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Self-Sovereign Decentralized Digital Identity

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Time & Date: Wednesday, Nov 4th, 2020
8:30 AM Eastern Standard Time

Speakers: Marco Aniballi (BlockBlox)
Luke Stokes (FIO, EosDAC)
Alex Puig (Caelum Labs)
Gordon Einstein (CryptoLaw Partners)
Sander de Bruijn (Crypto Entrepreneur)

Zoom Info: https://zoom.us/j/89200977541

 

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Uncomfortable Truths of Trading And What to Watch Out For

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There are some uncomfortable truths about trading crypto, which many people refuse to acknowledge. For instance, everybody — no matter how they play the market — is part of an emotional scheme. That means you, too. Thierry Gilgen, CEO of MachinaTrader, takes a deeper look into how social media channels dominate information about cryptocurrencies.

The market is not purely mathematics. Raw human emotions play a big role, and that includes you potentially getting played. It is easy to be carried away while trading and make an emotional-based decision that results in you being wrecked. 

That’s not the only unpleasant truth about trading. Your exchange might be using you. Some platforms today built their architecture in such a way as to monopolize the data they get by providing their services. In the crypto space, for instance, there are delays between the moment a provider receives data, and the moment its customers receive that same data. 

Such platforms take customer data for free, use it, and sell it. They don’t give back the knowledge their customers created in concert. They keep it for themselves and use it to influence those very same users. They devalue, use, and sell their customers, not letting them get back what they put into those platforms. 

Customers need platforms that don’t exploit them

Customers need platforms that don’t exploit them. And platforms can be incentivized to pursue such an egalitarianism, because they need the group’s knowledge. They’re nothing without their users they need in order to predict markets. 

I believe that over the course of the next two years or so, the exchange market will undergo a massive transformation. Although there are dozens of crypto exchanges today, there will be fewer than ten, in the not so distant future.

If you look at trader behavior, you’ll see that they have no emotional binding to a product. If tomorrow they see something that suggests more profit — and it provides a clear fact-based reason why it can propagate such a thing — they will at least give it a try. If it works, they will move on from their previous product of choice.

Keeping up to date with such a swiftly evolving market is paramount for trading. The day of a successful trader starts as soon as they open their eyes and ends when they close them to go to sleep. Beyond controlling your emotions and anticipating which exchange platforms will persist, there are also the fundamentals of trading to understand.

I am often asked which indicators traders should observe, and I always answer the same: don’t only look at one or two indicators, but rather at as many as possible in aggregate. Consider all types of data across different time horizons.

With that said, keeping an eye on social media can oftentimes give you a good sense of where the market is headed. For instance, you might keep an eye on how many times and in what context a particular asset — for example, bitcoin (BTC) — has been mentioned on social media. 

Listen to social media

Admittedly, it is not easy to track everything that happens on social media. But if you get the real grasp of what’s really happening there by aggregating indicators of multiple projects, you will see that social media has a massive effect on crypto prices — even more than a lot of other indicators.

It’s a highly reliable indicator. However, this won’t last forever. The larger the market, the less the impact social media has on prices. Currently, social media is one of the most interesting indicators.

People ask me what kind of bot they should create. I think, the simplest, most profitable bots would be the best option, listen to social media. If you aggregate this information, you can see how many times a specific cryptocurrency is mentioned within a certain timeframe such as one hour, 24 hours, etc. 

If you look into how markets behave based on social media indicators, you’ll apparently improve the accuracy of your bets. If you stick to the top five cryptocurrencies mentioned within the past hour, you can uncover profitable niches.

We see a lot of data analytics projects suggesting that they can exploit this, and they can indeed predict where prices will go thanks to social media indicators. In other words, you can easily profit from using algorithms listening to mentions and cataloguing aggregate volumes across social media, including Telegram.

Tracking social media metrics 

Social media mentions are such an important metric that audience intelligence company Pulsar examined mainstream adoption of crypto. It measured neither trade volume, nor market capitalizations, but social media mentions.

The company concluded that social media is a strong indicator of what’s to come in crypto: “In nearly every case, a rise of 10 per cent or more in social cryptocurrency buzz volume from one day to the next ‘predicts’ a rise of at least 5 per cent in the price of bitcoin within three days time.” 

On social media, people seem to follow “brand names” more than they follow terms such as “cryptocurrencies” and “digital assets,” wherein the most popular would be “bitcoin,” followed by “ethereum” and “ripple.”

Social media channels dominate information about cryptocurrencies. Facebook groups, crypto Twitter, and Reddit have helped those interested in cryptocurrencies learn about the technology. 

Other than social media, Google Trends is a powerful analytics tool when it comes to the fundamentals of the market. You can see how many people are thinking about bitcoin, ethereum or ripple at any given time. 

Many traders spend time on social media, pruning their Twitter, Facebook, and LinkedIn feeds. In particular, Twitter and Reddit allow users to customize their crypto information. If you’re careful about what you follow, you can gain a lot of valuable information from these sources such as price analyses and news. By following mentions, you can determine if people are bullish or bearish and adjust your positions accordingly. 

NOTE: The views expressed here are those of the author’s and do not necessarily represent or reflect the views of BeInCrypto.

Written by Thierry Gilgen, CEO of MachinaTrader. Thierry has highly infectious motivational energy in the trading industry. With years of experience in forming startups and understanding the hurt points of enterprises, he provides insights based on his experience. Starting from a garage path lifestyle and selling websites from home during his teenage years, his goal is to provide valuable insight to the finance industry and share his thoughts on how to build successful businesses.

Thierry Gilgen on LinkedIn

MachinaTrader on Twitter

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Source: https://beincrypto.com/uncomfortable-truths-of-trading-and-what-to-watch-out-for/

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Grayscale Bought Almost $140 Million in BTC in 24 Hours

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Betting Big on Bitcoin

Grayscale, the Bitcoin Trust custodian and digital asset manager, has added another $140 million worth of Bitcoin to their Bitcoin Trust portfolio within the last 24 hours.

Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms continued institutional interest surrounding their Bitcoin offering. When you look at Grayscale Bitcoin holdings over the last week and month, a similar pattern appears. In the last week, Grayscale added over 14,000 BTC. In the last month the company added a whopping 64,832 BTC worth collectively over $1.2 billion. Miners created only 27,881 BTC in all of November, or only half the Bitcoin Grayscale purchased during the month. It is apparent just how massive and influential Grayscale is as a cryptocurrency focused entity.

Painting A Bigger Picture

As a digital asset custodian primarily focused around Bitcoin, Grayscale makes these massive BTC purchases. Their clients continue requesting additional exposure. The picture becomes clearer when you add this alongside other major announcements. Hundred million dollar BTC acquisitions from public companies are just the beginning. There are now Wall Street regulated crypto indices, and the integration of cryptocurrency usage in globally dominant financial services like PayPal. You can start to see a bigger picture of what mainstream and institutional organizations think about Bitcoin long term. It will be interesting to see how Grayscale’s Bitcoin purchases for December compare to November as Bitcoin continues approaching its all time high.

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Harrison is a reporter and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/grayscale-bought-almost-140-million-btc-in-24-hours/

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Kraken Exchange Now Allows Users to Stake ETH on Its Platform

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Kraken, the online cryptocurrency exchange, has announced that it has enabled the ability for its users to stake ETH via the new ETH 2.0 Beacon Chain directly on the exchange.

As far as major cryptocurrency exchanges go, Kraken appears to be one of the first to announce the opportunity for its users.

At press time, Kraken had recently enabled the staking ability, marking a major step in the continued growth of ETH 2.0.

A Win for the “Small” ETH Holder

Kraken will be allowing ETH users of all sizes to delegate their ETH for staking. With the launch of ETH 2.0 and the adoption of a Proof-of-Stake transaction verification methodology, only users with a minimum of 32 ETH would be able to run a node, thus allowing them to validate the network.

Currently, 32 ETH costs around $20,000, a hefty sum for the average crypto enthusiast. Kraken will enable users holding any amount of Ethereum to stake via the platform.

This will allow users to earn passive income on their holdings. Users will receive rewards ranging from 5% to 17% average percentage yield (APY) per year and will receive ETH rewards on a weekly basis.

Other Benefits

Another feature Kraken will be adding next week (although not for American or Canadian users) is the ability to trade staked ETH for unstaked ETH.

Once ETH is staked on the ETH 2.0 network, that ETH cannot be accessed or traded until the next phase of the project. However, Kraken will soon enable a special trading pair to circumvent this limitation:

“As a courtesy to clients who may wish to exchange their staked ETH for unstaked ETH, Kraken will provide a special trading pair for this purpose until the ability to unstake ETH is available on the Ethereum network.”

This will likely give users more freedom over their collateral compared with regular ETH 2.0 stakers who won’t be able to take advantage if they independently run an ETH node.

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Harrison is a reporter and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/kraken-exchange-now-allows-users-to-stake-eth-on-its-platform/

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BIS And Swiss National Bank Announce Findings of CBDC Pilot Program

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The Bank for International Settlements (BIS) and the Swiss National Bank (SNB) have released the first set of findings from Project Helvetia, a proof-of-concept experiment that aims to demonstrate that the Swiss franc can be tokenized as a Central Bank Digital Currency (CBDC).

Revealed on Dec 3, the BIS claims the results demonstrate the operational feasibility and legal workability of a digital franc used only for interbank settlement on a blockchain testnet.

Project Helvetia: Overview

Project Helvetia Background

In the works since 2019, the collaboration brought together the BIS, SNB, and financial market infrastructure provider SIX Group.

Under the terms of the agreement, announced in Oct 2019, the BIS established an Innovation Hub in Switzerland for the purpose of exploring digital currencies and real-time market monitoring.

Unlike China’s digital yuan, which has been in the headlines over the past month, the Swiss CBDC experiment only aimed to demonstrate that CBDCs can facilitate the settlement of tokenized assets between banks.

This is in line with the BIS’s stated position that blockchain-issued consumer currency has too many implicit risks.

Indeed, the announcement sought to pour cold water on the possibility of yielding a consumer-focused CBDC. An excerpt reads in part:

“The experiment should not be interpreted as an indication that the SNB will issue a wholesale CBDC.”

Project Helvetia Findings

According to the findings, the project successfully demonstrated the possibility of settling tokenized assets in multiple ways using a CBDC framework.

In one of the experiments, the SNB issued a Wholesale CBDC (w-CBDC) version of the Swiss franc on a blockchain testnet and successfully linked this testnet to the existing Swiss Real Time Gross Settlement (RTGS) platform.

Outlining what it achieved from the experiment, the SNB said:

“…What an RTGS link provides in terms of simplicity, it lacks in terms of potential benefits. The w-CBDC PoC demonstrates that an integration of tokenised central bank money and securities could enable functionality not possible with a link.”

Despite these positive findings, any potential implementation of a CBDC framework even on a wholesale (non-consumer) basis would still raise a number of practical and policy issues for a central bank, the BIS said.

For this reason the bank required more exploration of the technology.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/bis-and-swiss-national-bank-announce-findings-of-cbdc-pilot-program/

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