Bitcoin price formed a strong support near the $3,550 level and traded higher against the US Dollar.There was a break above a major bearish trend line with resistance at $3,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair broke the $3,650 and $3,700 resistance levels to move into a positive zone.A high was formed at $3,732 before the price started a downside correction.Bitcoin price gained traction and broke the key $3,600 resistance against the US Dollar. BTC is now placed nicely in a positive zone and dips remain supported near $3,620 and $3,600.Bitcoin Price AnalysisThere was a brief consolidation this past week above the $3,550 support in bitcoin price against the US Dollar. The BTC/USD pair formed a strong support near the $3,550 level and later traded higher. The price gained traction and broke many resistances, including $3,580 and $3,600. It opened the doors for more gains and the price even settled above $3,600 and the 100 hourly simple moving average. During the upward move, there was a break above a major bearish trend line with resistance at $3,610 on the hourly chart of the BTC/USD pair.The pair even cleared the $3,700 resistance and traded to a new weekly high at $3,732. Later, there was a downside correction below the $3,700 level. Sellers pushed the price below the 23.6% Fib retracement level of the last wave from the $3,553 low to $3,732 high. However, there are many supports near the $3,640 and $3,620 levels. An initial support is $3,645 and the 50% Fib retracement level of the last wave from the $3,553 low to $3,732 high.The main support is near the $3,620 level (the previous breakout resistance). It also coincides with the 61.8% Fib retracement level of the last wave from the $3,553 low to $3,732 high. Therefore, if there is a downside correction below $3,660, the price could find support near the $3,640 and $3,620 levels. On the upside, an initial resistance is near the $3,700 level, above which the price may perhaps test $3,750.Looking at the chart, bitcoin price clearly broke a few important resistances near $3,600 to move into a bullish zone. The current price action is positive, with chances of more gains above $3,700 and $3,750. The next key resistance above $3,750 is near the $3,880 level.Technical indicatorsHourly MACD – The MACD is placed heavily in the bullish zone, signaling a strong upward move in the short term.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently retreating from the overbought levels.Major Support Levels – $3,640 followed by $3,620 and $3,600.Major Resistance Levels – $3,700, $3,720 and 3,740.
The total crypto market cap gained momentum and broke the $118.0B resistance level.EOS price broke the $2.85 resistance and it is currently approaching the $3.00 resistance.Bitcoin cash price is up more than 5% and it could soon test the $130 level.Tron (TRX) price is facing a strong resistance near the $0.0250 and $0.0255 levels.Cardano (ADA) price rallied and broke the $0.0400 and $0.0420 resistance levels.The crypto market gained bullish momentum, with gains in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron, ADA and other altcoins are also placed nicely above key supports.Bitcoin Cash Price AnalysisBitcoin cash price formed a decent support near the $120 level against the US Dollar. The BCH/USD pair started a fresh upward move and it recently broke the $124 and $125 resistance levels. The pair is now trading above the $128 level and it seems like it could soon test the $130 level.Above $130, the next key resistance is near the $135 level, where sellers might appear. On the downside, the previous resistance near the $125 level may act as a support if there is a downside correction.EOS, Tron (TRX) and ADA Price AnalysisEOS price traded with a lot of bullish moves in the past few days above the $2.55 resistance. The price recently broke the $2.80 and $2.85 resistance levels to move into a bullish zone. It seems like the price might continue to move higher above the $3.00 resistance. On the downside, an initial support is at $2.90, below which the price could test the $2.85 level.Tron price settled below the $0.0255 support this past week, with a few bearish moves. TRX price is currently consolidating above the $0.0240 support, but it is facing a strong resistance near the $0.0250 and $0.0255 levels.Cardano price is up more than 4% and it settled above the $0.0400 resistance level. ADA price recently broke the $0.0420 resistance, opening the doors for more gains. If buyers remain in action, there are chances of a push towards the $0.0450 resistance in the near term.Looking at the total cryptocurrency market cap hourly chart, there was a decent support formed near the $115.0B and $116.0B levels. The market cap started a strong upward move and broke the $118.0B and $120.0B resistance levels. It traded close to the $124.0B level and it is currently consolidating gains. It seems like there could be a minor dip, but the $120.0B level is likely to act as a strong support. Therefore, if there is a downside correction, bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins could find buyers.
Brock Pierce wants Mt. Gox creditors to receive 100 percent of whatever they’re owed – or so he says, anyway.
Weeks after announcing Gox Rising – his ambitious effort to unite the long-defunct exchange’s creditors, submit a civil rehabilitation plan and relaunch the Mt Gox exchange itself – Pierce, a prominent crypto-entrepreneur, is walking back just how concrete these plans are.
He’s also fought with former Mt Gox CEO and majority shareholder Mark Karpelès on Twitter about the feasibility of his plan and whether it’s even legal.
Gox Rising was launched as an alternative to Mt Gox bankruptcy trustee Nobuaki Kobayashi’s civil rehabilitation effort. Billed as a way to ensure creditors receive as much of their money as possible, the organization has published a proposed plan on its website, alongside a list of goals.
Two points, in particular, stand out: under the Gox Rising plan, no further bitcoins from Mt Gox’s estate would be sold, and “equity [holders] will make no claim on any of the cash held by the trustee,” according to the proposal (more on both later).
Gox Rising comes after years of bankruptcy proceedings for the Mt Gox exchange, which collapsed in 2014 after the theft or disappearance of nearly a million bitcoins (though some 200,000 were later recovered).
Before its fall, Mt Gox was the world’s first – and at one point, its largest – bitcoin exchange, conducting some 70 percent of all crypto transactions at its peak. When it first announced the loss of customer funds, the price of bitcoin tanked from $850 to $681, a nearly 20 percent drop at the time.
The exchange’s shutdown did not help what was turning into a bear market, which saw bitcoin’s price fall well below $400 over the next year, not beginning to recover until 2015.
Following Mt Gox’s collapse, Japanese prosecutors indicted Karpelès in 2017 on charges of fabricating information about the exchange and embezzling $3 million in customer funds to his own account at the end of 2013. He has pleaded not guilty to the charges, with a verdict expected sometime next month. If convicted, he could face as much as a decade in prison.
Last year, the exchange shifted to civil rehabilitation proceedings rather than outright bankruptcy, meaning creditors will receive bitcoins distributed directly on a pro-rata basis, instead of a cash equivalent based on bitcoin’s price at the time of the collapse.
Road to reopening
The crux of Gox Rising’s plan is to create a central store of information for Mt Gox creditors, ensuring that they receive accurate information about its civil rehabilitation as proceedings progress, said Pierce.
“Gox Rising is an initiative or movement to ensure creditors get what we believe is rightfully theirs. It’s an organization that’s selecting all of the information related to Mt Gox’s bankruptcy proceedings, aggregate that information so people know what’s going on,” he explained in an interview.
He told CoinDesk that the plan begins with an effort to acquire the Mt Gox brand. Gox Rising has yet to submit any bids to do so, but Pierce claims his organization has been working with the Japanese bankruptcy court overseeing the exchange.
He initially intends to buy Mt Gox’s “intangible assets,” meaning its domain and brand, pending court approval.
After that, Pierce has a three-part plan. The first part is to take stock of how much remains in terms of fiat and bitcoin holdings and share that information with creditors, as well as distribute funds as quickly as possible. Part two involves relaunching the exchange itself, giving creditors some level of ownership.
It’s the final part that is by far the most ambitious: an effort to try and recover somewhere between 650,000 and 850,000 BTC that remain missing.
“The question is can any of those coins be recovered. Maybe? We certainly have better tools today than we previously had to track down those coins,” Pierce said, though he did not go into detail when asked if his team has had any success in tracking the missing bitcoin thus far.
Who’s the boss?
However, questions remain over who actually owns the Mt Gox platform and its assets.
As of the beginning of 2014, the exchange’s two shareholders were Karpelès, who owned 88 percent of the company, and Jed McCaleb (who would go on to co-found Ripple and then Stellar), who held the remaining 12 percent. Pierce claims he bought them both out, but Karpelès insists neither purchase was legally finalized.
In the case of McCaleb’s shares, Karpeles argues the sale required approval from Japan’s bankruptcy courts. Pierce denies this.
“Jed McCaleb is of the opinion that we own the 12 percent, that is his current position as of this week. That has not changed over the past five years, there is no dispute,” Pierce said, adding:
“The sale was done prior to the courts so the courts may just have bad info. If Jed McCaleb is saying ‘yes, I haven’t owned these shares in five years and yes, I sold them to Brock,’ the courts can say whatever they want. We just haven’t bothered to go file anything.”
McCaleb did not respond to a request for comment from CoinDesk by press time.
While Karpelès did sign a letter of intent outlining terms for a possible sale of his Mt Gox shares to Pierce, he later sent a second letter rescinding the first, citing the fact that the Tokyo District Court did not approve any sale. Pierce did not sign the second letter.
However, Pierce was less certain when speaking to CoinDesk, explaining that while his U.S. counsel was confident that Pierce owned Karpelès’ shares in the exchange, he was waiting for his Japanese counsel to confirm.
For his part, Karpelès told CoinDesk via email that “the trustee confirmed to me [Mt Gox’s ownership] hasn’t changed and [is] still the same,” meaning Tibanne, Karpelès’ company, owns 88 percent of Mt Gox shares and Jed McCaleb owns the other 12 percent.
Kobayashi did not respond to a request for comment by press time.
Despite his insistence that he is the sole owner of Mt Gox, Pierce emphasized repeatedly that “we don’t care who owns the equity of Mt Gox,” but only “that the creditors get 100 percent” of their funds back.
Part of the fight stems from a potential surplus of funds which may benefit shareholders. This surplus was created by selling bitcoins at their market value during the 2017 bull run, well above what they were worth when Gox was still in business. (The trustee ceased these sales after Gox entered civil rehabilitation.)
As a result, Pierce told CoinDesk, Karpelès might receive $700 million through the Tibanne bankruptcy, as it’s the bankruptcy trustee’s job to “get that money.” He’s repeated this claim online as well.
“We want to make sure Mark Karpelès doesn’t get any of it,” he added.
Karpelès, on the other hand, said he does not anticipate getting any funds paid through the Tibanne bankruptcy.
“Expecting money from a bankruptcy as a shareholder is typically nonsense, and the possibility only appeared because of the very unique circumstances the Mt Gox bankruptcy was in,” he said. Given that Mt Gox is now in civil rehabilitation, rather than pursuing bankruptcy proceedings, “there is definitely no chance” of shareholders receiving any funds.
Pierce did acknowledge that the change in status might affect whether Karpelès receives any funds, saying that “the bankruptcy trustee publicly stated that the owner of Mt Gox would be entitled to whatever the surplus was … now that it’s in civil rehabilitation, that may not be the case.”
He further added, however, that Karpelès is the “only person who cares about who owns” Mt Gox, saying:
“From our perspective it’s irrelevant … Karpelès is the one bringing it up and he cares a great deal because you know, he might be going to prison for 10 years, his sentencing is in March, and I imagine he’d be much more comfortable in prison with $700 million to his name than nothing.”
Still, if Pierce is granted control of the Mt Gox brand and domain, he hopes to relaunch the platform with creditors’ buy-in.
In the interview with CoinDesk, Pierce outlined how creditors would sign up and share in profits from the exchange.
“It would start out as a contract and it would most likely end up as a security token,” he said, noting his previous work with the asset type. “I started the first-ever security token at [Blockchain Capital] and I used to run a top 10 syndicate on AngelList … I know quite a bit about security tokens.”
He likened the prospective token to one issued by Bitfinex after that exchange was hacked in 2016. At the time, Bitfinex issued customers debt tokens representing their losses, which it bought back over the next year.
Further down the line, the token’s structure may change (to something more similar to Binance’s BNB token), though details are still to be determined, Pierce said. Despite his plans, however, he said he does not know when he might file a bid, though he hopes to have a clearer timeline in the coming days.
The delay stems from the fact that he has counsel in the U.S. and Japan trying to coordinate, he said. The vastly different time zones are effectively slowing down proceedings, though Pierce hopes to file his bid for the Mt Gox domain “soon.”
As for the ongoing civil rehabilitation efforts, “hopefully [the current plan under the bankruptcy trustee] will cover all the things that matter,” he said, adding:
“So unless we have a reason to believe that plan is not going to provide creditors with with they should have, there’s no reason for us to file a CR plan. The only reason is if there’s a problem with the CR plan.”
Karpelès was less confident about Pierce’s motivations, saying he “doubt[s]” that Pierce does not also see a benefit for himself.
In particular, Pierce’s belief that there is “some sort of surplus payout” for shareholders makes Karpelès think that Pierce is keeping something behind, and “that it’s probably not going to be good for creditors.”
“Creditors have done an extraordinary job of putting Mt Gox in civil rehabilitation and are still fighting for their rights by proposing changes to the trustee’s rehabilitation plan, and I do not believe they need someone to step in now and claim all the credit while trying to profit from the situation,” he said.
Image via CoinDesk archives
Ripple price formed a solid support near the $0.2940 and traded higher against the US dollar.There was a break above two key bearish trend lines with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).The price tested the $0.3040 and $0.3050 resistance levels, where sellers emerged.In the short term, there could be a minor downside correction before the price spikes above $0.3050 and $0.3080.Ripple price is holding a few important supports against the US Dollar and Bitcoin. XRP/USD is likely to gain bullish momentum once buyers surpass the $0.3080 and $0.3100 resistance levels.Ripple Price AnalysisAfter a few bearish moves, ripple price formed a solid support near the $0.2940 level against the US Dollar. The XRP/USD pair started a decent upside correction and traded above the $0.2960 and $0.2980 resistance levels. During the climb, the price broke the 50% Fib retracement level of the last drop from the $0.3088 high to $0.2940 low. It opened the doors for more gains above the $0.2980 resistance. Later, the price settled above the $0.3000 resistance and the 100 hourly simple moving average.Besides, there was a break above two key bearish trend lines with resistance near $0.2980 on the hourly chart of the XRP/USD pair. The pair traded close to the $0.3040 and $0.3050 resistance levels, where sellers emerged. The recent high was formed at $0.3044 and the price is currently consolidating. An initial support is near the 23.6% Fib retracement level of the recent wave from the $0.2940 low to $0.3044 high. However, the main support is near the $0.3000 level, which was a crucial resistance earlier.The next support is near the $0.2990 level and the 50% Fib retracement level of the recent wave from the $0.2940 low to $0.3044 high. More importantly, the 100 hourly SMA is also near the $0.2900 level to act as a solid support in the near term. To the upside, an initial resistance is near the $0.3050 level, followed by $0.3080. The main resistance is close to the $0.3100 level, above which buyers are likely to gain strength.Looking at the chart, ripple price seems to be placed nicely above the $0.3000 support. However, a proper break above $0.3040 and $0.3050 is needed for more gains. In the short term, there could be a few bearish moves, but the price is likely to gain pace above $0.3050 and $0.3080Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just placed well above the 60 level.Major Support Level – $0.2990Major Resistance Level – $0.3080
ETH price gained strength above the $125 and $130 resistance levels against the US Dollar.There was a proper close above the $130 resistance level and the 100 hourly simple moving average.There is a key bullish trend line in place with support at $128 on the hourly chart of ETH/USD (data feed via Kraken).The price is likely to continue higher and the next targets for buyers could be $140 and $145.Ethereum price is gaining strength above key levels against the US Dollar and bitcoin. ETH/USD is placed nicely above $130 and it could accelerate towards $145 in the near term.Ethereum Price AnalysisIn the past few sessions, there was a solid upward move from the $120 swing low in ETH price against the US Dollar. The ETH/USD pair gained strength and broke many important resistances such as $125 and $130. There was a proper close above the $130 resistance level and the 100 hourly simple moving average. Recently, there was a tiny bearish reaction from the $130 resistance, but the $124 level acted as a solid support. The price rallied and broke the $130 and $132 resistances. A new monthly high was formed near $135, with bullish moves.After testing the $135 resistance, there was a minor downside correction. ETH dipped below the $133 level, but the $132 level acted as a support. Moreover, the 23.6% Fib retracement level of the recent wave from the $123 low to $135 high acted as a support. On the downside, there seems be a lot of supports forming near the $130 and $129 levels. Besides, the 50% Fib retracement level of the recent wave from the $123 low to $135 high is also near the $129 level.More importantly, there is a key bullish trend line in place with support at $128 on the hourly chart of ETH/USD. Therefore, if the pair corrects lower in the short term, there could be a strong buying interest near the $129 and $130 levels.Looking at the chart, ETH price is gaining strength above the $132 resistance levels. It will most likely break the $135 level and extend gains in the coming sessions. The next target for buyers could be $140, followed by the $145 pivot level. On the downside, the main support is near $130, below which the price may perhaps test the $125 support zone.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is placed heavily in the bullish zone, with a positive bias.Hourly RSI – The RSI for ETH/USD is currently near the overbought levels, with no major correction signal.Major Support Level – $132, followed by $130Major Resistance Level – $135 and $140
Ethereum core developer Afri Schoedon is taking a step back from social media due to an onslaught of online criticism.
Tweeting Sunday that he will “no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter and Reddit,” Schoedon said that for the foreseeable future he would no longer answer contribution requests or general technical questions directly from the public.
Having contributed to the ethereum codebase since September 2017, the comments have inspired responses from other developers who are outraged over the actions that led to his decision.
“I’m so angry and disappointed in the Ethereum community. You ran out one of our best contributors for the dumbest reasons. More people should have spoken up in support and there needs to be less vitriol,” stated community relations manager for the Ethereum Foundation Hudson Jameson on Twitter.
He stated on Twitter that “Polkadot delivers what Serenity ought to be.”
Schoedon is the release manager for an ethereum software client managed by blockchain startup Parity, the company concurrently building Polkadot. Denying allegations of any malicious intent, Schoedon tweeted on Friday: “I want to clarify that I put out this tweet to stir discussion, not to cement a narrative.”
All tweets by Schoedon since June 2017 have now been deleted, save for the two he posted Sunday explaining his future absence from most public forums.
Since then, director of developer relations for the Ethereum Classic Cooperative Yaz Khoury warned on Twitter that “this mob behavior against Afri and Parity [Technologies] is the result of toxic tribalism,” adding:
“Ethereum is a technology with many implementations and visions … The diversity of networks is powerful.”
Ethereum image via CoinDesk archives
Despite a growing mainstream interest in the use of crypto assets and blockchains as a way to replicate and represent securities, some of the use case’s earliest innovators say sky-high expectations may not be in line with reality.
For example, during a panel discussion at the ethereum conference ETHDenver this weekend, Tal Elyashiv – co-founder and managing partner of blockchain venture capital firm SPiCE VC, one of the first to release a crypto security under existing U.S. securities laws as a way to offer immediate liquidity for its venture fund – said the concept still remains very much “in its infancy.”
Elyashiv remarked that when it comes to tokenized securities, the infrastructure in place to see it reach its full potential has not yet fully developed.
“We’re going to start to see major pieces of the business infrastructure coming within the next few years … We’ll start to see institutional investors coming in this year,” said Elyashiv.
Joined by COO of security token advisory firm Satis Group Shala Burroughs, director digital asset services of crowd equity platform Republic Frederick Allen and CPO of security tokens trading platform OpenFinance Thomas McInerney, Elyashiv was not alone in asserting a more cautious projection.
“When you talk about a security token, it’s a token representing a security. It’s not just a name. It means not just what the token is but how the whole process is managed … throughout its lifetime,” added Elyashiv.
Regulatory uncertainty regarding how such tokens could be issued at scale, Elyashiv says, will likely persist for “give or take a year” as government officials at the U.S. Securities Exchange Commission (SEC) come to a clear distinction between security tokens and other forms of crypto assets that, like bitcoin, function as commodities.
Until then, Burroughs cautioned investors greet with caution any exaggerated statements on the present maturity of the security tokens industry.
“If you’re seeing articles that are reporting this vast ground swell of money into this industry, that’s not really in line with exact reality. It’ll take a few years for us to get there.”
ETHDenver panel image taken by Christine Kim
In this concise overview of the cryptocurrency industry’s strengths, weaknesses, opportunities, and threats, renowned crypto expert Andreas Antonopoulos explains what’s going on the world that makes Bitcoin such a relevant and powerful force.
The State of the Crypto Industry in 2019
The most important feature of Bitcoin is its neutrality, and the rest of the great things are derived from that. That neutrality is not a lack of principles. Neutrality is a principle itself.
That neutrality is resistance to over-centralization of arbitrary power in institutional hierarchies by creating a preferable substitute for whatever utility those provide.
But a preferable substitute that is decentralized by design, public domain, open source, completely transparent, permissionless, peer to peer, and that always follows the same rules for any computer that uses it.
Antonopoulos explains that adoption of Bitcoin as the world’s global currency will not happen steadily but at moments of crisis when it represents a better alternative to unstable fiat currencies that are being abused by corrupt governments.
(Greece, Venezuela, Brazil, Argentina, Columbia, and other examples abound.)
He argues that there are specific steps the crypto industry can take to make cryptocurrency a more useful and attractive alternative to speed adoption when these crises happen.
Let’s Drop the ‘Crypto’ and Just Call them ‘Coins’
Cryptocoins are one of the many marvels of 21st-century industrial computation.
At some point soon it will be fine I think to drop the crypto – and just call them coins.
The way we don’t really say e-commerce or internet marketing as much as we used to.
Because everyone is using the internet now, it’s just called commerce and marketing.
And these cryptocurrencies absolutely mint literal coins.
The medium is different: magnetic fields or electric charges instead of metal.
But cryptocurrency shares in common with coins all of their salient characteristics, the qualities that give them their “coinness.”
This is not a metaphor like a web page. Is it a page? Or is it a place? Like a website?
Or is it a store? Or is it a web log? Or is it a book?
Or is it an engine? Or is it a wiki? Or is it a tube?
In all these cases the name denotes the function, not any of the underlying technologies.
And all those websites use cryptography to secure their functions.
So why don’t we call them all cryptowebsites, and cryptostores, and cryptosearchengines?
What Makes Metal Good for Minting Coins
1. Metal is fungible
It can be processed to purify it into a homogeneous substance that is qualitatively the same as any other piece of the same metal that has been through the same process.
2. Metal is durable and malleable
Because of its durability metal doesn’t wear out easily from constantly circulating through a market. Its malleability allows it to be coined into easily recognizable, standardized units.
3. Metal is precious
Well, some metals are – because of their scarcity, their suitability for coinage and other uses, and the risk and expense of finding natural deposits, mining them for their ore, and refining the ore into pure ingots. Some, like gold, happen to be both relatively scarce and more useful for financial, industrial, commercial, and consumer applications, making them very precious.
What Makes Bitcoin Good for Minting Coins
1. Bitcoin is fungible
Any amount of bitcoin has the same properties as any other amount of bitcoin, and the only thing that may differ between them is the amount, and one thing that will differ between them is that each is made out of different, unique bits that all have a unique origin and history of transactions logged on the blockchain and minted into these coins.
They’re coins that can be continually reminted with finer details like which account currently holds this or that bit of coin.
2. Bitcoin is durable and malleable
Bitcoin may be far more durable than a minted coin. When an ancient king stamped his name and a year on a metal coin, people could trust the coin would be accepted as money in the future, so they were willing to accept it in payment today.
Bitcoin doesn’t stamp a king’s likeness into a hard metal. It stamps an indelible record of accounts, amounts, and transactions into a massive spreadsheet that tens of thousands of powerful computers are all updating and archiving in real time.
When a coin die strikes a metal blank, the coin press pushes a fine detail into the coin like a mint year, a motto, or a tiny sculpture of a president’s head.
It would be difficult to erase those details.
When the Bitcoin network confirms transactions and makes updates to its accounts and coins, it uses computer memory to store those details in a digital spreadsheet.
That spreadsheet is hosted and updated by 10,000 different computers around the world or maybe more in exchange for regular chances to earn bitcoin.
And the software that allows them to do this is in the public domain, it’s open source, and anyone with a computer capable of running it can download the software, without having to ask anyone’s permission. Anyone can run the Bitcoin Core software to host, verify, and update Bitcoin’s records and “mine” for bitcoin payments.
It would be impossible to erase those details.
The Bitcoin blockchain is something approaching immutable.
3. Bitcoin is Precious
Bitcoin is scarce by design. There will only ever be 21 million BTC mined in total.
This scarcity combined with its divisibility, portability, and fungibility makes it suitable as a unit of account, medium of exchange, and store of value.
A bitcoin is remarkable because it’s something digital that one person (or computer) can have and keep, but it is impossible for them to make a copy of it.
Which is very remarkable and took quite a sophisticated and very clever design architecture spanning multiple domains to achieve. So much of what makes the digital space valuable is that digital things can be copied so quickly and easily it’s practically free to make a copy of anything digital. That’s how easy it is. The U.S. government couldn’t stop people from making copies of digital music files, movies, books, or image files.
But here is something digital that no one can make a copy of, one digital thing that you can prove belongs to you, and that you have to prove belongs to you before anyone will accept it from you as a payment, and even though it’s something digital, it’s impossible for anyone – not even a reckless central bank – to create copies to counterfeit.
That’s something marvelous that Bitcoin’s creators and adopters have made.
Andreas Antonopoulos Image from Internetstiftelsen/Flickr
The launch date of the much-anticipated decentralised exchange being built on NEO, Nash, was announced by platform co-founder, Fabio C. Canesin during the Sunday afternoon session at Neo DevCon 2019.Canesin and the rest of the team working on Nash are hoping to provide an application that gives users all the convenience of centralised banking or exchange applications, without many of the immense security risks that traditionally plague them. Prior to the beta launch, Nash developers are calling on the NEO community to troubleshoot the software for them.Nash Beta Launch Date Scheduled for March 31During a presentation titled “Distributing Finance for Everyone”, Nash and City of Zion co-founder, Fabio Canesin, revealed the launch date for the Nash decentralised exchange platform as March 31, 2019. The news was greeted by rapturous applause from the NEO DevCon crowd.The Nash exchange seeks to address the problem of centralised exchanges in crypto. The platform aims to be more than simply a decentralised exchange, however. Canesin describes it as a “financial platform” for future digital economies.Nash is a rebrand of the earlier project Neon Exchange (NEX). It will, however, still use the same token in its operation, which also goes by the NEX ticker.Much of the 15-minute presentation was focused on the user experience of the Nash platform. The developers behind it have aimed to create the same convenient user experience that you would find at a centralised exchange, with none of the “honey-pot” risk highlighted by incidents like the recent QuadrigaCX debacle and countless exchange hacks over the years.Pre-release screenshot of the Nash DEX running.As part of the launch, Nash is calling on “passionate users” to iron out any kinks and provide feedback on development so far. In addition, the platform has a referral program that it is rolling out. To help promote it, there is a giveaway running, offering 30 prizes of a share of $100,000 in BTC and 46,000 NEX tokens.Pre-register your Nash account by participating in our referral program and you could win up to $100,000 in Bitcoin! You can find a sign-up code by searching for our hashtag #TrustYourselves https://t.co/yUNpyor2RS— Nash (@nashsocial) February 17, 2019To stand the best chance of as smooth a launch as possible, Canesin stated that the Nash platform was going after “every licence” going. This is consistent with the overall approach of NEO to constantly strive for regulatory compliance. Canesin proudly announced to the Seattle crowd that Nash would be supporting US users right from its launch date at the end of next month.As well as providing a seamless user experience, Nash has aimed to make its decentralised crypto exchange platform as developer-friendly as possible too. The project was founded by five of the founders of the largest NEO developer community, City of Zion. Steered by a team of active developers, Nash’s appreciation of the developer community was explicitly stated by Canesin:“Nash loves developers!”Nash is not the only project going after the decentralised exchange market. The main competition it will face at this early stage will surely come from Binance. The centralised exchange giant announced its own DEX last year.Paving the Way for Crypto Adoption with Slicker UIs.From two days of presentations, interviews, and informal chats with the NEO developer community, one of the standout impressions was just how elegant cryptocurrency applications are starting to look. Currently, the average user interface, even on the most popular Bitcoin or Ethereum interfaces, is often daunting for the lay person. This is, of course, detrimental to widespread adoption.Nash has evidently worked hard to create a platform that bares little resemblance to a typical decentralised cryptocurrency application. The minimalist, modern software design is more reminiscent of a modern banking application or exchange – such as those provided by Square or Coinbase. Nash was just one of many projects espousing the need for developers to provide the seamless user experiences required to see widespread adoption of digital assets at NEO DevCon 2019. Hopefully, this trend is consistent with the developer communities surrounding other blockchain platforms. Related Reading: Will Decentralized Crypto Exchange of Binance Change the Landscape of Digital Asset Trading?Featured image from NEO DevCon Photographers.
Years ago, when Bitcoin was just a wee lad, a crypto user going by Laszlo made the world’s first real-world transaction with BTC. In what became a historic event in this nascent community, the BitcoinTalk user purchase pizza for 10,000 BTC, then valued at less than $40.Since that date using crypto to purchase pizza, or other articles of food at all for that matter, has faded to the back of this industry’s collective mind. But, this changed with a recent application/integration launched on the Lightning Network.You Can Purchase Domino’s For BitcoinFold, a crypto payment upstart founded by Matt Luongo, recently released a fun portal based on the Lightning Network, Bitcoin’s foremost scaling solution. For those who missed the memo, the application has been fittingly dubbed Lightning Pizza, as it allows consumers to purchase Domino’s with Lightning transactions, which are near-instant, effectively free, and (eventually) secured on-chain. Fold’s product lead, Will Reeves, told CoinDesk the following about his company’s newest venture:“We’re trying to make bitcoin fun again and illustrate that lightning is at a point where it is mainstream-ready.”While the application is currently centered around pizza, the Fold team intends to integrate Lightning transactions into Starbucks, Whole Foods, Dunkin Donuts, Target, and Uber payments over the next few months.It is important to note, however, that these aren’t official integrations with the aforementioned outlets. Fold accomplishes this through a third-party crypto-to-fiat system, which places orders on the behalf of users and converts the BTC transacted through Lightning channels into U.S. dollars.Related Reading: deVere CEO: ETF, Lightning, and Halving Drive Recent Bitcoin RallyCrypto Community Catches OnWithin hours, if not minutes, the product caught on. Some of the biggest names in the Lightning Network and Bitcoin development space quickly took to Twitter to divulge that they had indulged in Fold’s application.Hodlonaut, the community member behind the Trust Chain initiative, which saw participation from Jack Dorsey, Andreas Antonopoulos, Anthony Pompliano, Changpeng Zhao, among other industry insiders, lauded the offering, writing:A new dawn of Bitcoin pizza transactions is upon us. Behold the LN pizza! ⚡️⚡️🍕 https://t.co/R7m7w16vR1— hodlonaut🌮⚡🔑 (@hodlonaut) February 13, 2019Others actually used the smile-inducing integration to purchase some Domino’s. Dan, a research analyst at The Block, noted that while he doesn’t buy Domino’s, he does when there’s a Lightning integration.Bart Stephens, a venture capitalist at Blockchain Capital, also took to Twitter to express his excitement, snapping a picture of one of his coworkers, a Casa node, and a piece of company-branded merchandise.Lightning 🌩 pizza 🍕 achievement unlocked today @blockchaincap 🙌🏼 cc: @CasaHODL @lightning @radar_ion pic.twitter.com/nMHU6ti719— Bart Stephens (@pbartstephens) February 15, 2019This news comes just days after Jack Dorsey, the chief executive of Twitter, revealed that his fintech upstart, Square, will eventually integrate the Lightning Network in some capacity. A storm is coming, but where will lightning strike next?Featured Image from Shutterstock