

More on Bitcoin Gold can be found here: https://bitcoingold.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post Asian Cryptocurrency Trading Roundup: Top Altcoin is Bitcoin Gold appeared first on NewsBTC.

Power-sucking Bitcoin ‘mines’ spark backlash – ABC News


ABC News

Power-sucking Bitcoin ‘mines’ spark backlash
ABC News
Bitcoin “miners” who use rows of computers whirring at the same time to produce virtual currencies began taking root along New York’s northern border a couple of years ago to tap into some of the nation’s cheapest hydroelectric power, offering an air

and more »


ABC News

Power-sucking Bitcoin 'mines' spark backlash
ABC News
Bitcoin "miners" who use rows of computers whirring at the same time to produce virtual currencies began taking root along New York's northern border a couple of years ago to tap into some of the nation's cheapest hydroelectric power, offering an air ...

and more »

Bitcoin Cash Price Technical Analysis – BCH/USD Burst Above $1,500

Key Points Bitcoin cash price rallied further and it succeeded in breaking the $1,500 resistance against the US Dollar. There is a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair remains in a monster uptrend and it may soon break

The post Bitcoin Cash Price Technical Analysis – BCH/USD Burst Above $1,500 appeared first on NewsBTC.

Key Points

  • Bitcoin cash price rallied further and it succeeded in breaking the $1,500 resistance against the US Dollar.
  • There is a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains in a monster uptrend and it may soon break the $1,600 level in the near term.

Bitcoin cash price is skyrocketing above $1,500 against the US Dollar. BCH/USD is likely to extend gains toward the $1,600 and $1,650 levels.

Bitcoin Cash Price Support

There were further gains in bitcoin cash price from the $1,200 swing low against the US Dollar. The price surged higher and it succeeded in breaking a few important hurdles such as $1,300 and $1,400. It even broke the $1,500 level, which is a key bullish signal. It seems like BCH buyers are in control and the price may soon continue to move higher towards $1,600.

The recent high was formed at $1,565, and buyers are in complete control. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,328 low to $1,565 high. There is also a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair. The trend line support is close to the 38.2% Fib retracement level of the last wave from the $1,328 low to $1,565 high. Therefore, if the price dips from the current levels, the $1,510 and $1,505 levels are likely act as strong supports.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, there is a connecting resistance trend line in place at $1,580. A push above the trend line would open the doors for a test or break of $1,600 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.

Major Support Level – $1,505

Major Resistance Level – $1,600

The post Bitcoin Cash Price Technical Analysis – BCH/USD Burst Above $1,500 appeared first on NewsBTC.

Bitcoin Price Climbs to 40-Day High Above $9,200

Bitcoin’s price has surged to a 40-day high, with a similar trend seen in the overall cryptocurrency market today.

Bitcoin’s price has surged to a 40-day high, with a similar trend seen in the overall cryptocurrency market today.