Page 4,058«..1020..4,0574,0584,0594,060..4,0704,080..»

Amazon reveals new server chip to take on Intel – MyBroadband

Amazon.com Inc.s cloud unit keeps trying to eat away at Intel Corp.s stranglehold on the server chip market.

AmazonWebServices has developed a more powerful version of its own chips to power services for cloud-computing customers, as well as some of AWSs own programs. AWS Chief Executive Andy Jassy on Tuesday introduced a second-generation chip, called Graviton2, aimed at general-purpose computing tasks. He didnt specify a release date.

The company last year unveiled its first line of Graviton chips, which it said would support new versions of its main EC2 cloud-computing service. Prior to that, Amazon and other big cloud operators had almost exclusively used Intel Xeon chips.

The company said at the time that the Graviton-backed cloud service would be available at a significantly lower cost than existing offerings run on Intel processors.

Intels chips account for more than 90% of the server chip market and handle most tasks at the biggest cloud providers including Amazon, Microsoft Corp. and Alphabet Inc.s Google. But these companies are also announcing plans to use Intels main rival Advanced Micro Devices Inc.

AMD has forecast it will top 10% in server processor market share by mid-2020, a target that analysts at Instinet LLC said in a note is achievable.

Jassy said on Tuesday that Intel is a very close partner, but that to push the envelope on prices, we had to do some innovating ourselves.

Amazon is using its 2015 acquisition of startup Annapurna Labs, which Jassy called a a big turning point for us, to design its own chips. The new processor uses technology from SoftBank Group Corp. unit ARM Holdings, a standard that dominates in mobile phones.

Link:
Amazon reveals new server chip to take on Intel - MyBroadband

Read More..

SysGroup (LON:SYS) Hits New 1-Year Low at $33.50 – TechNewsObserver

SysGroup PLC (LON:SYS) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as GBX 33.50 ($0.44) and last traded at GBX 35.49 ($0.46), with a volume of 152 shares changing hands. The stock had previously closed at GBX 36 ($0.47).

Separately, Shore Capital restated a house stock rating on shares of SysGroup in a research report on Monday, November 25th.

The company has a 50 day simple moving average of GBX 37.12 and a two-hundred day simple moving average of GBX 39.52. The company has a quick ratio of 0.59, a current ratio of 0.77 and a debt-to-equity ratio of 12.05. The company has a market capitalization of $17.30 million and a P/E ratio of -15.91.

About SysGroup (LON:SYS)

SysGroup plc, together with its subsidiaries, provides cloud hosting and managed IT services the United Kingdom and internationally. It operates through two segments, Managed Services and Value Added Resale (VAR) of Products/Services. The Managed Services segment offers various forms of managed services to customers.

Read More: Capital Gains Distribution

Receive News & Ratings for SysGroup Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SysGroup and related companies with MarketBeat.com's FREE daily email newsletter.

Read more:
SysGroup (LON:SYS) Hits New 1-Year Low at $33.50 - TechNewsObserver

Read More..

What is Cryptocurrency? A Simple Explanation

What is Cryptocurrency? https://blockgeeks.com/

A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature.

Cryptocurrencies have skyrocketed in value over the last few years. Almost everyone has heard about Bitcoin, but how many people actually know what Bitcoin is? How many people know where they come from and how they work? Our video Cryptocurrency Explained will tell you everything you need to know about cryptocurrencies in an easy to understand format.

Cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.

In his announcement of Bitcoin in late 2008, Satoshi said he developed A Peer-to-Peer Electronic Cash System.

His goal was to invent something; many people failed to create before digital cash.

Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. Its completely decentralized with no server or central authority. Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge.

The single most important part of Satoshis invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.

after more than a decade of failed Trusted Third Party based systems (Digicash, etc), they see it as a lost cause. I hope they can make the distinction, that this is the first time I know of that were trying a non-trust based system. Satoshi Nakamoto in an E-Mail to Dustin Trammell

After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.

This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, youll know more about cryptocurrencies than most people do. So, lets try to make it as easy as possible:

To realize digital cash you need a payment network with accounts, balances, and transaction. Thats easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.

In a decentralized network, you dont have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.

But how can these entities keep a consensus about this records?

If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?

Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.

For more blockchain guides, content, and videos, visit us at http://www.blockgeeks.com

Originally posted here:
What is Cryptocurrency? A Simple Explanation

Read More..

8 Best Blockchain & Cryptocurrency Books To Read in 2019 …

Cryptocurrency books are a wonderful way to learn about the exciting Bitcoin, Altcoin, and Blockchain world.

Due to the relatively young age of the cryptocurrency space, there arent that many cryptocurrency books available yet.

However, as with most things in life, quality is more important than quantity.

The cryptocurrency space is an industry that has attracted a lot of intellect, and this is clearly reflected in the quality of books that have been written on the topic.

In this article, we compare the best cryptocurrency books to help you find a cryptocurrency or blockchain book you will find interesting.

With over 130 reviews on Amazon.com, out of which 88% give the book 5 stars, The Bitcoin Standard is by far one of the best cryptocurrency books out there. The book is authored by Saifedean Ammous, a very vocal Bitcoin maximalist, and economist.

In The Bitcoin Standard, Saifedean covers the evolution of money, dives deep into what makes Hard money and why its so important and outlines a potential future with Bitcoin as the global reserve currency.

Written by Andreas Antonopoulos, a Bitcoin educator and well-known figure in the space, Mastering Bitcoin is a must-read for people that already grasp the basics of Bitcoin and want to dive deeper.

This cryptocurrency book teaches its readers how exactly Bitcoins infrastructure functions, the role of cryptography in Bitcoin, and also gets into some technical details of how programmers can develop a Bitcoin-like cryptocurrency.

Andreas has a very unique and comprehensive writing style that elegantly reflects his years of experience as an educator and public speaker.

The Internet of Money is Andreas Antonopoulos second cryptocurrency book and aims to lay out a future with Bitcoin as money in a much more non-technical way. This cryptocurrency book takes a top-level approach on explaining what Bitcoin is, and how it will change our lives. Again, as we already pointed out in the previous book, Andreas years of experience as a Bitcoin educator make his writing style very enjoyable to read.

The internet of money has over 281 reviews on Amazon.com, which puts it right at the top next to The Bitcoin Standard as one of the best cryptocurrency books.

If your goal is to get a general overview of the cryptocurrency space then the blockchain book Bitcoin and Cryptocurrency Technologies might be for you. Authored by Arvind Narayana, an assistant professor at Princeton, the book dives into the origin of cryptocurrencies, key terms like decentralization and privacy, and also the value proposition and risk of altcoins.

In essence, the book aims to give a solid overview of what is often described today with the slightly overused word Blockchain technology. That being said, its important to note that the book does not address Ethereum or programmable blockchains in any real way.

In conclusion, the book is written in a very comprehensive style and is especially a good fit for newcomers to the cryptocurrency space that want to fall down the crypto rabbit hole.

On spot 5 of our list of best cryptocurrency books, we have The Business Blockchain, an in-depth analysis of how Blockchain technology is poised to disrupt enterprise and how firms operate. The author William Mougayar predicts a future with thousands of blockchains that will redefine power and governance by enabling frictionless value exchange and also a new flow of value.

The foreword by Vitalik Buterin adds a very interesting touch to the book and is the sealing stamp for this written masterpiece. Although the book does briefly touch on the tech side of things, that does not stop it from being an excellent read for people that are not very familiar with Blockchain just yet.

The Age of Cryptocurrency was written by Wall Street Journal reporters Paul Vigna and Michael Casey back in 2015, however, it is still highly relevant today. This cryptocurrency book thoroughly answers the question of why anyone should care about Bitcoin. It achieves this by presenting the idea of a financial system that is running on Bitcoin, and how such financial system could have prevented the economic meltdown of 2008.

That being said, the book also balances the potential downsides of a Bitcoin-based financial system, mentioning the facilitation of illicit money transfer as the main factor.

Although many cryptocurrency books do a great job at how a future with cryptocurrencies could look like, they often neglect the investment and entrepreneurial opportunity of this historic wealth transfer.

Authored by Chris Burniske and Jack Tatar, the book Cryptoassets approaches the topic of Bitcoin and cryptocurrencies from an investment perspective, showing investors what to be on the lookout when investing in this wild asset class.

Furthermore, Cryptoassets also teaches investors how to navigate in a market which very nature is based on a series of repeating bubbles, plagued of scams, and that is highly volatile.

Cryptocurrency Investing Bible aims to debunk some of the most common misconceptions about Bitcoin and cryptocurrencies in general. The book answers questions like why cryptocurrencies are not a bubble, why all digital assets are not a scam, why cryptocurrencies are not only used by criminals, and why its not just money for nerds.

This book is an excellent starting point for newcomers to the cryptocurrency space, and the author Alan T. Norman does an excellent job at breaking down even the most complex concepts into easy to grasp terms.

Selected as Financial Times book of the month, Life After Google is a written masterpiece that dives into the societal changes that come with the rise of Blockchain technology, and what this means for large corporations that have been abusing our data for the past decade. In his book, George Gilder claims that the age of Google is coming to an end and that the Blockchain economy will bring the power back to the individual in a variety of ways.

In the words of Peter Thiel, founder of PayPal, Googles algorithms assume the worlds future is nothing more than the next moment in a random process. George Gilder shows how deep this assumption goes.

In Blockchain for Dummies, Tiana Laurence Founder of Factom, explains Blockchain technology and its potential impact in a very simple way. This Blockchain book is an excellent starting point for people that know absolutely nothing about Blockchain technology, and that want to get their feet wet with a good read.

The book also covers how businesses can become more efficient by adopting Blockchain technology, so if you are a business owner, then that might be another reason why you could find this book intriguing.

Digital Gold covers Bitcoins value proposition as the best store of value and form of exchange that humanity has ever created. Some other topics that are discussed in-depth in this bitcoin book are the origin of Bitcoin and its mysterious founder, the Silk Road dark web marketplace and why it was such a crucial step for bitcoin, and also in Bitcoins first black swan event unchained by the Mt Gox hack. This book is an excellent choice for readers that want to learn about the past, present, and future of Bitcoin, without diving too deep into technical details.

If you want to learn more about this topic, then you should definitely also check out our article on why Bitcoin is the new Gold.

American Kingpin is a cryptocurrency book that describes the fascinating story of the dark web marketplace Silk Road, and how it connects to the development of Bitcoin. The book describes that it was the first large-scale application of Bitcoin as a form of exchange and that it was the factor that truly let the genie out of the bottle.

In this book, Nick Bilton describes the story of Ross Ulbricht, a 26-year-old libertarian, from when he started the Silk Road, until his arrest by the FBI in 2014. The book perfectly describes the true challenge that it was for law enforcement to shut down the Silk Road due to it leveraging an unseizable store of value, Bitcoin.

With over 400 positive reviews on Amazon.com, this book absolutely deserves its spot as one of the best cryptocurrency books available at the moment.

Mastering Ethereum is another masterpiece by Andreas Antonopoulos in which he dives into the technicals of how to build your first smart contract, what decentralized autonomous organizations are, and how Ethereum might redefine the future of Governance.

The book also dives into why multi-billion organizations like IBM and NASDAQ are starting to get interested in this groundbreaking technology, and what the future holds for Ethereum and its native currency ETH.

This blockchain book can get quite technical at times, hence why we would only recommend it to people that are very familiar with the space or that have a technical background.

In The Scandal of Money, George Gilder describes how broken our current financial system is and calls out the blatant corruption that is going on. Especially, the cryptocurrency book describes how our monetary system was actively designed to make the elite richer, at the cost of the middle and low class. If your goal is to better understand the problem that Bitcoin and cryptocurrencies, in general, are trying to solve, then this cryptocurrency book is for you.

Through a compilation of emails, forum posts, and comments, The Book of Satoshi gives us a profound insight into the twisted yet genius mentality of Bitcoins anonymous founder. Although the book was published back in 2014, the bitcoin book is still as up to date as it can get since there are absolutely no traces or updates from Satoshi since he disappeared back in April 2011.

The book also profoundly dives into the economics of Bitcoin, and its potential future outlook.

This book by Phil Champagne is an excellent resource for anyone that wants to learn more about the mysterious Satoshi Nakamoto or about the implications of Bitcoin in our society.

Is there a great blockchain or cryptocurrency book that we have missed in this article? Let us know in the comment section below!

CoinDiligent Staff Writer

More:
8 Best Blockchain & Cryptocurrency Books To Read in 2019 ...

Read More..

What Is Cryptocurrency Mining? – Mycryptopedia

What is Cryptocurrency Mining?

Last Updated: 1st November 2018

Cryptocurrency mining is a process by which new coins are introduced into the existing circulating supply, as well as a process used to secure the network the coin operates on. The people who mine a coin, are known as miners. Therefore, instead of having a central authority that controls and secures the money supply, this control and security is spread out across the network that miners help to maintain.

The Mining ProcessTransactions that occur on the network such as, Alice sends 10 bitcoins to Bob, are collected by a miner and bundled up into a block. The miner then verifies that all transactions in the block are valid, as if he attempts to submit a block with an invalid transaction, the block will be rejected. An example of an invalid transaction would be Alice sending 10 Bitcoins to Bob, even though she does not have 10 Bitcoins to send.

After the miner has successfully verified that all transaction in the block are valid, he must then compute a cryptographic hash. It is necessary for miners perform this computation in-order to prevent just anyone from being able to create blocks therefore secures the network against fraudulent blocks. Computing a cryptographic hash requires a large amount of computing power as hundreds of millions of calculations are needed to be performed each second. This process is known as proof-of-work. Once the miner successfully solves the hash, his block is then relayed to the network to be checked against the consensus rules. Once accepted, the block is then added to the blockchain network and the miner is rewarded with set amount of the cryptocurrency.

Go here to see the original:
What Is Cryptocurrency Mining? - Mycryptopedia

Read More..

Best Places to Earn Interest on Your Cryptocurrency – Crypto Briefing

In a little under a year, DeFi has become a significant component of the cryptocurrency ecosystem. But which platforms pay the most interest?

Decentralized finance is often hailed as a prime use case for digital assets. Lending practices among DeFi platforms follow similar patterns: loans are overcollateralized, meaning the risk of default is negligible and lending is more responsible than that of the fractional reserve banking system used by legacy lending institutions.

As global interest rates hover around zero to negative yield, digital assets can offer an alternative way of generating passive income. Crypto.coms eye-popping 18 percent annualized returns on CRO tokens locked up for three months by MCO token holders are undoubtedly appealing on the surface.

But these returns can come with risks. CRO tokens, of course, can depreciate in value, easily chipping away at the returns over the lock-up period. With many entrants in the market, a side-by-side comparison of lending rates can help crypto hodlers keep track of where they can earn the highest rates of interest.

BlockFi bears the most resemblance to a traditional bank inasmuch as its centralized nature makes it the trusted party between lenders and borrowers. Zac Princes company pays 4.1 percent on Ether deposits and 6.2 percent on Bitcoin deposits. Limits are capped at 1,000 and 10, respectively, before the rates drop.

The platform that provides access to high-interest crypto accounts and low-cost credit products to clients worldwide also pays 8.6 percent on GUSD.

Celsius pays 4.1 and 3.15 percent on Bitcoin and Ether deposits, while also supporting Tether at a staggering 12 percent. Unlike BlockFi, Celsius pays interest on deposited crypto and allows users to also borrow directly against those holdings. BlockFi distinguishes between crypto deposited for loan collateral and crypto deposited to earn interest.

The BitGo-secured platform pays single-digit interest rates on a range of cryptocurrencies, including XRP, Dash, Litecoin, and Bitcoin Cash to name a few. CEL token owners earn favorable rates. Having originated over $4 billion in loans, it claims to be the largest DeFi player in the industry.

Nuo is a Singapore-based purely peer-to-peer facilitator of loans and deposits between crypto traders, making it distinct from the more centralized and regulated players like BlockFi. The platform offers a limited suite of tokens for which it provides lending and borrowing markets. SNX tokens pay a whopping 27.6 percent, almost double the rate to borrow the token.

Courtesy of Nuo

From its inauspicious beginnings as Monaco Coin, the double-tokened Crypto.com is on a mission to accelerate the worlds transition to cryptocurrency. The platform is not just a pure DeFi company, however, offering credit cards, a wallet, quant trading services, and a recently launched exchange.

The ambitious firm also offers highly attractive rates to digital asset lenders. It has a sizeable and growing stable of coins for which it offers attractive rates to depositors in its Crypto Earn program.

Courtesy of Crypto.com

The company pays up to 12 percent on some stablecoins, and up to 18 percent on its native CRO token. Preferential rates are offered to holders of its other native token, MCO.

Nexo is a more conventional DeFi platform offering lending and overcollateralized borrowing. Interest is compounded and paid out to lenders daily. Currently, the firm supports stablecoins and fiat only, with an 8 percent interest payout across the U.S. dollar, Euro, and the British pound, in addition to stablecoins TUSD, SAI, PAX, USDC, and Tether.

In contrast to many of its competitors, it holds depositors fiat and stablecoins and allows borrowers to borrow non-pegged crypto. It also allows crypto hodlers to deposit crypto to borrow more. Non-pegged crypto depositors dont earn any interest on their crypto holdings, but they can borrow crypto, using their deposits as collateral.

Exchanges are now offering interest-bearing products. Binance offers ten percent annualized interest on BUSD holdings over a 14-day fixed loan period. For BNB, it pays 6 percent. Its flexible deposit rates are far less attractive. Poloniex also offers a way to earn interest on crypto holdings, by matching lenders and borrowers. Bitfinex pays interest on certain tokens.

Just as DeFi platforms are beginning to offer trading services, exchanges are beginning to offer decentralized finance facilities as competition in the industry intensifies.

Different digital asset holders have different risk profiles. The most important aspects of a DeFi company to consider apart from the rates they offer are where they are located, how and by whom they are regulated, and how credible and established they are in the industry.

All DeFi companies are startups, so counterparty risk where someone potentially loses their principal because the company receiving the loan fails will be present, for the short term at least. The most established among them, and those regulated and insured should be regarded as more conservative and safer places for your money. Licensed and regulated startups in stable jurisdictions can fail. But it is reasonable to place more trust in them than in less regulated companies.

See the rest here:
Best Places to Earn Interest on Your Cryptocurrency - Crypto Briefing

Read More..

Cryptocurrency 101 in the South Bronx – The New Yorker

Carlos Acevedo, a teacher at a public high school in the South Bronx, recently invited a group of his former students back for a two-day course in cryptocurrencies. He planned to cover decentralization, blockchain, peer-to-peer networks, and fiat currencies. Each student would then get five dollars, in a form of cryptomoney called Zcash, to spend. After these two days, youre going to be the one per cent, he told the twenty-five young people who had gathered at the South Bronx Business Lab. Youre going to know more about cryptocurrency and blockchain than ninety-nine per cent of people out there. You have the opportunity to get in on the industry right now.

Until last month, Acevedo taught English at Morris Academy, in Morrisania, which is in the poorest congressional district in the country. Having read about Bitcoin, he started investing in cryptocurrency in 2014, and hes been hooked ever since. He views it as a way of helping what he calls the unbanked, so he created the Crypto Community Project, with the goal of building a cryptocurrency economy in the South Bronx.

Acevedo, who wore a Zcash T-shirt, reminded the students that they were in the Forty-first Precinctknown as Fort Apache, he explainedwhich was at one time the most dangerous precinct in New York City. Low-income neighborhoods like theirs often lack banks where people can open savings accounts or apply for loans; instead, they rely on pawnshops and check-cashing joints that charge huge fees. Over truck noise on the Bruckner Expressway outside, Acevedo said, For the first time in history, if you have a phone you can participate in a worldwide economy without the need of any bank.

Mejreme Musaj, who had braces and wore her long brown hair in a bun on top of her head, raised her hand. When we first talked about Bitcoin in your class, I thought, Criminals, she said.

Her friend Ashley Perez Camacho, a science major at City College whose nails were painted blue, cut in. I see it like an ideology, the people taking control, she said. But how does this not create chaos? How is this not going to?

Blow up the world? Acevedo said.

Lets say this is the next big thing, instead of Chase and TD Bank, Musaj said. Wouldnt crime rise more?

You guys are going heavy, Acevedo said. Im not talking about machine guns on the street. Its not Mad Max out there. He suggested that they take a break to eat; trays of Puerto Rican and Italian-Bronx dinner had been laid out.

They piled paper plates with rice and beans, pernil and chicken parm. I believe capitalism is built to collapse, and then go back up, collapse, and go back up, Perez Camacho said. So how does Bitcoin actually fit into a capitalist system?

Musaj answered that she wasnt sure, but that cryptocurrency might come in handy when she wanted to send money to her relatives in Kosovo.

Brandon Gonzalez, who had carefully styled hair and wore torn jeans, said that he had already invested a hundred dollars in Bitcoin but that he knew it was risky. I dont have a thousand dollars I can just lose like that, he said. Ive seen Bitcoin go down. It was ten thousand, then down to seven thousand, in an hour. And later it goes back up.

I got into Bitcoin at thirteen, Alexis Ortiz Estrella said. He had a pair of headphones around his neck. He was interested in computers as a kid, and then his father, a landscaper, introduced him to the cryptocurrency Ethereum. So we invested, like, four dollars, because we didnt have a lot to invest, he said.

What happened? someone asked.

Gone, he said, in two days. We didnt realize we could lose it real quick.

Most of the other kids said that their parents didnt know that they were dabbling in cryptocurrencies. My mother will think Im wasting my money, a girl named Teshura Francis said. That Im, like, throwing it away.

I talked to my mom, a bespectacled boy named Jos Pimienta added. Even with trading stocks, shell tell me, No, no, no! She dont really knowshe dont understand it.

After dinner, Acevedo was planning to explain the concept of digital wallets, and there would be a presentation by representatives of Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss.

Nobody tells us, You could actually do this, Perez Camacho said. Having someone tell us, This is how the real world worksI like that. Youre at a young age, in high school. I appreciate that a lot. I know more than my mom.

See the original post:
Cryptocurrency 101 in the South Bronx - The New Yorker

Read More..

Drugs hidden in childs toy lead police to massive $1M cryptocurrency stash – The Next Web

Australian police have reportedly seized a record amount of cryptocurrency after intercepting a drug delivery from the UK.

The dodgy drug delivery eventually led police to search a property in Marangaroo, Perth and seize AUD$1,524,102 ($1,022,827) worth of cryptocurrency.

Detective Senior Sergeant Paul Matthews, the officer in charge of the drug and firearm squad, said the confiscation is believed to be the biggest single haul obtained by the Western Australia police.

A 25-year-old woman and a 27-year-old man have also been arrested in connection to the bust.

The assets have been frozen and the pair are due to appear in court on Wednesday.

The drugs were spotted during a screening of international mail where border forces in Australia uncovered 27.5g of MDMA tablets and 27.5g of MDMA powder hidden in a childs painting set, The Sydney Morning Herald reports.

Clandestine activity of this nature is not uncommon. Australian Border Force commander for Western Australia Rod ODonnell said mail-screenings uncover small amounts of drugs in mail every day.

While this might be one of the biggest single seizures of cryptocurrency, authorities in Australia are well aware that drug running criminals use the digital assets.

Back in 2016, Australian Federal Police began proceedings to seize US$5,000 worth of Bitcoin. By the time they got their hands on it, it had increased in value by over 2,000 percent.

Published December 4, 2019 08:51 UTC

Excerpt from:
Drugs hidden in childs toy lead police to massive $1M cryptocurrency stash - The Next Web

Read More..

Bitcoin Corrects And What’s Next – Seeking Alpha

Editor's note: Seeking Alpha is proud to welcome M. Zack Norman as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA PREMIUM. Click here to find out more

Editor's note: Seeking Alpha is proud to welcome M. Zack Norman as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA PREMIUM. Click here to find out more

While Bitcoin (BTC-USD) and cryptocurrency prices have sharply corrected downwards, it may have already signaled a new bottom at $6,500, as it has bounced sharply to the $7,400 resistance point within hours, marking increased accumulation pending the +50% pullback.

Source: Coin360

The cryptocurrency market is experiencing a large market rout, with overall market cap dropping to below $200 billion for the first time since May 10th 2019 at the end of the months long crypto winter, talked about as the crash of November 2018.

Source: TradingView (Zack Norman)

Bitcoin dropped to below $7,000 for the first time since May 17th, 2019, touching a new low of around $6,500 on November 25th, 2019. This marked a +52% pullback from 2019's high of $13,800 on June 26th, 2019.

Source: TradingView (Zack Norman)

Just a month before in late October, Bitcoin along with other cryptocurrency pairs had risen +40% (Bitcoin rose to a high of $10,600) after positive comments by the President of China, Xi Jinping, as he endorsed China's development of the Blockchain industry, and sought to harness the abilities of its technology for China's industrial growth. However, no mentions were made then of any cryptocurrency, such as Bitcoin.

Source: TradingView (Zack Norman)

Soon thereafter, Chinese citizens started to search the internet about "Blockchain", with search results reaching new highs, with a +1,382.79% daily surge on Baidu (NASDAQ:BIDU).

Surging search volumes for "Blockchain", and modest increase for "Bitcoin" on Baidu and WeChat. Source: The Block

On November 11th, 2019, China's largest and most influential state news agency, Xinhua, published an article headlining Bitcoin, titled Bitcoin: The First Successful Application of Blockchain Technology on their newspaper. The article itself explained the various machinations of Bitcoin, such as how Blockchain works, currency mining, and P2P transactions. China had also lifted cryptocurrency mining from its blacklist, thus pulling it from a grey-area that long remained legal, but controversial.

1) As these developments were viewed as a positive sign forward for cryptocurrencies, it opened the doors for increased speculation. However, the overreaction was soon made aware by China's authorities, as they made attempts to further increase scrutiny of cryptocurrencies, as reported by CoinDesk and The Block.

Their crackdowns began targeting companies and projects related to cryptocurrency and Blockchain, citing fraudulent activities. The action undertaken by Chinese authorities is widely agreed to be the primary cause for the recent plunge to $6,500, as investors and traders are fearful of any potential ban as China plans on releasing its own digital currency soon.

2) Another reason to be concerned about is potential miner capitulation. As more cryptocurrency miners are losing their net worth due to market downturns, they are obliged to sell more of their cryptocurrency holdings to maintain their operations, and if necessary to upgrade their hardware. A market downturn, as is with the current +50% pullback, will push more miners to capitulate, and to dump their cryptocurrency holdings onto public exchanges, thus increasing supply with only moderate demand.

According to data from Blockchain.com, cryptocurrency miners' revenue have also dropped to its lowest level since May 2019. Source: Blockchain.

On TradingView, The Hash Ribbons indicator is a useful tool to identify potential miner capitulation, by also taking into account hash rate and momentum. Grey circles show a potential beginning to miner capitulation, while succeeding green circles mark a recovery period, with blue circles indicating good buying opportunities.

Historically, miner capitulations have not always had a significant impact on price. However, there are uncertainties now, as we are seeing more institutional entry into cryptocurrencies, and Bitcoin is only 6 months away from halving in 2020.

Source: TradingView (Zack Norman)

The capitulation may have already started, as analyst ByteTree has shown on Reddit; one cryptocurrency miner placed a large $17.6 million sell order, thus dumping into the markets just around the descending $8,000 mark, days before the current downturn.

Source: ByteTree (Reddit)

3) Next, the liquidity markets in the cryptocurrency space are at the lowest in recent months, with bid-ask offers widening sharply in the past 3 months, further exacerbated by the downturn, following miners dumping their holdings onto the open markets to maintain their operability. Here, VanEck director, Gabor Gurbacs, quoted data from Skew Markets, showing increasing bid-offer spreads on some cryptocurrency exchanges.

Source: Gabor Gurbacs, Skew Markets (Twitter)

The lack of liquidity has also been blamed on China's recent crackdowns, thus creating a negative sentiment for investors and traders, as they attempt to avoid trading on the markets until further news from China comes out.

From the low of $6,500 on November 25th, 2019, it took about 7 hours later for the price to rebound above $7,000, as investors and traders are buying the dip. As of December 3rd, 2019, prices have settled near the $7,400 mark, as it was rejected sharply at the $7,800 resistance.

It's worth mentioning, however, that prices dipped slightly on November 27th, 2019, under $7,000 after cryptocurrency exchange UpBit announced a cybertheft of $50 million worth of Ethereum tokens.

Source: Coin360

Historically, Bitcoin usually has a roughly 40-50% pullback after every rapid upwards surge. Since mid-December 2018 until late-June 2019, Bitcoin surged approximately +340% in that 6-7 month period. It has currently pulled back marginally more than usual, by approximately 52% from its late-June 2019 highs of $13,800.

Currently, there are 2 issues that could play critical to Bitcoin's price and the overall cryptocurrency market, which is what we need to look out for - 1) if there are any further negative news to come out of China, and what their crackdowns may lead to; 2) whether there is continued market illiquidity, and whether cryptocurrency miners are capitulating en masse.

Disclosure: I am/we are long BTC-USD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Originally posted here:
Bitcoin Corrects And What's Next - Seeking Alpha

Read More..

Thai SEC to Amend its Royal Decree on Cryptocurrency – The Tokenist

Last updated on December 3, 2019 by Tim Fries

In a recent announcement, Thailands Securities and Exchange Commission (SEC) said it is currently studying ways to amend its royal decree on digital assets. The jurisdiction wants to create a competitive market in Thailand, while also prioritizing investor protection.

Earlier this year, Thailand launched an Initial Coin Offering (ICO) portal to help companies compliantly issue digital assets. The Thai government provided a regulatory framework its royal decree to cover exchanges, brokerage firms, dealers, and ICO portals. All exchanges, brokers, and dealers who wish to operate in the country must be granted a license from the countrys Finance Ministry, while participation through the ICO portals require SEC approval.

The SEC has provided data concerning the number of players in the regulated space. So far, five companies have been granted a license to operate a digital asset exchange. Out of the five, two are currently operating, one was voluntarily shut down, and two others have yet to launch.

Three companies have seen approval to operate as a digital asset broker-dealer. Only one is currently operational. When it comes to ICO portal companies, the Thai SEC says it has approved a total of three.

Now, in a recent announcement, the Thai SEC says it will amend its royal decree in the coming year to facilitate growth in terms of digital asset use. At the same, the regulator says it is aware of the inherent risks involved, and will continue to protect investors from any unnecessary risks.

Ruenvadee Suwanmongkol, Security General of the Thai SEC, says the regulator is currently searching for any hurdles which prevent the Thai market from competing on a global level. According to Suwanmongkol,

The regulator must be flexible to apply the rules and regulations in line with the market environment. For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.

Thailand has shown consistent support for security tokens throughout the past year. Security Token Offerings (STOs) represent the integration of blockchain technology powered by trustless cryptographic hashing and traditional financial securities.

Such financial instruments require resource intensive management and oversight for the sake of regulatory compliance and, more generally, overall functionality. Issuers of securities must maintain who owns those securities, how much each owner has, the associated rights or dividends tied to each asset along with a means to facilitate those rights or the payouts of those dividends. Yet assets which are recorded on a blockchain can allow for seamless management and oversight, eliminating costly middlemen and third parties that are commonly seen in todays legacy systems.

Besides issuers, many benefits arise for investors as well. Global markets connected through the internet can operate 24/7/365, such as the developing tZERO or OpenFinance Network. This is a stark difference from traditional stock exchanges which shut down during the late afternoon, on weekends, and on national holidays as well.

Tokenization also enables fractional ownership of high-valued assets, making them more liquid and easier to sell. Some anticipate a future of nearly every regulated security experiencing the benefits of blockchain.

While financial regulators around the globe have taken different stances, Thai regulators have stood out as a proactive body aiming to attract business in the digital asset realm.

What do you think about the Thai SEC planning to amend its royal decree? How will this affect the digital asset space in Thailand? We want to know what you think in the comments section below.

Image courtesy of Hashed Asia.

See the original post here:
Thai SEC to Amend its Royal Decree on Cryptocurrency - The Tokenist

Read More..