Connect with us

Cryptocurrencies

Bitcoin Gold Project Is Being Met With Skepticism from Blockchain Community

Published

on

We are less than two weeks away from the alleged hard fork project Bitcoin Gold. But as fork day nears, details about the proposed project remain sketchy.

// -- Discuss and ask questions in our community on Workplace.

What the Fork?

Earlier this week, Hacked.com reported that a group of cryptocurrency miners were planning to fork the bitcoin protocol on Oct. 25, a move that would benefit existing BTC investors by providing them with the newly minted coin.

The project, which is being led by Jack Liao of Hong Kong-based LightningASIC, is attempting to address the current challenges facing bitcoin miners. From the scant details we have received, the developers intend to open a trading exchange by Nov. 1.

However, numerous traders and market participants have uncovered sketchy details about the project, including an unfinished consensus algorithm and a lack of exchange listings anticipating the fork. The project is also facing heavy criticism on its Slack channel.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Red Flags

As Gert-Jaap Glasbergern notes, there are several red flags surrounding the BTG project. For starters, the proposed fork has not been publicized. Instead, the developers have indicated via Github that they will release the chain at a later date. Does this mean the developers will mine on the chain privately until launch day?

As of last week, the developers have already mined 16,000 blocks, which is equivalent to 200,000 Bitcoin Gold. Is this a plot designed solely to enrich the developers?

Also, there is no sign of replay protection being implemented yet. Replay protection essentially prevents users from bleeding coins before or after the fork.

Although the BTG project has responded to these concerns, many investors remain unconvinced. An investigation into the domain name revealed several “scammy” looking URLs tied to the same email address. An unfinished proof-of-work implementation and no change of difficulty algorithm have also been raised by investors.

The author continues to give Bitcoin Gold the benefit of the doubt – for now. However, it’s difficult to imagine that major exchanges and e-wallet services will support the newly minted currency under these conditions.

Featured image courtesy of Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Cryptocurrencies

Crypto Market Reaches Historic Milestone as Ether, Ripple Surge

Published

on

The cryptocurrency market reached a historic milestone Wednesday, as the combined sum of all coins in circulation peaked above half a trillion dollars for the first time. The gains were mainly driven by Ethereum and Ripple XRP, a pair of high-profile altcoins that have been on investors’ radar for some time.

// -- Discuss and ask questions in our community on Workplace.

Global Crypto Market Cap

The combined value of cryptocurrencies in circulation broke above $500 billion on Wednesday for the first time ever. According to CoinMarketCap, the overall market peaked around $512 billion at around 15:17 UTC.

At last check, the total market capitalization was around $498.5 billion. That represents a gain of 29% over the past seven days and 144% over the past month.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

As the following chart illustrates, bitcoin’s dominance has declined sharply since February as altcoins proliferated. At the start of the year, bitcoin represented nearly 95% of the global cryptocurrency market in terms of value. That figure fell to a low of 39% in June, and has since moderated around 60%.

Ethereum has seen its percentage rise the most relative to bitcoin. At its highest, ether accounted for nearly one-third of the market value, according to CoinMarketCap data.

Ether, Ripple Step Up

Earlier in the day, Hacked reported that ether prices surged past $700 for the first time in a renewed show of strength. The gains were largely driven by positive headlines out of Switzerland after UBS, Barclays and others announced they would be leveraging Ethereum’s smart contracts to meet new stringent regulatory requirements.

At press time, ether was trading right around $700. That translates into a total market cap of $67.2 billion.

Ripple XRP also climbed to new highs Wednesday as prices peaked a hair shy of 50 cents U.S. Ripple was last seen trading at 0.4841, having more than doubled in the span of a week. In fact, Ripple’s gains have been so dramatic that it overtook Litecoin in overall market cap. Ripple’s market is currently valued at $19.1 billion, placing it fourth among active crpyptos.

The recent gains in the altcoin universe highlight the importance traders are placing on the news headlines. It also sends another clear signal that the cryptocurrency market is about much more than just bitcoin. In the case of Ethereum and Ripple, each system provides its own unique advantages that go beyond just transactions.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

Published

on

Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

// -- Discuss and ask questions in our community on Workplace.

While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

(more…)

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Cryptocurrencies

Trade Recommendation: Syscoin

Published

on

The price bounced from the support zone formed by the uptrend line and SMA50. MACD and DMI support upward movement. If the price breaks the resistance level and the previous swing high, we’ll get a signal confirming that the market is going to move higher. Pending orders for buy can be placed at 0.00002550 level with stop orders at 0.00002150 level. Profit targets are 0.00003000 and 0.00003800 resistance levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: SYSBTC
Buy: 0.00002550
Stop: 0.00002150
Profit Targets: 0.00003000 and 0.00003800

// -- Discuss and ask questions in our community on Workplace.

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Syscoin.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending