Thomas Hughes

Nearly $1 Billion Worth of Ripple’s XRP Changes Hands

$989,999,892 worth of XRP was transferred within a four-hour span, and the amount was split into 5 transactions
Nearly $1 Billion Worth of Ripple’s XRP Changes Hands

$989,999,892 worth of XRP was transferred within a four-hour span, and the amount was split into 5 transactions, with the top three largest going to the same address, which now holds 2.6 billion XRP.

It looks like Ripple, who owns 60% of the entire XRP supply, is moving some of their holdings for unknown reasons. Looking at the bright side, the transaction cost for the largest transaction (999,999,959 XRP) was just 0.000012 XRP, so at least we get another confirmation that XRP can be moved with measly fees.

Chart Analysis – XRP/USD

Chart Analysis – XRP/USD

XRP/USD is up almost 3% during the last 24 hours, but down more than 11% for the last 7 days. This compared to Bitcoin’s -3.50% and Ethereum’s -8% for the same period makes XRP the worst performer in the top 3, while just a few days ago it was considered to be the most resilient.

Strictly from a technical point of view, we can see that 0.40 resistance is still holding and has rejected price lower, into 0.37 area but the Bollinger Bands are moving upwards, and the pair is supported by a bullish trend line, albeit not a very strong one. These are mixed signals, so the overall bias is neutral. A break of either support or resistance could decide the next medium-term direction.

Support zone: 0.3770 and the bullish trend line

Resistance zone: 0.40

Most likely scenario: another failed break of 0.40 would generate a drop through the trend line

Alternate scenario: bullish break of 0.40 and extended move towards 0.44 – 0.45

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Darryn Pollock

North Korean Mining Exploits Just One Way For Countries to Profit and Grow

North Korea has reportedly been tapping into the power of cryptocurrency mining to help boost its self, but that’s not the only way crypto is coming to the rescue
North Korean Mining Exploits Just One Way For Countries to Profit and Grow
Contents

While it was probably the worst kept secret, it has emerged through a South Korean report that its neighbor from the North has been mining cryptocurrency. It is also unsurprising as the decentralized and amoral nature of cryptocurrency means that it is available to all to use how they please.

It has also seen the likes of Iran and Venezuela develop their own cryptocurrencies in order to bypass sanctions installed on them by world leaders, the US. Some will be very skeptical and against the likes of these so-called rogue nations getting a foot up by cryptocurrencies, but it is true libertarianism in action.

The global make up has been built and fashioned around a strong Western Core with the likes of NATO and the UN dictating the way in which things should be done, however, cryptocurrencies do not adhere to the societal norms and cannot be controlled or used for one agenda or the next.

It opens up a huge philosophical debate, but before right and wrong can be answered for, it must also be remembered that these cryptocurrencies are also helping the poor and downtrodden when their so-called sovereign governments have let them down, such as in Zimbabwe and again in Venezuela.

Mining more money

The emerging crypto ecosystem that is sweeping globally, while remaining anonymous has created a perfect market for a country like North Korea to create money out of nothing more than electricity.

The cryptocurrency mining space has evolved from individuals with GPUs to major mining pools and companies, such as Bitmain. But, North Korea has proven that on a state level, there is an opportunity for governments to also profit- especially seeing as they run the electricity.

This creation of cryptocurrencies means that the North Koreans have an asset that is in demand that they can sell while remaining anonymous. This leaves any sort of sanctions or halts on the markets out in the cold and allows the country to be semi-self-sufficient.

The uses of its earnings may be up for debate, and the morality questioned. But much like Bitcoin cannot be blamed for drug buying, neither can it be blamed for aiding North Korea to accumulate wealth.

Breaking the western hegemony

It has also been reported and discussed how Iran and Venezuela are using their own cryptocurrencies to bypass sanctions implemented by the US. Again, there may be questions of morality and righteousness in this, but those same questions can be posed of the US and their rights to cripple access to the global economy.

There has been long political debates and philosophizing about the way in which the global system has been constructed by the West and how it hampers the growth of other nations that do not follow those norms. Cryptocurrencies at least give a tool that governments can use, that are uncontrollable, to help prop themselves up.

A chance for good

Again, the moral debate could rage forever, but what can not be debated is the other side of things cryptocurrencies can open up in dire situations. Cryptocurrencies always had the moniker of being a tool of the people, and in places where the people have been let down by traditional economies and policies, a burgeoning cryptocurrency market usually springs up.

In Zimbabwe, people have been forced to adopt the US Dollar as their currency has degraded to nothing, but even getting hold of the US Dollar is difficult and puts the country in the pocket of the West again.

However, the African nation, with the help of coins like Dash, are building a functioning digital economy which is helping the people to survive.

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David Dinkins

Genesis Mining Hit With Cease & Desist Order by South Carolina Regulator, Major Implications

In a move that will have far-reaching implications for the entire cloud mining sector, the state of South Carolina ordered Genesis Mining to cease and desist
Genesis Mining Hit With Cease & Desist Order by South Carolina Regulator, Major Implications
Contents

Genesis Mining and its partner Swiss Gold Global have been ordered by the state of South Carolina to cease and desist offering its cloud mining contracts to residents of the state. The Securities Commission of South Carolina considers cloud mining contracts to “constitute investment contracts and are thus securities.” Since neither Genesis Mining nor Swiss Gold Global have registered with state regulators to sell securities, they have been ordered to cease such actions and are permanently banned from offering securities to South Carolina residents.

The order

The Securities Commission writes:

"At all times relevant to this order, Respondent Genesis Mining continuously offered investment opportunities in Mining Contracts to South Carolina residents through its website. At no time relevant to the events stated herein was Respondent Swiss Gold Global registered with the Division as a broker-dealer, and no exemption from registration has been claimed by Respondent Swiss Gold Global."

Other states

In the absence of clear federal regulations or enforcement actions by national authorities, US states are becoming more aggressive in regulating crypto-related companies. Texas, in particular, has begun aggressively issuing cease and desist actions against cryptocurrency-related firms whose offerings appear to violate securities laws. Most notably, Texas banned BitConnect from dealing with residents of the state, leading to a massive loss of value for the BitConnect token (BCC).

What is cloud mining?

Cloud mining is the act of renting mining power (hashpower) from a provider, rather than owning the mining equipment itself. Mining uses a great deal of energy and requires a great deal of cooling. The needed fans, or air conditioning units, for larger operations, make a great deal of noise and require even more energy. For this and other reasons, it’s not always practical to run mining equipment out of one’s own home.

A cloud mining firm such as Genesis Mining or HashFlare sets up a number of miners in an actual data center, with adequate cooling and bandwidth, in a place with inexpensive electricity. They then lease a small portion of their mining operation to you, in return for a fixed payment. The hash power you rent will be devoted to mining the cryptocurrency of your choice (usually selected from a limited menu of options) and you will receive the currency mined from your fractional share of the operation.

Far-reaching

South Carolina’s ruling makes things a great deal more challenging for the entire cloud mining sector. It’s hard to see how regulators could order Genesis Mining to cease and desist without issuing similar orders to HashFlare and other cloud mining providers. If other jurisdictions, either US states or entire nations, follow suit declaring cloud mining agreements to be securities, then the entire cloud mining industry could quickly crumble.

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Patrick Thompson

Uber Co-founder is Launching a Cryptocurrency

The co-founder of Uber, Garrett Camp, will be launching a cryptocurrency without an ICO
Uber Co-founder is Launching a Cryptocurrency

 

Garrett Camp – the co-founder of the peer-to-peer ridesharing service Uber – will be launching a new cryptocurrency. Camp has banded together universities, scientists, and research institutes to help create a new cryptocurrency called the “Eco”. The goal of the Eco is to act as a currency that holds true to the original doctrine of digital currencies: a nearly instantaneous means of transacting that is not limited by borders or facilitated by a third party. Camp hopes that Eco will be used as a currency in tandem with bitcoin, gold, and fiat currencies.

However, the Eco Blockchain will have a few different features than you would expect a Blockchain-based currency to have. Eco’s Blockchain will be run by verified nodes rather than an anonymous system of computers that anyone can join to support the network. A verified node system rather than a completely decentralized system of nodes is a kind of middle ground between decentralization – like the Bitcoin network – and centralization – like the Federal Reserve System. By having a system of verified nodes, Eco sacrifices a higher level of security for coordinated governance and efficiency – a system that runs on verified nodes removes the threat of a 51% attack occurring on the network.

Another difference between Eco and most Blockchain-based currencies is the incentive that the Eco network offers for mining Eco. On Eco’s Blockchain, when a verified node confirms a new block, the reward is distributed to every node and user on the Eco network. Because the system is structured like this, miners are incentivized to do as little work as possible to mine the currency. Since the mining reward is shared with every node and user on the network, there is no advantage in using powerful computers that can confirm blocks at a faster rate. Eco will be more efficient than Blockchain-based currencies that reward a single miner who confirms a block because Miners will not be incentivized to use more computing power to mine Eco coins.

Camp is looking to partner with universities and research institutions that are ranked in the 5th percentile to run the first set of nodes. Individuals who run nodes will also be known as token generators in the Eco community. Unlike most Blockchain-based tokens, the Eco will not have an ICO. To launch the Eco project, Camp is creating a non-profit organization, The Eco Foundation, that Camp and a small number of partners affiliated with Expa – the four year old startup accelerator business that Camp founded – have invested $10 mln into.

Overall, there will be 1 trillion tokens generated over the course of several years. Camp plans for five hundred billion Eco to be distributed to the first one billion users. ⅕ of the original supply will be set aside for verified nodes, 1/10 to the Eco foundation – which pays operation expenses and funds research grants, 1/10 for advisors and active contributors, and the last tenth for strategic partners.

Camp believes that the Eco test-net could be running as earlier as six months from now.

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Thomas Hughes

Litecoin Approaches Historical Level

Litecoin is testing a key level that pushed price sky high last year: $30
Litecoin Approaches Historical Level

It seems like these days it’s all about what cryptocurrency is dropping less, which is in total opposition to the same time last year, when it wasn’t a matter of whether cryptos are going up but which one is gaining more on a daily basis.

Litecoin, just like everything else, has been in a downtrend for almost a year, but there’s a caveat; it is now testing a key level that pushed price sky high last year: $30.

Charts at a Glance – LTC/USD

Charts at a Glance – LTC/USD

The weekly chart above shows that Litecoin hit the current level multiple times during mid-to-late 2017, just before taking off to reach its peak a few months later. As mentioned on another occasion, technical levels can suffer a so-called “degradation” if they are not touched for a long while, becoming less important (price is not as responsive to them as before). However, considering the importance of this zone, it is most likely that we will get a reaction.

The Relative Strength Index is just entering oversold territory on the weekly chart, which holds a greater importance than oversold conditions on an hourly or daily chart, and this combined with the support zone at $30 - $35 can trigger a strong bounce North. On the other hand, a break of the support zone would show that bearish pressure is still too strong and that more downside will follow.

Support zone: 30 - 35

Resistance zone: 40

Most likely scenario: bounce higher from support

Alternate scenario: break below support and move into 25 area

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Wikicoin Alex Morris

Best and Cheapest Way to Buy Bitcoin in 2018

📚 Wikicoin
The article takes a closer look at the cheapest and the most convenient ways to buy Bitcoin in 2018
Best and Cheapest Way to Buy Bitcoin in 2018
Contents

There are plenty of ways of how you can buy Bitcoin. Some of these methods are definitely cheaper than others, so the purpose of this article is to find out the most cost-effective solution for purchasing Bitcoin and other cryptocurrencies. Mainly, the article will be devoted to reviewing the fees charged by different exchanges, but we will also pay attention to the convenience of every individual method and risk-factors that are associated with it.  

No-go area

First of all, we are going to mention some means of purchasing cryptocurrencies that are generally considered to be widely expensive. Bitcoin ATMs, while having plenty of advantages such as high transaction speed, anonymity and liquidity, are very pricey. The exact percent of fees for every transaction depends on a specific ATM network, but an average Bitcoin vending machine will charge you about seven percent. Such a relatively big cost is attributed to the fact that businesses have to spend money on hardware and installation. Therefore, the consensus is that Bitcoin ATMs may come in handy if you want to instantly exchange a small amount of BTC to cash, but, otherwise, it was far from the cheapest way to buy Bitcoin in 2017. With ATM networks swiftly expanding in 2018, the fees are expected to be lowered, but we will see if that’s the case.   

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Setting priorities straight

While recommending the cheapest way to buy Bitcoin, it is important to take into account the needs of every individual buyer. Inexperienced traders who only make their baby steps into the world of crypto will be looking for a beginner-friendly platform that simplifies buying cryptocurrencies to the utmost extent.

Meanwhile, some reputed exchanges emphasize security but charge higher fees. Again, it comes down to your own priorities– whether you would be willing to deal with a less trusted and respectful platform in return for lower fees.

Some individuals may not be willing to disclose their identity while doing crypto-related transactions. South Korea and other major cryptocurrency hubs prohibit anonymous trading due to AML and KYC regulations, but there are still some services that heavily rely on Bitcoin’s anonymity. Coinmama is the best way to buy Bitcoin with credit card completely anonymously.

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The cheapest Bitcoin seller

What is the best way to buy Bitcoin? Picking the best Bitcoin seller is not an easy feat. In order to make it simpler, pay special attention to the factors mentioned below.

  1. The correlation between the asking price and the current BTC/USD exchange rate (or your local currency). In order to find out the average market price, check out the Bitcoin Price Index (BPI).

  2. Whether there are fixed-rate fees or percentage-based fees (it usually depends on a payment method of your choice).

  3. Digital assets deposit minimums.

Coinbase vs. Kraken: lower fees?

Coinbase and Kraken are the two leading American exchanges, which enjoy a high standing in the crypto industry. While both of them have their pros and cons, we will only focus on their fees.

Type of payment

Kraken Fee

Coinbase Fee

SEPA  

free

free

US wire transfer  

$5

1.49%

Credit card  

-

3.99%

PayPal

 

3.99%

As you can see, European customers can enjoy the privilege of depositing/withdrawing money for free, but a SEPA transfer takes about a couple of days, so for faster transactions consider using a credit card. The Coinbase exchange is the best way to buy Bitcoin with a debit card.

Those who are looking for the cheapest fees out there may also take a look at Coinbase Pro. Coinbase Pro (formerly known as GDAX) offers much lower fees compared to Coinbase. In fact, there are no fees for depositing or withdrawing funds, but Coinbase Pro still charges customers with minor trading fees that vary from 0.1-0.3 percent. It is worth mentioning that one can use his already created Coinbase account in order to purchase Bitcoin on Coinbase Pro.

Coinbase Pro

All in all, Coinbase offers the lowest fees on the market, but is it enough in the post-Robinhood era? Robinhood Crypto is a brand-new service that allows purchasing Bitcoin for free (you only have to pay a minuscule SEC fee). Moreover, Uber and E*Trade vets have recently launched another no-fee exchange Voyager that is expected to become Robinhood’s major competitor in the nearest future. While Robinhood is undoubtedly one of the hottest startups of 2018 (its current value surpasses $5.6 bln), its the lack of coin transfers raises serious security concerns.

Buying Bitcoin P2P

Some Bitcoin enthusiasts may be dissatisfied by the prospect of paying fees to a third party when the decentralized Bitcoin network is supposed to eliminate them. There are indeed some P2P exchanges where users are allowed to perform transactions cutting out a middleman.

The likes of LocalBitcoins or Wall of Coins only charge sellers (one percent for each deal) while those who want to purchase Bitcoin do not have to pay anything. Hence, it’s one of the cheapest ways to buy Bitcoin with a credit card.

Buying Bitcoin P2P

However, LocalBitcoins has been already banned in several countries (including Russia). These services do not require identity verification. You have to use LocalBitcoins at your own risk, since there are many scams that require extreme cautiousness.

Buying Bitcoin outside the US

If you a US resident, you might want to explore different international exchanges to save up some money. As a prominent crypto investor Brian Kelly suggests, the Bitcoin price may be drastically different on American and Asian exchanges when markets suddenly turn bearish or bullish. Usually, the price gap is about two or three percent, but it may reach even 10 percent during extremely high market volatility.

However, it is not that easy to take advantage of crypto arbitrage opportunities for an ordinary trader: it is a very difficult task to withdraw money from some Asian countries. For example, in South Korea, one can witness a whopping 30 percent spread, but non-Korean citizens are prohibited to operate on Kakao-owned Upbit, the country’s biggest cryptocurrency exchange.

Buying Bitcoin outside the US

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The bottom line

As you might have guessed, cheap doesn’t necessarily mean good when it comes to purchasing Bitcoin. It is rather advisable to prioritize safety, since the ‘wild’ crypto market is full of fraudsters who want to take advantage of gullible investors. If to name the best way to buy Bitcoin in 2018, it would probably be Coinbase Pro: it combines almost flawless reputation with very low fees. For additional information, read about the best way to buy Bitcoin on Reddit.

Wikicoin
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