Binance got hacked yesterday – by now everybody knows that. I think it’s great thing for all concerned. This is why:
Intro:
Binance got hacked and lost about 7000 BTC in a single transaction. From what I have read, the hack appears to have been carried out by a very patient and professional team. Viewed from my military background; I have to admire the planning and execution of the hack, which in no way means that I condone what the hackers have done. Au contraire – I look forward to watching them trying to spend or exchange that BTC further down the
They say in markets that every time is different. While that is technically true, you can find major similarities and patterns in every single market. One specific market, cryptocurrencies, happen to not be completely controlled by computers and actually moves very emotional and technically (for now). I ha e utilized past patterns, measures and scales, and predictions to have predicted the last two bubbles, the percentage decline from the top and where the “bottom” or “top” may be. Have I been right every time? No, however when it comes to the declines and measured moves I have been on point.
Yesterday I told you to expect a break up to test $6,000. Today we saw price break up, finding resistance just shy of $6K at $5,974.
Shorts remain stubbornly stacked while longs are flat.
In today’s video I analyze Bitcoin, EOS, BNB, BAT, ETH and XRP. I discuss where prices may be heading next, my buy zones, traps to avoid and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment
Bitcoin’s quick recovery from levels below the former resistance-turned-support of $5,627 (April 23 high) seen on Monday, coupled with a break above the stiff resistance at $5,780 (June 2018 bottom) seen today, indicate fairly strong bullish sentiment.
BTC looks set to breach the psychological hurdle of $6,000, as suggested by April’s bullish close, and may rise to $6,200 in the next few days. The bullish case is backed by a diamond breakout on the 4-hour chart.
Bulls still need to observe caution, as the 3-day chart shows a bearish divergence of trading volumes. A case for a deeper pullback to $5,000 would strengthen if the price falls below $5,686 (daily opening price) in the next 24 hours.
Bitcoin miners made the case for their industry as a driver of clean energy adoption, rather than the ecological disaster depicted by critics, at Fidelity’s Mining Summit Friday.
The venue for the daylong event was as notable as the talks. The Fidelity Center for Applied Technology, an R&D division that has dabbled in bitcoin mining, hosted the conference at the financial services giant’s global headquarters in Boston. Fidelity has embraced the crypto markets more than most incumbents; this year it launched Fidelity Digital Asset Services, which handles custody of bitcoin for institutional clients and is expected to roll out trading in the coming weeks.
But aside from welcoming the 300 or so attendees and a brief overview of mining history by Jurica Bulovic, innovation manager at Fidelity Labs (a different R&D unit), Fidelity mostly ceded the stage to guest speakers. In their presentations, these miners and others sought to disprove the popular perception that the copious amount of electricity devoted to securing the bitcoin network – 0.26% of world consumption, according to Digiconomist – is an environmental threat.
QEDIT, a developer of privacy technology for enterprise blockchains, has closed a $10 million Series A round from investors including Ant Financial, the payments affiliate of Chinese e-commerce giant Alibaba.
Ant Financial will also be incorporating QEDIT’s zero-knowledge proof (ZKP) tech into its blockchain projects, the companies announced Tuesday. Other high-profile partnerships applying QEDIT’s ZKPs include software giant VMWare and RGAX, a subsidiary of Reinsurance Group of America.
QEDIT’s investment round was led by MizMaa Ventures, with participation from Ant Financial and RGAX as well as Meron Capital, Collider Ventures, Jovono and Target Global. QEDIT has received a total of $14 million in funding to date, comprising the A round, a previous $3 million seed round and $1 million in grants.
Chinesesocial media giant and payment service provider WeChatbannedcryptocurrency transactions in its payments policy. Dovey Wan, founding partner of crypto investment firm Primitive, tweeted the news on May 7. The tweet contained a screenshot of the policy changes, which intimates that users who engage in cryptocurrency trading will have their accounts terminated.
Wan expressed concern that since most over-the-counter transactions are happening in WeChat, “this may impact local liquidity to quite some extent.” WeChat is a popular messaging and payments service provider in China, also featuring game integrations.
New York-based blockchain company ConsenSys is restructuring its various operations to shore up its market presence as it seeks $200 million in funding, a press release confirmed on May 6.
In a move which will also see the departure of a founding executive, ConsenSys will consolidate ConsenSys Labs, accelerator Tachyon and VC operation, ConsenSys Ventures, under one umbrella investment arm.
ConsenSys Ventures, which launched in September 2017, will no longer have Kavita Gupta at its helm, she confirmed to cryptocurrency news outlet The Block on Monday.
“HavEther Project has decided to release our Whitepaper v2, so actually within one to two days we will release.”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
Again the BTC is doing a nice UP but the STEEM is staying sticked to its support zone around 0.3$ and is even trying to break it. Let’s hope that this line will hold and will create a bounce because STEEM is really not funny to analyse these days and you need a good mood to stay optimist.
There are over a million word used in daily conversation but if a single word could be itched from the heart of every blockchain enthusiast and believer; it is “decentralization“. The word is the basis by which the concepts of blockchain and cryptocurrency foundations are built upon.
To cryptocurrency followers – decentralization isn’t just a word, it is a revolution.
Bitcoin revelation transcribes the true power of its meaning. For the first time in history, two people with mutual or distant relationship but with common agreement can send over a currency with a real-world value across long distance in a trustless manner, without the need for a third party or witness, while at the same time ensuring the safety, fair settlement and privacy of both parties.
Cryptocurrency debut gave a new perspective to which we see money.
A true internet form of money is now represented and exchanged across different domains in a seamless and trustless manner, taking on the functionality of the internet itself and at the same time providing additional vital extensiveness to the use of the internet.
As much as cryptocurrency originate to create a decentralized financial ecosystem, exchanges where the majority of these assets are traded, are with centralized design. Operating with all disadvantages a centralized infrastructure has to offer.
Some of which are:
• There is insecurity of funds.
• Users interactions are limited.
• Trading and withdrawal fees are exorbitantly high.
• Poor account management and access.
• Less control of owned assets by users which can be subjected to further censorship.
The purpose of bitcoin was to ensure the above-mentioned restrictions and challenges have no concrete roots in the proposed decentralized future.
To bring about this ultimate dream, the obvious solution is a decentralized market place.
The past few years had seen visionaries proposing solutions of various type to construct an ideal system that will tolerate the demanded trading activities.
Coming along with this, we have seen different creation of typical decentralized exchanges (DEX). Some good examples are DEXs like BitShares, Idex, Bancor, and Newdex.
Although the establishment of these DEXs brought about the realization of the initial dream, their use and functions have been way below the actual need.
Constructed with currently available fitting technologies, DEXs are plagued with many constraints and limitations.
Such as:
• Slow matching time and execution of trades.
• Incapabilities to tolerate large volume of trades.
• Unreliable system responsiveness.
• Sophisticated user interface
• Very little interface instruction for fair price placement.
• Inability to trade over the native blockchain assets.
These resulted to further constraint such as:
• Lack of good volume.
• Low liquidity from poor volume.
• Few spread across order books.
• Low rate of adoption.
With the above-mentioned challenges, it is obvious that DEXs are not yet ready to be adopted as the primary marketplace for cryptocurrency trading activities and exchange.
Despite these shortcomings, decentralized exchanges have seen some encouraging progress in their development and use over time.
Here is a write-up illustration with matching dex-like examples showing their growth with time.
The first true DEX to be created. Bitshares was the work of the veteran blockchain programmer Daniel Larimer. Dan thought of the need to create a decentralized exchange framework with no single point of failure when earlier centralized exchanges like Mt.Gox were failing, became unreliable, suffering several major hacks that almost dented the future of cryptocurrency.
Well known for his innovative Delegated Proof of Stake Consensus, Dan design the Bitshares network using the DPoS algorithm – a scalable framework that can match over 100,000 tps, surpassing the capacity of both Visa and Mastercard combined.
Despite this high matching time and efficiency, Bitshares suffers from an overly decentralized system with a sophisticated setup. There is a market for stablecoins represented in the currency like bitUSD and bitEUR, there is a market for bonds, commodities, stocks and precious metals such as gold and silver which are also represented in a form, while a market also exists for cryptocurrency as a whole.
This sophisticated arrangement rendered the exchange a rocket science for many commoners, I personally also find it very difficult to understand how the system really works.
Though the problem with complicated use is one of the restrictions, Bitshares major problems arose from improper funding and governance. Interoperability is also another important setback as blockchain specific cryptocurrency are the only available choice of trading, killing off any chance of good adoption.
Idex uses the smart contract feature of the Ethereum blockchain to matches and executes trades. Constructed under a limited idea, Idex matching engine is relatively slow but is a much improvement over its predecessors ‘EtherDelta’.
For the records, Etherdelta is reported to have a history of making traders especially the beginners lose money due to its very slow matching engine and sophisticated user interface.
Idex although suffered from low scalability in relation to Ethereum network capabilities, the dex boasts a nice user interface with other extensibility of being accessed from cold storage wallets like hardware wallet and dapp browsers like Metamask and Trust Wallet.
It is inarguable that Idex is an improvement over Bitshares, but in a much wider comparison these two are entirely different from each other, however, both provide a good overview for future design and areas to improve on.
Built initially to support Ethereum-based assets, Bancor Network gave another fresh perspective about how decentralized exchanges could operate and function.
Basically, the exchange could be regarded as an atomic-swap-like exchange. Assets are converted in real time using the market price feed instead of a limit order.
Bancor was famous for its hype with its initial statement as a ‘fast liquidity network’. After suffering its biggest hack, freezing some accounts in the process, Bancor decentralized design was put to serious question.
Going offline to restructure its operation after the hacking incident, Bancor came back with even a bigger buzz – creating a feasible gateway to enable cross-chain conversion by listing trading activities for the EOS coins, which can be converted with foreign blockchain like the Ethereum blockchain.
I purposely decided to put this at the bottom of the list because of its much-improved functionality in terms of matching time and user interface.
Although built solely upon the EOS blockchain with very limited chance for foreign cross-chain communication as with current design, Newdex is a very encouraging development when it comes to good user experience and usability. I personally did not realize I just used a dex during my first encounter with the exchange. The user interface was simple and intuitive, I was very amazed by how fast my order was place and executed.
The basic need of a good exchange is fast trading execution and awesome user experience coupled with some essential need like security and reliability.
Newdex addresses these demands to some good extent. One drawback of this exchange is that it is blockchain-specific and with low volume. As for the volume; it’s only a matter of time before more people discover the joy of the dex.
Reading through this post It should be noted that, with time, decentralized exchanges improve in one aspect or the other over older ones along with available technologies.
Innovations and developments continue to be directed at existing mechanism, therefore, it’s only a matter of time before we finally arrive at that ideal solution for operating decentralized exchanges.
More promising, the recently launched Binance chain and the much awaited Binance dex could, in fact, changed the overall adoption and use of decentralized exchanges, but the issue with interoperability remains.
What awaits the future of dex is very unpredictable but there are positives to take from their evolution over time.
Personally, I can see a future where there is a functional ecosystem supporting the exchange of multi-currency network with a fair control of owned assets by users.
The future of DEX is bright.
What are your thoughts about the general overview of DEX? I would like to know in the comment box below.
Bitcoin is currently bouncing on top of what was resistance at $5,600, which is now a very relevant support. It’s also huddled just below major resistance at $5,800. A decisive break above or below either would be significant…at least in the short term. Price is trading within an ascending broadening wedge. Statistically, this breaks down about 52-55% of the time. Regardless, bulls have a good shot at testing $6,000. Daily volume remains relatively healthy at around $15 billion.
Price is still trading above the 21 and 8 day EMA. This is a sign of strength…at least in the short term.
Yesterday I wrote about how I was buying some LTC on what was basically a coin flip. Meaning, there was no clear signal, but I decided to enter based on some other factors.
Funny How Prices Work
Less than 24 hours later that same daily candle I entered has rallied after pushing lower to form a reversal candle and gives as an actual technical entry.
Granted this daily candle has some time to close still, but it is currently showing us a reversal. After two down days we saw price trade through the prior candle’s low and rally to a price that is
Have you ever hear of OnePageX? Well if you haven’t I am here to show you one of the absolute EASIEST ways to transfer and exchange your cryptocurrencies. OnePageX offers one of the fastest ways to swap cryptocurrencies and adds new cryptocurrencies weekly. One of the hardest things for new cypto users is to be able to move coins from one cryptocurrency to another. This is huge and I am going to show you one of the most utilized reason that OnePageX is a great option.
OnePageX allows you to exchange your tokens and process the transaction on ONE PAGE.
There is no doubting that people have become quite tribal and patriotic to their selected cryptocurrencies. The original ‘civil war’ between Bitcoin and its fork Bitcoin Cash proved this. Many believed that BTC was no longer the real thing and jumped to a blockchain with bigger blocks, defendeding it vehemently.
This tribalism stems from what cryptocurrency can offer. It is a tool that has the potential to allow people to ‘move off the grid’ and become sustainable in an all together new economy that does not rely on banks, regulators, governments or other legacy institutions.
This utopic – or dystopic? – future seems a little out of the realms of possibility as it currently stands. Bitcoin and related cryptocurrencies have, for the most part, realised that for adoption they need to be in line with regulators; but, there are areas, valleys, towns, and even cities looking to go full crypto on their own.
When I visited some early bitcoin startups in Hong Kong five years ago, they were unanimous about their biggest challenge: finding a bank that would let them open an account.
It wasn’t that local banks were especially worried about this little-understood new industry. The issue was that compliance-obsessed correspondence banks in the U.S. were demanding that their counterparts in the territory apply an especially high “know-your-customer” standard for bitcoin businesses. Since Hong Kong banks couldn’t live without a dollar lifeline from New York, the path of least resistance was to say no.
That situation was a lesson about how the dollar’s reserve status leaves U.S. financial institutions, and the Washington regulators whose guidance they heed, exerting profound worldwide influence – in this case, constraining innovation, wherever it was happening.
The United States District Court of the Southern District of Florida issued an order on May 3 requiring self-proclaimed Satoshi NakamotoCraig Wright to produce a list of his public bitcoin (BTC) addresses.
The order is part of an ongoing case against Wright filed by the estate of computer scientist David Kleiman, which claims that Wright stole hundreds of thousands of BTC. The coins were worth over $5 billion dollars in February last year, when Kleiman’s estate first sued Wright.
The order illustrates a number of the plaintiffs’ requests. They ask the court to order Wright to produce a list of the public addresses of bitcoin he owned as of Dec. 31, 2013, make him identify all bitcoin allegedly transferred to a blind trust in 2011 and produce documents related to said trust.
While markets have looked bullish this week following a sharp surge May 3, traders need to watch out for a correction in the next few days. This pullback will shake out the weak hands and will differentiate between different digital currencies. While some will lose only a part of their recent gains, others will plunge towards their lows again.
The stronger ones are likely to lead the next bull market in cryptocurrencies. Therefore, traders should buy strength after the pullback ends. If our assumption is correct, the current fall should offer a great opportunity to buy for the long-term. Our view will be invalidated if cryptocurrencies give up all the gains made over the past few weeks.
A survey by financial consultancy firm DeVere Group shows that 68% of high-net-worth individuals across the globe will have invested in cryptocurrencies by the end of 2022. One of the major reasons for investing in cryptocurrency is their borderless nature, which makes the assets available across the globe.
New details are emerging about a planned $1 billion token sale to be held by iFinex, the parent company of Bitfinex and Tether, two cryptocurrency companies currently being sued by the state of New York for allegedly covering up a $850 million loss in customer funds.
Released today on Twitter by known company shareholder and over-the-counter trader Zhao Dong, a 3-page “marketing document” details the specifics of how the sale might ultimately take place, while noting throughout that it is not intended to be legally binding.
For example, the document makes explicit that it is “not a white paper,” meaning it does not provide technical specifics including which blockchain or blockchains the new cryptocurrency for sale will trade on, or the cryptographic specifics of how its code will enable peers to move and transfer funds.
“After months of hard work we are finally ready to launch the official BEAT App!”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
All is in the title, BTC is current testing his short term highs and we should have soon a Break Out but on the STEEM level, it is the opposite. You can see clearly on the chart that we are testing the lows and that if we break these lows, we will go directly to 0.31$. Cmon STEEM, react !
