Bitcoin Cryptocurrency Guide

Cryptocurrency Trading News Bitcoin Weakened Darkcoin Peercoin Booming

ForexMinute.com – Soon after the CTS’s announcement of cutting its ties with Isle of Man’s Bitcoin businesses, the coin’s market has faced a sudden hit. In last 24 hours, Bitcoin has turned out to be one of the biggest failures, if compared to its counterparts. The charts are visibly bearish and are showing no signs of improvement for now.

In recent times, the industry is booming for the trading in the bitcoin currency. There are no failures available to the individuals. Along with it, some improvements are also possible with a click at the CoinMiningDirect website. There is complete details about them to have the strong position in the market.

On the other hand, we have Darkcoin and Peercoin which are continuing to decorate cryptocurrency markets with their attractive rises in last 24 hours. While the optimism in Darkcoin market is credited to their decision to open source Darksend, Peercoin is waiting to launch their much much-awaited (and delayed) Peershares project NuBits. Meanwhile, Darkcoin is also launching RC5 just a day short of NuBits launch.

Meanwhile, the hype surrounding the AuxPoW switch is finally fading off for Dogecoin. The meme-based cryptocurrency, which jumped massively around the switching with Litecoin blockchain, continues to lose steam in its consecutive 24 hours. It might be because of the ongoing discussions on various social media platforms, conceptualizing whether Litecoin is overshadowing Dogecoin after the merge or not. Incidentally, Litecoin’s own hash rate has crossed 1 TH/s right after the merge.

Here is the full report:

BTC/USD

The BTC/USD charts were already on downside and the news from Isle of Man further acted as a catalyst for the top digital currency. In last 24 hours alone, the BTC/USD has fallen more than 2%, definitely the lowest this month. The signals were already bearish during the 9/16 trading sessions when the pair closed after facing a notable fall. (Opened at 474 and closed at 465).

But like every time, the trend is likely to reverse, probably when investors will try to buy the coin at low. We are hoping it might happen when the BTC/USD reaches the bottom of 450. Thereupon, a slight swift is expected. None the least, the arrival of Apple’s very own digital payment system might pose as a competition to Bitcoin in future. Further reviews will clear this doubt.

At press time, the BTC/USD is valued at 463.11.

LTC/BTC

Unlike Bitcoin, the Litecoin charts have reversed from the downtrend it has been facing from days. The Litecoin’s hash rate reaching new milestone might have added few fragments of optimism on the market. As a result, the LTC/BTC is improving magnificently from last 24 hours and has surged more than 2.5% within the same span.

The pair started to trade at 0.01088110 during 9/16 trading hours. It thereupon remained in a tight trading range (between 0.01087650 and 0.01078660), especially ahead of the noon trading hours. The pair later hinted a bullish behavior, and moved upwards right before the closing session. There indeed have been some investment to support Litecoin from falling; the growing volume from China suggests.

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Bitcoin Cryptocurrency Guide

Bitcoiners Demand Greater Transparency In Exchanges

Many in the Bitcoin community are beginning to demand “proof-of-reserve” from their exchanges and financial services in the aftermath of MtGox ceasing withdrawals and committing some of the worst public relations the community has ever seen (and that says a lot considering Bitcoin’s history in the dark-net). In fact, Bitcoinity is offering free advertising space to the first exchange that implements a way to prove that customer funds are secure, without divulging sensitive information. There are some ideas of how to do this, with a strong consensus that it would be an asset to the community by providing greater trust levels; preventing future panics like we have seen in the last few weeks.

Combating “Fractional Reserve”

Fractional reserve is the method by which banks only keep a percentage of customer’s money on hand, and invest or loan out the rest in various ventures. Many Bitcoin users became interested in Bitcoin in order to avoid exactly this, as it gives the financial institution like crypto signal group an undeserved amount of power while forcing the customers to absorb all of the risk should the institution fail in its ventures. For examples of why fractional reserve can be destructive, think about the U.S. taxpayers bailing out businesses during the last recession, or during The Great Depression when the bank-run resulted in banks ceasing all operation for a short time.

The idea of transparent reserves is not entirely new, as Coinkite already provides a measure of this. Coinkite is not an exchange, but still felt it necessary to provide this level of transparency to its customers well before the latest MtGox saga. With Coinkite, you can view your own account audit report and confirm it against the blockchain. I asked Coinkite founder Rodolfo Novak why they felt it was necessary to go to such lengths to provide transparency and he had this to say;

We believe in Bitcoin done on the Bitcoin way with that in mind we designed our system to be BIP 32 HD from day one. All funds are segregated and allocated to user’s own private keys. All transactions are Blockchain transactions. This is the opposite of fractional reserve and the opposite of how many other wallets and bitcoin business run. It was a huge challenge, we had to write our own interface to the blockchain and create secure means to store it, that was done with the creation of our own HSM.

This was an exercise to build the wallet we wanted for ourselves. What makes Coinkite system work is the fact that it is all taking place on the blockchain, the public ledger that makes Bitcoin work. Considering exchanges may process millions of micro-trades every day, this system would prove to be very cumbersome for them to implement. Verifying Funds Off The Blockchain Github users like Gregory Maxwell (gmaxwell) are already trying to come up with ways to confirm account funds off of the blockchain, but without publishing information that could be used to attack the exchange or users. You can read his ideas as collected by “iwilcox”. Essentially, you would need a series of nodes that know where the exchange’s storage is on the blockchain, and would have access to individual account balances. The nodes would be layered in such a way that they could confirm that one user’s funds are included in storage, but not have access to the number of total accounts or anyone else’s balance. As long as the node system is operated in a trustworthy way, the Bitcoin system could trust that an exchange is operating honestly.

Background

After MtGox halted withdrawals, blaming ”a flaw in the bitcoin software,” many customers demanded reassurance from the company that their funds were still protected. Bitstamp, a Europe-based exchange explicitly stated in its press release that “no funds have been lost and no funds are at risk. ” No such statement was given by MtGox, and when the WSJ asked CEO Mark Karpeles about the companies solvency, he responded by saying that the matter was confidential. This instilled no confidence in the Bitcoin community, leading some to panic over MtGox’s potential insolvency, and others to discuss ways exchanges could provide evidence that they possess enough funds to handle massive withdrawals.

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Cryptocurrency

Ripple Listing On Coinbase Buy On The Rumour Sell On The News

I have to admit my time in the Crypto Space the king of rumours has to be Ripple (XRP), it certainly does create a lot of ripples but rarely a splash (pardon the pun). Today we are seeing XRP above $1 and it is 100% because of a rumour that it will be listed on Coinbase very soon. Yet the whole rumour is based on a U.S. TV show CNBC’s “Fast Money” that has not been confirmed. Nor has the rumour been confirmed that Coinbase COO Asiff Hirji and/or CEO Brad Garlinghouse from Ripple are on the show. It has been 100% speculation and no confirmation of where the rumours have even been started. Although this is common in the Crypto Space I do find Ripple riding these waves more than most. But even if this is proven to be yet another speculative rumour the reality is “Buy on the Rumour” and “Dump on the news”. As hearing the rumour early you could or have gained some nice gains. While if it does nose dive once proven to be a bit of fake news you will or should have cashed out early with a tidy profit.

Although you may have guessed I am not a fan of Ripple or XRP (Ripple being the network and company XRP being a currency on it). But this has mainly been down to the fact is it seems to live on rumours and a life of none delivery. At the same time I have made some regular income on such events as we have experienced today all the way back to nearly a year ago. As everyone waits with anticipation to hear that Ripple is now working with banks, delivering its network via Western Union or something else of substance. Yet every time soon far it has been a case of “we are just testing it”, with no follow up of even if these large companies and groups even like the product and have a solid interest. But simply may have been given some testing for free and not taken things further. For me it its why I have concerns with Ripple as people invested in XRP yet it may not even need XRP itself on its own network. Especially if there is functionality for banks and other financial enterprises to generate their own token systems on top of Ripple.

Meaning those behind Ripple would prosper but there is a risk of the investors of XRP being left out in the cold. Even though we are seeing some positive interest out of the South Korean markets I am still unaware of the markets being added back into Coinmarketcap. As this was yet another devaluation issue when they were removed without any warning as it collapsed the price of XRP previously.

Certainly worth watching XRP but I do have a concern on who is benefiting from investment and how long it will be until we see something of value. Coinbase would certainly be a high value target, but yet we will have to wait and see if we are heading for a bull run or a lead balloon.

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