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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

ICO Meets VC: Blockstack Raises $25 Million for Decentralized Internet Fund

Decentralized internet startup Blockstack has raised $25 million in venture funding to grow and develop its distributed ecosystem.

Posted on 16 August 2017 | 5:59 am

IT Giant NTT Data Enlists 13 Companies for Blockchain Consortium

Japan's largest IT services firm, NTT Data, has announced a new consortium aimed to investigate use cases for blockchain technology.

Posted on 16 August 2017 | 5:00 am

'Boiler Room' Cryptocurrency Scam Targeted by London Police

British police arrested an individual last week for allegedly fleecing would-be investors via a fake cryptocurrency investment scheme.

Posted on 16 August 2017 | 4:00 am

Advertise with Anonymous Ads

IBM Reveals Blockchain Supply Chain Trial with Singapore Port Operator

A major port operator in Singapore has inked a deal to work with IBM and a regional shipping firm to test a new blockchain-based supply chain network.

Posted on 16 August 2017 | 3:00 am

Bitcoin is back above $4000 - Business Insider


Business Insider

Bitcoin is back above $4000
Business Insider
Mati Greenspan, an analyst with trading platform eToro who follows the crypto space closely, says in his morning email: "This week we saw a massive surge in bitcoin that simply dominated the entire cryptocurrency market. Today, it seems we're ...

and more »

Posted on 16 August 2017 | 2:48 am

Companies are buying bitcoin to pay off hackers, says CyberArk CEO - CNBC


CNBC

Companies are buying bitcoin to pay off hackers, says CyberArk CEO
CNBC
Jim Cramer spoke with CyberArk's Udi Mokady to hear about how companies are getting involved with cryptocurrencies like bitcoin because of cyberattacks.

and more »

Posted on 15 August 2017 | 4:45 pm

Bitcoin rises, so people Google 'bitcoin,' so then bitcoin rises, so then people Google... - MarketWatch


MarketWatch

Bitcoin rises, so people Google 'bitcoin,' so then bitcoin rises, so then people Google...
MarketWatch
In a series of tweets, Burniske speculated that an increasing price drives interest in bitcoin, and “that interest further drives the price of $BTC,” something he joked was “a virtuous Satoshi cycle,” in reference to Satoshi Nakamoto, the pseudonym ...

and more »

Posted on 15 August 2017 | 2:16 pm

S&P 500 or Cryptocurrency: Just How Big Is Bitcoin's Price Explosion?

Bitcoin price gains are impressive. But when compared to traditional asset investment, how big is big? And are there downsides?

Posted on 15 August 2017 | 1:01 pm

Enterprise Ethereum Alliance Expands Legal Industry Working Group

Enterprise Ethereum Alliance Expands Legal Industry Working Group

On August 14, the Enterprise Ethereum Alliance announced the addition of more than a dozen organizations to its blockchain collaboration under the umbrella of its Legal Industry Working Group, responsible for creating enterprise-grade applications on the Ethereum blockchain. The new members include law schools, legal departments of universities, academic institutions and leading global law firms.

According to the EEA, the swift expansion of the Legal Industry Working Group is due to the fact that an increased number of legal professionals are showing interest in blockchain technology. The Ethereum blockchain consortium believes this working group will serve as a base for the success of “various efforts taking place within the organization.”

“We are thrilled to see robust interest in blockchain technology by forward-looking law firms and institutions. Lawyers are poised to serve as the catalysts for blockchain technology, and the Legal Working Group will serve as a neutral space to explore blockchain-based legal technology, develop standards for “smart” legal agreements, support emerging enterprise use cases and tackle important policy issues raised by this new impactful technology,” Aaron Wright, Chair of the EEA Legal Industry Working Group, Associate Clinical Professor and Co-Director of the Cardozo Law School’s Blockchain Project, and co-founder of the smart contract project OpenLaw, said in a statement.

The Legal Industry Working Group isn’t the only part of the blockchain collaboration to be experiencing a rapid growth in new members. On July 18, 2017, the EEA announced that the alliance had onboarded 34 new organizations, bringing the number of the participants to more than 150 members. The newly joined participants included Mastercard, Cisco, the Government of Andhra Pradesh (one of the 29 states of India), Scotiabank and many others.

Formed in late February 2017 by founding members such as Intel and J.P. Morgan, the EEA strives to create, promote and support open standards, best practices and open source reference architectures on the Ethereum blockchain. The consortium serves as the major research and development body of the Ethereum blockchain, helping Ethereum to evolve into an enterprise-grade technology. In terms of development and research, the EEA focuses on multiple areas, including privacy, confidentiality, scalability and security, as well as investigating hybrid architectures and industry-specific, application-layer working groups.

The 14 new members of the Enterprise Ethereum Alliance include:

Cooley, Debevoise & Plimpton, Goodwin, Hogan Lovells, Holland & Knight, Jones Day, Latham & Watkins, Morrison & Foerster, Perkins Coie, Shearman & Sterling, Cardozo Law School, Duke Center on Law & Technology, and the Department of Legal Studies and Business Ethics at the University of Pennsylvania’s Wharton School.

In addition, existing members of the consortium will be joining the EEA Legal Industry Working Group, including BNY Mellon, ConsenSys, ING and JPMorgan Chase & Co.

The post Enterprise Ethereum Alliance Expands Legal Industry Working Group appeared first on Bitcoin Magazine.

Posted on 15 August 2017 | 12:45 pm

$45 Million: Ukrainian Lawmakers Reveal Big Bitcoin Holdings

Three lawmakers in Ukraine have more than $45 million worth of bitcoin, recent disclosures reveal.

Posted on 15 August 2017 | 12:01 pm

Bitcoin 'miners' dig more than just the money - CNBC


CNBC

Bitcoin 'miners' dig more than just the money
CNBC
The best-known type, bitcoin, is how 36-year-old Samson began investing in the growing world of so-called cryptocurrencies four years ago. Intrigued by the technology used, which eliminates the need for traditional banks in transactions, he became both ...

Posted on 15 August 2017 | 10:24 am

Bitcoin Is Literally Soaring Into Space After Rocket-Like Surge - Bloomberg


Bloomberg

Bitcoin Is Literally Soaring Into Space After Rocket-Like Surge
Bloomberg
Space-like adjectives are often used to describe bitcoin's stratospheric price rise. Now there may be some truth in those analogies. Blockstream Inc. plans to make the digital ledger underpinning the cryptocurrency accessible via satellite signal so ...
Blockstream to Transmit Bitcoin Data to Earth Using Satellite TechnologyBitcoin News (press release)
Blockstream Is Using Satellites to Beam Bitcoin Down to EarthCoinDesk
Blockstream Satellite: Broadcasting Bitcoin from SpaceBitcoin Magazine

all 9 news articles »

Posted on 15 August 2017 | 9:59 am

Ripple Confirms China Expansion Plans, Shoots Down Alibaba Rumor

Rumors are flying about Ripple's China expansion. Ripple elaborated on plans for the country, and shut down speculation they're working with Alibaba.

Posted on 15 August 2017 | 9:45 am

Bitcoin's Price Is Down More Than $500 After Hitting a New High

Bitcoin prices have fallen below $4,000 hours after hitting a new all-time high.

Posted on 15 August 2017 | 8:43 am

Blockstream Is Using Satellites to Beam Bitcoin Down to Earth

Blockstream says people most in need of bitcoin aren't getting it because of their lack of internet, but it's satellite – yes satellite – can help.

Posted on 15 August 2017 | 7:59 am

Bitcoin Bill Delayed as Russian Lawmakers Seek 'Optimal Solution'

A working group within Russia's state legislature is further delaying work on a cryptocurrency legalization bill.

Posted on 15 August 2017 | 7:01 am

Josh Garza's Sentencing Could Be Pushed Back to Next Year

Convicted cryptocurrency executive Josh Garza may see his sentencing for wire fraud postponed until next year, court records show.

Posted on 15 August 2017 | 5:00 am

Bitcoin market cap is within touching distance of major stocks like Netflix - CNBC


CNBC

Bitcoin market cap is within touching distance of major stocks like Netflix
CNBC
If bitcoin was a stock (which it isn't), it would be the seventy-fourth biggest by market capitalization, just behind Adobe and Netflix on the S&P 500. Adobe has a market cap of $73.6 billion while Netflix is worth $73.8 billion, putting bitcoin within ...

Posted on 15 August 2017 | 4:08 am

Bitcoin Sets New Record High of $4,483 in Overnight Trading

The price of bitcoin continued its recent bullish surge last night, reaching a new all-time high of $4,483.

Posted on 15 August 2017 | 4:00 am

Bitcoin Price Tops $4,400 As Crypto Market Nears $150 Billion

The price of bitcoin passed $4,400 for the first time on August 14, a move that helped bring the total value of the crypto market above $140 billion.

Posted on 14 August 2017 | 6:35 pm

Bitcoin Price Analysis: Still More Room at the Top, For Now

Bitcoin Price Analysis

While many fear BTC-USD is entering bubble territory, others are calling for even higher price targets.  Politics aside, there is a clear push for higher BTC-USD prices and it’s creating market uncertainty.

Here are the facts:

  1. 30 days ago, BTC-USD was $1800.

  2. Today the price of BTC-USD has risen 130% and has managed to establish an all time high at $4300.

  3. In 5 days alone, the price of BTC-USD has increased its market value by 30%.

Taking a look at the macro trend since the rise post-$1800s, we see clear lines of support along the Fibonacci Retracements:

Figure_1.JPG
Figure 1:  BTC-USD, 6-Hour Candles, Bitfinex, Macro Fib. Lines

Across the length of the bullish push from the $2700s (the 61% line) there are signs of sustained momentum in the RSI and MACD.  Looking at the volume profile, there is no clear decline in volume and it appears to show market interest in higher values as the volume’s moving average has remained mostly flat.  However, since the bullish push from the $3200s (the 38% line) we can see signs of bullish exhaustion in the form MACD and RSI divergence.  

Zooming in on a smaller timescale, we see evidence of a higher push to new all time highs:

Figure_2.jpgFigure 2:  BTC-USD, 1-Hour Candles, Bitfinex, Potential Bull Pennant Breakout

At the top of BTC-USD’s strong run from the $3200s stands a classic bullish continuation pattern called a “Bull Pennant.”  The pennant is characterized by price consolidation within a convergent pattern and has decreasing volume throughout the length of the pennant body.  To accompany this pattern is a 1-hour RSI and MACD that began to consolidate toward its centerline.

At the time of this article, BTC-USD appears to have broken out of this pennant with a sharp increase in volume.  Currently, based on typical price projections for Bull Pennant breakouts, this pennant breakout has a price target of $5000.

Although this is a rather aggressive price target for this bull pennant, there are some considerations on a macro scale that should be addressed and discussed.

Figure_3.JPGFigure 3:  BTC-USD, 1 Day Candles, Bitfinex, Bollinger Bands

For the fourth day in a row, BTC-USD continues to push outside the Bollinger Bands.  Historically, this sort of push has led to market pullback or consolidation.  Even on high timescales, the current 3-day candle (not shown above) is fully formed outside the Bollinger Bands and shows, on a macro scale, that the market is overbought.  To accompany this push of the Bollinger Bands, a clear decrease in volume is seen on the moving average that shows, since the rise from $1800s, there has been waning bullish sentiment.  

While there is a lot of hype surrounding BTC’s recent rise, it is paramount to remain objective and skeptical of market activity and to view the market soberly.  The price target of $5000, on a micro level seems plausible.  However, on a macro level the bullish market appears to have slightly bearish divergence.  To remain a reliable price target, the market needs to see a push to newer all time highs accompanied by increase in volume to sustain the next $800 of price movement.

Summary:

  1. BTC-USD has broken out of a bullish continuation pattern called a “Bull Pennant” with a price target of $5,000.

  2. On a macro scale, there are signs of bullish momentum loss in the form of bearish divergence and overbought signals on the Bollinger Bands.  

  3. While the market can remain overbought for days and weeks, it’s important to keep in mind that the higher the market pushes into overbought zones, the more necessary market consolidation becomes in order to prevent a market pullback.  So far, there has yet to be any considerable market consolidation during this 130% rise.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


The post Bitcoin Price Analysis: Still More Room at the Top, For Now appeared first on Bitcoin Magazine.

Posted on 14 August 2017 | 3:35 pm

OneCoin Promoters Fined €2.6 Million by Italian Consumer Watchdog

A consumer rights watchdog in Italy is fining a group of companies that have promoted OneCoin.

Posted on 14 August 2017 | 2:40 pm

Op Ed: Cryptocurrencies, ICOs and the Untapped "Family Office" Group

gpfamily.jpg

With cryptocurrency investing becoming increasingly mainstream, it’s important to understand the types of potential investors waiting on the sidelines. One largely untapped investment group would be a “family office” (FO), which is a private wealth manager of investments and trusts for ultra-high net worth individuals (UHNWIs). In 2015, UHNWIs included almost 173,000 individuals whose wealth accounted for $20.8 trillion. FOs can represent a single-family office (SFO) or multi-family office (MFO), with the former being the largest group that represents one extremely wealthy single family.

The Family Office Databases reports that most FOs reside in the United States.

FO_breakdown.png

According to UBS and Global Wealth, the top three investments of an average FO portfolio are in the developed market, real estate, or venture capital and private equities.

UBS_investment_breakdown.png

Cryptocurrencies would be classified as a commodity, whereas initial coin offerings (ICOs) would represent venture capital. Furthermore, most ICOs are deemed securities based on the parameters of the Howey test. Cryptocurrencies themselves are still very new and highly complex, and innovation is happening every day. Few people understand them deeply due to the intense learning curve.

Being decentralized and transparent on a blockchain with low transaction fees means cryptocurrencies have attractive properties for UHNWIs. Cryptocurrencies provide FOs with diversification from traditional assets usually in an average portfolio. However, the risk of investing remains high, especially if there is a lack of understanding around how cryptocurrencies work or how to secure them properly.

The recent explosion of ICOs and ICO funding represents a growing percentage of investors backing the creation of software or companies that are building the technology and infrastructure. David Drake, managing partner of LDJ capital, whose focus is on compliance and underwriting for ICOs, said to Bitcoin Magazine, “These ICOs need to have a real team and business structure behind them before anyone is willing to invest.”

Drake added that many investors he speaks with “are afraid that they will not understand what is happening with cryptocurrencies, but this is changing very quickly as they become curious about the subject.”

Projects that will be able to cut through the noise and hype with a clear message and identifiable use cases will likely acquire more investors through an ICO. Two such examples of successful ICOs with straightforward use cases include Civic, a project focused on providing proof of identity, which raised $33 million; and Filecoin, a decentralized storage network, which raised $252 million.

Generally, ICOs accept funds through cryptocurrencies only, although this may change to bring in more investors. Kamil Przeorski, co-founder of Experty.io and ReactPoland, told Bitcoin Magazine that “many people I talk with are very interested in my project, but don’t always understand the process and would rather use USD.”

Ultimately, the better the cryptocurrency community can communicate and explain the complexities, intricacies and possibilities, the more potential investors will flock to this space.

This guest post is by Josh Olszewicz, an advisor to Experty.io. The views in this piece are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Media.




The post Op Ed: Cryptocurrencies, ICOs and the Untapped "Family Office" Group appeared first on Bitcoin Magazine.

Posted on 14 August 2017 | 12:46 pm

Square CEO: Blockchain Can Help Solve 'So Many Problems'

Jack Dorsey, the CEO of both Twitter and Square, recently said he believes blockchain can be used to solve problems in a range of different areas.

Posted on 14 August 2017 | 12:30 pm

$4,800: Goldman Sachs Analyst Thinks the Bitcoin Price Is Heading Higher

An analyst for Goldman Sachs said yesterday that bitcoin could shoot as high as $4,800 – comments that came amid new highs for the cryptocurrency.

Posted on 14 August 2017 | 11:15 am

New Bitcoin ETF Effort Launched by Money Management Firm

A US-based money manager is seeking to launch an exchange-traded fund (ETF) tied to the price of bitcoin.

Posted on 14 August 2017 | 9:45 am

Legally Binding Smart Contracts? 10 Law Firms Join Enterprise Ethereum Alliance

No, code is not law. But if the Enterprise Ethereum Alliance's new members have anything to say about it, that might someday change.

Posted on 14 August 2017 | 9:07 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Ethereum Classic Forges Its Own Identity With New Mantis Client

Ethereum Classic Mantis

A group of Ethereum Classic developers wants Ethereum Classic to be known as more than a “cut-and-paste” version of the Ethereum blockchain. So they spent seven months building Mantis, a unique Ethereum Classic client, from scratch.

And it is not hard to understand their motivation.

Since Ethereum Classic split away from Ethereum as a result of the DAO hard fork last summer, the two smart contract platforms have shared the same codebase, the same smart contract development tools and more.

In fact, aside from a few protocol changes, like defusing the difficulty bomb and capping the monetary policy on the Ethereum Classic chain, for all intents and purposes, the two networks have been nearly identical.

But now Ethereum Classic is striking out on its own in a move developers behind the effort hope will position the platform as a viable alternative to Ethereum. Earlier this week, Alan McSherry, Ethereum Classic developer and Mantis project lead, announced the beta version of the new Ethereum Classic client in a blog post.

Built in the functional programming language Scala, Mantis represents a serious effort by the Ethereum Classic community to gain recognition for having its own team of developers on par with those of Ethereum. Mantis also sets the foundation for future innovations in Ethereum Classic.

“This is a good starting point for our influence in the Ethereum Classic community,” said McSherry, in speaking with Bitcoin Magazine. “We are able to say we have built from the ground up a client in Scala. And, when it comes to the future direction of Ethereum Classic, we have a pretty good handle on what we are talking about.”

But before getting into why the developers of the project chose to build a client in Scala, first, what is a client?

A Blockchain Client

In a distributed ledger, a client refers to the software that runs on a computer, or “node,” connected to the network. A blockchain client is responsible for downloading and keeping up to date an entire copy of the blockchain. In a sense, it also acts like a server in that it also serves the other nodes in the network by doing things like verifying blocks, checking that transactions include signatures and so on.  

In that respect, Mantis essentially represents a full end-to-end copy of Ethereum. It contains the mining verification algorithm, the consensus algorithm, all the network logic, the cryptography that allows users to spend their coins and the logic to verify smart contracts.

As a client, Mantis also provides interfaces for creating transactions. Still in beta, Mantis supports a command-line interface version of a wallet for making transactions. Users can also access the client from the Mist browser over HTTP.  

To be clear, Mantis is not the only client available to Ethereum Classic users. Other groups may be working on other clients, said McSherry. And the Ethereum Classic community maintains two other Ethereum clients: Geth, written in Go, and Parity, written in Rust. But McSherry explained that the hope is that Mantis will eventually become the flagship client for Ethereum Classic.

Functional Language

Mantis is different from existing Ethereum clients in that it was written in Scala, a functional programming language.

Scala is touted for benefits that include ease of testing and predictability, characteristics that allow developers to audit the code for bugs and security flaws more easily than other languages. “If you have more predictable code, that will leverage itself up to the overall quality of the product,” McSherry said.   

But there are levels of functional languages. Scala is more of a hybrid language that sits between heavyweight functional languages, like Haskell and OCaml, that draw the academic and science crowd and the user-friendly world of Java.

And this means that while Scala allows developers to write in a functional style, it still has a fairly easy learning curve, making it accessible to a broad community of developers who may want to contribute to the open-source code.

McSherry explained that because Scala is a functional language, it is also open to applying frameworks, such as Stainless, that use rigorous mathematical proofs to check that the code performs as intended. It is a theme that plays well in the Ethereum Classic community’s stance on immutability and the idea that if “code is law” then smart contracts need to run in a more secure environment.

“The ultimate goal is a much higher-quality code, and obviously, that means much higher security for the funds that are controlled,” McSherry said.

Moving Forward

In terms of a road map for Ethereum Classic, Mantis is a stepping stone to bigger things and perhaps a greater technical divergence from Ethereum.

For instance, plans are to eventually connect Mantis to IOHK’s cryptocurrency wallet platform Daedalus, giving Mantis a graphical interface. “That’s the next focus,” McSherry said.

But for now, Mantis is being made available to other developers who are willing to try out the code in a testnet environment and provide their feedback.

“We are delighted to have gotten to this stage where we have the functionality out the door,” says McSherry. “The next phase is to polish the functionality, look at the performance of it, go back and clean up, and make it a top, top client.”

He said he expects the next release of Mantis as soon as September.

The post Ethereum Classic Forges Its Own Identity With New Mantis Client appeared first on Bitcoin Magazine.

Posted on 11 August 2017 | 11:26 am

What Is an ICO?

What Is an ICO?

An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for bitcoin and ether. It’s somewhat similar to an Initial Public Offering (IPO) in which investors purchase shares of a company.

ICOs are a relatively new phenomenon but have quickly become a dominant topic of discussion within the blockchain community. Many view ICO projects as unregulated securities that allow founders to raise an unjustified amount of capital, while others argue it is an innovation in the traditional venture-funding model. The U.S. Securities and Exchange Commission (SEC) has recently reached a decision regarding the status of tokens issued in the infamous DAO ICO which has forced many projects and investors to re-examine the funding models of many ICOs. The most important criteria to consider is whether or not the token passes the Howey test. If it does, it must be treated as a security and is subject to certain restrictions imposed by the SEC.

ICOs are easy to structure because of technologies like the ERC20 Token Standard, which abstracts a lot of the development process necessary to create a new cryptographic asset. Most ICOs work by having investors send funds (usually bitcoin or ether) to a smart contract that stores the funds and distributes an equivalent value in the new token at a later point in time.

There are few, if any, restrictions on who can participate in an ICO, assuming that the token is not, in fact, a security. And since you’re taking money from a global pool of investors, the sums raised in ICOs can be astronomical. A fundamental issue with ICOs is the fact that most of them raise money pre-product. This makes the investment extremely speculative and risky. The counter argument is that this fundraising style is particularly useful (even necessary) in order to incentivize protocol development.

Before we get into a discussion over the merits of ICOs, it is important to have some historical context for how the trend started.

History of ICOs

Several projects used a crowdsale model to try and fund their development work in 2013. Ripple pre-mined 1 billion XRP tokens and sold them to willing investors in exchange for fiat currencies or bitcoin. Ethereum raised a little over $18 million in early 2014 — the largest ICO ever completed at that time.

The DAO was the first attempt at fundraising for a new token on Ethereum. It promised to create a decentralized organization that would fund other blockchain projects, but it was unique in that governance decisions would be made by the token holders themselves. While the DAO was successful in terms of raising money — over $150 million — an unknown attacker was able to drain millions from the organization because of technical vulnerabilities. The Ethereum Foundation decided the best course of action was to move forward with a hard fork, allowing them to claw back the stolen funds.

Although the first attempt to fund a token safely on the Ethereum platform failed, blockchain developers realized that using Ethereum to launch a token was still much easier than pursuing seed rounds through the usual venture capital model. Specifically, the ERC20 standard makes it easy for developers to create their own cryptographic tokens on the Ethereum blockchain.

Some argue that crowdfunding projects might be Ethereum’s “killer application” given the sheer size and frequency of ICOs. Never before have pre-product startups been able to raise this much money and in this little time. Aragon raised around $25 million in just 15 minutes, Basic Attention Token raised $35 million in only 30 seconds, and Status.im raised $270 million in a few hours. With few regulations and such ease of use, this ICO climate has come under scrutiny from many in the community as well as various regulatory bodies around the world.

Are ICOs Legal?

The short answer is maybe. Legally, ICOs have existed in an extremely gray area because arguments can be made both for and against the fact that they’re just new, unregulated financial assets. The SEC’s recent decision, however, has since managed to clear up some of that gray area. In some cases, the token is simply a utility token, meaning it gives the owner access to a specific protocol or network; thus it may not be classified as a financial security. On the other hand, if the token is an equity token, meaning that it’s only purpose is to appreciate in value, then it looks a lot more like a security.

While many individuals purchase tokens to access the underlying platform at some future point in time, it’s difficult to refute the idea that most token purchases are for speculative investment purposes. This is easy to ascertain given the valuation figures for many projects that have yet to release a commercial product.

The SEC decision may have provided some clarity to the status of utility vs security tokens; however, there are still plenty of room for testing the boundaries of legalities. For now, and until further regulatory limits are imposed, entrepreneurs will continue to take advantage of this new phenomenon.

ICO Resources

Research:

Communities:

Calendars:


The post What Is an ICO? appeared first on Bitcoin Magazine.

Posted on 10 August 2017 | 1:14 pm

Bitcoin and Taxes

Bitcoin taxes 101

Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not; what can be written off and what can’t; and which assets need to be listed and which do not. Add to that the confusion around digital currency and its status in the eyes of governments, and there are bound to be questions about how Bitcoin relates to taxes.

In the United States, for example, “taxable income” encompasses anything received as payment for goods and services. There is no reason that this would exclude payment in bitcoin. Bitcoin received from another person in the exchange counts as gross income, which is subject to income tax. Bitcoin earned through trade or by running a bitcoin exchange could fall under the “capital gains” category, like gold, and will be taxed. Bitcoins that are mined are counted as income received from the act of mining and are taxable with the expenses accrued (such as computing power) being deductible. When miners sell their bitcoins, they are taxed on any increase to the value of the bitcoins between when they were mined and when they were sold.

The Internal Revenue Service of the U.S. drafted a 2014 notice on “virtual currency” providing some guidance on its views of bitcoin as capital assets that are subject to taxes. However, users will have to look into the tax requirements for whichever country they are paying taxes in and sort out how their home countries classify cryptocurrencies like bitcoin.

To prepare for tax season, it’s important that bitcoin holders make a note of how much the digital asset is worth in relation to their local fiat currency. It is also advised to keep a detailed Bitcoin expense report and record the value of bitcoin when it was spent, in case any of these expenses can be written off.

Hiring an experienced accountant is a great way to ensure your Bitcoin-related tax filings are accurate. Several services exist to help users figure out how to pay their Bitcoin taxes, including CoinReporting and Bitcoin Taxes.

While nobody is promising that it will be fun, accurately recording and reporting Bitcoin income is a crucial aspect of the digital currency economy.

The post Bitcoin and Taxes appeared first on Bitcoin Magazine.

Posted on 10 August 2017 | 1:01 pm

Ether Price Analysis: All Signs Point Onward and Upward

Ether Price Analysis

In case you hadn’t noticed, ETH-USD markets have been on a very strong bull run for the past week. In a matter of five days, ETH-USD managed to increase by $100 — nearly a 50 percent market value increase — with very little pullback or consolidation. After ETH-USD’s multi-week-long bear run from $420 to the $130s, ETH spent over a month consolidating and forming a very solid support level before ultimately launching into its most recent bull run. Let’s take a look at some support and resistance levels, and see where ETH is likely heading in the next few days.

Looking at the macro view of this trend, we can see significant levels of support and resistance that have proven time and time again to be especially relevant throughout the life of the market:

Figure_1 (4).JPGFigure 1: ETH-USD, 12-hr Candles, Bitfinex, Macro Trend

After consolidating between the 50 percent and 61 percent retracement values, ETH-USD managed to gather enough of a foundation to break out and climb in a very strong bull run. The trend was so strong, in fact, that throughout the run, it traced the upper Bollinger Bands for several days.

Zooming in a little closer to our current candles within this trend, we can see a couple signs of slight market exhaustion that could lead to some minor pullback or possible consolidation:

Figure_2 (4).JPG
Figure 2: ETH-USD, 12-hr Candles, Bitfinex, Closer View of Current Trend

Although not a guarantee of market trend reversal, the doji candle is a sign of market uncertainty as the bearish and bullish traders attempt to gain dominance over the market. Essentially, dojis represent an opportunity for market reversal as the price movement becomes stalemated between buyers and sellers. Whether the market will actually reverse requires the confirmation of the next candle in the market. Currently, we are forming the confirmation candle to decide if we will actually reverse the 12-hour candle trend.

Zooming in even further, we can see very clear support and resistance lines not only on the macro Fibonacci Retracements shown above, but also on the Fibonacci Retracements for the current bullish breakout:

Figure_3 (5).JPGFigure 3: ETH-USD, 1-hr Candles, Bitfinex, View of Current Breakout

This breakout has managed to find support along all the major Fib lines. Currently, there is strong support between $275 (the macro 38 percent line) and $268 (the micro 50 percent line). Should a further retracement occur in this market, I would highly expect it to be short-lived and most likely rally off the 50 percent micro Fib line, ultimately making new ETH-USD highs in this bullish market. Currently, there are two things in this market that are catching my eye:

  1. During highly bullish markets, it is really common to retrace to the 38 percent line and bounce to a continuation of the bullish trend. Currently, we are in the process of bouncing off the 38 percent bullish trendline.

  2. If we zoom in to the 15-minute candles, we see a potential ascending wedge forming — a bearish continuation pattern.

Figure_4 (1).JPGFigure 4: ETH-USD, 15-min Candles, Bitfinex, Ascending Wedge

If this ascending wedge breaks to the bottom with high volume, we can expect a price target of approximately the 50 percent retracement line — the $270s. A retracement to the 50 percent values would be a very healthy event and would most likely see a pretty substantial bounce and subsequent rally leading to new highs. To further support the thesis of an ascending wedge, we can see clear MACD divergence paired with decreasing volume as the price continues to climb.

Overall, our current ETH-USD seems to be strongly bullish and doesn’t appear to show any signs of macro bullish momentum loss. Right now, it is doing healthy retracements that commonly lead to trend continuations. If you’re investing in ether, this is exactly what you want to see in a healthy bull market.

Summary:

  1. ETH-USD is showing healthy signs of bullish continuation for this rally.

  2. Although there may be some retracement along the way, overall ETH-USD looks on track to continue the bull market.

  3. Keep an eye out in the immediate future for a break to the bottom of the ascending wedge — a possible test of the 50 percent values (the $270 range) may be possible before continuing onward and upward!

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Ether Price Analysis: All Signs Point Onward and Upward appeared first on Bitcoin Magazine.

Posted on 9 August 2017 | 4:01 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

August 16, 2017 -
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