Ethereum Trades Sideways as G20 Members Call for Crypto Taxation
During the recent G20 Meetings, leaders from the member states indicated that taxation and regulation are needed for cryptocurrency
During the recent G20 (Group of 20) Meetings, leaders from the member states indicated that taxation and regulation are needed for cryptocurrency. The Meetings took place over the weekend in Buenos Aires, Argentina, and according to the G20 leaders, the member states are at work building “a taxation system for cross-border electronic services”. A final version of the regulations will reportedly be in place by 2020 after looking at proposals from the member states.
While many in the crypto-space are against regulation, if we are to see true mainstream adoption, we cannot avoid having a regulatory framework. Also, in the US, the finish line in the crypto ETF race is getting closer and regulation is one of the main concerns as well, so maybe some form of government supervision is not such a bad thing.
Chart Analysis – ETH/USD
It looks like the downtrend for most cryptocurrencies has cooled down, and Ethereum is no exception, trading almost sideways in a tight channel. Against the US Dollar, it has gained a mere 0.60% for the last 7 days and lost 2.60% for the last 24 hours, currently trading around $112.
The Bollinger Bands are now hugging the price tightly, which shows a drop-in volatility and is the hallmark of a ranging market, but this also suggests that a stronger move is setting up. The tightening of the Bollinger Bands is known as a Bollinger squeeze and usually occurs before a breakout, but the timing of said breakout cannot be accurately determined.
Currently, the levels to watch are 100 as support and 125 as resistance. A break of either one could be the catalyst for a stronger move in the direction of the initial break.
Support zone: 100
Resistance zone: 125
Most likely scenario: choppy, ranging movement until a break of support or resistance
Back in 2005, Alexis Ohanian and Steve Huffman — two undergraduate students of the University of Virginia and dormmates — had an idea for a food ordering app that they pitched to a computer scientist and entrepreneur Paul Graham. Paul Graham liked the idea and told Alexis and Steve to pitch it to Y Combinator — a startup accelerator that Paul co-founded that same year and that’s one of the most successful today.
The pitch didn’t go well with the Y Combinator investors and was rejected, but they liked Alexis and Steve as a team and told them to come up with something else. The two undergrads quickly came up with the idea of Reddit that Paul Graham immediately called “the front page of the web.” Reddit was given funding, developed in a very short period of time, and went online in June 2005.
At first, the new social network was very barebones with very few users, and to create the effect of a crowded house so that it would show some activity on the website, Alexis and Steve started registering fake users and submitting news and links worth of attention through different names. This way of attracting new users can be crudely called the Billy Milligan effect. Alexis and Steve had to pretend they were a number of different people who used the website until they reached a critical mass when Reddit would be able to function on its own.
A year before Reddit, Mark Zuckerberg launched a universal student directory at Harvard called TheFacebook. The directory was a centralized place to keep all student photos and basic student information. TheFacebook, unlike Reddit, was launched to an existing userbase — Harvard students — and within the first month more than half of the undergraduates registered on Facebook. Facebook was initially restricted to Harvard.
Gmail was launched in 2004, but due to the limited infrastructure to support the users, Google decided to make Gmail invitation-only and limited the invitations to 1,000 opinion leaders and their friends and family members.
Gmail invitations, due to the closed nature of the service, became highly demanded and a market was quickly formed around them. Regular invitations were selling on eBay for $150 with some accounts soaring to as high as several thousand dollars.
As Georges Harik, product management director for Gmail at the time, puts it: “The limited rollout had been born of necessity, but it had a side effect. Everyone wanted it even more. It was hailed as one of the best marketing decisions in tech history, but it was a little bit unintentional.”
Reddit, Facebook, and Gmail happened well over a decade ago, and the Blockchain technology and interest have advanced and spread in the meantime. Getting early in a product, project, or a service poised for success is always an advantage, be it a cool name on Gmail, the account age on Reddit, or making use of Facebook monetization.
With Blockchain and cryptocurrency, as the latest years show, getting in early is a solid advantage, and due to the decentralized nature of the technology, this can be a life-changing experience. It is to many.
To quote Michael del Castillo of Forbes:
“By giving early adopters of a budding social network like Steemit access to a token that potentially appreciates in value and gives them access to the service, developers could create an incentive to join long before the actual network effects are competitive with established centralized social networks like Facebook and Twitter.”
Community support through getting coins of a new service shortens the period necessary to reach the critical mass to not only keep the network going but letting it truly flourish on its own. With Blockchain and crypto, no longer does a project need to play Billy Milligan or simulate an elitist characteristic of an invitation-only service.
The service has to be good though, and decentralization allows it to be self-governed and ready for the community embrace, for the Blockchain protocol and algorithm are transparent and independent — the complete opposite of being centralized. You can’t pull a Billy Milligan on it or switch it to a doors-shut exclusive place. The protocol and the decentralized nature of Blockchain make it completely community-owned.
But again, the service has to be good.
The U°Community platform is not yet another social network on Blockchain just because of Blockchain. It’s an integral part of Blockchain and an interface to it.
Bitcoin is no longer a hobby, it is a business, and it's probably time to make it harder to capitalize on
Looking back at the history of Bitcoin and its CypherPunk roots, it is understandable why this peer-to-peer electronic cash system was put on the web for all to see and use as its code falls under an open source MIT License. However, the world and the cryptocurrency world for that matter is also changing, and it is probably time to make the code a little more exclusive.
Blockchain code has been replicated and copied helping spread the ecosystem to a place where it is now widely known and adopted, even in the mainstream. However, it has also led to a boom in the Blockchain economy where hundreds of people are trying to do the same thing, with slight changes.
This has helped with the ICO boom, mostly on the Ethereum Blockchain because of its smart contracts, but there are growing concerns about a forking revolution of Bitcoin coming. Therefore, this indiscriminate forking of Bitcoin needs to be put in line before it does some real damage.
The proposal put forward by Bitcoin developer Jose Femenias, suggests the addition of wording on the MIT License that would make it difficult to profit off Bitcoin’s brand after forking from the cryptocurrencies Blockchain.
The license would essentially need an additional rule that states:
“No part of this software can be included in any other project that uses the name Bitcoin as part of its name and/or its marketing material unless the software produced by that project is fully compatible with the Bitcoin (core) Blockchain.”
It is clear what Femenias is trying to stop and perhaps that is not a bad thing.
Bitcoin has seen a few forks already, with the biggest obviously being Bitcoin Cash whose mandate was to improve Bitcoin’s ability to scale and to push the digital currency back to what Roger Ver calls ‘Satoshi’s vision.’
Regardless of one’s view on Bitcoin Cash, there is an argument that can be made that it was forked for a legitimate reason, not just as a marketing ploy. Or, for those who are a little more pessimistic, they will find it hard to compare Bitcoin Cash to things like Bitcoin Diamond and Bitcoin Interest, which are clear attempts to profit on the original chain and the Bitcoin name.
Need for improvement, not for scams
There is no doubt that Bitcoin, as the oldest and original cryptocurrency, needs to move with the times and is in need of improvements, and forking is one way of doing this. However, the growing trend to pretend to be a Bitcoin improvement just to profit off a name is damaging all around.
The Bitcoin community is wide-eyed and very trigger happy, and thus prone to falling into traps. Bitcoin does not need other scam Bitcoins bringing its name down and tainting all that it has done.
Bitcoin is no longer a hobby, it is a business, and it is a brand that has built its reputation for being something quite special. There is no longer a need for open source code to spread it, rather a need for exclusivity to preserve it.
The concept of Blockchain and cryptocurrency is, in itself, very abstract and unconventional, simply because we have been accustomed to centralized systems of operation. To understand such an innovative idea, you need to go through the books with best explanations of what is Bitcoin and Blockchain.
It will be unfair to list just a single book as no author is able to concisely deal with every part of Blockchain technology. Some have their strengths in cryptography, others can dissect the nodes and supernodes with consummate skill. It might help to consider what makes a Blockchain book truly spectacular.
What makes the best Blockchain book?
A thorough study of some of the Amazon Blockchain books showed that there’s a certain similarity shared between the bestselling books. For a book to truly resonate with a larger audience, it should have all of the features below:
If you’re new to the crypto scene and you want to get started, this book by Andreas Antonopoulos will kick things off. You can, within two weeks of reading this book, become an expert at Blockchain, dishing out consultancy advice. It doesn’t just teach you how to, it addresses the pertinent questions about Blockchain, goes into detail about what it is not, and gives you practical insight into the concept. His quote, “First they ignore us, then they laugh at us, then they fight us, then we win” is a widely embraced axiom among Blockchain enthusiasts.
2. Digital Gold by Nathaniel Popper
This is a narrative about the inception of the first ever cryptocurrency, Bitcoin. Many readers claim that this is one of those books on Blockchain and Bitcoin which you cannot put down. It is a page-turner, a true eye-opener. It talks about the mysteries surrounding Bitcoin and its anonymous founder, the activities in Silk Road, and the Winklevoss twins. This is unarguably one of the best Blockchain books.
3. Cryptoassets by Chris Burniske and Jack Tatar
Chris Burniske and Jack Tatar came together to create this masterpiece. If you want to be one of the best at cryptocurrency investment, you are required to go for the best book on Blockchain and Bitcoin. With Cryptoassets, you can accurately understand the fundamentals of investment with a framework to apply theory and practical. Earlier, we spoke about how research makes a book excellent. This book has solid references, charts, and tables which pique your interest.
4. Crypto by Nathan Rose
If you want to become a crypto financial analyst, this book is for you. Compared to other established technologies, Blockchain and cryptocurrency are still fledgling. In fact, the general public still finds the concept esoteric and this is understandable. Nathan explains what you need to choose an exchange, sign up, deposit currencies, make your trade and eventually make profits.
5. How Money Got Free? Brian Patrick Eha
In order to understand some of the bold claims made in this Blockchain and Bitcoin book, it is important to understand where we are coming from and where we are going. Brian Patrick Eha details the ascent of the financial banks, the intervention of the government, their eventual compromise, the Silicon Valley cabals, and the whole scheme behind making money.
6. Attack of the 50 Foot Blockchain by David Gerard
David Gerard, in this book, creates a form of balance. If you’re a crypto enthusiast who probably believes that Blockchain will take over the world and Bitcoin will be the new religion, this book is for you. It helps you reevaluate your stance. The third chapter is perhaps the climax as the author delineates all of the logomachy presented by any proponent of Bitcoin and delivers his opinion on each. This is one of the best books on Bitcoin and Blockchain which doesn’t necessarily support the technology.
7. Bitcoin and Cryptocurrency Technologies by Arvind Narayana
What really is cryptography? Do you even understand what it is about? Well, a professor at Princeton University, Arvind Narayana, along with four other people took time to explain what it is all about. The book is extremely detailed and it will require you to have a lot of notes to review. There are also diagrams in the book for a more comprehensive understanding on what it entails.
8. Bitcoin- The Future of Money? by Dominic Frisby
Dominic Frisby, in this book, addresses the issues we all had in mind. Are your investments going to be worth millions in the nearest future or are you just chasing shadows? The inherent limitations of cryptocurrency- the lack of government’s regulation, the atrocities, etc. are well discussed. In fact, the author uses anecdotes to further prove his point, like the time he used Bitcoins to purchase cannabis a while back.
9. The Business Blockchain by William Mougayar
Have you heard about Blockchain 2.0? This is what crypto assets entail and if you are considering a career in this line, you might want to check it out. William Mougayar gives an in depth analysis into the steps you are to take if you want to become a cryptopreneur. It is unarguably one of the best Blockchain books which thoroughly addresses the business part.
10. The Age of Cryptocurrency by Paul Vigna and Michael J. Casey
Two Wall Street Journal reporters, Paul Vigna and Michael J. Casey, came together to produce an explanation of what the world would be when digital money- cryptocurrency becomes the mainstream means of transaction. With a series of anecdotes and research work, you will come to appreciate how we are in the age of cryptocurrency.
These are, without a doubt, the best Blockchain books available to us right now. Other equally good books might be available, however, they won’t all make the cut. Take note of the key features to look out for before purchasing books on Blockchain and Bitcoin.
ShipChain is a Blockchain-based technology that wants to disrupt the trillion-dollar shipping industry, a time-honored and revered industry going all the way back to the seafaring empires of late.
Despite the great reverence that abounds in the shipping industry, the logistics the ties the shipments together is still old world, with paper contracts, bills of lading, and general stacks of paperwork.
ShipChain wants to bring the shipping industry up to date with IT-based technologies, smart contracts and the SHIP utility token to drive the system.
ShipChain (SHIP) ran a utility token sale on Jan. 6, 2018, where it was able to raise some $30 mln in funding with token prices at $0.34 per token during the sale.
Token entry into open markets took place on March 10th 2018, with an initial price of $0.27 per token. SHIP immediately plummeted to $0.10 per token by March 23rd before edging up again to a high of $0.23 by April 23rd before falling again back down to the current price, at time of writing, of $0.02 per token.
CoinMarketCap ranks ShipChain at 506 with a total market cap at only $5.5 mln, the drastic fall in token price is to blame for such a low market valuation. Daily trade volumes are just below $1,500.
Monarch is the founder and CEO of Direct Outbound, one of the fastest growing fulfillment/3PL companies in the country, and one of the largest in Southeast US.
He is intimately familiar with the logistics industry in all aspects, from postal logistics and parcel private carriers to air, sea, and intermodal land freight.
Sam Rusani- Chief Revenue Officer
As a serial entrepreneur, Blockchain advocate/investor, and talent manager, Rusani has worked with some of the biggest brands in the world, such as Sony, Fender, Virgin, Universal Music, Ogilvy, Heineken, VISA and Mercedes.
He has also advised international companies and negotiated trade deals on their behalf.
Magnus Dufwa- Lead Developer
Dufwa is a senior C#, SQL, and Solidity developer, with over 18 years of experience developing enterprise projects.
He has built and managed financial processing systems that handle more than four mln transactions per year and developed smart contracts for ad auction projects and ICOs.
ShipChain uses ERC20 to base its Blockchain and smart contracts and there are two Blockchains, one is the main chain which stores shipment delivery and confirmation as well as, completed contracts.
On the secondary or sidechain, information about loads, geo waypoints and other shipping information is recorded and publicly validated on the sidechain.
In an interview published on the company blog, Monarch state that “ Our goal is to launch the ShipChain portal/platform either late Q4 or early Q1 next year.” He continued, “Right now our team is focused on our enterprise partners and pilot programs.
Our Director of Product Management is heavily involved in every pilot program we are running.
The C-Suite is in close communication with partners to ensure that everything is up to expectations, and to help guide the entire process to fit the ShipChain vision.”
Time will tell
Again, it may be too early to tell how this company will fare as the mainnet and the main platform is not operational yet.
While the solutions that ShipChain offers are unique and challenges the behemoth shipping industry, there is no solid evidence that the company will be successful with its endeavors at this juncture, taking token price alone into account and it does not look good with a flatlining token.
ShipCoin was not available to comment on the company’s current financial situation.
Cryptocurrencies used to be one of the most promising investments last year, and both well-established and new assets are on demand now. Although you’re not likely to make 1000% profits like the first investors, you can still turn a dollar by making the right bet.
While Bitcoin, Ethereum and some other coins alike have become too expensive, Ripple is a smart investment under $1. Why do we recommend investing in XRP, and what makes this cryptocurrency special?
What is Ripple?
The answer “Oh, it’s just a Bitcoin analog” is absolutely wrong. Calling it an equivalent means underestimating its value. Ripple is a payment platform that was created primarily for banks and financial institutions. It uses the proprietary XRP cryptocurrency. The network was established by for-profit company Ripple Labs in 2012 and started growing actively when banks and other financial institutions have taken their interest in it at the beginning of 2017.
Despite the fact that Ripple’s Blockchain ledger reminds of Bitcoin’s, it has a few principal technical differences that make up for faster transaction processing. Some accuse Ripple of being highly centralized: while Bitcoin and altcoin transactions are made possible thanks to distributed computing nodes, Ripple transactions are partially managed by Ripple Labs.
What are the advantages of Ripple?
Ripple processes a transaction within 4 seconds. That’s much faster compared to some other cryptocurrencies. Overall capacity is 1,500 TPS (transactions per second).
Ripple-driven transactions have a low fee — such way of payments is more beneficial than ordinary transfers.
Ripple enables international financial transactions and can be used to send and receive payments in both fiat and cryptocurrency.
Payments are available worldwide, and financial transfers are instant. That’s why Ripple is a better option than Western Union or international bank transfers.
Thanks to abundant Ripple investment flowing from over 100 banks, this platform is evolving quickly, and it may soon revolutionize the way we process payments.
5 reasons to invest in Ripple
Now, when you have a better understanding of how it works, it’s time to find out why to buy Ripple.
1. Advanced transaction protocol
We all can agree that the current financial system leaves a lot to be desired. Sending money to people who aren’t clients of your bank is a long, tiresome process. Sending money abroad is even a bigger pain in the neck.
This is where Ripple comes into play. Thanks to the Ripple Transaction Protocol, we can transfer digital currencies, fiat currencies, and even information in a jiffy. No third-party agents are required — Ripple makes the process incredibly simple by sending the money via a digital channel safely and quickly.
Yet, both participants of the exchange process have access to a secure channel, which eliminates possible risks and threats. Therefore, XRP is equally useful for banks and individuals. “Should I buy Ripple for making minor transactions and transfers?” — you can ask. The answer is a resounding ‘Yes!’
2. Ripple will improve the banking system instead of erasing it
Of course, the vast majority of crypto enthusiasts share Peter Diamandis’ utopian opinion:
“At its core, Bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.”
But thinking that banking systems will fall into oblivion is naive. Digital currency will stay here, but we are more likely to witness its integration into everyday life with the help of giants of the financial world — large banks.
With this point in mind, we can assume that Ripple Labs took a smarter approach: instead of opposing itself to banks, Ripple offers a mutually beneficial partnership. At the moment, over 100 banks have become Ripple investors and initialized the process of XRP integration. Those include:
Cambridge Global Payments
Star One Credit Union
It is said that Ripple can successfully replace SWIFT payments, though its TPS is still on the substandard level. So, is Ripple a good investment for banks? Like any other for-profit institute, banks want money and cost-efficient ways of performing operations. Using Ripple saves a bank $3.76 per payment, which sums up to saving $564,000 every year.
3. XRP is backed up by a brilliant team
Let’s not forget that the ICO success depends on who’s behind the project. Many digital currencies don’t even hit the market because their incompetent creators don’t know the right methods. In 2015, the Ripple team managed to gather venture capital worth $55 mln in one funding round — apparently, these guys knew how to cast their project in the best light. Money continues to flow as major banking sphere players take their interest in this cryptocurrency.
There’s one particular investor to support Ripple: Google. In fact, the corporation was among the first contributors because it saw the potential to facilitate and protect payment. Google can’t make mistakes, right? Aside from Google and Apple, Ripple invest is made by Airbnb, Asana, BuzzFeed, Coinbase, Facebook, Twitter, and Snap.
4. XRP price predictions are promising
Is Ripple worth buying? One of the main aspects to consider is XRP price prediction. Although we are witnessing a minor price fall, Ripple is expected to overcome $1 threshold by the end of 2018, or even go back to $3.5.
According to the current predictions, many Ripple experts agree that its price can increase to $200–300 in 10 years. If Ripple becomes a de facto payment asset for banks, it can reach the price of $20 very soon. Besides, since the company continues heating up investors’ interest, XRP can become less volatile.
Here are the forecasts present on WalletInvestor:
5. Ripple is cheap and available
Ripple is still one of the cryptocurrencies under $1, so investment won’t take a burden on your budget. The coins can be bought on any popular crypto exchange — finding a suitable sum isn’t a problem. The average daily Ripple turnover on major exchange website is about $1–6 mln, which proves the currency is highly desirable.
How to invest in Ripple?
Now, when the plethora of XRP advantages is described and you know why to invest in Ripple, let’s find out how it can be done.
Create a Ripple account. There’s a myriad of reliable XRP exchanges that allow keeping Ripple right on your account. Bitsane, Bitfinex, Poloniex, and Kraken are among leaders. Alternatively, you can use a special Ripple wallet. No matter which exchange website you choose, the process of buying XRP is the same.
Buy Bitcoin or Ethereum on Coinbase. As soon as you have Ripple account created, you need the currency to buy it. Buying crypto in Coinbase is very simple: create an account and proceed to the Buy/Sell page to submit your request.
Transfer your ETH or BTC to your Bitsane account. Open your Bitsane account, proceed to Balances → Wallets, and check the coins you hold on your account. Click on Bitcoin (or Ethereum), and you will see a wallet address generated. Go back to Coinbase, select ‘Accounts’ and ‘Send.’ The window for sending Bitcoin will be opened: here you should paste the address generated in Bitsane.
Now you can finally buy Ripple. For executing Bitcoin-Ripple transactions on a regular basis, you can save the pair as a pattern and keep it pinned to the top of Bitsane homepage.
If you want to reap maximum benefit from your investments, be patient: it may take Ripple a few years to maturate and start thriving. However, the profits are definitely worth waiting. By the way, if you prefer cold storage and want a reliable XRP storage solution, consider a hardware cryptocurrency wallet. It will keep your XRP safe and secure, and you won’t be tempted to panic sell the currency in case of serious fluctuations.
“Should I invest in Ripple?” — you wonder. More likely yes than no. Like any other cryptocurrency, Ripple is volatile, and investment isn’t devoid of risks. However, considering the low price and low entry barrier coupled with optimistic XRP predictions, buying some XRP is a smart decision. Your humble investment can come to quite a sum in a few years.
You never know when Ripple will skyrocket — the crypto market seems to be in a never-ending fever. But XRP is one of the most technically advanced digital currencies with a strong team and rich investors backing it up. The guys from Ripple Labs are tight-lipped about the project, and they will surely take new steps in the direction of ultimate superiority on the crypto market.
So, hurry up while Ripple is still cheaper than $1 — don’t let your golden opportunities slip by!
*** Please note that every investment and trading move involves risk, you should conduct your own research when making a decision.