Posts by BitcoinCowboy

    'The Power of 1,000 Whales in Your Wallet' — Crypto Platform's Promise to Newbie Traders


    A new crypto trading platform is enabling users to emulate key influencers in the marketplace through a service it says is akin to having “the power of 1,000 whales in your wallet.”

    Spiking describes itself as the “world’s first blockchain asset validation and AI-driven crypto trading infrastructure.” Through its platform, users can automatically follow the trades of whales who meet their goals, with “whales” defined as traders who hold large amounts of cryptocurrency — not to mention their ability to influence short-term trends in the market based on whether they buy or sell assets.

    Describing why keeping a close eye on whale activity can be a good thing, the startup explains: “They tend to be more sophisticated investors, and therefore have a deeper understanding of the market, knowing when to make moves in order to generate profits with the least amount of risk.”

    New traders who join Spiking’s platform benefit from a proprietary artificial intelligence (AI) robot called RoboBull — “an intelligent portfolio manager that applies artificial intelligence to create a portfolio of different whales based on the trader’s risk/reward ratio.”

    The company argues that its service is required to fill a void that exists in the marketplace today, as monitoring whale trades provides a “valuable barometer” of where the economy might be heading.

    A whale of a time

    Spiking has created a “follower-whale” model which is designed to be beneficial for all parties — incentivizing larger traders to share their intelligence with fledgling investors. Through this model, followers use SPIKE tokens in order to copy trades, with the whale receiving a share of any profits they generate as a result. According to the startup, the benefits of this go beyond financial gain, as whales receive social influence while followers begin to feel more empowered.

    As well as day-to-day trading and investing, the company aims to help inexperienced traders learn more about the markets in the hope that they too will become whales one day. This is achieved through Spiking’s “Certified Smart Trader” program. Over time, it is hoped that information asymmetry in the marketplace will begin to narrow — reducing the amount of buy or sell decisions that can be attributed to fear of missing out (FOMO) or fear, uncertainty and doubt (FUD).

    The startup believes that there is a lot of work to do before the public is better educated on crypto and the opportunities it provides — a problem compounded by the fact that many tech companies banned ads from this industry in 2018. Spiking cites research from PwC in 2015, which revealed that just six percent of respondents to its survey were either “very” or “extremely” familiar with cryptocurrencies.

    Spiking interest

    Since Spiking launched as a fintech company in 2016, the startup says it has attracted support from Singapore’s National Research Foundation, which is under the prime minister’s office. A year later, it was crowned one of Singapore’s hottest startups for 2017.

    Looking ahead to 2019, the startup plans to launch its decentralized SPIKE Protocol across multiple exchanges and on a blockchain in an external environment. By the middle of 2019, this will be followed by the first version of its commercial product going live.

    Spiking was co-founded by Clemen Chiang, described as an “avid investor in the stock market” for more than 15 years, and Nicole Yee, who formerly served as the chief executive officer of CozyCot.

    Spiking’s official app is now available on Apple’s App Store and Google Play, and the first phase of its token sale began on Dec. 12. The company says that Spiking’s Initial Token Offering had sold out during the public sale within three hours.

    It follows the successful launch of “Singapore’s first” stock tracking app that enables retail investors to track the trades of key shareholders of public companies listed in six stock markets.

    Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.


    Binance Tackles Cryptocurrency Misinformation With Multilingual Educational Article Bank


    Cryptocurrency exchange Binance has launched a collection of educational content comprising almost 500 articles in order to fight “incorrect” and “misleading” information, a press release confirmed Dec. 12.

    Binance, which regularly tops the list of the world’s largest exchanges by volume traded, will initially support 15 languages via the project.

    The launch and development is a product of Binance Academy, the exchange’s dedicated education arm which itself began operating in August.

    “Misinformation spreads extremely fast. People are frequently quoting articles that are either incorrect or are misleading,” Ted Lin, chief growth officer at Binance commented in the release. Lin noted:

    “With Binance Academy, our goal is to provide an entirely neutral platform with quality, unbiased, educational information.”

    While it remains unknown what specific information will be covered, topics will include blockchain, security and economics, as well as “useful tutorials and guides,” Lin added.

    The decision to launch an informational resource comes as even the topic of Bitcoin’s own identity continues to come under the spotlight.

    Following the turmoil of the Bitcoin Cash (BCH) hard fork last month, the altcoin’s proponents, notably news and information resource, continue to assert that Bitcoin Cash is the “real” Bitcoin, an angle which has earned the publication criticism in the past.

    Developing such resources has also become an occupation of various other entities in the cryptocurrency industry and beyond, October seeing a government-endorsed scheme by Gibraltar to develop blockchain education courses.

    Ethereum co-founder Joseph Lubin’s ConsenSys — a blockchain startup and incubator — in partnership with online education platform Coursera, along with Oxford University professors, have also put forward separate blockchain educational plans of their own.


    Denmark's Tax Agency Targets 2,700 Nationals for Hiding Bitcoin Trades

    Skattestyrelsen (SKAT), the Danish tax agency, has accelerated crackdown against a large number of nationals who secretly traded bitcoin on a Finnish crypto exchange. According to information shared by the Swedish Tax Agency, a total of 2,700 Danes purchased circa $5.80 million worth of bitcoins from the exchange but sold them back for $6.1 million in

    The post Denmark’s Tax Agency Targets 2,700 Nationals for Hiding Bitcoin Trades appeared first on CCN

    Why Tether and Other Stablecoins Don't Work in Case of a Debt Crisis


    Trading in the global market is always risky. Even owning assets is a risky endeavour. Let's take the current market climate as an example. The rate of growth on all markets slowed down significantly; the …

    The post Why Tether and Other Stablecoins Don't Work in Case of a Debt Crisis appeared first on The Ultimate Crypto How-to Guides.

    Why Popular 2018 End of Year Bitcoin (BTC) Price Predictions Are No Longer Valid

    With the Holiday season in high gear, we have less than 3 weeks till we usher in the new year of 2019. Many individuals across the globe are probably decorating their Christmas trees and planning on how they will meet up with loved ones in the next few days as well as for New Year’s […]

    The post Why Popular 2018 End of Year Bitcoin (BTC) Price Predictions Are No Longer Valid appeared first on Ethereum World News.

    Cheap Power Is Luring Battered Bitcoin Miners to Iran


    While some bitcoin miners are estimated to have shut down hundreds of thousands of machines – if not more – others are still out there looking for alternative ways to keep operating.

    And it’s Iran, with its extremely low-cost electricity (that can go as low as $0.006 per kilowatt-hour) that’s luring overseas miners. But as attractive as it appears, the journey to setting up shop in Iran isn’t turning out to be a simple one.

    Bitcoin mining is, in effect, a kind of energy arbitrage. Miners make their money when the cost of producing coins – currently 12.5 bitcoins per transaction block, plus any fees they’ve accrued – is lower than the operation of the mine itself, including electricity.

    Nima Dehqan, a blockchain researcher at a Tehran-based crypto startup Areatak, told CoinDesk that the firm has been meeting with foreign investors that are looking to attempt just that by mining in Iran.

    “We have had investors visiting our farms from Spain, Ukraine, Armenia, France,” he said.

    Dehqan added that his firm has signed a deal with investors in Spain to set up local mines, a process that will consist of three phases.

    “First is sort of a just-to-make-sure testing phase, which is already in place. Second is building new infrastructures together, which somehow has already started, too. And the third will be gathering more investors from outside of Iran,” he explained.

    Dehqan said investors are attracted the cheap electricity, which, depending on the actual source of power, can usually go well below $0.01 per kilowatt-hour. And his firm can run facilities at different scales, from two-to-three-megawatts small farms, to higher amounts like 10 – 20 megawatts.

    He said while the electricity cost in Iran has always been relatively low, the recent significant devaluation of the Iranian rial – partially due to the recent sanctions by the U.S. government – has made the opportunities even more appealing.

    Secret shift

    There’s even evidence to suggest miners in countries commonly seen as bitcoin mining powerhouses – China in particular – are looking at Iran for potential opportunities.

    Compared to the numbers cited by Dehqan, electricity provided by hydropower stations in China’s southwestern region usually costs around 0.15 yuan – or about $0.02 per kilowatt-hour – in the summer when water is abundant. When winter comes, the cost could go up to $0.04 per kilowatt-hour.

    It appears that some Chinese miners have already made the move. A startup based in Chengdu, China, told CoinDesk under the condition of anonymity for fear of government reprisal that it has already deployed 2,000 miners in Iran.

    “Iran has vast natural gas resources and thus the electricity cost can be as low as 0.04 yuan [$0.006] per kilowatt-hour. But Iran doesn’t really have any firm making miners. Now that secondhand miners are being sold cheaply in China, it’s a rather reasonable business decision. With electricity that cheap, you can generate profits in one to two months,” the company said in a statement.

    Javad Sedighi, a self-employed cryptocurrency miner in Iran, echoed that point, telling CoinDesk that local miners largely rely on the import of machines to the country.

    “[That’s] because there are no companies, like Bitmain, [shipping equipment] to Iran. In the past few months, there have been intermediary companies [being] established in Iran that carry out the import of the machines,” Sedighi said, adding:

    “I think this is done by people who have a lot of power and money. And it’s done secretly.”

    That kind of potential – particularly for very cheap power – has even caught the attention of notable Chinese bitcoin millionaires like Chandler Hongcai Guo. On Oct. 26, Guo posted a video on his Weibo account, telling a group of audience that there’s a huge opportunity in Iran where electricity cost can go well below $0.01 kilowatt-hour.

    “It’s suitable for hosting secondhand miners that are on the edge of shutting down in China and can make profits in one to two months,” he was recorded as saying, and asked interested miners to visit Iran to do their own due diligence.

    No simple paths to entry

    But in conversation with CoinDesk, Dehqan sought to temper the idea that miners are rushing into Iran en-masse since the methods by which foreign investors can set up mining facilities are anything but simple.

    The Chinese miner that has set up 2,000 machines said one major hurdle for outsiders is to get miners inside the country to begin with, let alone establishing partnerships with local farms.

    The company explained that, currently, the Islamic Revolutionary Guard Corps – a branch of the country’s military – still has significant sway on the border. Simply put, they have the power to decide which shipments come in and which ones do not.

    “There’s the risk of miners being detained and confiscated at the border. While some logistic companies may have an insurance policy to cover the loss but you can only get compensated by fiat and miners will be gone,” the firm said, adding:

    “It’s still very risky. Even though we also try to act as an agent to help other miners go overseas, many of them remain hesitant.”

    Dehqan echoed that point and added it’s not so easy to import miners into Iran and some special shipping procedures are necessary.

    Sanction complications

    And it’s not just internal pressures like border security that are proving to be barriers to would-be investors. Indeed, there’s one particular figure – U.S. President Donald Trump – who has thrown some wrenches into the proverbial gears.

    As it stands, current U.S. sanctions have further deterred potential investors that have ties to the world’s largest economy. Guo, who owns a mansion in California, told CoinDesk via WeChat that while he agrees the opportunity is very attractive now that the bitcoin mining difficulty and the overall network hash rate have both dropped significantly, investors like him would not dare to become involved.

    “I didn’t go visit myself, considering that the U.S. has imposed the economic sanctions on Iran,” he said, alluding to recent news that the chief financial officer of Huawei was arrested in Canada for alleged involvement in sanctions fraud.

    “Most of the mining giants in China, or miner makers, do not dare to host their machines in Iran. This is the general situation. As attractive as the electricity over there might be, only miners at an individual or much smaller scale are shifting to Iran. Most people are still hesitant.” Guo said.

    On Aug. 6, the Trump administration announced it would re-impose sanctions on Iran starting from Aug. 7 after withdrawing from a nuclear agreement the U.S. government first entered in 2015. However, the European Union, Russia and China have been reportedly seeking to uphold the agreement to allow businesses and financial transactions to continue with Iran.

    According to Sedighi, cryptocurrency mining in Iran itself is still a legal grey area, which means that it’s neither entirely legal or illegal.

    “The rules of the mining industry in Iran have not been approved by Parliament. But it is in hand,” he said. “In Iran, like the rest of the industry, you do not have a license to operate. For example, you can not get a bank loan.”

    To that effect, Sedighi said the local crypto community is working together to push Iranian lawmakers to pass a formal law that would protect the mining industry, thus enabling it to attract capital and grow.

    “We believe that political disagreements between governments should not harm the people,” he said, concluding:

    “There have been very much talks about sanctions, as well as methods that should be used by the Iranian crypto society to avoid harming sanctions.”

    Tehran image via Kanisorn Pringthongfoo/Shutterstock


    Payments Startup Bitwala Now Offers Crypto Banking in Germany


    Germany-based crypto payments startup Bitwala is now offering bitcoin banking services in the country.

    Claiming to launch Europe’s “first” such banking solution, the firm announced Wednesday the service becomes available via a partnership with local fintech firm SolarisBank that has a banking license and thus is fully regulated.

    With the service, users can now manage both bitcoin and euro deposits in one place with the “safety and convenience” of the German bank account, Bitwala said, adding that accounts and debit cards are free but it charges a one-percent transaction fee for trading bitcoin.

    Euro deposits of up to €100,000 (or $113,257) are protected by the local laws like any other traditional bank accounts in Germany, the firm added.

    “We were able to bring cryptocurrencies into a fully compliant banking setup regulated in Germany. This shows that cryptocurrencies can fit into regulatory frameworks which protect consumers and ultimately inspire trust,” said Jan Goslicki, Bitwala’s chief compliance officer and co-founder.

    The firm said it has started on-boarding 40,000 customers who pre-registered for the service and will be accepting new users with immediate effect.

    Customers will also be able to use their Bitwala crypto accounts to receive salaries, pay rent, and trade bitcoin, said Bitwala’s chief financial officer Christoph Iwaniez.

    The crypto banking service was first scheduled to launch in mid-November when Bitwala announced the partnership with SolarisBank back in October. The crypto startup said at the time that it hoped to launch its own bank one day and was planning to apply for a German banking license next year.

    Bitwala had raised $4.5 million in September from venture capital firms Earlybird and Coparion to develop its banking services.

    Back in June, Goldman Sachs-backed crypto startup Circle was also seeking to register as a federally licensed bank in the U.S.

    Bitcoin and euro image via Shutterstock


    Crypto Market Drops Again: Does Bitcoin Price Risk Fall to $2,500?

    Throughout the past three days, the Bitcoin price has demonstrated wild volatility in the range between $3,200 to $3,600. The dominant cryptocurrency has struggled to break out of the $3,700 resistance level which several technical analysts have consistently mentioned over the last two weeks. On December 12, the price of Bitcoin (BTC) fell by around

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    Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely

    Key Points Bitcoin price remains in a bearish zone below the $3,400 and $3,500 resistances against the US Dollar. This week's followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price remains at a risk of more losses if...

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    Crypto Market Update: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis

    Key Points The total crypto market cap extended declines and tested the $102.00B level. Litecoin (LTC) price is struggling below the $30 resistance, with a bearish angle. Bitcoin cash price is currently consolidating near the $100 level. Tron (TRX) is currently flat near the $0.0132 level, with range moves. Cardano (ADA) price declined below the...

    The post Crypto Market Update: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis appeared first on NewsBTC.