Day: May 24, 2018

American Express is exploring ways of using blockchain technology to increase security for both users and merchants according to an executive at the credit company.

AMEX Explores Ways that Blockchain can Boost Identification Security

Tereasa Kastel, American Express Vice President of Technology spoke at the Oktane 18 conference in Las Vegas about the various ways in which American Express is examining the use of blockchain as reported by Techradar.

She described a visit to one of the companys research and development labs saying;

“They were working on blockchain specifically for financial transactions, but we were starting to explore what would an identity wallet look like, and could blockchain be used to help serve as, both internal, but also external card members and merchants.” Adding that in her opinion “American Express is a very innovative company,”

Kastel’s speech at the conference was focused on how blockchain would play a significant part in the future development of the services American Express offers. Her talk coincided with American Expresses announcement that it will use hyperledger blockchain technology to allow merchants to create their own rewards programs tailor-made for individual cardholders.

One of the cornerstones of both the conference and the developments American Express is striving to make according to Kastel is in the field of identification security. She noted that blockchain can play a crucial part in the company’s goal of providing a secure chain of transactions to protect users identities and keep information safe at all times.

“Being in the financial industry, we have to be somewhat conservative on what legal and regulatory requirements there are. On the other hand, what empowers an individual user to do in terms of controlling their identity, and have that identity be immutable, is something you can’t pass by” She said before adding “If you’re in this industry, you have to have a voracious appetite for all things identity…to be able to work in a world where there is constant change you…have to always ensure you can stay ahead of the curve.”

Barrack Obama Delivers Key Note at Tech Conference

Oktane 18 which took place this week in Las Vegas, Nevada, is an annual conference that covers the latest innovations in new technology and how they can be used to develop areas like identification security, mobile and cloud management. One of this years, keynote speakers was former president Barrack Obama who talked about using new technology to improve the voting process in the US. He summarized his talk saying “My bias is to make voting easier — not harder,” Obama said. “We are the only developed country on earth that deliberately makes it hard to vote. There is a reason for that. There is a legacy that dates back to Jim Crow.”

 

Image from Shutterstock

The post American Express Explores Blockchain to Protect User Idenitity appeared first on NewsBTC.

Japanese IT giant GMO Internet says it will ship the world’s first bitcoin mining device based on 7nm chips before November.

Bloomberg

US Launches Criminal Probe into Bitcoin Price Manipulation Bloomberg The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according ... and more »

Key Points

• Bitcoin price was not able to move back above $8,000 and declined further against the US Dollar.
• There are two important bearish trend lines in place with resistance at $7,700 and $7,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently moving higher, but it is likely to face a strong selling interest just below $8,000.

Bitcoin price nosedived towards $7,500 against the US Dollar. BTC/USD is currently recovering ground towards a few key barriers like $7,800 and $8,000.

Bitcoin Price Analysis

The past 5-6 sessions were mostly bearish as bitcoin price tumbled below the $8,000 support against the US Dollar. The BTC/USD pair declined sharply and even broke the $7,600 support level. It traded towards the $7,400 level before finding buyers. A low was formed near $7,440 from where a fresh upward correction was initiated and the price moved above $7,600.

The price managed to move above the 38.2% Fib retracement level of the last decline from the $7,970 high to $7,443 low. However, there are many hurdles for buyers around the $8,000 level. At the moment, the 50% Fib retracement level of the last decline from the $7,970 high to $7,443 low is acting as a resistance near $7,700. There are also two important bearish trend lines in place with resistance at $7,700 and $7,800 on the hourly chart of the BTC/USD pair. The second trend line is significant since it is formed via connecting the $8,300 swing high.

Looking at the chart, the price is showing a few positive signs above $7,500. Having said that, a break above the $8,000 barrier is must for buyers to gain control. On the other, if buyers fail to push the price above $8,000, there is a risk of yet another slide back to $7,500.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is struggling to move back above the 50 level.

Major Support Level – $7,500

Major Resistance Level – $8,000

The post Bitcoin Price Watch: BTC/USD Sellers In Control appeared first on NewsBTC.

Cryptocurrency exchange Golix has filed a lawsuit against the Reserve Bank of Zimbabwe, saying that the bank’s action in issuing a decree on 11 May 2018 banning all cryptocurrency activity was illegal.

Golix filed the lawsuit against the Reserve Bank in the High Court of Zimbabwe. Golix is one of three cryptocurrency exchanges that are active in Zimbabwe, the other two being Bitfinance and Styx24.

The lawsuit argues that the Reserve Bank of Zimbabwe has no jurisdiction to ban cryptocurrency, since that is equivalent to lawmaking which is something only the parliament can do. It argues, therefore, that the Reserve Bank of Zimbabwe is usurping parliament’s power with this action. The lawsuit also mentions that the Reserve Bank couldn’t even manage their own local currency, the ZWL, so they have no right in general to make decisions regarding any form of currency.

Zimbabwe is notorious for the hyperinflation which destroyed its currency, the Zimbabwean Dollar (ZWL), and the same Reserve Bank of Zimbabwe which is banning cryptocurrency was largely held responsible for the crisis.

Essentially, the bank was accused of printing money at will to pay all of its debts, including for funding a war in the Democratic Republic of the Congo. The inflation rates became so extreme that the Zimbabwe fiat currency lost all of its value almost overnight. In November 2008, inflation hit an unfathomable 79.6 billion % per month, and eventually, the ZWL was completely abandoned in 2015.

Foreign currency replaced the ZWL in Zimbabwe, with 90% of currency exchange activity in the country occurring via the USD. Even though USD is the most widely used currency in the country, it is very hard to obtain and usually has to be purchased on the black market illegally.

One new way to obtain USD was through a Bitcoin ATM that the Golix cryptocurrency exchange installed in the capital Harare in March of this year. It dispensed USD for Bitcoin, a rare way for Zimbabwean citizens to get USD outside the black market.

Although cryptocurrency is obviously a very positive development for Zimbabwean citizens who have had to live with hyperinflation, since it provides a store of value which the government cannot manipulate and facilitates obtaining stable and valuable fiat currencies like USD, the government of Zimbabwe is trying to ban it anyways via the action of the Reserve Bank.

The decree banning cryptocurrency states that all financial institutions and banks must halt all cryptocurrency-related activity within 60 days, and the order was thorough in banning any and all cryptocurrency activity even by individuals.

 

Unfortunately, some customers trying to sell Bitcoin and withdraw cash to their bank accounts are finding that it is no longer allowed, even though there is supposed to be a 60-day grace period from the issuance of the decree so that people can get their affairs in order.

 

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The post Golix Sues Zimbabwe Reserve Bank over “Illegal” Crypto Ban appeared first on BitcoinNews.com.

Key Highlights

• Ethereum classic price declined and traded close to the $14.20 support level against the US dollar.
• There is a major bearish trend line forming with resistance at $15.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair is currently correcting higher towards the $15.50 and $15.80 resistance levels.

Ethereum classic price moved into a negative zone against the US Dollar and Bitcoin. ETC/USD is correcting higher, but upsides are likely to be capped by $15.80-16.00.

Ethereum Classic Price Resistance

This week, there were mostly bearish moves in ETC price from the $18.00 level against the US dollar. The ETC/USD pair declined sharply and moved below the $17.00 and $16.00 support levels. The decline was such that the price even broke the $15.00 support zone. It traded close to the $14.20 support level before buyers appeared. A low was formed near $14.40 before it started an upside correction.

ETC price climbed above the $15.00 level and also moved above the 38.2% Fib retracement level of the last drop from the $16.18 high to $14.44 low. However, the current correction wave is facing a lot of hurdles near the $15.50 level. There is also a major bearish trend line forming with resistance at $15.80 on the hourly chart of the ETC/USD pair. Moreover, the 61.8% Fib retracement level of the last drop from the $16.18 high to $14.44 low is acting as a resistance near $15.50. Therefore, it seems like the current correction wave is likely to face hurdles near the $15.60-15.80 zone.

The chart suggests that the price is showing signs of a recovery. However, a proper close above $16.00 is needed for buyers to take control. On the downside, the $15.00 and $14.50 levels are important supports.

Hourly MACD – The MACD for ETC/USD has moved back in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher and is approaching the 50 level.

Major Support Level – $15.00

Major Resistance Level – $15.80

The post Ethereum Classic Price Analysis: ETC/USD Consolidating Near $15 appeared first on NewsBTC.

By deferring questions of trust to a decentralized algorithm, blockchains promise to boost transparency and allow more fluid, dynamic supply chains.