Bitcoin Magazine is one of, if not, the oldest source of news, information and expert commentary on Bitcoin, blockchain technology and the digital currency industry. Since 2012, Bitcoin Magazine has provided analysis, research, education and thought leadership at the intersection of finance and technology.
Disclaimer: As with any form of media, some degree of journalistic license and potential bias should always be taken into account when reading news articles, and Wise Cryptos advises against investing based on information garnered from one source only.
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Bitcoin Magazine - 19 February 2019, 10:38 pm
Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:Figure 1: BTC-USD, Daily Candles, Macro ResistanceWe can see a clear, descending supply-and-demand channel that governed the market for the last two months. Yesterday, the market broke north of the channel and it has since begun to march toward a major macro level (red dashed line). This level is very significant; A test of this level will make or break the current market structure. If we fail to break through and fail to close a new high, this could be a strong bearish signal that supply is still highly present in the market and needs to be shaken out before any meaningful upward progress is made.At the moment, we are currently breaking out of a large, symmetrical triangle that has quite a large price target:Figure 2: BTC-USD, Daily Candles, Symmetrical TriangleThe symmetrical triangle (outlined in purple) is a huge consolidation pattern and has the potential to reach the $5,000 range based on the measured move for symmetrical triangle breakouts.It’s important to note that we are still in a bear market, and it’s possible to see a fakeout of this consolidated breakout. We will have more information once we test the resistance level and, for now, we seem clear for another bit of movement to the upside.Figure 3: BTC-USD, Weekly Candles, 200 EMA LevelSitting just above the aforementioned resistance level lies the weekly 200 EMA. The weekly 200 EMA is a notoriously tough level to break as it represents the general macro health of a market. To date, we have tested it a couple times but have not managed to close above it in many months.There…Read More
Bitcoin Magazine - 19 February 2019, 9:52 pm
Justice Wood has appointed legal counsel to represent some 115,000 creditors in incipient legal proceedings against seemingly insolvent cryptocurrency exchange QuadrigaCX, documents published today, February 19, 2019, from the Halifax, Nova Scotia court reveal.After postponing his decision, in a hearing on February 14, 2019, to choose one of four legal teams vying to represent affected users, Wood has given the bid to Miller Thompson and Cox & Palmer, a joint-counsel of two firms that collectively have logged “extensive insolvency experience.” Included with this experience, the firms have a useful understanding of the Canadian Creditors Arrangement Act (CCAA), a law that applies to insolvency cases of $5 million CAD or more. Wood was also impressed with the complementary expertise the two firms represent and the synergy they employed to exploit their expertise efficiently on behalf of their clients.“Miller Thompson has additional depth in certain areas, including larger CCAA proceedings and cryptocurrency …The relationship between the two firms has been thought out carefully with a view to minimizing costs. Cox & Palmer will deal with their areas of expertise, including local litigation practice and court appearances. Miller Thompson will provide expertise in dealing with large creditor groups and cryptocurrency technology,” the judge wrote in the court statement.“They propose a limited initial mandate and a cap on counsel fees in recognition of the reality that it is the users who will ultimately be paying,” he continued.Dividing labors and setting a cap of $250,000 for legal fees to cut costs for an already cash-strapped creditor base is prudent, Justice Wood points out, as is the co-op’s plan to set up an online communication medium for creditors.In the initial hearing to designate counsel, the judge made note of the role online “chatrooms” for the dissemination of information regarding the situation (he’s referring most ostensibly to…Read More
Bitcoin Magazine - 19 February 2019, 8:12 pm
U.S.-based digital asset platform Coinbase has acquired blockchain intelligence startup Neutrino. The company made the news known earlier today, February 19, 2019, but the cost of the acquisition was not disclosed.The announcement reads:"Neutrino’s technology is the best we’ve encountered in this space, and it will play an important role in legitimizing crypto, making it safer and more accessible for people all over the world."The blockchain startup will analyze data on public blockchains and help prevent theft of funds on Coinbase, investigate ransomware attacks when they come up and identify the culprits using its suite of tools.Neutrino offers similar services to New York-based Chainalysis, designing and developing tools for monitoring data on the blockchain. Per its website, Neutrino creates custom solutions for "monitoring, analyzing and tracking cryptocurrency flows across multiple blockchains, providing actionable insight on the whole cryptocurrency ecosystem."With its analytical capabilities, Neutrino will help Coinbase add new features and tokens to the platform, while ensuring "compliance with local laws and regulations."Beyond analytics, Neutrino claims to have some firepower under its sleeves. The startup has a solution specifically developed for law enforcement agencies dubbed the XFlow nSpect, which allows for total tracking of cryptocurrency movements across multiple blockchains. Per details on its website, Neutrino claims the XFlow can be used to track stolen funds, monitoring their flow from one exchange to another, mixers and other services in real time.Coinbase says Neutrino will not go through any rebranding efforts. Instead it will continue to operate as an independent entity out of Coinbase's London office. The exchange sees the acquisition as a step in the right direction for creating an "open financial system." \ This article originally appeared on Bitcoin Magazine.Read More
Bitcoin Magazine - 18 February 2019, 9:53 pm
China-based mining giant Bitmain has announced a new mining rig that uses less power. The hardware mining manufacturer has launched a 7nm application-specific integrated circuit (ASIC) processor dubbed the BM1397.Beyond energy efficiency, the new mining processor promises to achieve faster performance for mining cryptocurrencies that use the SHA256 algorithm for their proof of work (PoW), including Bitcoin and its hard forks.Like the BM1391 chip that came before it, the BM1397 will be powered by the advanced semiconductor manufacturing technology called the 7nm FinFET process, integrating more than a billion transistors and “optimized for maximum efficiency."A statement from Bitmain on its blog reads:"The new BM1397 chip requires lower power and can offer an energy consumption to computing ratio as low as 30J/TH. This is a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391."Since the market crashed last year, cryptocurrency miners have been shutting down operations across the world as it has become less profitable to mine bitcoin with falling prices and fixed energy costs. Bitmain, which has had operational issues of its own, touts its BM1397 as a solution for miners who want to improve the performance of their mining operations. The new 7nm bitcoin mining processor will feature in Bitmain's soon-to-be-released Antminer mining rigs — the S17 and T17.Bitmain also unveiled a mining rig for the Equihash algorithm used by privacy-centered crypto Zcash and an Ethereum-focused ASIC miner last year.At the time, the development of ASIC miners prompted Ethereum's core developers to agree to implement a new ASIC-blocking algorithm, programmatic proof of work (ProgPoW), which restricts the mining hardware on the network.Security lead of the Ethereum Foundation, Martin Holst Swende, had noted at the time that implementing the code change would hasten the network's eventual transition to a proof-of-stake algorithm, where ether is…Read More
Bitcoin Magazine - 18 February 2019, 9:19 pm
There are two primary reasons why storing your private crypto keys in the cloud is a bad idea. First, your cloud provider represents a centralized honeypot that could experience a security breach, allowing cyber criminals to access your data. For example, in August 2018, a fourth man was jailed in the U.S. for hacking into private Apple iCloud accounts and leaking nude photos of Jennifer Lawrence, Kirsten Dunst, Mary Elizabeth Winstead and others. So it does happen. And it will probably happen again in the future.The second and more likely threat is the threat of users falling for a phishing scam. Phishing is a social engineering technique used by cyber criminals to trick people into handing their personal credentials over to a counterfeit website that is designed to look like the legitimate one.Meet "Adrian"Adrian uses a Mac computer and an iPhone for work and personal use. He uses iCloud for file storage. He’s a pretty careful kind of guy — he likes to make sure all of his files are backed up regularly in the Cloud and synchronized across his computer and mobile device. iCloud is safe — it has state-of-the art security — and it is owned and maintained by Apple. This means that Adrian’s data in the Cloud is likely to be safer than on his mobile device. After all, he could lose his mobile at any time or drop it into water.Adrian likes to trade crypto. He’s a customer of a crypto company called Coinbase. He prefers Coinbase over other similar solutions because their service is easy to use — they cater to mainstream customers. Like everyone else, Adrian loves convenience. So, while he cares about security, he cares more about convenience .If you prefer security over convenience, please disregard how you feel right now and take…Read More
Bitcoin Magazine - 18 February 2019, 3:46 pm
Yet another journey to launch a bitcoin exchange-traded fund (ETF) has begun.According to a published notice, the U.S. Securities and Exchange Commission (SEC) has begun reviewing a proposed rule change for a bitcoin ETF filed by NYSE Arca and Bitwise. The Commission now has 45 days from the date of publication to make a final decision on whether to approve, reject or extend the rule change. Should the SEC require more time to review the proposal, it can extend the review period up to 90 days, once it gives reasons for the delay.Bitwise Asset Management and the New York Stock Exchange (NYSE) Arca had announced plans to launch a physically held bitcoin ETF earlier this year.The fund, dubbed the “Bitwise Bitcoin ETF Trust,” was filed with the SEC in January, along with the rule change proposal. If approved, the shares will be listed on NYSE Arca, and it would track the Bitwise Bitcoin Total Return Index, an index based on the prices of bitcoin, which it draws from a variety of cryptocurrency exchanges.However, the rule change has only now been published in the Federal Register due to the U.S. government shutdown.The document reads:“Within 45 days of the date of publication of this notice in the Federal Register or up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) by order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved."The SEC has also opened up the proposal for comments from members of the general public, providing a three-week window for submitting feedback on the rule change.So far, the SEC has…Read More
Bitcoin Magazine - 18 February 2019, 3:30 pm
Since it came to life in early 2009, Bitcoin has begun disrupting the world of finance. Over the years, this decentralized digital currency came to mean different things for different people. For some, it presented opportunities for prosperity, becoming the best performing asset in their portfolio. For others, this peer-to-peer cash for the internet represents a non-confiscatable digital gold that could enable financial sovereignty. For those who are concerned about civil liberty, Bitcoin’s censorship resistance and permissionlessness define it as free speech money. “Yellow Vest” protesters occupying in the streets of Paris found allies in this rebel crypto that promises to end the tyranny of central banks.As Bitcoin reached its 10-year anniversary last month, this breakthrough of computer science now further reveals its value proposition. Perhaps the fundamental ethos of this technology is hidden in the mystery surrounding the identity of its creator, the pseudonymous Satoshi Nakamoto. The genesis of Bitcoin is rooted in anonymity.Behind the mask of this Japanese character, a deeper vision of Bitcoin is found in the story of Japan, the first and only nation to experience the horror of nuclear weapons. The devastation that this country went through at the end of the World War II teaches us consequences of war and calls for people to come together for peace. This commitment to peace is embodied in Japan’s pacifist constitution, with its notable Article 9 clause that renounces war as a means to solve conflicts.In our contemporary post-Cold War world, this enshrinement of peace has shown itself to be vulnerable to international and domestic pressures to destroy it. In recent years, as North Korea’s repeated missile tests threaten stability in the Pacific region, there has been a push toward Japan’s remilitarization.Now, from the internet, Satoshi, a representative cultural survivor of atomic bombs, brings to humanity a…Read More
Bitcoin Magazine - 15 February 2019, 7:18 pm
The Wyoming state government has been expanding its status as a hub for crypto and blockchain technology by passing several new bills this February.According to Wyoming-based blockchain advocate Caitlin Long, the state of Wyoming has recently passed resolution SF0125 on February 14, 2019, claiming that Wyoming “law recognizes property rights in the direct ownership of digital assets.” The bill plainly states “that digital assets are property within the Uniform Commercial Code” and goes on to elaborate some of its ramifications.Long gave a succinct rundown of the bill’s most salient points, stating that “In other words, you're not forced to own digital securities through an intermediary. Blockchain tech enables direct ownership of assets, and now the law does too.” Since property law in the United States is in the hands of state jurisdiction, this new step is not only safe from the federal government but also can serve as a model for other states.“It makes perfect sense that Wyoming is the epicenter of blockchain law in the US,” said Long, a Wyoming native. “That's also why institutional investors, which are prohibited by federal law from directly owning the assets they manage, can rest assured that Wyoming's digital asset custodians are actually solvent.”This is not the only accomplishment made by pro-crypto voices in Wyoming, however. On February 2, 2019, the Wyoming State Senate also passed a bill updating the classification of crypto assets, including a clause to formally label them as currencies.According to the text of the bill, crypto assets can be considered to have three different statuses for legal purposes: digital consumer assets, digital securities and virtual currencies. All three of these definitions are specifically registered as personal property rather than private property, formally upholding a stance that other jurisdictions overseas and abroad have taken.More significantly, however, the bill also further…Read More
Bitcoin Magazine - 15 February 2019, 7:06 pm
Jennifer Robertson, the widow of the late QuadrigaCX exchange CEO, appears to be liquidating and shuffling some estate assets.When QuadrigaCX founder and CEO Gerald Cotten passed away suddenly in December of 2018 in India, he was allegedly the only person with the knowledge of the exchange’s cold storage keys. In his will, Cotten names Robertson executrix of his estate, as well as endowing her as its primary beneficiary. The exchange waited roughly a month from Cotten’s reported time of death to making his passing public, enough time for his widow to go through probate and transfer the estate’s assets to her name.Cotten’s will itemizes a host of high-end assets that are now under Robertson’s control. The CEO left his wife his Jeanneau 51 sailboat; an airplane, a Lexus and a Mini Cooper (among other unnamed motor vehicles); and properties at 1021 Lamont Lane, Kelowna, British Columbia, 71 Kinross Court in Nova Scotia, 511 and 512 Ringling Court in Nova Scotia and 34 Little Island and Seaview Drive in Nova Scotia to his widow. He also left $100,000 for the continued care of his two chihuahuas, Gully and Nitro.According to Canadian news outlet the Chronicle Herald, Robertson has taken out a second mortgage on each of these properties and placed at least two in a trust fund called the Seaglass Trust, a strategic legal move that lawyers told the outlet could add a layer of insulation between the assets and creditors in the ongoing QuadrigaCX litigation. Bitcoin Magazine could not independently validate that the trust exists.The Chronicle Herald also reports that Robertson has sold the Kinross property for $1.1 million CAD. A source close to the matter, who asked to remain anonymous, told Bitcoin Magazine that they spoke with a real estate agent who claims to have represented Robertson in the…Read More
Bitcoin Magazine - 15 February 2019, 4:18 pm
Whilst debate raged throughout the Bitcoin community over whether the block size limit should be increased and how, Luke-jr for years stood out for arguing the exact opposite position. One megabyte blocks weren’t too small, he maintained even as SegWit’s block size increase gained broad support, they were too big. No increase, but a decrease was needed.Now, the Bitcoin Knots and Bitcoin Core developer is spearheading an attempt to make such a decrease happen, as a temporary measure. And if social media is any indication, the initiative is attracting more interest than many might have expected it would.“I don't know if the proposal will be adopted or not, but support has been growing due to the block size becoming more and more apparently a problem,” Luke-jr told Bitcoin Magazine.Block Size DecreaseOf course, the arguments for decreasing the block size limit are similar to the by now oft-repeated arguments against increasing the block size limit. In short, bigger blocks add to the cost of running a node (making it more expensive for users to enforce the protocol rules), could increase mining centralization (risking censorship resistance), and reduces fee pressure (translating into less hash power security).The most pressing problem of these, for Luke-jr, is the cost of running a full node. This is perhaps best exemplified by the time it takes to initially sync such a node. Getting up to speed with the rest of the network can take days even on modern laptops with a good internet connection.“Users acting on that cost by simply choosing not to run a full node is a problem,” Luke-jr said. “When someone does finally attack Bitcoin, it will split the network — full node users on one chain, and light wallet users on the other.”In case of such a broad scale attack on light wallet…Read More
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