Top Cryptocurrencies Price Weekly Prediction – Next Days Will Be Rough For The Crypto Market

Top Cryptocurrencies Price Weekly Prediction – Next Days Will Be Rough For The Crypto Market

Top Cryptocurrencies Price Weekly Prediction – Next Days Will Be Rough For The Crypto Market

Not much has changed for most cryptocurrencies over the past few hours. Bitcoin is, together with Monero, the only currency in the top 10 noting a small loss, whereas most other coins have stabilized or regained some losses. Considering how the weekend is often a dreadful period for cryptocurrency trading this overall trend is rather positive. The total cryptocurrency market cap is heading toward US$90bn as well, which is a positive sign for the future.

CRYPTOCURRENCIES PREPARE FOR A STRONG WEEK

It seems evident most of the top 10 cryptocurrencies are in a good position for some notable gains over the next seven days. Even though we will see one Bitcoin hard fork materialize on August 1st, it is doubtful this will harm the price in a negative manner. Do not be mistaken in thinking Bitcoin Cash tokens come free of charge, though, as they may effectively subtract value from the actual Bitcoin price until the market stabilize.

That being said, we do see the Bitcoin price has dipped a whopping 0.19% over the past 24 hours. That in itself means very little as far as the world’s leading cryptocurrency is concerned. In fact, as long as Bitcoin doesn’t move by 5% or more over the course of 24 hours, there is absolutely nothing to be concerned about. A minuscule change such as this one means absolutely nothing.

lastest prices july

Despite the Bitcoin price “dip”, most altcoins are doing quite well. Ethereum is finally showing some life signs after weeks of declines. The 5.67% gain in the past 24 hours is quite substantial, as the price seems to be heading toward US$200 once again. It is still a far cry from US$400, though, and the currency is not out of the woods just yet. Future declines in value may still be a big part of Ethereum as there is still some funds in circulation which may be dumped across exchanges in the near future.

Other top currencies are showing small gains as well. Litecoin is up by 189%, whereas NEM, Dash, and IOTA all report gains below 1%. The big winners are XRP – up by 3.47% – as well as Stratis – up by 2.99% – and Ethereum Classic, which increased by 1.45%. The bigger question is when people will realize Ethereum Classic is the true, immutable Ethereum chain without SEC scrutiny, highly controversial ICOs, and a blockchain which can be rolled back when founders’ money is stake. Only time will tell if the ETH/ETC correlation will ever see proper momentum, as for now, all the hype and focus is still in Ethereum’s camp.

What is rather surprising is how Monero is the only top 10 currencies to note any losses, other than Bitcoin Monero lost6.41% of its value overnight, which is quite substantial. There is no real reason for this sudden downturn other than people speculating on the other currencies and trying to make a profit. Monero is still a very powerful cryptocurrency with honest developers who aim to provide anonymity to all users. Then again, a price of US$40.65 per XMR is still more than fair, all things considered.

Looking at the individual cryptocurrency market caps, it is pretty obvious Bitcoin remains the undisputed leader for some time to come. This also results in the Bitcoin Dominance Index going back above 50%, as it currently sits at 50.5%. Not too long ago, that percentage was heading toward 40% and lower, but it seems the market has finally come to its senses once again. There is no other currency capable of rivaling Bitcoin right now, that much is evident.

 

David Ogden
Entrepreneur

David Ogden Cryptocurrency Entrepreneur
 

Author: Oliver Wood

 

Alan Zibluk Markethive Founding Member

What is cryptocurrency?

What is cryptocurrency?

 

Bitcoin is a form of cryptocurrency 

Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theory and computer science to become a way to secure communications, information and money online. The first cryptocurrency was bitcoin, which was created in 2009 and is still the best known. There has been a proliferation of cryptocurrencies in the past decade and there are now more than 900 available on the internet. Here's everything you need to know about cryptocurrencies. 

How do cryptocurrencies work? 

Cryptocurrencies use decentralised technology to let users make secure payments and store money without the need to use their name or go through a bank. They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders.

Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets. Cryptocurrencies and applications of blockchain technology are still nascent in financial terms and more uses should be expected. Transactions including bonds, stocks and other financial assets could eventually be traded using the technology.  

What are the most common cryptocurrencies? 

  • Bitcoin:
     
    Bitcoin was the first and is the most commonly traded cryptocurrency to date.  The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalisation of around $45 billion as of July 2017. 
  • Ethereum:
     
    Developed in 2015, ethereum is the currency token used in the ethereum blockchain, the second most popular and valuable cryptocurrency. Ethereum has a market capitalisation of around $18bn as of July 2017. However, ethereum has had a turbulent journey. After a major hack in 2016 it split into two currencies, while its value has in recent months reached as high as $400 but crashed briefly to as low as 10 cents.
  • Ripple:
     
    Ripple is another distributed ledger system that was founded in 2012. Ripple can be used to track more kinds of transactions, not just of the cryptocurrency. It has been used by banks including Santander and UBS and has a market capitalisation of around $6.3 billion.
  • Litecoin: 
    This currency is most similar in form to bitcoin, but has moved more quickly to develop new innovations, including faster payments and processes to allow many more transactions. The total value of all Litecoin is around $2.1 billion.

Why would you use a cryptocurrency?

Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralised nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.  As a new form of cash, the cryptocurrency markets have been known to take off meaning a small investment can become a large sum over night. But the same works the other way. People look to invest in cryptocurrencies should be aware of the volatility of the market and the risks they take when buying.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Bitcoin Cash – Another Fork in the Road for Bitcoin

Bitcoin Cash - Another Fork in the Road for Bitcoin

Bitcoin Cash – Another Fork in the Road for Bitcoin

Last week the bitcoin community and investors breathed a sigh of relief as BIP 91 locked in and activated, signalling what we thought was a great step forward in finally resolving the long standing Bitcoin scaling debate. Confidence soared and the price recovered from a previous tumble.

And then came a twist.

In the last 72 hours, Bitcoin increasingly looks as though it is heading for a user activated hard fork (UAHF) called Bitcoin Cash. It is scheduled for the notorious date of 1 August 2017, previously earmarked as the proposed date for implementation of SegWit by way of a user activated soft fork (UASF).
 

What is Bitcoin Cash?

Bitcoin Cash is an alternative token that may come into existence as a result of a planned UAHF as mentioned above. Essentially this means that the Bitcoin blockchain may split into two competing chains.
 

The original plan for a UAHF came about from a contingency plan, proposed by Bitcoin mining company, Bitmain, who were opposed to the UASF for SegWit.

At the Future of Bitcoin Conference held in Arnhem, Netherlands from 29 June to 1 July this year, a software engineer named Amaury Sechet announced an alternative Bitcoin client (software) called Bitcoin Adjustable Blocksize Cap (Bitcoin ABC).
 

It has now been revealed that the token for this client is Bitcoin Cash.

Bitcoin Cash will differ from Bitcoin in terms of the following:

SegWit: Bitcoin Cash will not implement SegWit

Blocksize: Immediate increase from 1MB to 8MB

Coexistence: Replay and wipe out protections ensures that should the two chains continue to compete, Bitcoin Cash aims to reduce user disruption and allows for the safe existence of two chains.

How Does This Impact Your BTC Holdings?

 

In short, it does not affect your BTC balance. Instead a chain split will result in you holding an equal number of coins on both the old and new chains, however, the value of those coins will be different and probably vary dramatically as they establish themselves as either the majority or minority chain.

 

The Community Reaction

Miners

Statements released thus far by a number of mining pools, including Bitmain, have said they will continue to support SegWit2x and the original Bitcoin chain, and do not rule out supporting the Bitcoin Cash chain as well. ViaBTC, an exchange as well as a Bitcoin mining pool (ViaPool) have listed Bitcoin Cash futures and have explicitly stated their mining support for the chain.

Exchanges

Exchanges seem to be more divided than the mining pools. Some major exchanges such as Coinbase, Coinfloor and Bitstamp are not signalling any strong support for Bitcoin Cash and have left the crediting of the forked coins to their discretion. On the other hand, Bitfinex and Kraken, two other major Bitcoin exchanges, have announced that they will be crediting the forked coins to client accounts and will list the coin for trading. This could be vital to the coins survival as without any trusted exchanges listing the coin, there would be no market for it.

 

As we quickly approach 1 August 2017, a day that will long be spoken about in the Bitcoin community, the Bitcoin price will likely be volatile and an influx of opinions will generate a degree of hysteria amongst unseasoned Bitcoin investors.

 

David Ogden
Entrepreneur

David Ogden Cryptocurrency Entrepreneur
 

Author: Adam Norrie

Alan Zibluk Markethive Founding Member

Why the feds took down one of Bitcoin’s largest exchanges

Why the feds took down one of Bitcoin’s largest exchanges

Tracing Mt. Gox’s stolen coins led feds to Alexander Vinnik

  This week, one of Bitcoin’s largest and most notorious coin exchanges

was brought down by law enforcement — and police and prosecutors are now beginning to explain why. On Thursday, the Department of Justice unsealed an indictment against Alexander Vinnik — thought to be the operator, or one of the operators of Bitcoin exchange BTC-e — charging him with 21 counts of money laundering and other related financial crimes. The counts range from operating an unlicensed money transmittal business to a variety of money laundering charges, including laundering associated with ransomware payouts and a theft from the now-defunct Mt Gox exchange. More generally, the indictment paints BTC-e as a hub of criminal activity, laundering the proceeds of everything from drug trafficking to ransomware attacks.

As some suspected, Vinnik’s alleged crimes go beyond just operating the exchange. Feds believe he played a role in the theft of more 800,000 bitcoin — about $400 million at the time — from Mt. Gox, a staggering loss that ultimately shuttered the exchange. According to the indictment, 530,000 of those bitcoin ended up passing through wallets controlled by or associated with Vinnik, although his role in the larger scheme remains unclear.Vinnik’s alleged crimes go beyond just operating a Bitcoin exchange

Vinnik himself is in custody, arrested while on vacation in Greece, but the Bitcoin world is still sorting through the larger implications of his arrest. BTC-e was one of the last major exchanges outside the reach of conventional finance, and now that it’s gone, it’s unclear what might replace it. There are many legitimate uses of Bitcoin, but Bitcoin transactions have also become essential for online crime — whether it’s ransomware or Silk-Road-style online marketplaces. There will continue to be demand for exchanges like BTC-e, and ____. With feds directly targeting exchanges that don’t play by the book, the split between the two halves of Bitcoin is becoming starker and starker.

BTC-e, founded in 2011, always stood out as an anomaly among the major Bitcoin exchanges. Even a cursory look at BTC-e flagged it as a little strange. “Their exchange prices always seemed weird and out of line with every other exchange, and I had wondered why,” Matthew Green, a professor at Johns Hopkins University told The Verge in an email.

Nicholas Weaver wrote at Lawfare that BTC-e was noted for its “sketchy ownership and control.” The exchange was supposedly located in Eastern Europe, but there were no clues as to who ran it — until now.300,000 bitcoin from Mt. Gox went to wallets tied to “BTC-e administrative accounts” But the big surprise in the indictment is how closely tied BTC-e is to a massive theft at Mt. Gox, one that eventually bankrupted the exchange in 2014. Founded in 2010, Mt. Gox dominated the Bitcoin world for years, at one point processing 80 percent of all bitcoin-to-currency transactions. Mt. Gox first suffered a multimillion-dollar theft in June 2011. When the exchange collapsed in 2014, the equivalent of nearly half a billion dollars was unaccounted for.

On Wednesday, in the wake of the arrest of Vinnik, WizSec published a blogpost presenting the findings of an investigation into the Mt. Gox thefts that they have apparently been preparing for years. According to WizSec, the Mt. Gox hot wallet private keys were stolen sometime in 2011, and the hacker (or multiple hackers) continued to steal bitcoin through 2012 and 2013. The bitcoin were laundered through wallets controlled by Alexander Vinnik. The indictment claims that 300,000 bitcoin were stolen from Mt. Gox went directly to three connected BTC-e accounts “directly linked” to “BTC-e administrative accounts” that only BTC-e admins and operators could have had access to.

At least one of the accounts — under the name “Vamnedam” — was controlled by Vinnik and “others known and unknown.” (The “others known” are either not named in the indictment or have been redacted from the published document.)Many of the charges allege more straightforward money laundering" More bitcoin from the theft were sent to other Mt. Gox wallets and wallets at a third exchange — the now-defunct Tradehill, which operated out of San Francisco, California. From there, they eventually ended up at BTC-e, in an account that was directly controlled by Vinnik. WizSec also claims that the wallets that laundered Mt. Gox coins also handled “coins stolen from Bitcoinica, Bitfloor and several other thefts from back in 2011 and 2012.”

It’s not clear whether Vinnik was directly involved in the Mt. Gox theft, or how close he is to any of those previous thefts, or even the CryptoWall ransomware hackers whose funds he is accused of laundering. But when it comes to Mt. Gox, at least, BTC-e’s proximity to the theft is fairly suspicious.“Anybody who thought about this for a second understood that law enforcement was working on a case against BTC-e" While the Mt. Gox allegations are the most eye-catching, many of the charges that brought down BTC-e allege more straightforward money laundering. The very first count listed in the indictment is for operating an unlicensed money-transmitting business: a criminal charge based on failing to register with FinCEN, an intelligence network that’s mandatory for all financial companies dealing with US customers.

Participating in FinCEN comes with a range of requirements, from registration to internal anti-money laundering programs. Since 2013, it’s been clear that Bitcoin exchanges had to follow those same rules, and for the most part, exchanges have complied — and prosecutors haven’t been shy about filing charges against services that don’t. In recent years, BTC-e has been the largest Bitcoin exchange not registered with FinCEN, a distinction that made it an obvious target for law enforcement, even without Vinnik’s alleged Mt. Gox involvement. “Anybody who thought about this for a second understood that law enforcement was working on a case against BTC-e,” said Jerry Brito, executive director of Coin Center. “The question was just whether the government would catch them.”“designed so that criminals could effect financial transactions under multiple layers of anonymity”

Where other counts in the indictment focus on money transfers linked to theft and ransomware, the first two — operation of an unlicensed money transmitter and conspiracy to commit money-laundering — focus on the technological capabilities of BTC-e itself, claiming that the exchange had a “criminal design.” “BTC-e’s system was designed so that criminals could accomplish financial transactions with anonymity and thereby avoid apprehension by law enforcement or seizure of funds,” the indictment says, pointing out that BTC-e only required “a username, password, and an email address,” unlike “legitimate payment processors or digital currency exchangers.” The indictment also points to suspicious usernames like “ISIS,” “CocaineCowboys,” “blackhathackers,” “dzkillerhacker,” and “hacker4hire” as additional support for the money-laundering allegations.

The language in the indictment about BTC-e’s “criminal design” mimics the indictment against Liberty Reserve — an anonymous currency service taken down by law enforcement in 2013 — which also accused the online exchange of having a “criminal design” and a system “designed so that criminals could effect financial transactions under multiple layers of anonymity.” (The Liberty Reserve indictment also took the time to point out that account names on the site included “Russia Hackers” and “Hacker Accounts.”) BTC-e’s website claimed that they required customers to provide proof of identity — namely, a scanned ID card and a scanned utility bill or bank statement — and forbid any US customers, letting them off the hook for FinCEN registration. But neither turned out to be true, according to the indictment.“Exchanges will go one of two ways. Either they’ll clean up their act… or they’ll go fully underground.”

Now that BTC-e is down for good, it could have a profound impact on the criminal ecosystem more broadly. BTC-e handled about 5 percent of total Bitcoin transactions, but recent research found that as much as 95 percent of ransomware cashouts happened through the platform. With most comparably sized exchanges already registered under FinCEN, the takedown could make it both harder and riskier for criminals to cash out — something law enforcement seems to be counting on. In the same Lawfare piece, Weaver says he thinks taking down BTC-e “will probably prove more important than the AlphaBay and Hansa takedowns” in fighting online crime. For Bitcoiners less invested in law enforcement’s war on dark web marketplaces, the lesson is a more ambiguous one. Cornell professor Emin Gun Sirer says the focus on FinCEN compliance could lead to a lasting split in Bitcoin markets, as exchanges face the choice of whether to comply with US government demands.

“Exchanges will go one of two ways,” Sirer says. “Either they will clean their act, by first shopping for the most lenient jurisdictions and complying with relevant KYC/AML laws, or they'll go ‘fully underground,’ and operate with no rules, behind Tor and other anonymous communication technologies. The most colorful drama ahead will involve exchanges, such as Bitfinex, that operate in the gray zone, where they seem to neither comply with relevant laws nor go fully underground.” For a technology with a surrounding community built on libertarian ideas, that may be a difficult pill to swallow. But as the past week has made clear, those that don’t will be taking a very serious risk.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Indian Trade Survey – 97% Aware of Bitcoin, but Use of the Cryptocurrency Remains Low

Indian Trade Survey - 97% Aware of Bitcoin, but Use of the Cryptocurrency Remains Low

Indian Trade Survey – 97% Aware of Bitcoin, but Use of the Cryptocurrency Remains Low

A study by India’s market and trade body has found that while 97 percent of participants are aware of bitcoin, its use within their services remains low.

PHD Chamber of Commerce and Industry, which plays a role in India’s industrial development processes, hosted a meeting ‘Roundtable on Industry Perspective on Bitcoins: A New World of Payments and Deals,’ on Wednesday, according to News 18.

According to the report, the trade and industry body asked 223 stakeholders ranging from fabrics, electronic devices and automobile parts, to determine the impact that bitcoin was having in India.

However, results found that while 97 percent of participants are aware of the digital currency, its use within companies remains low.
 

Gopal Jiwarajka, President of the PHD Chamber of Commerce and Industry, said:

“Absence of the information about counterparties in the bitcoins transaction is a major drawback and may lead to unintentional transactions such as money laundering”.

He added that the use of bitcoin comes with huge risks and is not backed by any tangible asset, but sheer demand.

 

Calls for Regulation

This survey comes at a time when the Indian government is considering the regulation regime for bitcoin.

Even though there have been calls in the past from Indian politicians to ban bitcoin, a recent report has found that India is unlikely to declare bitcoin illegal in the country. Instead, it may be considered a security, but its regulatory fate remains uncertain.

Yesterday, it was reported that the Indian state of Karnataka is in the process of putting together a policy that focuses on digital currencies due to its rising demand. In particular, more young traders in the nation are being drawn toward bitcoin. In May, Coinsecure, an Indian bitcoin exchange, had to halt trading after recording a record number of users due to soaring interest and adoption of the currency in the country.

And yet, even though bitcoin is gaining in India there are risks that still need to be considered, according to Jiwarajka.

“Bitcoins are a fascinating instrument, however highly volatile, and susceptible to high risk makes it a vulnerable instrument”.

 

According to him, the Reserve Bank of India (RBI) should look into the idea of digital currencies and take a view on it and see whether it can become a tool for promoting a digital economy.

 

Speaking to The Hindu Business Line, he stated:

“We are not proponents of bitcoins. But, as an industry chamber, we are furthering the debate. The RBI should see whether a platform can be created with cryptocurrencies so that people-to-people and people-to-merchant transactions can happen with negligible cost”.

 

David Ogden
Entrepreneur

 

Author: Rebecca Campbell

Alan Zibluk Markethive Founding Member

Bitcoin Cash: Why It’s Forking the Blockchain And What That Means

 

Bitcoin's scaling debate finally seems to be shaking out,

but some users aren't happy with the results. After a few years of debate, it was perhaps to be expected that at least some were going to come away empty-handed. Controversial scaling proposal Segwit2x tried to remedy this by joining two code change ideas – the code optimization Segregated Witness (SegWit) and a block size increase. Today, SegWit is just a couple of steps away from activating on bitcoin, but some bitcoin users are unhappy about the outcome.

Others who originally backed the Segwit2x proposal appear to be losing confidence in an eventual block size increase and are now taking matters into their own hands by making their own version of bitcoin – and they're doing so on a short timeline. On August 1, at precisely 12:20 UTC, the group claims that they will split off from bitcoin, creating a new cryptocurrency called Bitcoin Cash. Developer Calin Culianu, who's contributing code to an implementation of Bitcoin Cash, is one user who doesn't like SegWit, suspecting that others feel the same way.

Culianu told CoinDesk:

”If the Segwit2x agreement fails to implement the 2x part, which is not entirely unreasonable, and only ends up being being basically SegWit without the 2x, many miners will likely defect to Bitcoin Cash."

What is Bitcoin Cash?

So, what is it? And how does it differ from bitcoin? There are two main changes of note:

  • It increases the block size to 8 MB.
  • It removes SegWit, a code change that might activate on the bitcoin blockchain by the end of August.

Some, including a few of the project's supporters, call Bitcoin Cash an "altcoin," a term that usually denotes a fork of the software that creates a new cryptocurrency, with its own market. Indeed, the cryptocurrency is currently trading at $461, meaning it's worth about 18% of bitcoin's current price of $2,568, in an already-open futures market. Unlike other altcoins, though, Bitcoin Cash's transaction history would be the same as bitcoin's – at least up until the point of the split. So, if and when Bitcoin Cash splits off, users would have bitcoin on both blockchains.

Another difference is the project says it will support multiple implementations of its software, a move that's not surprising given the criticism that Bitcoin Core's software is too dominant on the bitcoin network. BitcoinABC is the first software to implement the Bitcoin Cash protocol, but the goal is for there to be many implementations. Culianu said that both Bitcoin Unlimited and Bitcoin Classic, other implementations that aim to increase bitcoin’s block size, are working on a version compatible with Bitcoin Cash. These might or might not be ready for August 1.

Who's involved?

So far, most bitcoin companies, mining pools, users and bitcoin developers seem uninterested in the effort. Yet, there are some eager supporters.Beijing-based mining firm ViaBTC, which boasts roughly 4% of bitcoin’s computing power, is the clear ringleader. The firm, which also operates an exchange, has become the first to list the cryptocurrency and also has plans to launch a new mining pool dedicated solely to Bitcoin Cash. (Though, so far, it's not clear how much of its 4% mining hashrate it will commit to the effort.) Asked if he believed Segwit2x would fulfill its roadmap, CEO Haipo Yang responded: "I doubt it."

Further, Bitcoin Cash has attracted support from some users who want a block size increase, as well as developers of other proposals such as Bitcoin Classic and Bitcoin Unlimited. What might be more surprising, though, is who's not involved. Even former supporters, including mining firms Bitcoin.com and Bitmain, seem hesitant to back the effort. For now, they remain committed to controversial scaling proposal Segwit2x. Mining company Bitmain even inspired Bitcoin Cash. Yet, the firm said that they only planned on going through with making the switch under certain conditions. Still, the firm might support both Segwit2x and Bitcoin Cash in the future.

In a PSA statement, Bitcoin.com said that it will allow miners in its pool to choose if they want to mine the Bitcoin Cash token BCC. For now, though, it will mine on Segwit2x chain, though it said it "will immediately shift all company resources to supporting Bitcoin Cash exclusively" if the block size increase part of SegWit, scheduled for roughly three months from now, falls through.

Wait, but why?

There are a few reasons users and mining pools might like to break off from bitcoin:

  • These users want an increase in bitcoin's block size parameter, and believe that the cryptocurrency's future depends on it.
  • SegWit is likely going to activate soon and some users want to avoid the feature.
  • There's a possibility that Segwit2x's block size parameter increase will ultimately fall through.

This mix of ideological and technical reasons was also on display in conversations with users. When asked by CoinDesk what BitcoinABC's goal is,

Culianu responded:

"To save bitcoin. We want to scale bitcoin up so that it won't die. It's already a bit sick and dying."

What's different here?

Many other efforts over the last couple of years have said they would split off from bitcoin, if they gained enough support from those operating the computers that secure the network. But, to date, no group has actually carried through with this plan so far. Bitcoin Cash might be unique in that it's actually committing to a deadline to split bitcoin into two, and that deadline is less than a week away.

If miners and users indeed go ahead with the split, it would mark the first time a cryptocurrency split off from bitcoin, carrying with it bitcoin’s transaction history. Like past efforts intended to replace the bitcoin used today with a new bitcoin, however, Bitcoin Cash has the same goal, but it seems willing to wait and see if users join the effort. Rather than call it bitcoin, ViaBTC, as well as a group of bitcoin companies in China, signed an agreement to label it a "competitive currency," not the "real" bitcoin. The move could set up the split to happen more quickly, as in the past exchanges have expressed confusion over how to handle a fork.

What's next?

If a new cryptocurrency splits off from the main bitcoin network, it will mark a first. So, some users are curious to see what happens. Still, without much support from miners and users, it might not end up having that much of an impact on the course of the main network. Nonetheless, it might if be worth watching if the second half of Segwit2x falls through. That's when it might see some more supporters.

Culianu, for example, concluded on an optimistic note:

”My secret gut feeling is Bitcoin Cash may surprise all of us. It is not entirely impossible that it will be the de-facto bitcoin after a few months. The much roomier 8 MB block space is attractive."

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Philippine Government Yet to Approve Cryptocurrency Exchange Applicants

Philippine Government Yet to Approve Cryprocurrwncy Exchange Applicants

Philippine Government Yet to Approve Cryptocurrency Exchange Applicants

Philippine business press, Businessmirror, has reported that the government has been yet to approve a single virtual currency exchange application. The Philippine central bank, Bangko Sentral ng Pilipinas, introduced regulations for virtual currencies earlier this year – which focussed heavily on creating guidelines for the operations of cryptocurrency exchanges.

The Philippine Central Bank Has Received Less Than 10 Applications For Virtual Currency Exchange Registration

The Philippine Central Bank’s Supervision and Examination Sector told Businessmirror that it has not approved any applications for entities seeking to register and establish cryptocurrency exchanges. It has also been revealed that the Bangko Sentral ng Pilipinas (BSP) has so far received less than 10 applications.

BSP representative, Chuchi Fonacier stated that increased Filipino bitcoin adoption had prompted the development of cryptocurrency regulations. “We have observed acceleration in transaction volume based on our survey of top industry players last year, prompting us to institute a regulatory framework. We have no updated statistics to date, as these will come from the regular reports that registered entities will submit to the BSP.”

The Philipines’ bitcoin regulations focus upon articulating a juridical framework for the operation of cryptocurrency exchanges, in addition to providing an inclusive regulatory apparatus for cryptocurrency-based remittance services.“We want to maximize the benefits from this technological innovation, while adequately managing the risks that come with it. Virtual currencies can help accelerate the delivery of financial services [e.g., payments and remittance] and lower the cost of transactions, which is consistent with our broader financial-inclusion agenda,” Fonacier said.

 

In Practice, the Philippines’ Cryptocurrency Regulations Appear to Be Very Limited in Scope

Officials have consistently iterated the Philippines’ government’s intention to simultaneously foster growth and innovation in the cryptocurrency industries, whilst restricting the risk of bitcoin being used for money-laundering or terrorist financing activities. “We are particularly keen on addressing money-laundering risk, that is why part of the responsibilities of a virtual-currency exchange is to comply with established anti-money laundering rules, such as know-your-client procedures, as well as proper reporting to the AMLC [Anti-Money Laundering Council].”

Despite local press describing the Philippines’ stance toward bitcoin as “a first of its kind in Asia”, the regulatory apparatus developed by the BSP appears to be limited in its scope. The regulations focus heavily on providing guidelines for the operation of virtual currency exchanges, yet have largely neglected to develop regulatory or taxation frameworks for general cryptocurrency use or mining. There has also been little effort made to promote and educate Filipino citizens about cryptocurrency, which will be vital for greater Filipino bitcoin adoption as only one in three Filipino citizens is reported to have access to the internet. Furthermore, the BSP has designed regulations so as to monitor the Filipino bitcoin economy through mandatory reporting submitted by virtual currency-based businesses – of which the BSP is yet to approve a single application.

 

David Ogden
Entrepreneur

David Ogden Cryptocurrency Entrepreneur

 

Author: Samuel Haig

Alan Zibluk Markethive Founding Member

Malta Entrepreneur has Installed the Country’s First Cryptocurrency ATM

Malta Entrepreneur has Installed the Country's First Cryptocurrency ATM

Malta Entrepreneur has Installed the Country’s First Cryptocurrency ATM

A Malta entrepreneur has installed the country’s first cryptocurrency ATM. The installation has occurred just days after local media reported that a start-up had launched a crowdfunding campaign to finance the country’s first bitcoin ATM.

The Cryptocurrency ATM Has Been Installed Days After a Crowdfunding Campaign Was Launched to Fund a Rival Terminal

A local Malta entrepreneur, Gabriel Cretu Torica, has installed the country’s first cryptocurrency ATM. The terminal has been installed outside a store in Sliema and facilitates bitcoin purchases and balances checks via QR codes.

 

Mr. Torica discussed the advantages of bitcoin and the speed of cryptocurrency ATMs, telling local media that “online exchanges often ask for ID verification, and that can waste up to 24 hours”. Mr. Torica also believes that the bitcoin ATM will inspire greater adoption of bitcoin in Malta. “Many people are still suspicious of bitcoin… I’m sure this will change over time as people realize the benefits”, he said.
 

Ivaj, a start-up and bitcoin cryptocurrency advocacy group championing bitcoin adoption throughout Malta, had already started a crowdfunding campaign seeking to raise finances for the purchase and installation of the island’s first cryptocurrency ATM. The crowdfunding campaign hopes to raise $6,000, with plans to install a second bitcoin ATM if more money than requested is received. If the campaign falls short Ivaj co-founder, Leon Siegmund, has pledged to provide the remaining required funds. Mr. Torica has stated that his bitcoin ATM had already been purchased but not installed when he heard about the crowdfunding campaign – which prompted him to contact local press.
 

The crowdfunding campaign is still active and has so far raised 6% of its total goal, currently having raised $368 from only 6 backers. The campaign will finish approximately one month from today. “We believe in Bitcoin’s potential and decided to invest time and effort in bringing the first Bitcoin ATM to Malta in order to unleash these opportunities to individuals, and society as a whole,” Leon Siegmund previously told The Times of Malta. “We’ve already identified a few potential locations, but it’s too early to discuss them now. What I can say is that it will either be in Valletta or in Sliema.”

 

Malta’s Government Has Previously Focused on Attracting Cryptocurrency Investment From Businesses

Malta’s central government has recently expressed great interest in embracing bitcoin, with the cabinet of malta approving the first draft for a national strategy designed to promote cryptocurrency and blockchain technology across the nation during April. Despite the bold rhetoric, the island still lacks basic infrastructure that will allow increased user adoption, as evidenced by the crowdfunding campaign for the nation’s first bitcoin ATM.

 

Malta’s government has predominantly focussed upon attracting cryptocurrency based businesses to register on their shores. Several government agencies participated in a conference hosted by PKF Malta this week that sought to “[bring] together a think tank of professionals representing a cross section of the market ranging from start-up success stories to crowdfunding, blockchain, [and] bitcoin.” The conference featured keynote speakers from Silicon Valley, and an audience predominantly comprised of representatives from Malta’s business and academic sectors.
 

David Ogden
Entrepreneur

 

Author: Samuel Haig

 

Alan Zibluk Markethive Founding Member

Wall Street stunned over AMD’s blowout results due to cryptocurrency mining demand

Wall Street stunned over AMD’s blowout results due to cryptocurrency mining demand

  • Wall Street is surprised over AMD's strong earnings and guidance due to digital currency mining demand for its graphics cards.
  • AMD shares have rallied 102 percent through Tuesday in the previous 12 months compared with the S&P 500's 14 percent return.
  • That performance ranks No. 4 in the entire S&P 500, according to FactSet.

Investors are mesmerized with AMD's impressive second quarter

as cryptocurrency mining demand drove the company's financial results above Wall Street's expectations. The chipmaker reported better-than-expected second-quarter earnings and guidance Tuesday. Its shares surged more than 10 percent in after-hours trading following the report and were up more than 9 percent in early regular trading Wednesday.

"AMD turned in a solid beat to our and consensus estimates as the company's new Ryzen desktop CPU ramped into production and GPU demand outstripped supply," Stifel analyst Kevin Cassidy wrote in a note to clients Wednesday. "While management wasn't specific on how much, the GPU revenue upside was driven by cryptocurrency applications."
AMD shares have rallied 102 percent through Tuesday in the previous 12 months compared with the S&P 500's 14 percent return. That performance ranks No. 4 in the entire S&P 500, according to FactSet. Cryptocurrency miners use graphics cards from AMD and Nvidia to "mine" new coins, which can then be sold or held for future appreciation. AMD traditionally has a better reputation for mining cryptocurrencies.

Ethereum cryptocurrency is up over 2,400 percent year-to-date through Wednesday, while Bitcoin is up about 160 percent this year, according to data from industry website CoinDesk. In June, AMD shares jumped after the company told CNBC that the dramatic rise in digital currency prices has driven demand for its graphics cards. At the time, major computer hardware retailers had sold out of AMD's recently launched RX 570 and RX 580 models. Digital currency mining was the key topic during AMD's earnings conference call with Wall Street Tuesday evening. Analysts asked company management three times for clarification on the magnitude and sustainability of cryptocurrency mining demand.

One analyst noted the company is working to mitigate future downside risk and is not incorporating continued digital currency mining outperformance in its guidance. "Crypto mining helped stimulate demand for AMD GPUs in Q2, which we think could translate to a risk should cryptocurrency values decline, AMD is working to manage the crypto risk by targeting supply to the core GPU gaming market, and working with some of its AIB [add in board] partners to offer specific feature sets to segment the market between gaming & mining," Jefferies analyst Mark Lipacis wrote Wednesday. "AMD is not including upside from mining in its outlook."

Lipacis reiterated his buy rating on the company and raised his price target to $19 from $16, representing 35 percent upside from Tuesday's close. To be sure, some analysts are still skeptical on AMD after its big run. "We were surprised at the aftermarket reaction for the stock," Morgan Stanley analyst Joseph Moore wrote Wednesday. "We continue to be somewhat cynical on the long term intrinsic value of the stock, despite being excited about Zen and maintaining numbers that are above the Street. As street numbers start to catch up, absolute valuation levels are going to matter more." Moore reiterated his equal-weight rating and $11 price target for AMD shares.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

All Cryptocurrency Prices Today Have Volatile Swings

All Cryptocurrency Prices Today Have Volatile Swings

All Cryptocurrency Prices Today Have Volatile Swings
 

All Cryptocurrency prices were volatile today, and most were down as of 2:00 p.m., with the total value of the global marketplace falling from nearly $95 billion to roughly $86.8 billion over the last 24 hours.

The biggest story moving cryptocurrency prices today (Tuesday) was renewed fear over a potential August fork in Bitcoin that could split the currency. Bitcoin Cash has announced plans to proceed with a fork. BCC is generating support ahead of its planned first day of trading in August.

Two exchanges – Bithumb and Kraken – have confirmed plans to list BCC, despite offering a press release for confirmation.

Meanwhile, Japanese exchanges have resumed operations after a shutdown needed to prepare for a possible disruption in Bitcoin.
 

Below is a recap of cryptocurrency prices at 2 p.m. EDT…

Bitcoin: $2,566.24, -6.25%

Ethereum: $205.64, -8.39%

Ripple: $0.17, -9.09%

Litecoin: $42.00, -5.38%

Dash: $195.55, -6.01%

 

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…

Bitcoin Prices Today: Bitcoin Slides Below $2,600

Bitcoin prices dropped again as concerns about a potential fork reemerged on Tuesday.

A hard split for the currency is still on track for Aug. 1. Bitcoin will be split into two new coins, Bitcoin Core (BTC) and Bitcoin Cash (BCC).

 

Ethereum Prices Slide Despite Airline Boost

Ethereum prices followed Bitcoin lower Tuesday on heavier than usual volume. Prices fell from highs of about $225 after several days of lackluster activity. Still, there has been plenty of bullish news in the industry. PJSC Siberia Airlines announced it has used the Ethereum blockchain to sell tickets. The company has also said it will consider the acceptance of Ethereum and other cryptocurrencies in the future.

 

Ripple Prices Follow Bitcoin Lower

Ripple prices dipped on the day, with the market capitalization falling beneath $6.7 billion. Ripple prices were down 9% on the day.
 

Litecoin Prices Drop on Cryptocurrency Sell-Off

Litecoin prices also slumped but have been a bit more muted due to news that the currency is becoming more mainstream in its trading.

 

Dash Prices Slide Despite Apple Store Optimism

Dash prices fell more than 6% due to a broader sell-off in the cryptocurrency sector. Dash still remained the fifth-largest cryptocurrency by market capitalization at $1.456 billion due to larger downturns in Ethereum Classic and NEM.

Dash prices had been rallying in recent days after Apple announced it had reviewed an appeal to allow the cryptocurrency to be used in the Apple Store.

 

David Ogden
Entrepreneur

Cryptocurrency Entrepreneur
 

Author: GARRETT BALDWIN,

Alan Zibluk Markethive Founding Member