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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Bitcoin Gold: What to Know About the Blockchain's Next Split

What is bitcoin gold? A new cryptocurrency project expects to launch today. Here's what it is and why it matters.

Posted on 23 October 2017 | 4:20 pm

Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode'

A senior member of the Saudi royal family struck a critical tone about bitcoin during a media appearance today.

Posted on 23 October 2017 | 2:35 pm

Canada Court Holds ICO Organizer in Contempt

A Canadian court ruled against the organizer of an ICO after it was alleged that they repeatedly violated orders to cease soliciting investors.

Posted on 23 October 2017 | 12:47 pm

Ether Price Hits One-Month Low Below $280

The price of ether hit its lowest point in one month on Monday, falling to $275 despite strong gains observed elsewhere in the cryptocurrency market.

Posted on 23 October 2017 | 12:00 pm

Quantum Computing and Building Resistance into Proof of Stake

Particl Thumb 4

While both mining via Proof of Work (POW) and staking are two of the most popular ways to perform work to earn income, cryptocurrencies are also susceptible to advances in computing, which could undercut the value of the coins by making them much easier and less expensive to mine. The dawn of quantum computers is upon us. And while this causes many to fear the loss of income potential, the truth is that an increase in difficulty to mine or stake is factored into the underlying algorithms in blockchain systems which have adjusted accordingly from central processing units to graphics processing units. From field-programmable gate array to application-specific integrated circuits.

 

The real threat quantum computing has for cryptocurrency work systems is in attacking the public-key cryptography.

Quantum Computing and Bitcoin

Satoshi Nakamoto created Bitcoin on the unspent transaction output (UTXO) model. In basic terms, think of all bitcoins in your wallet as change. When making a payment, this change is combined and sent. Once bitcoin is spent, the public keys of that address are broadcast to the entire network so that they can verify that you signed the coins over to a new address. Quantum computers have the ability to reverse your private key from your public key, so address reuse becomes a problem.

 

With the UTXO model, any change you have from a transaction will go to a newly generated address. All addresses which have never been spent are safe from a public-key attack because the key has not been broadcast. This does not change the fact that many basic users reuse addresses for convenience and many work protocols like POS reuse addresses as well.

Vulnerabilities in POS

To generate passive income by POS, this process is called staking. During staking, some of your coins are locked and unavailable to spend. Similar to a savings account in a bank, these coins are reserved by the network for a short period of time. In return for borrowing these coins the owner receives interest (coins) just like banks pay customers interest. POS coin supplies are inflationary at a variety of yearly rates; providing stakers better interest than local banks or credit unions.

 

In most cases, your coins need to be available to the network (online) in order to be staked. However, if you lack guaranteed internet connectivity or just prefer not to keep your wallet online all the time in order to mitigate potential exposure to security risks, you are at a disadvantage because you can’t earn passive income on your coins while they are offline.

 

While staking is considerably less energy intensive, POW is still considered by many to be superior to POS. One of the chief arguments for that position is a security flaw in staking systems — POS gives away your public key when you stake.

This argument has merit because in most cases coins are stored in a small amount of addresses, mostly one, and that address is unlocked (unencrypted) for staking. The public key of these unlocked staking addresses is regularly being broadcast to the network.

One project building resistance to quantum computing is Particl, the open-source privacy framework built on blockchain technology. Here’s a look at how that project leverages innovations like cold staking, multi-signatures and HD wallets to improve POS security, maximize income-generation  and provide secure, private, flexible spending options for owners of its token, PART.

Cold Staking

In its most basic terms, cold staking keeps your spend public key and private key private.


While you still need to be online to generate stakes, cold staking leverages multi-signature addresses so you can stake from multiple computers. A person earning passive income on a network with cold staking, like Particl’s, can set up a dedicated stake-only machine while simultaneously spending those coins around the world on any mobile HD wallet like Ledger or Particl’s own Copay App.

 

In terms of quantum resistance, this makes reversing private keys to public keys nearly impossible. For beginners, the stake-only machine is broadcasting a public key that is different than the mobile wallet key. In order to steal coins, both private keys would need to be known when using multi-signature. The more computers broadcasting stakes and spending stakes the greater the resistance becomes.

 

On November 10, the Particl network will have a planned hard fork to activate cold staking on the main blockchain. The team has been community testing this new feature on its test network since the beginning of August.

Summary

Although most cryptocurrencies lack cold staking support, Particl is not the only platform to support it. A few others, such as BlueCoin and BlackHalo, also enable cold staking.


If you’re seeking to build a reliable passive income stream over the long-term using cryptocurrency, a feature like quantum resistance is important. If the past half-century is any indication, computers will always grow more and more powerful. A sudden advance in computing technology could practically wipe out the value of coins that lack quantum resistance.

 

As the cryptocurrency world evolves and grows more complex, generating income reliably using cryptocurrency is also becoming more challenging. Features like cold staking and quantum resistance provide income-generation benefits and guarantees that are now available from core cryptocurrency platforms like Particl.

The post Quantum Computing and Building Resistance into Proof of Stake appeared first on Bitcoin Magazine.

Posted on 23 October 2017 | 11:59 am

Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe - Quartz


Quartz

Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe
Quartz
Interest in bitcoin trade is soaring in Zimbabwe and so is the price of the crypto-currency, which hit new record highs of nearly $10 000 earlier this month in a worsening economy that the government is struggling to turn around. Late on Monday (Oct ...
Bitcoin Sells at $9.5k in Zimbabwe as Venezuela Gains '100k' New Bitcoin MinersCoinTelegraph
Venezuelans use bitcoin 'mining' to escape inflationRappler

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Posted on 23 October 2017 | 11:46 am

Will This Battle For The Soul Of Bitcoin Destroy It? - Forbes


Forbes

Will This Battle For The Soul Of Bitcoin Destroy It?
Forbes
As Bitcoin hit a new record high less than two weeks ago, long-time “hodlers” (an inside joke in crypto based on a typo in a drunken Bitcoin Talk forum message in 2013) celebrated on Twitter and Reddit with jokes about buying Lambos, and a clip from ...
Sell 'ShitCoin2x' Immediately for Best Profit: Bitcoin Exchange BitMEX to TradersCoinTelegraph

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Posted on 23 October 2017 | 11:36 am

Markets Update: Bitcoin Price Drops a Touch After Reaching New Highs - Bitcoin News (press release)


Bitcoin News (press release)

Markets Update: Bitcoin Price Drops a Touch After Reaching New Highs
Bitcoin News (press release)
Bitcoin markets experienced a bit of a pullback on October 23 as prices dipped roughly 3 percent after reaching new highs this past weekend. At the moment the price per bitcoin is coasting along just above the $5,830 range after dropping to a low of $5 ...
Bitcoin Shrugs off Weekend Slump in Search of New All-Time HighThe Merkle

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Posted on 23 October 2017 | 11:19 am

Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold - Bitcoin Magazine


Bitcoin Magazine

Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold
Bitcoin Magazine
Steve Wozniak (aka the 'Woz') thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more. On Sunday, October 22, 2017, the co-founder of Apple Computers shared his thoughts on ...

and more »

Posted on 23 October 2017 | 10:21 am

Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold

Wozniak 2020

Steve Wozniak (aka the ‘Woz’) thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more.

On Sunday, October 22, 2017, the co-founder of Apple Computers shared his thoughts on cryptocurrencies and blockchain technologies at Money20/20 in Las Vegas where he was interviewed by Deirdre Bosa, technology reporter at CNBC. The conversation was around artificial intelligence, but the topic of Bitcoin emerged as well.

Wozniak feels a currency is more “stable” when it cannot be diluted and, while Bitcoin has a fixed future supply (only 21 million bitcoins will ever be mined), the same cannot be said about government-backed fiat currencies.

“There is a certain finite amount of bitcoin that can ever exist,” Wozniak said in explaining that the U.S. government could wind up printing more dollars for political reasons. He described the U.S. dollar as “kind of phony” in that sense, while describing Bitcoin as more “genuine and real.”

Similarly, he said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

He compared owning Bitcoin to owning a house. “Your house has value. And if it is a house today, 40 years from now, it still is a house in value,” he said, even if the price goes up and the government draws more taxes out of it.

Mathematical Appreciation

Wozniak said he “admired” Bitcoin when the digital currency was first presented.

“I looked at it as a form of currency,” he said, adding that initially he did not understand the underlying blockchain technology but now he does.

He said, initially, he had a tough time buying bitcoin because that required setting up a special bank account. The process, he said was “so awkward, it kept me from getting early bitcoin.” When he finally was able to buy bitcoin, he said the price immediately dropped in half.

But those kind of numbers don’t mean so much to Wozniak. “I am not financial,” he told the crowd, admitting he never followed the price of bitcoin, nor the price of Apple stock but said he was drawn to bitcoin because it was based on mathematics.

“My wife and I, we judge a hotel room more by the number on the door than what is inside the room. We are both mathematicians,” he said.

Countless Opportunities for Blockchain Technology

Wozniak also touched on Bitcoin’s underlying blockchain technology, and its importance in allowing people to transparently track things, like minerals.

“Right now, there is conflict with minerals in the world, and you don’t want to buy conflict minerals. Well, how do you avoid it?” He continued by explaining how companies will usually buy gold from different countries and smelt it together, so there is no way of knowing where it all comes from. With blockchain-based solutions, however, tracking where that gold comes from is now possible.

“They are applying the technology where all the payment can only go to the good, legitimate sources that don’t have conflict minerals,” he added.

Wozniak pointed out that, currently, there are so many applications popping up using blockchain technology that are so different than what people initially imagined, and it will take time to get used to.

He also likened the introduction of smart contract platforms, like Ethereum, to when computers first came out and suddenly people were writing “tens of thousands of programs” nobody had ever thought of before. Smart contract platforms open those same doors of opportunity.

“There is a lot more to this cryptocurrency than just the Bitcoin,” he said.

The post Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold appeared first on Bitcoin Magazine.

Posted on 23 October 2017 | 10:15 am

Mark Cuban-Backed Unikrn Raises $31 Million in E-Sports Token Sale

Unikrn, an e-sports betting site, has raised roughly $31 million in an initial coin offering, or ICO.

Posted on 23 October 2017 | 10:15 am

Upside Ahead? Stellar Rally Fizzles But Lumen Could Regain Luster

The price of Stellar's lumen cryptocurrency has seen ups and downs of late – but gains could be ahead if a key indicator holds.

Posted on 23 October 2017 | 9:45 am

Bitcoin Exchange Operator Given 16-Month Prison Sentence

Coin.mx operator Yuri Lebedev has been sentenced to 16 months in prison, according to a new report.

Posted on 23 October 2017 | 8:15 am

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO - CNBC


CNBC

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO
CNBC
From JPMorgan's Jamie Dimon, to the IMF's Christine Lagarde, bitcoin has become a major talking point for the finance world's established voices. Now Royal Bank of Canada CEO, David McKay, is joining in calls to question the utility and legitimacy of ...
Bitcoin is no Fraud but There are Real Concerns: Royal Bank of Canada CEOCryptoCoinsNews

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Posted on 23 October 2017 | 7:46 am

Extreme Cold Storage: A Fortress of Solitude for Bitcoins - Bitcoin ... - Bitcoin News (press release)


Bitcoin News (press release)

Extreme Cold Storage: A Fortress of Solitude for Bitcoins - Bitcoin ...
Bitcoin News (press release)
Many bitcoin investors use hardware devices, paper wallets, and multi-signature solutions to keep their wealth safe from online threats such as hackers and ...

and more »

Posted on 23 October 2017 | 7:38 am

Blockchain for Inclusion? Gates Foundation Strikes Tepid Tone at Money2020

While it sees potential for distributed ledgers in supporting its mission, the Gates Foundation also notes limitations to the technology.

Posted on 23 October 2017 | 6:30 am

Prepping for a Pullback? Bitcoin Price Drops Below $6,000

Bitcoin prices are trending down, but is this the sign of a developing trend?

Posted on 23 October 2017 | 5:45 am

Bitcoin Price Lingers Below $6k As Post-Fork Altcoin Rally Expected - CoinTelegraph


CoinTelegraph

Bitcoin Price Lingers Below $6k As Post-Fork Altcoin Rally Expected
CoinTelegraph
Bitcoin prices were back below $6,000 Monday amid talk of an imminent altcoin rally to shelve protracted losses. Bitcoin's honeymoon above the latest significant barrier remained chequered over the weekend as momentum appeared to cool. After recrossing ...

Posted on 23 October 2017 | 4:47 am

American Express Eyes Blockchain for Customer Rewards System

New patent filings from American Express suggest the credit card provider is looking at blockchain as part of a consumer rewards system.

Posted on 23 October 2017 | 4:00 am

Thinking Big? Bank Blockchains Will Advance By Doing Anything But

Recently announced bank blockchain projects may be modest in scope, but they are beginning to paint a much larger picture.

Posted on 23 October 2017 | 2:00 am

UK Regulator: DLT Startups Are Being Denied Banking Services

The U.K.'s Financial Conduct Authority found that DLT businesses do not receive loans from banks as much as other companies.

Posted on 23 October 2017 | 1:00 am

Big money stays away from booming bitcoin - CNBC


CNBC

Big money stays away from booming bitcoin
CNBC
Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors are steering ...
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Posted on 23 October 2017 | 12:31 am

Bitcoin - Giffen Good Or Bubble? - Forbes - Forbes


Forbes

Bitcoin - Giffen Good Or Bubble? - Forbes
Forbes
As Bitcoin streaks toward $6,000, I continue to think about what will drive it higher. In the near term, it struck me that Bitcoin is behaving as a Giffen good.
Will Bitcoin sow tulips or a financial revolution for young Australians?The Sydney Morning Herald

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Posted on 22 October 2017 | 7:13 am

To the Moon – Or Bust? Questions to Ask When Evaluating ICOs

Bruce Fenton offers a much needed uniform set of criteria by which investors can analyze ICOs and cryptocurrencies.

Posted on 22 October 2017 | 5:30 am

Dilbert Comics Mock Blockchain Mania

Initial coin offerings – the blockchain funding use case – are the latest subject of the long-running "Dilbert" comic strip.

Posted on 22 October 2017 | 3:10 am

Money at Risk? Mobile Wallets Become Battleground in Bitcoin Fork Debate

As bitcoin heads toward a controversial fork this November, debate is breaking out about how wallet users – and their money – might be impacted.

Posted on 21 October 2017 | 2:15 am

LedgerX Trades $1 Million in Bitcoin Derivatives in First Week

New York-based startup LedgerX has concluded a historic first week of cryptocurrency derivatives trading, reporting $1 million in exchanges.

Posted on 20 October 2017 | 4:27 pm

Bitcoin Price Analysis: Potential Wyckoff Distribution May Spring New All-Time Highs

Bitcoin Price Analysis

A potential Wyckoff Distribution phase is under way as bitcoin continues to climb on shaky ground. Days after having a strong $1,000 climb and nearly reaching $6,000 on most exchanges, we saw a strong rejection of the upper limits of the market as it plunged $600 over the course of a few short hours. Let’s take a look at the macro pattern and draw a few similarities to the Wyckoff Distribution schemes:

Figure_1.JPG

Figure 1: BTC-USD, 2-Hour Candles, Potential Wyckoff Distribution Phase

In order for the current distribution phase to be reliable, there are certain milestones the market must reach. As shown above, we previously established a point of Preliminary Supply, a strong Buying Climax, a knee-jerk reaction into an Automatic Reaction low, and a weak rally that ultimately led to a Sign of Weakness that pushed us down several hundred dollars. The rebound from this low was strong and occurred on very high volume. However, over the length of the rally post-sign-of-weakness, the volume has begun to taper as the momentum indicators are showing signs of bullish exhaustion as it finds its local high at around the $5,700 values.

One of the following milestones for the Wyckoff Distribution phase is one last dip as it tests the previous support around the Automatic Reaction low. As of the the time of this article, the current market trend is showing signs of bearish divergence on the 120-minute candles.  Zooming in closer, we can see clear signs of a potential small reversal:

Figure_2.JPG

Figure 2: BTC-USD, 30-Minute Candles, Waning Momentum

Both the RSI and MACD are showing signs of bullish exhaustion throughout the length of this rally. Any pullback will likely be supported by the Automatic Reaction support level. Historically, this has been a strong point of support and is made more evident on the 60-minute time frame:

Figure_3.JPG

Figure 3: BTC-USD, 60-Minute Candles, Strong Support Zone

The 200 EMA on the 1-hour candles is historically a great support level and provides traders a pulse on the market health. As of the time of this article, the 200 EMA is lining quite nicely with the support zone offered by the Automatic Reaction Zone. A test of these price levels would take a strong push to break and hold below. If the price continues through the Wyckoff Distribution, we can expect a test of the 200 EMA and a subsequent bounce triggering an Upthrust to new all-time highs. As mentioned in the last BTC-USD market analysis, we are trending along a macro channel:

Figure_4.JPG

Figure 4: BTC-USD, 1-Day Candles, Macro Ascending Channel

An Upthrust in this potential Distribution Phase would have a price target testing the upper channel in the $6,200–$6,300 price range.

Summary:

  1. A potential Wyckoff Distribution Phase is playing out.

  2. If the Distribution Phase plays as expected, we will see a test of the 200 EMA and a subsequent spring to new all-time highs.

  3. If an Upthrust to new all-time highs occurs, we can expect a price target in the $6,200s.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Potential Wyckoff Distribution May Spring New All-Time Highs appeared first on Bitcoin Magazine.

Posted on 19 October 2017 | 2:57 pm

What Lightning Will Look Like: Lightning Labs Has Announced Its User Interface Wallet

What Lightning Will Look Like: Lightning Labs Has Announced Its User Interface Wallet

Development of the lightning networkthe highly-anticipated second-layer Bitcoin protocol for instant microtransactions, continues to inch forward.

Lightning Labs, major contributor to the lightning network daemon, lnd, announced its cross-platform Lightning Desktop App last week. The open-source lightning wallet is essentially a user interface (UI) built on top of lnd and powered by Lightning Labs’ new open-source Bitcoin light client, Neutrino.

“This is the first functioning user interface for both sending and receiving lightning transactions with a light client mode,” Lightning Labs CEO Elizabeth Stark told Bitcoin Magazine.

The lightning network is currently being developed by several teams working on different but interoperable implementations of the protocol. Several of these implementations are functional, though only on Bitcoin’s test network (“testnet”): a sort of copy of the Bitcoin network with valueless coins specifically designed for testing new applications and more.

But, while there are already several lightning daemons available for testnet, most are only usable via command line tools. Developers Olaoluwa Osuntokun, Bryan Vu and Case Sandberg collaborated to now extend lnd with the new Lightning Desktop App to provide a user interface.

“I think the big takeaway is being able to visualize this technology and see what an early UI might look like,” said Stark. “It's one thing to be using the command line, as our lnd testers and developers have been, but it's another to be able to download the app. Being able to see this kind of progress is important.”

As part of the announcement, Lightning Labs also introduced Neutrino, the new open-source Bitcoin light client that powers the Lightning Desktop App. As a main benefit, Neutrino users don’t need to download the entire Bitcoin blockchain, which is currently over 140 gigabytes in size. This makes the desktop app much more accessible to regular users who transact small amounts, for which the lightning network is particularly suited. And because Neutrino uses a new method of transaction filtering (client side instead of bloom filters), it offers more privacy than most light clients, too.

The release of the new Lightning Desktop App kicks off a two-week “testing blitz,” as the company described it in their accompanying blog post. Developers are invited to experiment with the desktop app itself, as well as with Neutrino. Further, it makes it much easier for anyone to play around with lnd and the lightning network itself.

“The really cool thing about having our desktop app out there is now there's an easy way for people to interact with all of the apps that developers are building on Lightning, such as Yalls,” said Stark.

After the two-week testing period, the implementation will enter a regular release cycle. Releasing the wallet for Bitcoin mainnet, however, could take a while longer still, Stark explained:

“We're working toward testing and making the software more stable before releasing a beta. This is financial software and its a protocol dealing with money, so we want to ensure people can have a good user experience.”

There is no specific deadline for the beta release, but Stark added that, "The next step is for us to gather feedback from testers and develop it further, along with improvements in lnd and Neutrino."

The open-source Lightning Desktop App code is available on GitHub.

The post What Lightning Will Look Like: Lightning Labs Has Announced Its User Interface Wallet appeared first on Bitcoin Magazine.

Posted on 19 October 2017 | 11:10 am

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Latest figures from the Tetaf art market report, released by the European Fine Art Foundation, show that in 2016 global art market sales amounted to an estimated $45 billion, up 1.7 percent from 2015. The U.S. remains the largest country in the world art market, with 29.5 percent of the market share, followed by the U.K. and China with 24 percent and 18 percent, respectively.

Yet, while the industry remains a profitable one, it is slowly changing. One that is considered difficult to enter and resistant to change, a few sector players are aiming to bridge the modern digital world with the luxury arts sector.

Two art galleries are taking a blockchain and cryptocurrency approach. Eleesa Dadiani, is the founder and owner of Dadiani Fine Art in Mayfair, London. Marcelo Garcia Casil is the co-founder and CEO of Maecenas, a decentralized art gallery that aims to democratize access to fine art investment.

Dadiani & Partners

In July 2017, Dadiani’s modern fine art gallery became the first in the U.K. to accept seven different cryptocurrencies as payment: bitcoin, ethereum, ethereum classic, litecoin, ripple, dash and NEM.

Dadiani told Bitcoin Magazine that the decision to introduce cryptocurrencies wasn’t an instinctively demand-driven decision; rather, it stemmed from a desire to encourage demand and merge the two markets together.

“On a practical level, introducing cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury,” she said.

Through her recently launched Dadiani & Partners — the U.K.’s first and only luxury asset and commodity exchange for cryptocurrencies — Dadiani is hoping to unlock the potential of the digital currency market for high net-worth (HNW) investors and consumers. Acting as an intermediary, Dadiani & Partners will enable HNWs a platform to purchase luxury goods in digital currency. Dadiani says that there has been an increase in demand with the number of people seeking the purchase of assets in cryptocurrency.

“Many bitcoin millionaires are unable to cash in their digital currency as the banks won’t convert large amounts of cryptocurrency for cash,” she added.

Passionate about cryptocurrencies, and the blockchain that underpins them, Dadiani believes that they will have a profound impact in every sphere of business and our everyday lives.

“The technology will allow us to reclaim power, paving the way for decentralized, peer-to-peer transactions without the intervention of an intermediary,” she added. “This is a revolution that goes far beyond the art market.”

Since introducing the acceptance of digital currencies the art gallery has sold a number of pieces. Going forward, all of the art, across all the exhibitions, will be available to purchase in the available digital currencies. Dadiani says that the artists are onboard and keen for their pieces to be sold this way.

“Any of the pieces we sell can still be purchased via conventional fiat currency, but purchasing via cryptocurrency enables buyers to purchase peer-to-peer, person-to-person, without the intervention of a centralized authority,” Dadiani said.

It’s hoped that by further globalizing the business and broadening their customer base, Dadiani Fine Art will appeal to bitcoin millionaires who are looking to purchase assets via cryptocurrencies.

“Digital currency is being embraced by people of all ages, creed and class, and as it’s happening in other sectors, there is no reason why the gap between the modern digital world with the luxury sector cannot be bridged.”

Maecenas

Investment in the art world can be an expensive proposition. Named after Gaius Maecenas, an ancient Roman patron of the arts, Maecenas, is attempting to remove this barrier by letting anyone buy shares of fine art. Through its blockchain-driven platform, Maecenas divides artwork ownership into fragments and connects art owners with investors where shares are bought and sold.

“By turning masterpieces into tokenized tradable assets, Maecenas democratizes access to fine art by letting a much wider audience invest in multi-million dollar artworks which would otherwise be out of reach,” Casil said to Bitcoin Magazine.

Buying access to the artwork’s investment value does not mean buying access to the actual artwork itself, however. According to Maecenas, art pieces are not put on display; rather, they are held in purpose-built art storage facilities, ensuring the work is safe and looked after. If there is a demand in the future, then they may introduce an art-leasing facility where art lovers can temporarily hold the piece of art for a fee. The fee would then be distributed among the shareholders as income.

By injecting liquidity and transparency into the fine art market, the platform claims to be adding aspects to the sector that have been missing. Determining a fair price of an illiquid asset is now made possible via the blockchain through the conversion of small and liquid tradable financial units, creating tamper-proof, digital certificates denoting ownership. These are similar to shares of a company and can be traded on an open exchange.

Through the implementation of a Dutch auction process, Maecenas permits investors to submit private bids stating how many shares of the artwork they want to own and what price they’re willing to pay for them.

“The Dutch auction smart contract then handles all the bids and uses a well-known algorithm to determine the optimal price for the artwork shares,” Casil added. “This process is transparent and discourages price manipulation.”

Maecenas’ ART utility token functions as a clearing and settlement mechanism for all transactions of artwork on the Maecenas ecosystem. Participating in Dutch auctions, leasing artwork or performing any other sensitive platform operation is handled via smart contracts that require ART tokens to operate, says Casil.

“In the case of the auctions themselves, the token represents the investor bid and commitment, and a dollar value equivalent of the tokens is escrowed in the contract for the duration of the auction.”

For instance, if an investor wants to bid $50,000 for an artwork, and ART is worth $2, then 25,000 ART tokens must be submitted to the smart contract to reflect the bid.

To ensure the work is authentic, Maecenas has an internal team that checks the full provenance of the artwork including certificates of authenticity, condition reports, insurance policies, certificates of storage and valuation reports. Independent reputable experts will also assess and appraise the artwork. The documents produced during the due-diligence process are then protected and stored securely on the blockchain.

Maecenas recently completed their token crowdsale which raised 50,744 ETH. They are aiming to launch their platform in the first quarter of 2018.

The post Connecting the Luxury Fine Art Industry with the Modern Digital Economy appeared first on Bitcoin Magazine.

Posted on 18 October 2017 | 9:29 am

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs, the New York–based development company and major contributor to Bitcoin Core, is organizing a second edition of its Bitcoin residency program in the first months of 2018. The program intends to help developers overcome the steep learning curve associated with becoming a protocol-level contributor to projects like Bitcoin Core. In doing so, Chaincode Labs hopes to help expand Bitcoin’s development community.

“Last year was the first run,” Chaincode Labs developer John Newbery told Bitcoin Magazine. “We’ve now taken the good stuff from that and tried to make it even more focused and useful for residents this year.”

The Residency Program

Chaincode Labs, in collaboration with Matt Corallo — who worked at Blockstream last year but joined Chaincode Labs since — organized the residency program for the first time in September and October of 2016. The next edition will start on January 29, 2018, and will last until February 23.

Newbery himself was one of the attendees of this first residency program. He was later hired by Chaincode Labs and has since been one of the most prolific contributors to the Bitcoin Core project.

Now, he is coordinating the second of two legs of the new program.

“Chaincode Labs exists to strengthen Bitcoin,” said Newbery. “We mostly do that by contributing to Bitcoin Core, but each of us has a lot of freedom to do what we think is important. And the main purpose of this residency program is to try to strengthen the developer community.”

Specifically, courses will cover protocol design, adversarial thinking, threat models and security considerations, as well as address some of Bitcoin’s biggest challenges, like scaling, fungibility and privacy. Attendees will mostly learn by doing and could even start contributing to the Bitcoin Core project during the residency. Throughout the program they will be assisted by the entire Chaincode Labs team — Alex Morcos, Suhas Daftuar, Matt Corallo, John Newbery and Russ Yanofsky. There may also be guest speakers.

Two Blocks

Whereas the first edition of the residency program lasted four straight weeks for all attendees, this time the coding classes will be cut into two two-week phases. Candidates can either pick one of two legs or join both, with room for five or six attendees per session.

The first leg is coordinated by Corallo, who has been contributing to Bitcoin development since 2011.

“Session A is all about getting people to think about the security trade-offs and implications of the technical decisions we make,” Newbery explained. “There’s a lot of thought that goes into all the decisions that are made in Bitcoin, but that nuance is often lost. If we can help people to understand those trade-offs better and be able to communicate them, then perhaps we can raise the level of the conversations we have about Bitcoin.”

The second session will be more focused on the Bitcoin Core project itself, Newbery said.

“Session B is all about getting smart, talented people to start making useful contributions to Bitcoin Core. There’s a steep learning curve to becoming a contributor and if I can help people who want to contribute but have felt daunted or don’t know where to start, then I’ll feel like I’ve succeeded.”

Additionally, Chaincode Labs will organize a series of Wednesday night meetups ahead of the residency program. Contents of these meetups will be similar to the residency program, but these meetups are for participants who live in (or near) New York who can’t dedicate two or four full weeks to attending the residency program itself.

For more information on Chaincode Labs’ 2018 Bitcoin residency program and to find out how to apply, see the company’s announcement and the program website.

The post Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class appeared first on Bitcoin Magazine.

Posted on 18 October 2017 | 8:05 am

Ether Price Analysis: Eve and Adam Could Be Turning Back the Bulls

Ether Price Analysis

Since bottoming out around $200, ether has spent several weeks bouncing back and forth inside an ascending channel:

Figure_1 (15).JPGFigure 1: ETH-USD, 4-Hour Candles, Ascending Channel

For the last month and a half, ether’s trend has been contained within the bounds of this ascending channel, where it has continued its bullish rally. However, today (as of the time of this article) it is starting to make moves to aggressively test the lower boundary. Specifically, as ether tests this channel, it is forming a potential reversal pattern called an Eve-and-Adam Double Top.

Figure_2 (12).JPGFigure 2: ETH-USD, 1-Hour Candles, Eve-and-Adam Double Top

At the time of this article, ether is attempting to break the neckline (the pink dashed line) of the massive reversal pattern. Should ether break this neckline, the measured move from this pattern is a $30 move downward, which would ultimately shove ether outside the bullish ascending channel it has been trending within. The price target of the Double Top breakout would bring the ETH-USD price into the upper $200s.

On a macro scale, ether has support along the following Fibonacci levels:

Figure_3 (12).JPGFigure 3: ETH-USD, 4-Hour Candles, Fibonacci Levels

Should the ascending channel break, the above Fibonacci levels will provide support and will need to be tested in order to prove a bearish continuation. As of the time of this article, the Double Top mentioned in Figure 2 is sitting right on the 23 percent retracement values where it is making attempts at breaking it. There is strong support at these values, so if ether can break and hold below $315, it will send a strong bearish signal to the market.

Should the Double Top complete, we can expect a test of the 38 percent retracement values following the break of the ascending channel. At this time, the 4-hour MACD is showing strong bearish momentum on a macro scale, and the market is picking up sell volume.

Summary:

  1. For weeks, ether has been trending within an ascending channel.

  2. Ether is currently in the process of making a strong test of the ascending channel via an Eve-and-Adam Double Top reversal pattern.

  3. If the Double Top breaks downward, we can expect a break of the multi-week bullish channel and a test of the 38 percent Fibonacci Retracement values.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


The post Ether Price Analysis: Eve and Adam Could Be Turning Back the Bulls appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 3:45 pm

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Steam accepts Bitcoin

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Major Magazine Publisher to Accept Bitcoin Payments

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Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

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airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

October 23, 2017 -
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