Once more, we bring you crypto stories you may have missed during the previous weeks. We remind you that not all our stories are on Twitter or other social media assets. All stories are on Flipboard though. Please check regularly for the latest.
New Study Argues Tether Wasn't Used to Prop Up Bitcoin Price
Litecoin: The Next Dominant Currency of The Darknet
The Bitcoin Era Was Predicted 18 Years Ago
How To Use Blockchain As A MarketPlace To Sell Your Own Data
Zimbabwe’s New Finance Minister Advocates Government Cryptocurrency Unit
The Good, the Bad and the Ugly Details of One of Bitcoin’s Nastiest Bugs Yet
Bitcoin Breakthrough? Japanese Giant Opens Corridor To Africa
Crypto Trading 101: The Moving Average Convergence Divergence
Why Bitcoin Is Technically an Inflationary Currency—Even Though Its Purchasing Power Is Increasing
10 Years After Lehman: Bitcoin and Wall Street Are Closer Than Ever
Gas Ain't Gold: Why Ether's Price Could Tank Even If Ethereum Succeeds
Blockchain doesn’t kill people, but smart contracts can, law professor says
Governments Quickly Changing Their Tune On Blockchain
5 things Paul Krugman gets wrong about crypto
A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchainology". This magazine is curated by Olusegun Oyekanmi
Since the start of the year, I am sure many of you have seen articles touting the demise of Ethereum. Recently, there was a rapid decline in the price of this crypto. Punditry once again went into overdrive. Hodlers of Ethereum will most certainly cry out as they watch the price of their beloved crypto fall. One can at least understand that. But its complete demise is another thing altogether. I decided to have a quick look around the crypto news sites to see if I could anything worth mentioning. Here are just some of the reasons for this sell-off:
Let us now take each point with a very brief discussion:
The introduction of the BitMex-ETH swap allows traders to short the price of ETH with up to 100x leverage. Word on the street is that it has not been confirmed but massive speculative flow facilitated a big drop in the price. Secondly, the big ether sell-off for fiat by the ICO startups has not helped. The core reason for this is that startups run with fiat and not cryptocurrencies, hence the need of fiat for day-to-day activities.
Finally, the matter of economic abstraction. A recent article by entrepreneur Jeremy Rubin caused a stir when he declared the collapse of Ethereum inevitable. Rubin’s article concentrated on economic abstraction (EA), a term the Ethereum community use in describing gas payments through a non-ETH asset. So, what is EA? EA is the paying of smart contract fees through an ERC-20 token other than Ethereum. According to Rubin, the continued use of other ERC-20 tokens for payment may lead to Ethereum’s redundancy.
Rubin’s article ended up soliciting a response from Vitalik Buterin. In what was a long response, Vitalik said the following:
In Ethereum as it presently exists, this is absolutely true, and in fact, if Ethereum were not to change, all parts of the author’s argument (except the part about proof of stake, which would not even apply to Ethereum as it is today) would be correct.
Vitalik also went on to discuss two proposals – modified market fee, and storage maintenance fees. These proposals were essentially ways of dealing with the matter of economic abstraction. Ethereum’s price fell to a low of $168.72. This has since recovered and is currently $207.41. As for Ethereum disappearing, I think not but then again, your guess is as good as mine.
Recent matters to do with Bitcoin and other cryptocurrencies has left everyone short of breath. The price volatility alone is enough to give some a heart attack. Some pundits are now suggesting the price has bottomed out. Just this morning, 8.00 am CAT (Central African Time), bitcoin price fell from $6550 to $6355. There has since been a recovery to $6470. With such price swings are we really out of the woods? I am not so sure! Massive price fluctuations over every weekend now seem a given and is likely to continue.
Looking at the today's’ chart, we see that the CCI (Commodity Channel Index) has been slowing down with a figure of -53.6550. It was almost twice this figure during the weekend at -103.9557. Trading volume looks healthy indicating the sorts of price movement we are currently experiencing. RSI (Relative Strength Index) is at 44.6515, which is also quite healthy. As for the clouds (Ichimoku), the tekan sen has gone below the kijun sen which is flattening out. Both the tenkan sen, kijun sen, and price candles are under the cloud telling us things are still bearish. How long it will remain this way is anyone’s guess.
I suppose we can look forward (not!) to more volatility in the future. By now we should all be used to that. Volatility is unfortunately here to stay except someone comes up with a stable coin that is beyond outstanding. And as for certainty, that’s another thing. No one really knows what direction prices will take. As I have said before, this could be due to both animal spirits, and market manipulations. I have often joked that the price of Bitcoin will change if Vitalik Buterin changes his favourite coffee brand. Maybe this will stop one day, and we can have some peace, but then again, your guess is as good as mine.
Once again apologies to all for the late publication. As always, our Flipboard magazine - Blockchain Is The Future - is constantly updated. Anyway, here are the crypto stories you may have missed over the past two weeks.
4 Women Who Make a Difference in Blockchain
This Start-Up Incubator Wants to Build the Next Internet on Ethereum
Kin Will Be the Most Used Cryptocurrency in the World by the End of the Year
Meet the crypto millionaire who lives in a tree and says bitcoin is just getting started
Will Bitcoin Cash Undergo A Hard Fork?
Cryptomaniacs: A field guide
Economist Nouriel Roubini Says 'Blockchain is Useless', All ICOs are scams
The collapse of ETH is inevitable
Major cryptocurrency exchange delists Bitcoin Gold following $18M hack
Venezuela's Petro Cryptocurrency Is a Gift to Future Generations
The baroness, the ICO fiasco, and enter Steve Wozniak
Why is no one really using Augur?
There's a Problem With Crypto Funding – And Vitalik Just Might Have a Solution
The best place to read these stories and more is to head off to our Flipboard magazine (online):
The Blockchain Is The Future (Click Read Magazine to start Reading)
A much better option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchain Is The Future". This magazine is curated by Olusegun Oyekanmi
Optimism seems to have returned to the land of crypto. Pundits and the like are back to calling bitcoin $20k once more. Some have even gone as high as $50k by October. One often wonders what these guys are smoking. Maybe I should have some too if only to have a peek into their perspective. As always, I look at what the charts are saying, and I don’t see bitcoin $20k just yet. Please note that I have not said it won’t go back to that range but not right now.
Looking at my charts indicate show a steady rise in the price of bitcoin. For those who are Fibonacci purists, bitcoin’s price has already gone through the 0.5 and has got close to the 0.382 level- $7110.6 and $7432 respectively. The RSI (Relative Strength Index) is on the rise but not at an oversold level just yet. The CCI (Commodity Chanel Index) also indicates that there is some momentum in the price rise. News from China on the cryptocurrency speculation clampdown as well as tighter regulations in South Korea has not dampened enthusiasm. Maybe this really is the expected rally. The omens are indeed looking good. We all know the crypto market is very fickle, and things do change suddenly but then again, your guess is as good as mine.
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