Day: April 27, 2018

A Blockchain-based company plans to offer an engaging AR platform to the public which doesn’t use up excessive amounts of data and storage #SPONSORED

Last time, analysts blamed Mt. Gox and its bankruptcy trustee for pushing hordes of bitcoin onto an already fragile market, crushing its price. Keen monitors of the notorious insolvent exchange’s wallets showed how 16,000 BTC, along with its equivalent in bitcoin cash, were moved, sparking concern the broader market could once again be impacted.

Also read: Philippines Welcomes Crypto Economic Zone

Market Steadies for Another Possible Mt. Gox Bitcoin Dump

By any metric, 16,000 is a lot. At current bitcoin cash (BCH) prices, that translates to almost $21 million. In bitcoin core (BTC), as of this writing, that’s nearly $141 million. What such amounts flung onto open markets might do is anyone’s guess, but economics isn’t kind to prices of assets when their supply outstrips demand. In other words, they’ll probably lower.

Cryptoground, which was banned from the subreddit /r/mtgoxinsolvency, shows how four Mt. Gox wallets, each with about 2,000 BTC, were zeroed out today. The equivalent in BCH, in four moves, appears to have been shuffled as well, according to block explorers.  

Presently, the Mt. Gox crypto exchange’s remaining coins are entrusted to Nobuaki Kobayashi, a lawyer based in Tokyo, Japan. Something like 146K BTC remains under Mr. Kobayashi’s stewardship.

The Mt. Gox fiasco of 2014 represents a steep learning curve in cryptocurrency’s brief history. It’s a fascinating subject, one of putting too much trust in a third party, something cypherpunks warned about long ago. Indeed, the very point of bitcoin was to subvert exactly that. Mt. Gox was hacked, funds stolen, some returned or found, and a price slump took months (some say years) for markets to recover. The exchanged was deemed insolvent and formally placed in receivership, and attempts have been made at making creditors whole ever since, dumps included.

Future Sale Looms

Previously, a 24-page report released by Mr. Kobayashi in Spring of this year, detailing how hundreds of millions of dollars worth of BTC and BCH had been sold, roughly 35k and 34k respectively. “As a result of the consultation with the court, I considered it necessary and reasonable to sell a certain amount of BTC and [BCH] at this point and secure a certain amount of money for distribution resources, and thus, I sold the amount of BTC and [BCH\ above. I made efforts to sell BTC and [BCH] at as high a price as possible in light of the market price of BTC and [BCH] at the timing of sale.” Ominously, he noted, “I plan to consult with the court and determine further sale of BTC and [BCH].”

For enthusiasts and investors alike, past Mt. Gox dumps have resulted, they believe, in price downturns, some dipping by as much as over half, as was the case in February of this year. In the case of over the counter markets (OTC), traders might wish to undershoot, arbitrage, the 16,000 coins by several hundred dollars. The traders then might shift those discounted coins to retail exchanges, taking profits at the expense of the ultimate price.

Some have latched onto the September 18th, 2018 date as the earliest such coins could conceivably be sold, and that was widely reported. As one enthusiast (岩井洋一（柔術新聞 速報版）) responded, however, “Hi, I’m Japanese. Nobuaki has already authorization to sell BTC. Sep 18 is only schedules of Creditors’ meeting. It’s has not any authorization of selling BTC. Nobuaki says he will sell BTC with court permission.” Still others have suggested the recent drop in BTC price after a short bull run might’ve been caused by such coins already having been dumped. 

Do you think the coins will be dumped? Let us know in the comments section below.

Images courtesy of Shutterstock.

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

The post Bitcoin Markets Steady for Another Gox Dump, 16,000 Coins Moved by Trustee appeared first on Bitcoin News.

Chinese e-commerce giant Alibaba is trialling a blockchain-based tracking system developed to make its supply chain more transparent.

According to Monex Group, Coincheck earned an estimated $490 mln in the ten months prior to January’s hack. #NEWS

Giving up full decentralization could solve many of blockchain’s existing problems, says Yao Qian, research director at China’s central bank.

Cryptocurrency mining has been an interesting industry for AMD and NVIDIA. The former has noted a strong earnings increase, although they remain wary of this industry. Especially with all cryptocurrencies losing value, the manufacturer isn’t too concerned about the future demand for new GPUs. Putting Wall Street investors’ minds at ease is a top priority for the company right now.

AMD’s Position in the GPU Mining Industry

Last year and early 2018 have been rather profitable for GPU manufacturers. With a lot of consumers attempting to mine cryptocurrency, demand for graphics cards has soared .For companies such as AMD and NVIDIA, this created a rather unexpected windfall. With GPU sales through the roof in late 2017, both companies saw a positive end to the fiscal year. In Q of 2018, however, the cryptocurrency craze has quieted down quite a bit.

Due to this negative development, there were concerns regarding future successes for AMD. Wall Street investors expect demand for its GPUs to drop off spectacularly. That does not appear to be the case, even though there is still some reason for concern. Cryptocurrency miners may flood the market with second-hand graphics cards.  AMD chief executive Lisa Su is not too troubled by this prospect:

“We don’t see a significant risk of secondhand GPUs coming into the market. We do see a bit of volatility and that’s why we are putting into our forecast for the second quarter and the second half a little bit lower blockchain demand, but that’s more than made up for by the other new products and the way the new products are ramping in the business.”

Cryptocurrency Rebound can Result in More Demand

Even though the first quarter of 2018 wasn’t great for cryptocurrency, things are turning around. All prices are going up again this past week. GPU-mined currencies such as Ethereum have noted a strong increase over the past 30 days. If this trend remains in place, manufacturers such as AMD may see revenue from cryptocurrency miners increase once again.

During Q1 of 2018, cryptocurrency mining-related sales made up 10% of AMD’s revenue. That is not a small number, but also nothing spectacular. Even if the mining business would collapse entirely, AMD remains confident they can generate a higher profit in Q2 compared to the same quarter in 2017. The influx of second-hand GPUs has not materialized yet, although UBS warned investors about such an impending trend earlier this month.

For AMD, their future success doesn’t hinge on the cryptocurrency mining craze either. Its revenue forecast for Q2 2018 has been raised by company analysts, which is interesting to take note of. Which role cryptocurrency mining will play in those earnings, remains a bit unclear. AMD video cards are primarily sought after by gamers, and with new titles coming out this year, that demand will not slow down.

The post Major Chip Maker AMD’s Revenues Surge Due to Cryptocurrency Mining appeared first on NewsBTC.

Bitcoin Press Release: Bitrabbit has announced former Alibaba p8 technical expert will join the team at Bitrabbit in time for their launch on the 2nd of April.

20th April 2018, Australia –  After launching on April 2nd the Australia-based BitRabbit exchange led by the former Alibaba P8 technical expert Ray Cao, has created a lot of influence in Taiwan and Southeast Asia, and reported by dozens of media in these regions. Within 15 days of launching, BitRabbit exchange has already had 8500 users from all over the world including; America, Hongkong, Taiwan, Malaysia and many more. Its register activities are still attracting more and more users.

CEO of BitRabbit Ray Cao said;

“Blockchain is not just a technology, it is more of a complex of ideas, value models and technologies.”

Ray Cao stressed that;

“In the future blockchain technology needs to return to using information to bring wealth back to the hands of its information providers.”

What’s more, the BitRabbit team has proposed the “Decentralized Decision-making Committee” system to prevent the abuse of funds. If investors holding cryptocurrency think the operation of the exchange is not as expected, they can directly vote to clear the project to protect their interests and rights within the system.

In the future cryptocurrency market, the key to winning is whether the hardware, equipment, and related investment rules can protect investors’ rights, and interests, namely the matching engine and clearing engine. BitRabbit stresses their matching engine can reach one million transactions per second, much faster than other similar engines. In the future, it will also possible to use BitRabbit exchange to invest in options, US stock swaps, and other financial derivatives. After the formation of the entire decentralized blockchain trading, the natural market will grow exponentially.

BitRabbit will develop Proof of Everything, aiming to prove the authenticity of a credential rather than competing for node ledger in the chain. It allows blockchain transactions such as storage, calculation, and bandwidth to be completed directly through the BitRabbit exchange, which has great development potential in the coming months.

About BitRabbit

BitRabbit is an exchange that provides users with cryptocurrency and derivatives trading anytime, anywhere. The platform provides customers with top security, trading liquidity, and unparalleled user experience. BitRabbit is committed to providing their customers with a smooth trading experience.

Main Features:

• The matchmaking speed of the trading system will reach top industry standards. The high performance of fully internalized storage will see matchmaking speeds of 1 million matches per second.
• Provide a virtual trade simulator for practice (scheduled to go online in March)
• Provide users with international deposit methods (service scheduled for March release)
• Provide investors with European options, US stocks, and other commodities (service scheduled for April release)
• Support diversified digital assets trading (service scheduled for March release)

Recent Activity

Since April 6th, 2018 (Beijing Time, GMT +8), register with BitRabbit or invite friends to get Carrot and draw lotteries.

Activity link: https://bitrabbit.com/events/register/en.html

To learn more visit the Website : https://bitrabbit.com/en.html

Check us on on Facebook: https://www.facebook.com/BitRabbitTeam/
Chat with us on Telegram: https://t.me/BitRabbit_en
Connect on Twitter – https://twitter.com/BitRabbit_Team

Media Contact
Contact Name: Green
Contact Email: [email protected]

BitRabbit is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose.This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

The post PR: Former Alibaba P8 Technical Expert Joins BitRabbit appeared first on BitcoinNews.com.

Blockchain continues to make its impact on the logistics and supply chain industry around the world as governments and private companies begin to calculate the value of its application in many sectors.

Now, with giants Samsung, Walmart, and Carrefour making announcements, the numbers of large multinational companies investigating or actively using the technology is growing, particularly in the logistics sector; add to this Maersk, IBM, and FedEx and indications are that blockchain is getting  attention from some of the biggest players in the market.

Blockchain promises a solution to address many of the complexities of the supply chain industry. Payment between suppliers, vendors, and customers often take days to get processed. Freight passes through multiple destinations before delivery and the traceability of the despatched goods during transport often lacks transparency.

Blockchain, being an immutable, decentralized, and cryptographically encrypted ledger, offers full transparency for an industry dealing with supply chains that tend to include numerous steps and hundreds of geographical locations and checkpoints.

Food

The blockchain is fast becoming an ideal tool for supply chain management of food products, in that the technology can provide detailed information about the food product’s journey through the supply chain, often through numerous countries.

Walmart itself currently shares a blockchain platform with Nestle, Dole Food, Tyson Foods, Kroger and JD.com. Company vice-president for food safety and health, Frank Yiannas, shares Carrefour’s enthusiasm, saying that “there’s no question about it, blockchain will do for traceability what the internet did for communication”.

News for Drivers

Blockchain can also instantly trace the validity of ownership at any point, and determine accountability. This is particularly important in the automobile industry for example. Christopher Bates, COO of IT solutions company Bitland, explained its advantages:

“It is pretty important to know if a car has been in a major accident and has frame/structural damage. If there was an immutable accessible record that kept track of the car history, there would be no way a car salesman could sell a car that had been extremely damaged.”

Electronics

Electronics and Mining are other areas in which blockchain can have huge application. Samsung, who recently revealed its plans to utilize blockchain through its subsidiary SDS, envisages cutting costs by 20% by using the technology. Cheong Tae-su, professor of industrial engineering at Korea University in Seoul, told Bloomberg that blockchain could shorten time lags between product launches and actual shipments, thereby encouraging more business from China.

Natural Resource Mining

A recent report from professional services network Deloitte explains that the technology efficiently accommodates the growing reliance on data and ensures transparency. “Just as organizations like Fair Trade impacted the coffee industry, it’s not a far stretch to think through ways in which Blockchain enabled solutions could transform the relationship with mining companies and communities,” the report states.

Shipping

Maersk, the world’s largest shipping company has just finished testing a Blockchain based system for cargo management. The system was initiated in collaboration with IBM and its Hyberledger fabric Framework. FedEx’s vice president of strategic planning and analysis Dale Chrystie announced his company’s membership by saying:

“We have millions of records a day in our system, and we think of blockchain as a secure chain of custody that could transform the logistics industry. We believe it holds a lot of promise in that space and would streamline all that data exchange in a very secure way”

https://pixabay.com/en/organization-chart-2556925/   source/geralt

The post Logistics Industry Forges Ahead With Blockchain appeared first on BitcoinNews.com.

Blockchain technology could be implemented in government institutions to streamline and remove a lot of bureaucracy, but could it also replace the government as a central institution or is that a sci-fi script too far?