EOS Decentralization Questioned as Block Producers Freeze Accounts

EOS Decentralization Questioned as Block Producers Freeze Accounts

On June 17, 2018, the 21 block producers or nodes that run the EOS network chose to freeze seven accounts that were allegedly stolen from EOS community members. According to reports, all 21 block producers unanimously decided to freeze the compromised assets but the decision was met with controversy from the EOS community, and possibly some second thoughts from the block producer EOS New York.

Also Read: Ripple Gateways Can Freeze Users’ Funds at Any Time

EOS Block Producers Unanimously Decide to Freeze Accounts

EOS Decentralization Questioned as Block Producers Freeze AccountsThe decision made by EOS block producers brings a lot of questions to the table again in regard to whether or not a public blockchain that has centralized nodes with freezing powers can truly be considered a permissionless blockchain. On June 17, the 21 EOS block producers (BP) had agreed unanimously to freeze several accounts on the EOS blockchain that were allegedly stolen. According to the BP members and the EOS911 (a system that shows if EOS keys were compromised), malicious actors using phishing attacks and other forms of social engineering were able to steal people’s keys. Seven accounts have been frozen even though there seems to be more complaints of compromised keys to hand.

EOS New York Shows Reluctance

Even though all 21 BPs chose to unanimously vote to freeze these accounts, EOS New York has written that even though they voted on enacting the account blacklist, the organization wavered on the decision.

“EOS New York chose to enact this freeze because we believed that we were following the spirit of the governance system we as a community seek to create, despite it being formally absent. EOS is a platform meant to enable solutions which protect life, liberty, and property and that’s what we believed we were doing through this emergency action,” the New York-based BP noted.

“As of right now, we do not have a timeline for when the freeze action can be lifted or sanctioned by ECAF  Freezing accounts outside of formal processes with no timeline or next steps is not ok,” EOS New York emphasizes. “We have asked for ECAF to submit a formal ruling on the merits of the case by 1300 UTC 19 June 2018. If no such ruling is released by this time, EOS New York will remove the “freeze”, which cannot be enforced without unanimous consensus by all top 21 Block Producers.”

However, EOS New York stated that if this continues to happen they may not be so supportive unless the state of the network was in critical need of the blacklisting solution again.  

We are encountering these problems on a daily basis and we do not have the tools in place to properly address them.

EOS Decentralization Questioned as Block Producers Freeze Accounts

Other Well-Known Chains with the Ability to Freeze Accounts

The decision was controversial among EOS participants and the cryptocurrency community in general to say the least as the topic erupted into debates about centralized chains and immutability once again. Many people are skeptical that a blockchain with centralized nodes with freezing abilities can even be called ‘decentralized’. The third highest valued cryptocurrency network held by Ripple (XRP) has also been accused of the same freezing process multiple times in the past.

EOS Decentralization Questioned as Block Producers Freeze Accounts

Furthermore, the EOS blacklisting took place not long after the network was officially launched last week when the 21 BPs voted to initiate the chain, but then had critical issues with block production shortly after the launch. The EOS chain and concept has been on the hype train ever since its inventor Dan Larimer (also the creator Bitshares and Steemit) announced the protocol, leading to the token’s market capturing the fifth highest market cap.

What do you think about the EOS block producers’ ability to blacklist and freeze accounts? Let us know what you think about this subject in the comment section below.


Images via Pixabay, Disney’s Frozen, the XRP and EOS logo, and Wiki Commons.


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What Causes Ripple Hype? Cory Johnson Gives His Opinion

What causes Ripple hype

Even with its many price fluctuations, there’s been a lot of Ripple hype. What causes Ripple hype? Cory Johnson gives his two cents and we give ours.

Latest Ripple News | XRP Price Analysis 

In 2017, XRP increased in value by roughly 32,000%. So far in 2018, XRP has dropped by 75%. However, the fascination around the digital asset remains. More on that later, though!

Today, XRP is changing hands at $0.543. The coin is 2.80% higher on daily basis. At press time, Ripple (XRP) has a market cap of $21.32B, and a 24-hour ...

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Ripple Price Analysis: June 18, 2018

Ripple price analysis

When it comes to Ripple, there are two things people want to know the most. Either they are looking for a Ripple price analysis, or they are looking to see if Ripple, the software company, announced anything new. Today, we are going to focus primarily on XRP’s market performance.

Ripple Price Analysis: June 18, 2018

Over the weekend, XRP saw some losses. The Ripple price avoided massive drops but did spend the Sunday trading session in a tight range. Yesterday, XRP opened at $0.535 and finished the day at $0.528.

Today, Ripple (XRP) started ...

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Bitcoin in Brief: Halting 51% Attacks and Where Now for Ripple?

Bitcoin in Brief: An End to 51% Attacks and Where Now for Ripple?

The last 24 hours have been action-packed for the cryptocurrency markets, with digital assets rising off the SEC’s pronouncement that ethereum is not a security. But while most hodlers were toasting the agency’s announcement, one top five coin that failed to respond favorably was ripple. In today’s Bitcoin in Brief we consider where the SEC’s statement leaves XRP and examine a proposed solution to 51% attacks.

Also read: Get Them While You Can Gamers, Graphics Cards Prices Have Crashed

While Cryptos Leap, Ripple Stagnates

We live in strange times when an agency tasked with stamping out market manipulation is responsible for causing the biggest green candle in weeks. Two years ago, many cryptocurrency traders would have struggled to tell you what the SEC did, let alone named its chairman Jay Clayton. But in this new era of blanket regulation, not only is the crypto community familiar with the inner workings of the US Securities and Exchange Commission, but they’re dependant on it to boost their flagging portfolios.

Bitcoin in Brief: A Solution to 51% Attacks and Where Now for Ripple?

Around the same time an SEC executive was opining that ethereum does not constitute a security, EOS finally reached the 15% voting threshold required to launch the network. This dual infusion of bullish news saw most major cryptos leap in price, with ETH and EOS the biggest beneficiaries. But while crypto hodlers partied, one altcoin community was left to stew in a corner. Ripple has seen a slender increase of just 0.5% in the past 24 hours, as the SEC’s definition of securities has left its status unclear.

Bitcoin in Brief: A Solution to 51% Attacks and Where Now for Ripple?
XRP was one of the few coins that failed to respond positively to the SEC’s news

The full speech from the SEC’s head of the Division of Corporate Finance William Hinman includes a series of questions for identifying whether an asset is likely to be deemed a security. These include:

  • Is there a person or group that has sponsored or promoted the creation and sale of the digital asset, the efforts of whom play a significant role in the development and maintenance of the asset and its potential increase in value?
  • Has this person or group retained a stake or other interest in the digital asset such that it would be motivated to expend efforts to cause an increase in value in the digital asset?
  • Has the promoter raised an amount of funds in excess of what may be needed to establish a functional network, and, if so, has it indicated how those funds may be used to support the value of the tokens or to increase the value of the enterprise?
  • Does the promoter continue to expend funds from proceeds or operations to enhance the functionality and/or value of the system within which the tokens operate?
  • Do persons or entities other than the promoter exercise governance rights or meaningful influence?

It’s unlikely that the SEC is going to start making a habit of naming which coins do and don’t constitute a security. But it’s also unlikely, going by those questions, that ripple could be interpreted as as utility token.

Bitcoin in Brief: A Solution to 51% Attacks and Where Now for Ripple?

An End to 51% Attacks?

Another altcoin that had a very good Thursday was Zencash. It’s bounced back from a recent 51% attack, jumping 17% off the news that Grayscale, led by Barry Silbert, will be making the coin its ninth investment. The group’s portfolios start at $400 million, rising to over $1.2 billion for bitcoin core. The Grayscale news helped the price of ZEN soar, but the more important story was the new whitepaper the team released on Thursday, which has implications for all Proof of Work coins.

Bitcoin in Brief: A Solution to 51% Attacks and Where Now for Ripple?

In the document, Zencash propose changing Satoshi Consensus, also known as the longest chain rule, to a method that makes it “both technically infeasible and economically disastrous to attempt double spending”. ZEN aims to achieve this by introducing a penalty “in the form of a block acceptance delay in the amount of time the block has been hidden from the public network”. The team now hopes that other PoW coins will adopt this proposal with a view to mitigating further 51% attacks.

Bestmixer on the Difficulties of Maintaining Anonymity

Bitcoin in Brief: A Solution to 51% Attacks and Where Now for Ripple?
Bextmixer has responded to concerns about its mixing technology

You won’t find KYC on Coinmarketcap, but in the SEC-led compliance era, you’ll find that abbreviation at most on and off-ramps to the world of cryptocurrency. A couple of weeks ago, we reported on Bestmixer, a new bitcoin tumbler trying to restore privacy to cryptocurrency users who desire it. The team behind the project has since contacted news.Bitcoin.com to reassure users that Bitmixer’s coin mixing code is not used to track them.

They explain: “This functionality is necessary for any mixer…without such functionality any mixer can not be considered anonymous…We have to mark transactions because without marking transactions, we would not understand whether it is your money or not when you repeat mixing; it would be technically impossible. Thus, we protect our clients from return of their old coins to them during subsequent mixing. The marking excludes our clients’ deposit from the common pool, so that they can not use it if the BestMixer code is applied.”

They add: “The BestMixer code is necessary to protect a client from getting his old coins back under any circumstances – this is one of the key points on which the system is based. As for the use of the [premium service] Gamma pool there is no need to use the BestMixer code in this pool at all, since it is a separate pool, not tied in any way to either Alpha or Beta pool. How are the funds formed in this pool? It’s either investors’ money or our own reserves. And this pool is really going to be a big problem for startups like Chainalysis.”

Bitcoin in Brief: A Solution to 51% Attacks and Where Now for Ripple?

Today Was a Good Day

All told, this week has ended a lot better than it began for cryptocurrency holders, unless you’re one of the five Floridians indicted for an $800,000 bitcoin home invasion robbery. Elsewhere, with decentralized cryptocurrencies such as BTC and ETH reveling in their non-security status, Xapo relishing its New York Bitlicense, and Zencash hopeful of a breakthrough in defending 51% attacks, there’s a lot of reasons to be cheerful right now. Don’t get too comfortable though: tomorrow’s a new day, with the potential to bring joy or jet lag to the restless cryptocurrency markets. As always, you’ll find the best and worst of it here in Bitcoin in Brief.

Do you think ripple is a security token and what are your thoughts on Zen’s proposal for stopping 51% attacks? Let us know in the comments section below.


Images courtesy of Shutterstock, Zencash and Twitter.


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Western Union CEO Not Impressed by Ripple Trial, Doesn’t See Bitcoin Replacing Fiat

Western Union, the largest money transfer service in the world, made waves earlier this year when it confirmed that it had partnered with Ripple to conduct a blockchain trial involving the XRP cryptocurrency. However, six months into that test, Western Union CEO Hikmet Ersek said that the firm has yet to see any real cost … Continued

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Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

A Dubai-based cryptocurrency exchange has reportedly become the first crypto exchange in the Middle East and North Africa (MENA) region to receive a regulatory sandbox license. The license was granted by the Central Bank of Bahrain and will take effect this week.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Exchange Received Sandbox License

The Central Bank of Bahrain (CBB) has reportedly granted a regulatory sandbox license to the operator of Palmex, a Dubai-based cryptocurrency exchange. The Dubai International Financial Center (CPI Financial) elaborated on Tuesday:

Palmex, a professional digital asset exchange powered by Arabianchain Technology, has become the first cryptocurrency exchange in the Middle East and North Africa (MENA) to receive a regulatory sandbox licence.

Crypto Exchange Approved for Regulatory Sandbox License in BahrainAccording to its website, the exchange offers “multiple trading pairs including bitcoin and Dubaicoin DBIX, the first decentralized cryptocurrency in the region,” in addition to ETH, LTC, and XRP. Fees are divided into three tiers based on monthly trading volume.

Venture company Arabianchain Technology is also based in Dubai. “Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region,” the company claims.

Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

License Effective June 15

The sandbox creates a virtual safe space for businesses to “trial and refine innovative products, services, platforms and business models in a live but controlled environment…giving regulators time to adapt legislation as needed,” CPI Financial explained. “Companies will also be able to apply to list their tokens and coins with Palmex and benefit from the compliance of the exchange.”

Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

According to Arabianchain’s founder and CEO, Mohammed Alsehli, the company “will start with a limited number of select users to test and optimize the process and then expand to the rest.” CPI Financial wrote:

The licence goes into effect on 15 July as part of a rigorous application process that verified its security systems, policies, processes and controls to protect customers. Whilst in the regulatory sandbox, companies are required to adhere to CBB regulations.

The CEO believes that “a significant rise in awareness and adoption [of cryptocurrency] could be expected, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system,” CPI Financial conveyed.

What do you think of the Central Bank of Bahrain granting Palmex a regulatory sandbox license? Let us know in the comments section below.


Images courtesy of Shutterstock, Arabianchain, and Palmex.


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Bitcoin Is Controlled by China, Won’t Disrupt Banks: Ripple CEO Brad Garlinghouse

It might be an overstatement to say that Brad Garlinghouse has been on a bitcoin-bashing tour — he is, after all, a bitcoin investor himself — but it’s undeniable that the Ripple CEO has used the recent market downturn as an opportunity to throw shade at the flagship cryptocurrency. The latest jab came this week … Continued

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Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

Brad Garlinghouse, Ripple CEO, answered candidly during an interview about crypto’s prospects for the future. Among other criticisms, he stressed blockchain technology is mostly hype, and that bitcoin core (BTC) is controlled by Chinese miners and has no hope of being a world currency.

Also read: Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction

Ripple CEO Bashes Bitcoin

Attendees of the 2018 Stifel Cross Sector Insight Conference in Boston yesterday were probably expecting to learn more about Ripple, the world’s third most popular cryptocurrency by market capitalization. After all, none other than company CEO Brad Garlinghouse was guest of honor for an interview with Stifel Tech analyst Lee Simpson. And while Ripple certainly was the hot topic, Mr. Garlinghouse also took the opportunity to bash its main decentralized competitor, bitcoin core (BTC).

“A number of prominent people,” Mr. Garlinghouse explained, “even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.” Indeed Woz has said as much, as have Twitter and Square CEO Jack Dorsey, who predicted it would happen within the decade.

Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

Brad Garlinghouse, 47, has held his present position since 2015. His professional background is almost all technology related. Stints with Yahoo!, AOL, working in the investment arena with the likes of Silver Lake Partners, @Ventures, @Home Network, SBC Communications, all round out his experience prior to Ripple.

His views about BTC and its eventual influence have found him very quotable of late, especially this month. He’s spent a great deal of time attempting to separate the coin aspect of Ripple (XRP) from the company itself, and this has lead to some interesting juxtapositioning in his method of argument.

BTC Blockchain Not Disruptive, Chinese in Control

During the Boston interview, he even took on the sacred cow of the corporate world, BTC’s distributed ledger technology. “There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks […] it will play an important role in the way our system works. It’s a short-sighted view […]. Bitcoin is not the panacea we thought it would be.”

Mr. Garlinghouse then compared XRP to BTC. “This is how liquidity will be managed in the future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price […] they will use it.” Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Lastly, he assured, “I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long [on] crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy. I don’t think about the digital asset market. I think about the customer experience. There are millions unbanked or underbanked. When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”

Do you think Ripple’s CEO is correct? Let us know in the comments. 


Images via the Pixabay.


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Korean Firm Keypair Launches Credit Card-Shaped NFC Hardware Wallet

Korean Firm Keypair Launches Credit Card Shaped NFC Hardware Wallet

A new hardware wallet has been launched by the South Korean financial tech firm Keypair. The company’s Keywallet Touch has an interesting design as it’s shaped like a credit card and utilizes NFC technology. The company says the device’s smart card chipset supports cryptocurrencies like bitcoin cash, ethereum, bitcoin core and litecoin, while also providing FIDO Universal 2nd Factor Authentication (U2F).

Also read: Bitcoin Cash Innovation Continues with the First On-Chain Atomic Bet

South Korean Firm Keypair Launches Keywallet Touch Hardware Wallet  

There’s been a slew of new cryptocurrency hardware wallets coming into the ecosystem and the South Korean company Keypair has launched a new model. This past March news.Bitcoin.com reported the firm’s previous design, the Keywallet Classic, and a few new hardware wallet manufacturers stemming from South Korea as demand for the devices has grown exponentially in that region. The Keywallet Classic debuted this January at the CES Electronics Show and the product has also been selling on Ebay. The company’s latest device the Keywallet Touch is a hardware wallet shaped like a credit card, similar to the Coolwallet device we reported on a few weeks ago.

Just like a credit card, the Keywallet Touch is 85.60 × 53.98 mm with rounded corners and built-in NFC technology that interacts with a mobile phone (Android). The phone application recognizes the card allowing users to send and receive bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), bitcoin core (BTC), ripple (XRP), ethereum classic (ETC), and ERC20 tokens. The Keywallet Touch is $69.99 USD which is cheaper than a lot of other hardware wallets, but if you want to use a PC then you’ll require a USB connected reader ($69.99) that is not yet available to the public.

Korean Firm Keypair Launches Credit Card Shaped NFC Hardware Wallet
The Keywallet Touch specs.

Credit Card Shape and No Batteries

CEO Kevin CK Lee of the hardware-based security solution company explains the new hardware wallet card comes with “first-class” security. “The card is built with Secure Element and its OS and Crypto libraries made by the firm. It also has CC and Eal5+ and CMVP ready product,” Lee noted during the launch.

The company believes cryptocurrency enthusiasts will appreciate the credit card shaped feature so it can be carried easily, and the fact that the device has no batteries adds to the wallet’s overall durability. The Keywallet Touch software can be found at the Google Play store and the user interface acts like a portfolio if you hold multiple cryptocurrencies.

Korean Firm Keypair Launches Credit Card Shaped NFC Hardware Wallet
The Keywallet Touch connects to mobile phones using NFC technology and to connect to a PC users need the Keywallet reader which is not yet available. 

Keypair says that a traditional wallet OS or mobile phone platform keeps the private keys in “insecure areas (HDD, Flash Memory, etc.)”. Furthermore, Keypair explains that an iOS version of its wallet client is on the way, and mobile phones with built-in fingerprint sensors can be used with the Keywallet Touch. One thing to note is this hardware wallet is very new, just like the Coolwallet hardware wallet which has the same credit card shaped design, which means both of these wallets don’t have many reviews online. Some people will want to wait until this product is mass produced and reviewed by reputable third parties. 

What do you think about the Keywallet Touch? Let us know your thoughts on this new hardware wallet in the comment section below.

Disclaimer: Bitcoin.com does not endorse this product. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information with this hardware wallet platform. Readers should do their own due diligence before taking any actions related to the content.


Images via Shutterstock, and the Keywallet web portal. 


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Enterprise Blockchain Startup R3 May Run Out of Money by Next Year: Report

Enterprise blockchain startup R3 is burning through cash at a breakneck pace and could be out of money by the first quarter of 2019, sources say. R3 Could Be Out of Money by 2019: Report Citing interviews with two former employees, Fortune reports that R3 — which in 2014 launched a high-profile banking consortium that

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Codius is Back! Good News? Not for Ethereum (ETH)

Codius

By now, most people are aware that Codius is coming back. This in itself is big news, but the relaunch of the smart contract platform is making waves for two other reasons.

First, people are talking about it because the product will not be launched through Ripple, but rather by Coil. Second, there is speculation that Codius is going to kill Ethereum (ETH). 

In this article, we’re going to be dissecting both of those headlines. 

Codius is Back! But It’s Not Ripple’s Product Anymore

In May, Stefan Thomas departed from Ripple. He ...

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(What’s the Story) Ripple? Amex Might Add XRP; XRP Ledger Changed

Ripple (XRP) started the week off making headlines, and it appears to be ending the week in the same way. On Monday, we saw positive Ripple news hit the market. First, the company donated $50M to Universities across the globe. Second, XRP was listed on the SBI Holdings crypto exchange.

Today, we have seen both positive and negative Ripple news surface. Before we get to that, let’s take a quick look at some XRP price news. 

Ripple (XRP) Price News | June 8, 2018

Most virtual currencies are in the red today. XRP is ...

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Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts

Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts

There are a lot of members within the cryptocurrency industry who have tried to predict the price of digital assets like Bitcoin Core (BTC). Furthermore, there are also a ton of bigwig Wall Street types who also try to predict the price of cryptocurrencies — While some of their BTC forecasts predict the currency’s value will drop to zero, a few of them believe it will be $25-100K per coin by the end of 2018. Then there are organizations who use software and data analysis to predict the price of digital currencies and one research firm, Trefis Technologies, believes its year-end price prediction for BTC ($12,500 USD) will be accurate based on prior analysis.

Also read: Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Trefis Research Drop’s its Year-End Price Prediction Due to Data Based on Active Users and Daily Transaction Values

Trefis Technologies is a firm that uses data and analytics to measure risk, create a system of records, and forecast market trends. This week Trefis has updated its Bitcoin Core (BTC) price prediction that’s based on data aggregated from the number of active bitcoin users and daily transaction values. According to the company’s June research notes, the prediction has dropped around 17 percent from $15,000 per BTC to around $12,500 by year-end. The research firm Trefis also believes the current global regulatory climate towards cryptocurrencies has been affecting the overall value of BTC. The June analysis states:

The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies.  

The Trefis system or the ‘Bitcoin Price Estimator’ claims to be extremely accurate when it comes to trends and market forecasts. The company says while backtesting the Trefis Estimator for average monthly BTC prices the system had shown an accuracy rate of 94 percent.

Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts
Trefis has updated it’s BTC prediction due to active users and daily transaction values. The firm’s prior forecast was $15,000 USD per BTC by the year-end but data has changed their prediction to $12,500 instead.

Other Crypto-Price Predicting Software Oracles

Trefis is not the only cryptocurrency price estimator on the internet-block, as there are a few other online services that aim to predict prices at the end of 2018, and even five years out. Another web portal called Wallet Investor also uses analytics to forecast the price of a variety of different digital assets. For instance, the prediction site details that Ethereum (ETH) will spike to $1,221 by the year’s end and in five years the website guesses that the price will be $3,900 per ETH. The same web portal predicts the overall value of Bitcoin Cash (BCH) in one year, and estimates show the site anticipates the BCH value per coin will be $1922. In five years Wallet Investor shows a BCH price increase of around $5949.

Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts
Wallet Investor predicts multiple cryptocurrencies over one year and five-year forecasts. The chart above represents the websites prediction for Bitcoin Cash (BCH) for one year ($1,922) and five years ($5,949).  

The forecast for the popular ‘bank coin’ Ripple (XRP) sees its price jumping to $1.37 per token and the XRP five year prediction is only $4.60. These data prediction sites like Trefis Technology and Wallet Investor, show far more conservative projections than the number of investors predicting BTC will be $25K or higher by the year’s end. Moreover, some people may find that actual data may provide better estimates than some big shot venture capitalist who is merely guessing to cause media attention towards themselves.

What do you think about these websites that use aggregated data to forecast the price of cryptocurrencies in one year? Do you think these systems are as accurate as they claim? Let us know your thoughts on this subject in the comment section below.

Disclaimer: Bitcoin.com does not endorse these websites/products/services. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images via Shutterstock, Wallet Investor, and Trefis Technologies.


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Bitcoin isn’t a Panacea, XRP is Better than BTC – Brad Garlinghouse says

Bitcoin isn't a Panacea

Bitcoin (BTC) is a perfect store of value, but it’s not a Panacea that could solve all the global financial problems, according to Ripple CEO Brad Garlinghouse.

Brad Garlinghouse – who previously predicted that only a few altcoins would exist in the next few years, now says Bitcoin doesn’t have the potential to become the global currency. The CEO, however, thinks Bitcoin will continue to work as the store of value; saying “We as a world have decided to store the value to the tune of about $130 billion… that’s a store of value. It’s hard ...

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Markets Update: Leading Cryptocurrencies Break Above Bear Channels

Markets Update: Leading Cryptocurrencies Break Above Bear Channels

The bullish action witnessed by the cryptocurrency markets last week has seen many leading markets break above the bearish descending channels which have guided price action in recent weeks. The last couple of days has seen the many markets retrace – with many traders closely watching to see if the markets can hold up and confirm the formation of a higher low, or if they will wash out to produce more bearish momentum.

Also Read: Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling

BTC Tests Major Trendline

The BTC markets recently posted a green weekly candle for the first time in the last four weeks – signaling for the potential for bitcoin to produce a second consecutive higher low since February’s washout down to $6,000 USD. Should support at approximately $7,000 successfully hold, many traders predicting that more bullish momentum may be in store the BTC markets. Transversely, a break-down from the current price area to retest $6,000 would also comprise the rejection of the long-term ascending trendline dated from July 2017. Should this trendline break, such would likely comprise the catalyst for further bearish price action across the cryptocurrency markets.

Looking at BTC on the 4-hour chart, one can see that it has broken above the immediate descending bear-channel in which the markets have trended for several weeks, as with many other cryptocurrency markets. If BTC can stay outside of said channel, such may be a signal for coming upward price action.

As of this writing, BTC is trading for approximately $7,600 and exerts a market dominance of 37.7%. The market capitalization of the bitcoin markets is $130.2 billion.

BCH Consolidates Above $1,000

BCH/USD has also broken out the bear channel in which price action has trend since early May after gaining approximately 15% since the start of June. If prices are able to hold up, BCH will have produced its first higher low for 2018 – potentially comprising the first signal that Bitcoin Cash may be exiting the bear trend that has dominated market action throughout 2018.

The BCH/BTC markets have also broken above a bear-channel, with Bitcoin Cash gaining over BTC by approximately 10% in the last week.

As of this writing, BCH is trading for approximately $1,150 USD, or 0.15 BTC, with BCH comprising roughly 5.7% of the total capitalization of all crypto markets combined. Bitcoin Cash is the fourth largest crypto market by capitalization with a market cap of nearly $19.8 billion.

 

ETH/BTC Forms Symmetrical Triangle

As of this writing, ETH appears to have bounced off an ascending trendline for the second time since in 2018 that dates back to December, after ETH gained approximately 10% during the last weekend over bitcoin. Whilst ETH/BTC currently appears to be forming one of several potential symmetrical triangles, a break of the immediate ascending trendline could lead to a significant breakdown relative to BTC. ETH is trading for 0.0777 BTC as of this writing.

When paired against USD, ETH has gained roughly 17% in the last week – bouncing from a recent low of approximately $520 to currently be trading for nearly $610. Looking at the daily chart, the ETH/USD markets appear to be creating a new price channel above the long-term ascending trendline from early 2017, and outside of the descending trendline that drove price action from January until early-April.

Looking at immediate price action on a 4-hour chart, ETH appears to have just crept above last month’s bear-channel, however, a break-out above the descending trendline is still far from confirmed as of this writing.

The market dominance of Ethereum is approximately 17.6% as of this writing. The market capitalization of ETH is nearly $60.9 billion.

Other Leading Markets Bounce Above Bear-Channels

The third largest crypto market by capitalization, Ripple has gained approximately 11.5% over USD this week, rallying from approximately $0.605 to $0.676.

When measuring against BTC, XRP has gained roughly 10% in the last 7 days and is currently trading for 8915 satoshis after having broken above last month’s bear-channel. Ripple has a market capitalization of $26.67 billion.

EOS has produced a significant bounce in recent days, gaining around over 16% from the last month’s low of roughly $12.15 and breaking above May’s descending channel. EOS/USD currently appears to have bounced off support at the previous all-time-high area from 2017 of approximately $14. When compared with BTC, EOS gained approximately 12% from $0.00165 to $0.00185.

EOS is currently the fifth largest cryptocurrency by market cap with $12.67 billion.

Do you think that the markets are forming a higher low? Or a dead cat bounce before more downward price action? Share your thoughts in the comments section below!


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Ripple CEO Garlinghouse Expects ‘Dozens’ Of Banks to Use XRP by 2019

Brad Garlinghouse, CEO of Ripple, expects dozens of banks to be using XRP by the end of next year, given its speed of transaction and low cost. Garlinghouse was interviewed by CNBC at Money 20/20 Europe being held in Amsterdam. Garlinghouse also commented on a lawsuit by someone who lost money trading XRP who claims … Continued

The post Ripple CEO Garlinghouse Expects ‘Dozens’ Of Banks to Use XRP by 2019 appeared first on CCN

Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling

May was a bumper month for bitcoin cash and ethereum. Both digital assets saw a major increase in global trading volume compared to the month prior. BTC held steady, averaging $200 billion a month, but ripple didn’t fare so well, recording trading volume that was down 86% since January, mirroring its decline in price.

Also read: Decentralized Exchange Compendium ‘Index’ Lists Over 200 Dex Platforms

Bitcoin Cash Is May’s King of Coins

Bitcoin-ABC incident report (26APR2018)There are various ways to measure a cryptocurrency that’s in demand, with trading volume the most useful indicator after price. A lot of bitcoin cash changed hands in May – 140% more than in the month prior in fact. Diar’s weekly update highlights the big winners and losers in the cryptocurrency market in May, and shows the substantial demand for BCH. In total, $30 billion of bitcoin cash changed hands in May. The next biggest gainer was ethereum, whose trade volume was up 50% on April, resulting in monthly trading volume of over $80 billion.

Most major cryptocurrencies saw an increase in trading volume in May including litecoin, which had a modest increase. There was one notable loser however – ripple. XRP trading volume has been on the decline since January, back when $100 billion of tokens were traded in a month, pushing the price of XRP north of $3. Reality has since settled in, and May saw just $16 billion of ripple traded.

Bitcoin Cash and Ethereum Trading Volume Soar But Ripple Keeps Falling

Fake Volume Rears Its Head

When it comes to analyzing trading volume, one topic that often crops up concerns fake volume. Exchanges and their traders are frequently accused of creating orders that they have no intention of fulfilling, which creates a false impression of liquidity. If traders are doing so, it’s likely bot-based as a means of market manipulation in the pursuit of profit. If exchanges are responsible, it’s likely to make their platform look more popular than it is, and to benefit from the additional custom that comes from being a top ranked global exchange by volume.

Bitcoin Cash and Ethereum Trading Volume Soar But Ripple Keeps Falling

Binance is the latest exchange to have faced accusations of fake volume, with certain coins displaying unusually high volume for short periods of time, comprising fluctuations that appear outwith normal trading patterns. Given the hundreds of thousands of traders who can be using a platform such as Binance at one time, including countless bots connected via API, determining which orders are real, which are fake, and who’s responsible for any manipulation, is virtually impossible.

Do you think fake volume is a problem on major exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock, and Diar.


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The post Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling appeared first on Bitcoin News.

Japan’s SBI Cryptocurrency Exchange Now Live for 20,000 Users

Japan's SBI Cryptocurrency Exchange Now Live for 20,000 Users

SBI Holdings’ cryptocurrency exchange is now live for a limited number of customers and with one cryptocurrency supported so far. Starting today, the mega corporation’s crypto spot trading service is available for approximately 20,000 users. Its full crypto exchange launch for the general public is set for next month with two additional cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

SBI Exchange Partially Launched

SBI Holdings announced on Monday, June 4, that its wholly-owned subsidiary, SBI Virtual Currencies, has launched a cryptocurrency exchange service called Vctrade. “We have officially announced the availability of the virtual currency exchange service ‘Vctrade’,” the company wrote.

Japan's SBI Cryptocurrency Exchange Now Live for 20,000 Users

Vctrade is currently available only to users who pre-registered in October last year. “We began mailing passwords etc. necessary for transactions to more than 20,000 customers who had applied to open accounts in advance…We [will] accept applications for general account opening in July,” Nikkei elaborated.

Japan's SBI Cryptocurrency Exchange Now Live for 20,000 UsersAccording to Itmedia, the “Applications for general account opening will be accepted from July 18.”

While claiming to have “the industry’s lowest spread,” SBI confirmed:

As [for] the virtual currencies handled, first of all, we deal with XRP, [then] sequentially, bitcoin (BTC), [and] bitcoin cash (BCH).

According to Business Insider Japan, “BTC and BCH will start trading” by the July launch.

Service Details

At present, the only currency pair listed on the exchange’s website is XRP/JPY for spot trading. Japan's SBI Cryptocurrency Exchange Now Live for 20,000 UsersThere is no transaction fee and settlement is made in Japanese yen. The withdrawal free, tax included, is 51 yen for any amounts withdrawn to SBI Sumishin Net Bank, an Internet bank jointly established by SBI Holdings and Sumitomo Mitsui Trust Bank. For withdrawals to all other financial institutions, the fee, including tax, is 165 yen for any amounts of less than 30,000 yen and 258 yen (tax included) for any amounts over that threshold.

In terms of security, SBI explained that it is collaborating with Secom Trust Systems “on the operation of [a] wallet and we will strive to provide services in a perfect system.”

A Licensed Exchange

SBI Virtual Currencies became a fully licensed crypto exchange operator in Japan in September last year. It is among the only 16 government-approved exchanges in the country.

Japan's SBI Cryptocurrency Exchange Now Live for 20,000 UsersThe company was going to launch its exchange last year but postponed in December, citing the need “to strengthen the account opening application acceptance system.” In February, the company further postponed the launch of the exchange, stating that it “decided that it will take a certain amount of time to further strengthen security measures, how to manage assets under custody, and customer management system in user conservation of virtual currency exchange operators.”

In addition, SBI Holdings also had plans to partner with Huobi Group to develop its crypto business in Asia, focusing on China. However, in March, the company decided to “stop the capital and business tie-up with the Huobi Group,” in order “to build a system with robust security and sufficient processing capacity by utilizing SBI Group’s resources” instead.

What do you think of SBI’s crypto exchange? Let us know in the comments section below.


Images courtesy of Shutterstock, FSA, and SBI Group.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s SBI Cryptocurrency Exchange Now Live for 20,000 Users appeared first on Bitcoin News.