Bitcoin Cash [BCH] ABC to be delisted from all exchanges, says Bitcoin SV [BSV]’s Calvin Ayre

Calvin Ayre, a vocal supporter of the Bitcoin Satoshi’s Vision [BSV] chain, recently published an article on his ‘news portal’ known as Coingeek, calling upon exchanges to delist the coin currently known as Bitcoin Cash [BCH] running on the ABC implementation of the chain. This comes after a lawsuit was brought down on BCH and its proponents such as Roger Ver, Jihan Wu,  and Amaury Séchet over claims of market manipulation.
Ayre beseeched exchange platforms to delist the coin until the point they implement replay protection in order to protect the funds of the investors. He further stated the ABC has been “planning this mess for months” with the assistance of at least one exchange platform. The exchange in question is Kraken, with CEO Jesse Powell also mentioned in the suit.
According to Ayre, the reason the lawsuit was filed was that “a lot of people lost a lot of money”, going so far as to say that the cryptocurrency market saw “billions” wiped off it due to the actions of ABC. He stated:
“As I hear from my sources, the FBI’s Cybercrimes unit is looking into the actions of the American based individuals and companies allegedly involved.”
He further expressed his disdain for ABC, stating that much of the hard work by “dedicated and respectable individuals and companies” were erased along with billions across markets. This is also seen in the filing of the lawsuit, which states that BCH has become more centralized, thus violating “all accepted distributed and decentralized standards and protocols associated with Bitcoin since its inception.”
Some other claims in the lawsuit include statements that Roger Ver, Jihan Wu, and Jesse Powell worked in conjunction with the Chinese government to commit a “hostile takeover” of the coin. Ayre, in another article on the same, stated:
“Roger Ver is a “crypto anarchist” and has also directed the mining operations of his Bitcoin.com mining pool to ABC. In addition, Bitcoin.com was a recipient of some of the hashing power that was rented by Bitmain in order to support ABC.”
He also stated this in a Tweet, saying:
“Unnamed co-conspirator exchanges and payment processors need to seek legal advice as all details on this manipulation come out in discovery. The only way to limit liability now is to reduce damages by delisting illegal ABC and having BSV be fully functional as BCH.”
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Source: AMB Crypto

Bitcoin Cash [BCH] added on Gemini as Bitcoin SV [BSV] moves to the sidelines

More than a year after the Bitcoin [BTC] hard fork that created the Bitcoin Cash [BCH] cryptocurrency, Gemini Exchange has announced that the trading of the fork is now available for its customers. Beginning on December 8th, users can deposit BCH tokens onto the exchange, with trading beginning on December 10th.
Recently, the BCH network itself underwent another hard fork, with two camps, Bitcoin ABC, backed by Bitmain and Jihan Wu, and Bitcoin Satoshi’s Vision, headed up by Calvin Ayre and Craig “Faketoshi” Wright. It then split into two coins, with most of the exchange platforms supporting the ABC implementation over the SV one.
Gemini also seemed to go along with this, announcing:
“At this time, we will only be providing support for the Bitcoin ABC network and we will be referring to it as Bitcoin Cash with ticker: BCH. We have added replay protection to all BCH withdrawals from the Gemini platform to ensure transactions are only valid on the Bitcoin ABC blockchain.”
This presents a problem that is difficult for the SV camp to overcome, as BCH is only the 5th coin on the heavily regulated Gemini platform. The exchange only trades Bitcoin, Ethereum [ETH], Litecoin [LTC], Zcash [ZEC]. They also mentioned that any Bitcoin SV or any other unsupported token sent to the Gemini address is “invalid and irrecoverable”.
However, on the brighter side, Gemini has stated that they are continuing to evaluate whether or not to add Bitcoin SV over the “coming weeks and months”, with both withdrawals and trading of the token coming under scrutiny. Eric Winer, the VP of Engineering for Gemini, stated:
“We have worked closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Bitcoin Cash trading and custody services for our customers, and we are excited to add this cryptocurrency to the Gemini platform.”
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Source: AMB Crypto

Ethereum [ETH] towers over the bear with a 6.5% increase ahead of Constantinople hard fork

Ethereum [ETH] has been no stranger to reigns of the bear over the past month, dropping below one of its most crucial support lines of $100 recently and being unable to recover. However, with investor sentiment rallying, the coin has grown its value by over 6.5% in the past 24 hours and has successfully shaken off the bear, at least for the time being.
Over news of the network’s Constantinople hard fork coming in January next year, the coin has had a run fueled by positive sentiment, even gaining as much as 10% at the peak of its hike. The coin itself has had a tough week, as it began trading at $111, observing a sharp hike up to the $120. It traded around that mark for a day before beginnings its decline.
Ether began sliding to $117 mark after a drop, and continued its trading there before another drop on December 3 to $113, followed by another drop to $108 on the same day. Still reeling from the bear’s consecutive attacks, the coin recovered to the $111-mark and slowly declined to below it to trade at $108 on December 5.
One of its highly-held support lines at the $100 mark was tested on 6th December, with Ether recovering to trade at around $103 on December 6. On the very same day, the coin went below $100. The price came to rest at around $96 on 6th December, with the coin observing a catastrophic downfall the next day. It dropped well below $90 to a yearly low of $83.
It attempted a recovery to $87 but failed, and tested the $83 level once again before hiking sharply to $95 and trading there.
A further upwards momentum was formed as the coin is trading at $92 currently, with a market cap of $9.5 billion and a trading volume of $2.2 billion. The markets for the coin include the OEX market with ETH/BTC trading pair, which has over 6.8% of the trading volume $159 million, EXX with ETH/USDT pair with 4.7% of trading volume with a volume of $111 million, and OKEx with ETH/USDT pair with 4.5% of trading volume of $105 million.
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Source: AMB Crypto

Bitcoin [BTC] shorts reach all time high as bear threatens to squeeze the life out of the coin

With the bear market reaching its tightest squeeze yet, Bitcoin [BTC] has seen a drop to its lowest level this year. The downward pressure seems to have the upper hand as the coin has slid 10% in the last 24 hours to trade at a price close to $3400.
Reflecting the power of the bear over the market, the number of open short trades for Bitcoin has reached an all time high. With over $3.1 billion in trading volume over the past 24 hours and dominating 31.8% of Bitcoin’s total trading volume, derivatives trading platform BitMex has taken the market away from the bears and given profits to the short traders.
With close to 40,000 being opened on the platform in order to execute short positions, the number of contracts continues to increase as the price of Bitcoin falls. They are positions created by traders trying to hedge their risk with the decline of the top cryptocurrency, as the long positions are currently being exposed to negative price movement.
The coin has been in a downward spiral since it broke the $6000 level in November, as it has now reached a yearly low of $3400. This creates a lucrative opportunity for short investors, as it allows them to leverage on the downwards movement of the coin.
This is done through a relationship between the investor and a lender, wherein the investor borrows a certain amount of the assets and sells them immediately. This is done hoping that a buy can later be executed when the price continues to move downwards, and return them to the lender for a profit.
With the number of short contracts continuing to rise, it presents a difficult situation for Bitcoin as it has multiple individuals looking out for the price of the coin to reduce. Moreover, as the market is full of whales who are ready to dump the coin at a moment’s notice, the potential for market manipulation in this fever pitch of the bear increases.
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Source: AMB Crypto

Bitcoin [BTC] “going to 0” because of death spiral phenomenon allows for the appreciation of mining difficulty adjustments

Opinion: Bitcoin [BTC] has long been hated by economists, as they believe that it is nothing more than a bubble. Now, in the depths of a rough bear market and declining hashrate, they have resorted to predicting the death spiral of the coin, with one professor of finance saying that it would be due to miners leaving the ecosystem.
Atulya Sarin, the professor in question, teaches at Santa Clara University and has written on currencies in a book known as “Foundations of Multinational Financial Management”. However, he also seems to hold a position as a naysayer of Bitcoin, with articles both last April and recently speaking about how it is headed towards a spiral of death due to the reduction of its price below the cost of its mining.
He stated in his article:
““As I argued, once Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral…Bitcoin has no cash flows. In that respect, it is more like gold, in that its value is driven to some extent by its desirability and potential uses, but mostly by its cost of mining.”
However, Sarin fails to notice that the difficulty of mining on Bitcoin adjusts itself every 2016 blocks. This translates to about 2 weeks if the blocks are produced at Bitcoin’s usual rate of one block every ten minutes. This effectively absorbs any significant changes in the price, without considering that miners operate across a margin of profitability.
A higher mining difficulty would mean that it is more difficult to find blocks, and is deployed whenever the hashrate on the network increases. The opposite also occurs when the hashrate decreases, it becomes easier to find blocks on the chain.
Moreover, while the price of Bitcoin treats the all-in cost of mining as a floor, which was recently broken at around $6000, it is not a determiner of the value of the network. Granted, the price of the coin is mostly derived from speculative trading. The value of the network instead lies in its use-case: a decentralized, permissionless, trustless and uncensorable payments system.
Sarin also picks on the current buyers and miners of the Bitcoin platform, stating that they have been “run-of-the-mill, greed-driven investors”. While that may hold true for the miners which have now become huge operations driven by corporations, the spirit of what drove the coin is still alive. In a bear market where most buyers are down, orders of magnitude from what they invested in, strides continue to be made in the sentiment of the space even as weak hands capitulate.
Chanting the common economist’s mantra, Sarin predicts that Bitcoin was going to go to zero. His logic is as follows:
“However, the number of miners cannot fall below a certain level, because without the miners providing the computing power to maintain the ledger, the bitcoin blockchain will not remain viable…If the price continues to drop and the cost of mining does not fall correspondingly (the cost of mining will algorithmically decrease, but not necessarily to same extent as the decline in prices), Bitcoin will quickly go to zero.”
The fatal flaw in his arguments is present here as well, as profit margins for miners currently ranging from over 50% to being slightly unprofitable. As mentioned previously, most miners are now run by corporations,and can withstand a huge shock loss. However, as unprofitable miners leave the network, the rest of the network’s difficulty accordingly adjusted to be more profitable for the ones that stay on.
Sarin also states that this is different from previous drops in difficulty, as the recent decline “dwarfs the magnitudes of past declines”. This should not be a matter of concern, and instead can be looked at as a way to appreciate the beauty of the dynamic difficulty changes of the Bitcoin network.
While it is easy to say that Bitcoin is headed towards zero due to it’s nature as a speculative trading asset, the fact remains that the world has seen nothing similar to Bitcoin. It effectively reinvents the concept of money, something that the world has run on.
Something that has built society into the giant it is today, and allows centralized institutions to enforce the need of trust in everyday lives of everyday people. This has effectively been disrupted to allow money to be accessible to everyone without permission. Therefore, as long as there exist two individuals in the world that seek the freedom of money and the value that they create, Bitcoin will not go to zero.
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Source: AMB Crypto

Bitcoin [BTC] breaks $4000 again, market dominance increases as Nasdaq and Fidelity sentiment rises

Bitcoin [BTC] recently broke the $4000 barrier after trading in the high $3000s for the past few days. The coin spiked up with a sudden growth of 4.8% in a few hours, thus rounding off its weekly growth of 7.3%. The #1 coin now controls 53.8% of the market with a market capitalization of $69.9 billion.
It is currently trading at $4010, with a volume of $5.4 million over the past 24 hours. It started off the week at $3710, with a hike to $3820 on November 28th. On the same day, the coin hiked again to $4030, followed by a third hike to $4240. This gives the coin a hike of 14.2% on just that day.
However, the bulls seemed to not be done with the coin, as it reached a high point of close to $4400 on the very next day. On the same day, the coin corrected to the high $4100s. It touched the weekly high of $4400 on November 29th, following it up with a continued and persistent series of drops, which culminated in the price being close to $4000.
The beginning of the new month seemed to have more in store for Bitcoin, as it saw another hike to $4270, staying around that mark before a drop to the $4000 level on December 3rd. It saw a further drop on the same day to $3875, setting the stage for its sharp hike upwards today, which moved the price from $3840 to $4015.
The coin seems to be establishing a dominant presence in the market, owing to the added faith in Bitcoin. Nasdaq also confirmed that they will be launching a futures product in the first half of 2019, along with Fidelity announcing that they would be entering the cryptocurrency space. This contributes to create a prominent bullish momentum in sentiment for the top cryptocurrency, which has recently been suffering a slump after its drop below $6000.
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Source: AMB Crypto

Litecoin [LTC/USD] Technical Analysis: Bulls to move in for the kill as bears shirk away

The price of Litecoin [LTC] has largely been in a downward spiral, breaking many of its crucial resistance levels as prices continue to decline. However, some short-term relief might be achieved for the price, as the technicals point to a recovery in the favor of the bulls.
1 hour:
The short term outlook shows that there is an uptrend from $27 – $31, with a short downward movement from $35 – $34 – $33 – $31. There are supports set at $31 and $27, with the resistance levels being presented at $35 and $37.
The RSI has recovered from the oversold zone.
The MACD is set for a bullish crossover, as seen by the two lines beginning to draw together.
The Bollinger Bands have widened after the drop recently, demonstrating further volatility in the Litecoin markets.
1 day:
The long-term outlook for Litecoin shows a short support uptrend from $29 – $31, with a downtrend from $125 – $55 – $33. There is a support from $28, with a resistance at $62 and $101.
The Awesome Oscillator is bullish, as seen by the emergence of green lines from the bearish trend.
The Relative Vigor Index is demonstrating a bullish crossover but seems to be set for further downwards movement.
The Parabolic SAR is bullish, with the dots beginning to emerge from the bottom of the candlesticks.
Conclusion:
The coin seems to be awaiting further upwards movement, with the indicators supporting the bull over the bear. With both short and long-term outlooks ruling in favor of positive movement, resistances at $35 and $37 might be tested.
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Source: AMB Crypto

Bitcoin [BTC] used for charity effort in Venezuela: 500 children benefit from open and sound money

Venezuela, a country undergoing deep-rooted problems in its monetary supply due to hyperinflation, has been pegged by many as the country where cryptocurrencies would come to prominence. The country is also suffering under economic pressure from the United States of America due to sanctions and is knee-deep in debt.
The government of Venezuela recently launched a cryptocurrency known as the Petro, which is a fork of Dash [DASH]. However, this was dismissed by many as another way for the President of Venezuela, Nicolas Maduro, to make money off the population and continue to cheat them out of the value of their efforts.
From this fire of adversity, various citizens of the country have begun using the permissionless, trustless and decentralized nature of cryptocurrencies and blockchain technology in order to get by. One of them seems to have taken the initiative to try and make a difference in the poverty-struck country through the use of cryptocurrency.
A user known as Crypto For Venuzuela recently posted a video detailing charity efforts made in the country with the help of Bitcoin [BTC]. They purchased around $260 worth of clothing and school supplies for underprivileged children in the country and paid for it using Bitcoin sourced from a round of charity from Reddit. This effort reached 500 children, with volunteers handing out the gifts dressed as Santa Claus.

A couple weeks ago I shared a video where bought a ton school supplies and clothing to be donated to kids!
Today was that day! We delivered all the school supplies and Clothing to the kids Thanks for all your help! $BTC all of it was done thanks to you guys and Bitcoin! pic.twitter.com/LMfOT6GPng
— Crypto For Venezuela! (@CryptoForVzla) December 1, 2018

The supplies were bought at Traki, a department store in Venezuela that accepts cryptocurrencies. Other activities conducted by the individual also include creating an Ethereum [ETH] faucet for use by the public in Venezuela and rebuilding a school farm using donations in ETH.
The user also accepts donations in Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], XRP and Tron [TRX]. This shows that the world is yet to adopt this revolutionary technology, which can be used for outreach in remote areas or as an economic tool in underprivileged economies.
User meadowpoe on Reddit said:

“This is a really nice and selfless gesture, but what is not good whatsoever is going to the bcash subreddit later on and bash bitcoin about tx fees and surrender to all the stupid comments those subnormals made in your videos there… All comments you got in your video when you posted in that stupid sub was a comparison about btc bcash. They dont even give a f about what u r doing. Edit:/ and no, getting donations in bcash wont make your life any easier.”

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Source: AMB Crypto

XRP/USD Technical Analysis: Bears to take a bite out of the coin as bull wait in the distance

The cryptocurrency market has continued to take a beating from the bear, with major cryptocurrencies dropping above 5% of their value in just the last 24 hours. The highest valued altcoin, XRP, has also gone along with the trend, shedding 5% of its value in the same timeframe. The technicals seem to go along with this conclusion, as can be seen by the graphs.
1 hour:
The short term outlook for XRP shows an uptrend from $0.338 – $0.36, with a downtrend from $0.503 – $0.402 – $0.382. A support is visible at $0.338, with resistances set at $0.404, $0.427, and $0.461.
The MACD is demonstrating a bearish crossover, with the MA line moving below the signal line.
The Awesome Oscillator is bearish, with the emergence of red lines showing the same.
The Parabolic SAR is bearish.
1 day:
There is an uptrend from $0.27 – $0.369, with the dominant downtrend presenting itself from $0.90 – $0.555 – $0.395. A support level is present at $0.262, with resistances at $0.582, $0.689.
The Aroon indicator is showing that the uptrend is losing power, with the downtrend also moving downwards.
The Chaikin Money Flow recently moved above the 0 line, indicating that money is flowing into the market.
The RSI is recovering from oversold zone as seen by the indicator dipping below the oversold zone.
Conclusion:
In the long term outlook, the prediction looks slightly bullish, with the market trying to beat back a recovery. However, it seems that the price will continue to move downwards before the coin seeks the realm of the bull.
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Source: AMB Crypto

‘Bitcoin Jesus’ says invention of cryptocurrencies causes a competition in the “issuance of money”

Roger Ver, the CEO of Bitcoin.com also known as Bitcoin Jesus, recently appeared at CNBC’s Future of Money Conference to speak about Bitcoin [BTC] and Bitcoin Cash [BCH]. He also spoke about his early entry into the blockchain and cryptocurrency space, calling himself the “first investor in Bitcoin and blockchain ecosystem”.
He began by speaking about how he was a successful entrepreneur before he got involved in the space, saying that he gave up everything, completely ignored his previous job and dropped everything in his life to focus on Bitcoin full time. This was around the time when Bitcoin was around $1 each, going on to say that it’s important to focus on “that sort of idea”. He further went on to say that speculating on different assets was not what the space was about.
He quoted Brian Armstrong, the CEO of Coinbase, where he said that digital currency may be the most effective way to increase economic freedom. He elaborated:
“If this happens the implications are profound. It could lift many countries out of poverty, improve the lives of billions of people and accelerate the pace of innovation in the world. Those are some pretty exciting goals to be working towards and the fact that digital currency may be the most effective tool we have to achieve those goals makes digital currency really really really exciting.”
Ver further said that economic freedom matters are those with it will have a higher per capita income, which further translates into higher life expectancy, higher literacy rates, 10% improved environmental protection, fewer wars, and violent conflicts and higher happiness of citizens.
He further correlated the standard of living with the amount of entrepreneurial dynamism, as having economic freedom would directly translate to innovators being free to do so. He offered examples of Apple, Samsung, and IBM that brought “wonderful” and “amazing” technologies to the masses.
Quoting the example of an eternal competition between the Samsung and Apple, Ver stated that there was really no competition in the money system until cryptocurrencies emerged. Ver elaborated:
“Thanks to the invention of cryptocurrencies. We’re seeing competition in the marketplace of the issuance of money and for the first time in human history in modern history. Wwe’re seeing a separation of the issuance of money and the state.”
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Source: AMB Crypto

Bitcoin mining will “revolutionize the way we gather renewable energy”, says BTC maximalist

Many have claimed the ICO market to be full of scams and fake projects, thus lending more credibility to established cryptocurrencies. Many others, however, claim the ICO space to be the birthing ground of so-called disruptive and revolutionary ideas. Tone Vays, a Bitcoin [BTC] maximalist, quashed these ideas at a conference earlier this week, where he said that ICOs exist to solicit funds from unqualified investors.
Other ideas expressed by Vays during his treatise included his perspective that there were zero good ideas in the ICO space, with the closest the market got being Ethereum [ETH]. He has been a fervent dismisser of Ethereum in the past, continuing his stance by saying that it was just a platform for other people to create securities. He went on to say:
“Bitcoin is actually revolutionary. There are not that many revolutionary things. Airbnb and Uber have done well but again, it’s not that revolutionary, it’s just a way to pick up people in cars. I haven’t seen anything that revolutionary, I think that word is grossly misused.”
This consists of the ICO market as well, which Vays said amounted to separating unqualified investors from their money. Drawing on the example of VCs, he stated that they can barely beat the returns that the S&P 500 offers, even as it is their jobs to find profitable companies to invest in. Analogizing it to the cryptocurrency market, he stated:
“This concept that an average person that has a job or an ability to pick out winners and losers in a brand new industry, they don’t understand speculative companies. People always say, what if you had the opportunity to invest in Facebook before it went IPO. You would have lost all your money in Myspace or Friendster or god knows any of the twenty or thirty other social media platforms.”
Vays revealed that the reasons for VCs to invest in companies was because they wanted something in return. However, in comparison, those who have invested in ICOs have lost a lot more money than they have made, with a few people getting out at the top.He then went on to speak about Bitcoin, and how many parties were looking to demonize the cryptocurrency due to its electricity consumption. He stated:
“I think Bitcoin mining is going to revolutionize the way we gather renewable energy. I think it’ll revolutionize the way energy is being processed. I think the chip manufacturers are going to revolutionize the way we process information in computers. I think there are lots of good coming out of it. The whole concept of separating money from the control of government is going to be amazing.”
The power of Bitcoin lay in transferring money across borders to yourself, friends and family in an unstoppable way, stated Vays. He further said that this was what was going to change the world and that soliciting money from unqualified investors are going to go away. He then stated:
“If your distant cousin that you know has never achieved anything comes to you and asks you for a bunch of money to start his company, you would laugh and not give it to him. But yet you’re going out and buying someone else’s ICO, that cousin of yours probably knows what he’s doing better.
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Source: AMB Crypto

Bitcoin [BTC] is revolutionary, but ICOs are a “way to get around the regulatory space”, says Tone Vays

Tone Vays, a Bitcoin [BTC] maximalist and influencer, recently appeared at Blockshow Asia on a panel to speak about the ICO market. Over the course of the discussion, he spoke about how ICOs were not “revolutionary”, stating that they were a way to “get around the regulatory space”.
When asked about whether lessons were learned from the ICO boom of last year and this year, he declined to agree. Drawing on his background as a trader, he spoke about how he never understood the dotcom boom and how websites with only a website and no clients and developers were trading for $100 a share on NASDAQ. He stated:
“It took 15 years for the NASDAQ to recover financially. Meanwhile the internet was being used and used and used. I never understood why people got into this group thing and irrational exuberance of buying into this stuff until i was smack in the middle of this ecosystem.”
He then spoke about how Bitcoin was revolutionary, as it was a way to separate money from government intervention and give people the freedom to spend their value. However, this then devolved into how everyone wanted to print money, with more people believing in it, stated Vays. He then stated:
“The ICOs were not revolutionary, it was just a way to get around the regulatory space and the regulation is finally catching up. I was very critical of the Ethereum ICO and i thought it would only lead to something bad and i guess now other people are somewhat starting to realize it. I was on the other side of it i was warning people the whole way up, the whole way down i will continue to do so.”
Jane Lippencott, the co-founder of ZenCash and Head of Business Development of CoinFi, also pitched on his opinion by elaborating that a lot of founders in the ICO space “went for the money grab without solving any hard problems”. This ensures that they are not lasting through the bear market, she said. She went on to say:
“I think they never really figured out how blockchain applies to their business and how to create token economies that are actually sustainable. I think there’s a lot of work still to be done and that there are a lot of fundamental building blocks for any altcoin project before were going to see real businesses that are going to be VC backed that are built on blockchain and incorporate it.”
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Source: AMB Crypto

Ripple’s xCurrent, xVia and XRP-powered xRapid come into focus as TAS Group and ECB gear up for TIPS launch

Opinion: The European Central Bank [ECB] recently announced that they would be launching a system for faster payments in the Eurozone. This system is known as Target Instant Payments System, and aims to offer a settlement of instant payments in Euro, with users being able to access it any time of day and any day of the year. At first glance, this might be the beginning of the end for the actual use-case of crypto-assets. However, one digital asset may as well benefit more from this move than many may think.
The system requires payment service providers to set aside a portion of liquidity in their respective central bank, which will then act as a way to settle instant payments. The system also promises no minimum wait during the process, and transaction settlement across the clock. This is all done with an end-to-end processing time of 10 seconds or less, with measures put in place to ensure that the system can be scaled effectively to meet the needs of the users. It also gives businesses another product to sell their consumers on, as instant payments are slowly becoming the new norm.
Benoît Cœuré, a member of the Executive Board of the ECB, said in a speech earlier this year:
“Indeed, in the euro area, where different legal frameworks and customer habits prevail, there is always a risk of new fragmentation arising from the development of national or closed-loop solutions which are not interoperable. To counter this risk, the European payments industry is now launching a truly pan-European instant payments scheme.”
The launch of this platform looks like the dragon has finally defended its stash of gold from the decentralized knight in shining armor, that is cryptocurrencies. With central banks effectively dismissing them as a way to conduct cross-border transactions, the technology seems to be dead in the dirt as vultures pick at its remains to adopt blockchain into their various ventures.
However, this is not necessarily true as Ripple, the FinTech company aspiring to solve the cross-border payments ecosystem, seems to have ensured its place in the future of evolving payments. They have achieved this through two main moves, with the primary being their partnership with TAS Group.
TAS Group is a company which focuses on business innovation in the financial sector, and have released a bevy of software for use with banks. They aim to deliver “electronic money, payment systems, capital markets and extended enterprise” solutions to payment providers, with one of their products being the latest version of the Bank Liquidity Management platform. This reportedly allows for the forecasting of the liquidity situations for the banks that have implemented the system.
Source: TAS Group

 
Most interestingly, it offers maximum interoperability with the newly announced TIPS payment standard, and is aimed at allowing for a seamless transition between existing systems. TAS Group has been in a partnership with Ripple for about 3 years at this point, with a document released in 2015 detailing the benefits of Ripple over existing Real-time Gross Settlement [RTGS] systems.
The launch of TIPS is scheduled to be around the end of this month, with TAS Group poised to take control of the emerging market. Those who are up-to-date with Ripple’s developments may also know that the company promises added interoperability between their widely adopted xCurrent product and their XRP-powered xRapid product.
There was also a document released by Fidelity National Information Services [FIS] that reveals the second method used by Ripple in order to continue being a market leader in frictionless payments. This is through the implementation of an open API for integration onto Ripple’s networks, a technology that is touted as being the future by FIS in their report.
Source: FIS
 
As seen by their infographic, Ripple’s third product, xVia, ticks many of the boxes required to be a disruptive force in the API space as well. This was also touched upon by Benoît Cœuré in his speech, where he stated:
“Cross-border interoperability is just one area where progress can be made. Extending access to our RTGS system to regulated non-bank payment service providers is another avenue that promises to make our current systems fit for the future.”
This proves to make a strong case for systems like Ripple’s to take over the market for cross-border payments. The short-term flow of capital through Ripple’s networks might also result in liquidity being sourced from xRapid partners operating in the Eurozone. The effect of the launch is now awaited with bated breath.
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Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Bears move in to take the kill as market’s short term cycle repeats

Bitcoin [BTC] has recently been the brunt of many of the bear’s attacks, dropping almost half its value to the bottom at a price of close to $3500. While the price has currently taken a breather, the market doesn’t seem to have finished bleeding yet.
1 hour:

A short support uptrend is visible from $3605 – $3675, with a dominant downtrend from $ 5495 – $4050. Support levels can be set at $3605 and $3675, with resistances at $4345 and $4750.
The MACD experienced a bearish crossover recently and continues to move downwards.
The Stochastic indicator shows comeback from the oversold zone to occur soon, with the lines crossed over.
The Parabolic SAR is bearish.
1 day:
There is no visible uptrend, with the downtrends from $5850 – $3775 and $9760 – $8350 obliterating any chance at short-term victory for the bulls. A sole support is set at $3570, with resistances at $4545 and $6145.
The RSI has bottomed out in the oversold zone, indicating a possible recovery.
The RVGI is demonstrating a bullish crossover.
The CMF is slowly making a recovery back towards the 0 line.
Conclusion:
As seen in the short-term graph, Bitcoin is currently going through a bearish and repetitive pattern. A short bottom, followed by a quick recovery generally sees the price continue to move downwards. This was seen in yesterday’s hike, with supports at $3605 and $3675 looking ready to be broken as the bear’s gear up for an attack.
The post Bitcoin [BTC/USD] Technical Analysis: Bears move in to take the kill as market’s short term cycle repeats appeared first on AMBCrypto.
Source: AMB Crypto

XRP and Stellar Lumens [XLM]: “I don’t know anyone who develops on Stellar”, says Ripple executive

The relationship between Ripple, the XRP Ledger, and Stellar Lumens [XLM] has been well-documented throughout the growth of both of the parties. The latest development in the relationship between the two companies comes with Cory Johnson, the Chief Market Strategist at Ripple, offering his opinions on Stellar.
More recently, there has been talk of McCaleb dumping XRP tokens on the market in order to drive the price down further. This brought about the question as to whether McCaleb was functioning within the terms set by Ripple when they acted against him in a series of lawsuits. As clarified by the CTO of Ripple, David Schwartz:
“Jed had a long string of bad ideas that Ripple’s Board of Directors refused to implement. So Jed started Stellar based on those ideas…[he] tried to dump his XRP quickly and Ripple acted to stop him through a series of lawsuits.”
When he decided to leave the company, a settlement was reached between McCaleb and Ripple, wherein he had to sell all the shares of the company he held. In return, he will slowly sell off all of the XRP owned by him and his children, as opposed to dumping it all on the market at once.
McCaleb then proceeded to badmouth Ripple in future instances, with one example presenting itself in an interview with CNBC, wherein he stated:
“It’s very hard to run nodes outside of Ripple Labs. The team is running the majority of the nodes, which should be concerning for people.”
Cory Johnson spoke about XLM, stating that it was created by one of the founders of Ripple and one of the creators of XRP. He stated:
“I don’t really have an opinion about it. I mean, you know, obviously a super smart guy but in order to build a really big business that uses the digital assets is a challenge. There are lots of companies developing on XRP.  I don’t know many developing on Lumens other than Stellar.”
The post XRP and Stellar Lumens [XLM]: “I don’t know anyone who develops on Stellar”, says Ripple executive appeared first on AMBCrypto.
Source: AMB Crypto