Over the past few years, we have seen multiple new cryptocurrencies emerge. The vast majority of these coins have no inherent value whatsoever. In fact, one could argue the developers of such currencies have made quite a bit of money from their projects. The Bank of Italy now warns the public about not issuing their own currencies moving forward. Quite an intriguing development, considering the local banks are struggling to find money. Anyone in the world can issue their own currency these days. That is, assuming they want to issue a cryptocurrency or an Ethereum-based token. There is very little coding knowledge required these days as well. A lot of cryptocurrencies simply copy features from other coins to keep things “fresh”. Moreover, the code for currencies such as Bitcoin and L
Miners, the development community and businesses have finally agreed on a scaling solution. Over 63 percent of bitcoin’s hash power is now signaling for the activation of Bitcoin Improvement Proposal (BIP) 91 or Segwit. Since early July, traders and investors have panicked due to the possibility of a potential hard fork execution and chain split, an event in which the bitcoin blockchain splits into two and creates two bitcoins. However, since then, the scaling debate has seen significant progress, mostly because of the pressure of the community’s user activated soft fork (UASF) proposal and Barry Silbert-led Digital Currency Group’s Segwit2x proposal. The general consensus amongst the community and industry in regard to the codebase of Segwit2x was that it was not ready fo
Distributed ledger software provider Ripple has more than doubled the size of its network in less than two months, according to information provided exclusively to CoinDesk. Since May, the inter-bank payments startup has grown its validator network by 140% to include 55 participants, all of whom are now maintaining the integrity of the XRP Ledger (formerly the Ripple Consensus Ledger), running software that helps it agree on the order in which transactions are settled. Newly revealed validators include WorldLink, Telindus-Proximus Group, Swedish ISP, Bahnhof and AT TOKYO Corporation, a data center and systems integration service provider. Ripple CTO Stefan Thomas told CoinDesk: Our new and existing validators represent some of the top enterprise hosting providers in the world
Dash price has started a correction against the US Dollar and Bitcoin, and now DASH/USD has to settle above $150 for more gains. The Status: Dash price after heavy declines towards $120.00 versus the US Dollar found support and moved higher. There was a break above a key bearish trend line with resistance at $134 on the hourly chart of DASH/USD (data feed from Poloniex). The price is currently trading near a major resistance area at $150, which is acting as a pivot. Technical Aspect Recently, we saw heavy declines in Dash price below $140 against the US Dollar, as it followed cryptos like BTC and ETH. The price traded as low as $120.04, which acted as a strong support for Dash and a recovery was initiated. The price recovered well and managed to move above the 23.6% Fib
Ethereum price has corrected substantially against the US Dollar and Bitcoin, and the ETH/USD pair is slowly gaining back the bullish momentum. The Status: ETH price extended its correction and moved above the $165 level against the US Dollar. Yesterday’s connecting bearish trend line with resistance at $166 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken. The price is also above the $178 resistance zone, which is currently acting as a support. The $190 resistance is being tested at press time. Technical Aspect There was an improvement in the market sentiment which is why ETH price corrected above $165 against the US Dollar. The price after trading as low as $136.55 started a decent correction. First, there was a move above the 23.6% Fib retracement l
Bitcoin price is in the middle of a correction from its selloff and a return in bearish pressure could allow the downtrend to resume soon. The Status: Bitcoin price is trending lower, moving inside a descending channel connecting the highs and lows since mid-July. Price just bounced off support around $1850 and is pulling back to the resistance. Applying the Fibonacci retracement tool on the swing high and low shows the potential upside inflection points. Technical Aspect The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In addition, the moving averages are close to the channel resistance around $2350 to add an extra layer of defense. A break past this area could signal that bulls are back in the game. S...
A controversial racially segregated bastion in the North West Province of South Africa that operates outside the laws of the country is now seeking to upgrade its functioning fiat currency with a digital version. Orania, a small town in the remote parts of South Africa has about 1,400 residents that live in self-sufficiency with strict laws about the makeup of their ethical population. Currently, 97 percent of the town is white, in a country where the demographic sees just 10 percent nationwide being classed as white. A Micronation Created in 1991 by Afrikaners on private land, ahead of the democratic elections that brought South Africa into the modern world in 1994, Orania was created as a bastion for believers in the cruel and inhumane principles of Apartheid to continue existing.
Zhou Qiang, China’s chief justice, received a briefing on blockchain technology last week during an inspection of the city of Guiyang in southwestern China. According to domestic media reports, Qiang spoke to local court representatives on projects related to big data and blockchain, a notable development given that he is leading a drive to digitize China’s court system and reduce difficulties inherent in the enforcement of court decisions. Among the topics reportedly discussed was a national credit system and asset registry, and how the lack of such a system can create issues when a plaintiff asks a court to enforce its decision in civil lawsuits. Zhou, who is also president of the Supreme People’s Court, reportedly commented: “Under the leadership of the party, we should be
No one can say there is such a thing as a boring day in the world of Bitcoin and cryptocurrency. After the onslaught of price declines throughout the weekend, we kick off this Monday on a positive note. All currencies are seemingly recovering their losses. The Bitcoin price surpassed US$2,000 again, but it looks like Ethereum is the winner of the day so far. Other currencies all doing quite well too, for now. CRYPTOCURRENCY MARKET SEES A DEAD CAT BOUNCE Even though we are not a big fan of the term “dead cat bounce“, it accurately describes what is going on in the cryptocurrency world right now, by the look of things. The markets are showing signs of positive momentum, but there is no reason to get overly excited just yet. After all, the gains made today can easily be wiped out in an
Micropayments startup SatoshiPay has announced it intends to phase out its use of the bitcoin blockchain as the underlying technology that enables its transactions. Announced today, SatoshiPay has partnered with the IOTA Foundation, a non-profit that oversees network development, to explore replacing bitcoin with IOTA as its settlement network. SatoshiPay has been relying on the bitcoin network to settle payments since its product launch in 2015. Still, in that time, the economics of the bitcoin network have undoubtedly changed. According to CoinDesk’s forthcoming State of Blockchain report, the average transaction fee was around $2.41 per transaction during Q2, up from below $0.02 in 2015. SatoshiPay CEO Meinhard Benn wrote: We love bitcoin for its pioneering role in the