Tuesday, November 13, 2018

South Korea’s First Crypto Fund Shut Down Over Regulatory Pressure

south korea cryptocurrency fund

South Korea is a very interesting region when it comes to cryptocurrencies. In most cases, there is nothing but positive news first and foremost. At the same time, local regulators are looking for ways to ensure the industry gains more legitimacy. This has forced the first cryptocurrency fund in the country to shut down effective immediately.

A Major Setback in South Korea

Most cryptocurrency enthusiasts look at South Korea as a bastion of proactive regulation. There are some efforts underway to officially regulate Bitcoin and altcoins, but it seems there is no intent on banning this form of money whatsoever. That in itself is a good thing, although there are no permanent solutions in place just yet.

As this regulatory uncertainty remains in place, there will be some casualties along the way. For Zeniex, the regulatory pressure has gotten to the company in a major way. They operate an exchange, which remains unaffected for the time being. However, their cryptocurrency fund is closing down immediately. It is an unfortunate development, but something that can’t be helped either.

Although it is a bit unclear why their fund is being closed, the company is adamant about doing so. Their current approach has attracted a lot of attention by regulators, which may indicate their lack of transparency is a key point of contention. All existing users should be refunded if they still have outstanding balances, though no specifics were provided on this front.

For the time being, the Zeniex exchange will remain in operation. Government officials have no beef with the exchange or its activity itself, which further confirms there were genuine concerns over the fund itself. Being the first to come to market with a cryptocurrency fund gave Zeniex a competitive edge, but it seems they may have to revise that initial plan in the future.

The company itself is confident they did nothing to warrant such scrutiny. More specifically, the fund tried to raise 1,000 ETH to kick off this venture. While it is unclear if that attempt was successful, the total amount wouldn’t warrant reporting the activity to the authorities either. How this will pan out exactly, has yet to be determined. Cryptocurrency funds remain a somewhat controversial concept, even in South Korea.

It is expected this development will not necessarily affect cryptocurrency in South Korea whatsoever. Considering how there are so many exchanges still generating a hefty trading volume, there is no genuine reason for concern whatsoever. Even so, it seems unlikely any cryptocurrency fund will be set up in South Korea for the foreseeable future. That might hinder overall adoption a bit, luckily there are plenty of other ways to invest in Bitcoin and altcoins moving forward.

The post South Korea’s First Crypto Fund Shut Down Over Regulatory Pressure appeared first on NullTX.

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Altcoins Price Analysis: IOT/USD Likely to Expand Above 90 cents as LTC/USD Wilt

With interstellar, blockchain air drop, BancorX and recent Bosch device development, the altcoin ecosystem is vibrant. But, this is yet to translate to meaningful gains. As a matter of fact, LTC/USD could print $30 by the end of the month in stark contrast with smart contracting and IoT platforms as ADA/USD and IOT/USD. Both are steady and trading within a bull breakout pattern that could lift their valuation higher as buyers aim at 12 cents and 60 cents respectively.

Let’s have a look at these charts:

EOS/USD Price Analysis

EOS/USD Price Analysis

Thanks to yesterday’s three percent loss, EOS is $500 million away from dropping outside the top five. It’s even worse for traders and with Block One having to clarify if indeed on-chain transactions are cryptographically validated, prices are losing steam dropping towards $5. Nonetheless, like before, we shall take a neutral stand until after prices break above this horizontal consolidation above $7 or dip below our immediate support at $5.

Interesting Read EOS Centralization Reportedly in Action: Arbitrators Able to Reverse Transactions

Of course, it will be deflating for hodlers to contend with more losses if price action confirms Oct 11 losses. This is so because losses will increase odds of EOS/USD printing at or below $4 by end of this month. Either way, any bullish breakout and first target will be $9 while declines below $4 means bears should aim at $1.5.

LTC/USD Price Analysis

Even with Coindroid endorsement, Litecoin is literally struggling against bears. Prices are back in red as LTC/USD drop five percent in the last week and roughly two percent in the last day.

Coindroid is a cryptocurrency-based game whose founder sees benefit in LTC cheap transaction costs and fast settlement.

LTC/USD Price Analysis

Now, back to price action and our trade conditions are now live. Following yesterday’s losses, a whole bear bar was printed below the $50 main support line and bear trigger line. Therefore, we shall trade as planned and in that case we suggest selling at spot with stops at $50 and first targets at $30.

XLM/USD Price Analysis

XLM/USD Price Analysis

Stellar Lumens is one of the top performers in the last week and with a five percent gains, XLM/USD is still trading above 25 cents meaning our last trade plans are live. Unless otherwise there are losses below this immediate support line, aggressive traders should be looking to buy on dips in lower time frames with stops at 22 cents.

On the other hand, conservative traders should take a wait and see approach only taking positions once there is a bullish breakout above 30 cents. To reiterate previous stands, first targets would be 50 cents. Conversely, step losses that will see our stops hit as XLM/USD prices drop below 20 cents mean traders should offload XLM with first targets at 8 cents.

ADA/USD Price Analysis

Michael Parsons, chairman of the Cardano Foundation has resigned from his position as the head of the Cardano Foundation council weeks after Charles Hoskinson and Emurgo’s CEO Ken Kodama made known their frustrations following his string of poor performance, attempts to concentrate power and below par leadership.

Pascal Schmid, Council Member, will take over as Chairman of the Foundation Council on an interim basis.

ADA/USD Price Analysis

His departure coincided with ADA sinking two percent in the last day. Although ADA/USD prices are yet to nullify our bullish projection by reversing Nov 4 gains, it remain likely that declines in other assets especially BTC could drive prices lower.

Therefore, in a conservative approach, we suggest waiting until prices edge past 9.5 cents or Oct highs. If not and our stops at 7.5 cents are hit, then losses below 7 cents—our immediate support line and Oct lows could usher in sellers aiming at 6 cents.

IOT/USD Price Analysis

That data is the oil of the future is true and it’s along this line that Bosch, an electronic giant, recently highlighted a Cross Domain Development Kit (XDK) that work perfectly for real-time internet of things data collection and sales.

Related Reads: Bosch Boosts IOTA with New Device Connectivity for IoT Data Collection

With 20 billion devices interconnected by 2020, the IOTA market place will be perfect scalable and secure platform where these data is availed for compensating parties via Masked Authenticated Messaging (MAM). The XDK2MAM will act as the bridge between the device and IOTA market place.

IOT/USD Price Analysis

Though gains are marginal from a top-down approach, IOT/USD is relatively stable and up two percent in the last day. Because of this, the bullish breakout pattern is still valid and traders can continue buying at spot with stops at 50 cents in line with our last IOT/USD trade plan.

Meanwhile, conservative traders can begin realigning their position but by placing limits at around 60 cents or Oct highs. First targets would be at 90 cents while losses below 50 cents could heap pressure on IOTA driving prices towards 30 cents.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Altcoins Price Analysis: IOT/USD Likely to Expand Above 90 cents as LTC/USD Wilt appeared first on NewsBTC.

from NewsBTC

Ripple Price Analysis: XRP/USD Reject Lower Lows, Short Term Targets at 80 Cents

Latest Ripple News

Aside from EOS and Stellar Lumens which are recent inventions, it still beat logic that CoinBase is yet to list XRP. While it is understandable that CoinBase can practice their discretion and list any coin that adheres to their listing framework, XRP is a liquid asset and far more than just being a tradable instrument. The coin is a real utility that banks can use to move funds across the world. As it fashion itself as superior alternative to SWIFT—a global payment system that has been in operation since 1972 and wholly owned by banks, Ripple and XRP are still struggling with legal challenges.

Also Read: Iran Disconnected From SWIFT, to Launch State Backed Crypto Rial

With lawsuits, CoinBase are not taking a chance despite decentralization efforts than has since seen reduction of Ripple’s grip on the coin’s validation to 48 percent. Until the security stain clears, speculation would continue to affect prices in one way or another more so if the exchange goes on and list Stellar Lumens (XLM) or ADA.

These coins were amongst the five coins under exploration of which BAT and ZRX are now available at the exchange.

Related: Ripple’s CEO Says Blockchain Will Change the World of Global Payments

Regardless, Ripple’s drive seems to be paying off. Through a fruitful partnership with Amex and LianLian Group, the multi-billion e-commerce industry in China will in a year experience the fluidity, speed and efficiency of RippleNet after Amex were given the go-ahead to by Chinese officials.

XRP/USD Price Analysis

Weekly Chart

XRP/USD Price Analysis

After Stellar Lumens, XRP is one of the top performers in the top 10 adding five percent in the last week. But despite lower lows, XRP/USD is technically bullish thanks to surges of week ending Sep 23. At the back of this trend re-defining gains were strong volumes and wide trade ranges cementing our convictions.

Now, like in our previous XRP/USD trade plan, we shall recommend traders to load up on dips in lower time frames as long as prices are above 40 cents, previous resistance now support. However, from candlestick alignment, the best approach is to wait for gains above 55 cents—the 38.2 percent Fibonacci retracement level. Once there is a break above, conservative traders can buy on dips with stops at 50 cents and first targets at parity.

Daily Chart

XRP/USD Price Analysis

As visible from the chart, 50 cents is a reaction point and since Nov 6 bull bar confines price movement of the last seven days, buyers stands a chance to print higher in days to come.

This is more so from an effort versus result point of view and the fact that we hold a bullish preview in line with our previous XRP/USD price analysis.

Moving on, we recommend risk-off traders to load up at spot with stops at 50 cents with first targets at Oct highs at 80 cents. Should prices dip and our stops cleared then we shall revert to neutral observing how prices react at 50 cents and later 40 cents aware that loses below the latter cancels this trade plan.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Ripple Price Analysis: XRP/USD Reject Lower Lows, Short Term Targets at 80 Cents appeared first on NewsBTC.

from NewsBTC

Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High

Bitcoin lightning network decentralization

Bitcoin’s nascent mainnet implementation of the Lightning Network (LN) has reached a new milestone, passing 4,000 nodes for the first time.

Lightning Handles $750K

Data from monitoring resource 1ML confirms the latest growth of Bitcoin’s second layer designed for fast er and cheaper payments, Lightning Network, which at press time November 13 had a total of 4,026 nodes, of which 2,910 were public. (Though many more hidden nodes likely exist.) 

The mainnet network has a capacity of 112.5 BTC ($709,000) with the largest single node, ‘fairly cheap,’ providing just under 16 BTC of that amount.

Earlier Tuesday, the capacity figure had reached 118 BTC ($743,000), a new all-time high for the mainnet.

New Off-Line Wallet Can Exchange Bitcoins Using c-Lightning

While LN still remains a decidedly experimental concept, with developers still working on basic security and robustness rather than user experience or ease-of-use, technical achievements and consensus continue to progress.

As a result of a summit held in Melbourne, Australia in September, Alex Bosworth, Lightning infrastructure lead at the network’s corresponding developer Lightning and CEO of payment gateway Yalls.org, on Monday revealed which improvements the community has agreed to implement.

In time for the next version of the Lightning Network, a total of thirty changes would go live. These include multi-path payments, dual-funded channels, and hidden destinations, along with more technical features.

Stellar To Add Lightning By 2019

While the technology is also active for Litecoin, Stellar 00 this week meanwhile also pledged to debut LN on its own network before the end of 2018.

In a blog post, officials said they had “noted the market demand for more private channel transactions” and would thus hasten implementation.

“Lightning will have a huge positive effect on Stellar’s long-term scalability and security,” they added.

We’ve been aware of Lightning’s potential for Stellar for a while, and we’ve recently collaborated with Stellar advisor and Bitcoin Core developer Jeremy Rubin to optimize our implementation.

The altcoin this week moved into the top five cryptocurrencies by market cap, relegating EOS to sixth place.

The Bitcoin Lightning Network today can be visualized as follows:

What do you think about the Lightning Network’s growth? Let us know in the comments below!

Images courtesy of Shutterstock, 1ml.com

The post Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High appeared first on Bitcoinist.com.

from Bitcoinist.com

Will Blockchain Revolutionize Scholarly Journal Publishing? - The Chronicle of Higher Education

The Chronicle of Higher Education

Will Blockchain Revolutionize Scholarly Journal Publishing?
The Chronicle of Higher Education
Skeptics acknowledge blockchain's potential for greater transparency but doubt that it will be faster or cheaper than other platforms that include article preprints. They question Orvium's intent to lift anonymity from article reviewers. They are ...

from blockchain - Google News

Why and How Accountants Should “Think Blockchain” - CPAPracticeAdvisor.com


Why and How Accountants Should “Think Blockchain”
Blockchain is an accounting system and we are accountants.” Masotti and Masotti LLC CPAs and Consultants, a nearly 60-year old CPA firm recently registered that as the Trademark of their newly launched Blockchain Advisory Services. It says almost ...
Blockchain Promise to Revolutionize Accounting Hits Reality WallBloomberg BNA

all 4 news articles »

from blockchain - Google News

How blockchain could save musicians billions - BBC News

BBC News

How blockchain could save musicians billions
BBC News
The technology that makes this eye-catching giveaway possible is blockchain, a digital ledger that records transactions and information in a verifiable and permanent way. Blockchains have primarily been used to underpin cryptocurrencies like BitCoin ...

from blockchain - Google News

Chinese School Principal Fired Over Illegally Mining Ethereum

illegal ethereum mining

It is not uncommon for students to get crafty when they aim to mine cryptocurrencies. Some use the “free” electricity of their dorm to mine Ethereum and other altcoins. In China, one entire school seemingly had a secret Ethereum mining operation going for quite some time. Cheap electricity sparks a lot of interesting, albeit not always legitimate, business models moving forward.

Cryptocurrency Mining in China Remains Popular

No one will deny China has always been an awkward country when it comes to Bitcoin and other cryptocurrencies. The nation has maintained a trading ban on crypto-to-CNY for quite some time now. Although that caused some discrepancies in terms of Bitcoin’s price, the situation has become a thing of the past first and foremost. That ban doesn’t mean Chinese people don’t care about cryptocurrencies any longer, though.

In fact, there has been a revitalization of OTC and P2P trading in China over the past few months. Investors and speculators will bypass government restrictions to obtain either Bitcoin or altcoins whenever they see fit. Additionally, the mining of cryptocurrencies is still ongoing in China. Despite the government trying to get rid of Bitcoin mining altogether, their efforts have had an adverse effect.

One school in China, for example, has been found guilty of secretly mining Ethereum. The school has access to very cheap electricity which often goes unused. As such, the school’s principal decided to set up an Ethereum mining operation, which has been running for an undisclosed period of time. Puman Middle School has potentially generated thousands of dollars worth of Ethereum through this mining effort, albeit their exact earnings have not been disclosed at this time.

This mining operation only came to light after the school’s internal network was grinding to a halt. After an investigation by other staffers, they discovered someone had set up this Ethereum mining operation. The principal, who was all too aware of this problem, dismissed the first network complaints as “external factors beyond his control”. Even the airconditioning was blamed for the increased noise production heard throughout the building at all hours of the day.

At first, Principal Lei Hua had set up an Ethereum mining operation at home. That is how most cryptocurrency enthusiasts operate, even when mining altcoins. However, it quickly became impossible to sustain this operation due to higher electricity costs and falling Ether prices. After moving the setup to the school itself, is was expanded upon on regular intervals.

For the school, its electricity bill has increased significantly during the mining activity. Additional fees of $2,000 in the past year aroused a lot of suspicion. The profits of this mining operation are still in the hands of the now-fired principal and his Vice Principal, albeit it seems safe to assume they had to pay for any costs and damages after the operation came to light.

The post Chinese School Principal Fired Over Illegally Mining Ethereum appeared first on NullTX.

from NullTX

Cryptocurrency Researchers Diar Expand Data Platform to Cover ETH and Stablecoins

One of the cryptocurrency industry’s leading research groups, Diar, has announced that it will be expanding its coverage of the digital asset space going forward.

Amongst the additional areas focused upon in future editions will be the Ethereum ecosystem, along with the ever-expanding list of stablecoins such as Tether and the Gemini Dollar.

Diar to Extend Its Coverage of the Digital Asset Industry

In its short existence, the Diar cryptocurrency journal has become one of the most respected resources in the digital asset industry.

Its weekly newsletters provide extensive coverage of Bitcoin, the institutional interest in the space, and a select number of cryptocurrency trading platforms. Countless publications, including NewsBTC,  reference the work of Diar when creating their own content.

Going forward, Diar will be focusing on Ethereum, stablecoins, blockchain lending, global markets, and other areas not specified by name. Fadi Aboualfa, the publication’s founder and editor-in-chief, announced the decision via a post taking the position of the usual weekly newsletter yesterday.

The Diar cryptocurrency journal was started just over a year ago in late October 2017. According to the post, it was designed “to become a benchmark resource for long-term perspectives” on digital currencies.

Aboualfa stated that, going forward, Diar will continue to cover the same kind of topics as those featured previously, with the addition of the extra areas previously mentioned. This should better position those creating content for the service to continue to deliver on the publication’s stated goals:

“The intent of the platform is to provide an economic health outlook and state-of-play for the many moving parts of the digital assets industry.”

Diar have also appealed to their readership to provide feedback on their coverage of the digital currency space. Those wanting to give comments or suggestions are encouraged to email the publication.

Finally, Aboualfa expressed thanks to some of the main contributors of data to the Diar platform. These included: Coin API, Nomics, Blockchain, Blockchair, and Coinmetrics.

Related Reading: Diar Report Reveals 30% of Bitcoin Supply is Lost or Yet to be Mined

A Blessing for the Industry?

As one of the most trusted and impartial publications covering cryptocurrency at present, Diar’s decision to expand its area of focus will impact more than just the digital asset investment space.

Many publications, NewsBTC included, have cited the work of Diar’s team previously. Their research has been used to inform articles on a huge number of stories ranging from the number of active Bitcoin wallets to the issues surrounding controversial Bitcoin trading tool U.S. Dollar Tether.

The news of the platform’s expansion will certainly impact on our own ability to cover the digital asset space and we look forward to continuing to use the valuable service offered by Diar to provide insight on a wider range of topics going forward.

Featured image from Shutterstock.

The post Cryptocurrency Researchers Diar Expand Data Platform to Cover ETH and Stablecoins appeared first on NewsBTC.

from NewsBTC

For Digital Identity Management, Startup Offers Blockchain - Government Technology

Government Technology

For Digital Identity Management, Startup Offers Blockchain
Government Technology
After struggling to put blockchain to use in Illinois, two former state employees are privately developing a way to use the technology for digital identity management on a national scale, and they've partnered with Deloitte, one of the “Big Four ...

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