Alibaba payments affiliate Ant Financial is poised to launch a blockchain platform next month, alongside an application that tracks rice shipments.
While crypto prices may have ostensibly kicked the bucket, there are some optimists who have done their best to disregard prices, focusing on the adoption and development of this space instead.
Charlie Lee: Long-Term Price Of A Crypto Indicates Levels of Success
Ever since Bitcoin’s mind-boggling run, from $1,000 to $20,000 and subsequent decline, CNBC’s “Fast Money” show has taken an interest in crypto. While CNBC’s coverage of the crypto market often focuses on short-term price action, predictions, and the like, the founder of Litecoin did his best to focus on another important aspect of this industry in a recent Fast Money appearance.
— CNBC’s Fast Money (@CNBCFastMoney) August 27, 2018
Staying true to its name, Fast Money began its crypto segment by querying Litecoin founder Charlie Lee when he sees Bitcoin surpassing $20,000 yet again. Responding by doing his best to stay away from providing a clear prediction, Lee stated:
“I mean its hard to predict prices, and I have been in this space for seven years now. I think sometimes it comes back within six months or a year, but sometimes it takes three to four years. So it’s kind of hard to say.”
Following his reply, CNBC host Melissa Lee then went on to ask the Litecoin founder about if prices, in general, signify the “adoption or viability” of a crypto asset. Dividing his reply into two components, Lee first spoke on a long-term outlook, pointing out that prices do in fact represent the success of an asset. On the other hand, short-term prices “don’t really tell us much.” Backing the latter statement, the Litecoin founder noted that even though adoption rates are rising, Bitcoin, along with a majority of altcoins, still fell by over 70% this year.
This clearly outlines an issue with price speculation, as systems, services, or goods should ideally be valued via the network effect, rather than the short-term irrationality of traders.
Nonetheless, Lee still sees current prices as a more than viable zone of accumulation, giving CNBC viewers advice in the following statement:
“I think it’s good to buy on the way down, to dollar-cost average your buy-in. That’s what I would recommend for everybody to do. As long as you don’t spend money that you can’t afford to lose, I think that this strategy is fine.”
Taking this statement, along with the sentiment held by Wanchain and Shapeshift’s CEOs into account, it becomes clear that now is an optimal time to purchase crypto assets for long-term “hodling”.
“It’s A Good Time For People To Have Their Head Down To Get Stuff Done”
Brian Kelly, CNBC’s go-to crypto analyst, then brought up the topic of the upcoming Litecoin Summit, asking Lee what he wants attendees to take away from the conference. Alluding back to his previous statement regarding the long-term prospects of crypto, Litecoin’s founder, who obviously plays a key role in the event, responded by explaining:
“I would like for people to focus on the technology, adoption, merchant adoption and also how to scale. So things like the Lightning network, sidechains, and things that would help Bitcoin and Litecoin scale… And I think with the price currently depressed, it’s a good time for people to sit down and have their head down and actually working to get stuff done.”
While scaling solutions like the Lightning Network may take years to come to fruition, as Charlie Lee likes to say, “build it and they will come.”
Featured Image from Shutterstock
The post Litecoin Founder: Dollar-Cost Average In, Accumulate Crypto Now appeared first on NewsBTC.
Australian solar startup Power Ledger, the developer of a peer-to-peer (P2P) energy marketplace on a blockchain, has commenced a trial in Bangkok enabling residents to buy and sell solar electricity. In a first-of-its-kind trial in Asia, residents and habitants of Bangkok’s T77 precinct are participating in an ‘across the meter’ energy trial that allows users’
The post Aussie Blockchain Powers P2P Solar Power Trading in Upscale Bangkok Community appeared first on CCN
Markets are heading upwards; Dash, Iota, GAS and Bytecoin in double figures.
The condition of crypto markets is steadily improving as the week progresses and further gains have been made today. Total market capitalization has been bolstered by an $8 billion cash injection and is now over $225 billion once again.
Bitcoin has led the rally by climbing 3% to $6,930 in one spurt a few hours ago. The next major resistance level is $7k and the charts are indicating that more gains could be on the way. Ethereum is also up 3% on the day but that has only managed to push it to $285 which is still a very low level for the world’s second most popular crypto.
The entire top fifty altcoins are green at the moment with a few making double digit gains according to Coinmarketcap. Iota is the biggest gainer in the top ten with 15% on the day to $0.705. Since last Tuesday MIOTA has climbed 34% from $0.525 and trade volume has tripled to $90 million per day. Momentum has been driven by the release of the Trinity desktop wallet and Japanese tech giant Fujitsu stating that they are “all set to help roll out IOTA as the new protocol standard … to develop and co-create innovative technology together with customers.”Cardano is up 7% and the rest have made 3-4% on the day.
Further down the list Dash is taking off with a 23% surge to $179 in the past 24 hours. The announcement of a strategic partnership with Kripto Mobile to expand Dash’s user base in Latin America has lifted this privacy focused altcoin today. ZB.com is currently taking 60% of the trade volume in Dash which has risen 65% to $330 million.
MAJOR NEWS – @Dashpay has announced an exclusive relationship with @KriptoMobile to provide Latin Americans with an affordable way of acquiring & using #Dash for everyday transactions. Phones are pre-loaded with complete $Dash ecosystem. https://t.co/XasBlsqkD1
— Mark Mason (@StayDashy) August 27, 2018
Kripto Mobile co-founder, Luis Sosa, said;
“We are seeing an incredible transition period in Latin America with those who are unbanked, underbanked, or simply do not want to use the traditional banking system. Combining our accessible, affordable phones with Dash’s InstantSend transaction capabilities and low fees will provide a myriad of benefits to these communities.”
Monero, Neo, Zcash, VeChain, 0x and Bytecoin are also enjoying 10% gains on the day. The top altcoin in the top one hundred at the moment after Dash is GAS which has jumped 19% on the day.
Total crypto market capitalization has increased 3.7% on the day to just over $225 billion, its highest level for 18 days. Trade volume has remained steady at around $12 billion and Bitcoin’s dominance has dropped back a little to 53%. Further sustained upwards momentum could be the beginning of the recovery everyone has been waiting for.
More on Dash can be found here: https://www.dash.org/
FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Crypto Market Update: Dash Surging on Latin American Mobile Partnership appeared first on NewsBTC.
Taking inspiration from nearby Crypto Valley in Zug, Switzerland, the tiny European principality of Liechtenstein is making every effort to become a hotbed for crypto and blockchain innovation.
Located between Switzerland, Austria, and Germany, Liechtenstein is known for its business-friendly legal framework, unique foundation law and low taxation. In the last decades, Liechtenstein has developed a very professional financial industry and is currently home to more than 700 licensed investment funds and 100 licensed asset management companies. The assets under management of Liechtenstein banks amounted to US$235 billion at the end of 2016.
The Liechtenstein financial marketplace is well known for its openness to innovative ideas and development, and these comprise cryptocurrency and blockchain-based products and companies. Liechtenstein is now going one step further and announced in March 2018 a comprehensive Blockchain Act.
According to Liechtenstein’s prime minister Adrian Hasler, the new act will focus on integrating current business models in regulatory terms in order to give companies and their clients legal certainty. It is “intended to regulate all activities that are possible on technical systems such as distributed ledgers and blockchain systems,” Hasler said.
If and when implemented, the Blockchain Act would provide a legal basis for:
- Security tokens
- Ownership of digital assets
- Transfer of ownership of digital assets
- Security and storage of tokens
- KYC/AML requirements
- Several levels of licensing for business providers in the industry
- Initial coin offerings (ICOs), token sales and token generation events (TGEs)
With the planned act, Liechtenstein would become one of the first countries in the world to regulate the blockchain topic to this extent and thus create the basis for extensive economic applications. The enactment is expected by fall 2018 and the law is intended to be put in force by beginning of 2019.
For Patrick Bont, executive board member, head of the banking division and practice leader for fintech at the Financial Market Authority (FMA) of Liechtenstein, it is the country’s small size that’s providing it with a considerable advantage over other jurisdictions.
“Because we are so small, blockchain companies can move a lot faster here than other countries,” Bont said. “You can call us for a meeting on Monday morning and we can meet you for lunch on Tuesday or Wednesday. Very few other places can do that consistently.”
Blockchain industry in Liechtenstein
Compared to Switzerland or Germany, the cryptocurrency and blockchain space in Liechtenstein is still in early stages but a report by Tages Anzeiger suggests that an increasing number of companies rejected by Swiss banks are now tending towards neighboring Liechtenstein.
Liechtenstein now hosts more than 100 blockchain countries, according to Thomas Nägele, and financial institutions such as Bank Frick have been supporting them.
In recent years, Bank Frick has grown into a recognized leader in the space, and has helped over two dozen ICO projects establish traditional bank accounts with many more in the pipeline.
Today, the bank has approximately 200 clients in the crypto and blockchain space including corporate clients, such as cryptocurrency mining groups, brokers, exchanges, traders, and ICOs, as well as private clients engaged in the crypto and blockchain space.
Liechtenstein’s Union Bank announced earlier this month plans to issue its very own security tokens, and become “the first fully regulated bank” to do so.
In the future, Union Bank said it intended to become the world’s first “blockchain investment bank” and “a one-stop crypto and blockchain solution provider which embraces and integrates the new world of blockchain technology and crypto assets and the best practices of traditional banking.”
The move came just days after Liechtenstein Cryptoassets Exchange (LCX) and Binance, one of the world’s largest cryptocurrency exchange by trade volume, announced a new crypto-to-fiat exchange backed publicly by the prime minister. The new Liechtenstein-based exchange, dubbed Binance LCX, will support trading between the euro, Swiss franc and major cryptocurrency pairs, according to a press release.
Commenting on the launch, prime minister Hasler, said:
“Blockchain technologies are laying the basis for an entirely new industry. We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.”
Featured image: Liechtenstein, Pixabay.
The post Liechtenstein Aspires to Become a Blockchain, Cryptocurrency Hub appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Cryptocurrencies came along almost ten years ago, and it caused quite a stir in the global financial markets. Blockchains also gathered a lot of attention since Bitcoin’s conception, and the trends have been suggesting that it will overpass the value of the currency in terms of actual results for companies, countries, and individuals.
This article is written to provide additional insight into the research that Deloitte preformed which is called “2018 Global Blockchain Survey“. The promise for blockchains to create value for organizations is significant and following this belief a multitude of new industries have found brand new applications for blockchains, and we will explore the most prominent trends in this article.
Blockchains are now practical applications
Countries and companies alike spent a significant amount of time exploring the possibilities and opportunities coming with blockchain technology. From streamlining to completely disrupting industries into (productive) chaos, companies today are getting busy implementing, not just speculating, according to the Deloitte research. Technology and internet-based business are the first-movers, and this is still true, but interestingly a variety of technologies that have nothing to do with what we consider top-level technology have started to implement blockchain solutions, leveraging IBM’s blockchain solutions (think Food Trust) to create a variety of benefits for themselves without actually going through the costs and pains of developing the solution themselves.
Utility is a priority
Traditional businesses, especially the financial institutions are focused on applying the technology to their current business model. After all, they don’t want to disrupt their own industry, but rather improve what they already know is an extremely profitable model for them. The Deloitte research suggests that 74% of businesses can imagine a scenario where blockchains are applicable to their use cases, which suggests a heightened understanding of blockchain technology. Unfortunately, the same statistic drops when considering actual implementations.
Following Forbes’s article mentioned above, they believe this suggests that traditional businesses will continue to make baby steps towards implementation of blockchain in their models. This is a natural progression, but as the popularity and the positive results of other companies come to light. We believe that the adoption rate will increase significantly, as the efforts of medium/large technology companies are pointed toward creating tailor-made blockchain solutions, ready for usage.
Over-saturation of “Blockchain” in the market
One of the most promising results of blockchains is in the amount of money that ICOs have raised. This is not something that businesses care about, but rather they would love to see how other businesses have cut costs, increased business success, or sped up a lengthy and complicated process.
The latter examples are rare, and even though we speak of blockchain as changing the world, the wider population needs specific proof in order to logically make the decision to “dive” into blockchain technology. In a similar way as to how the internet needed time in order to get adopted, while today we see companies of every kind implementing social media marketing, google maps, and online advertising as part of their planned activities. We are still on a new frontier in regards to blockchains and real-world utility and until the proofs are generated and easily seen in the difference in results (pre and post blockchain) it will be an activity reserved for the bravest, most industrious companies.
New businesses adopting to blockchains faster than traditional ones
Startups that are well-funded and led by a powerful team of leaders with experience and connections are a part of the “disruptive” marketplace. They are focused on rapid growth and generating value, while at the same time completely bypassing any old business that might be doing the same thing (with older technology and higher costs), leaving them to fend for themselves. One example presented is StorJ, a disruptor of cloud storage that utilizes decentralized storage of information in a safe way. They leverage the blockchain as an integral, core part of their business model, instead of using it to speed up or improve a process. In the case of StorJ, they are able to operate globally, while giants like Amazon are not able to do the same, due to the governmental resistance in China.
Blockchains are liberating the media marketplace
The traditional media is bought-out. There is no room for the little guys or startups unless they end up doing something extremely outrageous. There are a lot of blockchain journalists and influencers that are opening their own services and channels for stories that are genuinely interesting. Instead of big companies grabbing all they can buy, the PR marketplace is also getting decentralized thanks to the blockchain and decentralization. This implementation is most visible in the efforts and offer of GoodNoon a company that is using artificial intelligence to pair businesses with journalists and influencers that are most likely to actually care about the story.
Security the number one priority
Just like we described in an article recently where we described an interesting comparison where Microsoft and the Chinese government were both planning to implement blockchains to improve security, in isolation. Two different stories in one, and now with the Deloitte report our doubts are completely vanquished. Security is the number one priority and this is a natural progression as the technology was developed to give safety for transactions, making them unchangeable. This is still the main pursuit for companies around the world (and governments too) especially as there are still a lot of concerns regarding cybersecurity.
From identity theft to espionage and “cold war” tactics there are a lot of areas that can benefit from better security, and blockchains are often seen as the technology that can provide this type of security. We only hope that developers around the world keep doing their work, collaborate with cybersecurity experts and get them to test out the security of their creations. It’s better for everybody, especially as there are still a lot of people that think in terms of “steal, rob” and plotting for crime.
Nobody really knows. The market is the main decider. People don’t buy because of trendy words, but because they believe in the solution being presented. Some applications will stay, some trends will turn into a tradition, but it is difficult to say what exactly will happen without lying to you. This report is to be taken with a “pinch of salt” just like everything else.
For now, it is mainly new business that is implementing the technology, but small and old businesses are slowly transforming and implementing new opportunities either to completely change or at least supplement their business model.
Featured Images via Pexels.
4700 BTC ($65 million) of Bitcoin were stolen from the cloud mining service in December.
Mark Karpeles has urged a U.S. federal judge in the state of Illinois to dismiss a fraud lawsuit brought on by former customers of the now-defunct bitcoin exchange Mt. Gox, by insisting that the U.S. court has no personal jurisdiction over him in Japan. Representatives for Mark Karpeles told U.S. District Court Judge Gary Feinerman
The post Bitcoin Exchange Mt Gox CEO Mark Karpeles Disputes U.S. Fraud Lawsuit appeared first on CCN
- Bitcoin price made a nice upside move and broke the $6,750 and $6,775 resistance levels against the US Dollar.
- There is a crucial bullish trend line in place with support at $6,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently consolidating gains and it looks set for more gains above $7,000 in the near term.
Bitcoin price gained bullish momentum above the $6,750 resistance against the US Dollar. BTC/USD is now preparing for more upsides above $7,000.
Bitcoin Price Analysis
Yesterday, we discussed a possible break above $6,750 in bitcoin price against the US Dollar. The BTC/USD pair did trade higher and buyers succeeded in clearing the $6,750 and $6,775 resistance levels. The price even broke the $6,850 level to move into a bullish zone. A new weekly high was formed at $6,957 and the price is currently placed well above the 100 hourly simple moving average.
Recently, the price corrected lower below the $6,900 level. It tested the 23.6% Fib retracement level of the last wave from the $6,567 low to $6,957 high. However, downsides were limited and the price was well bid near the $6,850-6,860 zone. Below this, the next major support is near the $6,800 level. More importantly, there is a crucial bullish trend line in place with support at $6,780 on the hourly chart of the BTC/USD pair. The same trend line coincides with the 50% Fib retracement level of the last wave from the $6,567 low to $6,957 high. Therefore, if the price corrects lower from the current levels, it is likely to find support near $6,800.
Looking at the chart, the current price action is positive above $6,850 for bitcoin price. It seems like the price is preparing for more gains above $7,000 and $7,050 levels in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 72 level.
Major Support Level – $6,800
Major Resistance Level – $7,000
The post Bitcoin Price Watch: BTC/USD Primed To Gain Above $7,000 appeared first on NewsBTC.
A blockchain startup based in Sweden, has signed a software license agreement with a local bank to deliver a crypto fund trading service.