#hashflare 2.0

[mikejanthony1]

HashFlare Mining 2.0 Review 2018

[dipulb3]

A review of cloud mining virtual currency and cryptocurrency

New Post has been published on https://appradab.com/a-review-of-cloud-mining-virtual-currency-and-cryptocurrency-2/

A review of cloud mining virtual currency and cryptocurrency

Cloud mining is an investment in companies that perform mining as a business. If you have an interest in mining virtual currency, you may have a potential interest in cloud mining. However, since it is a new service, there is little information.

There are many parts that are difficult to understand, such as the mechanism and features. Here, we will introduce the mechanism and advantages and disadvantages of cloud mining while reviewing the basics of virtual currency and mining.

Before explaining cloud mining, let’s review the meaning of virtual currency.

What is virtual currency?

There is some confusion of virtual currency, or cryptocurrency, with electronic money; however, they are completely different. Here’s how they differ:

Cryptocurrency is a currency that is issued only by data sources other than the government and central banks.

Electronic money refers to legal tender currency (yen) converted to data. The same applies to points issued by companies.

Virtual currency using a technology called blockchain is issued and managed by the program. It is a system that gradually permits calculation processing and transactions to be approved by PCs and smartphones worldwide that use virtual currency. This is called “distributed ledger technology”.

How to make a profit with virtual currency

Physical transactions of virtual currency should be quite simple: buy low, sell high.

Make the most of the virtual currency trading systems. Don’t be afraid to buy low to expand your holdings. At the same time, don’t be afraid to sell high in order to grow your available funds for trading.

Be sure to be gain knowledge about the development of cryptocurrency blockchain systems, similar to that of Ethereum.

Make the most out of your mining dollar. Each mining block for minable cryptocurrencies often has rewards. This is in addition to the proceeds you make from mining.

 And cloud mining, which is the theme of this time, is a type of mining.

What does “mining” mean?

Mechanism of mining

Mining is a system in which virtual currency is obtained as a reward instead of performing the “approval work” required for virtual currency blockchain technology. To perform mining, connect a mining machine (a terminal that is almost the same as a PC) to the Internet, and use the software dedicated to mining to automatically perform approval work.

Distribution of mining rewards doesn’t go to all users performing the approval work. In the case of Bitcoin, the person who has the earliest calculation process among participants will receive the award. The processing speed depends on the performance of the mining machine, so in order to get rewards for mining; you will need technical skills and the financial resources to purchase high-performance parts.

Mining requirements

To start mining, it is ideal to use a dedicated machine with integrated circuits called ASIC. However, you can also assemble it using the same parts as a general computer. Know Bitcoin features to get maximum profit in a small interval of time.

What is cloud mining?

Cloud mining is a business that invests in companies that are trying to make a profit from mining and receives a part of mining profit according to the investment amount. Unlike self-mining, there is no requirement for purchasing a mining machine, so beginners can easily start. 

 There are four main cloud mining services, as shown below:

Genesis Mining (Link – Promo code: O6IVMA)

Eobot (Link – not available in U.S.)

HashFlare (Link)

Hashing24 (website has regional restrictions)

Advantages of cloud mining

Next, let’s check the advantages and disadvantages of cloud mining. You don’t really need a mining machine; thus, this eliminates the requirement of maintenance costs.

No mining machine required for cloud mining. You can start without incurring the cost of the machine and maintenance costs. Therefore, you can start without special knowledge. Cloud mining can start as easily as using a simple procedure of creating an account and depositing money in the cloud mining service. Moreover, this does not require any mining expertise.

By the way, if you start by yourself, you need the following knowledge: how to operate mining software, mining machine parts, assembly and knowledge about the setup. On the other hand, with cloud mining, you can start even if you are not familiar with mining and personal computers.

Editor Disclosure: This post may have affiliate links, meaning we receive commissions — via Bitcoin and cloud mining capacity — if you decide to make a purchase via these links. For more information, please contact the editor.

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[hodldrgn-blog]

New Post has been published on https://cryptomoonity.com/bitcoin-to-4000-bakkt-btc-futures-launch-date-revealed/

Bitcoin To $4,000 | Bakkt BTC Futures Launch DATE REVEALED!

Title: Bitcoin To $4,000 | Bakkt BTC Futures Launch DATE REVEALED! Video duration: 22:59 Views: 5021 Likes: 343 Dislikes: 37 Publication date: 2018-10-23 10:14:52

Description: Bitmex Affiliate Link 10% Off: Bitcoin Technical Analysis & Bitcoin News Today: Will the Bitcoin price break bearish and go to $4,000? I’ll use technical analysis on the Bitcoin price to make a Bitcoin price prediction.

1:14 Bitcoin $4,000? 7:04 Price Update 8:21 Bitcoin & Crypto News 9:22 Bakkt 11:14 Fidelity 16:47 Bitcoin Vs. Amazon 18:34 Do We Need Institutions?

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[legit-scam-review]

Genesis Mining to End Unprofitable Crypto Contracts

Cloud mining service Genesis Mining is forcing some clients to upgrade to a five-year subscription or else lose services, it announced Thursday.

The Iceland-based startup said in a blog post that it will end open-ended contracts for customers who are not earning enough to cover maintenance fees in roughly two months due to the ongoing declining cryptocurrency market. Clients who wish to retain services must upgrade to a new premium account.

Mining is getting more complicated and energy-intensive, the company said, forcing it to reconsider its policies. Now, all users will have to switch to a five-year contract with no option for early termination. The fee for every trillion hashes per second (TH/s) will drop to $180 however, down from $285.

The company said:

“Unfortunately, bitcoin went into a downward trend around January. This trend combined with the heavily rising difficulty around April and May reduced mining outputs even further. As a result, some user contracts are now mining less than the daily maintenance fee requires to be covered, and thus they entered the 60 days grace period, after which open-ended contracts will get terminated.”

Nor is Genesis Mining the first firm to find mining for certain customers unprofitable – in June, Hashflare announced that it was shutting down its bitcoin mining operations and cancelling users’ contracts, because “the payouts were lower than maintenance for 28 consecutive days,” according to its official Facebook page.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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The post Genesis Mining to End Unprofitable Crypto Contracts appeared first on Review: Legit or Scam?.

Read more from → https://legit-scam.review/genesis-mining-to-end-unprofitable-crypto-contracts

[dipulb3]

A review of cloud mining virtual currency and cryptocurrency

New Post has been published on https://appradab.com/a-review-of-cloud-mining-virtual-currency-and-cryptocurrency/

A review of cloud mining virtual currency and cryptocurrency

Cloud mining is an investment in companies that perform mining as a business. If you have an interest in mining virtual currency, you may have a potential interest in cloud mining. However, since it is a new service, there is little information.

There are many parts that are difficult to understand, such as the mechanism and features. Here, we will introduce the mechanism and advantages and disadvantages of cloud mining while reviewing the basics of virtual currency and mining.

Before explaining cloud mining, let’s review the meaning of virtual currency.

What is virtual currency?

There is some confusion of virtual currency, or cryptocurrency, with electronic money; however, they are completely different. Here’s how they differ:

Cryptocurrency is a currency that is issued only by data sources other than the government and central banks.

Electronic money refers to legal tender currency (yen) converted to data. The same applies to points issued by companies.

Virtual currency using a technology called blockchain is issued and managed by the program. It is a system that gradually permits calculation processing and transactions to be approved by PCs and smartphones worldwide that use virtual currency. This is called “distributed ledger technology”.

How to make a profit with virtual currency

Physical transactions of virtual currency should be quite simple: buy low, sell high.

Make the most of the virtual currency trading systems. Don’t be afraid to buy low to expand your holdings. At the same time, don’t be afraid to sell high in order to grow your available funds for trading.

Be sure to be gain knowledge about the development of cryptocurrency blockchain systems, similar to that of Ethereum.

Make the most out of your mining dollar. Each mining block for minable cryptocurrencies often has rewards. This is in addition to the proceeds you make from mining.

 And cloud mining, which is the theme of this time, is a type of mining.

What does “mining” mean?

Mechanism of mining

Mining is a system in which virtual currency is obtained as a reward instead of performing the “approval work” required for virtual currency blockchain technology. To perform mining, connect a mining machine (a terminal that is almost the same as a PC) to the Internet, and use the software dedicated to mining to automatically perform approval work.

Distribution of mining rewards doesn’t go to all users performing the approval work. In the case of Bitcoin, the person who has the earliest calculation process among participants will receive the award. The processing speed depends on the performance of the mining machine, so in order to get rewards for mining; you will need technical skills and the financial resources to purchase high-performance parts.

Mining requirements

To start mining, it is ideal to use a dedicated machine with integrated circuits called ASIC. However, you can also assemble it using the same parts as a general computer. Know Bitcoin features to get maximum profit in a small interval of time.

What is cloud mining?

Cloud mining is a business that invests in companies that are trying to make a profit from mining and receives a part of mining profit according to the investment amount. Unlike self-mining, there is no requirement for purchasing a mining machine, so beginners can easily start. 

 There are four main cloud mining services, as shown below:

Genesis Mining (Link – Promo code: O6IVMA)

Eobot (Link – not available in U.S.)

HashFlare (Link)

Hashing24 (website has regional restrictions)

Advantages of cloud mining

Next, let’s check the advantages and disadvantages of cloud mining. You don’t really need a mining machine; thus, this eliminates the requirement of maintenance costs.

No mining machine required for cloud mining. You can start without incurring the cost of the machine and maintenance costs. Therefore, you can start without special knowledge. Cloud mining can start as easily as using a simple procedure of creating an account and depositing money in the cloud mining service. Moreover, this does not require any mining expertise.

By the way, if you start by yourself, you need the following knowledge: how to operate mining software, mining machine parts, assembly and knowledge about the setup. On the other hand, with cloud mining, you can start even if you are not familiar with mining and personal computers.

Editor Disclosure: This post may have affiliate links, meaning we receive commissions — via Bitcoin and cloud mining capacity — if you decide to make a purchase via these links. For more information, please contact the editor.

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,document,'script','https://connect.facebook.net/en_US/fbevents.js');

[legit-scam-review]

Total Crypto Market Cap Sees Slight Decline, Bitcoin Keeps Holding Its Position

Sunday, July 29: crypto markets have seen diverging trends over a 24 hour period, with nine out of the ten top cryptocurrencies by market cap slightly in the green, according to Coinmarketcap.

Market visualization from Coin360

Bitcoin (BTC) is slightly up by less than one percent over the past 24 hours and is trading at around $8,206 at press time, with an intraday high of $8,285. The major cryptocurrency reached as high as $8,431 this week, following the crypto market rebound that started in mid-July. Holding the some of the biggest gains among the top ten coins over the past week, Bitcoin is now up almost 39 percent over the past month.

Bitcoin 1 month price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s market dominance over altcoins also keeps growing, currently amounting to almost 47.5 percent.

Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

Ethereum (ETH) is down a negligible percentage over a 24 hour period, trading at around $466 at press time. The top altcoin keeps fluctuating around $460, having seen its intraday high of $470. Over the past week, ETH reached its peak of $483 on July 25.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is hovering around $297 billion by press time, after touching $304 billion earlier this week.

Total market capitalization chart. Source: Coinmarketcap

TRON (TRX) has seen the biggest gains over the past 24 hours, gaining almost 8.5 percent by press time. This week, the altcoin has broken into the top ten coins by market cap, with its market cap having surpassed that of Tether (USDT). At press time, TRX’s market cap amounts to around $2.6 billion, while Tether’s market cap has fallen from its intraweek high of $2.7 billion to a current $2.5 billion, according to Coinmarketcap.

Earlier this week, on July 26, the U.S. Securities and Exchange Commission (SEC) officially rejected the Winklevoss twins’ petition looking to review the previous rejection of their Bitcoin exchange-traded fund (ETF) in March 2017.

Subsequently, SEC Commissioner Hester M. Peirce published an official dissent of the second rejection of the Winklevoss’ application. Peirce argued that the financial regulator has overstepped “its limited role” since it focused on the features of the underlying BTC market, rather than the derivatives that the applicant intended to list.

On July 27, Nasdaq held a private meeting with representatives from both traditional finance and crypto industry firms to discuss a way to “get the [crypto] industry on the path to legitimacy.”

window.fbAsyncInit = function() { FB.init({ appId : '1922752334671725', xfbml : true, version : 'v2.9' }); FB.AppEvents.logPageView(); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '1922752334671725'); fbq('track', 'PageView'); This news post is collected from Cointelegraph

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The post Total Crypto Market Cap Sees Slight Decline, Bitcoin Keeps Holding Its Position appeared first on Legit or Scam.

Read more from → https://legit-scam.review/total-crypto-market-cap-sees-slight-decline-bitcoin-keeps-holding-its-position

[legit-scam-review]

Total Market Cap See Slight Decline, Bitcoin Keeps Holding Its Position

Sunday, July 29: crypto markets have seen diverging trends over a 24 hour period, with nine out of the ten top cryptocurrencies by market cap slightly in the green, according to Coinmarketcap.

Market visualization from Coin360

Bitcoin (BTC) is slightly up by less than one percent over the past 24 hours and is trading at around $8,206 at press time, with an intraday high of $8,285. The major cryptocurrency reached as high as $8,431 this week, following the crypto market rebound that started in mid-July. Holding the some of the biggest gains among the top ten coins over the past week, Bitcoin is now up almost 39 percent over the past month.

Bitcoin 1 month price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s market dominance over altcoins also keeps growing, currently amounting to almost 47.5 percent.

Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

Ethereum (ETH) is down a negligible percentage over a 24 hour period, trading at around $466 at press time. The top altcoin keeps fluctuating around $460, having seen its intraday high of $470. Over the past week, ETH reached its peak of $483 on July 25.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is hovering around $297 billion by press time, after touching $304 billion earlier this week.

Total market capitalization chart. Source: Coinmarketcap

TRON (TRX) has seen the biggest gains over the past 24 hours, gaining almost 8.5 percent by press time. This week, the altcoin has broken into the top ten coins by market cap, with its market cap having surpassed that of Tether (USDT). At press time, TRX’s market cap amounts to around $2.6 billion, while Tether’s market cap has fallen from its intraweek high of $2.7 billion to a current $2.5 billion, according to Coinmarketcap.

Earlier this week, on July 26, the U.S. Securities and Exchange Commission (SEC) officially rejected the Winklevoss twins’ petition looking to review the previous rejection of their Bitcoin exchange-traded fund (ETF) in March 2017.

Subsequently, SEC Commissioner Hester M. Peirce published an official dissent of the second rejection of the Winklevoss’ application. Peirce argued that the financial regulator has overstepped “its limited role” since it focused on the features of the underlying BTC market, rather than the derivatives that the applicant intended to list.

On July 27, Nasdaq held a private meeting with representatives from both traditional finance and crypto industry firms to discuss a way to “get the [crypto] industry on the path to legitimacy.”

window.fbAsyncInit = function() { FB.init({ appId : '1922752334671725', xfbml : true, version : 'v2.9' }); FB.AppEvents.logPageView(); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '1922752334671725'); fbq('track', 'PageView'); This news post is collected from Cointelegraph

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The post Total Market Cap See Slight Decline, Bitcoin Keeps Holding Its Position appeared first on Legit or Scam.

Read more from → https://legit-scam.review/total-market-cap-see-slight-decline-bitcoin-keeps-holding-its-position-4

[legit-scam-review]

Total Market Cap See Slight Decline, Bitcoin Keeps Holding Its Position

Sunday, July 29: crypto markets have seen diverging trends over a 24 hour period, with nine out of the ten top cryptocurrencies by market cap slightly in the green, according to Coinmarketcap.

Market visualization from Coin360

Bitcoin (BTC) is slightly up by less than one percent over the past 24 hours and is trading at around $8,206 at press time, with an intraday high of $8,285. The major cryptocurrency reached as high as $8,431 this week, following the crypto market rebound that started in mid-July. Holding the some of the biggest gains among the top ten coins over the past week, Bitcoin is now up almost 39 percent over the past month.

Bitcoin 1 month price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s market dominance over altcoins also keeps growing, currently amounting to almost 47.5 percent.

Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

Ethereum (ETH) is down a negligible percentage over a 24 hour period, trading at around $466 at press time. The top altcoin keeps fluctuating around $460, having seen its intraday high of $470. Over the past week, ETH reached its peak of $483 on July 25.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is hovering around $297 billion by press time, after touching $304 billion earlier this week.

Total market capitalization chart. Source: Coinmarketcap

TRON (TRX) has seen the biggest gains over the past 24 hours, gaining almost 8.5 percent by press time. This week, the altcoin has broken into the top ten coins by market cap, with its market cap having surpassed that of Tether (USDT). At press time, TRX’s market cap amounts to around $2.6 billion, while Tether’s market cap has fallen from its intraweek high of $2.7 billion to a current $2.5 billion, according to Coinmarketcap.

Earlier this week, on July 26, the U.S. Securities and Exchange Commission (SEC) officially rejected the Winklevoss twins’ petition looking to review the previous rejection of their Bitcoin exchange-traded fund (ETF) in March 2017.

Subsequently, SEC Commissioner Hester M. Peirce published an official dissent of the second rejection of the Winklevoss’ application. Peirce argued that the financial regulator has overstepped “its limited role” since it focused on the features of the underlying BTC market, rather than the derivatives that the applicant intended to list.

On July 27, Nasdaq held a private meeting with representatives from both traditional finance and crypto industry firms to discuss a way to “get the [crypto] industry on the path to legitimacy.”

window.fbAsyncInit = function() { FB.init({ appId : '1922752334671725', xfbml : true, version : 'v2.9' }); FB.AppEvents.logPageView(); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '1922752334671725'); fbq('track', 'PageView'); This news post is collected from Cointelegraph

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HashFlare Cloud Mining – Best Cloud Mining Pool to Increase Passive Income

HashFlare Cloud Mining is a bitcoin cloud mining platform that promises fixed fees, instant withdrawals, and multi-pool ...

User rating:

9.5

$0.8-$1.8 per 1 MH/s Try It Now

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If you have not already heard of the Bit Bubble Tech App, you undoubtedly wish to read this Bit Bubble Tech Review. We ...

User rating:

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The post Total Market Cap See Slight Decline, Bitcoin Keeps Holding Its Position appeared first on Legit or Scam.

Read more from → https://legit-scam.review/total-market-cap-see-slight-decline-bitcoin-keeps-holding-its-position-2

[legit-scam-review]

Total Market Cap See Slight Decline, Bitcoin Keeps Holding Its Position

Sunday, July 29: crypto markets have seen diverging trends over a 24 hour period, with nine out of the ten top cryptocurrencies by market cap slightly in the green, according to Coinmarketcap.

Market visualization from Coin360

Bitcoin (BTC) is slightly up by less than one percent over the past 24 hours and is trading at around $8,206 at press time, with an intraday high of $8,285. The major cryptocurrency reached as high as $8,431 this week, following the crypto market rebound that started in mid-July. Holding the some of the biggest gains among the top ten coins over the past week, Bitcoin is now up almost 39 percent over the past month.

Bitcoin 1 month price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s market dominance over altcoins also keeps growing, currently amounting to almost 47.5 percent.

Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

Ethereum (ETH) is down a negligible percentage over a 24 hour period, trading at around $466 at press time. The top altcoin keeps fluctuating around $460, having seen its intraday high of $470. Over the past week, ETH reached its peak of $483 on July 25.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is hovering around $297 billion by press time, after touching $304 billion earlier this week.

Total market capitalization chart. Source: Coinmarketcap

TRON (TRX) has seen the biggest gains over the past 24 hours, gaining almost 8.5 percent by press time. This week, the altcoin has broken into the top ten coins by market cap, with its market cap having surpassed that of Tether (USDT). At press time, TRX’s market cap amounts to around $2.6 billion, while Tether’s market cap has fallen from its intraweek high of $2.7 billion to a current $2.5 billion, according to Coinmarketcap.

Earlier this week, on July 26, the U.S. Securities and Exchange Commission (SEC) officially rejected the Winklevoss twins’ petition looking to review the previous rejection of their Bitcoin exchange-traded fund (ETF) in March 2017.

Subsequently, SEC Commissioner Hester M. Peirce published an official dissent of the second rejection of the Winklevoss’ application. Peirce argued that the financial regulator has overstepped “its limited role” since it focused on the features of the underlying BTC market, rather than the derivatives that the applicant intended to list.

On July 27, Nasdaq held a private meeting with representatives from both traditional finance and crypto industry firms to discuss a way to “get the [crypto] industry on the path to legitimacy.”

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Left, Right and Center: Crypto Isn’t Just for Libertarians Anymore

While some say crypto is apolitical, others argue a technology that takes direct aim at central bank-driven monetary policy can’t be anything otherwise.

Indeed, many early adopters were drawn to bitcoin’s revolutionary potential and there has long been a close association between libertarianism and cryptocurrency.

CoinDesk Research took the opportunity to test this association in our Q2 State of Blockchain Sentiment Survey. Among a wide range of questions, some were aimed at discovering the political leanings of the crypto community as they relate to the technology in general, as well as to specific coins.

And the findings were surprising.

The more than 1,200 crypto community respondents broke down to 8 percent anarcho-capitalists, 24 percent libertarians, 21 percent conservatives, 9 percent centrists, 27 percent liberals, 9 percent socialists and 3 percent nihilists. While liberal came out as the largest single category, if you combine libertarian and anarcho-capitalist, they outnumbered the liberals by 5 percentage points.

These identifications were chosen to best capture distinctive world views.

For example, libertarians can be statists (i.e., they may advocate limited government, but not necessarily the abolition of all government) whereas the anarcho-capitalists want to end the state outright. 

After combining categories into our composite of the left vs. right spectrum, we observe that 52 percent of the crypto community are right-wing and 45 percent identify as being on the left. While ideologies on the right appear to make up the majority, it’s not as wide a majority as you might expect.

Considering crypto’s origins and reputation, it’s fascinating that the left makes up such a substantial minority. Two factors could explain why these results deviate from commonly-held conceptions: time and crypto partisanship by coin (or coin tribalism).

Time:

Anecdotally, libertarians made up the overwhelming majority of early crypto advocates and thus the archetype stuck with the general movement. Since then, many more people have come into the crypto world drawn by rising prices and without such strong political views. 55 percent of our Q1 survey respondents started actively following crypto in 2017. These people could be motivated by politics, but more likely came in to make money and thus held views closer to that of the general population.

Coin Tribalism:

Ideology across cryptocurrencies shows incredible variety. Our survey results found that certain political ideologies clustered around particular coins. Bitcoin most closely resembles the general population, while other cryptos take their own unique  formations. Ethereum seems to have the highest percentage (55%) on the left while dash contains the highest concentration on the right (78%). XRP clusters towards the center, while monero inversely nurtures the extremes at both ends of the spectrum while also taking the mantle for highest percentage of anarcho-capitalists (36%).

Interpreting the data

We reached out to a few crypto thought leaders for reactions to these findings.

On the left, Santiago Siri, Founder of DemocracyEarth, remarked, “it’s interesting to confirm the ideological biases of the communities behind the leading cryptocurrencies of our time, although probably in crypto we might need a different spectrum: one-coin-to-rule-them-all maximalists versus free market multi-token holders.”

In the center, developer and host of Ivan on Tech, Ivan Liljeqvist, suggested that, “the people who were involved in crypto from the beginning were mostly leaning towards anarcho-capitalism and libertarianism, however that changed last year when the hype around Bitcoin and the entire crypto market attracted many other people with different backgrounds”.

On the right, the Bitcoin Sign Guy said it’s “not a surprise that the coins with highly centralized leadership and governance rank highly on leftism and socialism.”

Chris Derose, a longtime crypto personality and host of the podcast “Bitcoin Uncensored,” has been raising many questions around this topic.

After reviewing our results he commented:

“The 2016 election had major impacts on the demographics of blockchain. Bitcoin was principally a conservative movement of goldbugs and libertarians in its early years. And an unheralded accomplishment of the ethereum blockchain might be in its ability to reach progressive blockchain investors. The 2016 election forced a divide in the community, with libertarian pursuits of independence and conservative principles finding ground in the dash, bitcoin, and bitcoin cash camps – and with collectivist interests of the left finding solutions in crowdfunding and governance structures.”

The right-leaning pioneers of pre-2017 crypto are faced with leftist migrants to their tech territory. As adoption grows, this trend will most likely continue and decrease the representation of right-wingers in crypto, especially of those at the far end.

If so, the original intention of a decentralized sound money could be sidelined for Silicon Valley’s next consumerist app, Wall Street’s next derivative database, or Washington’s facelift on monetary policy.

Check out these insights and more in the latest CoinDesk Q2 State of Blockchain report.

Guy Fawkes image via Unsplash.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Left, Right and Center: Crypto Isn’t Just for Libertarians Anymore

While some say crypto is apolitical, others argue a technology that takes direct aim at central bank-driven monetary policy can’t be anything otherwise.

Indeed, many early adopters were drawn to bitcoin’s revolutionary potential and there has long been a close association between libertarianism and cryptocurrency.

CoinDesk Research took the opportunity to test this association in our Q2 State of Blockchain Sentiment Survey. Among a wide range of questions, some were aimed at discovering the political leanings of the crypto community as they relate to the technology in general, as well as to specific coins.

And the findings were surprising.

The more than 1,200 crypto community respondents broke down to 8 percent anarcho-capitalists, 24 percent libertarians, 21 percent conservatives, 9 percent centrists, 27 percent liberals, 9 percent socialists and 3 percent nihilists. While liberal came out as the largest single category, if you combine libertarian and anarcho-capitalist, they outnumbered the liberals by 5 percentage points.

These identifications were chosen to best capture distinctive world views.

For example, libertarians can be statists (i.e., they may advocate limited government, but not necessarily the abolition of all government) whereas the anarcho-capitalists want to end the state outright. 

After combining categories into our composite of the left vs. right spectrum, we observe that 52 percent of the crypto community are right-wing and 45 percent identify as being on the left. While ideologies on the right appear to make up the majority, it’s not as wide a majority as you might expect.

Considering crypto’s origins and reputation, it’s fascinating that the left makes up such a substantial minority. Two factors could explain why these results deviate from commonly-held conceptions: time and crypto partisanship by coin (or coin tribalism).

Time:

Anecdotally, libertarians made up the overwhelming majority of early crypto advocates and thus the archetype stuck with the general movement. Since then, many more people have come into the crypto world drawn by rising prices and without such strong political views. 55 percent of our Q1 survey respondents started actively following crypto in 2017. These people could be motivated by politics, but more likely came in to make money and thus held views closer to that of the general population.

Coin Tribalism:

Ideology across cryptocurrencies shows incredible variety. Our survey results found that certain political ideologies clustered around particular coins. Bitcoin most closely resembles the general population, while other cryptos take their own unique  formations. Ethereum seems to have the highest percentage (55%) on the left while dash contains the highest concentration on the right (78%). XRP clusters towards the center, while monero inversely nurtures the extremes at both ends of the spectrum while also taking the mantle for highest percentage of anarcho-capitalists (36%).

Interpreting the data

We reached out to a few crypto thought leaders for reactions to these findings.

On the left, Santiago Siri, Founder of DemocracyEarth, remarked, “it’s interesting to confirm the ideological biases of the communities behind the leading cryptocurrencies of our time, although probably in crypto we might need a different spectrum: one-coin-to-rule-them-all maximalists versus free market multi-token holders.”

In the center, developer and host of Ivan on Tech, Ivan Liljeqvist, suggested that, “the people who were involved in crypto from the beginning were mostly leaning towards anarcho-capitalism and libertarianism, however that changed last year when the hype around Bitcoin and the entire crypto market attracted many other people with different backgrounds”.

On the right, the Bitcoin Sign Guy said it’s “not a surprise that the coins with highly centralized leadership and governance rank highly on leftism and socialism.”

Chris Derose, a longtime crypto personality and host of the podcast “Bitcoin Uncensored,” has been raising many questions around this topic.

After reviewing our results he commented:

“The 2016 election had major impacts on the demographics of blockchain. Bitcoin was principally a conservative movement of goldbugs and libertarians in its early years. And an unheralded accomplishment of the ethereum blockchain might be in its ability to reach progressive blockchain investors. The 2016 election forced a divide in the community, with libertarian pursuits of independence and conservative principles finding ground in the dash, bitcoin, and bitcoin cash camps – and with collectivist interests of the left finding solutions in crowdfunding and governance structures.”

The right-leaning pioneers of pre-2017 crypto are faced with leftist migrants to their tech territory. As adoption grows, this trend will most likely continue and decrease the representation of right-wingers in crypto, especially of those at the far end.

If so, the original intention of a decentralized sound money could be sidelined for Silicon Valley’s next consumerist app, Wall Street’s next derivative database, or Washington’s facelift on monetary policy.

Check out these insights and more in the latest CoinDesk Q2 State of Blockchain report.

Guy Fawkes image via Unsplash.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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There’s a Bigger Scam Than Anything in Crypto, It’s Called KYC/AML

Edan Yago has spent the last seven years engaged in payments using cryptocurrencies, first at Zynga, then as CEO of Epiphyte and now as the founder of a stealth startup developing a meta-stablecoin platform.

Follow him on Twitter here.

The worst-kept secret in cryptocurrency is that many projects are little better than scams: they’ve digested billions of dollars and what’s come out of the other side has been, well… use your imagination.

But what about the ever-increasing, ever-complex, ever-demanding know-your-customer (KYC) and anti-money-laundering (AML) practices required of young fintech and crypto startups when onboarding customers?

These practices have cost us many more billions than all initial coin offering (ICO) scams put together – and what they have produced, in my estimation, is worse than nothing.

They have created an all-pervasive, global surveillance apparatus. A system that keeps billions in poverty, kills innovation and provides an excuse for the banking system to lock out the competition.

Financial exclusion

Stepping back, in 1970, the U.S. passed the Bank Secrecy Act, which weaponized banking and financial institutions, turning them into an unofficial secret police. From then on, anyone dealing in finance was under ever-stricter orders to monitor the activity of their customers, pass details of “suspicious activity” to the authorities and block financial access to undesirables.

The direct cost of this compliance to the financial companies is now in the billions every year. But that is only the smallest part of its social cost.

Similarly to the war on drugs, the U.S. has encouraged KYC/AML regulations to spread around the world. Most countries have enthusiastically adopted them, and those that tried to resist, like Switzerland, eventually bowed to intense pressure. Today most of the countries of the world are joined together – administering the least publicized, most global form of Big Brother surveillance in existence.

Privacy issues aside, these requirements have ended up excluding an ever-increasing number of groups from the financial system. Immigrants, poor people and anyone without “appropriate” government-issued ID is left out of the formal financial sector.

In the U.S., over 10 million people are unbanked, and millions more in the U.K. But it is the developing world that suffers most.

Entire countries have fallen victim to prejudice and a lazy risk aversion on the part of the banks. Many small countries in the Caribbean, the Pacific and Africa are almost entirely locked out of the global payments system.

An entire country, Somalia, began to starve because U.K. banks decided it was not worth the bother to bank remittance services. Forty percent of the country’s population relied on these remittances – people sending their hard-earned savings home to feed their families. The U.K. banks’ excuse: payments to Somalia were “high-risk,” a euphemism for not worth the compliance cost of dealing with people with poor documentation. Invariably, those who pay the highest cost are society’s weakest.

Perhaps the greatest cost of KYC/AML is impossible to measure because it’s the things that never happened. We will never know how many innovative products and solutions never came to be because they did not fit, or could not afford, the current compliance regime.

In the crypto space, we see it every day. How many services died because they could not get banking? How many startups withered because they were forced to spend precious capital on lawyers, lawyers and more lawyers?

How many fintech alternatives could not begin to operate because they could not get licensing? How many alternatives to banking would the poor, the young, all of us, have if financial companies were not forced to be an unofficial arm of law enforcement?

We will never know.

Costs vs. benefits

To justify financial Big Brother, governments do what they always do in defense of intrusive measures. They trot out an ever-growing list of Very Scary Things™.

These include drug barons, terrorists, dictators, Iranians, and, worst of all, tax dodgers. Governments have sponsored any number of studies that show that KYC/AML helps frustrate the efforts of these Money Launderers™.

And perhaps they do frustrate the odd terrorist or oligarch (though apparently not very much). However, the question that is never asked is, at what cost?

Is it worth the more inconvenient, more expensive service we are all subjected to? Is it worth the exclusion of poor or marginalized people? Is it worth the entrenchment of the banking system?

Is it worth the massive troves of private information collected by every financial company and frequently stolen by hackers? Is it worth the creation of a massive, semi-privatized, global surveillance system?

It had better be. Otherwise, what a tragic, heart-breaking waste.

Inaccessible piggy bank image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Retains Bull Bias Despite Price Drop to Below $8K

Bitcoin’s (BTC) drop below $8,000 yesterday may have tempered the positive mood in the market, but the broader outlook still remains bullish, technical charts indicate.

The overnight drop in price came soon after the Securities and Exchange Commission’s (SEC) second rejection of the Winklevoss brothers’ application for a bitcoin ETF.

While the decision may have soured the sentiment in the market, the price pullback was also likely a function of overbought conditions. Notably, the short-duration price chart had warned of a dip below $8,000 yesterday.

At press time, the world’s largest cryptocurrency by market capitalization is trading at $7,965 on Bitfinex, having clocked a three-day low of $7,848 earlier today.

It is worth noting that BTC is still up 40 percent from the June 24 low of $5,755, despite the pullback from the two-month highs above $8,500. Thus, it is safe to say the bull market is intact.

4-hour chart

The bearish divergence of the relative strength index (RSI) seen in the above chart may have helped trigger a correction in prices.

The drop saw the cryptocurrency beaching the rising channel yesterday, neutralizing the immediate bullish outlook and also establishing a lower highs and lower lows pattern (bearish setup).

That said, the path of least resistance remains to the upside as the 50-candle, 100-candle, and 200-candle moving averages (MAs) are rising and located one above the other.

The pullback has also allowed the RSI to position itself in a more bull-positive way, meaning it is no longer reporting overbought conditions.

Daily chart

Investors may feel tempted to question the validity of the long-term bullish breakout discussed yesterday as BTC has fallen back into a descending channel.

However, asset prices tend to revisit key support levels (former resistance levels) immediately after a long-term bullish breakout due to overbought conditions. This is widely referred to as a “crowding out of weak hands” (that is, bulls with low-risk appetite) before a bigger rally.

Hence, a long-term bullish breakout remains on the cards and would be confirmed if BTC makes a weekly close (as per UTC) above $8,050 (falling channel resistance) on Sunday.

Meanwhile, BTC retains a short-term bullish outlook, as the 5-day and 10-day MAs continue to rise in favor of the bulls. What’s more, BTC is also trading well above the 50-day MA and 100-day MA hurdle.

View

The short-term outlook remains bullish, despite the overnight correction in BTC prices.

The 200-day moving average hurdle of $8,557 could be put to test over the weekend if prices find acceptance above $8,000 in the next 24 hours.

On the downside, only a daily close below the rising 10-day MA of $7,718 would abort the short-term bullish view.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; Charts by Trading View

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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Crypto Markets Tumble as SEC Rejects Winklevoss Twins’ Second Bitcoin ETF Application

Crypto markets have taken a sharp downturn, today, July 27, with all of the top ten coins by market cap hit by hefty losses and Bitcoin (BTC) dipping back below the $8,000 psychological price point, as data from Coin360 shows.

The grim market picture is likely due to yesterday’s breaking news that the Winklevoss Twins’ application for a Bitcoin exchange-traded fund (ETF) has now been rejected for a second time by the U.S. Securities and Exchange Commission (SEC).

Market visualization from Coin360

Bitcoin (BTC) is trading around $7,915 to press time, down about 4 percent on the day. After leading last week’s impressive market uptick and hitting as high as $8,431 July 25, the coin tumbled over $400 within the space of 3 hours earlier today.

Bitcoin has since slightly recovered from its intraday low at around $7,874 — and its weekly and monthly price performance remains in the green, up around 6 and 30 percent respectively.

Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is trading around $462 at press time, down about 3 percent on the day. The altcoin took a similarly sharp plunge to Bitcoin, losing roughly $20 in value within 3 hours, and later dipping yet further to see a 24-hour low of around $459. Ethereum’s weekly price performance is now just shy of half a percent in the negative, but it’s monthly gains remain at a firm 6 percent.

Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index

On CoinMarketCap’s listings, all of the top 10 coins by market cap are down between 3 and 7 percent on the day.

Stellar (XLM) has seen the steepest loss of the top ten, 6.5 percent in the negative and trading around $0.305 to press time. Cardano (ADA) is down almost 7 percent, trading around $0.16 per coin, with IOTA (MIOTA) down around 5.4 percent at $0.98 and Bitcoin Cash (BCH) down almost 5 percent to trade at $802 to press time.

Of the top 20 coins on CoinMarketCap, VeChain — ranked 18th by market cap — has somehow been immunized from the declining fortunes of most crypto assets on the day. After a major surge yesterday to hit as high as $2.66, the token is still up around 13.5 percent today and is trading at around $2.36 to press time.

VeChain 7-day chart. Source: CoinMarketCap

Crypto exchange Binance’s native token Binance Coin (BNB) — ranked 17th on CoinMarketCap — is also up a solid 6 percent on the day, trading around $13.81 to press time — its highest price point yet during its bullish run this week.

Binance Coin 7-day chart. Source: CoinMarketCap

Over $12 billion has been wiped from the total market capitalization of all cryptocurrencies on the day. After yesterday’s peak at $303.7 billion, total market cap is now around $290 billion.

Total market capitalization of all cryptocurrencies from CoinMarketCap

Of the top 100 cryptocurrencies by market cap, just seven coins are in the green on the day to press time, according to CoinMarketCap.

Crypto entrepreneur Charlie Shrem has argued on Twitter yesterday that the SEC’s second rejection of the Winklevoss Bitcoin ETF it is in some sense “old news.” He stated that a pending decision over the Bitcoin ETF that has recently been filed by VanEck & SolidX for trading on the Chicago Board Options Exchange (CBOE) will be more pivotal for the industry — and would likely generate more price-impactful “ETF excitement.”

Shrem moreover argued that regulators will be more likely to grant a stalwart mainstream institution such as CBOE the right to trade an ETF, and that this was a more decisive factor in the Winklevoss rejection than the SEC’s alleged qualms over inadequate “resistance to price manipulation” yesterday. In response to Shrem’s argument, other commentators have nuanced his perspective, saying that:

“The VanEck SolidX Bitcoin Trust ($XBTC) will trade on the CBOE. Its pricing relies on the MVIS Bitcoin OTC Index, not a [single crypto] exchange like Gemini. It seems like the SEC would have to deem OTC markets as having better investor protections and liquidity. More investigation is required.”

Other simply consider that the SEC’s broadcasting of its concerns over vulnerabilities to market manipulation in an insufficiently sized regulated derivatives (futures) market will be “hard to overcome” — it appears that these fears have been borne out by markets, at least in the immediate-short term.

Meanwhile, on July 24 the SEC delayed its decision on a Bitcoin ETF application from investment firm Direxion, the same day as digital asset manager Bitwise filed its own application with the regulator for an ETF that would track an index of ten cryptocurrencies.

Yesterday, the CEO of the Chicago Mercantile Exchange (CME) said the institution would not be introducing futures on cryptocurrencies other than Bitcoin anytime soon, reiterating his earlier comments that it would be “a little irresponsible” to launch altcoin futures contracts given that they are still “highly volatile and new.”

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A Solution to China’s Pharma Woes Might Be a Blockchain Away

A still-evolving vaccine scandal in China prompted a range of social media discussions in the past week around how blockchain could have prevented such a situation – or how it might be used to stop it in the future.

To recap, ChangChun Changsheng Bio-technology, a pharmaceutical firm based in Jilin, is accused of having sold about 252,600 units of questionable DPT vaccine, not long after this Shenzhen-listed public firm was found forging data on about 113,000 substandard rabies vaccines, according to a report from the South China Morning Post.

Notably, this is not the first vaccine-related scandal occurred in China in the past year. Several pharmaceutical companies have been involved in producing and selling a great number of DPT vaccines, and a majority of them remain unpunished to this day.

There’s little doubt that the latest exposure of wrongdoing has caused yet another outcry among the public and the scandal-plagued pharmaceutical industry. At its heart, the snowballing problems have raised a core question: how can Chinese families protect their kids and themselves?

The idea that blockchain could allow for the more efficient dispersal of data about vaccines spread soon after the rabies vaccine scandal broke.

A computer programmer under the username @wstart arguably got the ball rolling on V2EX, a Reddit-like online community. According to his post, after spending about 14 hours on data mining and coding, he was able to locate problematic vaccines in 30 provinces.

During the process, he explained, it became apparent how surprisingly difficult it was to gather all the information he needed, with some still remaining unavailable or unsearchable.

And that’s when the crypto community in China started to come out and highlight blockchain as a possible solution.

Chaining data

As CoinDesk reported Monday, Xiaolai Li, one of the best-known of the country’s crypto investors, was among the first to have sparked the discussion about blockchain adoption in the pharmaceutical industry.

In his WeChat article, the crypto investor argued that the technology could help offer visibility as medicines move through the supply chain – that is, as they transported from the facility at which they are made to the hospitals that distributed them.

According to anonymous commentary which appeared on Jianshu, a blog site in China, the author said that blockchain has largely been “demonized” by many people because of the many token sale scandals (China banned ICOs in 2017).

But people should also remind themselves that blockchain itself is only a technology, the anonymous poster argued.

And the idea of Chinese firms using blockchain for supply-chain purposes isn’t exactly new. Companies like JD.com and Walmart are already applying the tech to tracing food shipments, for example.

Zhipeng Cheng, a financial commentator at China Finance Online, a China-based financial information company, offered a more detailed plan on how blockchain can be used in the pharmaceutical industry in an op-ed from earlier this week.

By using blockchain technology, he said in his article, the National Institutes for Food and Drug Control (NIFDC) can form a public chain for its inspection technology and share its technology for vaccines tracking. Institutes and organizations can apply and participate in the public chain, he argued.

Though just a technology, Cheng said that he believes the country should “embrace blockchain and put it into practice.”

From ideas to practice?

Local news stories suggest that movement toward this is already taking place.

Beijing News, a Beijing government-backed news outlet, reported on July 24 that several blockchain firms in China are already responding to the growing chatter about making vaccines safer and have responded by putting keywords like “vaccines” and “embed vaccine on chain” in their social media accounts.

Yet not everyone seems so enthusiastic about the concept.

The question “can a mathematical algorithm really solve a trust crisis?” was posted by a commentator on DoNews, a technology news website in China, earlier this week.

As they argued:

“Blockchain technology cannot put an end to the production of the problematic vaccines, and it would even be hard to change the status quo – because the operation of this industry is deeply centralized. It is simply an abysmal ‘black box.’ Nobody can really be sure about the trace of the internal operation until any serious problems leak again. Once that happens, its “system” would give you some sort of ‘data’ which would make you feel stupid.”

The author then concluded that blockchain is only a technology, which will not solve the much more complicated social issues that deeply rooted in Chinese society.

Another article from July 23 appeared on Zhihu, the Chinese version of Quora, also doubted the feasibility of the blockchain adoption from a more technological side.

People cannot guarantee “the authenticity of the original information,” the author argued. “For example, the information of the vaccine production can be false even before it gets on the chain.”

Indeed, at least one startup has attracted the interest from regulators regarding a claim that it is putting together a blockchain platform for this purpose, as CoinDesk previously reported.

Censorship at work

The examples show that there is an earnest discussion taking place within China’s social media ecosystem on this dilemma.

But the ever-present issue of state censorship makes it difficult to get a firm grasp on how detailed the conversations have been beyond news outlets and blog posts and the comments that accompany them.

On Weibo, for example, no results are shown when searching the keywords “blockchain” and “vaccine” – an indication that those posts are being masked. Yet notably, it may be blockchain itself that helps enable conversations the one taking place around the vaccine issue.

The original article – dubbed “the King of Vaccine,” which unveiled the newest scandal – is currently blocked on Chinese social media. Yet someone has permanently recorded it on the ethereum blockchain, as shown on Etherescan.

As this post on BTC123.com, a China-based crypto online community, explained:

“At 2.49. 54 (s) a.m. July 22, 2018, an article named ‘the King of Vaccine’ has been permanently recorded on Etherescan at 6007493. It might just be a small step in the blockchain world. Someday, it might become a huge step in the human history.”

Vaccination image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Crypto Markets Tumble as SEC Rejects Winklevoss Twins’ Second Bitcoin ETF Application

Crypto markets have taken a sharp downturn, today, July 27, with all of the top ten coins by market cap hit by hefty losses and Bitcoin (BTC) dipping back below the $8,000 psychological price point, as data from Coin360 shows.

The grim market picture is likely due to yesterday’s breaking news that the Winklevoss Twins’ application for a Bitcoin exchange-traded fund (ETF) has now been rejected for a second time by the U.S. Securities and Exchange Commission (SEC).

Market visualization from Coin360

Bitcoin (BTC) is trading around $7,915 to press time, down about 4 percent on the day. After leading last week’s impressive market uptick and hitting as high as $8,431 July 25, the coin tumbled over $400 within the space of 3 hours earlier today.

Bitcoin has since slightly recovered from its intraday low at around $7,874 — and its weekly and monthly price performance remains in the green, up around 6 and 30 percent respectively.

Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is trading around $462 at press time, down about 3 percent on the day. The altcoin took a similarly sharp plunge to Bitcoin, losing roughly $20 in value within 3 hours, and later dipping yet further to see a 24-hour low of around $459. Ethereum’s weekly price performance is now just shy of half a percent in the negative, but it’s monthly gains remain at a firm 6 percent.

Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index

On CoinMarketCap’s listings, all of the top 10 coins by market cap are down between 3 and 7 percent on the day.

Stellar (XLM) has seen the steepest loss of the top ten, 6.5 percent in the negative and trading around $0.305 to press time. Cardano (ADA) is down almost 7 percent, trading around $0.16 per coin, with IOTA (MIOTA) down around 5.4 percent at $0.98 and Bitcoin Cash (BCH) down almost 5 percent to trade at $802 to press time.

Of the top 20 coins on CoinMarketCap, VeChain — ranked 18th by market cap — has somehow been immunized from the declining fortunes of most crypto assets on the day. After a major surge yesterday to hit as high as $2.66, the token is still up around 13.5 percent today and is trading at around $2.36 to press time.

VeChain 7-day chart. Source: CoinMarketCap

Crypto exchange Binance’s native token Binance Coin (BNB) — ranked 17th on CoinMarketCap — is also up a solid 6 percent on the day, trading around $13.81 to press time — its highest price point yet during its bullish run this week.

Binance Coin 7-day chart. Source: CoinMarketCap

Over $12 billion has been wiped from the total market capitalization of all cryptocurrencies on the day. After yesterday’s peak at $303.7 billion, total market cap is now around $290 billion.

Total market capitalization of all cryptocurrencies from CoinMarketCap

Of the top 100 cryptocurrencies by market cap, just seven coins are in the green on the day to press time, according to CoinMarketCap.

Crypto entrepreneur Charlie Shrem has argued on Twitter yesterday that the SEC’s second rejection of the Winklevoss Bitcoin ETF it is in some sense “old news.” He stated that a pending decision over the Bitcoin ETF that has recently been filed by VanEck & SolidX for trading on the Chicago Board Options Exchange (CBOE) will be more pivotal for the industry — and would likely generate more price-impactful “ETF excitement.”

Shrem moreover argued that regulators will be more likely to grant a stalwart mainstream institution such as CBOE the right to trade an ETF, and that this was a more decisive factor in the Winklevoss rejection than the SEC’s alleged qualms over inadequate “resistance to price manipulation” yesterday. In response to Shrem’s argument, other commentators have nuanced his perspective, saying that:

“The VanEck SolidX Bitcoin Trust ($XBTC) will trade on the CBOE. Its pricing relies on the MVIS Bitcoin OTC Index, not a [single crypto] exchange like Gemini. It seems like the SEC would have to deem OTC markets as having better investor protections and liquidity. More investigation is required.”

Other simply consider that the SEC’s broadcasting of its concerns over vulnerabilities to market manipulation in an insufficiently sized regulated derivatives (futures) market will be “hard to overcome” — it appears that these fears have been borne out by markets, at least in the immediate-short term.

Meanwhile, on July 24 the SEC delayed its decision on a Bitcoin ETF application from investment firm Direxion, the same day as digital asset manager Bitwise filed its own application with the regulator for an ETF that would track an index of ten cryptocurrencies.

Yesterday, the CEO of the Chicago Mercantile Exchange (CME) said the institution would not be introducing futures on cryptocurrencies other than Bitcoin anytime soon, reiterating his earlier comments that it would be “a little irresponsible” to launch altcoin futures contracts given that they are still “highly volatile and new.”

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