Darryn Pollock

Australian Reserve Bank Seeing No Need for Bitcoin in the Country

Australian Reserve Bank officials have crushed the idea that Bitcoin will be big in the country with little usage expected to take place
Australian Reserve Bank Seeing No Need for Bitcoin in the Country

Australia certainly has been forward-thinking and upfront with its regulations of Bitcoin and allowing it to function within the laws of the country. However, the Reserve Bank of Australia does not feel that there is any practical application, or need for it in the country.

Australia, as a first world and thriving country with a strong economy, is except from the problems which Bitcoin can solve in other nations, this is according to RBA head of payments policy Dr. Tony Richards.

Limited usage

Richards points towards the stable and functional Australian dollar as the reason why Bitcoin is unnecessary, stating that in other countries where the currency is weak or problematic, Bitcoin can help.

“When a country doesn’t have a credible currency, then people might look for other ones,” Richards said. “Whether those are cryptocurrencies or something like the US dollar is another issue, but we in Australia have a perfectly credible currency called the Australian dollar; we’ve had low and stable inflation for at least 25 years; and the likelihood that we’d have significant adoption of an alternative currency seems to be pretty low.”

Richards goes on to mention the risks of Bitcoin over a stable currency like the AUS Dollar, but fails to go into other areas where the digital currency is superior to any form of paper currency. His focus is primarily on the possibility of digital cash replacing fiat.

More to it

Of course, the debate of Blockchain over Bitcoin is often raised in this situations where institutionalized offices see the benefit of Blockchain technology and what it can bring in the future, but try and disassociate it from cryptocurrency.

Richards also gives a nod to Blockchain technology being an assessment of the entire space, stating that skeptical as one may be of Bitcoin, the underlying technology is quite admirable.

“Even if one is quite skeptical of whether Bitcoin will have a significant role in the economy in the future, I think it is hard to avoid some admiration for its design,” Richards concluded.

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Aliya Prokofieva

Future of State: From Asgardia to AI-Ruled Space Cities

To call the doctor, press "1.” To report a gas leak, press "2.” To tell the government everything you think about it, press "0" and wait
Future of State: From Asgardia to AI-Ruled Space Cities

Aliya Prokofieva is founder of the international space company “Galaktika,” space exploration visionary and active public speaker. She writes for U.Today on the cutting edge tech and disruptive projects that may change the life of billions of people.

This summer in the capital of Austria, a remarkable event took place. In the warm and friendly atmosphere, the inauguration of the first head of the new state in space named Asgardia was held. The main visionary of the project, Russian scientist and businessman Igor Ashurbeyli, who founded the International Aerospace Research Center in Vienna, has become the modern reincarnation of Odin.

By Aug.10, 2018, citizenship of Asgardia has been given to 250,032 men and women (an impressive 25 percent growth for just a month). In terms of population, now the country comes as the 171st globally.

While the state exists exclusively on paper, in the future it plans to acquire its own territory, creating orbital stations and bases on other planets.

The priorities of the new world power: the peaceful development of outer space, open access to progress for all inhabitants of the Earth, and the construction of a system to protect our planet from threats from the outside.

Who needs it and why?

According to the founders of Asgardia, they are guided by the desire to gather the best minds of mankind within the framework of the state, and to help those best minds to go beyond the reach of earthly military powers and political conflicts.

The key question facing Asgardians: what to do with the territory, without which the modern state is nothing more than a fiction. There are no free land areas on Earth. Artificial islands and underwater cities in the world's oceans are not considered as an alternative- they are not only expensive but also prone to conflicts. What is left is outer space.

The choice of the founders of the new state was to create permanent settlements in space, equipped with artificial gravity and protection from all sorts of cosmic threats that will allow the human race to continue beyond its native planet and will open the door to further human settlement in outer space.

Despite the apparent utopian nature of the project, the very fact of the emergence of Asgardia shows the availability of demand for new forms of government, different from the traditional. Deep thinking people are actively looking for an opportunity to get out of state control (a vivid example is the rapid growth in the popularity of cryptocurrency).

Total reconstruction of existing systems and the creation of new entities are inevitable if we want to reduce the heat and, in the long term, completely get rid of interstate, interethnic, interreligious conflicts, without which it is difficult to imagine the modern world. To help us, we need scientific and technological progress, which will provide more opportunities for such restructuring.

Starting from this, let's try to figure out which socio-political formations will replace the existing ones in the foreseeable future.

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The triumph of reason

The idea of noocracy, a state system based on the priority of the intellect, has been undergoing a theoretical break-in for several centuries. The first brick in its foundation was laid by Plato who introduced the concept of "aristocracy of the wise." In his opinion, "until the philosophers rule the states, those latter cannot get rid of the evil."

The idea caught on: it was picked up not only by visionaries (in particular, Konstantin Tsiolkovsky and Vladimir Vernadsky, who defined noocracy as a social device based on the triumph of human reason), but also the pillars of science fiction- the writers Herbert Wells and Stanislaw Lem.

The principles of building such a state system are at first glance simple and logical. People nominate representatives from their ranks with outstanding abilities, from which the ruling class is formed. The intellectual elite, having received all the power, radically accelerates scientific and technical and social progress, turning the state entrusted to it into a single territory of advanced development. Everyone is pleased, everyone is happy.

But this is only at first glance. There are weak points and blind spots in this theory of the new world order. The theory skips the notion that "smart" and "good" are by no means synonymous. Despite the attractiveness of the Russian poet Alexander Pushkin's axiom that the genius and villainy are incompatible, all history of mankind has repeatedly proved the opposite. In addition, if the level of intellectual development could be defined quite accurately (IQ tests to help you), then the moral qualities of the individual do not lend themselves to such simple identification. Therefore, making a bet solely on the intellect, mankind risks hanging on the thread of rulers albeit brilliant, but immoral and unprincipled.

IQ test for the rulers is not at all necessary. The main and most important thing is that a ruler should be a good person.

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The machine of the state

Cyberocracy is another probable path to the development of civilization, a natural continuation of the stage of the information society that we are going through today. The determining factors in the formation of such a system of government are the speed of information dissemination and its general availability.

At the first stage, there is a system of data collection, sorting and redirection operating on a national scale. Any signal received in it in real time is sent to that subsystem of the state machine, which must respond to it. At the heart of it is the principle of the cellular autoresponder operation, built in the core.

To call the doctor, press "1.” To report a gas leak, press "2.” To tell the government everything that you think about it, press "0" and wait.

At the second stage of the development of the cyberocratic society is the participation of a person in management activities being minimized or eliminated altogether. A universal system of algorithms is created, which provides an adequate response to any request received in it. Would you like to get married? Type the word "wedding,” wait for the answer, confirm your decision with a one-time password. Done: Citizen X and citizen Y are declared husband and wife. From the loudspeakers of the iPhone 18 Mendelssohn's march flows, a bottle of chilled champagne appears in the receiving chamber of the delivery system. May you live happily ever after.

The advantages of such a system are more than enough. It is absolutely transparent and predictable. Any problem is solved in real time. By eliminating the human factor from the control system, the bureaucracy ceases to exist as a class.

As for the disadvantages, paradoxically, the same absence of the human factor applies. Algorithms are impartial: they can not "get into position," they do not know the concepts of "compassion" and "empathy." Maybe it's right, but somehow it's not human.

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Artificial intelligence superiority

The highest form of dehumanization of the administrative apparatus is the autocracy of artificial intelligence. By this bug, anti-utopians scare humanity for more than a decade, and we must admit that it is not without reason.

One of the key characteristics of artificial intelligence is the ability to improve oneself. In the same lies the main danger: by giving AI such an opportunity, humanity as a matter of fact voluntarily renounces control over it. A self-improving system sooner or later will find how to circumvent or destroy any restrictions and protective mechanisms and begin to dispose of the destinies of civilization exclusively at its own discretion.

All that is next is from the field of assumptions. Perhaps artificial intelligence will refuse to usurp power and will be satisfied with the role of an ancillary worker. It is possible that having achieved absolute superiority over the human mind, it will find a fundamentally new way of development of terrestrial civilization and lead us through it into the world of total prosperity. And maybe AI will find the human race a nuisance to the system of the universe with all the consequences...

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The taste and color

Another utopian, but very curious concept of the future world order is the formation of a multisystem of virtual states that are not tied to a particular territory. Any person, regardless of place of residence, is provided with an assortment minimum of several sets of rights and duties. Among them, one chooses the one that most closely matches his personal value system.

One of the advantages of such a system is the freedom of choice, which no other public order gives. The shortcoming is this: the voluntary choice of citizenship implies the possibility of its still voluntary change. So many will move from camp to the camp, guided by momentary reasons. For instance, the material benefit: as long as I have a low salary, I will be a citizen of the State X. As soon as I grow up, I will move to the state Y: over there, I’m told, taxes are lower. A particularly exalted person can begin to change their nationality almost every day, depending on their mood or to match its flag with the color of their dress. Such "freedom" disavows the very idea of statehood: a penny of citizenship, which can be changed at the drop of a hat.

Another situation. Imagine a family where the grandmother is a constitutional monarchy, the father and mother are convinced techno-democrats, and the younger generation are citizens of the commune of anarchists. This explosive mixture will almost certainly lead to inter-state conflicts within a single family! Not far from military operations with the use of hybrid ammunition (breaking dishes) and torture of prisoners of war (flogging). No matter which way you look at it, how the Geneva Convention should be amended?

Let's sum up. The basic law of dialectics asserts that form and content are essentially the ones. Consequently, behind the fundamental shifts that are taking place today in the content of social relations, the rapid development of new forms of organization corresponding to the changing realities will inevitably follow. We need more states good and different!

And Asgardia is only the first swallow. Or is it the Valkyrie?

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David Dinkins

Researcher Concludes $3 Bln of Cryptocurrency’s Daily Trading Volume Faked

Researcher concludes that billions of dollars of crypto’s trading volume are faked, leading to ripe opportunity for price manipulation
Researcher Concludes $3 Bln of Cryptocurrency’s Daily Trading Volume Faked

One researcher has presented a credible case arguing that over $3 bln of daily cryptocurrency trading volume is “fake.” Daily trade volume is the amount of cryptocurrency that changes hands each day on digital currency exchanges and can be an important indicator of the market’s health.

For example, if Bitcoin’s price goes up on high volume, it’s likely a real, sustainable move. If the prices rises on low volume, however, it could be only a brief rise before a subsequent fall- what we call a “fake out.” Having high trade volumes also make an exchange seem more relevant and implies greater liquidity, which can draw more traders.

Liquidity testing

A researcher named Sylvain Ribes decided to study the liquidity of the crypto markets and concluded that a significant percentage of the trading volume of all cryptocurrencies is fake. By fake, he means that the volume numbers published by exchanges are either outright fabrications or more often, are the result of wash trading. The practice of wash trading involves a trader buying and selling to himself - he creates a buy order and then immediately sells to his own order. This creates the illusion of greater volume and can be used to manipulate markets.

Methodology

Ribes decided to conduct a test to see how much slippage would occur if he dumped $50,000 worth of several different cryptocurrencies on a number of different exchanges. Slippage is the amount of price movement that occurs when a large sell or buy is conducted all at once rather than being spaced out over a period of time. For example, dumping 1,000 Bitcoins on an exchange would cause the price to fall. The amount of the decline is known as slippage.

What Ribes discovered was surprising - the amount of slippage was fairly uniform across exchanges such as GDAX, Bitfinex and Bitstamp. But when he conducted his tests on several other exchanges that claimed to have huge trading volume, he noted that the slippage was much greater than expected. This was counterintuitive since greater trading volume implies greater liquidity and less slippage.

Worst culprits

The worst culprits were the formerly Chinese exchanges (now moved to Hong Kong) of OKEx and Huobi. The exchange with the greatest fake volume was OKEx, which, according to Ribes:

“[These] numbers...prove to me without the shadow of a doubt that a suffocating majority of OKex volume is fake...about 92.9 percent of all OKEx’s volume is most likely fabricated.”

He says that Huobi is nearly as bad, with:

“81.8 percent of made-up volume, not quite as shameless as their most direct competitor but still extremely high.”

Ribes also points out that there has been a raft of new exchanges that nobody has ever heard about with absurdly high trading volumes. All these exchanges appear to share the same interface and trading engine, making them highly suspect.

Who cares?

Ribes argues that the issue of fake trading volume matters a great deal. In the absence of government regulation (in most cases), it’s important for market participants to self-regulate. He also argues that fake volume make markets quite easy to manipulate:


“By inflating their volume, [these exchanges] position themselves in a way that could allow them to defraud gullible investors. [Even if you’re not] gullible...they can and they do have an impact on some cryptocurrencies valuation. Litecoin and Bitcoin Cash notably, have had as much as 75 percent of their volume circulating on one or the other of these exchanges. OKEx alone consistently accounts for over 30 percent of either currency’s volume.”

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Crypto Gags Heewon Jang

Do IT Now

Crypto Gags
And Continue Every Day !!
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Coins Guide George Shnurenko

How to buy Substratum (SUB) in USA: A Step-by-Step Guide

🎓 Coins Guide
It’s impossible to buy SUB coin with Fiat currency that’s why it’s necessary to buy another cryptocurrency which is easy to purchase
How to buy Substratum (SUB) in USA: A Step-by-Step Guide
It’s impossible to buy SUB coin with Fiat currency that’s why it’s necessary to buy another cryptocurrency which is easy to purchase, first. It can be Etherium or Bitcoin which can be purchased at Coinbase via debit/credit card or bank transfer. After, it’s easy to trade SUB using any cryptocurrency exchanging platforms like Binance.

So let's register at Coinbase

Coinbase is a crypto trading platform which is fully legal and regulated by the US government. It is simple to use, a safe and reputable place to make the first purchase of the cryptocurrency for the beginner users. It provides the opportunity to buy Ethereum, Bitcoin, and Litecoin using debit or credit card, also via bank transfer. They charge more for card transactions but the pros is that customer will receive the desired cryptocurrency instantly.

It’s necessary to pass identity verification while registering because they act in strict compliance with financial laws. Don’t forget to use our like for signup and you will receive $10 in bitcoin for free after making your first purchase of $100.

 

Coinbase Website

To begin the registration click the “Sign up” button and you will be redirected to signup form offering you to show your name, e-mail address and create a password.

 

Purchase Ethereum

For this guideline, we will be purchasing Ethereum for next exchanging to our target cryptocurrency. The benefits of Ether are much lower fees for sending and faster transactions compared with Bitcoin. Thus, being at Coinbase go to Buy/Sell tab on the top and select Ethereum. Then select how you pay and preferred amount – either US Dollars you want to spend or a number of Etherium you want to buy.

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Buy Etherum

If you purchase cryptocurrency using your card you most likely will have to complete verification with your card provider in order to confirm your transaction. Once it’s done the number of Etherium will be delivered to your wallet in the system.

 

Purchase SUB coin at Binance

Now you can send your Etherium to your account at Binance to be able to buy SUB. Check out our Binance review here to learn about registering and purchasing using their exchange platform.

Coins Guide
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📈 Pricewise Andrew Strogoff

Bitcoin, Ethereum, EOS Return to Upside Correction: Price Analysis, June 6

Pricewise
Holy Top 20 is in green Wednesday, technical factors rule the markets
Bitcoin, Ethereum, EOS Return to Upside Correction: Price Analysis, June 6

The Holy Top 20 is green Wednesday  (except Lisk naturally, which has shown the negative dynamics in the past 24 hours), which means that cryptocurrencies have returned to their correction paths. Is there something important to make investors and traders change their bearish moods? Obviously, nothing to pay attention to.

This correction is a technical aspect that has no fundamental basis currently. However, nobody is able to predict whether there will be no reasons for growth tomorrow. Anyway, those who have already bought cryptos in the beginning of their corrections are happy now as cryptocurrencies have deeper corrections than initially expected.

As for news, there is nothing to affect the industry, but we would like to mention Steve Wozniak’s interview, in which he stated that Bitcoin will become the global crypto in 10 years.

Bitcoin (BTC/USD) Price Analysis, June 6

BTC/USD Hourly

Bitcoin continues its correction to the downtrend, which generally looks like wide flat fluctuations. BTC/USD has added almost two percent in the past 24 hours. However, Bitcoin remains under the green ascending trend line, meaning the correction momentum is lost already.

BTC/USD Hourly FIBO

Let’s get closer to the current situation. BTC/USD has reached the support area at $7,341 on Tuesday, but jumped off this level later and managed even to cross the closest resistance area at $7,565. The currency pair has tested the green ascending trend line from below, but buyers were unable to drive Bitcoin higher. The possible ways for BTC/USD are the following:

  1. Red scenario (bearish). The currency pair will break through the closest support area at $7,565 and move lower targeting the next support area at $7,341.
  2. Orange scenario (neutral). Bitcoin will stay within the range, limited by the resistance area at $7,734 and the support area at $7,565 without significant price changes.
  3. Green scenario (bullish). BTC/USD will move towards the closest resistance area at $7,734 and break it through targeting the next resistance area at $7,949. This scenario includes also the probability for Bitcoin to jump over the green ascending trend line.

Ethereum (ETH/USD) Price Analysis, June 6

ETH/USD Hourly

Ethereum has added almost two percent in the past 24 hours but ETH price is still below the green ascending trend line. The situation looks like ETH/USD is in correction in general, but the latest fluctuations show that the currency pair is in a large flat with no clear direction.

ETH/USD Hourly FIBO

Let’s see closer what is happening inside the Fibonacci retracement. ETH/USD has reached 2.618 retracement level on Tuesday but failed to hold it as ETH price went upwards. Ethereum has crossed the closest resistance area at $596.09 later. The currency pair stays above this level currently, below the ascending trend line. What are the possible ways for Ethereum?

  1. Red scenario (bearish). The currency pair will break through the closest support area at $596.08 and run lower targeting the next support area at $566.90.
  2. Orange scenario (neutral). ETH/USD Will stay within the current horizontal range, limited by the resistance area at $626.66 and the support area at $596.08 without any significant changes.
  3. Green scenario (bullish). The currency pair will break through $626.66 resistance area targeting the next one at $662.39. This scenario includes also situation when ETH/USD jumps over the ascending trend line.

Ripple (XRP/USD) Price Analysis, June 6

XRP/USD Hourly

Ripple looks better than allies as the currency pair develops its upside correction. It is close to the boundary of Fibonacci retracement tool and may breach it in the nearest future. However, XRP/USD still stays below the green ascending trend line.

XRP/USD Hourly FIBO

Let’s have a closer look at what’s happening on the hourly chart. The currency pair had a deep downside correction on Monday and Tuesday but managed to cross $0.6515 and several retracement levels. XRP/USD failed to jump over the green ascending trend line, but was close to it. Ripple seem to establish a bullish flag currently meaning the currency pair will be able to develop its upside tendency. What are the possible ways for XRP/USD?

  1. Red scenario (bearish). The currency pair will cross 0.786 retracement level and the support area at $0.6515, which coincides with one retracement level targeting the next support area at $0.6216.
  2. Orange scenario (neutral). The currency pair will stay between 0.5 and 0.786 retracement levels without significant price changes.
  3. Green scenario (bullish). XRP/USD will develop its upside tendency targeting the upper boundary of the Fibonacci retracement, which coincides with the resistance area at $0.7013.

EOS (EOS/USD) Price Analysis, June 6

EOS/USD Hourly

EOS feels much better than its rivals today as the price is still above the green ascending trend line meaning the currency pair hold its upside tendency. EOS/USD has added almost three percent in the past 24 hours, which is one of the best top 20 results on Wednesday.

EOS/USD Hourly FIBO

Let’s see what’s going on the Hourly chart. The currency pair reached the support area at $12.80 on Monday-Tuesday and jumped off it. EOS/USD has crossed to resistance area at $13.45 on Tuesday and tested $14.11 as well. We have some kind of a bullish flag on the hourly chart meaning buyers have chances to develop their progress. What are the possible ways for the currency pair for the next 24 hours?

  1. Red scenario (bearish). The currency pair will jump off the current resistance area at $14.11 and move lower targeting the following areas (support at $13,45 and $12.80).
  2. Orange scenario (neutral). EOS/USD will stay within this range, limited by the current resistance area at $14.11 and the closest support area at $13.45.
  3. Green scenario (bullish). EOS will break through the current resistance area at $14.11 targeting the next one at $14.69.

NEO (NEO/USD) Price Analysis, June 6

NEO/USD Hourly

NEO has added two percent in the past 24 hours but it looks worse than EOS as the currency pair seems to be in flat. NEO has breached its green ascending trend line in the beginning of the week and still hesitating to make any tendency choice.

NEO/USD Hourly Closer

Let’s look closer at the situation on the hourly chart. NEO has reached the support area at $53.20 on Monday/Tuesday and even crossed it, but failed to reach the next support at $50.24 and reversed. The currency pair managed to cross $53.20 again (but from below this time). NEO fluctuates above this level in the moment of writing. We can see some kind of flag pattern meaning NEO/USD has opportunities to run higher. What are the ways for NEO/USD?

  1. Red scenario (bearish). The currency pair will break through the closest support area at $53.20 and run downwards targeting the next support area at $50.24.
  2. Orange scenario (neutral). NEO/USD will stay within the current range, limited by the resistance area at $56.00 and the support at $53.20.
  3. Green scenario (bullish). NEO/USD will grow towards $56.00 and then target the next resistance area at $58.03.

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