Day: September 1, 2018

The Gifto token community deposited 1.6 million tokens in an industry-first staking program in the hit blockchain game Giftomon, with the first million pledged in 24 hours after the announcement.

Guardians of Giftomon is a new, gamified staking model where users are rewarded for storing tokens in their wallet to unlock unique and powerful in-game items in Giftomon, the flagship game of Gifto. Users clearly resonated with the challenge, and over five days raced to store tokens to unlock the highest tier of rewards, with nearly 1.6 million tokens stored in the mad dash to become a Gifto guardian.

Giftomon’s in-game rewards are at the heart of why users were so eager to participate in the challenge. Based on how much gifto they stored, players could unlock anything from epic and legendary giftomon that allow them to dominate the arena, or Mcoins, an in-game currency that can be used to level up your giftomon and build the ultimate “mon” team.

The rewards system goes beyond Giftomon however, as participants are still able to use their stored tokens in the broader Gifto ecosystem, such as by sending virtual gifts to celebrities on Uplive like K-Pop star Amber Liu and WWE wrestling champion Matt Morgan, or giving customized gifts outside Uplive to content creators on Youtube like Crypto Lark. Users can even support their favorite contestants on the Bachelor Vietnam using Gifto.

Gifto is one of few tokens with a fully-functioning ecosystem based on usage, meaning that the token’s value comes from its utility. Guardians of Giftomon highlights this because even though participant’s wallets are stored, they are still able to engage in all dimensions of the so-called Giftoverse.

If we learn anything from this challenge is that hardcore fans of an addictive game will go so far as to stake their hard-earned tokens to get an upper hand on the battlefield. Giftomon is still in the early stages of its development cycle yet its already proven to be one of the most accessible and engaging blockchain games, borne out of Gifto’s commitment to fix what’s wrong with online entertainment, and is shaping up to be one of blockchain’s killer apps.

Check out this review from a Giftomon fan:”i missed the CryptoKitties MEOW!! and i missed the Cryptodogs WUFF!!.. but today i was so crazy to buy some Giftomons!”

Follow GIFTO news at: https://t.me/giftoOfficial , https://twitter.com/gifto_io

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

The value of currency matters to us all. Whether you are a holidaymaker looking to afford the vacation of your dreams, an investor cashing in on the chance to make money or a business engaged in importing or exporting goods, the fluctuating forex market attracts attention from all corners. The value of a nation’s currency is also a key test of the health of its economy too.

But why does it fluctuate? Forex is renowned for being the most volatile market – although maybe cryptocurrencies can lay claim to that mantle – and that’s partly because so many factors feed into the prices we see.

Price movements are dictated, as with any asset, by supply and demand. If demand for a currency goes up and the supply remains constant, the value goes up. The key, therefore, is to look at what could spark that demand and, put simply, this comes from positive economic news. If things are looking up – and there’s growth forecast – then demand for a currency will grow.

It’s in this context that, as DailyFX has demonstrated, politicians play a big role. The things they say and do have the power to shape the narrative around an economy and, therefore, the demand. Whether it’s key set piece speeches, off the cuff tweets or dramatic interventions such as calling a snap election, DailyFX’s interactive guide shows how the forex markets react to big news events involving key world leaders.

Clearly, politicians aren’t solely responsible for big movements in the markets, but their influential role in the spotlight means that what they say and do matters a lot – and this can easily filter through into the price of currencies.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

It is evident that some speculators still have high hopes for the cryptocurrency markets in the coming years. Short-term changes should not disrupt the overall long-term trend all that much, despite a few bumps caused by panic selling here and there. New research by Satis suggests that some currencies will undergo some big changes, although not everyone will agree with its wild predictions.

#6 Impending Cardano Crash

The analysts over at Satis are very concerned about the future of Cardano. This relatively new altcoin currently holds s a market position in the top 10 due to its rather high market cap. If Satis is to be believed, the value of ADA, its native token, will crash by 99% in the next year and not recover for the foreseeable future. It is not unlikely, although the current rate of development seems to hint at things heading in the opposite direction.

#5 Exponential Dash Growth

Last year and throughout early 2018, Dash has shown it can easily surpass the $1,000 value. According to Satis, that will happen again, albeit not in the next three years. Looking beyond that, the team is convinced Dash can reach a value of nearly $3,000 in the coming ten years, assuming the project continues to grow and expand. Additionally, if the project doesn’t run out of money, interesting things are bound to happen.

#4 EOS Droops Hard and Bounces Back

Volatility is the name of the game we know as cryptocurrency trading. EOS has seen a spectacular rise in popularity, but now the long-term plan needs to kick into high gear. Satis predicts investors will be disappointed during the next year, crashing the EOS value by as much as 99%. However, the currency will bounce back in the coming years, despite never returning to the current value of $6.

#3 Ethereum’s Virtual Status Quo

It will be difficult to predict what the Ethereum price does in the coming years. For Satis, there will be ups and downs, eventually resulting in growth that slows down significantly. At its peak, one ETH will hit $882 again, albeit it remains to be seen if it can effectively bounce back after it goes through an expected steep correction.

#2 The End of XRP?

It appears safe to say the Satis team does not like Ripple or its XRP asset. They firmly want to see this asset burn and lose all value sooner rather than later. In ten years from today, one XRP will be worth $0.004, which is a very big difference compared to its current price of $0.3 or its all-time high of over $3.

#1 Monero the the Moon

Whereas all the previous predictions can make some sense, Satis flies off the handle when it comes to Monero. Despite the potential this anonymity-oriented currency has to offer, a price increase to nearly $40,000 in ten years seem rather unlikely. A steep rise to $1,476 in the next year, however, is not out of the question. That is especially true if the Bitcoin price would set a new all-time high during that period.

OU ORBISE Corp. (“ORBISE”) celebrates its first milestone on the way to reinventing the global cryptocurrency financial system by listing the ORBT token on the CoinDeal exchange platform.

ORBISE aims to disrupt the financial services market through its innovative blockchain solution and token.

The next generation banking ecosystem empowers consumers to seamlessly transition common financial services such as deposits, lending, payments and investments to the cryptocurrency-based products that ORBISE offers.

ORBISE operates its own token – ORBT, an ERC_20 token. The purchase of the token gives the customer access to a predefined basket of the top 10 liquid cryptocurrencies: ETH, XRP, BTC, LTC, ADA, BCH, QTUM, ETC, EOS, and TRX.

ORBT key advantage is the diversification that it offers, which minimizes its overall underperformance risk.

Empowered by fast transaction execution, security features, and high-performance algorithms, the token is now listed on the CoinDeal exchange platform, offering ORBT/BTC and ORBT/ETH trading pairs.

Oded Shoshany, CEO of ORBISE, stated:

“We are very excited to announce the first exchange listing of our ORBT token. Today, we celebrate the first milestone on our journey to develop a global financial cryptocurrency services ecosystem which offers a comprehensive set of financial instruments aimed at driving mass adoption of blockchain-powered banking.”

Following the successful listing on CoinBase, the team is focused on securing a listing on CoinMarketCap, the most popular platform for tracking capitalization of cryptocurrencies.

About ORBISE:

ORBISE is a member of the Management Financial Group (“MFG”), a leading European non-banking financial institution, the company leverages some of the most experienced professionals in the industry to achieve its goal.

Operating across five European markets, MFG offers a portfolio of consumer and B2B lending, peer-to-peer lending, home collected loans, car financing, collateralized loans and credit cards. MFG has more than 330,000 customers and has granted over 1.5 million loans to date.

Within the comprehensive portfolio of blockchain-powered financial services, the ORBT token comes as a result of the strong leadership by MFG’s renowned serial entrepreneurs and a team of 6,500 employees, experts in the financial, e-commerce and technology industries.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

At press time, the father of cryptocurrency has risen by roughly $300 in just one hour and is now trading for $7,200.

Overall, the currency has expanded by just shy of seven percent over the past week. Last Saturday, bitcoin was trading for just over $6,600, though its price is now $600 higher. That means bitcoin has jumped about $100 per day since last weekend. Not bad considering it was trading for about $5,800 not that long ago.

The bull run appears ready to continue, and many analysts say this all stems from bitcoin recently testing key support levels. Eric Ervin, CEO of Blockforce Capital, states:

“Bitcoin’s upward price movement in the latter half of August bounced off a key support level around $6,000, a level that has proved to be an important baseline since the beginning of January.”

David Grodsky – president of Crypto Patterns – states that bitcoin has formed a double bottom pattern at around $6,000, and thus, “The bullish trend should see bitcoin have a day with destiny and retest the key [$7,250] level we have been referencing for months.”

He further states that if bitcoin can jump beyond this level, investors would see further gains, and bitcoin could potentially strike $8,000 in the coming weeks. However, he also mentioned that if bitcoin were to fall below the $6,50 mark, it “would be a red flag that the bullish trend is in jeopardy.”

The big question now is whether bitcoin will reach the $7,500 mark. While some are convinced that the bull run is in full swing, others need a little more convincing. Peter Brandt – investor and cryptocurrency trading expert – states that he’s never seen an entity recover after two weeks of positive movement following a near 80 percent correction, and he thinks it will take some time for bitcoin to really strike any positive figures.

He comments:

“In 43 years of trading, I have never seen an 82 percent decline end and be reversed with a two-week bottom. I do not believe this will be the first time, but with cryptos, anything is possible (though not probable).”

One good thing we can take away from this experience is the fact that when bitcoin performs well, other altcoins and tokens follow suit. Now that bitcoin has broken present resistance and is setting new trends for the cryptocurrency market, we can expect to see entities like Ethereum, Dash, bitcoin cash, Litecoin and Monero follow suit. Approximately eight percent of additional value has been added to the total cryptocurrency market, and while bitcoin is likely the main player here, many competing altcoins have also seemingly contributed.

Bitcoin Charts by TradingView

The controversial McAfee-backed Bitcoin wallet, Bitfi, has withdrawn their claim of being “unhackable” from their website following a series of notable hacks.

The wallet, which claimed to be the first wallet without any risks of being compromised, was discovered to have a series of security flaws following the release of evidence from cybersecurity researchers.

The wallet is a physical device that supports an “unlimited” number of cryptocurrencies, with a price tag of $120.00. The company is registered in London, and was created by a 38-year-old American, named Daniel Khesin.

The device has been taunted as being “a Colt 45 of the crypto world” and the world’s first “unhackable” device by Bitfi shill, John McAfee. A key feature of the Bitfi wallet is that the private keys of the device are not stored anywhere, so if the device is stolen or lost, the private keys cannot be extracted from it.

McAfee, in partnership with the wallet’s creators, offered a $250,000 reward for anyone that could hack the wallet, which generated significant press for the company, along with attention from hackers. The offer, however, backfired on Bitfi, as multiple cybersecurity researchers and experts discovered fatal flaws in the wallet.

Major Security Flaws Discovered in Bitfi Wallet

One such attack on the device was conducted by a team of security researchers who found that the local keys can be extracted from the device’s memory by running a basic code that can take memories from the device. The researchers told TechCrunch that their attack is “is both reliable and practical, requiring no specialist hardware.”

Although major security flaws were found in the platform, hackers were not able to withdraw any Bitcoin, which made the $250,000 bug-bounty nullified according to McAfee and Bitfi. They referenced the initial terms of the bounty which specified that hackers must actually remove Bitcoin from the wallet in order to receive the bounty. This infuriated hackers, who felt that the Bitfi team were ignoring major security flaws because they didn’t want to admit that the wallet isn’t as secure as advertised.

On August 30th, Bitfi announced on their Twitter that they were removing the “unhackable” claim from their website, saying:

“Effective immediately, we will be removing the ‘Unhackable’ claim from our branding which has caused a significant amount of controversy. While our intention has always been to unite the community and accelerate the adoption of digital assets worldwide, we realize that some of our actions have been counterproductive to that goal. Please stay tuned next week for our public announcement.”

John McAfee, however, is still maintaining that the wallet is incredibly secure, saying on his Twitter that:

“It’s selling like hotcakes. And, still, no one has been able to hack it and get the coins. Since the purpose of the wallet is to store coins, every claimed “hack” has been unsuccessful. It is clearly unhackable.”

McAfee also disregarded many of the claims of security flaws discovered while the bug-bounty was ongoing, writing many of them off as “nonsense claims” generated by “monolithic competitors in the hardware wallet space.”

It is unclear whether or not the Bitfi controversy has affected sales of the product in any way, but potential purchasers were likely turned off by the unrealistic claims and the unprecedented scrutiny of the wallet’s security.

Featured image from Shutterstock.

The post Bitfi Bitcoin Wallet Withdraws Unhackable Claim Following Series of Hacks appeared first on NewsBTC.

Various European countries are positioning themselves as welcoming to blockchain and cryptocurrency firms. Switzerland is one of the leaders in this regard. A few key projects have been identified as potential investment opportunities for Swiss speculators and wealthy individuals. The following names are listed in alphabetical order.

#6 Alethena

A relatively unknown blockchain project to the rest of the world, Alethena aims to becoming a data and information platform wielding blockchain technology. It is also the first Swiss ICO and blockchain-asset rating agency. That makes it rather unique in all of Switzerland, and the company may set the tone for the future of initial coin offerings and cryptocurrencies in Switzerland and potentially the rest of Europe. Its native token offers limited voting and profit-sharing rights.

#5 Dfinity

Most blockchain enthusiasts will have seen the name Dfinity pop up somewhere over the past year. It is a very vast project spanning multiple features and initiatives. Its main focus lies on cloud computing and building the cloud 3.0 through decentralized technologies. Based in Zug, the company is located in the heart of Switzerland’s cryptocurrency and blockchain “hub”. Through its utility token, payment for computation and storage will be made possible.

#4 MindFire

Artificial intelligence and blockchain will come together in a meaningful way, according to MindFire. The Swiss non-profit aims to manage research events, collect intellectual property, and storage research contributions pertaining those two technologies. Accessing the ecosystem will occur through its native security token, which is registered with the local government and issued according to the current guidelines.

#3 Proxeus

With its rather unique business model of becoming the “WordPress for Blockchain”, Proxeus is trying a very different approach. Its main objective is to aid in asset tokenization, as well as building new dApps. As more companies rush to digitize their existing processes, services like these can play an increasing role of importance. The native utility token will reward dApp developers as well as serve as a unit of account for this new ecosystem.

#2 SwissBorg

Unlike what the name may suggest, SwissBorg has nothing to do with cyborgs, although there is a robo-advisor service to take into account. Instead, the platform uses blockchain technology to become a regulated wealth management platform, as well as a company that focuses on initial coin offering. Combined with machine learning efforts, a lot of potential new use cases can be unlocked through its utility and security tokens.

#1 Tend

With a short and marketable name, Tend is trying its hand at blockchain technology. Their business model revolves around letting users buy and sell fractional ownership of luxury assets and offer experiences connected to these assets. This will be achieved through the native security token, which offers investors an annual dividend right. Which luxury assets the platform will encompass exactly, has yet to be officially determined.

For close to ten years many people have been on the hunt for the elusive Satoshi Nakamoto, creator of the decentralized technology called Bitcoin. This year the race to find the anonymous character, or group of individuals, who designed the peer-to-peer electronic cash system has been hotter than ever with more clues left behind — Here’s what we know so far. 

**This is part one of a two-part story. Part two features a full-length interview with a man who claims to be a member of the Satoshi Nakamoto group, but has no verifiable proof.** 

Ten Years Worth of Satoshi Nakamoto Suspects, Dead Ends, and Now the Growing Trend of Group Theories

Satoshi Nakamoto is the anonymous creator of the Bitcoin technology and the entire cryptocurrency economy today is based on Nakamoto’s words and original code. Satoshi is an unknown person or group who wrote the original white paper, launched the network, made the first transaction, communicated with software developers between 2008-2010, and possibly possesses over 1 million bitcoins. Since the creation of blockchain technology lots of people and news-outlets like Newsweek, Wired, Gizmodo, BBC, GQ, New York Times, Bloomberg, Fast Company, and many others have tried to uncover the mystery. There’s a lot of evidence, clues, and research on the subject and multiple suspects.

Some people believe knowing who Satoshi is doesn’t matter. Other people believe Bitcoin’s creator does matter, as he could possibly help with scaling conflicts, and then there’s the possibility of the alleged 1M bitcoins mined could affect the price if they were dumped on the market. Either way the hunt for Satoshi just out of mere curiosity alone has encouraged armchair sleuths and journalists to seek out the unknown person(s).

A Crypto Genius

One of the first suspects in the search for Nakamoto is Hal Finney, a man who worked with Satoshi during the early days testing the protocol. Finney was an excellent cryptographer and was allegedly the first person to run the original Bitcoin protocol. Back in 2014 the journalist Andy Greenberg wrote an article called “Nakamoto’s Neighbor: My Hunt For Bitcoin’s Creator Led To A Paralyzed Crypto Genius” which explains that Hal Finney could have been Satoshi. According to Greenberg’s article, Finney could have also helped the Satoshi group ‘ghost write’ some of the writings shared online. The reason this theory is bolstered is because the well-known writing analysis organization, Juola & Associates, detailed that Nakamoto’s and Finney’s writings had the closest resemblance.

Similar Writing Style 

Another accused person who many people believe is Satoshi is the computer scientist Nick Szabo. The financial author Dominic Frisby had shown some circumstantial evidence in his novel connecting Szabo to Nakamoto. Szabo has denied being Nakamoto in an email to Frisby concerning the subject. Furthermore, Szabo has been linked to Satoshi Nakamoto through a writing analysis called stylometry. A writer named Skye Grey (and others) seem to believe Szabo’s writings are very similar to the Bitcoin white paper. 

The Fake News Victim

In 2014 the reporter Leah McGrath Goodman wrote an article for the publication Newsweek which said a Japanese American man living in California was the elusive creator of Bitcoin. Dorian Prentice Satoshi Nakamoto, whose real birth name is Satoshi Nakamoto, is an engineer who worked on many classified defense projects as a contractor for multiple businesses. The Newsweek reporter’s ‘evidence’ was when she asked Dorian about Bitcoin he replied: “I am no longer involved in that and I cannot discuss it.” However, after the article had published Dorian denied being involved with the creation of the Bitcoin technology and said he misinterpreted Goodman’s original question. Dorian has been praised as a lovable guy who was a victim of bad journalism.

Craig Wright & the Group 

The Australian academic Craig Steven Wright first got major attention on December 8, 2015, after appearing with his partner David Kleiman in two articles written by Wired, and then Gizmodo. Allegedly a hacker had stolen emails from Wright which explain that he and Kleiman were part of the Satoshi Nakamoto group, which may also have had 1-2 more players. There are numerous other articles by Motherboard Vice, and others that have different clues to the Craig Wright case. After the articles, Wright subsequently deleted his online presence and wasn’t heard from again until May 2, 2016.

In 2016, Wright reappeared and claimed he was Satoshi Nakamoto, and when he returned both Gavin Andresen and Jon Matonis vouched for his claim. Furthermore, Wright attempted to show cryptographic proof that he was Satoshi Nakamoto, but these claims were refuted by some researchers and called fraudulent by others.    

Now this year more clues have been unraveling in regard to the Craig Wright case. Back in February 2018, Wright was sued for billions by the family of David Kleiman. The case  9:18-cv-80176-bb filed in Florida explains the plaintiff Ira Kleiman wants a settlement for 300,000BTC. According to the case, which also corroborates with the Wired and Gizmodo articles, the court documents explain that Wright, Kleiman, and possibly others have keys to a BTC trust held in escrow in Seychelles which may unlock in 2020. The ‘Tulip Trust’ will allegedly give Wright 1 million BTC, and Ira Kleiman (David’s sibling) believes his brother’s estate deserves their share. Evidence online shows that Wright and Kleiman were partners in business, along with a secretary named Uyen Nguyen whose online presence has disappeared. Other than that, the main evidence from case 9:18-cv-80176-bb stems from the emails Ira Kleiman has and stories his brother David told him.

Another Player? 

Then on August 29, a man named Phil Wilson, who has written some interesting topics on the origins of Bitcoin last year, discussed the ‘Tulip Trust’ on Twitter. Wilson claims to be a member of the Satoshi Nakamoto group, and worked with Wright and Kleiman on the project during the Genesis days. Wilson has also written about the creation of the Bitcoin logo, and explains that he was the person who designed the original symbol. However Wilson says “I don’t have access to any emails or IRC logs to reference and confirm specific events, actions or dates, but it’s not complete fiction because some of the main events took place similarly to how I’ve recalled them.” Wilson says his “assistants/ surrogates” were Dave Kleiman and Craig Wright, and they mostly knew him as ‘Jamie.’ Moreover, Wilson details that on January 1, 2020, the 1 million BTC in the trust addresses will unlock and Wright will have access to the funds.

News.Bitcoin.com Speaks With Phil Wilson AKA ‘Jamie Wilson or Scronty’

However, a few days later after Wilson tweeted about the ‘Tulip Trust,’ Wright wrote four posts on Twitter specifically directed at Wilson’s recent statements and origin story.   

“One thing I will say — Phil Wilson knew nothing at all about bitcoin before 2011 and that he tried to extort me for money — I shall provide sufficient evidence to enable a criminal fraud prosecution against “Scronty,” explains Craig Wright on August 31. “This material shall be compiled and released in September — It shall include his extortion attempt and far more — Sorry — He has nothing to do with Bitcoin, and his fall will be an example.”

There is no Phil ‘Jamie’ Wilson — Jamie Wilson is a completely separate person to Phil Wilson. So, any emails involving myself and Jamie are unrelated to P Wilson’s identity fraud.

An Interview With Phil Wilson Part One

Following this, news.Bitcoin.com discussed the Bitcoin ‘origins’ story with Phil Wilson who doesn’t have any hard evidence that he was part of the group, but says he has the right to express his memories. We asked him about the latest Twitter statements Craig Wright was writing publicly about him and his online alias ‘Scronty.’

“Craig seems to be a tad aggressive towards a supposed ‘no-body,’” Wilson explains to news.Bitcoin.com.

News.Bitcoin.com (BC): Ok. But you say you worked with Craig and Dave?

Phil Wilson (PW): I initially was trying to help Craig with his attempt at an electronic cash. I left his project in mid-May 2008 when it became apparent that it would never work. Then I started my own project in early June 2008 and got Dave and Craig to help me with it.

BC: That would be the original client? 

PW: Yep — What everyone knows as Bitcoin evolved out of my project, not Craig’s. Practically nothing from his code was left. Only the generic crypto functions were taken from his codebase (which was copy/ pasted from elsewhere). The white paper he’d been working on from before 2007 was effectively thrown out. It was complete junk. Just a mish-mash of other people’s white papers.

To be continued: The rest of the interview with Phil Wilson will be published in its entirety in the next part of this story.

What do you think about the latest clues concerning Satoshi Nakamoto’s identity? Do you believe any of these theories and claims? Let us know what you think in the comment section below. 

Images via Shutterstock, Wiki Commons, Twitter, Gizmodo, Newsweek, and Pixabay.  

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The post New Information Heightens Satoshi Nakamoto Mystery appeared first on Bitcoin News.

Making cryptocurrency more accessible to the masses remains one of the biggest struggles in this industry. Virtual Crypto is designed to successfully address this situation by introducing a fast and accurate trade execution platform. Its main objective is to let users find the best deals and execute trades in mere seconds.

The Virtual Crypto Concept Explained

Bridging the gap between consumers and cryptocurrency exchanges is not as easy as one would expect. Virtual Crypto aims to do this by offering three cryptocurrency-oriented projects, ranging from a POS terminal to ATMs and a transaction confirmation API.  By offering this wide range of services, the company aims to make its name in the cryptocurrency industry.

How Does it Work?

With this wide range of products, Virtual Crypto aims to make a major impact across the globe in the coming years. Its POS Terminal will offer some much-needed competition in an otherwise barren ecosystem. Although anyone can accept Bitcoin payments through most mobile wallet applications, it is evident there is still a demand for physical hardware in this regard.

On the Bitcoin ATM front, there is a vast competition going on between existing manufacturers already. How Virtual Crypto aims to make an impact in this competitive market, will be different very difficult to predict. The NetoBit ATM is bi-directional and lets users both buy and sell cryptocurrencies through these dedicated machines.

Last but not least, Virtual Crypto is offering a NetoBit Trader ATM to support multiple currencies for traders. This software is a new gateway which makes all existing cryptocurrencies accessible to the masses, as it supports multiple cryptocurrencies at the same time. It does appear this API is running on Amazon’s AWS, which is not exactly surprising.

The Road Ahead

Making a big impact in the cryptocurrency industry through this multi-pronged approach seemingly makes it a lot of sense to Virtual Crypto and its team. Whether or not any of the products and services can be successful, is a different matter altogether. By tapping into different areas, the team is tackling some issues affecting the cryptocurrency industry, although its website may not convey the message in the most professional manner.

The cryptocurrency markets find themselves in a rather interesting position as of right now. Bitcoin is close to$7,200 and Ethereum is bound to surpass $300 sooner or later. Even so, it is the Bitcoin Cash price which has more people excited, primarily thanks to its strong 24-hour gains.

Bitcoin Cash Price Increases Rapidly

It is not uncommon for Bitcoin Cash to see a positive price spell when Bitcoin is on the rise as well. In most cases, both coins seem to rise in value accordingly. This time around, there is a big difference between both markets, as Bitcoin Cash is clearly getting the better of the world’s leading cryptocurrency at this stage. An interesting trend worth keeping an eye on.

Over the past 24 hours, the Bitcoin Cash price has noted some very impressive gains. It is also the only currency in the top 5 to note double-digit percentile gains right now, although that situation may change in the next few hours. Even so, the Bitcoin Cash price is now sitting above $620 again, although this may not be the top just yet.

There is also an interesting battle taking place in the BCH/BTC ratio. With Bitcoin Cash gaining the better of Bitcoin, an increase by 11.85% is a rather logical outcome, all things considered. This pushes the value of BCH back in the 0.086 range, which seems to hint at more positive momentum to come over the weekend. As long as Bitcoin remains in the green, altcoins will follow.

With the total cryptocurrency trading volume remaining surprisingly high at this time, it will be intriguing to see how all other markets evolve accordingly. Bitcoin Cash successfully notes a strong trading volume of $462.5m, which is more than a lot of speculators had expected at this time. It also shows liquidity is not always a problem during the weekend.

Interestingly enough, the two top leading exchanges by BCH volume are not counted by CoinMarketCap. BitForex and CoinEx are clearly ahead of the rest, with BitForex generating over 58% of all trades. Even so, the official “count” begins with USDT pairs offered by OKEx and Huobi. They are ahead of HitBTC’s BTC pair, as well as Binance’s USDT and OKExs BTC pairs. CoinEx has, despite not being counted, four trading pairs in the top 11, yet still falls short of dethroning BitForex.

How all of these markets will evolve in the coming hours and days, is anybody’s guess. There is plenty of positive momentum to take note of. At the same time, traders will begin taking profits eventually, especially when double-digit percentile gains are being noted.  For the Bitcoin Cash price, remaining above $600 will not be too difficult, although a small correction appears inevitable.

A Dutch economist and policy advisor to the Dutch National Bank believes that he’s found an exact correlation to Bitcoin price fluctuation and Google Bitcoin searches.

The period before the flagship digital currency’s price crash at the beginning of 2018 demonstrates his theory, states economist Joost van de Burgt. He surmised that regardless of the positivity or negativity of the news, the more the number of Bitcoin searches increased, the more the currency gained.

“If the buzz is everywhere, it doesn’t matter exactly what the news is about… nobody wants to miss out and everybody’s trying to get a piece of it,” said van der Burgt.

The economist is not happy with suggested links to the Hyman Minksy theory in which Minsky postulates that an economic bubble goes through five discrete phases; a theory much bandied about during the last global financial crisis. Minsky suggests that the levels of major financial instability follow a displacement, boom, euphoria, profit taking and panic pattern.

The desire to not “miss out”, Minsky suggests is the euphoria stage of the pattern. Van de Burgt disagrees suggesting that Bitcoin’s fluctuation fortunes didn’t constitute a bubble, therefore … “It wasn’t really panic, it was more of a scare,” said the economist.

Van de Burgt suggest that a bubble, followed by a subsequent panic was most likely saved by the introduction of Bitcoin futures, which seems to be indicated by the graph showing little correlation after futures to his Google search theory, arguing “My take on it is that because of the introduction of futures, that might have deflated the bubble before it got to a level where it might burst completely.”

Van de Burgt doesn’t buy into the Minsky theory suggesting it may be a mischaracterization arguing,“Then again, maybe Bitcoin is different than anything we have seen before, and maybe a decade from now its market capitalization will be sky-high as it attains the status of a new global currency.”

The researcher found no Google search correlation with the price of gold and other assets.

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The post Economist Finds Correlation Between Bitcoin Price and Google Searches appeared first on BitcoinNews.com.

The price of Bitcoin has stood in a range between $5,500 and $8,000 for three months, now hovering around the $7,000 handle.

Market participants could be in need of some price stability after the rally towards the $20,000 area in late 2017 and the subsequent downfall earlier this year.

However, opinions diverge when it comes to what the real price should be.

Econometric Models Estimate Bitcoin Price Based on Supply or Demand

Analysts use different methods and criteria to evaluate the intrinsic value of it and come up with price predictions ranging from zero to $1 million.

One criteria is the cost to mine one Bitcoin, which is used by Shidan Gouran, CEO of Global Blockchain.

“What this means for the present is that motion is already happening. Because it costs about $6,000 to mine a Bitcoin, it couldn’t go too much lower than that. If no one sees any value in it, it will naturally only command its ‘hard value’ price of about that much. But as we can see, people clearly do see value in it. For example, the efforts to legalize a Bitcoin ETF are persisting. Further, story after story is hitting the news about big-name institutions taking steps to trade Bitcoin. While the idea of these big-time uses of Bitcoin were nothing more than a fantasy about a year ago, the signs are actually starting to emerge that it’s going to happen. So undoubtedly, this is stimulating demand to some degree.”

Clement Thibault, senior analyst at Investing.com, told Forbes another side to the story.

He disregards $7,000 as a milestone number although “psychologically, there might be something to it for speculators but the price is completely disconnected from any meaningful fundamentals.”

“If the level was the result of an event, development, or adoption, that would be something more substantial — but at this point, we’re trying to invent a narrative to explain the price action when there’s nothing to explain.”

Panos Mourdoukoutas, professor and chair of the Department of Economics at LIU Post, shared three econometric models run by co-author Greg Giordano, the Haye’s model, the Market Model, and the Wheatley model.

The first two place more emphasis on the supply side of the Bitcoin market and estimate its intrinsic value to be $8,778.11 and $8,335.54 respectively. The later focuses on the demand side of the bitcoin market and estimates Bitcoin to be worth $1,080.58.

The price it has raised divergent opinions right from the start and it will likely continue to do so for a long time as the market matures.

Featured image from Shutterstock.

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The sharing economy is a concept which can make its impact on the cryptocurrency industry. If the Origin Protocol team is to be believed, they will create a sharing economy marketplace using the Ethereum blockchain and IPFS. Commercializing such a project may still prove to be a challenge, although the concept introduces some interesting possibilities.

The Origin Protocol Explained

Empowering developers and businesses to build dApps on a blockchain is not a new business venture by any means. Various projects aim to do exactly that, but the Origin Protocol aims to do so without intermediaries and with a strong focus on the sharing economy concept. Their native protocol offers some key advantages not found in other products, which can give it a competitive edge.

How Does it Work?

Bridging the gap between the sharing economy and cryptocurrency is not as straightforward as one may assume. For the Origin team, there are a few key challenges which remain apparent. Through the native protocol, developers and businesses can create and manage listings for digital assets and services. As such, a peer-to-peer market discovery system can be built for various different purposes.

Unlike what some people may assume, this venture is not designed to be a cryptocurrency exchange of sorts. Instead, it aims to encompass the entire sharing economy, including ride-sharing solutions, shopping services, food delivery companies, et cetera. With Ethereum’s blockchain and the IPFS, a lot of new use cases can be explored, albeit there is never a guarantee for success.

Various companies are already building dApps on top of Origin. The companies include SPIN, Wehome, Blocklancer, Bee, and CanYa. As such, it shows there is a genuine interest in the technology provided by Origin Protocol.  With the native support for smart contracts and the open and shared data system, Origin Protocol can unlock many new business opportunities along the way.

The Road Ahead

As is always the case with projects such as these, there is always work to be done. A beta of Origin Protocol is currently active on Ethereum’s testnet, and the main net launch is expected to launch in the coming weeks. The first third-party dApps will come to market in 2019, although no exact dates have been announced at this time.