Crypto Markets See More Slump After Short Recovery Attempt, Bitcoin Holds Gains

Crypto Markets See More Slump After Short Recovery Attempt, Bitcoin Holds Gains

Saturday, Aug. 11: after short-lived recovery attempt yesterday, cryptocurrencies have suffered another slump today. Almost all cryptocurrencies are down by significant percentages, with Bitcoin (BTC) being a notable exception among the top 20 market cap, up under one percent on the day. Crypto market visualization from Coin360 Bitcoin is trading sideways, up by about 0.1 percent over the past 24 hours. The cryptocurrency is at the $6,438 price mark as of press time, following a dip to as low as $6,051 earlier today. After surging to about $8,230 on July 25, BTC is down 8.5 percent on the week. However, the coin is still up 1 percent over the past 30 days. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index After losing the $400 support this Monday,  Ethereum (ETH) has plunged to as low as $306 today. It is now trading at $327, with its price 8 percent down over the 24 hour period. Unusually, the coin has experienced the heaviest losses among top ten coins by market cap on the day. Ethereum has lost 25 percent of its value over the past 30 days, and more than 50 percent over the past three months. Ethereum price chart. Source: Cointelegraph Ethereum Price Index Among the top 20 altcoins by market cap, EOS and IOTA (MIOTA) have seen the largest losses over the past 7 days, according to Coinmarketcap. At press time, EOS is trading at $5.23, having lost around 25 percent of value over the past week, while IOTA is down 36 percent on the week, and is trading at $0.54. Total market capitalization has dipped to as low as $206 billion today, but the markets have managed to retrace some of those losses, bringing the number to $216 billion as of press time. While the total market cap has dipped to levels not seen since mid-November last year, the number of all digital currencies has recently surpassed 1,800, according to Coinmarketcap. Total market capitalization chart. Source: Coinmarketcap Today, Bitcoin’s share of the total market cap has reached 50 percent for the first time in 2018, as a result of continuous growth that began in May. For comparison, back on Jan. 1, Bitcoin’s dominance was around 37 percent. Bitcoin’s share of total market cap (dominance).…

Wormhole Mainnet and Developers’ Guide Launched

Wormhole Mainnet and Developers’ Guide Launched

Technology & Security There’s been a lot of activities taking place with the new project developed by Bitmain called Wormhole. The team of developers just recently launched the Wormhole mainnet where the public can see the list of coins and the generated Wormhole Cash (WHC). Meanwhile, Gabriel Cardona, the creator of the Bitcoin Cash development kit, Bitbox, released a whole guide for individuals and groups so they can create tokens and crowdsales on the BCH chain. Also Read: Wormhole Project Launches — $1.2M Worth of BCH Burned So Far Wormhole Developers Launch Mainnet Wormhole.cash is a project for the Bitcoin Cash (BCH) chain that provides any individual or organization the ability to create representative tokens. This means users can create tokens that can represent anything they choose like a commodity such as gold, silver, copper, and tobacco. The tokens could also be stocks, bonds, loyalty points, and even coins pegged to a fiat currency like the US dollar. Wormhole is a fork of the project Omni Layer which created and issued the very well known dollar-pegged token tether (USDT). Users can now view a token and WHC generation list. This week the Wormhole creators launched the project’s mainnet and a blockchain explorer for created tokens and the Wormhole Cash (WHC) generation list. At the moment there’s about 178 tokens listed on the website wh.blockabc.com. According to the WHC generation list it’s been about five days since the last burn for WHC. For every 1BCH burned, the protocol uses the OP_RETURN in the Wormhole burner and the transaction credits the receiving address 100WHC. Right now WHC tokens are being traded against BCH on the exchange Coinex, and at the moment 1WHC is worth 0.008742BCH ($4.85). Developer Tools and Guides Are Now  Available for the Wormhole Client Additionally, on August 9, Gabriel Cardona the creator of the open source BCH software developer’s kit (SDK) called Bitbox created a Wormhole getting started guide. People can utilize Bitcoin.com’s developer’s tools to create tokens and launch a crowdsale using the Bitcoin Cash protocol. Check out developer.Bitcoin.com/wormhole to get started with Wormhole.  Cardona explains that Wormhole is a fully featured Javascript codebase that he integrated with Bitbox allowing any individual or organization the ability to launch ‘fixed’ and ‘managed’ tokens or even start an initial coin offering…

Wormhole Mainnet and Developers Guide Launched

Wormhole Mainnet and Developers Guide Launched

Technology & Security There’s been a lot of activities taking place with the new project developed by Bitmain called Wormhole. The team of developers just recently launched the Wormhole mainnet where the public can see the list of coins and the generated Wormhole Cash (WHC). Meanwhile, Gabriel Cardona, the creator of the Bitcoin Cash development kit, Bitbox, released a whole guide for individuals and groups so they can create tokens and crowdsales on the BCH chain. Also Read: Wormhole Project Launches — $1.2M Worth of BCH Burned So Far Wormhole Developers Launch Mainnet Wormhole.cash is a project for the Bitcoin Cash (BCH) chain that provides any individual or organization the ability to create representative tokens. This means users can create tokens that can represent anything they choose like a commodity such as gold, silver, copper, and tobacco. The tokens could also be stocks, bonds, loyalty points, and even coins pegged to a fiat currency like the US dollar. Wormhole is a fork of the project Omni Layer which created and issued the very well known dollar-pegged token tether (USDT). Users can now view a token and WHC generation list. This week the Wormhole creators launched the project’s mainnet and a blockchain explorer for created tokens and the Wormhole Cash (WHC) generation list. At the moment there’s about 178 tokens listed on the website wh.blockabc.com. According to the WHC generation list it’s been about five days since the last burn for WHC. For every 1BCH burned, the protocol uses the OP_RETURN in the Wormhole burner and the transaction credits the receiving address 100WHC. Right now WHC tokens are being traded against BCH on the exchange Coinex, and at the moment 1WHC is worth 0.008742BCH ($4.85). Developer Tools and Guides Are Now  Available for the Wormhole Client Additionally, on August 9, Gabriel Cardona the creator of the open source BCH software developer’s kit (SDK) called Bitbox created a Wormhole getting started guide. People can utilize Bitcoin.com’s developer’s tools to create tokens and launch a crowdsale using the Bitcoin Cash protocol. Check out developer.Bitcoin.com/wormhole to get started with Wormhole.  Cardona explains that Wormhole is a fully featured Javascript codebase that he integrated with Bitbox allowing any individual or organization the ability to launch ‘fixed’ and ‘managed’ tokens or even start an initial coin offering…

Wendy McElroy: Free-Market Law Enforcement for Crypto

Wendy McElroy: Free-Market Law Enforcement for Crypto

News The Satoshi Revolution: A Revolution of Rising Expectations.Section 4: State Versus SocietyChapter 9, Part 6 Government is a law factory. It passes laws in the same manner that another type of factory extrudes metal molding…But, whereas a factory which extrudes metal molding is providing a product which is useful to the citizens generally, and which certain citizens will purchase voluntarily; the government factory extrudes compulsion which is useful principally to the government, itself, but is purchased [through taxes and other ‘fees’] in advance by the people, who are never in a position to refuse to buy. -Robert LeFevre, The Nature of Man and His Government A key difference between state and society: the latter does not force people to buy products or services they do not want. Society does not require them to use central banks, to purchase law enforcement, or to finance military protection against foreign nations. People can decline that type of product altogether, or they can use a competing private supplier. By contrast, the state compels the purchase of such products on the grounds that they are essential to the social good. Not only that, government claims that monopolies are needed to act as trusted third parties (TTPs). At the core of the conflict between state and society lies antithetical views of TTPs. The state insists on a neutral or benevolent definition; that is, a TTP is an entity that facilitates the quality or honesty of interactions between people who invest it with trust. The description can be accurate. People can use a lawyer, for example, as an intermediary in a business deal. But a TTP is neutral or benevolent only if no one is forced to use or to finance it. Both groups, like the cypherpunks, and individuals, like Satoshi Nakamoto highlighted a bitter irony in what the word “trusted” had come to mean in TTPs. The word was a mockery of itself. A state TTP could not be trusted to act on behalf of those forced to consume its products and services; it always acted in its own interests. The world badly needed alternate systems and approaches for which no trust was necessary because transactions could be verified independently. The blockchain was designed to be a law unto itself,…

FinCEN Director: Agency Receives 1,500 Suspicious Activity Reports on Crypto per Month

FinCEN Director: Agency Receives 1,500 Suspicious Activity Reports on Crypto per Month

Kenneth A. Blanco, director of the U.S. Financial Crimes Enforcement Network (FinCEN), has revealed that the agency has seen a surge in filings of crypto-related Suspicious Activity Reports (SARs). The number of complaints now exceeds 1,500 per month, according to him. Blanco’s remarks were made as part of a speech he delivered at the 2018 Chicago-Kent Block Legal Tech Conference August 9. The director outlined FinCEN’s ongoing role in regulation and law enforcement for the emerging crypto space, which it coordinates in tandem with the Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). He noted that, “[While] innovation in financial services can be a great thing… we also must be cognizant that financial crime evolves right along with it, or indeed sometimes because of it, creating opportunities for criminals and bad actors, including terrorists and rogue states.” Blanco emphasized that in order to safeguard the “incredible innovations” of the fintech frontier, actors’ compliance with specific regulatory measures is critical, given that “harm can be done with devastatingly increasing speed, breadth, and obscurity in the digital world.” As indicated in FinCEN’s March 2013 guidelines, any acceptance or transfer of value that substitutes for fiat currency – including crypto – is considered to be money transmission, and entails specific regulatory obligations under the U.S. Bank Secrecy Act (BSA). As money transmission businesses (MSBs), crypto exchanges are therefore required to report both SARs and Currency Transaction Reports (CTRs), as well as to comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks. Blanco clarified that identical obligations pertain to businesses that provide anonymizing services — often dubbed “mixers” or “tumblers” — that seek to conceal the source of the transmission of crypto. Exchanges located outside of the U.S. but that nonetheless do business in part with residents of the country are also monitored by the agency. The director gave the example of FinCENs action in 2017 against Russian crypto exchange BTC-e for flouting AML laws as a case in which SARs had “played a critical role,” with filings by both banks and other crypto exchanges providing crucial leads for law enforcement. He commented that while SARs are increasingly being submitted, the agency has been “surprised” to see businesses taking appropriate…

At Bitcoin Cash Birthday Bash, Crypto Embraces the Strange

At Bitcoin Cash Birthday Bash, Crypto Embraces the Strange

Amid a floorshow of acrobats, cross-dressers and samurai dwarves, gambling pioneer turned cryptocurrency advocate Calvin Ayre boomed, “This is a great moment in the history of money.” It might sound a bit nonsensical, but it was far from fiction at a bitcoin cash birthday party in London last week, where a circus-meets-gypsy-themed party gathered the cryptocurrency’s local enthusiasts in celebration of the one-year anniversary of its first block. As the party proved, the block was a big one – not just in its 8 MB size, but for the crypto history books, so much so that a year later the memory of its birth remains. So, too, however, does the controversy around the project, which while still one of the world’s largest (securing $10.2 billion in value), continues to have an acrimonious relationship with those backing the blockchain from which it split. Today, bitcoin cash boasts 32 MB blocks (compared to bitcoin’s roughly 1 MB blocks), which according to enthusiasts at the #BitcoinRebirth party in London’s West End will make the protocol better for use as an electronic currency. That’s been – rather controversially – the bitcoin cash contingent’s main argument for some time, and as the party proved, they have no plan to give up the fight anytime soon. “The other branch, it’s not bitcoin technology anymore. They don’t want bitcoin to be used as currency anymore; they want it to be used as digital gold,” Ayre told CoinDesk. He continued: “I wish them good luck with it. It’s just unfortunate they stole the bitcoin name when they did it.” Unveiled via a retro “Streetfighter” video during the event, the new bitcoin cash logo attempts to hammer home the message that the bitcoin name should be reclaimed, with a fighter using a samurai sword to cut the “cash” part of the project’s logo to reveal tagline that concludes: “… because bitcoin cash is bitcoin.” The drivers   But that was far from the only strange occurrence of the evening. While the percussion of a traditional Chinese orchestra played in the background, Ayre explained why he believes that bitcoin cash has already been a success. According to him, a lot of bitcoin projects were canned once it became clear that microtransactions were no longer tenable using that blockchain. But now,…

Another US City Imposes a Moratorium on Crypto Mining

Another US City Imposes a Moratorium on Crypto Mining

Mining The city of Salamanca in the U.S. state of New York is reportedly establishing a moratorium on cryptocurrency mining operations in the city. This will stop crypto miners from “using up all the residents’ power and effectively make all of them get a price increase on their utility bills,” a member of the city’s council explained. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space City Council Voted for a Moratorium The Common Council of the city of Salamanca in New York voted unanimously on Wednesday to approve Local Law No. 2 for 2018 and impose “a moratorium on commercial cryptocurrency mining operations in the city,” the Salamanca Press reported. The news outlet described that according to the local law: A moratorium would temporarily stop applications or proceedings, or the issuance of approvals or permits, for cryptocurrency mining operations in the ‘electric service area’ of the city of Salamanca. The purpose of this moratorium is for the city to have “the opportunity to consider zoning and land use laws and municipal electric department regulations before commercial cryptocurrency mining operations result in [an] irreversible change to the character and direction of the city,” the publication conveyed. A public hearing on the local law will be held on September 12. Buying Time to Set Rules Salamanca council member Timothy Flanigan, who sits on the city’s Board of Public Utilities (BPU), explained that the BPU “does not yet have all the rules and regulations in place to properly deal with cryptocurrency operations.” Citing the sheer amount of energy crypto mining uses, he added that “this moratorium buys the city time to get rules in place without a blow to the electric system.” Emphasizing the need to ensure that residential customers continue to have cheap power, he elaborated: The thing that this [moratorium] will do is devoid people of using up all the residents’ power and effectively make all of them get a price increase on their utility bills because somebody else is using up all the cheap power. A few other cities in the U.S. have introduced similar measures. In March, commissioners of a power district in Washington State’s Chelan County launched “an emergency moratorium on new high-density load hookups to give staff time to develop a plan…

Facebook’s David Marcus Quits Coinbase to Avoid ‘Appearance’ of Conflict of Interest

Facebook’s David Marcus Quits Coinbase to Avoid ‘Appearance’ of Conflict of Interest

Facebook blockchain head David Marcus announced he was quitting his position on the board of U.S. cryptocurrency exchange Coinbase Friday, August 10, in a statement seen by various media outlets. Marcus, who joined the exchange’s board in December 2017 and took on a blockchain research group at Facebook in May, said he now thinks it is “appropriate” to leave. “Because of the new group I’m setting up at Facebook around Blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board. “…I’ve been thoroughly impressed by the talent and execution the team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.” The decision comes as rumors continue to swirl about a potential acquisition of Coinbase by Facebook. Last month, the social media platform allowed the exchange to advertise its services, reversing a ban which took effect in January. Correspondingly, media outlets quoted sources which suggested a perceived “conflict of interest” lay at the heart of Marcus giving up the board slot. According to Facebook spokesperson who spoke to CNBC, the move was “to avoid the appearance of conflict, rather than because of an actual conflict.” “Under David’s leadership Facebook is poised to be one of the leading players in crypto and an active acquirer,” Ryan Gilbert, a partner at Propel Venture Partners and a minor Coinbase investor also told the publication Saturday. “Who knows, one day an acquisition of Coinbase could be in the cards.”

Crypto Trading 101: How to Read an Exchange Order Book

Crypto Trading 101: How to Read an Exchange Order Book

It takes two to tango in the world of crypto trading, where a dynamic relationship between buyers and sellers is always on display in something called an order book. A tool that visualizes a real-time list of outstanding orders for a particular asset, order books represent the interests of buyers and sellers, offering a window into supply and demand. But while all order books serve the same purpose, their appearance can differ slightly among exchanges. That said, they are all built with the same features and functions. Examples from Coinbase Pro, Binance, Bitfinex and Kraken are shown below: To become comfortable reading order books, it is essential to understand four main concepts: bid, ask, amount and price. This information is displayed on two sides of the order book known as the buy-side and sell-side. For the purposes of this explanation, we will be using the BTC/USD order book from one of the world’s largest cryptocurrency exchanges, Bitfinex. Price and Amount Although the two sides display opposing information, the concepts of amount (also referred to as size) and price are relevant to both. Simply put, the amount and price per order display the total units of the cryptocurrency looking to be traded and at what price each unit is valued. In the example below there is an open buy order in the amount of 20.24 at a price of $8218.50. This means the entity who opened this order would like to purchase 20.24 units of bitcoin at a price of $8,218.50 per unit. In the Bitfinex order book, you will also see the terms “count” and “total.” The count refers to how many orders are combined at this price level to create the amount, whereas the total is simply a running total of the combined amounts. The Buy Side The buy side represents all open buy orders above the last traded price. This offer from the buyer is known as the “bid.” It effectively voices the trader’s interest, stating something like, “I am bidding on X units you own at a specific price in the hopes of purchasing them.” Once the bid is matched with an appropriate sell order, the trade can be facilitated. When there is an abundance of buy orders (demand) at a specific price…

Bitcoin in Brief: BTC via SMS Patented, Brave BAT Tips for Tweets and Posts

Bitcoin in Brief: BTC via SMS Patented, Brave BAT Tips for Tweets and Posts

The Daily Financial software developer Intuit has been awarded a patent for processing BTC payments via SMS and we’ve covered the details in today’s edition of Bitcoin in Brief. Also in The Daily, Brave browser plans to enable BAT tips for tweets and Reddit posts, cryptocurrency is projected to constitute 5 percent of the portfolios of US investors next year, and in Thailand, a famous actor has been arrested for an alleged crypto investment fraud. Also read: Ledger Adds Coins, Okex Launches Coinall, Exmo Partners with Mistertango Intuit Awarded Patent for BTC Payments via SMS California-based company Intuit, a financial software developer, has been awarded a patent for processing bitcoin core (BTC) payments via text messages (SMS), according to a filing published by the US Patent and Trademark Office on August 7. The patent that outlines a system to transfer BTC funds by sending text messages on smartphones was filed back in 2014. According to its abstract: The method includes receiving, by a payment service, a payment text message comprising a payment amount and an identifier of a payee mobile device, validating the payment text message based on a payer balance of a virtual payer account maintained by the payment service for the payer […] transferring, in response to creating the virtual payee account, the payment amount from the virtual payer account to the virtual payee account […]. Despite the prolonged consideration of the patent application, Intuit has been continuously developing its crypto-cash payment solutions in the meantime. Earlier, the company announced it had reached a partnership agreement with the payment provider Veem to build a system for processing international cryptocurrency payments. Brave Browser to Enable Tips for Tweets and Posts Brave, the privacy-oriented web browser that supports opt-in ads and crypto payments between users and website publishers like Twitchers and Youtubers, is now planning to expand its service to Twitter and Reddit. The startup intends to introduce support for the two platforms in the fourth quarter of this year, according to an announcement quoted by CNET. To take advantage of the tipping system, which uses Brave’s basic attention token (BAT), users have to enable the payments in the browser. Then, if another Brave user decides that a tweet or a post is worth rewarding,…