Kvě 09

BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long

Source: bitcoin


BitcoinAverage (May 9, 2016) — The unraveling of the supposed mysterious inventor of Bitcoin, Satoshi Nakamoto, made headlines this week across mainstream media outlets. Yet, despite the potential implications of the identity of Satoshi, who owns 7% holdings of the total BTC supply, the price held steady, only selling off a measly 4.6%.

This article was provided by the Vanbex Group. Bitcoinist is not affiliated with the firms represented by the Vanbex Group and is not responsible for their products and/or services.

Satoshi Hoax can’t Break Bitcoin!

The market dismissed this news as a hoax, and traders who are long and bullish remained unfazed so this week’s price action remained bullish.

This week’s close is the highest since August 2014.

After a run up to the peak at $471, a resistance level dating back to Nov. 4, 2015, a retracement was only natural, with a sell-off to a low $436 where the price found support. As with most bottoms, a confirmation of support is often necessary.

The price moved up to $460 and then sold off again to $440, simultaneously with the Satoshi Nakamoto hoax.

The resilience of the price during this chaos suggests support at $440 is solid. As of writing this, the price is trading slightly below $460, at $456 as per bitcoinaverage.com.

The weekly chart above shows a bullish continuation pattern, an ascending triangle that has been forming over the past six months.

The $465 resistance line has held up against any price advances back in November 2015, late December to early January 2016, and, most recently, a late April to May 2016 attempt at breaking up.

Western and eastern exchanges differ marginally on price levels.

So, the top for this ascending triangle could be $470, $504 or 3100 CNY or 3350 CNY, depending on the exchange.

If this line finally breaks, FOMO and panic may ensue as the next level after is up to $650. The nature of this pattern is bullish and a lot of traders will have their eye on trading when this break out.

Reddit user, Greencheckmark, commented in r/BitcoinMarkets, “Bitfinex longs were at $20,000,000 on Feb. 20 when it was $451 and since then the price has held above $400 nearly the entire time with $31,000,000 long now at $460.”

The weekly close was the highest since August 2014. This level is crucial.

On breaking up above this level, $680 is a reasonable target. In September 2015 (marked above), the price edged sideways for a while, trading within a narrow range before continuing with the trend.

The same price actions are unfolding now, hugging a $470 resistance level.

BitcoinAverage Weekly Bitcoin Price Forecast

The forecast for the next two-to-three months is bullish, with targets of $650, $680, $800 and possibly $1,000 on the horizon. Patience is key going forward as the set up plays out.

With the expected price-halving just nine weeks away, coupled with the bullish price-level of bitcoin, a run-up could fuel another halving bubble, and send the price as high as the previous all-time high of $1,163.

Zerohedge this week ran an article titled, “Mother Of All Short Squeezes” Looms For Bitcoin where serial entrepreneur, Vinny Lingham, said:

I don’t know if the price is going to $1000 or $10,000? – ?but I do know that it is going up. If I was forced to predict, I would say that it would hit $1000+ in 2016 and $3000+ in 2017. Looking forward to seeing how this all plays out!

However, the price will not shoot up overnight, so, the price action over the next two-to-three weeks is equally important if a trade position is yet to be taken.

The price should trade within a narrow range this coming week, even if gradually moving up to $465. This level is not yet ready to break, and a possible dip downward, to as low as $430 is on the table, without invalidating the bullish case scenario.

Bitcoin Community Reacts Sharply to Satoshi Nakamoto Identity Hoax

This week, cryptographer Craig Wright outed himself as the mysterious Satoshi Nakamoto, causing a stir in the Bitcoin community. In a secret meeting in London, Jon Matonis, Gavin Andresen and three media organizations, the BBC, GQ and the Economist, confirmed Craig possessed control over keys to addresses in Block 9, linked to the earliest block. Subsequently, both Jon and Gavin blogged that indeed, Craig was Satoshi.
The Bitcoin community lashed out at the claim, declaring the only proof that mattered was moving the coins contained in the genesis Block 0. Craig agreed to perform this ask to the BBC, but, pulled out at the last minute. He went on to post a public apology letter, declaring he would retire quietly.

The price was rather unfazed by the potential implications of access to 7% of the Bitcoin supply.

State of New York Approves Gemini to Trade Ether

Together with the Governor of New York, the Winklevoss twins, founders and investors of Gemini Trust Company, announced their exchange was approved for the trading of Ether.

It is the first consent by the NY Department of Financial Services for digital currency trading besides bitcoin. Gemini currently only conducts bitcoin trading, and Ether trading began on Monday, May. 9.

Speaking on the need for compliance, Tyler and Cameron said:

“It’s pretty clear that in the U.S. if you’re an exchange, you are required at the minimum a money transmission license in each state. Anybody who’s operating an ether exchange [and] doesn’t have a license and [sic] is on borrowed time.”

Coinbase and Ripple Edge Closer to securing New York Licenses

Reuters ran an exclusive on bitcoin company, Coinbase, and payment firm, Ripple.

According to unnamed sources, the two companies based out of San Francisco are close to securing a BitLicense from the NY Department of Financial Services after their applications were received on Apr. 28.

The coveted BitLicense, rolled out in 2015 in response to a growing number of digital currency businesses, is aimed at consumer protection and anti-money laundering checks.

A spokesman from Ripple said, “We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so.”

Images courtesy of BitcoinAverage, Ward Aguilar Financial, Inc.

The post BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long appeared first on Bitcoinist.net.

BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long

Dub 24

BitcoinAverage Announces Newest API in Beta

Source: bitcoin

Vanbex Report

London, UK, April 24, 2016 — BitcoinAverage, the world’s most trusted Bitcoin price index, will be releasing new system features, revamping its pricing index to accommodate the needs of users at every level, from casual to enterprise-grade.

Disclaimer: This is a press release. Bitcoinist is not responsible for this firm’s products and/or services.

“We are launching a closed beta of our API,” said BitcoinAverage’s Founder, Shaun Gilchrist. “Access will initially be provided to existing users, and then opened up to the wider community. It is our aim to continue providing the most comprehensive price data for the industry, and we hope that with the help of the community and their feedback, we will be best placed to do that.”

The London-based company established itself as the leading source for Bitcoin pricing in 2013 and have since been developing open-source application programming interface (API) tools to provide real-time Bitcoin data to mobile apps, web services and businesses worldwide.

In its latest offering, BitcoinAverage is preparing for the launch of a new full-featured API that will be bundled with an updated front-end interface following beta testing and subsequent finalization of the programming interface.

In addition, the company will also be providing a tiered subscription program along with customizable packages tailored for users in need of something more robust.

The tiered structure will still offer a free plan for users, which has been a staple of BitcoinAverage’s service offerings. The gratis-level entry package will cater to existing users of BitcoinAverage’s API and will ensure no one is forced out following the system upgrade.

One of the biggest changes will be the availability of packages to scale up for enterprising needs and otherwise; service offerings which have been asked of the Bitcoin price index since launching a few years ago.

Following the beta launch, users will be able to generate API keys for authenticated endpoints, allowing users finer control over the API and in turn provides a far better service to clients.

Further, customizable endpoints and custom indices — an industry first — will be made available to higher-tier users.

As Gilchrist explained, these are important features, introduced because of the debate that surrounds what exchanges should or should not be included in an index.

“Going back to Mt. Gox and the downtime or withdrawals issues, currently, chinese exchanges and the issue of inflated volume due to 0% fees, or sites like Localbitcoins.com and the high premiums that skew averages across the board,” said Gilchrist, “the playing field is far from uniform.”

“So we provide clients with the ability to exclude one or multiple exchanges they may feel don’t belong in an index.”

BitcoinAverage’s new system will also allow the freedom to compile an index or indices from scratch.

“Our roadmap includes a far superior algorithm (soon to be complete) than our current volume weighted average price,” Gilchrist said. “We can’t wait to unveil it in its final form soon.”

For more information visit bitcoinaverage.com.

About BitcoinAverage

Since 2013, BitcoinAverage has been the leading source for Bitcoin pricing data, currently comprising and analyzing 50+ exchanges worldwide to ensure the most accurate Bitcoin price is delivered to its users. BitcoinAverage initially launched as an open source project and is now the most widely used bitcoin price ticker in the world. Its Global Bitcoin Price Index (GBX) was the first of its kind in the industry and is still recognised as the most widely used price source for applications, services and businesses worldwide.

Press Contacts

Brandon Kostinuk

Communications Lead, Vanbex Group

Ph: (604) 312-2463

Email: b@vanbex.com

Kevin Hobbs

Director, Vanbex Group

Ph:(604) 379-9032

Email: k@vanbex.com

The post BitcoinAverage Announces Newest API in Beta appeared first on Bitcoinist.net.

BitcoinAverage Announces Newest API in Beta

Dub 22

Vanbex Report: The World’s Unbanked and Fintech Innovation

Source: bitcoin

Vanbex Report

Apr. 22, 2016 — With headlines each week spotlighting millions of dollars in fintech funding for the development and trialing of cutting-edge technology like the distributed ledger, digital currencies or their deploying platforms, it’s easy to lose sight of the core, perhaps altruistic, driving force of creating technology: advancement.

This article was provided by the Vanbex group. Written by Brandon Kostinuk

Fintech in the Developing World

“Globally, we’re seeing the emergence of payment systems via mobile phones in places where the vast majority of people are unbanked or underbanked, but have cell phones,” said President and CEO of the San Francisco Federal Reserve John C. Williams during a presentation he gave to the Lendit USA 2016 conference last week.

“Instead of paying huge fees for bank-like services, it’s all done through text or the touch of a few buttons. This has made its mark in some areas, is starting to gain a foothold in others, and even has potential here.”

The World Bank’s Global Findex, a comprehensive database on financial inclusion launched in 2014, listed around 2.5 billion adults as being unbanked consumers, that is, those without access to even basic financial services.

Two-thirds of adults cited in a 2014 World Bank study listed lack of money as the single biggest obstacle. The other third cited the cost of opening and maintaining an account or access to a bank (too far to be accessible) as other reasons for not owning a conventional account.

But digital currency and related fintech innovations, from automated teller services to the smartphone technology that facilitates payment and reception of money, are helping buck traditional impediments to accessing financial services and the horizon is already widening more than imagination ever thought 15, 20 years ago.

The Sub-Saharan African region, according to a report released by the European Investment Bank (EIB) last July, “leads the world in mobile money accounts: while just 2 percent of adults worldwide have a mobile money account, 12 percent [64 million adults] in SSA have one.”

Of that 64 million, 45 percent listed their mobile money account as the only account they possessed.

The evidence in Sub-Saharan Africa (SSA), as stated by the World Bank, is that “mobile money accounts can drive financial inclusion,” even in a region where the financial systems are underdeveloped, where the banking sectors are typically concentrated and are generally inefficient at financial intermediation, according to the EIB.

“They are constrained by their small size. Competition is still limited, albeit increasing.”

Mbwana Alliy, managing partner at African technology venture firm the Savannah Fund, said in February, as reported by Quartz’ Elizabeth Gould, “You have a headwind from Silicon Valley and Europe blowing into Africa now around the disruption in fintech. The banks are really nervous and they want to get ahead of this.”

A fintech hub and accelerator program were recently established in Cape Town with the latter just launching in March with a cast of 10 startups.

The fintech fervor in the SSA region is built on an expectation of capitalizing on the market-ready conditions. On the other hand, fintech innovation has a place in the SSA region because it’s helping advance the societies there.

The movement of digital assets (physical currency represented in digital information), or, in the case of Kenya, South Africa and elsewhere, digital currency (the M-pesa), allows users to deposit, withdraw and transfer money to pay for goods and services with ease using a mobile device.

These transaction accounts, as explained by Gloria M. Grandolini, a senior director at World Bank Group and chair of the Global Remittances Working Group, open up access, “providing a basic entry point, or pathway, to broader financial inclusion.”

Citizens of lower economic level are able to save and secure money. They can accept and direct government benefits and, in rural areas, can connect and access financial services all facilitated by smartphone technology and related applications.

From Nigeria to Mozambique positive benefits to broader financial access is a reality because barriers to access have been eased by financial technological progression.

In the West African republic, Nigerian students were encouraged and motivated to open their own (transaction) accounts where they were taught how to use an online account properly to save money, safely and securely, pay bills and more.

In Mozambique, mobile-money has been used to increase remittances in rural areas, taking the position of informal practices that once dominated the nation’s countryside.

These are stepping stones toward achieving even broader financial goals, as according to the World Bank, which is leading the initiative.

Mobile devices are gateways, they facilitate access, expandable beyond currency alone, to insurance, clean water and solar energy.

But there are particular difficulties in offering digital services. In August 2014, in a report titled Opportunities of Digitizing Payments, the World Bank stated:

Providing physical access to financial services or cash-in/out points and ensuring sufficient liquidity at access points, including in rural areas, remain the core challenges in moving toward digital payments.

The World Bank Group, parent organization of the World Bank, slated 2020 as the target year to achieve Universal Financial Access (UFA), an initiative that calls for adults everywhere to have access to a transaction account to store money, send and receive payments.

And despite current progress, oversight, accessibility and proper development also remain pivotal obstacles.

According to Alexandra Rehak, an independent strategy consultant and co-author of the report Sub-Saharan Africa telecoms market: trends and forecasts 2013–2018, “affordability, coverage and effective regulatory and market structures remain major challenges for successful telecoms development in Africa.”

Nevertheless, the advancement of fintech, especially digital currency’s use and application is critical to achieving the UFA target, the success of which rests on access to a transaction account, attainable with something as simple (and innovative) as an electronic instrument to store money, send and receive payments.

As the World Bank explained, it is the basic building block to managing one’s financial life. Financial inclusion is a pillar of any modern capitalist society. While the dialogue around digital currency and fintech innovation is typically cornered by the negatives associated with crime and terrorist activity, there are shining positives and they don’t just start and stop in the developing world.

In a broader sense, fintech innovation already plays an important role in alleviating gaps traditional banking cannot fill.

The forecast for telecoms service revenue in the SSA market is slated to increase at a 6% CAGR during 2013–2018 (mobile at 6.7%), according to the same report cited above. This will represent a jump from USD $49 billion in 2013 to more than USD $65 billion in 2018.

At this point, it shouldn’t be about the profit-margin and cost-analysis of servicing the unbanked. It should be about service itself.

Emerging economies and the developed world are too looking toward fintech to advance the basic living standards of citizens through greater financial understanding and inclusion and is subject to form the basis of next week’s report.

Brandon Kostinuk

Communications Lead, Vanbex Group

Ph: 604.312.2463

Email: b@vanbex.com

The post Vanbex Report: The World’s Unbanked and Fintech Innovation appeared first on Bitcoinist.net.

Vanbex Report: The World’s Unbanked and Fintech Innovation

Dub 12

The BitcoinAverage Report: The Boring Week of Bitcoin

Source: bitcoin

Financial Markets

BitcoinAverage, April 12, 2016 — The price of bitcoin had little to show last week relative to the range of price movement mostly sideways trading, which hit $423 on the upper limit and $415 on the lower end. 

This article was provided by the Vanbex Group on Behalf of BitcoinAverage.

The Weekly BitcoinAverage Report

The most exciting activity was a run up to $424 on April 8th, applying counterweight to the previous week’s low of $416.

Later, a sell-off to $412 after failing to break to break up wards ruffled some feathers.

The low shook out the feeble hands, turned traders bearish and tossed off weak bulls as many had been expecting a final break of $425.

Seen above — a 12-hour chart on Bitstamp — it shows how little activity there has been since the $389 dip in first week of March.

Clearly, $424 has proved itself a hurdle with three consecutive failed attempts to break the mark. There is optimism however, as all the low dips have respected increasing lows establishing a rising trendline, which included this week’s $412 low on Apr. 9.


The one-day chart of exponential moving averages (EMA) shows support by both 30- and 50-day EMA lines.

The pattern highlighted in the rectangle resembles a squeeze before a pop in either direction, similar to that seen from Jan. – Feb. 15.

The price could break out to $440 if EMAs continue to support, otherwise, a failed break could fall to $400 or below.

Furthermore, the direction of a breakout is not clear on one-day charts with simple moving average (MA) lines.

It seems there is no real support from 30-, 50- and 100-day MA lines. The whipsaw (up, then down movement) seen certainly adds to uncertainty.

A price fall is possible with projections slated at $375, at worst.


The one-week chart above best captures the state of traders’ ambivalence at this price level.

Highlighted areas (1) and (2) are similarly large corrective patterns in the middle of directional trends and coincidentally occur at the same price level. There is a lot to be said about this level, as it also matches with a 38.2% Fibonacci retracement. It extends from a $152 low on Jan. 12, last year, to the $504 high by Nov. 3.

The chart above shows that Fibonacci levels extend across the whole bear market since the $1,163 all-time high in December 2013 up until the point the price fell to $152 in January 2015. It emphasizes an imminent break out, without revealing much about direction.

Elliott Wave theory puts forth one of 2 high probability alternatives. The theory assumes the market has been in a corrective state since the high of $1,163.

The illustration on the left, above, represents A as a $152 low from the high, and B as the current top at $504. It can also be incomplete hence leaving room for a higher B. Depending on what form this correction takes, the market could fail to break and head down to C.

Alternatively, on the right, it could continue on its bull run from  October 2015 to a high B, close enough to the all time high at $1163. Thus, B would reach upwards of $650, with an allowance for up to $1000.

Below is a better illustration on a price chart.

  • In Black is the correction that happened from $1163 to $152
  • In Blue is a similar corrective pattern but on a higher fractal. This would mean $504 is B top
  • In Red is a different corrective ABC, with a B top that is not complete yet. Target is as high as $1000 and $504 will be surpassed in a continuation trend

With the upcoming price halving in July, speculation is leaning to a continuation of the trend, at the very least up to $650. The convergence of events makes it a risky trade, with a high potential payoff. The block size debates seems to have flamed out and core developers are churning out updates to Bitcoin core and testing Segregated Witness. All of a sudden, Bitcoin is looking stable both on the protocol development front and price wise.

About BitcoinAverage:

BitcoinAverage.com is the first aggregated bitcon price index that was initially launched in August 2013 with a goal to aggregate rates from all available Bitcoin exchanges around the world and provide a weighted average bitcoin price.
As of March 2014 we have over 30 exchanges integrated and are directly serving over 50,000 users monthly plus providing data to numerous other websites and resources.

What do you think will happen to the bitcoin price in the near future? Let BitcoinAverage know in the comments below!

Images courtesy of BitcoinAverage

The post The BitcoinAverage Report: The Boring Week of Bitcoin appeared first on Bitcoinist.net.

The BitcoinAverage Report: The Boring Week of Bitcoin

Bře 29

The Vanbex Report: Outlawing BTC a Matter of Control

Source: bitcoin

Vanbex Report

Mar. 29, 2016 — On Wednesday (Mar. 23), Russia’s ministry of finance continued on with its pursuit to outlaw the world’s top cryptocurrency, Bitcoin (BTC).

The Vanbex Report is a periodic summary of the blockchain industry’s top news stories from the biggest companies, as well as the most promising newcomers.

Banning BTC?

This time, the new draft for the official banning of the production and circulation of BTC comes attached with punitive damages that could range from million ruble fines to up to seven years in jail and the ceasing of business operations.

Russia’s deputy minister of finance, Alexey Moiseev, as quoted in Russian media outlet RIA Novosti, said: “I hope we will manage to do this in a reasonably short period of time. I believe, we will be able to bring it in before the end of the spring session, but I don’t know if it will be passed in a first reading.”

Currently, BTC is not banned in the country but it is not legal currency either. The finance ministry estimates the law to enter the Duma, Russia’s lower house, by August.

The road with Bitcoin and Russia has been a rocky one for years, stretching back to January 2014 when the Bank of Russia first declared digital currencies as risky, speculative and not legally bound monies. In the same year, discussion of bans and imposement of fines were raised but nothing ever materialized into law.

Russia then took an ambiguous stance against the cryptocurrency last fall, as was reported by Coindesk. It was then unveiled Russia’s central bank did not support the outright banning of Bitcoin, a position that was duly backed by President Vladimir Putin.

Nevertheless, 2016 delivers another push by the Russian finance ministry toward halting Bitcoin-based monetary activity altogether, especially exchange related operations within the country’s borders.

And Russia doesn’t stand alone. Bolivia, Ecuador, Iceland, Kyrgyzstan and Vietnam are other countries that also have some level of ban in place for bitcoin, with China leaning in a similar direction, even going so far as to attempt to usurp the qualities and characteristics presented in bitcoin for its own centrally issued currency.

Also Read: Bitcoin in China: An Insider’s View

In December 2013, the People’s Bank of China and five other related government ministries released an official notice titled, Guarding Against the Risks of Bitcoin, which essentially stated bitcoin may not be used as currency in the country.

The interesting aspect regarding China and Bitcoin is that Chinese miners control at least half of the cryptocurrency’s mining network, concentrating a lot of power over the cryptocurrency’s core transactional function.

The national control over an entity valued at over USD $6.5 billion in market capitalization would presuppose a desire to maintain and develop that source.

But the opposite is true of the Chinese government because the value resides in something that is, as Putin put it, “backed by nothing.”

Furthermore, while governments express concern over terrorist financing and money laundering activity as principled reasons to outlaw the production, circulation and exchange of Bitcoin, the core factor boils down to sovereignty over one’s own system, be it monetary or otherwise.

Also Read: Dutch Central Bank to Create Prototype Blockchain-Based Currency

A decentralized digital currency requires regulation and oversight. This is not a novel thought.

The Russian and Chinese positions show that block-size scaling and billion-dollar valuations don’t matter if the currency exists within a closed-off system or one that cannot be appropriately regulated, pegged to a national or fiat currency and centralized in some form.

Some advocates in favour of the proliferation of cryptocurrency view anonymity and decentralization as an avenue toward a post-regulatory financial system. But as fantastic as that sounds it is beyond the bounds of what can be considered practical — from a point of economic management it’s near to impossible.

Russian government officials prefer the ruble be the only legal currency used in the country and that its central bank be the only legal entity allowed to issue currency, whether in physical or electronic form.

This is about control.

A decentralized currency that lacks any regulatory framework and oversight is a volatile currency — and increasingly, a virtual commodity — better positioned for investment. In addition, it is a currency privy to activity outside the bounds of the common good.

A decentralized cryptocurrency is certainly a revolutionary idea but as revolutionary ideas go, it must occur not at the behest of the current order of things, but beyond it.

Bitcoin’s days may not be numbered, but its current position as a digital currency free of much, if any, oversight is counterintuitive to progressive development of a digital society as a whole.

Disruptive does not mean dissociative, explained Lisa Cheng, Vanbex Group CEO, and despite the failings of government, and what anarchists may advocate, order and enforcement are critical ingredients to ensuring, or at least trying to ensure, the playing field is level.

Whether Bitcoin offers that is subject for another post.

Some news stories from this past week:

Russian Ministry of Finance Proposes Bitcoin Ban

Punishments for use of cryptocurrency could lead to fines, time in jail

The Russian finance ministry is moving to officially ban the production and circulation of the world’s leading cryptocurrency.

In a proposal released last week, the ministry detailed plans to outlaw the use of Bitcoin as legal currency, with aims to impose new penalties on companies and individuals that deal with digital currency.

A fine between three and five million rubles to jail time of up to seven years are being discussed as potential punishments, including the ceasing of business operations for those establishments like exchanges that deal in the cryptocurrency.

Also Read: Is Bitcoin Legal?

Pact Between UK and Australian Regulators

The FCA and ACIS come together to help foment fintech innovation

Regulators in the United Kingdom and Australia signed a cooperation agreement last Wednesday (Mar. 23) stating either party will refer innovative fintech companies to each other’s markets.

Such an agreement between the Financial Conduct Authority and Australian Securities and Investments Commission will help bridge the barrier to access in both markets that, according to Reuters reporting, are “estimated to have annual revenues of around A$12.5 billion (6.6 billion pounds) and A$1.3 billion respectively.”

It will be interesting to see if this develops into a common theme among fintech hubs around the globe as access to talent and progressive policy-making are key aspects to the success of those competing within the emerging industry.

Also Read: Australian Regulators Finalize New Regulations

Hyperledger On Verge of Merge
All but one committee member in favour of three-code amalgamation

The Hyperledger project neared a decision to merge its three central codebases contributed by Blockstream, Digital Asset and IBM at the first Hyperledger Hackathon.

The vote put to the technical steering committee was unanimous in favour of the merge of the Blockstream’s validation code, IBM’s OBC/UTXO Chaincode and Digital Asset Holding’s client layers, except for a single committee member.

The committee member was quoted by Coindesk as stating: “I’m a little concerned about making an agreement until I see something in writing. I’d feel better if we had a little more progress on the requirement side.”

While Philip DesAutels, the event’s emcee, could have went ahead and called a vote given the two-thirds majority requirement for approval set out in the charter would have likely been achieved, the event host backed away from it.

DesAutels also said, “This is open-source, we can take this wherever we want, but we do need to move forward. There’s consensus even if there’s not unanimity.”

The Hyperledger project, established in 2015 and headed by the Linux foundation, is a collaborative effort to advance blockchain technology with a “goal of presenting a clear explanation of what will distinguish the Hyperledger Project from efforts specifically mentioned, including Bitcoin and Ripple.”

Also Read: Hyperledger’s First White Paper

Some Upcoming Events …

Smart Contracts, Blockchain & Data Standards

A free half-day FinTech forum hosted by XBRL US will be held on Apr. 4 in New York City. Speakers from Consensys, ItBit, Markit, Nasdaq, Safeguard Scientifics will be featured. For more information visit:

Money 20/20 Europe

Touted as an “experience for European innovators” and “catalyst for the growth and development of the payments and financial services ecosystem.” To register go to: money2020europe.com/register-2016. Event runs Apr. 4 – 7.

World’s Largest Blockchain Trade Show

Debut in Toronto, Sept. 19-21. For more information visit

Press Contact:

Kevin Hobbs

Email: K@vanbex.com

PH: (604) 379-9032

The post The Vanbex Report: Outlawing BTC a Matter of Control appeared first on Bitcoinist.net.

The Vanbex Report: Outlawing BTC a Matter of Control

Úno 24

 The Vanbex Report: Digital Revolution, Will Bitcoin Survive?

Source: bitcoin


The Vanbex Report is a periodic summary of the blockchain industry’s top news stories from the biggest companies, as well as the most promising newcomers.

The ‘one currency to rule them all’ debate has existed ever since the first set of altcoins — Bitcoin alternatives — started appearing in the digital currency ecosystem.

Also Read: IBM Joins with Linux Foundation’s HyperLedger Project to Advance Open-Source Blockchain Tech

The typical argument ranges between the necessity, or not, to further decentralization through incorporation of altcoins. Bitcoin enthusiasts rely on the cryptocurrency’s infrastructure as the single most important reason why no other digital currency could rival it.

However there’s another, more organized, surmounting challenge: Governments, worldwide.

As the past week of news and headlines illustrates, banks and governments are pursuing, or have already pursued, their own digital currencies. If this doesn’t present a greater threat to Bitcoin’s existence or subsistence than anything else, it should.

Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, revealed a couple of weeks ago that it was developing its own digital currency called MUFG-coin, which went on trial in fall. Attached to it will be a smartphone application also nearing its completed state.

Similarly, China’s central bank the People’s Bank of China (PBoC) revealed in late January it too is considering issuing its own digital currency, with no particular timeframe but specific wants and qualms (see news story below).

In addition, countries have exhibited the wherewithal to push ahead of the digital curve, in particular, Ecuador. The South American nation of over 15 million citizens pioneered the national adoption of digital dollars in December 2014.

As reported in TechTimes.com, the system is not complicated , “People can simply walk into participating banks and exchange their money for electric currency, which is storable on their smartphones. That currency can then be used to purchase goods or services.”

There are also whispers that Mexico may be developing its own digital currency, a digital peso. As well as the Phillipines’ and its discussed “e-Peso” to be used in online exchanges. Both are also rumoured to be used in conjunction with blockchain technology.

With financial sectors as well as administrations across the globe continuing to explore blockchain technology, the pursuit of a digital evolution in finance, commerce and more is on.

To anti-establishment folk this shouldn’t grate at the prospects for Bitcoin, but to those that hope the cryptocurrency will push into even greater mainstream use, these developments, especially in the wake of Bitcoin’s civil war, should be alarming.

Bitcoin currently sits atop the pyramid in terms of digital currency market cap at around USD$6.5 billion. In other words, one Bitcoin (BTC) is worth about $434 U.S.

Centralized efforts as seen in Ecuador and developing elsewhere around the world increasingly undermine the value of BTC as a legitimate currency, pushing it into the realm of commodities, to be traded like gold or iron (an argument which could also hold some sway under current conditions).

The underlying technology of Bitcoin, the use of a decentralized network that successfully achieves consensus without a central authority, i.e. the blockchain, must be held separate in value to Bitcoin as money.

Money is a medium of exchange to trade for goods and services; must hold some store of value. Volatility is duly problematic in a currency.

With governments developing their own currencies, what value will there be, besides black market use, to possess Bitcoin or any quantity of altcoins?

Presumably, payment for work, goods and services will all be conducted using the centrally regulated national digital currency. The desire, the need, to possess Bitcoin will diminish in the face of digital currencies that possess similar, if not identical, qualities.

Add to that the factor of a centralized, government-backed digital currency to afford a greater level of stability and trust, and it grows difficult to see ordinary citizens wishing to flock to the unregulated counterpart(s).

The worth of currency, like any other good or service, is predicated on the demand and pursuant supply. But demand is crucial to prescribing value.

At the moment there is no other currency that can match the value and infrastructure Bitcoin provides. It has value, as a currency, because you can buy goods and services discreetly, and as an investment capable of converting into “real” currency.

But this can all be rearranged, reordered.

If governments like China, Ecuador and others, move to provide the same convenience and security as Bitcoin affords digital users, and then tie it to widespread, government-approved use there would be little point to possess unregulated or “convertible” virtual currencies save for anonymity or for illicit purposes.

See the trend?

Currencies that are subject to volatility and with no economy, no government, and minimal regulation behind it will be a hard-sell if there are more trusted and secure alternatives.

This would likely contribute in reducing BTC’s value as a currency and perhaps as a commodity.

Further to even suggest Bitcoin as a widespread currency would mean deflating its value because of the current supply constraints placed on the currency. While money supply presents its own set of issues, the limited supply of Bitcoin does as well.

So the current divide in Bitcoin’s development must reach consensus because copycat governments can and are seemingly shifting the balance and discussion from the traditional to digital. In order to survive the Bitcoin community needs to come to an agreement.

The only certainty, invest in hardware wallets, because digital currency is coming, but just like driverless cars, the most popular make and model is yet to be seen, and Bitcoin could play a role, but that role needs to be defined, and quick.

Here were some top news stories from this past week:

China Eyes Digital Currency

PBoC not too enamoured with blockchain tech of today

The PBoC opened up on its initial January 20 announcement in an interview with Caixin Weekly last week.

Governor Zhou Xiaochuan said mobile payments were being considered, cloud computation, secure chip and blockchain tech as a means to create and operate an electronic cash network.

However, Xiaochuan indicated that blockchains today consume “too many resources” in terms of computation and data storage not capable of handling desired transaction volumes, as reported by fintechlab.com.

“We need to wait and see whether this problem can be solved in the future,” Xiaochuan said.

The PBoC did acknowledge Bitcoin’s degree of privacy as something it wants to emulate in its digital currency.

No timeframe was given and assurances that paper-money will coexist with digital money for some time.

IBM Moves Toward ‘Blockchain-as-a-Service’

American corporation looks outside fintech

Computer hardware giant IBM (International Business Machines Corporation) is looking beyond Bitcoin and the financial industry.

The American corporation seeks to bring “blockchain-as-a-service,” that is, the tools necessary to build, launch and manage blockchain application via its IBM Cloud service.

Blockchain applications remove the necessity of a centralized database, which essentially can be applied across multiple industries.

Successful industry-specific application however will still require experimentation and testing.

Microsoft is also in the business of offering blockchain-as-a-service with Azure.

Four FinTech MBA Programs on Blockchain

Research deals with Citigroup, KPMG and CME Group reached

The blockchain finds its way into schools.

Two of the UK’s top business schools, London Imperial College and Judge business schools are looking to expand its fintech content within MBA programs.

The schools acquired research and funding deals with Citigroup, KPMG and CME Group.

Courses could start as early as later this year.

For more Information: Blockchain Buzz at UK Schools

A Few Upcoming Events…

Financial Cryptography and Data Security 2016

The Financial Cryptography and Data Security event is an international forum for research, advanced development, education, exploration, and debate regarding information assurance, with a specific focus on financial, economic and commercial transaction security. The event will be hosted at Accra Beach Hotel & Spa in Barbados from Feb 22-26, 2016.

Satoshi Roundtable

A small group of leaders involved in blockchain technology —  developers, CEOs, investors early adopters — will meet Feb. 26 to 28 for a private retreat at undisclosed location in North America. It is limited to 60 members.

Blockchain Conference San Francisco

The Blockchain Conference will take place Mar. 7, 2016 in San Francisco at the Nasdaq Entrepreneurial Center and will feature a host of speakers including our own Lisa Cheng, CEO of Vanbex Group. The conferences promises attendees will “Hear first hand from the people that are creating the future” and to “Expect a day of inspiration, talks, panels, demos and plenty of time to engage with attendees and speakers.”

About The Vanbex Group

Formed in 2013, The Vanbex Group is a leading strategic consulting and communications firm working exclusively with early-stage and venture backed cryptocurrency and blockchain-related companies.

Media Contact

Kevin Hobbs


The Vanbex Group


+1 604-379-9032

The post  The Vanbex Report: Digital Revolution, Will Bitcoin Survive? appeared first on Bitcoinist.net.

 The Vanbex Report: Digital Revolution, Will Bitcoin Survive?

Úno 03

Premium Hardware Wallet KeepKey Partners with The Vanbex Group

Source: bitcoin


Vancouver, CAN — ­ Among the various digital currency hardware wallets to emerge last year, the Washington-­based company KeepKey sticks out for its elegance, simplicity, and security. The device and software, in the form of Chrome extension, remove the nuances of securing a wallet and can be setup in minutes.

Disclaimer: This is a press release. Bitcoinist.net is not responsible for this company’s products and/or services.

The KeepKey software takes control of the management of private key generation, private key storage, and transaction signing. A 12 word recovery sentence gives you access to your money if your device is lost or stolen. To top it all off, private keys made on the KeepKey device never leave the unit, reducing the possibility of theft.

Users verify each and every transaction using the large display built into each KeepKey hardware wallet. Only one button was designed to limit operation controls, making it versatile, quick and simple.

The Vanbex Group, a leading Bitcoin 2.0 marketing and consulting firm, has partnered with KeepKey to build brand awareness and showcase the premium product to consumers everywhere.

For more information on KeepKey please visit: www.KeepKey.com

For information on The Vanbex Group visit: www.Vanbex.com

About KeepKey:

KeepKey, a leading provider of bitcoin storage security, is a private vault for your digital currencies. A USB device that stores and secures your bitcoin, litecoin, namecoin, dash, dogecoin & testnet. Available for purchase on Amazon.com and Keepkey.com

The post Premium Hardware Wallet KeepKey Partners with The Vanbex Group appeared first on Bitcoinist.net.

Premium Hardware Wallet KeepKey Partners with The Vanbex Group