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Bitcoin Prices Continued Downward Trend This Week – Forbes


Forbes

Bitcoin Prices Continued Downward Trend This Week
Forbes
Bitcoin prices followed a bearish trend this week, pushing lower and suffering additional losses. The world’s largest digital currency by market value has been experiencing a steady, downward trend since late last year, when it hit an all-time high of


Forbes

Bitcoin Prices Continued Downward Trend This Week
Forbes
Bitcoin prices followed a bearish trend this week, pushing lower and suffering additional losses. The world's largest digital currency by market value has been experiencing a steady, downward trend since late last year, when it hit an all-time high of

Bank of Finland Considers Bitcoin to Be a Fallacy

Various banks and financial institutions around the world have a negative view of cryptocurrencies. Although some banks have revised their outlooks, it appears the Bank of Finland is not among them. Its new paper on Bitcoin and other virtual currencies shows there is still a distinct lack of trust and belief in this growing industry. […]

Various banks and financial institutions around the world have a negative view of cryptocurrencies. Although some banks have revised their outlooks, it appears the Bank of Finland is not among them. Its new paper on Bitcoin and other virtual currencies shows there is still a distinct lack of trust and belief in this growing industry.

Refuting Cryptocurrencies in 2018

Every person or company is entitled to their own opinions and thoughts. Especially when it comes to cryptocurrencies, those opinions can differ enormously. The Bank of Finland has made it clear that it sees no real future for Bitcoin or any other cryptocurrency. It is an unfortunate stance, but it is not entirely surprising at this stage.

A new document has been issued by the Bank of Finland which touches upon virtual currencies in their current form. Dedicating 133 pages to this topic shows that the BoF has put a lot of effort into this venture, although it has not yielded any positive conclusions, which is surprising. While cryptocurrencies are a threat to banks, openly opposing this new form of money seems rather counterproductive.

For the Bank of Finland, all cryptocurrencies are a fallacy. It firmly believes currency cannot be digitized, which seems to contradict how most banks operate in this day and age. Finance has become increasingly digitized over the past few years, as fewer transactions take place in physical form. With mobile payments rising in popularity, that situation will not change anytime soon.

When it comes to Bitcoin having intrinsic value, there is no clear-cut answer in this regard. For the Bank of Finland, there is no intrinsic value associated with Bitcoin or any other cryptocurrency. Moreover, the bank believes Bitcoin’s network is incapable of transferring money. Nor is there any expectation of Bitcoin becoming a real currency, but that is not entirely surprising for a bank.

These remarks against cryptocurrency come at a rather interesting time. Considering that all cryptocurrency prices have fallen significantly throughout 2018, it is only natural that those who oppose Bitcoin wouldn’t hesitate to issue remarks to push the price down even further. Not everyone has to believe in Bitcoin for this cryptocurrency to succeed.

The comments by the Bank of Finland will undoubtedly spark a lot of new debates. The cryptocurrency industry is not without flaws, issues, and concerns. Even so, the industry is evolving at an accelerated pace. Even major banks acknowledge that Bitcoin and altcoins have potential. The Bank of Finland has taken the opposite view, but it may still come around in the end.

Promoted: Ushering in a New Future — Cryptocurrency Investing With Invictus

The
Bitcoin movement has brought with it a tidal wave of activity in cryptocurrency
investments and trading. As a result, crypto market capitalization soared to an
all-time high of around $820 billion in…

Invictus Thumb

The
Bitcoin movement has brought with it a tidal wave of activity in cryptocurrency
investments and trading. As a result, crypto market capitalization soared to an
all-time high of around $820 billion in early January of 2018. But since then,
we have seen a massive price decline in this market, leading many to speculate
that it could all be a giant bubble.

One trailblazing company that has remained forward-thinking in its approach and
advancement amid this persistent downturn is Invictus Capital. Endeavoring to
become the “Vanguard of cryptocurrencies,” Invictus features a comprehensive
set of fund options and investments for those seeking diversified exposure to
cryptocurrency markets.

Through cutting-edge developments in data science, machine learning and
blockchain technology, Invictus strives to mitigate the bias, emotion and costs
associated with managing cryptocurrency investment funds.

A key milestone tied to this momentum occurred in 2017, when Invictus launched
its initial coin offering (ICO), known as “CRYPTO20” and widely touted as the
first of its type in the world. CRYPTO20 is an index fund that
tracks the top-20 cryptocurrencies by market capitalization, providing a window
to the performance of the highest levels of the crypto market, and lets
investors participate through a single token (C20 tokens).

The
fund’s parameters (rebalance frequency, asset cap and number of coins) were
optimized by data science and the fund managers claim all relevant forks and
airdrops and stake NEO and DASH, among others — all adding to the fund value.
CRYPTO20’s annual fees of 0.5 percent are far below the industry average of 2
to 3 percent, the company said. Invictus added that the fund has outperformed
both BTC and the total cryptocurrency market cap to date.

Invictus’s second major milestone, the Hyperion Fund, closed in May 2018,
with over 4,500 backers and $11 million raised. This venture fund model
leverages the power of syndication and Invictus’s strategic value adds to
facilitate access to private sale investment opportunities — at the best
prices. Here, investments occur in the most promising projects through
presales, simple agreements for future tokens (SAFTs) and ICOs.

Hyperion is designed to provide token holders with diversified, early stage
investment opportunities in the blockchain landscape. The fund seeks to achieve
this by forming strategic partnerships with some of the most talented
blockchain entrepreneurs and visionaries, assisting them with both financial
support and essential connections in their efforts to deliver successful ICOs.

A New Path to Investing: The Value
Proposition

The foundation of Invictus’s quest is predicated by a value proposition
reflected in the following:

  • An intelligent, scientific
    approach where data is optimized to simplify investment decisions. This
    approach is backed by data science and machine learning that fuels the highest
    levels of analysis.
  • Value creation for investors
    that challenges and disrupts the traditional, thereby creating a new way of
    investing.
  • Fostering an environment of
    integrity and trustworthiness for all stakeholders, including community responsibility
    and legal compliance; Respecting and acting with dignity while ensuring that
    shareholder returns are protected.
  • Ensuring transparency in
    investor interests while maintaining high levels of privacy with transaction
    details.
  • Fostering a collaborative and
    performance-driven approach, one that champions diversity in all of its forms.
    Diversity, along with innovative collaboration, allows Invictus to achieve
    ambitious targets and succeed in what it does.

Fueled by this set of values, Invictus has embarked on four public investments
to drive its value proposition forward: NOIA Network, DAV Network, Lightstreams and Gamedex.

NOIA is a decentralized content delivery network (CDN) that makes use of unused
bandwidth and storage from idle computers around the world. The project
utilizes the internet’s infrastructure to dramatically improve how data is
delivered, a solution that’s much cheaper than what current centralized CDN
providers offer. The main ICO sale for this network will commence on July 16.

The DAV Network delivers an open-source software platform, allowing anyone to
buy or sell transportation services in a decentralized market. This network can
be integrated into any vehicle, enabling them to discover, communicate and
transact with one another using a digital currency called the “DAV” token. The
DAV network concluded its ICO on June 25 with 40,726 ETH raised.

The Lightstreams blockchain project addresses the issue of data storage when
content is shared on blockchain networks. The technology focuses on the
requirements of privacy, confidentiality and scalability for decentralized
applications, which interact in direct, peer-to-peer channels. Lightstreams
plans to launch its network infrastructure in Q3 2018, enabling a decentralized
governance platform in Q4 where token holders can decide policies.

Finally, there is the investment by Hyperion in Gamedex, a platform, similar to
Steam, for digital collectibles and their games. Unlike traditional
collectibles (for example, baseball cards), these digital assets can be
transferred to anyone on the planet instantly, their authenticity can be proven
and they cannot be counterfeited or reprinted.

A Look Ahead

Daniel Schwartzkopff, the co-founder and CEO of Invictus Capital, is a South
African serial entrepreneur who has launched several venture capital-backed companies.
A graduate of the University of Cape Town with a degree in chemical
engineering, Schwartzkopff has been featured in everything from CNBC to The Wall Street Journal

When asked about how the uncertainty facing the global cryptocurrency market has
impacted and informed Invictus’s strategic direction, he remains optimistic.

“The current uncertainty in the industry is related almost exclusively to the
market capitalization, or prices, of cryptocurrency,” said Schwartzkopff. “In
terms of the fundamentals (i.e., the technology, use cases and regulatory
environment), there is far less uncertainty than there was at the price peak.
In fact, the decrease in hype and ‘extreme visibility’ of blockchain projects
has afforded developers the opportunity to get back to the real task at hand,
which is to bring a nascent technology to the real world.”

He added that, despite the uncertain markets, Invictus’s efforts are
laser-focused on providing investors with peace of mind around cryptocurrencies
and legitimizing the industry.

“The cryptocurrency market is gaining mainstream traction at an unprecedented
rate,” Schwartzkopff said. “This comes with an influx of retail investors, many
of which lack a deeper understanding of the cryptocurrency market. Our vision
is to provide a diverse range of industry-leading, low-cost options to gain
exposure to this growing market without the barrier of technical complexity
currently impeding adoption.”

This promoted article originally appeared on Bitcoin Magazine.

Bitcoin, More Like ‘Bitcon’ Will Soon Become Zero, Says Economics Professor – Ethereum World News (blog)


Ethereum World News (blog)

Bitcoin, More Like ‘Bitcon’ Will Soon Become Zero, Says Economics Professor
Ethereum World News (blog)
Another ‘nocoiner’ academic has lent his voice to the Bitcoin doomsday FUD, calling Bitcoin a “con.” Since the emergence of cryptocurrency into the public sphere, there has been no shortage of critics and unbelievers. From Warren Buffett to Charlie


Ethereum World News (blog)

Bitcoin, More Like 'Bitcon' Will Soon Become Zero, Says Economics Professor
Ethereum World News (blog)
Another 'nocoiner' academic has lent his voice to the Bitcoin doomsday FUD, calling Bitcoin a “con.” Since the emergence of cryptocurrency into the public sphere, there has been no shortage of critics and unbelievers. From Warren Buffett to Charlie ...

The Untold Bitcoin Stories of Bitcoin Millionaires – CoinCentral


CoinDesk

The Untold Bitcoin Stories of Bitcoin Millionaires
CoinCentral
There are a number of success stories about people who became Bitcoin millionaires. After the release of the first annual cryptocurrency wealth rankings earlier this year, a few of these Bitcoin stories became well known. Others, however, haven’t
Bitcoin Price Defends $6K As Upside Potential BuildsCoinDesk
Bitcoin Price Watch: BTC/USD Upsides Remain CappednewsBTC
Bitcoin Price Avoids Decline to $6000 but Crypto Market Still in DowntrendCCN
GlobalCoinReport –The Crypto Globalist
all 97 news articles »

CoinDesk

The Untold Bitcoin Stories of Bitcoin Millionaires
CoinCentral
There are a number of success stories about people who became Bitcoin millionaires. After the release of the first annual cryptocurrency wealth rankings earlier this year, a few of these Bitcoin stories became well known. Others, however, haven't ...
Bitcoin Price Defends $6K As Upside Potential BuildsCoinDesk
Bitcoin Price Watch: BTC/USD Upsides Remain CappednewsBTC
Bitcoin Price Avoids Decline to $6000 but Crypto Market Still in DowntrendCCN
GlobalCoinReport -The Crypto Globalist
all 97 news articles »

Bitcoin Hash Rate Rapidly Growing Despite Price – CryptoSlate

Bitcoin Hash Rate Rapidly Growing Despite Price
CryptoSlate
Despite Bitcoin’s 2018 price slump, the dominant cryptocurrency’s hash rate continues to surge at an astonishing pace. Although the value of Bitcoin has decreased by 53% since January 1st, 2018, the hash rate has increased 155% in the same time period.

and more »


Bitcoin Hash Rate Rapidly Growing Despite Price
CryptoSlate
Despite Bitcoin's 2018 price slump, the dominant cryptocurrency's hash rate continues to surge at an astonishing pace. Although the value of Bitcoin has decreased by 53% since January 1st, 2018, the hash rate has increased 155% in the same time period.

and more »

Major Think Tank Envisions a Bright Future for Cryptocurrency in Venezuela

Addressing the financial situation in Venezuela will pose many challenges. Cryptocurrencies are still in the best position to make a meaningful impact in this regard. The Center for Strategic and International Studies is thinking along the same lines. Venezuela Needs Cryptocurrencies to Survive The financial struggles taking place in Venezuela have been documented quite often […]

Addressing the financial situation in Venezuela will pose many challenges. Cryptocurrencies are still in the best position to make a meaningful impact in this regard. The Center for Strategic and International Studies is thinking along the same lines.

Venezuela Needs Cryptocurrencies to Survive

The financial struggles taking place in Venezuela have been documented quite often in the past few months. Most efforts to solve these problems have been in vain up to this point. Things only got even more confusing with President Maduro introducing the country’s own cryptocurrency. The Petro is still virtually useless at this stage, and it has not improved the lives of regular consumers whatsoever.

Solving the financial problems in Venezuela will require a multi-pronged approach. According to the Center for Strategic and International Studies, cryptocurrencies will need to make an impact sooner rather than later. That is much easier said than done, especially when considering that the country is not necessarily open to Bitcoin and altcoins at this point in time. An uneasy situation has been created in this regard, and some clarification is more than needed at this point in time.

The think tank envisions a bright future for peer-to-peer electronic cash transfers in Venezuela. As such, cryptocurrencies fit the bill perfectly because of their global nature and ample liquidity. Through the peer-to-peer approach, targeted assistance can be delivered to those people who are in dire need of financial aid.

CSIS Americas Program Associate Director Moises Rendon noted:

For example, the use of cryptocurrency to safely transfer worldwide donations, following a model like EatBCH, is a novel approach already creating a positive impact for Venezuelans on the ground today.

These observations come at an interesting time for the cryptocurrency industry. Both EatBCH and the Nano cryptocurrency have begun making a positive impact on Venezuela in their own way. Although these are minor localized efforts, there is a bright future ahead for cryptocurrency in the country. Assuming, that is, that the government will allow this form of money to thrive in the years to come, rather than oppose it completely.

While there are many reasons to oppose cryptocurrency, it is evident there are plenty of benefits to take into account as well. With lower fees and a global appeal, it is evident cryptocurrencies such as Bitcoin can make a big impact on this country. That is not just the case with Venezuela, as other inflation-stricken countries can reap the benefits of cryptocurrency as well.

Bitcoin Is A Logarithmic Asset – Forbes


Forbes

Bitcoin Is A Logarithmic Asset
Forbes
This is a log chart and it shows that bitcoin and crypto have been growing and behaving logarithmically. This is a field mark of viral growth. Few things have this growth potential; crudely it’s a compound growth of 26% per time period. Ten periods of


Forbes

Bitcoin Is A Logarithmic Asset
Forbes
This is a log chart and it shows that bitcoin and crypto have been growing and behaving logarithmically. This is a field mark of viral growth. Few things have this growth potential; crudely it's a compound growth of 26% per time period. Ten periods of ...

Which Countries Are Most Likely to Adopt Bitcoin First?

Bitcoin replacing a country’s government currency would be a huge achievement for cryptocurrency as well as a historical milestone. But which countries are most likely to adopt such a nascent currency? One of the biggest drivers for adopting a cryptocurrency would be necessity. Countries where citizens experience hyperinflation, political instability, or other factors that shake …

The post Which Countries Are Most Likely to Adopt Bitcoin First? appeared first on BitcoinNews.com.

Bitcoin replacing a country’s government currency would be a huge achievement for cryptocurrency as well as a historical milestone. But which countries are most likely to adopt such a nascent currency?

One of the biggest drivers for adopting a cryptocurrency would be necessity. Countries where citizens experience hyperinflation, political instability, or other factors that shake confidence in a government currency typically see higher demand in alternative currencies like Bitcoin.

Countries possibly adopting Bitcoin on a major scale, for this reason, would be Iran, Venezuela and Argentina, to name a few.

Iran has made headlines with plans to withdraw EUR 300 million from German banks. Rising tension since 2015, when the US left the Nuclear Agreement, has only amplified with Trump entering the presidency.

The tension has only weakened confidence in the Iranian rial, leading to higher than market prices within Iran borders. Couple this with the US sanctions placed restricting liquidity and hyperinflation of 112%, and Bitcoin easily becomes the currency of choice for Iranian citizens.

While rial’s hyperinflation will lead to holders of the currency losing more than half of their value, this is nothing compared to Venezuela’s economic crisis.

A year ago, a cup of coffee in Venezuela was 2,200 Venezuelan bolivar (VEF), or around USD 0.20. Since then, inflation has been rampant, causing that same cup to be sold at VEF 1,400,000, for an effective annual inflation rate above 60,000%.

This has led to an extreme demand for the cryptocurrency; peer-to-peer exchange Localbitcoins shows Venezuela traders selling Bitcoin at rates of VEF 9 billion (USD 75,000) to VEF 19.5 Billion (USD 158,531). Despite these massive premiums and the cryptocurrency experiencing a correction of its own, Bitcoin is still a more attractive option than the fiat currency.

Such an extreme devaluation of the currency makes Venezuela a prime country to embrace Bitcoin wholeheartedly.

Argentina is in a similar situation and currently has the higher interest rate in the world (40%). Continually rising prices coupled with increasing unemployment rates makes Bitcoin a viable currency in this case, over the Argentine peso.

Cashless societies could also be primed for a crypto take over but cryptocurrency needs a lot of refinement before this could become a reality.

Contactless payment methods are already very convenient and with credit cards, even offer cashback rewards and customer protection. For cryptocurrency to penetrate markets like Canada, Sweden and the UK, digital currencies must not only offer similar characteristics but be much better than existing systems.

A good scaling solution needs to put in place as well, in order for Bitcoin (or whatever cryptocurrency a society adopts) to handle the number of transactions.

The third set of countries likely to adopt Bitcoin are the ones that are already open to cryptocurrency-related businesses, regulatory wise.

Countries that fall into this category include Japan, Estonia, Singapore, Australia, and South Korea. Sweden also goes into this category because despite its cashless society, recognizing Bitcoin as a legal form of payment.

Countries that are Bitcoin-friendly will typically have a higher percentage of citizens already exposed and actively using the cryptocurrency, making it far easier for Bitcoin to become widespread.

Being on welcoming turf also allows companies to come in and introduce new use case scenarios for the cryptocurrency, thus improving Bitcoin’s penetration rates.

Bitcoin is a fairly new currency and as more people begin to understand and classify it, more countries will become more receptive to the decentralized money. It will be interesting to see which country becomes to adopt Bitcoin as a dominant currency and if it’s from necessity, convenience or another reasons.

 

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The post Which Countries Are Most Likely to Adopt Bitcoin First? appeared first on BitcoinNews.com.

What Is Mainframe Cryptocurrency?

Even though the mass media platforms that we use today are more decentralized than the ones available before, it is worth noting that most of today’s web services are built atop protocols, services, and other tools that are susceptible to centralized control, surveillance, and manipulation. Mainframe is an all-new communications layer that is not only […]

Even though the mass media platforms that we use today are more decentralized than the ones available before, it is worth noting that most of today’s web services are built atop protocols, services, and other tools that are susceptible to centralized control, surveillance, and manipulation.

Mainframe is an all-new communications layer that is not only fully decentralized but also makes use of an incentive-driven operational model. As a result of its unique architecture, Mainframe helps enable things such as:

  • Reliable packet routing
  • Secure packet delivery
  • Packet holding
  • File storage

Additionally, the security framework implemented by this service not only provides helpful encryption but also delivers a high degree of resistance to censorship and surveillance.

From a technical standpoint, the platform consists of various protocol and transport layers that have been incentivized by token economies, along with software development kits (SDKs) which allow the platform to easily integrate with a vast array of popular languages, operating systems, peripheral devices, and smart contracts/oracles.

As a result, Mainframe allows for seamless token exchanges and delivers a high level of interoperability with various popular blockchains.

Overview of the Service

  • Mainframe’s core architecture comprises a Kademlia-based peer-to-peer network that is used to propagate and execute blockchain transactions.
  • The platform eliminates the underlying, geographically-traceable internet transport layer most services usually rely on by randomly assigning addresses to each peer or node.
  • It allows for a seamless exchange of monetary value between two or more nodes within the network.
  • Mainframe makes use of a native currency to facilitate internal transactions.
  • The system also comes with a host of specially tailored protocols above the central transport layer so as to enable and facilitate safe and secure communication.

Key Features

To start with, each node within the Mainframe ecosystem exposes various P2P service interfaces for application layers to call. These include interfaces for blockchain transactions, file storage, and data services.

It is also worth mentioning that each of these individual P2P services is provided entirely by peers operating in incentivized cooperation with one another—without the need of any intermediary or centralized management infrastructure.

Conceptual diagram of a node within the Mainframe ecosystem

From a security standpoint, Mainframe provides protocols for one-to-one and one-to-many encryption. What this basically means is that each node within the Mainframe ecosystem has an asymmetric key pair associated with it. This key is meant to decrypt packets intended for that particular node.

Packet encryption is one of the core aspects of Mainframe’s transport protocols, and to make use of the system, this step cannot be circumvented.

A simplified overview of the Mainframe platform

Lastly, Mainframe allows nodes to prevent any foreign actors from accessing native blockchain data via the use of configurable dark routing mechanisms that are based upon Holbrook’s work on the PSS protocol. Dark routing is a method by which data packets are routed to each node whose address matches the partially disclosed destination address.

How It All Works

As mentioned previously, Mainframe employs a governance model that is based on the concept of incentivization. This model is used to incentivize various important services provided by nodes in the network, including:

  • Incentivized Packet Routing: In this service, peer nodes enter into an agreement to provide services to one another. This is done by keeping close tabs on the bandwidth that has been used by each node individually—primarily through the use of the SWAP protocol.
  • Incentivized Packet Delivery: Mainframe incentivizes packet delivery across many different peer-to-peer hops within the network through cryptographically certified delivery.
  • Incentivized Packet Holding: Even in the case of a few nodes being disconnected from the primary network, Mainframe is able to deliver regular operability because the native infrastructure is entirely based on services provided by nodes in the peer-to-peer network.
  • Incentivized File Storage: Mainframe’s incentivized file storage layer makes use of the ‘swear and swindle’ stages of service provision (in addition to the SWAP stage used in packet routing). Storage nodes are incentivized by earning tokens when file chunks are requested by other nodes.
  • Incentivized Data Services: Even though file storage supports many use cases, for real-life functions it can be quite inefficient to have to load and save a large file whenever small changes are made to it. For these kinds of use cases, Mainframe provides incentivized database services.

About the Team

Mick Hagen is the CEO and founder of this project. He is a Princeton CS dropout and is also the person behind Zinch—a tech startup that was later acquired by Chegg. In addition to all this, Mick is an active angel investor and has mentored many people within today’s burgeoning startup sector.

Carl Youngblood is the CTO of Mainframe. According to his online bio, Carl has been working as a full stack engineer for nearly two decades and has specialized in the development of highly scalable web applications. Having been involved with blockchain technology since its early days, Carl was one of the first investors in Ethereum. He has a Masters in CS from the University of Washington.

Lastly, Brad Hagen is the head of business development and sales for this venture. He describes himself as an experienced entrepreneur whose core focus lies within areas such as:

  • Sales
  • Biz dev
  • Biz strategy

Brad has also been a part of various other successful projects in the past including:

  • Zinch—Co-founder
  • Lendio—VP
  • Studio/Brandr—Co-founder

Token Financials

Having been in the market for only a week, it is difficult to predict the future of the MFT cryptocurrency.

MFT lifetime performance data (courtesy of Coincodex)

As can be seen in the chart above, MFT entered the market at a value of approximately US$0.02 per token. However, after experiencing a slight gain of around 5-7% on July 9, the price of MFT has dropped and currently stands at $0.017.

At the time of writing, MFT possessed a market cap of $36.95 million along with a circulating supply of 2.16 billion tokens.

Final Thoughts

With Mainframe looking to introduce a web3 platform that is not only resistant to trackers and hackers but also minimizes censorship, it would not be surprising to see this service featured as one of the best blockchain projects of 2018.

If you would like to start investing in Mainframe, MFT trading pairs are currently available on Binance, Bancor and IDEX.