Friday, June 22Your Daily Bitcoin & Altcoin News Portal
Bitcoin Price Technical Analysis: Temporary Retracement Above $2000

Bitcoin Price Technical Analysis: Temporary Retracement Above $2000

PRICE ANALYSIS
Bitcoin price could be due for a correction from its breakdown move so that more sellers could allow the downtrend to continue. Bitcoin Price Key Highlights Bitcoin price recently broke below support of the descending triangle pattern on its 4-hour chart. Price found support around $1850 and could be due for a pullback before heading further south. Applying the Fibonacci retracement tool shows potential resistance levels. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. In addition, the moving averages are close to the descending triangle resistance, adding an extra layer of defense in the event of a larger correction. The broken triangle support is in between the 50% and 61.8% Fibonac...
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Bitcoin Mining With Arcade Machines and Classic Computers

Bitcoin Mining With Arcade Machines and Classic Computers

MINING
Bitcoin mining has grown into a vast economy over the past few years as large ASIC-powered mining farms process transactions for the $32 billion dollar market. In the early days, people could mine bitcoins using their central processing units (CPU) and they still can, but the undertaking is extremely inefficient. However, a few people still mess around mining bitcoins using older computers and retro devices merely for the fun of it and for experimentation purposes. The bitcoin mining ecosystem is a competitive environment of pools processing transactions while simultaneously securing the network. Miners run special software and use application-specific integrated circuitry (ASIC) to mine bitcoins these days, using chips far more efficient than your standard CPU. Currently, older com
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Possible Bitcoin Network Spam Attack is One User’s Moby Dick

Possible Bitcoin Network Spam Attack is One User’s Moby Dick

BITCOIN, BLOCKTECH
A Twitter user named LaurentMT has been battling his very own “Moby Dick.” He implied the White Whale has come in the form of a spam attack on the network, which has caused blocks to consume too many utxos (unspent transaction outputs) in the system in recent weeks. The user commented on Twitter in a series of charts, primarily containing information on block size and utxos.  Most interestingly, LaurentMT suggested recent mempool backlog — causing slow transaction times and higher fees — has been a result of this Moby Dick spam attack. For anyone curious about utxo’s, they are merely unspent bitcoins that can potentially eat up block space and clog the network. 14 Jul LaurentMT @LaurentMT Replying to @LaurentMT This seems confirmed by a chart displaying #utxos from
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Breadwallet’s Bitcoin Therapy Hotline Exceeds Expectations

Breadwallet’s Bitcoin Therapy Hotline Exceeds Expectations

BITCOIN
The first week with Breadwallet’s Bitcoin Therapy Hotline exceeded all expectations, announced Breadwallet CMO Aaron Lasher. He did not know what to expect when launching the hotline, according to bitcoin.com’s previous interview, but knew there had been a lot of negativity and vitriol permeating the ecosystem. He just wanted to find a way to inject some optimism. That was the ultimate purpose of the hotline, even if it was not touted as 100% serious. It was not a joke either, though. How the Hotline Exceeded Expectations Lasher outlined many highlights about the hotline’s performance. He said quite a few old friends called to catch up or chat. He had many callers who harbored concerns about the blocksize debate and what would happen to their bitcoin. Some of them even appeared t
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Japan Cryptocurrency Business Association Urge Service Suspension on August 1st

Japan Cryptocurrency Business Association Urge Service Suspension on August 1st

BITCOIN
This week we reported on upcoming events that might be taking place on August 1, concerning potential interruptions connecting to the Bitcoin network. Now the Japan Cryptocurrency Business Association made up of various regional exchanges is preparing to draft service suspension directives for bitcoin users in the country for that specific date. Japan has had bitcoin fever over the past few months. Since this past April interest in the decentralized currency has grown quite a bit since the Japanese government legalized bitcoin as a form of payment. Now as the country continues to progress in adoption a possible blockchain split may happen in two weeks, and Japanese bitcoin businesses want to be prepared. According to the Nikkei Asian Review, the Japan Cryptocurrency Business Asso
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MIT Study Shows Early Bitcoin Users Help to Spread Its Adoption as the “New Technology”

MIT Study Shows Early Bitcoin Users Help to Spread Its Adoption as the “New Technology”

ADOPTION
MIT launched a study in 2014 that showed early adopters help to spread new technology throughout society, if they feel they have exclusive access to it. The study’s official research paper was released on Friday, which was published in Science. The experimenters used bitcoin as the “new technology” in the study. The Study: Free $100 Worth of Bitcoin Researchers offered participants $100 dollars worth of bitcoin (Bitcoin’s price was around $400 at the time). The students would set up a digital wallet and then wait for researchers to allot funds to their wallets. The researchers, Christian Catalini and Catherine Tucker, saw this experiment as a one-time opportunity to study the role of early adopters in spreading technology in a controlled environment. The experiment’s catch was tha
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Bitcoin Miners Miss the First BIP 148 “Deadline”

Bitcoin Miners Miss the First BIP 148 “Deadline”

BITCOIN, MINING
Bitcoin miners at large have missed the first BIP 148 “deadline” to prevent a “split” in Bitcoin’s blockchain. As Bitcoin’s scaling dispute appears to be heading for a climax, the next couple of weeks could prove pivotal. One scaling solution in particular,Bitcoin Improvement Proposal 148 (“BIP 148”), is scheduled to trigger activation of Segregated Witness (SegWit) on August 1, 00:00 UTC. As a User Activated Soft Fork (UASF), all users that run a BIP 148 node will then start rejecting any and all blocks that do not signal support for SegWit by the “deadline” — or, perhaps more accurately, “ultimatum” — set by BIP 148 users. BIP 148 and SegWit are backward-compatible protocol upgrades, which means that non-upgraded nodes will still accept SegWit-signaling and SegWit-utilizing blo
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Cryptocurrency Market Nears 50% Decline From All-Time High

Cryptocurrency Market Nears 50% Decline From All-Time High

BITCOIN
The total value of all publicly traded cryptocurrencies has declined more than $10bn in the last 24 hours, amid a sell-off that broadly impacted the nascent asset class. With the move, the market has now declined precipitously from a peak reached in mid-June, when it set an all-time high of $115bn, according to data from Coinmarketcap. In just over 30 days, the market has fallen 46.9%, falling to a low of $61bn at press time. Among the most affected in today’s decline were cryptocurrencies that had seen wild gains in recent months, including ether, and XRP, the cryptocurrencies that power the ethereum blockchain and Ripple Consensus Ledger, which were down 28% and 25%, respectively, over the last 24 hours. Also affected was the price of bitcoin, which continued to decline
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Ex-Bankers Keep Falling for Digital Currencies, Integrating Crypto in New Businesses

Ex-Bankers Keep Falling for Digital Currencies, Integrating Crypto in New Businesses

ADOPTION
The number of former bankers entering the digital currency marketplace in one form or another keeps growing.  Some well accomplished examples are ex-JP Morgan Blythe Masters and former Barclays CEO Antony Jenkins just to name a few. Ex-Credit Suisse trader and his startup Revolut Former banker secures millions in funding to spread reach and product from fiat into digital currencies. Nikolay Storonsky, trader turned startup founder, has secured an investment of $66 mln in order to expand his banking startup Revolut into offering clients digital currencies alongside fiat. Before the London based startup, Storonsky was an experienced trader having worked at Lehman Brothers in emerging market derivatives and Credit Suisse as an equity derivatives trader. Bloomberg points out: “As
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Bitcoin Q&A: How long until mainstream adoption?

Bitcoin Q&A: How long until mainstream adoption?

ADOPTION
  How long until mainstream adoption? Previous revolutions in money. In the mid 90s, you still couldn't pay with a credit card in many places. I predict it will take 15-20 years for mainstream adoption of Bitcoin. We are in a race because governments around the world are trying to ban cash and force us to adopt a different sort of digital currency with complete surveillance, where they can flip and switch and you will no longer exist as a person if you doing anything they consider radical. Adoption patterns and the Gini coefficient. The ownership of Bitcoin is not as diverse as it should be, primarily because of the way it grew. But people who got in early and took the risk have been enormously rewarded; no one's coming to bail out Bitcoin. Watch the full talk here: https://yout