Ross Ulbricht Uses Elliot Waves to Predict Bitcoin’s Trajectory From Behind Bars

Ross Ulbricht Uses Elliot Waves to Predict Bitcoin’s Trajectory From Behind Bars

Ross Ulbricht, serving life without parole for allegedly running the Silk Road marketplace, hasn’t allowed his detention to deprive him from monitoring bitcoin’s price action. In a new blog series titled Bitcoin by Ross, Ulbricht reveals that he is closely attuned to BTC’s price movements, and shares some suggestions as to where the market might be headed next. Also read: Film Reveals Never-Before-Seen Information About the Silk Road Case Bitcoin Analysis Without the Noise There are few advantages to being locked up in a maximum security facility, but one unexpected benefit is being able to monitor bitcoin minus the noise of crypto Twitter that can color attempts at analysis. Ross Ulbricht has used this edge to construct an analysis of bitcoin’s price movements over the last decade, and to predict where the cryptocurrency might be headed next. In the first six installments of Bitcoin by Ross, the Silk Road founder explains Elliot Wave Theory, and how it can be applied to bitcoin. The series starts by answering a question that many followers of the Silk Road case have had ever since Ulbricht’s arrest in 2013: how closely has he been following BTC’s trajectory? During his first year of incarceration, Ulbricht concedes that he was caught up in his case, “but every now and then, I’d see a chart or someone would mention the price,” he writes. “From that meager data, I still had a strong intuition around the ~$175 low that the bear market was over and Bitcoin would continue its meteoric rise.” Bitcoin Behind Bars When bitcoin embarked on its giddy run in 2017, culminating in the cryptocurrency reaching an all-time high of almost $20,000, the news was impossible to avoid. Everyone was talking about bitcoin, whose record highs even permeated the maximum security facility where Ulbricht was being held. Just as he had “a strong intuition around the ~$175 low that the bear market was over and Bitcoin would continue its meteoric rise,” Ulbricht claims to have sensed when the top was in, and based on “strong intuition” he shared his thoughts “with some people close to me and was able to help them cash out close to the peak.” Ruminating on the reasons for his instincts being right, Ulbricht ventures “I realized…

Italians Love Cash But Are Growing Fond of Crypto, New Stats Suggest

Italians Love Cash But Are Growing Fond of Crypto, New Stats Suggest

Italy, one of the world’s largest economies, has faced plenty of financial challenges in the past decade. That’s probably one of the reasons why cryptocurrencies have been faring better there than in other European countries. Italians love cash but are also warming up to its decentralized digital alternative. The number of businesses accepting crypto payments has been growing, new data from the Apennines shows. Also read: New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments Positive Statistics Reveal Northern Italy Leads in Adoption Figures published recently by market data provider Statista indicate that the number of Italian stores and companies accepting bitcoin is growing. Over 350 businesses in the retail or food service sectors, for example, supported cryptocurrency payments as of November 2019, significantly more than in other industries. In total, there are 270 Italian retailers and 214 service providers who support crypto payments. Also, as of September this year, Italy had approximately 0.8% of the global number of Bitcoin ATMs. Most stores and companies accepting cryptocurrencies are located in Northern Italy, which is the country’s economic powerhouse. It accounts for over half of the Italian economy and has one of the highest values of GDP per capita in the whole of Europe. According to the Statista report, the northern region of Lombardy is home to 149 stores that take digital coins, or roughly 18% of the total, while Trentino-Alto Adige (South Tyrol) and Veneto each host around 12% of all entities supporting crypto payment methods. This year, Trentino-Alto Adige has been the region with the strongest presence of Bitcoin as there are 10 stores and companies accepting cryptocurrency per 100,000 inhabitants. While having the most merchant locations where it’s possible to pay with bitcoin in 2019, Lombardy has an average of only 1.5 stores per 100,000 inhabitants. However, Lombardy’s capital, Milan, has the highest number of cryptocurrency ATMs, followed by Bologna, the capital and largest city of another northern region, Emilia-Romagna. Real Cryptoconomy Grows, Proves the Story of an Italian Company Another piece of statistics caught the attention of crypto media earlier this year. A study claimed that Italians are buying more and more online, noting that total B2C spending in e-commerce exceeded 40 billion euros in 2018. “Therefore, the days when…

Ethereum Ice Age May be Imminent If Miners Withdraw From Network

Ethereum Ice Age May be Imminent If Miners Withdraw From Network

The Ethereum block difficulty began to grow back in November 2016. Since then, developers have been constantly forced to carry out hard forks to keep the network up until the transition to a proof-of-stake algorithm takes place. In the lead-up to the Istanbul upgrade, implemented on Dec. 8, the Ethereum team decided again to postpone the explosion of a so-called “difficulty bomb,” which some believe may lead to the onset of an Ice Age. How can this happen and what would be the consequences if the Ethereum network froze? Difficulty bomb and Ice Age When creating Ethereum (ETH), the developers initially assumed that it would work on a proof-of-stake consensus algorithm. However, as this idea implementation demanded more time, the network was launched on the more familiar consensus model: proof-of-work. At the same time, the developers prudently introduced a difficulty bomb into Ethereum — i.e., a mechanism that is supposed to gradually make the process of generating new blocks more complicated, which would gradually lead the network toward PoS. Related: Istanbul to Berlin: Ethereum Milestones on the Road to Serenity Initially, the bomb was supposed to explode after Ethereum would be ready to work on the new algorithm called Casper, and provoke the so-called Ice Age — a transitional stage during which mining new coins would become difficult and unprofitable. Theoretically, this procedure should force miners to switch to a new chain, instead of maintaining the old one. However, due to the delay in the development of the PoS mechanism, the transition to Ethereum 2.0 is constantly being adjourned. At the same time, the difficulty bomb has been about to explode several times and the Ethereum team has been constantly delaying it by conducting hard forks, so as not to frighten miners supporting the stability of the network ahead of time. What are the dangers of the Ice Age? Vitalik Buterin, one of the co-founders of Ethereum, had previously predicted the fall of the network to take place in 2021, as it will become almost frozen due to a difficulty bomb. However, while the events and landmarks in the Ethereum project are developing faster than expected, while the process of the PoS network transition fails to meet the deadline. In April 2019, the ETH network…

Three Men Arrested for Running Alleged $722 Million Crypto Ponzi Scheme

Three Men Arrested for Running Alleged $722 Million Crypto Ponzi Scheme

United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of alleged crypto ponzie scheme BitClub Network, per a Dec. 10 announcement from the Department of Justice. The accusations against BitClub Network According to the press release, BitClub Network promised massive rates of return in exchange for investments in a shared cryptocurrency mining pool. The parties at the center of the scheme then allegedly misappropriated over $722 million of those funds into their own lavish living rather than the promised mining pool.  Authorities further accuse the three men arrested of falsifying information on returns in order to solicit more investment as well as  The three accused are Matthew Goettsche and Jobadiah Weeks — both from Colorado — and Joseph Abel of California. Authorities are charging the first two with conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison, as well as conspiracy to offer and sell unregistered securities. Abel, who was apparently less central to the scheme, has only been charged with conspiracy to offer and sell unregistered securities, a charge that carries a maximum prison term of 5 years. The press release mentions additional conspirators who have not been named or charged with crimes. A suspicious history This is not the first indication that BitClub may not be a fully above-board operation. Back in 2016, crypto news outlet 99Bitcoins warned against investing in BitClub, despite removing an earlier “scam” label from the company. The author, Ofir Beigel, explained:  “After gathering the facts I can’t prove that Bitclub network is a scam beyond a shadow of a doubt. I do however still think that Bitclub Network’s business model is lacking and wouldn’t invest in it personally.” Back in March of 2017, Cointelegraph reported on accusations that BitClub had launched a malleability attack on the Bitcoin (BTC) network. Ongoing legal action against OneCoin Arguably the most famous crypto exit scam in history, the case of OneCoin has seen notable recent legal action. In November, a jury in Manhattan found an attorney guilty of laundering over $400 million on behalf of OneCoin’s famed founder Ruja Ignatova, also known as the Cryptoqueen. For his services, he was…

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

On December 8, the U.S.-based coffee firm that uses cannabidiol (CBD) in its product, Crazy Calm, launched a promotion that aims to send $5 per order to the charity EatBCH. The founder of Crazy Calm, Matt Aaron, also detailed that the startup wanted to leverage the payment processor Shopify but the company closed their account because they sell CBD infused goods. Aaron notes that bitcoin cash is quite helpful because of its censorship-resistant benefits by removing the middleman from the equation. Also Read: The Coolest Jobs in Crypto When CBD Businesses Suffer from Banking Censorship Crypto Comes to the Rescue Over the last five years, cannabis and cannabidiol (CBD) products have become extremely popular. CBD products are a bit more mainstream because they are legal in most jurisdictions and they can help people suffering from anxiety and pain. In addition to this, CBD oils do not have the same psychoactivity that can be found in tetrahydrocannabinol (THC). The startup Crazy Calm uses CBD in its coffee products from a blend of organic, fair-trade coffee and CBD derived from organic compliant hemp. Crazy Calm was founded by Bitcoin.com’s podcast host Matt Aaron and he’s been steadily preparing for offering CBD-infused coffee products. Of course, Aaron accepts BCH for his Crazy Calm coffee, but the startup attempted to utilize the payment processor Shopify in order to accept fiat as well. Shopify is not the only payment processor that gives CBD startups issues. Aaron told news.Bitcoin.com on Tuesday that it’s common for CBD companies to have banking issues in the U.S. “The banking issue makes it very difficult to find a bank that’s willing to work with a CBD company even though CBD is legal in all 50 states due to the 2018 farm bill. Finding a credit card processor was even more difficult and we are grateful to both of them for accepting us.” Crazy Calm’s coffee product.Highlighting the Power of Cryptocurrency In order to drive more cryptocurrency spending, Aaron told news.Bitcoin.com that Crazy Calm offers a 10% discount on orders paid with cryptocurrency. Moreover, Crazy Calm is donating $5 per order to the well known food drive charity Eatbch. The charitable organization is one of the BCH community’s most popular nonprofits as it feeds people in…

Ripple’s Revamped Xpring Platform Looks to Boost XRP Development

Ripple’s Revamped Xpring Platform Looks to Boost XRP Development

With the wallet, which is currently available on XRP Testnet, developers can generate and manage account credentials, view balances, send and receive cryptocurrency and monitor transaction history. Developers can also expect to see future new Xpring platform functions launched on the wallet in the future, Beard said. 

US Judge Orders UK Court to Depose Telegram’s Advisor About Token Sale

US Judge Orders UK Court to Depose Telegram’s Advisor About Token Sale

“It has been demonstrated to this Court that justice cannot be done amongst the parties to the Action without the testimony of Mr. Hyman… This Court requests the assistance of an appropriate English judicial officer to compel the appearance of Mr. Hyman to give oral sworn testimony and to produce documents on the subject matters and for the date ranges as described in this Request,” the order says.

Blockchain Faces Big Challenges But the Opportunity Is Enormous

Blockchain Faces Big Challenges But the Opportunity Is Enormous

“The late 20th Century digitization of information through the Internet took place in a regulatory ‘light’ zone due to the US Constitution’s protection of speech from Federal government interference. Conversely, the early 21st Century digitization of value is taking place in regulatory ‘heavy’ zone because of the long-established authority of US state and federal governments to protect property rights, including those of consumers of financial services (banks, trust companies and other financial service providers have been subject to both state and Federal regulation for decades). As a result, the practices that guided the digitization of information (i.e., ‘Don’t ask permission, ask forgiveness’) when used for the digitization of property rights are particularly provocative to the established legal and regulatory order, as we have seen with initial coin offerings.”