Cloud Hosting

To the Editor:

Re Bitcoin Cosplay Is Getting Real, by Binyamin Appelbaum (Sunday Review, Sept. 19):

What a sad and sour portrait Mr. Appelbaum paints of Bitcoin.

In their brief existence, cybercurrencies like Bitcoin have grown into a $2 trillion market (about the same size as Apple), spawned entire new industries (non-fungible tokens, cybermining), led to a flurry of innovation, and created a cadre of millionaires and billionaires.

Financial firms, central banks, regulators, systems designers, investors and national governments are all rethinking as they must the ways in which blockchain-based currency technologies are changing the world around them.

Mr. Appelbaum sees none of the excitement and potential of such a massively disruptive innovation. Instead, he hauls out the tired comparison of Bitcoin to the Dutch tulip craze in the 1600s. Four hundred years later tulips are thriving as a robust part of Hollands economy. We wont need to wait that long to learn if Bitcoin will stand the test of time, but its growth and institutionalization in the space of just a few years strongly suggest that its here to stay.

David SarokinWashingtonThe writer is the author of The Corporation: Its History and Future.

To the Editor:

Binyamin Appelbaum writes that modern blockchain tokens are mostly useless. These tokens, in fact, have some very common and well-reported uses: facilitating fraud, money laundering and illicit financial transactions.

Blockchain is best understood as a worldwide criminal enterprise masquerading as an economic bubble. Digital blockchain tokens have no legitimate use, but they have plenty of illegitimate ones.

While the people profiting off these sketchy transactions are now trying to buy political influence and mainstream media coverage, we can only hope governments will eventually see through their charade and criminalize cryptocurrencys manufacture and use. Until this happens we should expect blockchain-enabled fraud and criminality to get worse and worse until, like a boil, it ruptures.

William GerhardtPrinceton, N.J.The writer is a technology consultant.

To the Editor:

Cryptocurrency has the potential to revolutionize international commerce. According to the World Bank, it can take several days for corporations and individuals to transmit payments cross-border and the average fee is over 6 percent. With Bitcoin, payments can be done in minutes and virtually for free.

Linda PhillipsVero Beach, Fla.

To the Editor:

Binyamin Appelbaum derides Bitcoin as a volatile commodity that fritters away scarce natural resources while being susceptible to security problems. While this appraisal is largely warranted, there are also significant issues with the leading reserve currency: the American dollar.

Bitcoin and the dollar share a flawed premise. Theyre both fiat instruments that presume to create something out of nothing in exchange for tangible wealth.

Bill BlundenSan FranciscoThe writer is an information security analyst at San Francisco State University.

To the Editor:

Re Federal Regulators Are Racing to Create the First Major Rules on Cryptocurrency (news article, Sept. 24):

With the Treasury Department now developing rules to govern cryptocurrency, what was once scorned and ridiculed has gained its legitimacy. Congratulations!

But at my age, close to retirement, I have enough problems keeping up with constantly changing technology in my criminal defense practice. I am also math-challenged. Please dont make me learn a whole new currency system.

Whats next? A regular diet of aa berries?!

Harry ZimmermanAlbuquerque

To the Editor:

Re Kelly Convicted of Running Sex Ring for Decades (front page, Sept. 28):

Back in August when I saw images of a tribute to R. Kelly written in chalk outside the federal courthouse in Brooklyn, my heart shattered. Growing up, my friends and I would cover our block in colorful chalk drawings, and I love seeing children doing that today. I couldnt look past the irony of using a fun childhood pastime to pen a message of support to a man who recruited underage girls for sex.

Like many Black women and girls, I didnt have faith that R. Kelly would be convicted. His being found guilty on all counts of racketeering and sex trafficking is a bittersweet victory. The victory is for the survivors who sought justice.

But this verdict comes after decades of harm, and mounting evidence that should have stopped him from causing further harm to Black women and girls. I will never be at peace with that, and I will never stop fighting to hold the systems that have long ignored Black women and girls accountable.

Joanne N. SmithBrooklynThe writer is the founder and president of Girls for Gender Equity.

To the Editor:

Re Redesigning Americas Flag: Six New Takes on Old Glory (Opinion, nytimes.com, Sept. 28):

I love the idea and some of the examples that artists provided for a redesign of the U.S. flag. Maybe I am too pessimistic, but I can already hear the cries from people opposing such a change we cant change the flag, thats un-American; its always been that way, etc.

My guess is that repealing the Second Amendment would be easier to accomplish.

Marc ChafetzWashington

Read the original:
Opinion | Should We Fear Bitcoin, or Celebrate It? - The New York Times

Bitcoin could experience sharp volatility in the coming months, according to one model. (Photo by ... [+] INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

The worlds most prominent digital currency may experience sharp volatility over the next few months, according to a proprietary model created by technical analyst Jack F. Cahn.

Technical Event Model (TEM), which he developed in-house and measures extremes in sentiment, is a price-based macro filter that helps algorithmic trading programs predict when market dynamics are about to change and what to expect.

The model, which was designed to be direction-neutral, indicates whether the market is about to break into a new trend or has entered a period of panic buying or selling.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Recently, Cahn wrote that the TEM suggests a range expansion in October/November.

More specifically, the technical analyst indicated that his model is suggesting a monthly range expansion of 20k for Oct and or Nov.

It might take place from the open of the month to the close of the month, maybe faster, but the risk is 20k, Cahn added.

Based on the volatility model (TEM), it's set up for a range expansion on the monthly and weekly bar. So from the Oct. open to the close should be a range month, opening near its high and closing out near its low, he stated.

Analysts Weigh In

Several analysts provided their assessments of this model.

After reading the Recaps of Volatility Reports beginning 9/27/2018 to 9/27/21, I believe CT's TEM is an interesting approach to take in efforts of explaining bear/bull behavior, said Andrew Rossow, an internet and technology attorney.

Keeping in mind that the TEM is just an expression of CT's opinion based on their own sources, I find that analysis to be interesting and not outlandish, he stated.

In my opinion, it seems to be one of the more realistic explanations / analyses Ive come across since the notion of FOMO and emotional investment/panic came into existence with digital currency, said Rossow.

Collin Plume, CEO and founder of My Digital Money, provided a different point of view.

TEM, as with many other charts being used to predict crypto market direction, is highly reactive rather than predictive, he stated.

It looks for patterns and assumes its applicability to future crypto developments. It misses the intangibles, events that are really dictating the price of crypto, said Plume.

Bitcoins dips and spikes have been dictated by retail reaction to certain events. The biggest influencers are mainstream development, he stated.

Jack Dorsey declared Bitcoin the future and PayPal bought into Bitcoin, which coincided with upward movements in the price.

Bitcoin crossed the $50k mark early this year after Tesla announced it was buying into Bitcoin and then powered through $60k after Coinbase announced it was going public.

Range-Bound Trading

Plume added further detail, predicting that without any important developments, bitcoin will trade between its 200-day moving average (MA) and 20-day MA, which are $43,000 and $47,000, respectively.

I think Bitcoin will stay within this range until China makes a decision on Evergrande, he stated.

If China bails out Evergrande, it will most likely reclaim $50K and it will be a slow and bumpy ride back to $60k, said Plume.

However, this trend will be broken if another major event happens that could trigger retail investors to either panic sell or panic buy.

Bullish Market Predictions

Rossow offered a different take on the markets, forecasting that bitcoin will continue to experience the kind of expansion detailed by Cahn over the next few months.

With the SEC calling for more resources to better grasp the nature of the cryptocurrency industry in combination with institutional investors finally accepting that having a trusted and secure custodian for their digital assets to be the next step in providing global financial accessibility, its not outlandish to think that Bitcoin and crypto have the very real potential to continue this type of growth into the next two months, he added.

While Cahns model merely pointed to bitcoin experiencing substantial volatility in the coming months, without specifying whether that would be to the upside or downside, Rossow was speaking to his view that bitcoin prices will likely move higher during that time.

This is an institutional class and if regulators are willing to entertain serious conversations around Bitcoin and its utility in every industry, we can only expect to see increased growth, he said.

Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital, also spoke to the TEM, stating that:

The projection here isn't surprising given Bitcoin's historic performance in October and November.

If Bitcoin ends September above the $40K - $42K range, we are likely to see some bullish relief in October, he said.

However, the extent of this projected price action is also likely to be impacted by wider macro factors, such economic policy changes and such.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

Read more:
Is Bitcoin Headed For Significant Volatility In The Coming Months? - Forbes

Bitcoin (BTC) looks to reclaim $45,000 on Oct. 1 as the United States dollar retreated lower after hitting its one-year high. Bitcoins tight inverse correlation with the greenback over the past month suggests that a weakening dollar could push BTCs price even higher in the coming sessions.

In detail, the U.S. Dollar Index (DXY), which measures the dollars strength against a basket of six foreign currencies, including the euro and sterling, hit 94.50 Thursday for the first time since Sept. 28, 2020. But it retreated on news of rising U.S. jobless claims against the forecasts of a decline.

The labor data released Thursday showed that the number of jobless claims rose to 362,000 last week against 351,000 a week earlier and against the economists projection of 333,000.As a result, the number of reapplications got stuck around 2.8 million for five weeks in a row.

For the markets, this could be news that the Federal Reserve might delay tapering its $120-billion asset-purchasing program from November to a later month, thus keeping interest rates lower and the dollars renewed strength temporary.

The index was trading at 94.263 at the time of writing.

Technicals also showed the greenback facing the prospect of a correction ahead. For example, independent market analyst TradingShot spotted the dollar index inside a megaphone pattern, which is about to get topped out to pursue a correction in the coming sessions, as shown in the chart below.

Based on the 1D relative strength index (RSI), it appears that DXY is right at the top of the formation as [it was] on Aug 15, 2018, TradingShot wrote.

Meanwhile, a recent bout of selling in the Bitcoin market lately had it paint a falling wedge pattern. In detail, falling wedges appear when the price trends lower inside a channel comprising two diverging, descending trendlines.

Traditional analysts see the falling wedge pattern as a bullish reversal indicator, noting that a break above its upper trendline moves the price higher by as much as the maximum distance between the wedges trendlines.

The structures maximum height is roughly $10,000. As a result, Bitcoins price can at least retest $50,000 should the wedge breakout play out as intended.

On the other hand, the underwhelming jobs report could boost investors interim appetite for Bitcoin.

Related:Bitcoins sharp fall from $50K linked to stronger US dollar, gold Correlation shows

Vasja Zupan, president of Matrix Exchange, told Cointelegraph that the dollars weakness and devaluation against rising inflation would continue to make investors put their excess cash in crypto markets. He said:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Go here to read the rest:
Bitcoin price eyes $50K as the US dollar retreats after hitting its one-year high - Cointelegraph

Bitcoin (BTC) sealed another $40,000 retest on Sunday, Sept. 26, as the battle for the weekly close raged on.

Data from Cointelegraph Markets Pro and TradingViewshowed BTC/USD dipping to $40,800 overnight, following an earlier unsuccessful attempt by sellers to flip $40,000 back to resistance.

With stubborn conditions keeping BTC price action in a narrow range, attention on Sunday focused on where the longer-term bottom might be. Analysts also stayed conspicuously bullish on what might come afterward.

In a series of tweets reflecting on the broader state of Bitcoin, popular trader Pentoshi eyed $37,000 as a potential floor.

This looks healthy on the HTFs and is likely forming a base over the previous HH on the way to ATHs and potentially a HL here at the Summer PoB, popular Twitter trader Pentoshi commented in a series of tweets reflecting on the broader state of Bitcoin.

Pentoshi noted significant buyer bids in place in the area between $36,000 and $40,000. These, as Cointelegraph also reported, are rare in terms of size.

We can see bids have been stacked on exchanges at those levels with the intent to fill, but the sheer size of them is something Ive never seen before across most exchanges, he wrote.

Elsewhere, concerns over China proved equally difficult to shift from sentiment.

Related:Crypto has recovered from China's FUD over a dozen times in the last 12 years

Exchange Huobi saw 10,000 BTC inflows as it prepared to halt its Chinese operations, these nonetheless small in comparison to those witnessed even last month.

To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China, effective September 24, 2021 (UTC+8), an announcement from the exchange released Sunday reads.

As Cointelegraph reported, despite the wide media coverage, nothing has changed in Chinas cryptocurrency stance, with its crypto ban in place and essentially unchanged since September 2017.

Originally posted here:
Bitcoin could hit $37K, but trader says BTC price top will be number you cant comprehend - Cointelegraph

Bitcoin still remains the top crypto project in the space. But it no secret that Ethereum has been quickly catching up with the pioneer cryptocurrency. Ethereums decentralized finance (DeFi) use cases have been the major contributor behind this space as investors have flocked to the blockchain to earning returns on their crypto holdings. This has given rise to popular Layer 2 solutions like Polygon.

Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to talk about the future of the leading smart contracts blockchain. Ethereum is the number 2 layer 1 blockchain, only behind bitcoin. And Nailwal believes that it is only a matter of time before the blockchain takes over as the leading Layer 1 protocol. He credits this to a number of reasons and differences between the two blockchains.

Related Reading |Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

During an exclusive interview with Cointelegraph, the COO outlines the reasons why Ethereum was set to take over from bitcoin as the leading layer 1 protocol. Nailwal cited the growth of the DeFi space as a major push for this takeover. This is because the majority of the decentralized finance activities were carried out on Ethereum, which made it the ultimate settlement layer.

Its popularity has pushed ETH to become even more valuable as a blockchain which puts it directly in a position to overtake the top cryptocurrency. Sooner or later, ETH will outpace Bitcoin and become the global standard, the COO said. Nailwal pointed out that Polygon will play a major role in the long-term success of the blockchain with the scalability solutions which it provides.

Related Reading |Crypto Analyst Says Ethereum Market Is A Ticking Time Bomb, Heres Why

More than just beating out Bitcoin for the top spot, the co-founder expressed that the blockchain may in fact not exist 10 years from now. This is because of the limited use cases and the COO believes that if bitcoin is to survive in the future, then it needs to provide more functions than being a means of exchange and investment.

With time, a number of projects have come out of the woodwork to compete with Ethereum for the DeFi attention it is getting. Referred to as ETH killers, these blockchains have risen up to take market share from the leading DeFi platform. Solana has been at the forefront of this competitive movement and has grown tremendously as it went up against Ethereum.

Despite the growing popularity of other Layer 1 solutions, the co-founder of Polygon does not believe that there is any blockchain that can take over Ethereum. The layer 1 solution has maintained a majority share of the market despite the rise of its competitors.

Ethereum will most likely maintain the top spot in the market for the foreseeable future. And with proof of stake scheduled to come to the blockchain next year, ETH is set to dominate both the DeFi and crypto space.

More:
Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard - NewsBTC