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Get Your #bitcoin Guild Today! http://t.co/DVlr0YimD1 #dogecoin #Doge CoIntellect at BitcoinExpo 2015, COO: ‘Cloud Hashing is the Found…

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January 25, 2015


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January 25, 2015 at 06:58AM
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USD Drops 12% Against Bitcoin: Is the Dollar Dying?

As predicted, 2015 has seen the continued fall in value of the currency that was supposed to fuel an advanced economy. In the last 3 days alone, it has lost 12% in value against Bitcoin.
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75 Million Reasons Coinbase is Winning and Braintree’s BTC Payments Now Open in Beta
Published date: 2015-01-25



On Tuesday, Charlie Richards reported on Coinbase s huge round of funding. One of the investors, former Thomson Reuters CEO Tom Glocer, stated that putting money in a company like Coinbase is a better way to bet than investing directly in the currency. He echoes similar sentiments of Magma Ventures, who stated following their first investment in a Bitcoin company earlier this month that they also weren t investing in Bitcoin, but in the blockchain and what it enables. On Thursday, Alyssa Hertig reported that Braintree had launched the beta version of its bitcoin payment processing for merchants in the US. Said Braintree partner Coinbase: Also on Thursday, William Suberg reported on comments made by Bill Gates during an interview with late night host Jimmy Fallon. Said Gates: Poor people don t have bank accounts and so when they have an emergency [or] they want to borrow or save, it s very tough. [With] small transactions, the fees are just too high when you have banks and ATMs and all that. If we take the cellphone and just use digital currency, then you can have all those financial services. On Tuesday, Diana Ngo reported on messaging app SendChat, which has introduced a feature that will allow users to send cryptocurrencies to one another. On Thursday, William Suberg reported that the popular Bitcointalk Forum had become inaccessible for the second time in two months. Bitcointalk announced in the early hours of Friday morning EST that it was back online. The bitcoin price this week made a steady upward climb out of its hole at under US$200. On Wednesday, there was a bump over the course of about six hours that saw the price rise from about US$211 to above US$230, where it remained more or less stably through the end of the work week. Exchange trade volume peaked on Thursday at more than US$7.8 million right after that price climb. All throughout the week, the number of transactions was remarkably steady from day to day, falling between about 94,000 transactions per day and just a bit over 100,000 transactions per day, the high point coming on Wednesday. Did you enjoy this article? You may also be interested in reading these ones:


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Bitcoin Exchange Bitfinex Denies Allegations of Insider trading
Published date: 2015-01-25



Bitfinex CSO Phil Potter came under a cloud this past Thursday, after an interview in which he seemed to be admitting to insider trading at Bitfinex. The interview was contained in a podcast that was posted on Vocaroo, an online voice recording service. In the voice recording, Mr. Potter can be heard strenuously clarifying that he was a Bitcoin investor. He adds that he had not been involved in actual trading on his Bitfinex trading platform saying that such an action would be highly inappropriate . Bitfinex has come out in defense for Mr. Potter. Josh Rossi VP for Business Development issued a statement posted on Reddit defending Mr. Potter s trading at Bitfinex. In the statement, he explained that Phil Potter had been managing a fund that dealt in cryptocurrencies prior to his arrival at Bitfinex. He had ceased trading once he took up his role at Bitfinex. He also explained that the management team at Bitfinex regularly monitored the accounts of company officials, an action that was designed to create checks and balances on each member of the team. In the statement, Josh Rossi added that all of Mr. Potter s orders had been limit orders, a kind of order that among other things is designed to cut losses should the asset start experiencing a bear run. Several comments on this statement indicated that the community was not convinced. For example, Reddit username Waldoraj asked about how they would go ensuring that employees at Bitfinex do not use anonymous wallets. Others felt that in the interests of transparency, it would be best if company officials would trade their Bitcoin assets on other exchanges so as to avoid conflicts of interest. The conflict of interest would arise in a couple of ways regarding Bitfinex and other bitcoin exchanges. One of them has to do with what are called margin calls. A margin call occurs when the amount posted in a margin account falls below the minimum margin requirements for a particular asset class, in this case the asset being Bitcoin. In the above example, as a senior company official at Bitfinex, Mr. Potter would have access to information on Bitfinex clients. He knows their holdings, including any hidden orders. Such information gives him a competitive advantage over other traders. To illustrate how the conflict of interest could arise, think back to the recent collapse in Bitcoin s price against the US dollar. When the price begins to drop slightly, all a manipulative trader will do is initiate margin calls. Several margin calls would trigger a rush to sell bitcoins thus enabling him become a Bitcoin whale by purchasing as many bitcoins as possible for as low a price as he can. Another conflict of interest would arise from stop loss orders. Normally, stop loss orders are used by traders to hedge against loss or position in a security. Stop loss orders work well because they take the emotions out of trading decisions, and they can be employed by an investor who has to attend to other matters or may be physically away for some extended time period. A manipulative trader could easily use insider information to distort the price of an asset such as Bitcoin. Such a trader could begin to issue margin calls and stop loss orders thus enabling him to collect as many coins, in other words, build a long position. The goal is to buy as many coins as possible for the least possible price, which eventually turns him into a Bitcoin whale. As Bitcoin s current capitalization is still low, the effect of a whale on Bitcoin s price can be markedly pronounced. As previously explained, a whale s goal in the early stages would be to keep the prices low so as to enable them buy more bitcoins. With insider trading, this becomes easy to do, as all a whale would have to do is to trigger as many stop loss orders as possible in an effort to entice others investors dump their own bitcoins. The effect of this is to avail more coins on the market for an even lower price, after which the whale would attempt to inject capital so as to increase the prices. The goal of such pumping is to inflate the value of the coins to as high a price as possible before letting the market correct itself by sending the bitcoins back to the value where they are meant to be. In as much as Bitfinex has cleared the air on this, there is, however, a real need of ensuring transparency in crypto trading. This will become even more important as Bitcoin continues to mature as a viable digital asset.


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Winklevoss twins look to legitimise Bitcoin

© The Verge The Winklevoss twins are looking to legitimise Bitcoin with the Gemini exchange. Tyler and Cameron Winklevoss think they have the answer to Bitcoin’s rocky 2014 and tumbling value: a “fully regulated” Bitcoin exchange based in the United States.

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2015 International Virtual Crypto Summit announced

Following the success of the 2014 Crypto Money Virtual Expo, a new international summit announced to bring together crypto enthusiasts, start-ups, and experts. Global attendance expected, and as Gener
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