Saturday, July 22, 2017

Traders and Investors are Coming Back to Bitcoin: Reasons and Trends

Traders and Investors are Coming Back to Bitcoin: Reasons and Trends

Traders and investors are coming back to Bitcoin due to the lock-in of BIP 91 and the high probability of Segregated WItness being activated in the near future.


Bitcoin’s dominance over the cryptocurrency market is closing on 50 percent, with the Bitcoin dominance index currently at 48 percent.


A month ago, when the Bitcoin scaling debate was being prolonged and the mining community pushed for the activation of SegWit2x without the BIP 91 activation mechanism, the dominance index of Bitcoin dropped to an all-time low at 37.47 percent.


The dominance index of Bitcoin dropped from nearly 60 percent to 37.47 percent in a period of a few months due to the certainty in Bitcoin scaling and the reluctance of miners to activate SegWit. As user-activated soft fork (UASF) and SegWit2x asserted pressure toward the mining community to avoid a chain split and scale the Bitcoin network securely and efficiently, the mining community including Bitmain, which previously revealed the possibility of an Aug. 1 hard fork, began to signal for BIP 91 and SegWit.


Full story at http://bit.ly/2uL11De


Source: CoinTelegraph


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Thousands of Japanese Retailers, Restaurants May Stop Accepting Bitcoin

Thousands of Japanese Retailers, Restaurants May Stop Accepting Bitcoin

More than 5,000 retail stores and restaurants in Japan may stop accepting Bitcoin as a form of payment starting Aug. 1, 2017. This possibility could push through if Bitcoin payment processors will halt their services.


The retailers and restaurants accept Bitcoin through payment processors bitFlyer and Coincheck. The latter is also partnering with Recruit Lifestyle in order to expand its operation and accept more than 260,000 additional stores across Japan as clients.


BitFlyer, however, has announced that it could stop Bitcoin deposits and withdrawals, along with its payment services from July 31 to Aug. 2. Coincheck has separately announced that it will temporarily halt Bitcoin deposit and withdrawal starting Aug. 1.


Full story at http://bit.ly/2uL6YjF


Source: CoinTelegraph


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Coinbase Adds 100k Users in 3 Days, IRS Loses Ground

Coinbase Adds 100k Users in 3 Days, IRS Loses Ground

The Bitcoin and Ethereum wallet provider Coinbase has added 100,000 users in just three days, continuing a record spurt lasting since June.


Coinbase, which has struggled to keep up with demand in recent months, is also making headway in its ongoing legal battle over access to its records for tax purposes.


The latest statistics come courtesy of entrepreneur Alistair Milne, who collected archived website data to reveal the impressive total which runs through June 21.


Full story at http://bit.ly/2uL5aqQ


Source: CoinTelegraph


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Living on Bitcoin in 2017: How Practical Is It?

Living on Bitcoin in 2017: How Practical Is It?

The vast majority of investors in Bitcoin consider it as a safe haven asset, long-term investment and digital gold. But, how practical is it to live on Bitcoin in 2017?


By nature, Bitcoin is a digital currency, described by its creator Satoshi Nakamoto as a digital cash system. Upon the clearance of the Bitcoin mempool, a holding area for unconfirmed transactions, Bitcoin transaction fees decreased to a range of $0.5 to $0.9, and with the activation of Segregated Witness through the BIP 91 activation mechanism, fees are expected to decrease to around $0.1.


The substantial decrease in Bitcoin transaction fees will allow Bitcoin to become more usable as a digital currency, to purchase goods and items both online and offline.


Full story at http://bit.ly/2uLiRWw


Source: CoinTelegraph


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Analyst Who Predicted 1987 Stock Market Crash Predicts Bear Market for Bitcoin and Altcoins

Analyst Who Predicted 1987 Stock Market Crash Predicts Bear Market for Bitcoin and Altcoins

Market analyst Elliott Prechter has projected that digital currencies, particularly Bitcoin, will experience a sharp decline in the near future. Prechter has correctly forecast the surge of Bitcoin in 2010 when the cryptocurrency’s price was just six cents.


In his July 13, 2017 report, Prechter claimed that the Elliott wave pattern, optimistic psychology, and Blockchain bottlenecks will lead to the collapse of the digital currency market.


"The price activity and manic sentiment that led to present prices have dwarfed even the Tulip mania of nearly 400 years ago. The success of Bitcoin has spawned 800-plus clones (altcoins) and counting, most of which are high-tech, pump-and-dump schemes. Nevertheless, investors have eagerly bid them up.”


Previously predicted the stock market crash


Full story at http://bit.ly/2uL6aeu


Source: CoinTelegraph


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Bitcoin, Ethereum Bounce Back Hard To Reach $2,400 and $240

Bitcoin, Ethereum Bounce Back Hard To Reach $2,400 and $240

Bitcoin has rebound to $2,400 and Ethereum is up 25 percent in a day as optimism returns to cryptocurrency markets in a big way.


The shift into the green coincides with reaching the required consensus for BIP 91 to lock in for Bitcoin. This paves the way for SegWit activation without the need for a hard fork.


Meanwhile, Ethereum has recovered spectacularly from last week’s seismic losses, currently trading at an average of $242 according to Coinmarketcap.


Full story at http://bit.ly/2vHijhT


Source: CoinTelegraph


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GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.


In a note sent out to clients on Monday, Sheba Jafari, the head of technical strategy at the bank, updated her recent chart work on the cryptocurrency.


The $1,856 to $1,790 area "has the potential to act as strong support," Jafari wrote. "All in all, the balance of signals appear to be shifting to a more positive tone."


Jafari's latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop. At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use). Jafari, however, always expected the gains would resume after the correction. And that they have.


Full story at http://read.bi/2uHKNdO


Source: Business Insider Nordic


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Cosmetics Giant Lush Accepts Bitcoin

Cosmetics Giant Lush Accepts Bitcoin

Anti-animal cruelty and vegan cosmetic and skincare giant Lush has announced that it will be taking a bold step with its online store as it begins accepting Bitcoin as a form of payment.


The UK cosmetic high street shop, that has seen rapid growth with stores across the globe, has seen it fit to move with the times by adopting Bitcoin, the most popular cryptocurrency, as a form of payment for its online store.


Lush will be embracing this new monetary technology, and join companies on the scale of Microsoft, Expedia and Steam, in this uptick of Bitcoin.


The idea is to allow for more global payment to be made on their UK online store through the use of this decentralized currency.


Full story at http://bit.ly/2uhXH1N


Source: CoinTelegraph


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Bitcoin Unlimited: New Report ‘Invalidates’ Security

Bitcoin Unlimited: New Report ‘Invalidates’ Security

A new report from the International Association for Cryptologic Research (IACR) has claimed Bitcoin Unlimited’s (BU) security promises are “invalid.”


The paper, elaborately titled ‘On the Necessity of a Prescribed Block Validity Consensus: Analyzing Bitcoin Unlimited Mining Protocol,’ states that BU’s two central tenets of security are incompatible with the needs of a cryptocurrency network.


“[...W]e systematically evaluate BU's security with three incentive models via testing the two major arguments of BU supporters: the block validity consensus [BVC] is not necessary for BU's security; such consensus would emerge in BU on the run,” its abstract begins.


“Our results invalidate both arguments and therefore disprove BU's security claims.”


Full story at http://bit.ly/2ui5Weh


Source: CoinTelegraph


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Friday, July 21, 2017

Suddenly, Bitcoin Price Shoots Up To $2500 As Poloniex Halts Litecoin Trading

Suddenly, Bitcoin Price Shoots Up To $2500 As Poloniex Halts Litecoin Trading

Bitcoin has shot up $200 in hours as a sudden bull run sees the virtual currency retake $2500.


Data from cross-exchange readings at Coinmarketcap shows Bitcoin’s price suddenly react during Thursday to go from $2300 to $2510.


At press time, the upward trajectory is continuing, while investors expecting Litecoin to benefit from a knock-on effect are venting frustration at major exchange Poloniex freezing trades.


Poloniex has yet to respond to demands for an explanation from users, who are venting their frustration on social media outlets.


Full story at http://bit.ly/2uFkW6P


Source: CoinTelegraph


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The Real Story Behind Bitcoin Price Volatility

The Real Story Behind Bitcoin Price Volatility

Our London Correspondent Nick Ayton, the ‘Sage of Shoreditch,’ has been speaking to the Bitcoin core community about the politics and power struggles that will impact SegWit decision-making.


What happens to Bitcoin holders in the weeks ahead?  What will be the consequences of SegWit for the user community and what does it mean to Bitcoin as a cryptocurrency and the role of miners?  Is the economic model for Bitcoin being forced to change as the investment in POW infrastructure remains significant and where are the rewards declining?


Full story at http://bit.ly/2ugdEE7


Source: CoinTelegraph


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Bitcoin Price Breaks $2,600 As SegWit Nearly Finalized, $3,000 In Sight

Bitcoin Price Breaks $2,600 As SegWit Nearly Finalized, $3,000 In Sight

Within a 24-hour period, Bitcoin price increased from $2,300 to $2,600, recording a staggering 13 percent surge in value.


Earlier this week, miners began to signal for Bitcoin Improvement Proposal BIP 91, a kludge between the original Segregated Witness (SegWit) proposal and the Digital Currency Group-led SegWit2x, also known as the Silbert accord.


Despite its short timeline that may cause difficulties for developers resulting from technical instability, BIP 91 was the last chance for miners and the Bitcoin community to avoid a network split, which would have led to the creation of two Bitcoin Blockchains or Bitcoins.


In contrast to user-activated soft fork, BIP 91 is a miner-activated soft fork, which will activate SegWit, a transaction malleability fix and scaling solution developed by the Bitcoin Core development team at an 80 percent activation threshold, as listed on the SegWit2x proposal.


Full story at http://bit.ly/2uFvWkH


Source: CoinTelegraph


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Bitcoin Price Surges to One-Month High as Tech Outlook Improves

Bitcoin Price Surges to One-Month High as Tech Outlook Improves

After dropping to a low of $1,836 this weekend, the bitcoin price is once again climbing back toward all-time highs.


According to CoinDesk's Bitcoin Price Index, the price of bitcoin rebounded to $2,730 today, the highest value observed on the BPI since June 23 and just $300 off its all-time high of $3,025, set on June 11.


So, what's driving traders?


Overall, analysts are reporting that the recovery is largely due to the improving outlook for bitcoin's technology roadmap, spurred by the expected 'lock in' of a code upgrade called BIP 91 today.


Full story at http://bit.ly/2vGY5ob


Source: CoinDesk


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The Bitcoin Scaling Countdown: Miners Begin Running Segwit2x Software

The Bitcoin Scaling Countdown: Miners Begin Running Segwit2x Software

As the price of bitcoin dropped to new lows this weekend, some bitcoin proponents were patiently waiting for the promised BTC1 software. Now it seems in a short period of time the bitcoin ‘community’ may see the protocol Segregated Witness (Segwit) activated as the mining community has begun to signal BIP91. The proposal BIP91 is a combination of Segwit2x and BIP148. The version 1.14.4 code has been pushed to the repository by the Segwit2x working group, and a few mining pools have already started running the protocol. The China-based Bitmain technologies announced their support via Twitter by stating;


"All of our bitcoin mining pools will start running the new Segwit2x software today"


Other mining pools signaling and mining BIP91 blocks include Bixin, Antpool, BTC.com, Bitfury, and Bitclub so far. Now spectators are waiting for other pools like BTCC, F2pool, Slush, and a few others to join. Back in June Bitcoin.com reported on how a vast majority of the hashrate was signaling their initial support for Segwit2x. Miners running the new BTC1 software and currently signaling BIP91 means that if enough hashrate reaches over 80 percent and continues for a 336 block period, Segwit will “lock in”. If all is successful, this will then lead to another 336 block period that will activate the Segwit protocol on the main chain.


Full story at http://bit.ly/2tcbR1y


Source: Bitcoin News


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BIP 91 Locks In: What This Means for Bitcoin and Why It's Not Scaled Yet

BIP 91 Locks In: What This Means for Bitcoin and Why It

BIP 91 has officially locked in.


At press time, bitcoin's miners, the network of computer operators that secure the blockchain, have now been signaling that they will upgrade the code for 269 blocks in the same signaling period, a move that takes the software one step closer to changing its structure to accommodate more transactions.


Stepping back, the move finds miners agreeing to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.


The controversial proposal seeks to change the transaction structure of the network via Segregated Witness, and increase a cap on the amount of data that can be stored in transaction blocks, a move tentatively scheduled for later this fall.


Full story at http://bit.ly/2tliqPk


Source: CoinDesk


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Thursday, July 20, 2017

Trump Navy secretary nominee: Climate change is real and poses a threat

Trump Navy secretary nominee: Climate change is real and poses a threat

President Trump’s Navy secretary nominee said Tuesday he is “totally aware” of the threat posed by climate change and committed to addressing it if confirmed.


“The Navy is totally aware of rising water issues, storm issues, etc.” nominee Richard V. Spencer told the Senate Armed Services Committee on Tuesday.


“We must protect our infrastructure, and I will work hard to make sure we are keeping an eye on that because without the infrastructure, we lose readiness.


Full story at http://bit.ly/2thECtz


Source: http://thehill.com


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