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BTC Bullish Pattern, EOS Is Stable, TRX Almost Ready To Make a Breakout: Price Analysis, Oct. 4, 2018

Pricewise
Bitcoin got a bullish candlestick pattern, EOS shows some stability, TRON is almost ready to make a breakout
BTC Bullish Pattern, EOS Is Stable, TRX Almost Ready To Make a Breakout: Price Analysis, Oct. 4, 2018
Contents

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin got a bullish candlestick pattern

Bitcoin

Yesterday was a very important day to find out what we can expect the next days. We reached as low as the April level at $6,425 and after that, the price quickly bounced upwards between the round number and the strong support at $6,460. Basically, we touched three important levels below the current price and we got a bounce, that gave us a nice daily candle close which was again above the $6,500. It is a very good sign because we touched pretty low levels and still the bulls manage to push the price upwards above the round number and this 'jump' gave as also a bullish candlestick pattern called "Hammer.” The hammer also indicates that we can see a reversal.

Bitcoin

If we look at the four-hour chart (image above) then, after the daily candle close the price made a very powerful statement upwards. The close was above the EMA's, the volume oscillator MA (moving average) is nicely pointed upwards and most importantly, the altcoins followed this movement and they are also on the green side.

Currently, if we want to look the next resistances at the moment, we are on the pretty significant price area, the trendline area (pulled from July 24). The trendline and the latest resistance (orange 'line' above the current price) makes a crossing area. If we want to go to the higher prices then we have to break this crossing area. The break might open major resistance level at $6,767.

If we don't find that power and if the momentum doesn't last long enough then our well-known levels below the current price start to work as support levels. A daily and the four-hour candle close below the $6,450 will be the significant signs that those moves were just little ‘fakeouts’ and it confirms bearishness.

EOS (EOS/USD) shows some stability

EOS is currently on the short-term consolidation mode. After the September rallies, where it made new short-term higher highs, it had a little bit of a slow down.

EOS

At the moment we could see that it is on the chart pattern called "Triangle" and the triangle tip is a bit far from us, which indicates that we might see a small movement from EOS.

Positive signs are: we still have higher lows on the price structure and the current price is above the EMA's. This will show that it slowly start gaining some power to push through the triangle and this breakout from the triangle is also our main focus.

To make a breakout, we have to fight with the triangle trendline and with the February low which works as a resistance, but that's not all because after the breakout from the triangle comes the round number $6 and then the latest peak (lower high) will start to work as a strong resistance level. So, pretty heavy levels above the EOS and to break through, firstly, BTC has to make a breakout from the trendline.

TRON (TRX/USD) is almost ready to break the trendline

As almost all the altcoins TRON hasn't made any significant movements lately. The last push upwards brought us above the 50 and 100 EMA's and 200 EMA is slightly above the current price.

Tron (TRX/USD)

TRX has a great potential to go upwards if it breaks above the trendline, which is pulled from June 19.

This trendline has several touches and plays a pretty significant role in further TRON price. If TRX finds the power to push through the trendline, then there are some not so significant points above us, but then it's easy to climb higher. In the short-term (since Sept. 12) TRX has made nice higher lows which gave us an opportunity to draw the counter trendline. There is a chance to break through to the target around $0.0275 (the green box).

If the market doesn't catch that upward momentum and if TRON makes a breakout downwards from the counter trendline, then it would be a bad sign. Because this level has held us pretty consistently and if we break down then it will break that market structure and the bears will take control over the bulls. The supports are on the image, marked with red boxes and pulled from important previous support areas.

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Wikicoin Alex Morris

Is Cryptocurrency Dead? Why Are Bitcoin and Altcoins Hitting a Snag?

📚 Wikicoin
While the bearish market is reigning supreme, U.Today tries to determine whether this is the end of cryptocurrencies. What’s the reason behind the downtrend?
Is Cryptocurrency Dead? Why Are Bitcoin and Altcoins Hitting a Snag?
Contents

A new yearly low

Is crypto dead? What is happening to cryptocurrencies today? Bitcoin’s turbulent week has recently been on everyone’s lips — the flagship currency has dipped to a new low, and news outlets are struggling to keep up with Bitcoin’s dramatic plunge, which is already poised to be the third biggest sell-off in history. That means that the king of crypto lost almost 80 percent off its December’s high. This marks Bitcoin’s worst string of losses in its whole history. The most concerning fact is that there is no clear indicator of what caused this dramatic crypto rout. Last time such a major sell-off happened, the Mt. Gox exchange, the biggest cryptocurrency exchange at that time, was hacked, causing a frenzy in the cryptocurrency market.

At the time of writing this article, Bitcoin is still struggling to breach the $5,000 mark. As a result of this crypto rout, more than $50 bln of Bitcoin’s value has been wiped off in a snap.

A new yearly low

Last Thanksgiving, the phrase ‘Should I buy Bitcoin?’ was probably one of the hot topics during family dinners. CNBC has recently estimated that Bitcoin is down by more 45 percent since last November. On Nov. 20, the flagship currency hit its 14-month low of $4,048. Steve Ehrlich from Wall Street Blockchain Alliance claims that many ordinary people who earlier felt dismissive about crypto started experiencing FOMO (‘fear of missing out’) when Bitcoin became part of pop culture.

Altcoins are experiencing the same woes

Bitcoin Cash fork turns messy  

After Bitcoin kissed goodbye its new ‘stablecoin’ status, falling down below the $5,000 range, many altcoins followed the same trend. Bitcoin Cash (BCH) even ceded ground to Stellar Lumens (XLM) that subsequently became the fourth largest cryptocurrency by market capitalization. However, this doesn’t mean that XLM wasn’t affected by Bitcoin’s downfall — its market cap lost nearly 300 million in the nick of time. It’s just that Bitcoin’s offspring, which recently underwent a hard fork, turned out to be such a weak competitor. At the time of writing this article, Bitcoin Cash regained its fourth place, but the gap between the two currencies is not significant, which means that they will continue seesawing until the market settles.

Ethereum is inching closer towards double digits

Still, there was another major development on CoinMarketCap: XRP dethroning Ethereum as the second biggest currency. The battle for second place on CMC is nothing new — XRP already dethroned Ethereum back in September during its unprecedented surge caused by the xRapid rollout. This time, however, XRP is firmly holding grip, surpassing Ethereum’s market cap by more than $3 bln. At press time, Ethereum is sitting at $134.90, but there is a looming possibility that Vitalik Buterin’s creation, which was once predicted to make Bitcoin obsolete, may indeed test double digits if this negative trend continues. The fact that Ethereum had the sharpest drop is not quite surprising — as U.Today reported earlier, Buterin doesn’t rule out the possibility that Ether could become worthless.  

Ethereum is inching closer towards double digits

Altcoins remain in the green, refusing to die     

Going beyond the top 10, one can notice that CMC has already listed more than 2,000 coins. Does this milestone mean that the market is booming? Well, not exactly. As CNBC reported earlier, there are more than 800 dead cryptocurrencies that are worthless and abandoned. Moreover, only a minor share of coin offerings managed to exceed their initial valuation.

Still, at press time, some top 100 altcoins made sizable gains over the last 24 hours with Aurora (AOA) being the biggest gainer.

Altcoins remain in the green, refusing to die    

Possible reasons behind the collapse

It might be challenging to grasp what was behind the decline as the whole cryptocurrency market remains in the doldrums.

In a recent article, Fortune determined three main reasons why Bitcoin keeps struggling, and why cryptocurrency investing is becoming less popular:

  1. While relations with the SEC haven't been exactly smooth, it got past the boiling point on Nov. 16 when the US-based securities watchdog cracked down on two ICOs that operated without obtaining a license. Many believe it's only a stepping stone to further regulatory clampdown. The Bitcoin craze led to another phenomenon known as the ‘ICO bubble’ when numerous startups raked in tons of money while having nothing but a white paper.

    Possible reasons behind the collapse
  2. The Bitcoin hard fork. The hard fork didn't bring anything good to the table. While forking seems like a mundane practice in the crypto space, the messy fork still dominated the news cycle, supposedly being one of the driving factors behind the recent crypto rout.

  3. The decline in cryptocurrency mining. Such giants as Nvidia and AMD already jumped the ship after releasing quarterly earnings reports that showed a sharp decline in the cryptocurrency sector. While the timing of these reports doesn’t exactly coincide with the recent crypto rout, it is just another match that ignited the great powder keg.

Finally, there is also the opinion that cryptocurrency market is simply showing its true colors, playing into the hand of the many crypto doomsayers who still believe that Bitcoin doesn’t have any value.

The drop in price could only be the tip of the iceberg

Notably, there was one currency that performed better than its competitors — XRP. Actually, the coin, which is constantly slammed by critics as too centralized, even managed to bounce back in the middle of the bearish trend. This is not necessarily a good thing for Bitcoin, the very first decentralized digital asset. The reign of centralized currencies in the likes of Ripple may shoo away institutional investors from Bitcoin (the recently announced delay of Bakkt’s Bitcoin futures could be the first warning sign). The main power of Bitcoin consists in in its decentralization, but the world of crypto, ironically, is getting more centralized. Obviously, the fact that decentralized cryptocurrencies are crashing doesn’t help, and it might be an indicator that the completely decentralized financial system will remain nothing but a pipe dream of ardent Bitcoin evangelists.   

Here’s what industry bigwigs are saying

Traditionally, November is a bullish month for Bitcoin, but the current bloodbath shows that it’s rather unlikely that 2018 will follow suit.

According to Forbes, cryptocurrency trader Altcoin Thoreau believes that this is not the end of Bitcoin’s decline, and a further drop is expected since the bottom hasn’t been reached yet. Speaking of short-term predictions, he states the prolonging bearish trend that started right after Bitcoin reached its peak, may continue up to 2020 (until the Bitcoin halving). Meanwhile, he also believes that there are several catalysts that could propel the market’s growth. There are high hopes that Bakkt, an ICE-backed cryptocurrency trading platform, will be a boon for the market’s further growth. However, the CEO of Bakkt has recently made an announcement about the postponement of the much-anticipated Bitcoin futures launch. Binance’s CEO Changpeng Zhao also recently made an appearance on CNBC’s Crypto Trader, claiming that they are ‘not really’ worried about the market woes — they are still profitable, and there will be a catalyst for a bigger market growth.

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Sooner or later, something will trigger it,” CZ said      

Meanwhile, Arthur Hayes, the CEO of Bitmex, doubles down on his bearish prediction, claiming that Bitcoin may plunge even lower. Just like Thoreau, he is certain that the trend will continue in 2019, and BTC testing the $2,000 range is a viable possibility.  

Even amidst the cryptocurrency market crash, there is also a place for bullish predictions with Adam Back, who spearheads Blockchain startup Blockstream, claiming that Bitcoin could reach a whopping $500,000 if a flippening scenario between Bitcoin and gold translates into reality. That forecast was made in response to Charlie Lee who earlier drew parallels between Bitcoin and gold.

Still, these predictions are very far-fetched, and given that Charlie Lee is the brother of a well-known crypto permabull Tom Lee, these predictions should be taken with a grain of salt. Tom Lee already had to lower his year-end Bitcoin prediction to $15,000 ($25,000) since the current market sentiment doesn’t look promising. The same goes for Mike Novogratz who was recently ridiculed on Reddit for not being consistent with his predictions.    

Of course, the infamous crypto baron John McAfee who earlier made an outlandish claim that Bitcoin will hit $1 mln by 2020, stands his ground, asking everyone to ‘relax’ and wait for a glorious ‘winter’ since this bearish market seems like a mundane situation, judging by his own experience.

Somehow, Bitcoin always stays there (and some people can’t stand it)

Does all this turmoil mean that cryptocurrency is dead? Not exactly. Since Bitcoin is basically a utopian idea that turned into a billion-dollar industry overnight, everyone and their uncle have already called it a ‘Ponzi scheme’ and predicted its demise. The rejection of Bitcoin ETFs, Goldman turning its back on Bitcoin and finally the recent drop in price are all supposed to be the sign that BTC will never recover from its current predicament, and cryptocurrency naysayers in the likes of Nouriel Roubini are certainly having their field day.

Somehow, Bitcoin always stays there

Let’s recall the 2011 article written by Tim Worstall that states how Bitcoin will never go mainstream due to its extreme volatility and numerous issues connected to its liquidity and security. The article was published when Bitcoin was trading at $15.5 — now it’s at $4,500 (even considering the recent decline in price, that’s almost a gargantuan increase). Of course, that’s not an attempt to poke fun at Worstall and his ludicrous predictions — there have been hundreds of articles with the same connotation over the last seven years that try to diminish the cryptocurrency future (even the Economist came up with a 24-page piece on how Bitcoin is inherently useless).

Will cryptocurrencies crash? Of course, such a possibility exists, but it pertains to any industry in the world. Think that Bitcoin is a bubble? Take a look at a myriad of Silicon Valley startups that were deemed to fail from their very inception, but you won’t see any articles (or at least very few of them) about the global tech industry coming to a head. While the nascence of Blockchain that its number one use case could be the reason behind this ‘bias’, the relentless slander directed at cryptocurrencies represented the attempts of traditional economists to remain relevant in the world that is inching closer towards decentralization. Blockchain is on track to reshape many industries (from healthcare to real estate), making any intermediaries obsolete.

The bottom line

If you are a run-of-the-mill investor, you should take everything you read on the Internet with a grain of salt since there is too much bias, depending on who’s side you pick. As the cryptocurrency market is losing billions, Bitcoin critics are rejuvenating, but cryptocurrency evangelists believe that investors shouldn’t be deterred by the prolonging bearish trend, bracing themselves for a great influx of institutional money. The same pertains to the majority of other altcoins that usually follow Bitcoin’s lead.    

One thing is certain: the market is inching closer towards greater centralization and Bitcoin is losing its main power, which completely contradicts Satoshi’s vision.

Decentralization

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AI Rajarshi Mitra

Combination of Blockchain, AI Could Create Massive Synergies

🤖 AI
Blockchain and AI are two of the hottest topics in computer science, and it turns out they have quite a symbiotic relationship
Combination of Blockchain, AI Could Create Massive Synergies

Blockchain technology and artificial intelligence are two of the most interesting and disruptive technologies out there. While they are both extremely innovative, they have their own flaws. This is why people are now bringing these two amazing technologies together to create some interesting use cases. So, before we continue, let’s understand what these technologies are.

Blockchain technology

A Blockchain is, in the simplest of terms, a time-stamped series of immutable data records that are managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).

The main advantage of this system is obvious. There is no central authority or single point of failure, and the system is created to be as democratic as possible.

Artificial intelligence

Artificial Intelligence is intelligence that is defined by machines. As Wikipedia puts it:

“AI research is defined as the study of "intelligent agents:" any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals.”

The main advantage of AI is the sheer amount of flexibility it provides. In a normal system, you need to put in each and every line of code for a machine to act in a certain manner. However, via AI, you can enable the machine to react to any changes in its perceived environment.

So, now that we have defined what both these technologies are, let’s see how they can complement each other.

First, let’s look at how AI can help solve some of the Blockchain’s problems.

How AI helps Blockchain: Mining wastage

Proof of Work mining is incredibly wasteful. Miners spend $400 mln worth of electricity annually on mining. If that doesn’t put things into perspective, then imagine this: Bitcoin mining consumes more power than the entire country of Portugal! While the proof-of-work system is secure, the fact remains that it is power wastage for the sake of power wastage.

AI has already shown that it can be used to control the amount of energy wasted. DeepMind AI has already been deployed to reduce the energy wasted in Google Data Centers by a whopping 40 percent.

How AI helps Blockchain: Blockchain scalability

Everybody knows that the biggest problem that Blockchain technology is facing is scalability, or to be more accurate, the lack of it. Bitcoin manages only seven transactions per second while Ethereum does a little better at 20.

AI can help Blockchain take scalability to another level via features like Federated Learning. Federated Learning is what Google is using to make your smartphones smarter. It is a machine learning technique that allows your phone to learn directly via your input without having to send your data to the cloud.

Since it provides immediate improvement to performance and user experience, you end up saving a lot of time. This same method can be used in Blockchain technology to propagate data without spending a lot of time waiting for individual nodes to come to a consensus.

Now, let’s look at the other side of the equation. How can AI improve its functionality via Blockchain technology?

How Blockchain helps AI: Big data 

AI is extremely hungry for big data and needs a constant flow of it. Back in 2001, Microsoft researchers Banko and Brill did an interesting study. They found out that for an algorithm, the more data you feed it, the less error-prone it will be. In fact, the error rate will fall exponentially if enough data is used. This was further highlighted in 2007 when Google researchers Halevy, Norvig and Pereira published a paper titled “The Unreasonable Effectiveness of Data.”

Fine, so if you feed your AI more data, you will make it smarter. What’s the problem here?

The problem is in storage. The storage demands of AI are extremely impractical when it is in operation. It can eat all the data that it wants but that data needs to be stored somewhere. The architecture of the Blockchain itself solves this problem. The Blockchain is decentralized and encourages its participants to engage in secure data sharing. There doesn’t need to be a centralized entity to store the data anymore.

How Blockchain helps AI: Avoiding centralization

Speaking of centralization, since AI needs a lot of big data, a corporation can simply “own” an AI by feeding it their data. Connecting an AI with the Blockchain will make sure the data is fed from a decentralized entity.

How Blockchain helps AI: Data trails

The Blockchain is a completely transparent open ledger. Anyone can look at the data inside and anyone can trace that data to its very beginning. Having access to that level of data traceability puts a lot of accountability on the participants involved. This can help in two major ways:

  •      Byzantine/Malicious actors may want to sabotage the AI by feeding it useless data. Having a transparent system where anyone can trace the data all the way to its originator will make sure that people are discouraged from doing so.

 

  •      When the bots interact with each other, having a clear audit trail of all the data will help improve machine-to-machine interaction.

Blockchain + AI examples

We have already seen some exciting implementations of Blockchain and AI. One of the most interesting products of this communion is Augur. Augur is a trustless, open-source, decentralized oracle and prediction market platform built on the Ethereum Blockchain. The Augur AI uses the “wisdom of the crowd” or the “collective intelligence” of the masses to make accurate predictions.

Blockchain + AI: Symbiotic relationship

As we can see, the relationship between AI and Blockchain can be extremely intriguing. They seem to be capable of a truly symbiotic relationship with one entity making up for the other’s weaknesses. With platforms like Augur, we have already gotten a mere glimpse of what this collaboration is capable of. However, we have only just scratched the surface, more research definitely needs to be done. We could be on the cusp of something truly special here.

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Bitcoin, Ethereum, Ripple, EOS, NEM at Bearish Targets, U-Turn Nears: Price Analysis, July 13

Pricewise
Bitcoin and its rivals almost reached their lows, but U-turn is close
Bitcoin, Ethereum, Ripple, EOS, NEM at Bearish Targets, U-Turn Nears: Price Analysis, July 13
Contents

The cryptos from the top 20 developed their bearish tendencies and reached our targets that we have set previously. However, sellers are unable to push currencies lower and we can see that the major cryptos are ready for U-turn.

The majority of coins have almost reached their June lows, where huge support lies. However, sellers have no power to develop their progress as the prices retreated from there, staring a correction.

As for the interesting news, there are a couple of things we want to mention. The first one comes from China. The Yuan is no longer the major player in the cryptocurrency market as its volumes declined from 90 to one percent. However, this does not mean that Chinese traders and investors are no longer important players on the cryptomarket. They choose other ways to buy and sell cryptocurrencies.

Another interesting fact comes from the Bancor exchange, which is operational again after a pause, related to a hacker attack. They have already reached a $2.5 mln per day volume. However, the local coin still fails to reverse its tendency and remains red.

Bitcoin (BTC/USD) price analysis, July 13

The currency pair went downwards according to the bearish scenario but failed to reach June lows and makes a U-turn currently. Bitcoin losses for the last 24 hours are non-significant and BTC/USD shows signs of a correction.

BTC/USD 4H Chart

Bitcoin has successfully broken through the support area at $6,329 in the past couple of days and moved lower. The currency pair reached $6,071 support area but BTC price retreated from there showing that bulls have prepared a very strong defensive line there.

There are no signals from price action neither from graphic patterns currently but we think that Bitcoin is going to start an upside correction at least which is able to become an uptrend in the future. The closest target for the growth is at $6,329. We think that BTC/USD aims at $6,510 in the next couple of days.

There is an alternative scenario as well, which is less probable at the moment. Bitcoin will test the support area at $6,071 and if successful, bears will push it lower.

Ethereum (ETH/USD) price analysis, July 13

Bears were trying to develop their progress in the past couple of days but had not enough power to do it. ETH price remained almost unchanged in the past 24 hours meaning the bulls have built a strong support line there.

ETH/USD 4H Chart

Ethereum reached the support area at $417.28 but retreated from there. ETH price returned above the $31.42 line. The bearish flag worked, but we think that ETH/USD is going to start a correction in the nearest future.

We can see a bullish hammer on the four-hour chart and this is a strong signal. We think that ETH/USD is going to develop its upside tendency targeting the next resistance area at $453.24 at least. If bulls are successful, they will be able to develop their progress even higher.

A bearish scenario is less probable. However, let’s see what the sellers can do. Their first target is at the $417.28 support line. The next one lies lower at June lows.

Ripple (XRP/USD) price analysis, July 13

Ripple reached June lows and makes a U-turn there. The currency pair has lost less than one percent in the past 24 hours as its downside tendency slows down significantly. We think that bulls are now in the game and they are going to develop this upside correction in the nearest future.

XRP/USD 4H Chart

Ripple has reached the support area at $0.4232, but bullish defensive lines were strong and the price retreated from there. Bulls are taking control over the market and drive the currency pair towards the resistance area at $0.4495.

There is no price action nor pattern signals, but it is almost clear that the buyers are going to test the resistance at $0.4495 in the nearest future and will target the next resistance at $0.4744 at least.

As for the alternative scenario, bears will be able to retest the support area at $0.4232 and push the currency pair lower. However, this one is less probable.

EOS (EOS/USD) price analysis, July 13

EOS reached June lows but retreated from there as bulls have built strong support line. The currency pair seems to start a correction currently. EOS/USD has added more than two percent in the past 24 hours.

EOS/USD 4H Chart

The currency pair tested the support area at $6.65 but failed to decline lower. EOS reversed and moved higher. The currency pair managed to jump over the resistance area at $7.10 where it fluctuates currently.

We think that EOS has all chances to develop its growth in short-term targeting the next resistance area at $7.65 at least. If buyers are successful there, they will be able to drive it even higher.

An alternative scenario is less probable, but if bears will regain control over the market, they will be able to push the currency pair even lower.

NEM (XEM/USD) price analysis, July 13

The currency pair reached another support area and stopped there. XEM/USD seems to start an upside correction. NEM has lost more than four percent in the past 24 hours but bears are out of power to push it lower.

XEM/USD 4H Chart

XEM/USD tested the support area at $0.1539 and retreated from there. XEM price has formed a bullish hammer and seems to target the next resistance area at $0.1682 at least. We think that there lies the first target for NEM.

The second tier is higher at the next resistance area at $0.1873. As for the bearish scenario, it is less probable but sellers can retest the support area at $0.1539.

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Twitter to Ban Crypto Ads: Community Reacts

With Twitter lining up a ban on crypto advertising, many in the community have voiced their opinions
Twitter to Ban Crypto Ads: Community Reacts
Contents

 

With Facebook breaking the ice in terms of banning supposedly dangerous and misleading cryptocurrency adverts, Google soon followed, and now it looks like Twitter will be the latest to do the same.

This has led to many in the industry voicing their opinions on what this could mean for individuals, for the technology and for companies who need marketing within the space.

Some believe it is a good move for the protection of people from scams; others say it is not enough with general Twitter scams still rife, while there are those who think it is not a well thought out plan.

Good on Twitter

Craig Sproule, Crowd Machine Founder and CEO, is not surprised that Twitter is following suit with other impirant Internet companies.

“As the crypto community continues to grow on Twitter, Telegram and Discord, so do the pervasive scams that seek to take advantage of people interested in the space.”

“As a company with a legitimate offering, it’s crucial to recognize the underlying power of Blockchain technology and how it will impact the world beyond the current hype.”

“It’s not surprising that Twitter may be next and hopefully, the decision of major channels to ban advertisements will help stifle bad actors so that in the future, ads for good projects can live across these platforms.”

Daniel Duarte, CTO of Auctus, notes just how easy it is to set up a scam in the crypto space, and because Twitter can’t weed each one out a blanket ban is the best cause of action.

"It's alarmingly easy to set up a cryptocurrency wallet, create a fake website, publish the wallet's public address and collect money from people with little knowledge about this market and cryptocurrencies in general. It’s important for the community and investors to do their own research, learning more about the projects they are willing to invest in.

Since Twitter can't analyze on a case-by-case basis and filter the scams, we believe it's better to ban them all. This will not hurt the crypto community, and ultimately is a good thing for less experienced investors.”

Durate adds however that scam ICOs and bad cryptocurrency companies are not even the worst part of Crypto twitter, there are also some basic scams running, honing in on the community.

“Ads are not the worst problem on Twitter,” Duarte adds. “There are thousands of fake accounts impersonating influential people in the crypto space, such as Changpeng Zhao, the CEO of Binance exchange, and VItalik Buterin, co-founder of Ethereum.”

“Whenever one of these verified accounts tweets something, hundreds of retweets and comments with fake offerings immediately flood the network with wallet addresses for phishing. Twitter should focus on a solution for account impersonation after banning the ads."

Dan Novaes, co-founder and CEO of Current, is also all for Twitter’s decision to implement a ban.

“The fake ICOs that flood social media platforms with ads and rely on scams to gain support hurt the entire industry, so I’m in favor of cracking down on business practices that are not legitimate. The good actors in this space have many more tools to use than just ads on Facebook, Google and Twitter.”

On the flipside

Trey Ditto, CEO of Ditto, is one member of the community that is not as taken with Twitter’s decision, calling them out for the other dodgy practices they let fly.

“Twitter and Facebook have bigger problems like selling our data, altering elections and allowing hate to spread through bots and fake profiles. It’s hard not to laugh when a company like Twitter, that promotes millions of fake profiles and allows people to buy fake followers and likes, all of a sudden has a moral compass in the crypto space.”

“Blockchain, tokens and even Web 3.0 are direct threats to companies like Twitter who for too long have dishonestly acquired, sold and even lost consumer data. But we are moving into a new world where peer-to-peer transactions eliminate the need for large distrusted institutions and we can remain private or at least control who does and doesn’t have access to our information.”

“I’m curious to see where the line in the sand is actually drawn by Twitter and other social media platforms. In the crypto community, there are a small handful of bad players, just like there are in any industry, and they should be dealt with accordingly. I don’t think that means we should ban every company that’s utilizing social media to educate potential investors.”

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