Dash Cryptocurrency Builds Base After Setting Record Above $500

Dash is seeking direction after hitting new highs.

After setting a new record above $500 on Sunday, the sixth-largest cryptocurrency by market capitalization fell back to near $350 today before regaining poise above the $400 mark. As of writing, the dash-U.S. dollar (DASH/USD) exchange rate is $403. As per CoinMarketCap, the cryptocurrency is up 4.58 percent over the last 24 hours, and 48 percent in the last month.

The record rally seen over the weekend is reportedly due to the flow of money out of bitcoin and into alternative cryptocurrencies triggered by last week's suspension of the Segwit2x hard fork. Following the last-minute move to halt a controversial bitcoin upgrade, the markets saw a broad rally in the tokens of competing blockchains such as dash, bitcoin cash and others.

Also possibly driving price gains, the dash core team has announced the latest release of its software, a major upgrade that would bring a 2 MB block size and lower and transaction fees. The move may further strengthen the appeal of dash as a payment network, especially among those who believe that on-blockchain scaling will ultimately boost performance. The price chart analysis suggests the base has shifted higher to around $380 levels and that prices could revisit record highs sooner rather than later.

A Dash chart shows:

  • Prices spiked after spending a better part of the last month defending the support level of $250.
  • The 5-day MA and 10-day MA signal a strong bullish bias (slope upwards), thus dips are likely to be short-lived.
  • The rising trendline (red) is seen offering support around $325 levels and the descending trendline is likely to act as a support around $306 levels.
  • Yesterday's close was above the critical resistance of $414.

Thus, the stars seem nicely aligned in favor of the bulls. However, the relative strength index is overbought. Furthermore, the 1-hour chart below does show scope for a pullback to $350 levels.

A chart shows:

  • Bearish price RSI divergence led to a strong pullback.
  • The RSI favors further losses.
  • However, the 50-MA and 100-MA are sloping upwards, so any dips to $350 levels are likely to be short-lived.

View

  • A potential technical correction $350 cannot be ruled out but could be quickly reversed.
  • Given the upward sloping nature of the key moving averages, the base appears to have shifted higher to around $380 levels.
  • A nice consolidation around $380–$400 could yield a fresh rally to record highs above $500.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

The Best Way To Invest In Bitcoin?

The Best Way To Invest In Bitcoin?

Blockchain technology, bitcoin, ethereum; they’re all in the news right now

and there’s no end in sight. Some thought of this as a fad but now actual governments are staking claim to their own piece of the cryptocurrency pie. New ICO’s are popping up left and right. “Crypto Fever” is upon us and now it’s time to take full advantage

How Can Investors Profit From The Crypto Craze?

But the question now is, “How?” Some of the biggest risks right now besides the volatility within the space have a lot to do with the exchanges and massive breaches in security. To the novice crypto trader, you would presume that any exchange would be good to throw your money into but then again, the people who thought that with Bithumb got a rude awakening after tens of thousands of accounts were hacked! The biggest disadvantage right now is that many people understand the stock market but the masses still have yet to grasp the opportunity with cryptocurrencies like bitcoin or ethereum. But that may all be set to change especially with companies like

Global Blockchain Technology Corp (BLKCF),

for example. The company is taking the mystery out of the market; it has built a team of well-seasoned advocates, and is targeting some of the largest wealth drivers in the digital currency market. Unlike other “bitcoin companies,

Global Blockchain Technology Corp (BLKCF)

 is gaining direct exposure to some of the biggest booms in crypto, to date, including the booming sub-sector of initial coin offerings or “ICOs.” They’re aiming to become the world’s first publicly traded company that invests in vertically integrated originators and managers of top tier blockchains and digital currencies.

The cryptocurrency climate has seen enormous expansion since its early days: over a dozen other cryptocurrencies hold market capitalizations at or above $1 billion, while the total market cap for the space as a whole sits at well over $100 billion., This has been a major wake-up call for the fintech world and for “old school” investors alike. It now is not a matter of if but a matter of when the cryptocurrency market will reach new highs. No matter how questionable the industry is perceived, not even negative comments from big bank leaders like Jamie Dimon or threats from the Chinese government to close exchanges can stop the momentum that crypto has right now.

“The Time Is Now”

A saying we hear all to often but when you look at the landscape, it seems very relevant. Those who thought of bitcoin as just a fad back in 2009 and 2010 are kicking themselves now. Just bitcoin alone has increased from about $0.30 in 2011 to all time highs this year of nearly $6,000! Some of the biggest moves in cryptocurrency have been made very recently as well and other cryptocurrencies are following suite. Companies have now started to create their own tokens based on some of the original crypto’s like bitcoin and ethereum, in order to raise capital. This is all something that began to catch traction in 2017.

$100 In Bitcoin In 2011 Now Worth Over $1.87 Million Today!

So when we talk about the saying of “The time is now,” can you really argue with it? Beyond disruption, the actual ways that cryptocurrency can be accessed, mined, or traded, in particular blockchain technology and ICOs, are changing the landscape for businesses across the global fintech world.

Not only are these the latest trending topics across the technology sector, the global crypto-powered ecosystem is uniquely set up to reshape the way people transact business and interact in the global commercial market. I’m talking about enabling new channels to power small business growth, employee payroll networks, B2B and D2C transactions, as well as equity and debt financing. The crypto-enabled marketplace is next to turn the financial world on its head!, Many investors and consumers are already taking note — with returns upwards of 2000% alongside the additional value of investment liquidity,. Investors looking at crypto right now aren’t just geeks looking to cash in but VCs and hedge funds making their next move to build real wealth!

Global Blockchain Technology Corp (BLKCF)

has placed itself at the epicenter of this move. The company is providing investors access to a basket of holdings within the blockchain space, managed by an expert team of industry pioneers…and the best part is, you don’t need any special accounts either; it can be bought right now from an online broker, or even put in an investment account like an IRA or 401(k).

Global Blockchain Technology Corp (BLKCF)’s

basket will give investors access to blue chip crypto holdings like Bitcoin and Ethereum, access to coveted pre-ICO financing and ICO financing, and even blockchain startups, developed with the assistance of Global Blockchain’s in-house studio for decentralized application development.

It is no secret that Bitcoin exchange-traded funds (ETFs) have been struggling to receive approval from the U.S. Securities and Exchange Commission this year. But Global Blockchain has now taken the same idea of a fund and packaged it into a single security for investors who are hungry for mass exposure to cryptocurrencies!

Key Leadership With Deep Rooted Experience

Steven Nerayoff, Esq. LL.M. – Chairman
A prolific serial entrepreneur and attorney having founding six companies on both coasts, Silicon Valley and New York. He is an early pioneer and leader in the Blockchain industry and a senior advisor to Ethereum and Lisk and personally coined the terms “Gas” or “Fuel” to describe the functionality within Ethereum’s protocol.Steven advised and contributed to Ethereum from its earliest days, created the initial legal framework and co-drafted the crowdsale model which set the standard for all other crowdsales to follow.

Rik Willard – CEO
A pioneer in the Blockchain sector, he founded the Agentic Group LLC., a 51-company federation on 5 continents supporting and developing the blockchain and “Internet of Value” ecosystems through consulting, business development, industry events, and more. Clients include: The Grand Duchy of Luxembourg, The Port of Rotterdam, The Hague, MOOG, BNY Mellon, Citco, MIT Media Lab, MIT Sloane and others. Prior to the Agentic Group, Rik was the CEO of MintCombine, a global incubator and product lab for Blockchain ventures, headquartered in New York City. MintCombine was also one of the founding sponsors of the Beyond Bitcoin Expert Calling Network.

Shidan Gouran – President & COO
A serial entrepreneur who founded Nuovotel, one of the first and largest wholesale VoIP service providers of its time, Jazinga, developers of an award winning unified communications system and Home Jinni, developers of the first Android based Smart TV platform. Shidan is an investor in and advisor to a number of financial technology and blockchain startups. He mined his first Bitcoin in early 2010 and has been involved with Cryptocurrencies ever since.

Jim Rogers- Senior Advisor
Jim Rogers has a long-line of accomplishments to his resume. The author, investor, and financial commentator founded the Quantum Fund Rogers International Commodities Index (RICI), which now tracks 38 commodity futures contracts from 13 international exchanges. Mr. Rogers has authorized dozens of books on commodities and the market and is well-known for predicting the commodities “super cycle” that started around the year 2000. Mr. Rogers has openly stated in interviews that he is an advocate of fintech, so much in fact that this year he announced that he has invested in fintech bank that is set to open in Hong Kong, called ITF (“Into the Future”). Rogers also contributes frequently to ‘The Washington Post’, ‘The New York Times’, ‘Forbes’, ‘Fortune’ and ‘The Wall Street Journal’ and has served as a guest professor of fnance at the Columbia University Graduate School of Business.

Gary Rubinoff – Advisor
Gary brings almost 30 years of venture investing experience. He focuses on a broad range of opportunities including Blockchain, AI, Chatbot and Mobile Computing, and Digital Media. Past investments include Jumptap (Acquired by Millenial Media, NYSE: MM), Blinq (acquired by CCI), Sandbridge (acquired by Qualcomm NASDAQ QCOM), BridgePort (acquired by CounterPath, TSX: CCV), Service Soft (acquired by Kana Software, NASDAQ: KANA), Isolation Systems (acquired by Shiva/Intel, NASDAQ: INTC), I-star Internet (TSE IPO and acquired by PSI Net), and WescamInc. (TSE IPO: WSC).

Kyle Kemper – CSO
The Executive Director of the Blockchain Association of Canada. Mr. Kemper is a passionate visionary, connector, speaker, and problem solver with over 10 years of professional experience across many different industries. For his work in the Bitcoin and Blockchain space, Mr. Kemper has been featured on major Canadian and international radio, broadcast, and print media as well as the majority of Blockchain related media outlets.

Mannie Eager – Advisor
An internationally recognized thought leader in digital currencies and blockchain technologies. He has a legal background with an international career in investment management, financial services, telecommunications, information technologies and digital media. He is involved in several public/private sector collaborations to build awareness and advance business understanding of converging technologies such as Digital Identity Management, Crypto Currencies, Token Generated Events/Initial Coin Offerings, Mobile Communications, FinTech, AI, RoboAdvisers, Cybersecurity, IoT, Machine-to-Machine Learning, Big Data and Predictive Analytics.

Nothing Like It In The Current Marketplace, Just Look At What’s Out There!

Of course there are other public companies that have chosen to target this market but none have looked to gain exposure to cryptcurrenies in the way that Global Blockchain has. Most have looked to mining or to simply target the exchange route for a chance at a small slice of this market. Take MGT Capital (MGTI) for instance.

The company has been working to build out its footprint in bitcoin mining. In a recent press release, the company’s management said, “We have been running at breakneck speed to achieve a substantial expansion of our Bitcoin mining footprint, and it’s time for a comprehensive summary.” One big issue to this model of mining only is that it is very cash intensive. To buy the “rigs” to mine the actual cryptocurrency and to build the site for massive mainframes to be built out, not to mention the immense costs to power these facilities can be a major burden on any company.

Cash burn becomes a huge problem. Even with a projected $2million in revenue a month, MGT is expecting more than half of that to be a cost of doing businesses at an ongoing rate. Overstock.com (OSTK) has found itself wrapped into this arena through utilizing cryptocurrency for purchases on its site.  Overstock—a popular online store that sells everything from furniture to bedding—announced it will begin accepting payment via Ethereum, Litecoin, Dash, and every other major digital currency as payment from customers. But does not necessarily offer direct exposure for investors.

The bottom line is that it’s an e-commerce company and its blockchain investment is only a small part of the company’s model. Nevertheless, the crypto craze has helped boost prices of Overstock shares to new highs this year at nearly $40. What it has also helped to do is secure the future potential of cryptocurrency as a viable means for conducting real transactions for goods and services. This could be a key tipping point to further legitimize digital currencies entirely!

The fact of the matter is that many of the stocks out there that offer some kind of exposure to cryptocurrency have very limited exposure, meaning that if the price of bitcoin or other crypto’s increases, that doesn’t necessarily directly impact the company. Comparably speaking, Bitcoin Investment Trust (GBTC) is one of the only other real pure plays in the marketpace for crypto. Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. It enables investors to gain exposure to the price movement of bitcoin without the challenge of buying, storing, and safekeeping bitcoins. Then again, the price per share is north of $690 at the moment.

One Of The Only Pure Plays In Crypto?

Global Blockchain Technology Corp (BLKCF)

has targeted a rapidly growing niche and is directly investing in some of the world’s biggest opportunities in cryptocurrency. In fact, the company has already presented that roughly 75% of its total holdings are in some of the largest cryptocurrencies in circulation right now. The fact that not only are there very few other public companies directly involved with cryptocurrency and that most have no direct correlation to investing into actual coins suggests that sooner, not later, should be the time to find opportunity and

Global Blockchain Technology (BLKCF)

could be doing just that! Unlike novice investors into blockchain or new ICOs, the company’s focus is to invest in only tokens, which solve real problems that can benefit from decentralization:

  • Utility tokens that have strong technological fundamentals, real and substantial community currencies
  • Security tokens which would be treated as any traditional equity investment by our team and meet the same standards of evaluation and rigor of traditional securities analysis
  • Best of breed cryptocurrencies that have proven themselves for long term value
  • Seed stage equity investment in ventures that are a good fit for decentralization, the token economy and the ICO fundraising mode

Global Blockchain Technology Corp (BLKCF)

will help incubate portfolio ventures and structure all aspects of their ICO including business development, legal, marketing and blockchain technology development. What that could mean is uncapped potential for continued growth! The cryptocurrency craze may be just in its infancy and with the world eyeing the next big disruptor for the financial markets, investors are scrambling for a seat at the table. Limited exposure has meant limited opportunity for many public companies but now, Global Blockchain may be positioning for a “right place, right time” scenario.

If Global Blockchain Technology Corp (BLKCF)

sees the kind of success they anticipate there could be immense opportunity with numerous ICOs and other unique currencies for a diversified grouping of assets. Those who are looking at the company early on may be set to have the biggest advantage – even before major funds catch on! The only question you need to answer for yourself, “Is now the time to have this stock in your crypto portfolio?”Midam Ventures, LLC has been compensated $100,000.00 by a non affiliate third party for a period beginning October 20, 2017 and ending November 20, 2017 to publicly disseminate information about (BKLCF). We may buy or sell additional shares of (BKLCF) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information. We own zero shares.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Key factors to consider before starting a cryptocurrency startup

Key factors to consider before starting
a cryptocurrency startup

The cryptocurrency world is working extremely well right now,

to the point where Bitcoin, for example, manages to achieve some amazing results. Not only that but Ethereum is extremely popular, and there are tons of other cryptocurrencies which became very important on the market as well. So, it’s clear that you can find a demand for these types of products and services. The issue is, can this sustain a business for the long term? What should you focus on when you want to create a cryptocurrency startup?

Know what you want to achieve with your startup

 Creating a proper business plan for your cryptocurrency startup and knowing what you want to achieve with it is very important. You need to see if the idea is feasible and if people will work on it or invest in it. You need to make sure that implementing this type of idea will be worth it. Studying the market and seeing if there is any demand for something like this is a good start. Having a positive attitude and analyzing the competition is very helpful in this regard. You just need to have the right amount of commitment and focus and the results can be more than satisfactory in the end. But if you do things the right way, the outcome can indeed be astonishing and your cryptocurrency startup can grow beyond belief.

Focus on ideas, not money

Basically, you need to identify a problem in the industry and use the startup as the means to solve it. You will not be able to get a good startup going as long as you don’t have the right direction. Many startup CEOs in this industry focus only on the money they can make and you want to avoid this sort of thing. Snagging an idea and executing it the right way is very important. You need to understand what your business is all about and be creative about the entire process. Sometimes this will be extremely hard and challenging to do, but the overall rewards can be more than interesting in the end. The focus right now has to be on success and prevalence. It’s important for the cryptocurrency startup to have a mission and to identify what makes it special. According to Cvetko Kovac,

CEO of Cloud Mining Report:

With the rapid adoption of Bitcoin and other cryptocurrencies there has been a huge increase in interest in Bitcoin cloud mining. Unfortunately, there are some bad actors in the space. Hence our mission to provide unbiased, in depth cloud mining reviews of the very best companies. This is our mision, and it motivates us every day to make sure we protect the hundreds of thousands of people that read our reviews

Not having any direction is just screaming for trouble and you want to avoid things like that the best you can. It’s not going to be a walk in the park but you have to innovate if you want to stay ahead of the curve.

You need to focus on funding from sources that can help you grow

Opting for the right type of cryptocurrency startup is very important. You have to study the market, especially when it comes to cloud mining  and you also need to work very hard in finding investors for your business. In the cryptocurrency world, you can see a lot of VC funding and angel investors are chiming in too. Then you also have bootstrapping, which is a very popular funding option at this time too. There are some things to adapt here and there, but the entire process is seamless right now and it works extremely well. However, companies in the US need more funding to overcome legal hassle. Bootstrapping can be great for decentralized or offshore companies and this can be extremely handy.

Hiring key people right away will help you with later hassle

 Creating a good crypto-currency startup is all about finding the right team. Finding people that will embark on this type of journey with you may seem tricky at first but there are lots of persons who believe in the success of crypto-currencies. Searching for the right team members will be very time-consuming but it will certainly be worth it in the end, and that’s the type of thing that matters the most here. What you should focus on is finding the core of your team, those few people that truly believe in your ideas with all their hearts. Those people will bring the commitment and focus that you need from this type of experience. It’s certainly a tough challenge but there are tons of well-prepared people ready to help you achieve greatness.

Unclear regulations worldwide confuse an already unstable market

 The US is striving to create laws that pertain to the cryptocurrency world but the reality is that most countries out there don’t even seem to acknowledge the existence of cryptocurrencies based on their laws. As you can imagine, something like this does tend to lead to rather problematic situations. Formal cryptocurrency companies are constrained by some of the guidelines too. The US, for example, have some rather strict laws when it comes to creating this type of startup.

Then you have some other types of businesses that are opting for a more liberal climate. What is interesting is that they do end up losing a large market but by abandoning the regulatory jurisdiction, they get to remain free and stick to their beliefs. And you also have the type of cryptocurrency startup that just lives in the cloud. This is great because such companies exist on the idea of freedom, equality, a lack of censorship and prowess Basically, the focus has to be on investing the right amount of money into your ideas and making sure that you have a huge demand for your products or services. The cryptocurrency world is always evolving too so you need to be very creative and identify any means to optimize the tech as you see fit. But it can be done; you just have to use the ideas above to create the best cryptocurrency startup you can!

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Warning Signs That You’re About to Make a Big Business Mistake

Warning Signs That You’re About to Make a Big Business Mistake

‘honesty is the fastest way to prevent a mistake from turning into a failure.’

James Altucher says, ‘honesty is the fastest way

to prevent a mistake from turning into a failure.’ Well, I’ll be honest with you, mistakes hurt. Mistakes—whether yours or someone else’s—bruise your ego and stir all sorts of fears and worries within you. You start to question yourself. You wonder what will happen next and what the worst case scenario may look like.

Mistakes suck, but mistakes also play an imperative role in your growth and success. For as Einstein said, ‘A person who never made a mistake never tried anything new.’ Assuming you don’t wish to play it safe your entire life, you must accept that mistakes happen. After interviewing 163 experts, thought leaders, and all-round inspiring folk for my book, The Successful Mistake, I appreciate this more than most.

Some mistakes are unavoidable.

They are there to test and teach us. But what if I told you many of your mistakes were avoidable, and by looking in the right places, you could spot them before they happen? If I promised you such a good time, would you continue to read?

 

3 Warning Signs That Prevent Mistakes from Happening

Most mistakes begin small. They’re tiny little things that would barely register in your day. But because you pretend they don’t happen, disregard them, or make poor decisions on the back of them, these little mistakes grow into big mistakes, which in turn develop into life-altering failure. Certain mistakes are thrust upon you, and you cannot do much to avoid them. Yet many begin slowly, and by keeping your eyes open you can spot them before they spark to life. So if you notice any of the following, take note, for a mistake may be near.

 

1. You Get Complacent!

One of the biggest warning signs of all is when you grow complacent. We may enjoy the idea of an easy life, but the truth is, you need a challenge. When it comes to growing a successful business and life, this is never more true. You need to remain motivated. You need to keep pushing. Like a shark, if you’re not moving, you die. Such complacency lead to Thomas Frank’s biggest mistake of all. As he built College Info Geek while still at university, he was a busy boy indeed. Between studying, blogging, and marketing, he had little time to spare.

So as his site grew, he decided to cut back on his studies and take fewer classes. It made sense, after all, as more time spent on his business meant more chance of success. Yet with this extra unstructured time on his hands, Thomas grew complacent. Instead of growing, his business plateaued. He didn’t feel as motivated, and it wasn’t until he got this motivation back that College Info Geek continued its rise to fame.

2. You Get Stuck in your Own Head!

Although you may surround yourself with people at all times, this entrepreneurial roller coaster can be a lonely ride. It’s easy to get stuck in your own head, as you work on your ideas, your plans, and your growth. You become so fixated on your work that you shut yourself off to the rest of the world. You become blind to opportunity, mistakes, and everything else. You simply get lost in your own head, which is a dangerous place to lose yourself in.

Take John Corcoran, the co-founder of Rise 25, and a man who has built his career as a master connector. Today, John rubs shoulders with the best of the best, and has an enviable black book of contacts that most people would die for. Yet rewind to when he first started his business, and his days told a different picture. You see, despite building a successful career in politics, entertainment, and the tech scene, John desired more.

So, he started his own practice and got to work.

And work he did, so hard that he went months without networking. All those relationships he had built during his successful career slipped by the wayside. He condemned himself to a lonely entrepreneurial existence and had little to show for it. He was busy, sure, but did he grow? Was he happy? No. John got stuck in his own head, and it lead to what he described as his biggest business mistake of all. This entrepreneurial roller coaster is lonely enough as it is, so don’t make matters worse by keeping yourself to yourself.

3. Everyone Around You Says ‘Yes’

Yes is a dangerous word. If all you say is yes, you’re sure to drown under work, responsibility, and commitment. Yes doesn’t provide freedom; it offers nothing but imprisonment. Yet it isn’t only when you say yes that issues arise, When you’re surrounded by a bunch of yes men, mistakes are close by. Scott Oldford experienced this as he became a well known “web guy” at a very young age. During a period when most of us plucked up the courage to ask that girl or guy to the dance, Scott made large sums of money, won prestigious awards, and built an ever-growing business.

He had everything a teenager could desire, including a group of people who told him what he wanted to hear. One yes followed after another, and soon Scott began to believe the hype—creating Scott Oldford The Monster, as he described it. Scott soon lost everything he built. He had to start from scratch. He had to figure out who Scott Oldford was. I’m happy to say he’s doing just fine today, but only after he lost track of what truly matters.

That’s what happens when you surround yourself with ‘Yes.’

So if all you hear is that simple three-letter word—either from your own mouth, or from those around you—take note, a mistake may be near. Of course, warning signs like these won’t vanquish mistakes from your life. Some are unavoidable. Some provide invaluable lessons you need to experience. But the sooner you nip these mistakes in the bud, the eaier you’ll find your road to success. I learned this from speaking to those who have been there and done it—successful folk who are at the top of their game. I encourage you not to wait until you make your own mistakes. Instead, learn from others so you can fast-track your way to the finish line (today).

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Flimsy Floor? Bitcoin Charts Suggest Price Declines Still in Play

The price of bitcoin appears to be stabilizing.

Amid what has been a wild weekend in the crypto markets, BTC is now down just 5 percent in the last 24 hours to a value of $6,102. Yet, that number doesn't tell the whole story, as the cryptocurrency has been in the midst of heavy volatility after hitting a near three-week low below $5,600 earlier today.

As the charts show, the record rally from the September lows below $3,000 now appears to have topped out at $7,850 last week after a decision to abandon a controversial software upgrade triggered an unwinding of trading positions. The move appears to be sparking a migration of funds to alternative protocols, with bitcoin cash emerging as the primary beneficiary – effectively tripling in price since Thursday. So far, the bitcoin sell-off appears for real as volumes jumped 61 percent yesterday. A high volume sell-off is often considered as a sign of "panic," and the fact that Google search volumes revisited record highs further corroborates this view. So, the question now is, how low can prices go? If history is any guide, the current sell-off in bitcoin is likely to run out of steam below $5,000.

Case I: Rally from July low to September high

  • The rally topped out after the confirmation of the bearish relative strength index (RSI) divergence.
  • The sell-off ended around (marked by a circle) – 61.8 percent Fibonacci retracement level ($2,988) and below the 100-day MA.
  • The RSI was oversold as well (marked by a circle).

Case II: Rally from April low to June high

  • Again, the rally ended after the confirmation of the bearish relative strength index (RSI) divergence.
  • The price drop came to a halt around (marked by a circle) – 61.8 percent Fibonacci retracement level ($1,702) & below the 100-day MA. The RSI was oversold as well (marked by a circle).

It is quite clear that:

  • The rally ends with a bearish price RSI divergence.
  • The sell-off comes to a halt around the 61.8 percent Fib and below the 100-day MA.

Where is the floor?

The current retreat in prices looks similar to Case I and Case II as the rally ended with a bearish price RSI divergence. The RSI is trending lower and well short of the oversold territory. Thus, there is potential for a continued sell-off. The sharp recovery from the 50-day MA seen today indicates bitcoin could trade sideways for the next couple of days before resuming the drop. As historical data shows, the current sell-off is likely to leave a major higher low around the 61.8 percent Fibonacci retracement ($4,855.59) and below the 100-day MA ($4,818). Over the next few days, the 100-day MA is seen sloping upwards to $5,000-$5,100 range.

View

  • Prices could trade sideways over the next few days.
  • The current sell-off could come to a halt around $4,900-$5,000.
  • Only a multiple 1-hour closes above $6,500 would warrant caution on the part of the aggressive bears.

Price action discussed below could be considered as a sign of a bullish trend reversal:

  • A solid rebound from near 100-day MA & 61.8% Fibonacci retracement (as history suggests) or
  • The prices close today around $6,200 and tomorrow's candle ends beyond $6,900.

Chuck Reynolds

Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Taming the Power-Hungry Blockchain Beast with Decentralized, Clean Energy

Taming the Power-Hungry Blockchain Beast with Decentralized,
Clean Energy

Throughout history, every great breakthrough often came with negative consequences

and side effects. Think about Marie Curie. Her research on radioactivity is what makes X-rays possible today. Unfortunately, her discoveries and remarkable research are also what killed her. What about the Internet? It’s the most revolutionary invention for generations and holds countless opportunities that benefit billions of people around the world. However, cybercrime has never been higher and expected to reach $2 tln by 2019. It’s the same story with Blockchain. The technology has the potential to revolutionize every industry it comes into contact with. However, its biggest application remains in the cryptocurrency industry. And with the current excitement surrounding this industry, it’s easy to overlook the side effects that come with such a disruptive breakthrough.

Energy-craving Blockchain can have devastating consequences for the environment

Mining popular cryptocurrencies, such as Bitcoin, requires extremely powerful computer hardware that can solve complex mathematical equations. To run these computers burns up a lot of energy, mostly from non-renewable fossil fuels. And as the price of the digital coin sores so too does the number of people looking to get in on the action. Each and every Bitcoin transaction requires around 215 KWh (kilowatt-hours) to process. In comparison, the average American household uses 900 KWh every month. So around 30 KWh per day.

That means a single Bitcoin transaction uses the same amount of power as seven homes do in an entire day. What’s even more shocking is that a single Bitcoin mine relies on fossil fuels, like coal, can produce as much as 13,000 kg of CO2 emissions per Bitcoin mined. With 300,000 transactions per day, it’s easy to see what a significant impact the process has on the environment. And this is just from one cryptocurrency. Although Ethereum is less energy reliant, a single transaction on this network still requires the same amount of power as nearly two homes. In total, the network is equivalent in power consumption as the whole of Cyprus.

Centralized mining on a decentralized network

On a platform that is inherently decentralized, centralized mining operations seem counterintuitive. However, mining operations gravitate towards countries with cheap electricity. For example, China does over 80 percent of Bitcoin mining due to the country’s cheap supply of electricity. Unfortunately, the power supply comes mostly from dirty, non-renewable sources like coal. The country gets more than 70 percent of their electricity from coal.  In fact, a few years ago, it was reported that China burns as much coal as the rest of the world combined.

Burning coal releases large amounts of CO2 which is one of the biggest causes of the greenhouse effect and global warming. Apart from having a detrimental impact on the environment, large pools of concentrated mining pools spurred on by cheap electricity, have too much influence over the network. Look what happened to the price of Bitcoin when China announced their ban on ICO’s? The price becomes too reliant on single entities. This in stark contrast to the underlying concept of cryptocurrencies and Blockchain as a whole, which adds value exactly because of its dependency on a majority consensus to verify and approve transactions.

However, people and big corporations are becoming more aware of their social responsibilities and the size of the footprint that they leave on this earth. Development and adoption of renewable energy sources have seen a dramatic increase in the last few years, including solar, wind and hydropower. So much so that in many locations, there is an excess supply of electricity from renewable sources, that simply goes to waste. This is in great part due to the fact that the cost of building large-scale solar farms has dropped by as much as 50 percent in five years.

A three-fold solution

Envion is hoping to make cryptocurrency mining cheaper, cleaner and decentralized with their mobile data-centers. They’ve developed automatized mining units which are installed inside shipping containers. These containers can be relocated around the world with relative ease, reducing the dependency on single governments, economies or infrastructures.

The mining units, which exclusively consume power from reusable, green sources, are placed near energy supply points, such as solar plants and wind farms, reducing the cost of “transporting” electricity and enabling them to easily tap into excess energy production. In addition, the company developed a new, self-regulating cooling system, specifically for Blockchain mining, which is up to forty-times more energy-efficient and cost-effective than conventional, AC cooling units.

Envion further promotes environmental friendliness by recycling the energy produced from mining with the strategic placement of the mining units, close to objects and buildings that need heating, including warehouses and greenhouses. This enables them to reduce their energy costs even further. The end result is a mining solution that is more profitable due to lower energy costs, more secure due to mobile mining that puts less reliance on single entities, and more eco-friendly due to the usage of renewable, green power.

An ICO for the environment

Many of the ICO’s we see these days are largely based on Speculation. The EVN token is however fully backed by the hardware that it represents which is already operating successfully. The EVN token will be on sale for 31 days from Dec. 1, 2017, with a max cap of 150 mln. Once invested, token holders will have the right to dividends from the mining operations including 100 percent from proprietary mining operations (75 percent immediately and 25 percent reinvested to boost future payouts) and 35 percent from non-proprietary operations. Finally, token holders will also get a say in company strategy by voting on decisions.

Chuck Reynolds

Marketing Dept
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Can BitIndia Become the Paytm of Digital Money in India?

Can BitIndia Become the Paytm of Digital Money in India?

Bitcoin has been gaining popularity

in one of the most populous countries in the world, India. The digital currency is backed by the Blockchain technology, which has established itself as the driver and backbone in many fields. Both Bitcoin and Blockchain technology have been around since 2009 when Bitcoin emerged on the world stage and have steadily impacted the financial services industry and how it delivers products and services. Recently The Hindu Business Line, an Indian newspaper, quoted Nicolas Cary, President of Blockchain, one of the world’s largest Bitcoin Software

Company as saying:

“Over the past 12 months, we’ve seen unprecedented activity and growth in India. We think India could be the most significant market in the world for digital financial services. Within the next five years, it can potentially be bigger than that of the US.”

However, what will it take for India a country with 22 major languages, a billion plus people a geographic span of 3.2 mln kilometers to get onboard the Blockchain revolution? India needs specific solutions and BitIndia, a company that is promising to deliver a Blockchain wallet and decentralized crypto exchange “for the streets of India,” is emerging as an India centric platform that can act as a driver for the growth of both cryptocurrencies and Blockchain in the subcontinental country.

Indian solutions for India

The Indian market is so diverse and segmented that products and services that do not take an Indian hue and color often fail to impress the local populace. It is also important to understand that the rural population of the country is as high as 68 percent and constitutes a significant economic backbone of the country.

Back in the 1990s when India was undergoing what the local media dubs as ‘liberalization’ of the economy, newly-launched MTV played English music and had only English speaking VJs. Fast forward to today — MTV in India has completely taken a ‘regional’ hue. Businesstoday described the TV channel as neither ‘fish nor fowl.’ Localization and understanding of the market is the key to success for any business in the country and BitIndia is well aware of that. In a whitepaper, they underscore their approach towards

the Indian market:

“BitIndia wants to create a user-friendly, secure, decentralized atmosphere for India so that people can carry everyday transactions through BitIndia wallet. BitIndia further envisions to reach out to every person in India, starting from urban areas to educate at least 20 percent of the population about Blockchain and cryptocurrency.”

Can BitIndia be the Paytm of digital money in India?

BitIndia is emerging as a total financial platform that provides users with a mobile wallet for their Apple and Android devices as well as their web browsers and allows them to store cryptocurrencies securely. They are also working on building an ‘instant exchange,’ which will allow people to transact between digital currencies and the local currencies — this even as the user will have complete control over their private keys.

An Alpha version of the product will be available for download by the end of 2017. The currencies that will be traded on the platform include Bitcoin, Ethereum, Ripple and Litecoin. BitIndia wants to offer comprehensive services for users, who can buy, sell and save in digital currencies, allow merchants to accept payments with very reasonable and low transaction fees and help traders find opportunities to profit from cryptocurrencies. If BitIndia can reach 20 percent of the Indian population as is their stated aim they would be in a position to challenge established players like Paytm, who have already found a niche in the sprawling Indian market. Keep in mind only 0.5 percent of Indian population currently transacts in digital currencies according to BitIndia.

A strong India centric team backed by John McAfee

Cointelegraph covered recently how BitIndia is supported by John McAfee, the founder of the famous McAfee Antivirus. McAfee’s confidence is not misplaced as BitIndia has built a strong team to deliver their platform to the Indian public. John McAfee acts as a partner and advisor in BitIndia.

Sahil Kohli, the CEO of BitIndia knows cryptocurrencies and has a strong background in crypto trading. Kohli is also the co-founder of Applancer.co. Saumil Kohli, Founder of BitIndia, has co-founded two tech companies and also has a crypto trading background. The technology lead is Kunal Nandwani, the founder and CEO of uTrade Solutions, a company operating in the financial trading domain. BitIndia have found support in a strong advisory team which includes Reuben Godfrey, co-founder of the Blockchain Association of Ireland, Victor Wong, CEO of Sparkle Coin and others.

Rearing to go post token sale

BitIndia have recently concluded a token distribution and launched their ERC 20 compatible BitIndia token. They are planning to launch token trading by December 2017. Their roadmap indicates that they would like to create a future in which 25 percent of the global Blockchain trading will occur in India. Not an unlikely scenario if India is to surpass the US as the biggest digital financial services market in the world. The potential is there, the conditions are ripe, and we will all just have to wait and see if BitIndia can snag the opportunity and become the Paytm of digital money in India.

Chuck Reynolds

Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
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‘I Accidentally Killed It’: Parity Wallet Bug Locks $150 Million in Ether

‘I Accidentally Killed It’:
Parity Wallet Bug Locks $150 Million in Ether

The Ethereum ecosystem encountered another black swan

event this week with the activation of a bug in the multi-signature wallet software released by Parity Technologies. The bug resulted in multi-sig wallet users permanently losing access to an estimated $150 million in funds. Leading some people to compare the significance of the event to the infamous collapse of bitcoin exchange Mt. Gox.

Parity’s $150 Million Wallet Bug

“I accidentally killed it.”

With those words and a link to an ethereum contract address on Etherscan, Github user “devops199” revealed that he or she had inadvertently exploited a bug in the Parity Wallet library contract. Apparently, the user had turned the library contract into an ordinary multi-sig wallet and had become the owner of that wallet. Recognizing what had happened, the user attempted to delete the code that had transferred the wallet ownership. However, because the wallet contained library contract code — and all Parity multi-sig wallets rely on that code for their internal logic — the deletion of the code permanently froze the approximately $150 million in funds stored in Parity multi-sig wallets.

Fix Requires Hard Fork

Developers are currently exploring potential solutions to recover access to the funds, but early reports indicate that the funds would only be recoverable through a hard fork to the Ethereum platform.“One of the biggest cybersecurity challenges with smart contracts is that they’re made up of code, just like any other application. This is prone to human error,” said Leigh-Anne Galloway, cyber resilience lead at Positive.com, which protects ICOs from cyberattack.  “It’s also quite hard to make changes to the contract once it goes live, which is why we’ve seen that the funds have been frozen with Parity. This scenario is evidence that it’s extremely important to review the code before a contract goes live to avoid these vulnerabilities.”

The greatest fear associated with a hard fork is that some users will refuse to upgrade to the new software, causing the Ethereum blockchain to split into two. This worst-case scenario happened following the hard fork that recovered funds stolen in the $50 million DAO hack last year, resulting in the creation of Ethereum Classic by users who did not believe a hard fork should be used to edit transaction history — no matter the consequences.

‘Hacker Paradise’

This is not the first time a bug in Parity’s multi-sig wallet code has caused users to lose funds. Earlier this year, an attacker exploited the multi-sig code to steal more than $30 million worth of ether and could have made off with more money if white hat hackers had not drained affected accounts and returned funds to users. At the time, Litecoin creator Charlie Lee said that the breach confirmed that the complexity of Solidity, the native programming language of Ethereum, makes the platform a “hacker paradise”. However, the exploit could have ramifications for the entire crypto ecosystem. BlockTower Capital CIO Air Paul, for instance, predicted that the fallout from the bug will have negative impacts on all cryptocurrencies — not just ethereum. “A flaw in an ethereum multisig wallet leads both retail and institutional investors to question the security of all wallets,” he concluded.

Chuck Reynolds

Marketing Dept
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Interested or have Questions. Call me 559-474-4614

Bitcoin Millionaire Tim Draper: Cryptocurrencies Will Replace Fiat in 5 Years

Bitcoin Millionaire Tim Draper: Cryptocurrencies Will Replace
Fiat in 5 Years

In five years time, fiat currencies are no longer going to have any use

as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper. At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market,

he said:

In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

Draper, founder of Draper Fisher Jurvetson (DFJ), an American venture capital investment firm, has led investments in Twitter, Skype and Tesla. Now, he’s turning his attention to cryptocurrencies. This is evident by the fact that he purchased 30,000 bitcoins during a government auction of assets seized from online darknet Silk Road in 2014. At the time, those coins were worth $20 million. Today, they are valued at over $214 million.

Bitcoin has experienced unprecedented heights during 2017. In the last few weeks, alone, the currency has surged to above $7,000. It was within touching distance of the $8,000 barrier yesterday at the news that the SegWit2x upgrade protocol had been suspended.Remaining confident in the future of cryptocurrencies, Draper believes that the fiat system will eventually disappear as people look toward coins like bitcoin or ethereum. According to him, they remain reliable stores of value compared to the fiat system. His reasoning behind this is the fact that fiat currencies are bound by country borders. As an example, he cites the Nigerian Naira, which drops 30 percent when a person crosses the border.

While this may be the case, there are a significant number of altcoins in the market. CoinMarketCap puts that figure at 986 which have a market value. New ones are continually being created, all of which are claiming to provide a new solution to how we conduct our day-to-day lives. Despite this, though, the large number of cryptocurrencies in the market isn’t worrying Draper. In fact, he thinks that they will eventually all work together

at some stage.

They’re all going to interrelate … and there will be exchange rates for all of them. My guess is that it will centralize around a wallet that you have, and when you pay for that Starbucks, your wallet will optimize to whichever currency has most value.

It remains to be seen if and when that happens, but from someone who has led investments in prosperous companies such as Twitter, Skype and Tesla, Draper may be on to something.

Chuck Reynolds

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2x Called Off: Bitcoin Hard Fork Suspended for Lack of Consensus

The organizers of a controversial bitcoin software update

are suspending their attempt to increase the block size by way of a hard fork.

Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply '2x,' was to trigger a block size increase at block 494,784, expected to occur on or around November 16th. The goal of the project, according to those involved, was to use the measure to increase bitcoin's transaction capacity, which is today constrained by the nature of the software's rules. The suspension was announced today in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.

He wrote:

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x."

"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added. The note is also signed by companies that originally supported the plan, forged at an in-person meeting in May, including Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees. The group said that it still hopes the block size will be increased further down the line, once there is more agreement from stakeholders. In statements to the BTC1 Slack group, developer Jeff Garzik said the alternative software would continue to be developed, and that it may support "other chains such as bitcoin cash, litecoin and other bitcoin-family chains."

Chuck Reynolds

Marketing Dept
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