95% of Reported Bitcoin Trading Volume Is 'Fake': Bitwise Report

A recent study conducted by Bitwise Asset Management has revealed that as much as 95% of spot Bitcoin (BTC) trading volume has been “faked” – as it’s being inaccurately reported by loosely regulated (or unregulated) digital asset exchanges. Founded in 2017, Bitwise Asset Management is a privately-held, San Francisco-based crypto research firm that also serves as a “trusted partner to individuals, wealth managers, family offices, investment managers and institutions” in making business-related decisions in the digital asset industry.
Source: Crypto Globe

Blockchain Tech Makes Moo-ves In France

One of the largest retail groups in France, Carrefour has announced new moves in the country that will see blockchain technology used to track milk from local farms, right up through the journey until the milk lands on a supermarket shelf, improving audit trails and the traceability of dairy products that enter Carrefour stores, generally improving transparency and of course, the service that Carrefour provides its customers.
We’ve tried to think of a few cheesy jokes, but the title is all yoghurt? You get? No?
Really trying not to milk it now…
Anyway, this is a great example of how blockchain technology can be applied to our day to day lives, it’s not all just Bitcoin you know! According to recent reports, this latest move by Carrefour will focus on the Carrefour Quality Line (high end brand of milk) Micro-filtered full fat milk. Each product in this line will carry a QR code that customers can scan in order to interact with the blockchain based audit trail. The QR code will divert customers to a blockchain hosted application that will let the customer read more about the animal that their milk came from, including where the animal was reared and even what sort of diet the animal was fed.
Why is this important?
Some might accuse Carrefour of giving away too much information in this, is it really that important that we can see the intricate details about our food? To some people, perhaps not, but at the moment, without blockchain technology we don’t have the luxury of choice. With this, Carrefour are giving those that are interested a very clear way to find out more about the sources of their food. If you don’t want to know about the animal that your milk came from, you don’t have to interact with it and you don’t have to read up on it.
It’s all about transparency and democracy, giving people the option and the choice to learn more about their food – this is when blockchain technology really comes into its own. It’s a technology that can be used by everyone without being forced upon anyone. Carrefour are simple making use of an available technology that will improve service for some of their customers, we can only see this as a good thing.
Source: Crypto Daily

BitMEX CEO: Bitcoin's Price Will Reach $10,000 Before End of 2019

Arthur Hayes, the co-founder and CEO of Bitcoin Mercantile Exchange (BitMEX), a Seychelles-registered and Hong Kong-operated crypto derivatives trading platform, has predicted that Bitcoin (BTC) price will surge to $10,000 during this year. Hayes, a Wharton School of Business graduate, had previously forecasted that Bitcoin’s price would hit $50,000 by the end of 2018. However, the value of the world’s most dominant cryptocurrency dropped below $4,000 mark towards the end of last year.
Source: Crypto Globe

The Immutability Of The Blockchain Is Vital For Logistics

We know that blockchain technology could one day transform the transport industry, indeed, blockchain technology promises very big things for logistics. Since the blockchain is such a big idea however, we need to explore exactly which aspects of the blockchain are useful to logistics, because let’s face it, shipping companies don’t really have any use for creating gambling dApps, nor will Maersk benefit from creating their own cryptocurrency. It’s important to remember that the blockchain is more than just Fintech, it’s more than just finance, the blockchain is an automated process and an immutable ledger, one that can make any industry more transparent.
Immutability refers to a constant, something that cannot be changed or corrected, this is vital in shipping and in logistics as it’s the only way to ensure legitimacy. When goods are exported or imported, they are backed by tags, serial numbers and other processes that ensure the products are legit and not fake. By using distributed ledger technology such as we find within the blockchain, these records can be kept and made publically accessible, without having the risk of an entity being able to change them, meaning counterfeit goods can’t enter the supply chain and meaning that all products are registered and legitimate.
By being publically accessible, a number of companies involved in shipping, from the distributor, to the shipper or carrier, right through to local government, revenue and customs, a ledger on the blockchain can be seen and maintained by all of these factions, without the need for paper or without the need to trust somebody to accurately deliver a paper or electronic ledger.
Being immutable is the key to the success of the blockchain in this instance. Yes, it’s ability to facilitate financial transactions is great, and hosting dApps is an incredible function, but actually, it’s the bare bones of the blockchain and its decentralised nature that will see this technology become adopted. When will it become adopted? That’s a big question, though it’s one that we hope to find some serious answers to pretty soon.
Source: Crypto Daily

Ethereum Classic (ETC) Breaks Critical Resistance, Price Continues To Rally

Ethereum Classic (ETC) has broken past a critical trend line resistance and is now rising on bad news. That’s right, bad news! The cryptocurrency seems to be completely unaffected by the departure of a high profile developer, Anthony Lusardi of ETC Cooperative. We at Crypto Daily have interviewed Anthony Lusardi in the past. He has been very keen to see the project succeed. However, he recently announced his departure due to “burnout and social media FUD”. The price has reacted in a completely strange way as if the departure had a positive impact on the future of the Ethereum Classic blockchain. One explanation for this is that the community is trying to show its support by holding on to its coins as a key Ethereum Classic figure quits. However, we cannot say for sure what the cause of the recent spike in ETC/USD might be despite the negative news.
Looking at the daily chart for ETC/USD, we can see that the price has clearly broken past a critical resistance and now does not face any real obstacle in its rally towards the 200 day moving average. The daily trading conditions are close to the overbought territory but that does not mean the price cannot surge further. In fact, we expect ETC/USD to continue to rally next week until the price runs into the 200 day moving average. After that, we expect the price to decline swiftly towards its ultimate bottom. This year has been a terrible year for Ethereum Classic (ETC) as we have seen a lot of key figures leave the blockchain. It does raise concerns regarding the future of the blockchain if a few more key developers were to quit.

Chart for ETC/BTC (1W)
We have seen the Digital Finance Group (DFG) cozy up to Ethereum Classic (ETC) in the recent months but it is yet to be seen whether they have what it takes to keep this project alive, let alone take it to the next level. If such high profile figures keep on leaving the blockchain on reasons like “social media FUD” and “burnout”, investors might have every reason to second guess whether the people working on this project are actually serious about the future of this blockchain. A good team stays with the project through thick and thin, through good times and bad times. This is why we have seen projects like Golem (GNT) achieve so much even during the bear market.
Ethereum Classic (ETC) is in every way a larger project than Golem (GNT) and to see some of the people working on it leave for such reasons is alarming. The reason it is alarming is because as investors one might have to dig deeper to see what exactly behind “social media FUD” and “burnout” is there that has brought on this onslaught of departures in such a short time. While we do expect Ethereum Classic (ETC) to continue to rally for now, we do believe that investors might have some serious doubts regarding the future of this project during the next bull run. If things remain unchanged, we might once again see Ethereum Classic (ETC) miss out on most of the gains that its fellow altcoins make during the next bullish cycle.
Source: Crypto Daily

Canadian Authorities Exploring New Laws For Bitcoin

According to new reports, Canadian authorities are now working with crypto fanatics and prolific members of the cryptocurrency community in order to start creating more clear regulations for the likes of Bitcoin and other cryptocurrencies in Canada.
The Canadian Securities Administrators (CSA) are now alleged to be working with the Investment Industry Regulatory Organization of Canada (IIROC) in order to best research how cryptocurrency regulations could be rolled out to allow for a more fair crypto environment in Canada. Last week, the pair published a discussion paper that proposes a new regulatory framework that will help shape existing regulations in order to prepare the regulations for future risks and challenges that could arise as the cryptocurrency industry grows.
It does seem that the Canadian authorities have been inspired by seeing some of the tragic events surrounding some of the worlds cryptocurrency exchanges over the past few years, so, like Japan, Canada want to foster a pro cryptocurrency environment that puts responsibility into the hands of the exchanges, it’s the exchanges who will have to ensure cryptocurrency remains a safe and secure investment choice for Canadian people, or so it seems.
The very interesting part of this publication is that is actually invites people within the community to comment on a number of questions proposed by the CSA and IIROC in order to gain a greater insight into what people and local crypto companies believe is really important when considering cryptocurrency regulations.
According to Finance Magnates:

“Most of the questions seem to focus on how to define what constitutes a cryptocurrency exchange, and how far the government should go in its attempts to enforce pre-existing regulatory models onto this new industry. However, it’s clear that Canadian regulators are starting from the ground up in terms of their understanding of how the crypto industry should be regulated. There are still many regulatory holes that will need to be filled; several experts have pointed out the unclear relationship between cryptocurrency and existing securities laws in particular.”

By involving local experts, Canadian businesses and Canadian people, it’s very clear that the authorities want to know more about how they think cryptocurrency regulation should exist, in order to apply regulations in a democratic manner that still allow people to trade cryptocurrency, in the knowledge that their investments are safe and secure.
Source: Crypto Daily

Why Does Buterin Care About The Price Of Ethereum?

Vitalik Buterin, the co-founder of Ethereum has recently spoken to crypto-journalist Laura Shin during a live recording of Unchained Podcast, a popular podcast series that explores all areas of the blockchain world. During the talk, Buterin discusses a number of different ideas within Ethereum and answers one of the Ethereum communities burning questions, does Buterin care about the price of Ethereum?
He’s a very wealthy man so therefore probably doesn’t worry too much when Ethereum starts to drop, though we do think Buterin should be ‘worried’ about the price of Ethereum as frankly, the price does help with popularity, doesn’t it?
When asked if he believes the price of Ethereum is important, according to Crypto Globe, Buterin states:

“I’m going to be really candid because that’s the right thing… Some of the earlier rhetoric, especially veering on the more extreme side of the price not mattering at all, in part was counter signaling to distinguish ourselves from other crypto projects that just do pumping and lambo-ing way too much, but another thing is that it was about minimizing legal risk by basically trying to make the project seem more distant from something that will be covered by financial regulation… If people try to claim the price doesn’t matter at all, financial regulators are totally going to see through that… I can tell you… why the price being higher than lower… is good.”

A little bit cryptic, however Buterin has to remain on the fence otherwise he’s only going to be accused of manipulating Ethereum investors. So, why does Buterin believe a high price is better than a low price?

“Security. So if the price is zero, the network can’t be secure, and that’s true in Proof-of-Work or Proof-of-Stake. Another reason is, obviously, that there’s a lot of projects who in the ecosystem hold cryptocurrency… and if the price is higher, then they’ll have more money to do the things they want to do… Especially, the security concern is a totally legitimate technical argument.”

Buterin makes some very interesting points here. Of course, he likes it when the price is higher because it makes him richer, but it also make the rest of the crypto community richer which means that they are then more inclined to spend money on other projects and are more inclined to invest. More investment means more growth and a bigger industry, it’s simple really.
Another great point however is security. When Ethereum and cryptocurrency costs more, it also costs more to implement attacks. A higher price locks down the network and does make it a more solid investment, keeping the blockchain safe and thus, keeping investors safe too. So, why does Buterin care about the price of Ethereum? Frankly, he cares because a high price keeps his community safe and it keeps them content, helping the industry grow and helping to make ultimate crypto adoption a more realistic prospect.
Source: Crypto Daily