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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average - CoinDesk


CoinDesk

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average
CoinDesk
The bitcoin-US dollar (BTC/USD) exchange rate closed above the 50-day moving average yesterday – crossing a key milestone for the first time since September 13. However, while this might be read as a bullish signal, the follow-through has not been ...

Posted on 19 September 2017 | 11:06 am

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average

The bitcoin price is showing new signs of life – even while it appears to have entered a period of sideways trading after last week's crash.

Posted on 19 September 2017 | 11:00 am

Mexican Law Would Give Central Bank Oversight of Cryptocurrency Startups

Mexico's government is close to introducing legislation that would regulate fintech firms, including those that work with cryptocurrencies.

Posted on 19 September 2017 | 10:00 am

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Snip and the Future of Distributed, Online Content

Snip Header/Footer

Over the years, the world of online content has become increasingly convoluted and disjointed.

The best articles get lost beneath an avalanche of biased pieces, clickbait and content that’s too lengthy to read. All of this adversely impacts the average person’s ability to access credible media outlets that allow them to remain informed in today’s ever-changing world.

In the digital age, the biggest issue confronting the news industry is verifiability. In other words, how can readers be certain that what they’re reading is true? Moreover, how do they know whether a particular media source is trustworthy?

The growing lack of credibility within the media industry became the impetus for Ran Reichman and Rani Horev to create a fresh alternative to today’s prevailing media model. Known as Snip, this innovative news site delivers short, to-the-point summaries of the day’s most important stories and events. Through the use of state-of-the-art machine learning algorithms, Snip allows readers to tap into targeted news feeds on topics customized around their interests.

“I founded Snip in May 2016 with machine learning and data science specialist Rani Horev, a co-graduate of the elite Talpiot program of the Israeli Defense Forces,” said Reichman. “Both Rani and I were frustrated by the low quality of news and how hard it was to find high-quality, interesting and brief content. Basically, there was a lot of long and good content and a lot of short and bad content, but almost no high-quality short content. We started Snip as a small Facebook page for friends and family and it gradually grew to more than 30,000 users and 1,400 paying subscribers.”

When asked for a basic overview of Snip’s value proposition, Reichman was succinct: “Snip is a news platform which keeps you updated on things that are happening in the world, personalized to you and in a short and concise format,” he said. “The headlines are anti-clickbait, allowing you to understand what the story is about before clicking on it and wasting your time. Snip quickly learns what you care about and provides you with stories on those topics, in addition to enlightening stories on other topics.”

The platform’s core model, Reichman said, is predicated on a distributed system where a worldwide collective of content generators curate short news submissions, or “snips,” that are then read by others on the site. Snips can be accessed in a number of different mediums, including audio and video, in addition to traditional, text-based posts. At its core, the site is censorship resistant — a characteristic generally viewed as a key element in the democratization of journalism.

In gathering and curating online content, site curators are incentivized and rewarded for their efforts. The Snip online community connects writers to readers directly, mitigating the risk of censorship and bias inherent in the legacy news industry.

This entire process is seamless, with end users able to take in their own collection of snippets which are personalized through machine learning algorithms. The ultimate goal is to ensure that users can have a quality site experience without needing to understand the intricacies of the distributed technology and cryptocurrency systems undergirding the site.

Writers can generate income from their efforts. Currently, those rewards are in the form of fiat currency with plans to transition to the site’s native cryptocurrency, SnipCoin, an ERC20 token secured by the Ethereum blockchain.

Readers will have the ability to utilize SnipCoin to purchase premium services such as ad-free news feeds, audio snips and customized written content. Additionally, advertisers will eventually be able to use SnipCoin to purchase ad space to increase their visibility on the platform.

SnipCoin distributions will begin in late September with the commencement of Snip’s token sale, where a total of 3 billion coins will eventually be released. The initial coin offering (ICO) is valued at $8 million. Upon completion of the ICO, the project will launch in a closed, invite-only alpha format for the purpose of testing critical features germane to the site such as comments, voting, customized news feeds and spam protections.

Reichman, for one, has strong opinions about ICOs, noting that project developers often launch ventures without any credible evidence of a functional product or service model. Snip, he added, transcends this as a result of already having tens of thousands of active users, as well as over a thousand paying subscribers.

This proven functionality, he said, should give “our ICO participant confidence that the Snip team will create a product people will actively engage with and enjoy.”

A New Era of Blockchain-Driven Content

Blockchain-based news delivery offers immense possibilities in terms of how news could be digested, whether on social media or mainstream media feeds. This nascent technological movement has the potential to decentralize control, remove third-party intermediaries from public news access, prevent censorship and promote bias-free content.

According to Reichman, Snip is uniquely positioned to capitalize on three major trends that are currently reshaping the media landscape:

Tokenization and Cryptocurrencies: Tokens allow companies to turn their users and contributors into real stakeholders of the ecosystem, making them ambassadors of the product. This is especially important in news, where distribution is a huge challenge.

Machine Learning: Snip uses machine learning to find the best content online, then offers it to writers and subsequently personalizes the content to users with additional machine learning technology.

The Rise of the Millennial Generation: As opposed to previous generations, millennials never got used to reading print newspapers and expect an online-first news outlet — ideally, one which is smart, interactive and to the point.

When asked about his greatest hope and vision for Snip over the next 12 to 18 months, Reichman laid out his thinking.

“Our vision for Snip is to become the go-to place for news, a household name which everyone can rely on for information on what's going on, and also to discover new and interesting topics of conversation,” he said. “In 18 months we aim to reach more than a million daily users.”

To learn more about Snip and its token sale this month, read the white paper, follow Snip on Twitter or contact the team via Telegram.

The post Snip and the Future of Distributed, Online Content appeared first on Bitcoin Magazine.

Posted on 19 September 2017 | 9:48 am

Bullish Breakout: Is Ethereum's Price Heading Back Above $300?

The ether-U.S. dollar [ETC/USD] exchange rate has responded positively following the market shocks caused by recent regulatory actions in China.

Posted on 19 September 2017 | 9:12 am

China orders Bitcoin exchanges in capital city to close - BBC News


BBC News

China orders Bitcoin exchanges in capital city to close
BBC News
China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 ...
Jamie Dimon, Here's Why You're Wrong About BitcoinForbes
Bitcoin's fate untethers from ChinaBusiness Insider
China's bitcoin investors are flocking to one of the last available places to tradeQuartz
Fortune -CNBC -Investopedia -CNBC
all 211 news articles »

Posted on 19 September 2017 | 8:24 am

Blockchain Truce? Putin's Internet Adviser Calls for US-Russia Cooperation

Collaboration, not competition: that's the message an advisor to Russian President Vladimir Putin is putting forward in a new interview.

Posted on 19 September 2017 | 7:00 am

Satoshi's Best Kept Secret: Why is There a 1 MB Limit to Bitcoin Block Size - CoinTelegraph


CoinTelegraph

Satoshi's Best Kept Secret: Why is There a 1 MB Limit to Bitcoin Block Size
CoinTelegraph
Anybody familiar with Bitcoin is aware of the vexing problem caused by the 1 MB blocksize limit and the controversy that arose over how to scale the network. It's probably worthwhile to look back on how that limit came to exist, in hopes that future ...

Posted on 19 September 2017 | 5:41 am

Only in Arizona: How Smart Contract Clarity Is Winning Over Startups

Arizona legislators are turning the state into a blockchain hub by making smart contracts legally binding, and startups are taking the bait.

Posted on 19 September 2017 | 5:40 am

Proof of Space: BitTorrent Creator Publishes Eco-Friendly Mining Paper

BitTorrent developer Bram Cohen has published a white paper setting out an eco-friendly alternative to bitcoin's proof-of-work process.

Posted on 19 September 2017 | 4:00 am

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Mexico to Join Club of Countries with Bitcoin Regulation - CoinTelegraph


CoinTelegraph

Mexico to Join Club of Countries with Bitcoin Regulation
CoinTelegraph
The bill seems to be aimed at protecting customers, as well as spurring competition in this burgeoning industry. Mexico is also hoping, in this bill, to ensure ...
Mexico readies bill to regulate fast-growing fintech industryCNBC

all 8 news articles »

Posted on 19 September 2017 | 3:53 am

First Bitcoin-Only Real Estate Transaction Completed in Texas - CoinTelegraph


CoinTelegraph

First Bitcoin-Only Real Estate Transaction Completed in Texas
CoinTelegraph
In a new and interesting twist, an entire real estate transaction has taken place via Bitcoin. In other words, you can now buy your house with Bitcoin…at least in Texas. The transaction was for the purchase of a newly built custom home, and the full ...

and more »

Posted on 19 September 2017 | 3:23 am

The Economic Case for Conservative Bitcoin Development

A look at bitcoin's scaling debate and what the history of money can teach us about the best path forward for protocol development.

Posted on 19 September 2017 | 3:00 am

$9 Million: Bitcoin Startup Luno Completes Series B Funding

Bitcoin wallet startup Luno has raised $9 million in new funding as part of a Series B round announced today.

Posted on 19 September 2017 | 2:00 am

Bitcoin rebounds in India too, rises 20% in 3 days to wipe off losses - Economic Times


Economic Times

Bitcoin rebounds in India too, rises 20% in 3 days to wipe off losses
Economic Times
The currency came under strong pressure after BTCChina, one of the biggest bitcoin exchanges in the world, last week said it would shut down all trading activities on its platform from September 30 after the regulators clamped down on crypto-currencies.

Posted on 19 September 2017 | 12:39 am

Survey: Younger Americans More Likely to Invest in Bitcoin

New survey data from online student loan marketplace LendEDU suggests that younger consumers in the United States are more apt to invest in bitcoin.

Posted on 18 September 2017 | 1:01 pm

Bitcoin Exchange bitFlyer Hopes to Win Big With the Japanese Bankers Association

bitFlyer.jpg

While China tightens its grip on its cryptocurrency community, Japan is openly embracing cryptocurrencies and blockchain technology, legalizing bitcoin, and encouraging and funding blockchain research.

Even Japan’s banks are onboard, working collaboratively to develop a blockchain platform specifically for the financial sector. With its 120 member banks, the Japanese Bankers Association (JBA) is creating a Collaborative Blockchain Platform and is actively looking for a company to supply its blockchain technology on an ongoing basis.

Experimenting with the Collaborative Blockchain Platform, the JBA will initially determine which financial services best lend themselves to the new platform, likely including settlement/transfer services, know-your-customer (KYC) systems and financial infrastructure such as their Zengin System and Densai Net System.

Japanese bitcoin exchange bitFlyer is stepping up to the plate to take on tech giants including Fujitsu, Hitachi and NTT Data to be the supplier of the blockchain platform that will be used by Japan’s banks.

Although it is one of the largest cryptocurrency and blockchain startups in Japan, the Tokyo-based bitFlyer has its work cut out for it if it wants to upset these three corporate heavyweights and win the right to supply the bankers with a blockchain platform using its miyabi technology.

The company’s COO Bartek Ringwelski told Bitcoin Magazine:

“bitFlyer is the only startup in the event, and we have only raised $36mm since 2014, but we have deep expertise in blockchain technology through our virtual currency exchange (the largest in the world by volume, including margin trading) and our ‘miyabi’ product.”

By way of comparison, Hitachi posted $83 billion in revenue in 2016, Fujitsu posted $47 billion on 2015 and NTT Data posted $15 billion in 2016.

Acknowledging a sea change in Japan’s attitude to cryptocurrency, Ringwelski noted that Japan is actively encouraging and supporting both cryptocurrencies and blockchain technology:

“Japan is emerging as a leader in blockchain adoption. Japanese consumers are embracing virtual currencies, regulators are proactive, and banks are recognizing the power that blockchain, and specifically miyabi, can bring to the financial infrastructure.”

Miyabi Blockchain Technology

The name “miyabi” was first coined between the 9th to 12th centuries by Japanese aristocrats to refer to the theme of elegance and refinement.

According to Ringwelski, bitFlyer’s miyabi blockchain platform is the fastest in the world:

“Based on our research, ‘miyabi’ is the fastest enterprise-grade blockchain technology, delivering 1,500 - 2,000 transactions per second on average, and in some cases, even faster,” Ringwelski said.

Their processing speed of 1,500 to 2,000 transactions per second compares with Bitcoin’s two transactions per second and Ethereum’s seven transactions per second. They also estimate that among the other three competing companies, the maximum speed to beat is 1,000 transactions per second.

When it launched the competition, the JBA made it clear that security and immutability were their first priority. In their view, only a private, permissioned blockchain could satisfy this requirement.

Going Global

BitFlyer’s CEO Yuzo Kano has said he wants the company to go global in the near future and will start by expanding to the U.S. market this fall, initially offering bitcoin trading but expanding to other cryptocurrencies within the next year. The company says it has received approval to start trading from 34 U.S. states.

In the meantime, Ringwelski says that they are eagerly awaiting the decision of the JBA:

"The partner ultimately chosen by the JBA will stand to become part of the core Japanese banking infrastructure — it would be a big deal. Beyond the value of gaining the JBA as a new customer, securing a JBA contract would help spread miyabi to new enterprise blockchain applications and customers worldwide."

Investors in bitFlyer include SMBC Venture Capital, Mizuho Capital, Dai-ichi Life Insurance, Mitsubishi UFJ Capital, Mitsui Sumitomo Insurance Venture Capital, Recruit Strategic Partners, Dentsu Digital Holdings, SBI Investment, GMO Venture Partners, QUICK and Venture Labo Investment.

The post Bitcoin Exchange bitFlyer Hopes to Win Big With the Japanese Bankers Association appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:45 pm

Op Ed: How Blockchain Technology Will Disrupt Digital Content Distribution

gp digital content.jpg

The way we consume media content has been on a continual overhaul for the past two decades. Every aspect of media distribution has become more streamlined from the razor-thin devices we use to consume media to the manner in which we purchase and store our coveted content. Books, music and movies have all seen their physical bodies and storage locations dissolve, to be replaced with on-demand downloads and digital copies.

The digital content revolution has done a lot for increasing access and visibility for artists and authors, but the current publishing giants have failed to adequately adjust to the times in a few crucial areas. While it's true that platforms such as YouTube and Medium have granted publishing access to the greater public and eliminated gatekeeping middlemen like talent agents and PR people, the current digital content sharing platforms have built their empires on the skeletons of the publishing giants’ templates that existed before and, unfortunately, have continued operating in ways that fundamentally undermine the artistic control and profits of their contributors.   

YouTube, for example, recently announced they will not allow users to earn any money until they reach 10 thousand views. Medium was recently very candid about the moral dilemmas and growing pains they have faced while trying to balance the selling of advertising space as well as respecting their contributing authors and readership. And it's no secret that Amazon and iTunes take a chunk out of authors’ and artists’ earnings, with iTunes currently pocketing 30 percent of its artists’ profits and Amazon taking a hefty 30–75 percent.

Though it’s easy to be critical, I am more interested in looking for a viable alternative to disrupt the existing system. This will require harnessing the decentralizing nature of emerging blockchain content distribution technologies. Here’s why:

Blockchain could be the solution to making micropayments a reality.

As media consumption has gone digital, a cost-effective way to charge per article or per song has been a limiting factor. Many platforms and publications have opted for subscription-based charging as high transaction costs make pay-per-use charging impossible. Amazon, for example, passes on its internal transaction costs to their clients, which currently equal 2.9 percent of the total transaction as well as a flat fee of 0.30 cents for every transaction.

The pricey transactions make processing small charges inefficient and not cost-effective, which has led many experts, such as editor of TechCrunch John Biggs, to predict that the future of digital publishing will depend on the adoption of micropayments.

Blockchain technologies allow for an incredible number of transactions to be processed at a low cost. Decentralized blockchain systems distribute the collective payment history across the entire network and don’t favor any single “auditor.” The network is maintained by all blockchain nodes as a whole.

Emerging blockchain transaction processing speeds have also recently shot past the leading blockchain currency, bitcoin, and would be capable of processing on a large scale. Where Bitcoin's transaction speeds average 7 transactions per second, new blockchain-based currencies are already approaching thousands of transactions per second; Bitshares claims they can process 100,000 per second.

In fact, a newspaper in Winnipeg, Canada, has already begun to use a micropayment system to charge per article for its news content and projects earning over $100,000 in digital revenue.

Blockchain could tilt the balance of power towards individuals, not publishing powerhouses.

As mentioned previously, YouTube and Medium have dramatically increased content creators’ access to audiences and established a more democratic, popularity-based promotional scheme. Unfortunately, they are both still centralized content distribution entities that can make arbitrary and unilateral decisions. YouTube and Medium both have the right to remove comments, content or entire channels or profiles without leaving a trace.

In contrast, a blockchain content distribution platform preserves an unchangeable record of all actions. The record produced by blockchain systems creates an environment of total transparency for both content creators and media consumers, and it also ensures that all views, comments and ratings reflect the real interactions the content has experienced, leaving no room for subjective, inflated ratings or deleted bad reviews.

With nothing deleted, content producers can create and post with the security that their work and reputation will remain intact, trolls can’t hide their past bad behavior and can easily be spotted via their comment history, and all content fairly reflects its actual popularity.

Blockchain technology could provide instant payouts and security.

Today, freelancers, authors and artists working with publishing platforms are accustomed to waiting multiple months to receive payment for their work. For big-name artists, this is just part of the business. But for smaller artists, it can be difficult to wait for reimbursement without any idea of how much they will eventually be paid. The financial uncertainty, prolonged waiting periods and lack of payment transparency in current digital content media sharing platforms could be discouraging potential artists and authors from seeing content creation as a viable source of income. Instead, the system encourages content creators to seek payment, not for the quality of their content, but through product sponsorships, PR and ad-focused content.

With blockchain-based content distribution, content creators can be paid within seconds of a consumer paying for a download. Consumers would also know their purchase was directly supporting the content creators they enjoy and effectively cut out the publishing middlemen eating up the content producer’s profits.

Though blockchain technology may, at times, sound a bit hard to conceptualize, digital media distribution really shouldn’t be rocket science. While the zeros and ones behind publishing platforms get more complex, the process for content creators and consumers has simplified and should continue to do so.

The bottom line is content creators who make good quality content that people are willing to pay for deserve a simple and transparent digital media sharing platform that fairly compensates them according to the consumer demand for their work. Media consumers equally deserve the ability to directly support the content creators they enjoy. And blockchain technologies may be the disruptive technology that digital media content distribution needs.

This is a guest post by Matej Michalko, founder and CEO of DECENT. The opinions expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine. 

The post Op Ed: How Blockchain Technology Will Disrupt Digital Content Distribution appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:40 pm

Blockchain Technology Plays a Critical Role in U.S. and International Open Government Initiatives

tech open door.jpg

On September 8, the U.S. government’s General Services Administration (GSA)’s program “Emerging Citizen Technology” hosted a workshop titled “Emerging Technology and Open Data for a More Open Government.” The participants in the workshop were directed to draft proposals that specifically use Artificial Intelligence (AI), blockchain technology and open data.

“Open data and emerging technologies — including artificial intelligence and distributed ledgers, such as blockchain — hold vast potential to transform public services held back by bureaucracy and outdated IT systems,” said Emerging Citizen Technology program manager Justin Herman. “We are opening the doors to bold, fresh ideas for government accountability, transparency and citizen participation by working with U.S. businesses, civil society groups and others to shape national goals for emerging technologies and open data in public services.”

At the workshop, several government agencies have indicated a strong government backing behind the development of blockchain technology. In particular, a representative of the White House Office of Management and Budget (OMB) stated that the Trump administration was serious about and committed to this technology, and would not be deterred.

The initiative is related to the fourth National Action Plan (NAP 4), which the U.S. government is releasing this year in the the framework of the multinational Open Government Partnership (OGP) and its Open Government Declaration. It is aimed at empowering citizens and advancing the ideals of an open and participatory government.

The September 8 workshop follows the first U.S. Federal Blockchain Forum, organized by the Emerging Citizen Technology program on July 18 to discuss blockchain use cases, limitations and solutions. Financial management, procurement, IT asset and supply chain management, smart contracts, patents, trademarks, copyrights, royalties, government-issued credentials, federal personnel workforce data, appropriated funds, federal assistance, and foreign aid delivery were among the government blockchain use cases discussed at the July 18 workshop. Participation was restricted to federal agencies’ managers.

The Government Blockchain Association participated in the September 8 workshop and shared details, reported by ETHNews, on the topics discussed. In particular, three priority areas were examined: a national identity system based on blockchain and biometric technologies and interoperable across different agencies; an open government innovation initiative aimed at improving the internal operations of government agencies through blockchain technology; and a blockchain open-interface framework to connect government blockchain pilots with external data systems.

The Government Blockchain Association, open to all interested individual, corporate and institutional members, was formed to explore blockchain-based solutions to problems typically faced by government entities.

"We are currently seeing deep and informed interest in blockchain [technology] across many levels of the public sector,” said Gerard Daché, Founder and President of the Government Blockchain Association. “This time next year, I would not be surprised to see dozens of pilots, legislative resolutions, and even funding spread across the various states and high up in the U.S. Federal Government specifically for piloting blockchain based innovation.”

The Association believes that blockchain technology, Bitcoin, distributed ledgers and cryptocurrencies will fundamentally transform how the government interacts with its constituents.

"We don’t believe blockchain adoption in the public sector needs to take over ten years as some suggest it might,” Daché added. "There is an excitement that is palpable so, our goal is to harness this enthusiasm and direct it into working groups that actually influence national, state and large city governmental policies."

The post Blockchain Technology Plays a Critical Role in U.S. and International Open Government Initiatives appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:34 pm

Bitcoin Bubbles, Crashes, Price Changes: Lessons Learned ... - Fortune


Fortune

Bitcoin Bubbles, Crashes, Price Changes: Lessons Learned ...
Fortune
Fortune offers a closer look at this month's bitcoin crash and four other major price shocks—as well as likely explanations for all of them.
Bitcoin's Wild Ride Shows The Truth: It Is Probably Worth Zero - WSJWall Street Journal (subscription)

all 4 news articles »

Posted on 18 September 2017 | 11:46 am

SEC Advisory Committee to Discuss Blockchain's Investor Impact

SEC officials will discuss blockchain at an event in mid-October, according to public records.

Posted on 18 September 2017 | 11:30 am

MUFG on Dimon Remarks: Bank Cryptocurrencies Have 'Nothing to Do With Bitcoin'

The CEO of Japanese finance group MUFG said today that big bank-issued digital currencies aren't quite the same as bitcoin.

Posted on 18 September 2017 | 9:30 am

'End of Life Cycle': BIS Report Positions DLT as Needed Banking Update

Distributed ledgers could help update aging central banking systems, says a new report, but issuing cryptocurrencies will be a more complex affair.

Posted on 18 September 2017 | 8:00 am

$4,000: Bitcoin's Price Shrugs Off China Exchange News

Bitcoin's price has bounced back above $4,000 following market losses linked to the recent regulatory crackdown in China.

Posted on 18 September 2017 | 7:30 am

Inside the Blockchain Factory: How IBM's Distributed Ledger Work Went Global

IBM is building its blockchain work over a growing number of locations and employees, and Marie Wieck ties it all together.

Posted on 18 September 2017 | 7:00 am

Bitcoin's Price Is Back Above $4,000, But Is All-Time High in Sight?

The price of bitcoin continued to recover into Monday as consolidation in pricing helped the cryptocurrency recovery Friday's steep losses.

Posted on 18 September 2017 | 6:05 am

Japan Exchange Report: Cloud Edging Out DLT for Capital Markets Needs

A new Japan Exchange Group report throws cold water on the idea that distributed ledger tech may soon make inroads in global capital markets.

Posted on 18 September 2017 | 5:32 am

Bitcoin Price Analysis: How Rumblings From China Play Into Wyckoff Distributions

China BTC price.jpg

Unless you’ve been in a crypto-free cave for the past week, you might have noticed the crypto-wide market drop.

Last week, rumors of China’s crackdown on BTC to fiat transactions began to spread across the crypto-world. On Monday, mainstream news sources such as The Guardian, Forbes, Wall Street Journal, and Bloomberg further supported or confirmed these rumors by releasing articles with the news of a Chinese crackdown on exchanges.

According to Chinese state newspaper Securities Times, “All trading exchanges must by midnight of 15 September publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations." 

Within a day and a half, BTC-USD saw a 15% markdown as the price dropped from $4400 to $3750. After all was said and done, BTC-USD managed to squeeze out one last push before bottoming out around $3000. The bottom was immediately greeted by a strong rally that propelled the price upward by $900.

The price shot down, the price shot up — where does this leave us now?

Figure_1 (7).JPGFigure 1: BTC-USD, 6-Hour Candles, GDAX, Macro Bull Run

Since the beginning of this bull run from $1800, we have established very clear, very strong support and resistance levels along the Fibonacci Retracement set shown above. At the time of this article, BTC-USD is testing the macro 38% retracement line where strong, historic support will prove quite tough to penetrate. With such a large growth in such a short period of time, BTC-USD managed to climb about 150% in market value within the span of about a month.

One idea I’ve been considering during the climbs to toward the ATH is the the Wyckoff trading range schematic shown below:

Figure_2 (7).JPGFigure 2: Wyckoff Trading Range (A great breakdown of schematic details are found here)

Historically, as markets progress through time, they go through phases of accumulation (a phase where investors and traders begin to buy and accumulate assets) and distribution (a phase where traders and investors begin to sell off their accumulated assets). In order words, the market goes up and a bull rally begins, the market begins to top out, and then a bearish rally will bring the prices back down to a comfortable level. It’s a sort of give-and-take in the market as traders begin to place their bets on the future market direction.

In our current case, over the last couple months bitcoin has formed a very similar pattern to Distribution Schematic #1 shown above. The above schematic represents one of the possible ways a market can rise, find its top, and distribute assets to market.

Comparing the schematic above to the the current BTC-USD market pattern, we can see a lot of striking similarities:
Figure_3_again.JPGFigure 3: Wyckoff Schematic Within BTC-USD Trend

The nomenclature for this schematic is found here and is vital to understanding the upcoming discussion.

While a bearish continuation has yet to be confirmed, the most recent price hike this morning seems to fit the last test of the Wyckoff schematic LPSY (Last Point of Supply). The last point of supply is essentially a false rally where those who didn’t have an opportunity to sell on the previous LPSY now have an opportunity and will begin to sell into the more bullish traders who fall victim to a false breakout.

The SOW (sign of weakness) is marked by high sell volume that leads into an AR (automatic rally) where the sell pressure lets up and bullish traders assume a bottom has been hit. The automatic rally is marked by a bullish climb with great ease before finding its top near the previous lines of support shown above in green.

The LPSY is most notably described as a series of peaks and valleys on a fairly narrow spread as the bulls and bears exchange positions. During this LPSY, we will expect to see diminishing volume as the market pushes to new highs and becomes more and more difficult.

A closer view of the current trend reveals we have begun the process of weakening rallies with the LPSY:

Figure_4 (3).JPGFigure 4: BTC-USD, 5-Minute Candles, Bitfinex

Throughout the length of this small trend, we can see diminishing volume on each consecutive push toward new highs. If we manage to continue downward, expect turbulence at the $3000 levels and a possible secondary bounce as the $3000 level offers very strong, historic support.

It should be noted however, even though this current trend has a strong resemblance to the Wyckoff schematic, it is always important to confirm the trend before trading it. As with any market, it is entirely possible that this Wyckoff distribution pattern will fail and bitcoin will manage to continue onward and upward to new highs. A market reversal should definitely not be ruled out as the current market trend is showing a strong sign of uncertainty between the bulls and bears.

Whether the market breaks upward or downward, always confirm the move with strong volume to support a strong move in the direction the trend. Volatility is to be expected, but we approach the market with a level head and objectivity, seeing the proper positional entries and exits will much easier to spot.

Summary:

  1. Strong, bearish news hit the crypto community this week as China announced harsh regulations on the BTC to fiat transactions on exchanges.

  2. Currently BTC is seeing a strong rally off the $3000 levels but is showing signs of waning strength in the upward direction.

  3. A possible macro distribution pattern is unfolding and new lows could be in store for  bitcoin over the next few days and weeks.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: How Rumblings From China Play Into Wyckoff Distributions appeared first on Bitcoin Magazine.

Posted on 15 September 2017 | 4:17 pm

Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts

Bitcoin exchange Bitso helps mexican hurricane relief

Bitso, a cryptocurrency exchange in Mexico, has continues its campaign to aid the victims of the recent earthquake in Mexico.

A few days ago, Bitso announced their support for the Mexican people who were affected by the recent earthquake. The cryptocurrency exchange has enabled donation wallets that can be used by the company’s clients to send aid using different digital currencies, such as bitcoin, ether and ripple. According to Bitso, cryptocurrency donations are a quick and efficient way to help the victims since the assets are easy to transfer.

Unfortunately, some people have lost their homes, their belongings, and sadly even the lives of their loved ones. We are hoping this aid will help them return to their daily activities as soon as possible.

Thousands of homes were destroyed and nearly 100 people have died across the country as a result of an earthquake that struck just before midnight on September 7. It reached a magnitude of 8.2 on the Richter scale.

The donation details can be found on the cryptocurrency exchange’s blog:

“Join this campaign and help the efforts made by the RED CROSS in Mexico by using the hashtag #BitcoinAidMexico and make a donation to one of the following accounts:
Bitcoin (BTC) 1DaHfXsoPfZ2jznJhB62vR3QEVFhhZ2tMR
Ethereum (ETH) 0x88B6021aE4BB9830f2E9D5BB38B83427b9D7ffEc
Ripple (XRP) rEFMdiTbLmZq5ZiMGrWGoyP48DMFqXjNkM [No Destination Tag required]”

The Red Cross thus far has been able to set up collection and relief centers in several areas affected by the earthquake, especially in the southern states of Oaxaca and Chiapas, benefiting around 24,000 people.

Due to the transparency, traceability and real-time reporting of the technology, donations can be easily tracked by users at any time. The total amount Bitso has raised will be exchanged later for Mexican Pesos (MXN) at market rates. Bitso wrote:

“The equivalent amount in Mexican Pesos will be transferred using a local bank wire to Cruz Roja I.A.P. (RED CROSS Mexico) to the bank account CLABE 012180004040404062. This CLABE number can be validated on their website https://www.cruzrojamexicana.org.mx or on their twitter account: https://twitter.com/CruzRoja_MX/status/906600599864582144

The deadline for sending the funds is September 15; however, Bitso added that if they still receive funds later, the company will exchange those donations between September 15 and 22, and wire them to the Mexican Red Cross.

Bitso highlighted that there is no minimum amount for donations and that they will accept all transactions. The company wrote that the fundraising started with them donating MXN $50,000, which will be added to the total amount of donations.

The amount the company has raised and the transaction proof will be publicly displayed for total transparency.

Bitso emphasized that although the Mexican Red Cross will ultimately receive the funds, user contributions cannot be used as tax deductions.

“Important: BITSO will not make any user contributions tax deductible. Mexican Pesos will be transferred on behalf of third parties according to Mexican law LISR artículo 35, and the following TIN XAXX010101000 will be used in order to generate the corresponding payment as ‘General Public Invoice.’”

The post Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts appeared first on Bitcoin Magazine.

Posted on 15 September 2017 | 12:07 pm

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September 19, 2017 -
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