Category Archives: Altcoin
A bullish wave was evident across multiple altcoin markets last week, boosting the price of several coins by more than 20%. The price of Ethereum ETH rose by more than 20%, as it surged from around $322 to $387 at the time of writing of this update. Monero XMR price almost doubled as it rose from around 0.19 BTC to record a week high of 0.38 BTC last Monday, before dropping down to 0.03 earlier today. Lisk LSK was one of the biggest gainers during last weeks trading sessions, as it rose from 77,000 satoshis to 145,000 satoshis, scoring more than 88% increase in market capital within less than a week.
So, what are the best coins to buy for profit this week?
Litecoin continues to rise. Lets keep on the Fib retracement we plotted during last weeks update and look onto the 4 hour LTCBTC chart from Poloniex (look at the below chart). As we can note on the chart, Litecoin price has just broke through the resistance at 0.01482468 BTC, which corresponds to the 38.2% Fib retracement, so it will most probably continue rising as the next significant resistance lies around 0.01766110 BTC (23.6% Fib retracement). Continuation of the bullish wave can be confirmed by the bullish signal shown via the SMAs of the Williams Alligator. The MACD indicator is also bullish as it lies in the positive territory and the blue positive trend line is above the red negative trend line.
I recommend buying LTC now namely below 0.016 BTC and setting a sell order for the bought coins at 0.0176 BTC.
NEM price rose from around 6,000 satoshis up to 7,100 satoshis earlier today. To set up key resistance and support points, we will plot a Fib retracement between the low recorded on July 10, 2017 (4,752 satoshis) and the high recorded on August 3, 2017 (9,007 satoshis) (look at the below chart). Note that NEM price is currently testing the resistance around 7,382 satoshis (38.2% Fib retracement). If this resistance level is broken, we can see NEM rise towards the next resistance level around 8,003 satoshis. The bullish signals shown by both the Williams Alligator and MACD indicators, indicate that NEM price will likely breach this key resistance level.
I recommend buying NEM between 7,200 and 7,400 satoshis and setting a sell order for the bought coins at 8,000 or even 9,000 satoshis.
A bullish wave has been driving Lisks market during the past couple of weeks. As shown on the below 4 hour LSKBTC chart from Poloniex, we can plot a Fib retracement between the low recorded on August 17, 2017 (42,766 satoshis) and the high recorded on August 27, 2017 (182,426 satoshis). LSK is currently testing the resistance around 149,466 satoshis (23.6% Fib retracement) and it will likely break through it, especially that the MACD and Williams Alligator are bullish.
I recommend buying Lisk between 145,000 and 146,000 satoshis and setting a sell order for the bought coins at 165,000 satoshis or even 182,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com
About Dr Tamer Sameeh
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OpenBazaar is certainly at the top of many peoples lists of cryptocurrency-based marketplaces. The OpenBazaar protocol is appealing to a lot of people since it allows anyone in the world to buy or sell any good or service in exchange for Bitcoin. The possibilities are endless. One downside, though, is that OpenBazaar only supports Bitcoin right now. That situation will change very soon, by the looks of things.
Ever since the Openbazaar platform was released, cryptocurrency users have been incredibly excited about what theprotocol hadto offer. Being able to buy or sell any product or service in exchange for Bitcoin has a lot of value to a lot of users around the world. With most merchants hesitating to fullyadopt Bitcoin payments, different solutions are needed. OpenBazaar certainly checks a lot of the right boxes andit has a ton of functionality.
During the initial stages of OpenBazaar, there were some issues that needed to be addressed. For one, there was no convenient way to search for goods and services. Later on, the DuoSearch tool was introduced to alleviate this issue, and it has received a lot of praise over the past few months. OpenBazaars developers have been working on integrating their own search feature as well, which has madethe whole project more convenient for users.
There has also been a growing demand for altcoin support on OpenBazaar. Considering how this platform is designed to act as a decentralized protocol for marketplace purposes, there should notbe a limit on the range ofcoins users can utilizeto make or receive payments. Integrating altcoins into Openbazaar is not necessarily all that easy, butthe developers are working hard at it. It is a bit unclear which coins are on their radar right now, but Bitcoin Cash is one of the proposed solutions for the time being.
It would be quite interesting to see OpenBazaar embrace many altcoins. There has never been any indication the developers would not look beyond Bitcoin when it cameto dealing with payments. This makes a lot of sense, as Bitcoin is not the perfect currency some people would like to think it is. However, given the uncertainty regardingwhich altcoins will be integrated into theplatform moving forward, it is not impossible someone wouldfork this source code to include specific currency support in the future.
Indeed, that is one of the main selling points of OpenBazaar. Although the projects source code can be downloaded from GitHub with relative ease, there is nothing preventing other developers from making their own versions of thesoftware. When it comes to integrating support for alternative currencies, this can be an option well worth exploring. Any forked versions of OpenBazaar may eventually have features ported to the main development branch over time, depending on how successful the implementation is.
It is good to see the OpenBazaar team acknowledge their project couldbenefit from integrating support for various othercryptocurrencies. Although the main focus will always be Bitcoin, there are plenty of other currencies thatcould be valuable additions to this protocol in the future. There is no plan to drop Bitcoin support altogether, but the developers do not seem satisfied with theway things standright now. That is notentirely surprising, but it couldhave major consequences for this decentralized marketplace project.
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OpenBazaar Developers May Introduce Altcoin Support in the Near Future – The Merkle
August 24, 2017 04:01 ET | Source: XNT Limited
EXANTE, the European fintech firm that made history in 2012 by launching the world’s first Bitcoin hedge fund, is once again shaking up the investment industry. Today the Malta-headquartered company launched a dedicated altcoin index, XAI, which reflects the dynamics of the altcoin world (all cryptocurrencies minus Bitcoin). The XAI-Fund, which is available to EXANTE clients immediately, follows the index, to profit from the rise in prices of most altcoins in an easy safe and regulated way. The XAI index is made up of nearly all available popular alternative cryptocurrencies.
Anatoliy Knyazev, co-founder of EXANTE elaborated: ‘Just a couple of weeks ago we launched separate funds for Ripple, Ethereum. Monero, Zcash and Litecoin – which was a huge success. We did notice an additional demand from clients who don’t have the time or the technological means to deep-dive and analyze each currency separately – but do want to profit from the bullish altcoin markets. XAI is the solution to that problem.’
EXANTE clients can trade XAI fund shares are regular exchange traded instruments and they are accessible via the general trading platform. This platform gives traders direct access to more than 50 thousand financial products and nearly all financial markets. Trading in these products, is regulated by the MFSA and audited by KPMG, adding a layer of security normally missing from the unregulated cryptocurrency market.
Besides the aforementioned altcoins, the XAI-index also tracks Ethereum Classic. ‘We decided to leave out Bitcoin,’ said Knyazev, ‘since it has less fat left on its bone. Ripple and Monero, for example, nearly doubled in value recently. That’s what makes investing in the XAI fund so interesting and exciting.’
For further information contact: Thijs PlugHead of Content T: +356 2015 0000E: email@example.com
Note to editors
About EXANTE: EXANTE is a European investment company established in 2011. Its headquarters are located in St Julian’s, Malta. EXANTE is licensed to provide financial services, including trading and investment. The company works with a wide range of products and services – from solutions for retail clients, to tailored offerings for institutional counterparts. Its full-scale trading tool is accessible from desktops, web browsers and mobile applications. EXANTE provides online trading access to over 50 markets worldwide. Clients can invest in more than 50.000 financial instruments. http://www.exante.eu
ST. Julians, MALTA
Press release (PDF).pdf
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What Are Altcoins and Why Do They Matter?The word altcoin is an abbreviation of Bitcoin alternative, and thus describes every single cryptocurrency except for Bitcoin. Altcoins are referred to as Bitcoin alternatives because, at least to some extent, most altcoins hope to either replace or improve upon at least one Bitcoin component.
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ALTCOIN | Bitcoin Insider
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Altcoin Forum – Alternative Cryptocurrecies Location
Sidechains have been viewed as Bitcoins way of dealing the altcoin market since 2014, when a proposal for a two-way peg between two different blockchains was first proposed in a public setting. Three years later, it appears that drivechains, which are a specific way of implementing sidechains, will be the way in which extensions for Bitcoin are rolled out.
Sidechains remove the need for altcoins by allowing bitcoins to be effectively transferred from one blockchain to another. This means the bitcoin token can be used on any type of blockchain that bitcoin holders demand into existence.
Drivechains were designed by Bloq Economist Paul Sztorc, who started working on the idea after the lack of progress on sidechains slowed down his own project, a decentralized prediction market known as Bitcoin Hivemind.
In Sztorcs view, the security model for drivechains is not much different than that of the main Bitcoin blockchain because the funds on the drivechain are held in escrow by bitcoin miners. Some developers, such as Peter Todd, have shared technical concerns with merge-mined sidechains in the past, but this concept is likely going to be tried out in the wild, whether the contributors to Bitcoin Core like it or not. Sztorc has also attempted to address these technical concerns through the use of blind merged mining.
In terms of the risk of miners stealing the funds held in escrow, Sztorc has pointed out that a similar risk already exists in Bitcoin: A cartel of miners could theoretically defraud a bitcoin exchange by selling bitcoins on the exchange and then later rewriting the chain history in a way obscures or erases the original deposit so that it appears it never took place.
Drivechains can be added to Bitcoin via soft forks, which means they are backward compatible. If there is sufficient demand for a specific type of drivechain, miners should be happy to mine on the additional chain in order to generate more revenue by way of transaction fees.
Features of popular drivechains could theoretically be soft-forked into Bitcoin by way of an extension block or some other measure, but its unclear if this would even be necessary.
The three main niches that have gained interest from altcoin speculators are microtransactions (lower transaction fees), smart contracts and privacy.
Both Ethereum and Litecoin are said to be useful alternatives to Bitcoin because they have lower transaction fees. One of the first intended drivechains is one with bigger blocks which would allow users to transact with lower fees in a manner that does not negatively affect the decentralization of Bitcoins main chain.
Although its still unclear if there is much substance behind the drastic rise in Ethereums market cap, RSK has built a sidechain focused on complex smart contracts that is a hybrid between a drivechain and a federated sidechain. The RSK platform is currently pegged to Bitcoins testnet, and it is expected to launch on mainnet later this year.
In terms of privacy, there are intentions to add a MimbleWimble sidechain to Bitcoin, although the mechanism that will be used to peg the sidechain to Bitcoin is unclear at this time. In addition to MimbleWimble, its also possible that a Monero, Zcash or other privacy-focused sidechains could be released if there is enough demand.
There is a full list of sidechain projects available on the Drivechain website.
While drivechains are likely to drive out the need for altcoins, its still possible that alternative digital assets that are not attempts at creating a new form of money will exist.
Sztorcs own project creates a new token, votecoin, which is required for the decentralized prediction market to work. With this setup, bitcoin is used as the transactional currency while votecoins are used as a sort of stake in the network to get the incentives to work properly.
To me, its unclear how often these sorts of new tokens will be needed, but there should be no reason for competitors to bitcoin as a form of digital money to exist.
One last thing to keep in mind is that a chain split in Bitcoin could invalidate the hypothesis laid out in this article. If there is a split, then the network effects around Bitcoin could be weakened, which would open the door for an alternative cryptocurrency to take Bitcoins place.
The supporters of the SegWit2x proposal intend to activate a hard-forking increase to Bitcoins block size limit later this year, but it is extremely unlikely that this change will be implemented in Bitcoin Core, which means a chain split is a possibility.
The negative effects of such a situation would depend on the severity of the split and how the market reacts.
If a big block drivechain is prepared in time, it may be able to decrease the attraction some in the Bitcoin ecosystem have toward a hard fork.
Thank you to drivechain developer Patrick Murphy for answering a few questions during the writing of this article.
See the article here:
Op Ed: Drivechains Could Kill Off the Altcoin Market
Nakamoto Institute Daniel Krawisz: I Don’t Like Altcoins, but I Like Forks – Bitcoin News (press release)
This week the founder of the Nakamoto Institute, and the developer of a bitcoin mixing tool called Shufflepuff, Daniel Krawisz, released a Youtube video giving an interesting perspective on the recent Bitcoin network fork. Krawisz is pleased with watching the forks unfold and believes the two competing currencies may discourage the technocracy of ruling developers.
Also read:Tumbling Bitcoins: A Guide Through the Rinse Cycle
Daniel Krawisz is known in the bitcoin community for his many efforts, including authoring many historicalbitcoin essays and opinion pieces at the Satoshi Nakamoto Institute. Further, Krawisz is also well-known for his stance towards altcoins, as he believes they are a scam and altcoin developers are basicallysnake oil salesmen. Now you would think that Krawisz would be vehemently against the recent fork, which spawned the birth of another cryptocurrency called Bitcoin Cash. However Krawisz is very excited to see everything happening For Real.
In general I like forks I dont like altcoins, but I like forks, and the reason is; I think of a fork as being an evolutionary algorithm, Krawisz states in his latest video. You got regular bitcoin running along, and suddenly you got two bitcoins, they split, and theres a mutation. Theres a little bit of difference between them, so now you say Which one do I like better?
Well you can put a little bit of money on either side to influence which one wins.
Krawisz says because everyone is invested in both chains theres a very even playing field for the two competitors. This is not like bitcoin versus an altcoin, Krawisz explains. The reason money is valuable is because of the network effect, and it connects you to other people. So you can have money that is not directly good for anything, but if it is the form of money that society has settled upon, as the one they use by default, its valuable because they are all connected with that money.
The network effect Krawisz details, is what makes money valuable and with a fork, the same investors own the same amount. To Krawisz this kind of removes the network effects power over investors and they can focus more on technical differences. With this technical competition, an investor can now decide which currency they believe is superior.
So if you are good at designing bitcoin then you will make money by choosing the correct fork, Krawisz says. This is a process that rewards good designers, if you are good at designing you get more money, and if youre bad at it, you get less money, and if you dont want to get involved, you dont have to do anything.
To me forks are good because they put the investors in control. Investors are given a choice and they choose which one they like better. One thing that I dont like in bitcoin is when developers have a higher social status than investors. It should be the other way around, developers should be below investors.
Krawisz believes investors should think of themselves as a god, and the two chains represent two groups of people vying for the gods favoritism. He says its better not to be loyal to one side because thats how people lose money. But if one side is technically better, than as a god, you can give one side a little nudge in the right direction. The bitcoin god (investor) decides which bitcoin they will elevate to the heavens, and the other can be dumped into the pit of fire, saysKrawisz.
The video further details what he thinks about the Ethereum situation and the power he believes Vitalik Buterin holds over the community. In this case,Krawisz thinks investors are worshipping their god Vitalik, and looking for him to shepherd them through the darkness. Overall Krawisz seems very pleased with the bitcoin fork, because in his opinion it will lessen the godliness of developers, and remove the technocracy by putting the power back into the hands of investors. Additionally,he explains hes written about the subject before in an essay called Who Controls Bitcoin?
What do you think about the statements and opinions Daniel Krawisz holds towards the fork? Do you agree forks may lessen the problem of technocracy? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, and Twitter.
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By Jamie Holmes Aug 21, 2017 5:43 AM EDT
The largest South Korean exchange Bithumb announced on August 21 the addition of the privacy-focused altcoin, monero (XMR). The exchange, which commands more than $900 million in volume daily, plans to open up monero deposits on August 23.
Koreans have been pushing a lot of volume into cryptocurrency markets recently. The pump of Bitcoin Cash over the weekend of August 19 was driven mainly by exchanges in South Korea. Ether is also a popular altcoin to trade, with a substantial portion of the volume coming from Bithumb and Coinone, accounting for more than 25 percent of the total volume.
Now monero, a relatively low volume cryptocurrency, will enjoy greater interest and points to a higher price for XMR-USD over the medium term. Currently, more than 30 percent of the volume originates from Poloniex.
Bithumb is encouraging monero trading by running a promotion; between August 23 and August 25, those who deposit XMR at their Bithumb account will receive an extra one percent on top. Furthermore, the exchange is also running a trading competition, whereby the top 50 biggest traders in terms of trading amounts will be given a prize of up to 100 XMR (worth over $7,800 at the time of writing).
The anticipation of monero being opened up to such a market that is enthusiastic about crypto has propelled the altcoin to fresh all-time highs. The market capitalization of Monero broke above the $1 billion mark for the first time on August 21, as XMR-USD breached the $60 and $70 handles with ease, currently trading at $78.73 on the Kraken exchange.
The weekly price action for XMR-USD is shown below. As noted in our Weekly Cryptocurrency Market Outlook August 15, we stated that a move above the high at $53.43 would lead to further gains. The market invalidated the fractal resistance at $53.43 (the fractal was forming, but invalidated last week when monero moved above $53.43) and the weekly candlestick closed at $55.29.
On August 21, the price of monero jumped from the open at $55.41 to fresh highs above $80 as Bithumbs announcement permeated the cybersphere. Notice that this week, we see the conversion line (blue) has moved higher, suggesting the market will also continue in the upward direction and offers support at $51.33. Also, we should see a weekly close above the previous all-time high and fractal resistance at $61.70 by August 28, which will give even stronger bullish confirmation.
XMR-BTC is also looking strong, with a break above the fractal resistance at 0.0198 occurring on August 21. We should see XMR-BTC target the fractal at 0.02526, the high from May 2017. Also, notice that a fractal support looks to form by August 28 at 0.01056, which provides a further bullish indication.
While XMR has a low profile on international exchanges, it is one of the most promising cryptocurrency projects. The addition of the altcoin to South Korean exchange Bithumb means it will join other heavyweights such as Dash and Litecoin. It is also a good sign for improving the liquidity of monero markets as well as the further adoption of the altcoin in the future. If the addition is popular amongst South Korean traders and investors, we could see the price of monero propelled even higher by the end of August.
The post Bithumb, Highest Volume Exchange Globally, Adds Monero appeared first on BTCMANAGER.
Aug 15, 2017 at 14:32 // News
Bitcoin Garden, the second altcoin forum in the world, earned its reputation because of the founder, Federico Mercatali aka Secco, who has been in the field of information technology for 12 years, and who joined the Bitcoin community in 2012. Coinidol.com interviewed Secco about his views on the media market and the promotion of Blockchain and cryptocurrencies across the world.
Coinidol: There were different predecessors to Bitcoin, that didn’t have such huge commercial success. Why has only Satoshi Nakamoto achieved a revolution, though he is not the first who created cryptocurrency?
Secco: I was late to the Bitcoin party and missed the beginning so I may not be the most qualified professional to talk about it. I see two key points: first, the timing was just perfect. The required technologies were mature and the open source community was large enough to provide a strong base of enthusiastic people willing to contribute. Secondly, and this is what really surprised me, Bitcoin design was almost perfect since the very beginning. It took almost 8 years to come to the point where a redesign is needed to address the block size limit. As we can see in these days, Ethereum took much less to reach a critical point.
CI: Do you consider Bitcoin to be just a kind of share for Bitcoin’s blockchain, a bubble that is going bigger or smaller depending on news around it?
Secco: I see Bitcoin as a solid value storage, the most reliable in the cryptocurrency panorama. Besides, its market cap may seem huge but it is tiny compared to other currencies or commodities, an easy target for speculation, thus the high volatility in the short term.
CI: How many news outlets are there in the industry at the moment?
Secco: There are many. At least a dozen of well-established outlets and another dozen mostly covering fintech news and occasionally featuring top cryptocurrency news. Plus there’s a high number of YouTube news channels and individual bloggers who indeed provide very high-quality information.
CI: Which one do you consider to be the best among others? Why? Can you name a list of your top 5?
Secco: There are three I like to read because of their unique editorial style and their objective analysis. TheMerkle, CoinIdol and BitcoinCheaser. If asked what the most recognized brands in the industry are, I would say CoinDesk first and CoinTelegraph second.
CI: What is the mission of Bitcoin Garden among other news outlets?
Secco: I consider Bitcoin Garden more of a community than a news outlet. Sure there’s a news portal as the front page, and I make it a point to manage it to the best of my abilities, but I think the most valuable info is inside, in the forum. It is still small compared to be BitcoinTalk though almost 1000 altcoin teams have their own thread there, but now, after three years of hard work, numbers are growing at a pretty fast rate. I guess mostly because of the altcoin madness. It is about to become the second altcoin forum in the world, or perhaps it already is. My mission is simple: spreading the crypto revolution. I’m a true supporter of open source and decentralization. I do believe it will significantly improve our idea of society and democracy. The cryptocurrencies are just the tip of the iceberg, I’m confident one day we will have blockchain-based voting systems, fully transparent and fraud-proof.
CI: Do you have a team of professional journalists or are you the one-man-orchestra that is doing everything alone?
Secco: I’m mostly a one-man band. I do have a few collaborators, who occasionally help me with certain tasks, and a number of trusted partners providing quality content, otherwise, I personally follow, review and approve every single article. I rarely delegate important decisions and I know this is a weakness as you can only scale to a certain extent following this model. On the other hand, this allows me to keep doing the things I like to do. Working must be a pleasure. If you end up doing things you don’t want to do, it becomes a pain.
CI: How do you measure your results? Money or daily visits?
Secco: The revenue stream is important when running a business but it is not a quality indicator at all. This is especially true in the online media industry. Think of those services that automatically grab content from different sources, generate hundreds of thousands of web pages and put it online flooding the search engines. It is a business that produces millions of pageviews, requires almost no work and pays well but it does not generate any value for the end user. Most of the times it just makes good information harder to find. In the same way, the number of page views just give you an idea of how your site is performing over time but I consider time spent on the website, bounce rate and number of quality comments much better indicators.
CI: What is the best result that Bitcoin Garden has achieved during the time of its existence?
Secco: Many projects have grown and become successful because of the space Bitcoin Garden provided them to share their ideas. I especially like giving space to people who have good ideas but no millionaire funding. This is priceless and makes me proud of the work Ive done until now. The other achievement I am most proud of is having introduced many people to this new world. It’s a drop in the sea but it’s good to know I gave my contribution.
CI: How do you see the future of the crypto market in 3-5 years?
Secco: Im very optimistic. I think in the next years we will see more development focused on security and usability, bringing a massive expansion of the user base. It’s extremely hard to predict what will happen in details to a single coin, a family of coins or a specific technology. There will be winners and losers, new players in the field and dying giants. There could be epic fails and temporary market crashes but I’m certain that this process will produce significant and valuable innovation.
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One-Man Band To Create The Second Altcoin Forum In The World – Coin Idol (press release)
FT Alphaville (registration)
When altcoin life imitates art
FT Alphaville (registration)
A couple of weeks ago bitcoin, the decentralised cryptocurrency, experienced a splintering event in a bid to address its network capacity constraints. The event saw a rival version of Bitcoin spawned, now known as Bitcoin Cash, which is capable of …
Bitcoin Cash is now Trading on the Poloniex Exchange
Poloniex and Breadwallet Will Support Bitcoin Cash Transfers
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When altcoin life imitates art – FT Alphaville (registration)