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A strong turnout of engaged listeners at the recent Blockchain & Bitcoin Conference in Kiev reflects the high level of bitcoin interest in the Ukraine as it fights recession, according toNASDAQ.

One of the main speakers, however, Max Krupyshev, COO of Cubits, a London-based bitcoin wallet and exchange, noted bitcoin faces some big challenges in that country.


Krupyshev spoke to a packed hall in the beginners track about bitcoin basics, including proof-of-work and bitcoin addresses. He noted afterward that the attendees were engaged listeners seeking to learn more about bitcoin and blockchain technology.

Bitcoin Demand Strong
Demand for bitcoin is strong in the Ukraine, largely on account of a recession caused by war in the Eastern part of the country. The hryvnia, the national currency, lost around 70 percent of its value over the past two years.

Many Ukrainians are likely looking at bitcoin as a hedge against inflation, as a way to hide funds, to send money abroad, as an investment, or a job opportunity, Krupyshev said. He noted that people who work as programmers are among the few making good incomes.

The Kiev conference is now in its third year and has grown every year. This year’s conference drew 600 compared to 400 last year, according to Pavel Likhomanov, conference coordinator. Likhomanov said fintech, blockchain and bitcoin are becoming increasingly popular in Eastern Europe, particularly in Ukraine.

Diverse Conference Topics
Conference topics were diverse. They included explanations of the Casper proof-of-stake consensus mechanism proposed for Ethereum; bitcoin’s value proposition in an investment portfolio; and cold storage’s importance.

The conference included three different tracks: business professionals, the technical aspect, and a track for newcomers, according to Likhomanov.

Notably absent, however, was Ghash.IO and its parent company, CEX.IO, which was the largest bitcoin mining pool at one time. Despite its Ukrainian roots, the company is presently based in the United Kingdom.

Krupyshev, for his part, a year ago moved to Berlin to work for Cubits after founding the Ukrainian Bitcoin Foundation. Krupyshev noted that his move out of the country could reflect a trend.


Bitcoin’s Challenges In Ukraine
There are numerous skilled Ukrainian developers and entrepreneurs, he said, but Ukrainian venture capitalists remain stuck in the “old world.” Investors want to see tangible products, despite the fact that Twitter is currently valued at $1 billion USD.
In addition, bitcoin’s legal status is unclear in the Ukraine, Krupyshev said. The cryptocurrency is not illegal, but nor is it necessarily legal. Such uncertainty and weak investment are pushing Ukrainian developers to leave the country.

Several of the conference speakers and sponsors included familiar blockchain and bitcoin names such as ether.camp, Ambisafe and Bitmain Warranty.

Ukraine has a larger bitcoin footprint than many people realize, Krupyshev said, but the country’s “real activity” with bitcoin is mostly hidden in foreign organizations. In reality, there are a lot of Ukrainian executives and developers working abroad, officially at least.

The Kiev conference is one of four Blockchain & Bitcoin Conferences planned in Eastern Europe this year. Smile Expo, the organizer, also has events in Moscow, Prague and St. Petersburg. Moscow’s conference is next on the schedule on November 10.

Read More Read More, Posted by: profes
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Potentially in an effort to avoid any censorship or seizure of funds to get his new project off the ground, Kim Dotcom’s Megaupload2 and Bitcache funding round at Bnk to the Future is only accepting Bitcoin.
 
While most investments on the platform allow for investments in various currencies, to invest in Megaupload 2 and Bitcache, investors will have to acquire Bitcoin first. Given that the outside goal for this funding round is $5 million, a successful round could already produce a notable spike in the price of Bitcoin, as Dotcom has previously speculated on Twitter he’ll be able to induce. At the time of writing, over $250,000 worth of Bitcoin had already been invested, or more than 400 bitcoins.

More details about the platform’s aims have come to light, as well, including some of its mechanics. Essentially, a basic file transfer will cost the downloader around five cents, whereas uploading will be free. The platform could be useful to many types of content producers, including new musical artists and software developers, who would be able to charge more if they so chose.

The Bitcache platform also promises to go beyond basic file transfers in an effort to help a web media landscape which suffers from the worldwide growing prevalence of ad-blocking software. Blocking ads is no longer simply a matter of convenience, but many users also do it to avoid malware. Universal blocks are actively costing media outlets money, and any solution which might rectify the balance would be well-received by content providers.

[img=172x0]https://www.cryptocoinsnews.com/wp-content/uploads/2016/10/Kim-Dotcom-Twitter-300x300.jpeg[/img]

For instance, at current rates a site could charge just 81 satoshis per pageview and still pull in around $50 per 10,000 page views. In some cases ,this might prove more popular than traditional advertising. Other platforms are either being tested or worked on for such a solution, but few have the name recognition of Kim Dotcom, whose infamy and history of success both lend to investor confidence in his new ventures.

One of the investor advertising documents on the project’s funding page describes their methodology as using Bitcoin “as the glue” to keep the end-to-end encrypted file transfer project together.

In an interview conducted with Simon Dixon and Max Keiser for the Bnk to the Future project, Dotcom told Dixon:

Quote:Very simply, we are going to be the most private cloud solution on the market. We will not know where the users are, we will not their IPs, and we will not know the contents of their files. There’s no other service that offers that to you.


Current estimates for how many people actually use and hold bitcoins are somewhere in the single millions, but a system which is attractive to many millions of people and also requires them to acquire Bitcoin could, indeed, produce a much higher value for the world’s first major cryptocurrency. It would seem that the ongoing block size debate could produce problems for such a platform, which is part of the purpose of Bitcache.

[img=252x0]https://www.cryptocoinsnews.com/wp-content/uploads/2016/06/Bitcoin-bub-300x214.jpg[/img]

In essence, Bitcache will only register transactions on the public blockchain when users are withdrawing funds. In the meantime, the microtransactions will be handled by Bitcache, at least according to the foregoing video. It would seem that later on, other cryptocurrencies could be introduced to the platform, or alternative platforms using other cryptocurrencies could be developed to compete with it.

Dotcom says he is “confident” that Megaupload 2 will have somewhere in the neighborhood of Megaupload’s former glory – around 50 million users a day – and with a current Bitcoin cap of around 7 transactions per second, this could lead to severe congestion. Solutions like the Lightning Network will also likely come into play as the the user base develops and matures.

Read More Read More, Posted by: profes
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Rob Reeg, president for operations and technology at multinational payments giant Mastercard has revealed that while the company is invested in blockchain technology, he doesn’t care for Bitcoin.

The global payments landscape is primarily dominated by Visa and MasterCard, in that order. In a time where a disruptive new innovation like Bitcoin has already scaled and survived beyond many observers’ expectations, it is perhaps prudent that the giants take notice.

Visa, for instance, summed up 2015 in noting that bitcoin and blockchain became “more real than ever before”, as the year that saw blockchain as an innovation that “the industry has to live with.” The payments leader has also notably sought talent for developing and researching virtual currencies, blockchain and other emerging payment technologies. Furthermore, the company is already pooling in engineers to develop blockchain technology, with one proof-of-concept already seeking participants among European banks.

Meanwhile, Mastercard also has a track record in acknowledging bitcoin and blockchain technology, in its own way. A notable instance of telling insight on the way MasterCard views bitcoin came to the fore when the payments company responded to an official UK Government public call for information on digital currencies.

“[W]e would argue that, when compared to Mastercard’s network, the claims pertaining to the speed and safety for digital currencies does not hold up,” MasterCard wrote in response. The company also questioned the security of the bitcoin blockchain and argued that the current network of global transactions go through a regulated environment, instead of relying on a “block chain” process. Suffice to say, MasterCard doesn’t think much of Bitcoin, from its downbeat response to the UK government’s call to garner insights and opinions on digital currencies, last year.

That dismissive outlook toward Bitcoin hasn’t changed and seemingly permeates among the top executive channels in the company. During an interview with Indian publication theBusiness StandardRob Reeg, MasterCard president for operations and technology, was asked about blockchain technology and Mastercard’s endeavors with the technology, if any.

To this, Reeg answered:

Quote:It is an interesting technology and we are working on it. I personally don’t care about Bitcoin, but I do care about blockchain technology.

The dismissive take on bitcoin coincides with that of a prominent Wall Street executive, JP Morgan CEO Jamie Dimon, who has previously stated that bitcoin wasn’t going anywhere, further labelling the cryptocurrency a waste of time on a separate occasion.

While unsolicited, Reeg’s flat denial of bitcoin was followed by the revelation that MasterCard was working on two blockchain pilot projects, one a combination of private and public (permissioned and permission-less) blockchain, the other a private blockchain. Perhaps revealing further insights into why a public blockchain, like bitcoin, wasn’t in the list of priorities for Mastercard, Reeg stated:

Quote:For [a] company like us, while managing people’s money and information, [the] security aspect of blockchain is [a] little bit daunting. The idea behind blockchain is unregulated power, but that is never going to be a first choice when the security is [of] concern.

The executive’s opinion about security and the suppposed safety net of regulation comes  during a time that sees financial services institutions fined billions for facilitating money-launderingswindling money from everyday citizens and racially discriminating against minorities. These instances are a fraction of the banks and financial institutions that werecaught, within the past 10 years.

Unregulated power governed by code could be exactly what the world needs.

Read More Read More, Posted by: profes
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A newly formed coalition of over 50 prominent lawyers in the United States will help digital currency users – individuals – who are unable to afford legal services, with pro bono attorney referrals.

A new coalition, called the Digital Currency and Ledger Defense Coalition (DCLDC), will help individuals facing legal concerns pertaining to digital currency- and blockchain-related cases.

Jerry Brito, executive director of bitcoin and blockchain advocacy group Coin Center revealed the formation of the coalition in an announcement today.

The unified group will see over “50 of the top lawyers” from around the United States with a focus on legal issues faced by users of digital currency and blockchain technology. More specifically, the coalition represents a “unified effort to protect the individual and constitutional rights and civil liberties of innovators” who are experimenting and innovating with blockchain endeavors.

The mission statement from the DCLDC read:

Quote:The DCLDC was founded to help protect individual constitutional rights and civil liberties in connection with regulatory and law enforcement scrutiny and efforts relating to digital currencies (e.g. bitcoin) and ledgers (e.g. blockchains).

Brito references a previous legal case wherein the EFF (Electronic Frontier Foundation)defended two MIT students who were prosecuted for writing a bitcoin micropayments program.

Brito wrote:

Quote:It [the coalition] will focus on making pro bono attorney referrals to those who cannot afford legal services, and also work on submitting amicus briefs on key issues.

The coalition will prove a significant resource for individuals facing persecution or legal hurdles in an industry that has shown to be rife with misinformation and the distinct lack of understanding the core technology by regulators and authorities.
Brito will serve as board member at the DCLDC.


Beyond helping set up the new coalition, Coin Center has had a busy few weeks. The advocacy group’s two-yea-effort in working with congressmen and others in Washington led to the formation of the Congressional Blockchain Caucus. Rep. 

Mulvaney, one of two congressmen who announced the bi-partisan congressional member organization underlined Coin Center as an “invaluable resource” that helped educate him on cryptocurrencies and blockchain technology.

Read More Read More, Posted by: profes
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The Sydney Stock Exchange (SSX) has successfully prototyped its open blockchain ledger for real-time issuance and allocation of equity security, within a month after confirming the project.

Following its mid-September confirmation that it is pressing ahead to build an open, public blockchain platform that will reduce settlement times of trades and equities, the Sydney Stock Exchange has now tested its prototype blockchain ledger successfully.

The announcement came via the APX Settlement Private Limited (APXS), a joint venture between the SSX and blockchain consultant Bit Trade Labs to develop the public ledger.

The APXS underlined its preference for an open blockchain platform, unlike the approach taken by competitor ASX – the Australian Securities Exchange.

Loretta Joseph, SSX director of market development has previously stated:

Quote:The banks [and the ASX] are effectively trying to build an intranet. If we put a control around who would come into [the internet] and who can’t, we wouldn’t have the internet today.

Opting for a collaborative approach with other participants from the industry, the APXS also sees its public blockchain solution leverage beyond the securities market to scale the commodities market. Such an effort, it says, would help government and other participating industries to change markets that are weighed down by antiquated technologies.

APXS CEO David Lawrence revealed the scope of the public blockchain endeavour. In a statement, he said:

Quote:We are working with government, regulators, the Australian Digital Currency and Commerce Association (ADCCA) and our expanding group of industry partners to deliver innovative solutions using new technologies.

Following the successful testing of its prototype, the joint venture is now determining the required infrastructure for the development of the blockchain solution’s production environment. Furthermore, it is collaborating with industry assurance and cybersecurity experts to ensure it matches verification requirements to avoid systemic risks.

SSX’s development of its ledger was accelerated following recent changes to Australian Clearing Competition laws, that now further encourages competition in the industry. While the project was in development for over a year, the SSX first revealed its intention to implement an open blockchain solution to enable any company or trader with the innovation, in May 2016.

Read More Read More, Posted by: profes
Check out the winners of the Stellar build challenge here https://www.stellar.org/blog/build-winners-fa16/

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Bitcoin price trend remains up. Advance should retake $630 in the coming days, but a correction may precede a push higher.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Bitstamp 4-Hour Candle Chart
[Image: Selection_20160914_003.png]
From the analysis pages of xbt.social, earlier today:

Price continues pushing higher above its 200-period moving average in the 4hour candle chart (red).

The chart is primarily bullish since we see the stochastics rising from oversold (magenta circle, top-right), but an ambiguous indication warns of potential downside as they’re flashing a red divergence dot. This represents a downside risk that traders should be prepared for: price may correct down to the 200MA near $587 before resuming advance.

If price can push above $630 (Bitstamp) then the move will cause 4hr MACD to simultaneously advance above its signal line and above zero (orange arrow). The move will then pull 1day MACD into advance, as well, and we will be on course for our original target a $680 and perhaps higher.

Summary
For now expect ongoing bitcoin price advance with a potential quick correction to $600 or $587 before advance resumes. If price establishes below $600 then traders should close long positions since there may then be initial downside to $570.

Bitstamp Depth Chart and Buy/Sell Volume
[Image: Selection_20160914_002.png]

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Read More Read More, Posted by: aqurions
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DARPA has awarded a $1.8 million joint-contract to two companies to formally verify an integrity monitoring system based on blockchain technology.

The Defense Advanced Research Projects Agency (DARPA) has jointly awarded a $1.8 million contract between Galois and Guardtime Federal to verify the state of correctness of Guardtime’s Keyless Signature Infrastructure (KSI), an integrity monitoring system. In other words, a verifier verifying a system built for verification and monitoring.

The announcement reveals that the contract will fund a “significant effort” that will seek to advance all blockchain-based monitoring systems and the tools required for formal verification.

Galois is a Portland, OR- based technology firm that specializes in ‘formal verification’, a means to assessing a system to provide mathematical assurances that it only works as it is intended to.

KSI on a Public Blockchain
The Keyless Signature Infrastructure is a blockchain-based security technology developed by Guardtime, a cybersecurity solutions collective of computer scientists, network architects, software developers and security specialists.

KSI’s blockchain technology uses a public ledger much like the bitcoin blockchain, even predating the most robust and well-known blockchain of them all. Data transactions are recorded on the KSI ledger, removing the need for trusted insiders for verification or authentication. Transparency and accountability is maintained, without the need for a key.

For DARPA, KSI’s functionality applies to quickly detect advanced persistent threats (APTs), that can remain hidden in an embedded state within networks. Attackers frequently use APTs for their ability to undermine the security of a network and are commonly found to play a part in sophisticated network breaches.

The KSI monitoring system works by continuously verifying the data integrity, processers and the overall system. 

Fundamentally, this leads ramping up the sensitivity triggers in a system’s underlying cybersecurity infrastructure. In effect, attacks can be mitigated in real-time while preserving the integrity of a system.

Guardtime Federal president David Hamilton welcomed the formal verification of KSI’s blockchain tech while adding:

Quote:By subjecting our cyber defense infrastructure to this most sophisticated methodology we will test both typical and exotic boundary conditions enabling further refinements of our defenses for protecting the most precious national security secrets and configurations of operational systems.

While DARPA’s intentions for KSI aren’t disclosed, the federal agency’s endeavor to research the innovation saw a recent proposal to develop a decentralized messaging platform based on the blockchain tech.

Meanwhile, Guardtime’s KSI will see deployment in the UK to secure the likes of nuclear plants.

Read More Read More, Posted by: aqurions
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A study by the Massachusetts Institute of Technology (MIT) has found that, contrary to popular belief, bitcoin is not the payment of choice for students.

In 2014, two MIT students, Jeremy Rubin and Dan Elitzer, raised $500,000 and started the MIT Bitcoin Project. For every undergraduate student that signed up to the project they were provided with $100 worth of bitcoin.
The goal of the project was to establish an ‘ecosystem for digital currencies at MIT.’

When the project started bitcoin was one of the most popular topics, attracting a positive number of students to take part.
Throughout the project, over 3,100 students were part of it. However, within the first month, 40 percent of the students involved had traded their bitcoins in for money. After two years, that number had dropped significantly with only 14 percent of students still utilizing the digital currency to shop, trade, and send overseas.

Speaking to the Boston Globe, Christian Catalini, an MIT assistant professor who oversaw the experiment said that the remaining students involved were holding on to their bitcoins in the hope that its value would increase.

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One factor that saw a significant drop in the number of students using bitcoin as payment was down to the fact that the stores located around the campus weren’t very accepting of bitcoin. As a result, most of the students opted to pay with cards and cash instead.

While bitcoin hasn’t caught on at MIT, the bitcoin project has provided plenty of data as to how consumers adopt and employ a new technology, according to Catalina.

Acceptance of Bitcoin
Since its introduction, the use of bitcoin has received mixed reviews from a number of companies and people. However, it has remained steadfast, gaining popularity over the years.

It hasn’t been easy, though, for the digital currency in its journey for acceptance.

While the New York Department of Financial Services issued its first BitLicense, permitting services to be offered involving digital currencies in the state, some Russian lawmakers have been attempting to get bitcoin outlawed.

A Florida judge ruled earlier this year that bitcoin isn’t money, while U.S. district judge in New York has found that bitcoin is money in a criminal case that involved a man operating an unlicensed bitcoin exchange.

Of course, these are just a few instances where the use of bitcoin has been brought into question. However, it remains to be seen whether or not the digital currency will be the payment of choice in the future as it continues on its path of acceptance.

Read More Read More, Posted by: aqurions
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A new report has found that hidden dark web websites across numerous countries are being utilized to sell goods illegally online.

The report: Mining the Dark Web: Drugs and Fake IDs by Dr. Andres Baravalle, Dr. Sin Lee Wee, and Mr. Mauro Sanchez Lopez, found that once users had access to the websites it was a simple process of obtaining a username and buying products online, according to a report from the International Business Times.

In the report covered by IBT, Dr. Baravalle said that a teenager who was tech savvy would be able to gain access the sites where they would be communicating with criminals with ease.

The researchers found that a scan of a passport could be bought for £7 while a physical passport was on offer for as little as £752.

Dr. Baravalle said:

Quote:During our research, 84 scans and photos of passports were on sale, with 12 physical passports also being offered.

Bitcoin Used for Terrorism Financing?
Earlier this year, a former counterterrorism analyst for the CIA had found that terrorists were using the digital currency, bitcoin to boost their funding.

This, despite the fact that, a report from Europol at the beginning of the year revealed that no terrorist group was using it for terrorism financing.

Data Breach at Yahoo!
This new report comes as Internet giant, Yahoo! recently revealed that it had become thevictim of the biggest ever data breach that saw around 500 million Yahoo! users affected.

According to Yahoo! the information was stolen from its network in a 2014 incident. The company believes it was a state-sponsored hacker who was able to obtain personal information from its users.

The Hacker Peace
Back in August, a hacker by the name of Peace told Motherboard that he had access to 200 million user accounts and was going to put them up for sale on the dark web marketplace TheRealDeal for three bitcoins or $1,900 in value at the time. According to the hacker, the 200 million records were from ‘2012 most likely.’

The same hacker is reported to have sold large dumps of data from MySpace and LinkedIn through TheRealDeal too.

The next few weeks and months will be an interesting time for Yahoo! simply because it remains to be seen whether or not the sale of Yahoo! to Verizon at a cost of $4.83 billion will continue after this. According to a report from the Financial Times (paywall), Marissa Mayer, Yahoo! CEO knew of the possible hack back in July.

Interestingly, enough, it was in late July that Yahoo! announced that Verizon had entered a definite agreement where Verizon would acquire Yahoo’s operating business for around $4.83 billion in cash.

The Rise of the Hacker
In today’s digital age, though, it seems like opportunistic hackers are turning their attention to computers and hardware as a way of stealing valuable information.



[img=300x0]https://hacked.com/wp-content/uploads/2015/11/dark_laptop-300x200.jpg[/img]


According to Juan Andres Guerrero-Saade, aKaspersky Lab ZAO researcher, criminals are using ransomware as a way of gaining information that is profitable to them rather than breaking into computers to access a person’s money through online banking.

Unfortunately, as more criminal hacks continue to take place, it begs the question: how safe is our data and what steps need to be put into place that ensures the safety of our personal information?

Until we can be sure of that, criminal hackers will continue to seek out vulnerabilities in order to gain the information they need. and the dark web will be a beacon for those who want to sell products online illegally.

Read More Read More, Posted by: aqurions
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Indian bitcoin exchange Unocoin has raised $1.5 million in a Pre Series-A funding round, the highest amount raised for any digital currency venture in the country.

Unocoin, an Indian bitcoin startup that offers a trading platform for Indian customers to buy, sell and store bitcoins has raised a record $1.5 million in a round of funding, the company announced on Thursday.

Founded in December 2013, Unocoin is headquartered in Bangalore, a city that is commonly deemed the “Silicon Valley of India.” Over the past near-three years, the company has grown to house 30 employees while clocking over 100,000 customers across the country.

The record round of funding comes from a mix of Indian and International – primarily U.S.- investors. Regional investors include Mumbai-based Blume Ventures that led the funding round, ah! Ventures and Mumbai Angels.

New York-based Digital Currency Group (DCG), a prolific industry investor in bitcoin and blockchain ventures, along with BoostVC, BnkToTheFuture and FundersClub rounded up the funding round.

In a statement, Unocoin co-founder and CEO Sathvik Vishvanath underlined the potential for bitcoin in a country that is the largest remittance-receiving market in the world.

Quote:India has the largest gold, inward remittance, and IT markets in the world, all of which make it the perfect home for Bitcoin and blockchain technology.

The exchange has come a long way since its early days when Indian authorities notably engaged in a hardened stance against bitcoin, predominantly for a lack of understanding the cryptocurrency. Following a temporary setback, the bitcoin exchange resumed operations in early 2014.

Changing attitudes and a wider outlook has led to fewer questions of bitcoin’s legality in the country. In late 2014, the Governor of the Reserve Bank of India – India’s central bank – called bitcoin a “fascinating” innovation.

Other Indian bitcoin exchanges have also started to take shape, developing user-friendlyfeatures for bitcoin users and hiring talent for global expansion.

Read More Read More, Posted by: aqurions
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Bitcoin price, like most markets, is crawling into Wednesday’s Federal Open Market Committee rates announcement.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis
Time of analysis: 14h00 UTC Tuesday
Bitstamp 1-Hour Candle Chart

[Image: Selection_20160920_003.png]

From the analysis pages of xbt.social, earlier today:

The slow rate of progress in the 1hr and 4hr charts is likely to change in the coming 24 hours as a Fed rates announcement looms at 19h00 UTC tomorrow, Wednesday 21 September. Wider market consensus appears to be that the Federal Open Market Committee (FOMC) is unlikely to raise its funds rate tomorrow, and that the Committee will defer a rates hike to December.

The announcement should prompt the market to continue advancing toward $680 (Bitstamp) and for price to gain upward momentum into, or after, the event.

The support and resistance that should constrain price in the coming 24 hours are annotated with orange and green zones in the chart.

Summary
Bitcoin price meanders, yet, despite sluggish price action the 1day and 1week charts bias outlook to bullish. Wednesday’s Fed rates announcement (scheduled for 19h00 UTC) should see the market gain volatility and eventual progress toward $680.
Bitstamp Depth Chart and Buy/Sell Volume

[Image: Selection_20160920_002.png]

What do readers think? Please comment below.
This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Read More Read More, Posted by: aqurions
[Image: Pensive-man-768x506.jpg]

Bitcoin price is setting up for advance but the consolidation process appears incomplete. A large wave of advance into the final months of 2016 is building pressure.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Friday
BTCC 1-Day Candle Chart

[Image: Selection_20160930_003.png]

From the analysis pages of xbt.social, earlier today:
The 1day chart confirms that the indicators are setting up for a strong wave of advance.
MACD holds above zero and price holds above its 200MA – both bullish signals.

For there to be confidence of advance the 1day stochastics (at least the two fastest lines, top) should first group at their minimum prior to a rally.

Such a grouping seems likely within a few days to a week. If price drops lower it will speed up the stochastic grouping, if sideways consolidation continues in low volatility then we may have to wait up to a week.
To get an idea of liquidity and participation prior to the pending advance, notice the increase in trade volume in the BTCC exchange during the past 2 months (bottom).

Summary
Bitcoin price maintains position above $600 and 400 CNY. Although we currently have an apparent bullish configuration at all timeframes, the condition of the 1day and 4hr stochastics warns traders to stay on the sidelines and remain patient.

Bitstamp Depth Chart and Buy/Sell Volume

[Image: Selection_20160930_002.png]

What do readers think? Please comment below.
This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Read More Read More, Posted by: aqurions
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Purse, an online marketplace that encourages bitcoin use and innovation, has introduced bcoin, a Javascript library to help bitcoin businesses build applications. Purse provides a full node implementation that allows it to utilize new additions to the bitcoin code base as they become available.


Bcoin is consensus aware and is up to date with the latest BIPs, supporting Segregated Witness, versionbits, CSV, and compact block relay, according to Github. It also has preliminary support for BIP151 (peer-to-peer encryption), BIP150 (peer authentication), and BIP114 (MAST). It runs in node.js, but it can also be browserified.

In a posting on Medium, Purse noted it was established to provide real world applications forbitcoin. It began by offering Amazon discounts. It now carries more inventory than Amazon, eBay and Google Shopping, with lower prices. The company’s mission is to provide ultimate transparency and efficiency to global commerce.

Built On Top Bitcoin Core
The Purse team tested third party services developed to make bitcoin more secure and simpler, but these services did not meet the necessary scalability and functionality needs. Hence, Purse built on top of Bitcoin Core for its initial wallet infrastructure.

Bitcoin Core’s code base, while the standard, proved hard to work with. This is why only a small number of developers actively contribute to Bitcoin Core. Only a few dozen fully comprehend all of its quirks. Moreover, Core wasn’t built for big marketplaces. It takes a long time to deploy new features.

These realities make it hard for bitcoin businesses to create applications, a situation that undermines new use case developments.

Bcoin Addresses Full Node Issues
Christopher Jeffrey, a former BitPay employee, joined Purse as chief technology officer to build bcoin.
Full node presents a unique set of issues. Deploying a full node wallet from scratch presents challenges, as Satoshi warned against it in 2010: “I don’t believe a second, compatible implementation of Bitcoin will ever be a good idea,” Satoshi wrote. “So much of the design depends on all nodes getting exactly identical results in lockstep that a second implementation would be a menace to the network.”

Purse’s goal is to accelerate the protocol’s development. This includes deploying Lightning and allowing features to permit new uses cases such as smart contracts. Purse is not trying to defy Satoshi and become a “menace to the network,” or to weigh in on the block size debate. The goal is to make bitcoin great again.

Bcoin is an infrastructure for the bitcoin ecocystem. It is intended to be the most easy-to-use and most versatile bitcoin library, supporting Lightning, Segwit and Schnorr signatures, along with other new BIPs.

Spurring The Next Generation
Purse has open sourced bcoin to spur the next generation of apps, including those that Purse does not build.
  • Technical features include:
    • Full blockchain validation
    • SPV mode
    • Running natively in apps and browsers
    • Wallet database (HD keys with BIP44 derivation)
    • Mempool/miner
    • Bitcoin-compatible JSON RPC API
    • REST API
    • Support for Lightning Network (bcoin-plasma), Segwit, CSV, Versionbits, BIP70, BIP151, BIP152, BIP150 and MAST

Purse will integrate bcoin directly into its back end in the next couple of weeks. Once bcoin is live, developers will be assured it is ready for use.

Read More Read More, Posted by: aqurions
[Image: Spanish-flag-768x506.jpg]

A recent notice from the official taxation authority in Spain sees bitcoin mining fall under the purview of an economic activity, opening cryptocurrency mining to taxation.

Bitcoin and cryptocurrency miners in Spain will see taxation of their profits, a recent notice issued by the country’s National Directorate of Tax revealed.

First reported by Spanish industry publication CriptoNoticias, the new directive would require all cryptocurrency miners to register themselves with Spanish authorities before submitting taxes on mining-earned profits.

[img=300x0]https://www.cryptocoinsnews.com/wp-content/uploads/2016/03/Cryptocurrency-miners-300x200.jpg[/img]

Citing reasons for the new tax measures, the report sees curbing money laundering, tax evasion and the ‘possible’ relation to cybercriminal activity and tools such as ransomware.

While the new tax rule sees the light of day in theory, there is the task of Spanish authorities plan on enforcing it to permissionless cryptocurrency miners beyond established or professional, large miners. Notably, the Spanish Ministry of Finance will be responsible for implementing the tax rule. The authority will reportedly hire bitcoin and cryptocurrency specialists, as well as training officials as a means to identifying all miners. Few details are known at this juncture.

Speaking to the publication as an expert in the matter, Jose Mateu, an economist and tax advisor revealed that the tax will be levied on a quarterly basis to begin with, before turning into a yearly tax collection.

He also sees miners facing taxes anywhere between 10% to 47%, from the profits of mined coins.
Spain is also among the notable members of the European Union lobbying to establish a regulatory framework for the largely permissionless cryptocurrency ecosystem, despite establishing bitcoin as a tax-free currency in sales transactions.

The newly imposed tax for cryptocurrency miners comes in the months after Spanish law enforcement seized six bitcoin mines that were allegedly used by a criminal network involved in the illegal distribution of pay-TV channels in the country
Paying heed to Spain’s lead with the new taxation, other countries in Europe and could see the model as a precedent to impose their own taxes on miners. Latin American countries could also follow suit in a region where cryptocurrency miners see operations due to lower electricity and labor costs.

Read More Read More, Posted by: aqurions

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