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Sunday, 17 February 2019

Mayer Multiples: The Metric That Helps Call Bitcoin Bubbles and Bottoms

Identifying speculative bubbles or bearish exhaustion may be possible through the use of a fairly new metric known as the Mayer Multiple.

via CoinDesk

Saturday, 16 February 2019

Our Secret City


The Week in Business: Amazon Breaks Up With New York, and Warren Buffett Takes Stock


Bitcoin Is… Bitcoin Just Is What?

What is bitcoin? 40 experts show that 10 years later, it's still a question with a variety of answers.

via CoinDesk

Maker’s MKR Crypto Outperforms in February with 37% Gains

Ethereum-based cryptocurrency Maker is outperforming the broader markets with a 37 percent gain on a month-to-date basis.

via CoinDesk

Metrics May Point to Ether Being Undervalued

There is a dichotomy between theory and practice of what fundamental demand indicators should be driving the price of ether.

via CoinDesk

Friday, 15 February 2019

Distributed Dialogues EP #17 - Low Hanging Fruit

"Once people become comfortable with blockchain ... Remember, blockchain is really tainted by bitcoin, which is tainted by the dark web. Healthcare is looking at it going, "Oh my God, this is a creepy space. We don't want any piece of this." Well, that's a problem if you're an entrepreneur. You want to choose something that has minimum amount of regulation, biggest upside possible, get everybody comfortable, move forward." - Dr. Alan Pitt

Many companies in the healthcare sector have been exploring how blockchain technology can upend long-standing processes that have bogged down the system for decades. However, a lot of them are attempting to tackle major, big-picture issues that could take decades to accomplish with a budding technology. So we asked our guests, "What's something tangible that could be accomplished in the near future?" This episode explores those responses, with a little help and humor from Dave and Grahm. Enjoy!

Distributed Dialogues is a BTC Media-produced podcast on The Let's Talk Bitcoin Network. Visit for more engaging podcasts and follow us on twitter @DistributedDD.

Music provided by: Trent Ubben

Episode Sponsors: Butcherbox

Special Offer: Limited time offer! Visit for $20 off your first order, two free filet mignons and a free box of bacon! Holy Titanic, Batman! That's a lot of meat!!!!

Remember to like, share and subscribe!

via The Let's Talk Bitcoin Network

What Bitcoin Did #74 How Bitcoin Works With Matt Corallo

'Å“Bitcoin is the culmination of 30 years of attempts at building digital money for the internet.' '" Matt Corallo

Interview location: London

Interview date: Thursday 7th Feb, 2019

Company: Chaincode Labs

Role: CEO

What is Bitcoin? Is it digital gold? Is it money?

Whoever I put this question to, the answer always changes but one thing that is consistent is that it always retains to technology and value. Perhaps Bitcoin is therefore many things which come together to create a new type of financial infrastructure.

In this episode, I talk with Bitcoin Core developer, Matt Corallo. We discuss what makes Bitcoin work, covering topics such as the Lightning Network, fungibility and inflation. We also talk about issues important to Matt such as BetterHash and adoption.

This episode is also on:

Listen to more What Bitcoin Did episodes

via The Let's Talk Bitcoin Network

Wyoming Passes New Friendly Regulations for Crypto Assets


The Wyoming state government has been expanding its status as a hub for crypto and blockchain technology by passing several new bills this February.

According to Wyoming-based blockchain advocate Caitlin Long, the state of Wyoming has recently passed resolution SF0125 on February 14, 2019, claiming that Wyoming “law recognizes property rights in the direct ownership of digital assets.” The bill plainly states “that digital assets are property within the Uniform Commercial Code” and goes on to elaborate some of its ramifications.

Long gave a succinct rundown of the bill’s most salient points, stating that “In other words, you're not forced to own digital securities through an intermediary. Blockchain tech enables direct ownership of assets, and now the law does too.” Since property law in the United States is in the hands of state jurisdiction, this new step is not only safe from the federal government but also can serve as a model for other states.

“It makes perfect sense that Wyoming is the epicenter of blockchain law in the US,” said Long, a Wyoming native. “That's also why institutional investors, which are prohibited by federal law from directly owning the assets they manage, can rest assured that Wyoming's digital asset custodians are actually solvent.”

This is not the only accomplishment made by pro-crypto voices in Wyoming, however. On February 2, 2019, the Wyoming State Senate also passed a bill updating the classification of crypto assets, including a clause to formally label them as currencies.

According to the text of the bill, crypto assets can be considered to have three different statuses for legal purposes: digital consumer assets, digital securities and virtual currencies. All three of these definitions are specifically registered as personal property rather than private property, formally upholding a stance that other jurisdictions overseas and abroad have taken.

More significantly, however, the bill also further elaborates on the specific terms and conditions for each of these three statuses. In addition to the respective classifications of “general intangibles” and securities, the bill also states that “virtual currency is intangible personal property and shall be considered money.”

In redefining the legal status of crypto in this way, it formally opens up the possibility for ordinary citizens to treat crypto as an actual currency on a daily basis. This, in turn, could provide the impetus for a more comprehensive tax code or new business use cases.

Wyoming has been cultivating a reputation as a major crypto haven in the United States, in a bid to angle itself as the blockchain hub of the nation. In addition to enabling blockchain into stock certificates with bipartisan support in January 2019, Wyoming has also helped make banking laws more friendly for blockchain companies last December. Many Wyoming legislators are evidently, at the very least, sympathetic to making blockchain a new Wyoming industry and further friendliness can be expected in the future.

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Decentralized Finance Emerges as Banner Topic at Ethereum Denver Conference

ETHDenver kicked off with an address by Aave CEO Stani Kulechov about a hot new wave of decentralized finance applications.

via CoinDesk

QuadrigaCX CEO Widow Sells Estate Assets, Reportedly Places Others in Trust


Jennifer Robertson, the widow of the late QuadrigaCX exchange CEO, appears to be liquidating and shuffling some estate assets.

When QuadrigaCX founder and CEO Gerald Cotten passed away suddenly in December of 2018 in India, he was allegedly the only person with the knowledge of the exchange’s cold storage keys. In his will, Cotten names Robertson executrix of his estate, as well as endowing her as its primary beneficiary. The exchange waited roughly a month from Cotten’s reported time of death to making his passing public, enough time for his widow to go through probate and transfer the estate’s assets to her name.

Cotten’s will itemizes a host of high-end assets that are now under Robertson’s control. The CEO left his wife his Jeanneau 51 sailboat; an airplane, a Lexus and a Mini Cooper (among other unnamed motor vehicles); and properties at 1021 Lamont Lane, Kelowna, British Columbia, 71 Kinross Court in Nova Scotia, 511 and 512 Ringling Court in Nova Scotia and 34 Little Island and Seaview Drive in Nova Scotia to his widow. He also left $100,000 for the continued care of his two chihuahuas, Gully and Nitro.

According to Canadian news outlet the Chronicle Herald, Robertson has taken out a second mortgage on each of these properties and placed at least two in a trust fund called the Seaglass Trust, a strategic legal move that lawyers told the outlet could add a layer of insulation between the assets and creditors in the ongoing QuadrigaCX litigation. Bitcoin Magazine could not independently validate that the trust exists.

The Chronicle Herald also reports that Robertson has sold the Kinross property for $1.1 million CAD. A source close to the matter, who asked to remain anonymous, told Bitcoin Magazine that they spoke with a real estate agent who claims to have represented Robertson in the house’s sale.

Cotten’s sailboat was also reportedly listed for sale for nearly $500,000 CAD, though the post has since been taken down (archived link here).

Another dozen properties in Halifax valued at roughly $6 million CAD are reportedly under the management of Robertson’s real estate company, Robertson Nova Property Management Inc., according to the Chronicle Herald. Robertson is listed as the company’s director, president/secretary and recognized agent, according to Nova Scotia public records, with the couple’s former Kinross residence listed as its office. In his will, Cotten dictated that his shares in the company are to be jointly shared between Robertson’s mother Carol Terry and her spouse Thomas Beazley.

As reported by Bitcoin Magazine, QuadrigaCX customers report receiving funds from Robertson Nova Property Management Inc. (showing up as RNC Inc., a.k.a., Robertson Nova Property Management Inc., on their bank statements). The deposit confirmation emails for these payments include reply-to lines with one of two emails believed to belong to Jennifer Robertson. If Robertson was involved with the company’s operations, that would contradict her sworn affidavit that she was not implicated in its dealings during Cotten’s life.

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Earn Zcash while learning about blockchain privacy

Is It Time to Take an Initiative to Decrease Bitcoin’s Block Size Seriously?


Whilst debate raged throughout the Bitcoin community over whether the block size limit should be increased and how, Luke-jr for years stood out for arguing the exact opposite position. One megabyte blocks weren’t too small, he maintained even as SegWit’s block size increase gained broad support, they were too big. No increase, but a decrease was needed.

Now, the Bitcoin Knots and Bitcoin Core developer is spearheading an attempt to make such a decrease happen, as a temporary measure. And if social media is any indication, the initiative is attracting more interest than many might have expected it would.

“I don't know if the proposal will be adopted or not, but support has been growing due to the block size becoming more and more apparently a problem,” Luke-jr told Bitcoin Magazine.

Block Size Decrease

Of course, the arguments for decreasing the block size limit are similar to the by now oft-repeated arguments against increasing the block size limit. In short, bigger blocks add to the cost of running a node (making it more expensive for users to enforce the protocol rules), could increase mining centralization (risking censorship resistance), and reduces fee pressure (translating into less hash power security).

The most pressing problem of these, for Luke-jr, is the cost of running a full node. This is perhaps best exemplified by the time it takes to initially sync such a node. Getting up to speed with the rest of the network can take days even on modern laptops with a good internet connection.

“Users acting on that cost by simply choosing not to run a full node is a problem,” Luke-jr said. “When someone does finally attack Bitcoin, it will split the network — full node users on one chain, and light wallet users on the other.”

In case of such a broad scale attack on light wallet users, “a New York Agreement-in-secret,” Luke-jr envisions a worst-case scenario where these users would rather continue to use the invalid chain they’d been defaulting to since the attack, instead of switching back to the original chain.

“Which side prevails inevitably depends on the economic pressure of users of each chain. If most people are using light wallets, then full node users will lose out, and the invalid chain effectively becomes simply a hard fork to Bitcoin,” he argued, leaving little room for nuance. “That means all protocol rules are open to change, including the ones that forbid inflation, theft, etcetera.”

Following Luke-jr’s reasoning, Bitcoin is well into the danger zone already, as relatively few users rely on full nodes to accept payments. And it may be getting worse. Bitcoin’s blockchain grows each day, and while Moore’s Law and similar trends of computational improvements negate the associated problems with this growth to an extent, the Bitcoin Knots lead maintainer thinks technological progress is not yet keeping up. (It’s no exact science, but the drop in reachable node count over the past year could suggest that the blockchain size is indeed becoming a problem for more users — then again this node count is up over the past two years.)

On the flip side, the main argument against smaller blocks is that it would limit the number of transactions the Bitcoin network would be able process, which increases fee pressure, and could out-price certain use cases. (Instead of running full nodes, users may opt to rely on custodial services to save on fees, arguably making matters worse — not better.)

But with the development of the Lightning Network making noticeable progress, proponents of a block size limit decrease believe this downside is largely mitigated. Users would be incentivized to migrate to the overlay network for fast and cheap transactions, furthering its growth and taking the load off Bitcoin’s blockchain at the same time.

The Plan

As the initiative is still in its early stages, it’s not yet set in stone what the potential block size decrease would look like, exactly. Even the desired limit isn’t settled on, though it would most likely be brought down from the current theoretical maximum of almost four megabytes to a theoretical maximum of two or less. (This would, in reality, result in even smaller blocks; closer to one megabyte.) However, if this were to be achieved, the measure would be designed not to be permanent, so that an increase back to the current limit wouldn’t be too difficult later on.

There are at least three rough ideas of how a block size decrease could be achieved.

The most notable proposal is a user-activated soft fork (UASF), similar to BIP148, the initiative to trigger SegWit activation in 2017. On the same date as two years ago, August 1, users would enforce the stricter rules for five months, incentivizing miners to comply. If a majority of miners (by hash power) go along, even non-upgraded users would remain compatible with the new rules; they’d just see smaller blocks than previously allowed. A UASF is a risky strategy, however. If less than half of all miners go along, the blockchain could “split” between upgraded and non-upgraded users.

Alternatively, miners could impose a smaller block size limit themselves as a soft cap. Soft caps are non-binding limits that miners put on the blocks they mine and were used particularly throughout the first years of Bitcoin’s existence. (Past soft caps were consecutively 250, 500 and 750 kilobytes, as recommended by Bitcoin developers.) This would be a much safer solution but would require that miners reject transactions and, thus, leave transaction fees on the table for each block they mine.

As a third option, proposed by Luke-jr, Bitcoin users could limit the size of blocks by making their transactions artificially “heavy.” Under Bitcoin’s protocol rules, these transactions would be counted as if they were larger than they actually are, which means blocks would fill up faster with less actual transaction data. This change wouldn’t require any protocol changes; wallets could offer it today. These transactions do, however, require individual users to choose to “overpay” on fees relative to regular transactions. (That’s assuming miners act economically rationally and charge extra to include these transactions.)

Block Size Debate Fatigue

Some notable proponents of Luke-jr’s initiative include Bitrefill CCO John Carvalho, Block Digest cohost Shinobi and JoinMarket developer Chris Belcher. Yet all of them would only want to go through with the effort if it gains broad backing. That also goes for Luke-jr himself: “Soft forks like this need a lot of community support,” he said.

But so far, support within the Bitcoin community appears to range from lukewarm (no pun intended) to skeptical to outright dismissive. Other than Luke-jr, no regular Bitcoin Core contributors have thrown their weight behind the proposal and no Bitcoin company of note has stated support; and while the proposal is generating a bit of buzz on social media and in chat rooms, a majority of commenters still seems to reject the idea.

Even many of those who agree that a decrease would be a technical improvement in and of itself don’t believe it would make too much of a difference. If blocks are smaller for several months or even several years, Bitcoin’s blockchain size will still be large. Whether tomorrow’s new users need to sync two days or three days may not be the deciding factor in whether to use a full node or not. Besides, there are other solutions that could make running a full node more attractive, some of which may well have much more effect. (Though, as Luke-jr points out, none of these solutions exclude also decreasing the block size limit.)

What’s more, years of in-fighting has made the Bitcoin community wary of commencing another block size battle and dealing with all the controversy that comes with it. After a long-fought “civil war,” there appears to be little appetite to invest more time and energy in reviving the struggle on the same parameter — thereby, quite possibly, draining any momentum from the initiative even before it gets well underway.

Indeed, even Luke-jr himself doubts he’ll be the one carrying the initiative to the finish line this time.

“Although I may be the only one popularly pushing it — I don't have time to champion another BIP148, I fear,” he said, noting how exhausting the previous UASF attempt was. “I think the only way it will happen is if the community takes the lead on it.”

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Apple Hints at Behind-the-Scenes Blockchain Work in New SEC Filing

A new SEC filing from Apple offers a few clues about the tech company's work with blockchain, specifically in the supply chain area.

via CoinDesk

tZERO Is Live, But Volume Is Light and Its Token’s Price Is Down Sharply

Daily trading volume on the recently launched tZERO platform is less than 1% the total supply of the only listed security token.

via CoinDesk

Nvidia Forecasts Demand Rebound, Wall Street Not So Sure

By REUTERS via NYT Business

NYSE Arca Filing Kicks Off Countdown for New Bitcoin ETF

The clock just started on the latest effort to launch a bitcoin ETF from NYSE Arca and Bitwise Asset Management.

via CoinDesk

What QuadrigaCX Says About Institutional Crypto Investment

Noelle Acheson looks at the lessons learned for the crypto market following the collapse of the QuadrigaCX exchange.

via CoinDesk

8 Illicit Crypto-Mining Windows Apps Removed From Microsoft Store

Eight apps have been removed from Microsoft's app store after Symantec found they could illicitly mine cryptocurrency.

via CoinDesk

Luxembourg Passes Bill to Give Blockchain Securities Legal Status

Securities issued on blockchains in Luxembourg now have the same legal status as traditional securities, after the passing of a new bill.

via CoinDesk

Bitcoin’s Sideways Drift Has Shifted Price Recovery Target to $3.7K

Bitcoin's six days in the doldrums has weakened the bull case in the short term, leaving a target of $3,700 for a resumed rally.

via CoinDesk

Nvidia Says Crypto Drop-Off Help Drive ‘Disappointing’ Fourth Quarter

Graphics card maker Nvidia has said the downturn in sales to crypto miners drove a "disappointing" fourth quarter, despite a record year overall.

via CoinDesk

Is Blockchain Technology Overhyped?


Coinsquare Acquires Decentralized Cryptocurrency Exchange StellarX

Canada-based cryptocurrency exchange Coinsquare has acquired decentralized exchange StellarX.

via CoinDesk

How SABRE Tech Can Stop Hackers From Splitting Bitcoin Into Two

If hackers felt like it, they could attack bitcoin with a flood of data, but researchers say they have a solution in the form of a relay network called SABRE.

via CoinDesk

Thursday, 14 February 2019

‘Make Bitcoin Fun Again’: New Lightning App Lets You Buy Pizza With BTC

Using the Lightning Network, more than 150 people bought Domino's pizza with bitcoin this week.

via CoinDesk

Judge Delays Decision to Appoint Legal Counsel for QuadrigaCX Creditors

Quadriga crt 1.jpg

A group of lawyers from some of Canada’s top law firms convened in a court in Halifax, Nova Scotia, today to secure the right to represent creditors in the ongoing QuadrigaCX litigation. By the end of the hearing, though, the presiding judge wouldn’t make a decision on which firm would play counsel for QuadrigaCX’s clients, though he promised a decision within the week.

“The decision to delay appointment of representative counsel is a sound one. The Court needs to be able to select the right firm that can present Canadians across the country with expertise and in a cost-effective manner. Most users are in British Columbia and Ontario and so firms with solid representation there would be key, so that customers from those provinces have access to the process,” Christine Duhaime of Duhaime Law told Bitcoin Magazine.

During the session, the Honorable Justice Michael Wood heard testimonies from the four law firms that creditors have turned to for counsel, namely, Bennett Jones LLP; Osler, Hoskin & Harcourt LLP; McInnes Cooper LLP and latecomer Goodmans LLP.

Jack Julian, a reporter for Canadian news outlet CBC, live-tweeted the courtroom proceedings, tallying up a total of 18 lawyers who were present at the hearing. One of these, Maurice Chiasson, represented QuadrigaCX while another represented Ernst & Young, the firm that has been appointed monitor over the case; the rest represented some 200 clients affected by the exchange’s inability to honor withdrawals. These clients reportedly have $50 million CAD tied up in the exchange in the aftermath of the death of its founder and CEO, Gerald Cotten. The $50 million CAD represented today is just a piece of the $250 million CAD debt that the exchange owes its customers.

“Justice Michael Wood says all contenders are ‘eminently qualified’ to be representative counsel. They all claim to represent similar numbers of clients with similar total losses. He says he ‘won’t be flipping a coin’ and will have to analyze the submissions closely,” Julian tweeted.

One of the firms, Goodmans, which Julian says has a client with a $1 million claim on the exchange, suggested creating a “steering committee” of seven individuals, which would consist of two lawyers from the other three law firms competing for representation and one from Goodmans. The committee would then be in charge of appointing legal counsel for the affected creditors. Justice Wood ultimately dismissed this proposal, saying it would amount to the firms having to “duke it out,” tweeted Julian.

According to Julian, Raj Sahni, an attorney for Bennett Jones, lambasted the use of online chat rooms as “completely inappropriate” for disseminating information in this case. In the fallout after Cotten’s death, Reddit (particularly the subreddit QuadrigaCX2) has become a hotbed of activity for QuadrigaCX customers to swap information, air grievances and cook up what most would consider conspiracy theories.

To cut through the noise and give this information legitimacy, one firm, Miller Thomson, suggested curating a website that would aggregate creditor information and answer questions these affected users have in public or private.

The proceedings highlighted that most of the creditors are individuals with fewer than $50,000 CAD in the exchange. These affected users are already down significant capital, and the legal counsels stressed the importance of making this process as frictionless as possible to mitigate legal costs for the already cash-strapped creditors. The monitor, Ernst & Young, has proposed a $100,000 CAD cap on fees beginning today, which would exclude fees calculated to this point.

Even as lawyers are seeking to expedite the counsel appointment process to the capital benefit of their representatives, it became apparent early on that Justice Wood might not reach a decision today. The case is murky and unconventional, he said, and Julian tweeted that the robustness of each law firm contending for legal counsel hasn’t made “life any easier” for the judge regarding his decision.

“Wood says this [is] an odd situation. We don’t have secured and unsecured creditors, third party suppliers, employees etc. Only clients. So it’s unlikely there will be parties clamouring for changes on the next court date of March 5,” Julian wrote.

After a midday recess, the court reconvened and Justice Wood revealed that he would not decide on representative counsel today, as choosing between the four will be difficult.

Outstanding Issues

At the end of the hearing, the court also addressed a number of outstanding issues in the case, including the absence of $30 million CAD worth of bank draft notes that QuadrigaCX claims that it is owed by its payment processing partners. QuadrigaCX is making haste to secure these funds as most of the $300,000 CAD it has in its possession for legal fees are nearly depleted.

“The Court learned today that the advisors are almost out of the money allocated, having spent $250,000 in fees in a short time. It remains unclear how additional funds will be secured because there was only $300,000 set aside that was a secured debt to Mr. Cotten’s widow, approved by the three new directors, the Court heard. I think they will have to solve the cash crunch soon by securing banking relationships quickly to deposit the over $20M in bank drafts they said they have,” Duhaime commented to Bitcoin Magazine.

As monitor, Ernst & Young commented that it was close to reaching deals with some of these nine processors, though the firm was vague on the progress it has made toward decrypting Gerald Cotten’s hardware, which allegedly holds the keys to the company’s inaccessible cold storage, or in retrieving the $460,000 CAD that QuadrigaCX “inadvertently” sent to one of its cold wallets on February 6, 2019.

Bitcoin Magazine recently broke news that multiple QuadrigaCX users have reported receiving deposits from Robertson Nova Consulting Inc., a company, CBC claims, that Gerald Cotten’s widow, Jennifer Robertson, presides over as president, secretary and director. Bitcoin Magazine’s sources commented that email addresses appearing to belong to Robertson were listed on the reply-to lines of deposit confirmations. The same sources also told Bitcoin Magazine that they had received mass amounts of cash, at times amounting to thousands of dollars, in the mail as part of the withdrawal process.

With additional notes from Jessie Wilms

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

‘Already Live’: Signature Bank Is Moving Millions on a JPMorgan-Like Private, Dollar-Backed Cryptocurrency

While crypto-land is abuzz about JPMorgan’s plan to move dollars via blockchain, a smaller New York bank is already doing this.

via CoinDesk

Bitcoin Price Analysis: After Sudden Upswing, Bitcoin Price Drifts Downward

Bitcoin Price Analysis

Last week, we saw a violent move to the upside as bitcoin rallied 11% over the course of one day. Since peaking in the upper $3,600s, bitcoin has seen close to zero bullish follow-through, and the price has begun to drift downward over the course of the last week:

Figure_1 (6).png

Figure 1: BTC-USD, Hourly Candles, Downward Drift

Downward-drifting markets like this can often be a sign that distribution is taking place. It represents an overall lack of bullish pressure. And, from the volume profile, we can see that selling pressure has remained constant throughout the week of downward drift:

Figure_2 (10).png

Figure 2: BTC-USD, Hourly Candles, Sustained Selling Pressure

We can see in the figure above that every attempt by the bulls to push the price upward was quickly and easily countered by bearish pressure. The highs are getting lower, and the lows are getting lower, and we can see that every attempted rally is being sold into as supply continuously surfaces.

Similar to the lower time frame trend we just discussed, the higher time frame trend is also exhibiting lower highs and lower lows. Additionally, the figure below outlines the key overhanging resistance levels we must break if we want to a sustained rally:

Figure_3 (9).png

Figure 3: BTC-USD, Daily Candles, Overhanging Resistance Levels

Because crypto is so volatile, sometimes it helps to clear things up by looking at the closing price of the daily candles. Although wicks contain very important information, if we just focus on the closing price we can get a general idea of the macro health of the market. The figure above shows us rallying above our first key level, but it has begun to slowly drift below the level once again. Ideally, we would like to see this overhanging resistance turn into support. We are currently in the middle of testing the first level so it is unfair to say whether or not the test has failed or whether the resistance has turned into support.

If we fail to hold support at this level, I fully expect to see a test of new lows, as this has been the trend over the last few weeks:


Figure 4: BTC-USD, 12-Hour Candles, Macro Supply and Demand Channel

The entirety of 2019 has been outlined by a very well-defined supply-and-demand channel. At the moment, our overhanging resistance test coincides with a test of the macro channel. A failure to maintain this level and rally to a new high will most likely yield a test of the lower part of the channel and the next macro supply level in the the low $3,000s.

Right now, bitcoin is just drifting slowly downward and somewhat sideways. It’s entirely possible we rally to new highs from here, but for now the market structure is bearish as we have failed to break resistance, push new highs and break out of the supply-and-demand channel.


  1. After rallying 11% in one day, the bitcoin market has found itself lingering and drifting sideways as it fails to push new highs.
  2. A failure to hold this level will likely yield a test of the macro support level in the low $3,000s.
  3. If we manage to hold this level and break new highs, this will be a macro bullish signal as it breaks the immediate, bearish market structure we have found ourselves in for the last few weeks.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc related sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Judge Hits Crypto Startup With Injunction In Reversal of Past Court Order

The move came after the same judge denied an SEC request for a preliminary injunction in November.

via CoinDesk

Coinbase Users Can Now Withdraw Bitcoin Cash Fork BSV

The largest US-based cryptocurrency exchange Coinbase has allowed its users to withdraw BSV three months after the hard fork.

via CoinDesk

Long Distance Dating and Dating on the Road: Proof Of Love hosted by Tatiana Moroz, Stephanie Murphy, PHD, and Lauren Kaszovitz

Is this even possible? Can you sustain a meaningful relationship when there are oceans between you and the object of your affection? What makes it work, and what can ruin it? What about dating while touring the world, whether that's as a speaker, a musician, or just a digital nomad? How do you get the guts to tell someone that you want to try for something more real, even though it's hard to get to that place if you are only meeting people in transit? It's not so easy! It IS possible, or at least some of the ladies seem to think so. How about you? Tell us your long distance experiences, did it work? Utter failure? Any tips or tricks? Leave a comment below.

Do you have a burning question, or a show idea for us? Please email us!

Remember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on Itunes, and be sure to follow us on our socials!

Thank you to our code tatianashow to earn free rewards!)

via The Let's Talk Bitcoin Network

Attachment Theory: Proof Of Love hosted by Tatiana Moroz, Stephanie Murphy, PHD, and Lauren Kaszovitz

My favorite thing I have learned on my journey into my romantic psyche has been Attachment Theory. Whenever I share it with people, it also seems to help them and really resonate. It's nice to know we are not alone in our weird behaviors some of us have had since childhood, but never really had an explanation for. Hint: you're not a crazy person (well, you may be, but not because of this specifically). Stephanie had some great articles we touched on, I have some book recommendations, and Lauren shares what it's like to go from one style into another based on your partner. Interested in learning your own attachment style? Listen in, and see if you are a secure, anxious, avoidant, or an anxious-avoidant! Here are some links we reference in the show: Do you have a love question, or a show idea for us? Please email us at! Remember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on Itunes, and be sure to follow us on our socials! Thank you to our sponsor, Metal Pay (use code tatianashow to earn free rewards!)

via The Let's Talk Bitcoin Network

The Premier Episode: Proof Of Love hosted by Tatiana Moroz, Stephanie Murphy, PHD, and Lauren Kaszovitz

Finally, the time has come. Our very first episodes are launching! Proof of Love has been a labour of love, no doubt. However, I am so excited to be able to share these first few episodes with you! This is the opener, where Lauren, Stephanie, and I go through a bit of our dating history and the reasons why we wanted to start the show. Expect a lot of different topics moving forward, and some celebrity guests, and some authorities on love, sex, personal growth, and more.

Do you have a burning question, or a show idea for us? Please email us at!

Thank you to our sponsor (use code tatianashow to earn free rewards!)

Remember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on Itunes, and be sure to follow us on our socials!

via The Let's Talk Bitcoin Network

Judge Delays Decision On Legal Representation for Quadriga Creditors

A Canadian judge will appoint a legal team to represent QuadrigaCX's customers in the coming week.

via CoinDesk

JPMorgan Chase Tests Own Cryptocurrency, the First for a Big U.S. Bank


DealBook Briefing: JPMorgan Has Its Own Cryptocurrency

By Unknown Author via NYT Business

NASDAQ to Add Liquid Indices Tracking Value of BTC and ETH

Nasdaq indices.jpg

NASDAQ is planning to add new, third-party liquid indices, specifically tied to the value of bitcoin and ether.

Details were released on affiliate site, a domain name owned by The Nasdaq, Inc. The site claims that the two indices “are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD.” To determine the most accurate possible value for these indices, the relative value of the BTC index “has been calculated back to 2010” and ETH to 2014.

A common tool in financial markets, a stock index (or liquid index in the case of non-stock assets such as cryptocurrencies) helps investors describe the value of a market and its changes over time. Although the index itself is not a product that investors can purchase or have a direct relationship with, it can serve as an important neutral barometer for the value of certain assets.

It would seem as if NASDAQ is making good on their earlier intentions to expand into the crypto space. In November 2018, for example, the exchange began looking into the adoption of bitcoin futures. Additionally, NASDAQ showed further interest by partnering with VanEck to source prices on their own bitcoin index.

This move is significant for more than the simple reason that it continues to signal NASDAQ’s friendliness to the crypto space, however. These indices can be important tools for any investment trader or institution, as they provide a sober and comprehensive survey of the value of the assets in question.

Tools to track the value of bitcoin are in no short supply on the internet, of course, but the prestige and accessibility afforded by a NASDAQ tool can give financial veterans an easy point of reference to the world of crypto.

This article originally appeared on Bitcoin Magazine.

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QuadrigaCX Sent Deposits Allegedly Linked to CEO’s Widow, Mailed Withdrawals in Cash

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For those QuadrigaCX users who were fortunate enough to have withdrawal requests honored, some appear to have received their funds through unconventional means.

An anonymous QuadrigaCX user who corresponded with Bitcoin Magazine said that they received a bank deposit from Robertson Nova Consulting Inc. (RNC), a corporation with no listed registration in Canadian public records, on March 8, 2017. Bitcoin Magazine also reviewed a financial inquiry into the individual’s bank account deposit history to confirm that the amounts deposited on the bank statement matched the emails.

The reply-to line of the message includes an email address ( believed to belong to Jennifer Robertson, the widow of the exchange’s late CEO, Gerald Cotten. Robertson, who was born in Halifax, Nova Scotia, legally changed her name from Jennifer Kathleen Margaret Griffin to Jennifer Kathleen Margaret Robertson on December 1, 2016.

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Screenshot of email to QuadrigaCX user

Other QuadrigaCX users have reported receiving bank deposits from Robertson Nova Consulting, as well, showing up as ROBERTSON NOVA on their bank statements as payroll deposits (these reports were vetted by a separate anonymous source close to the matter). As was the case with the individual who originally leaked the news to Bitcoin Magazine, these deposits took place in early March of 2017. Clients also noted another email address,, as a reply-to from RNC Inc. deposits, as well.

Whether or not the funds came from Robertson, the reply-to implicates her in the exchange’s business dealings, something she swore she was not involved with in her affidavit to the Nova Scotia court at the inception of legal proceedings.

“I was not involved in the business of the Companies while Gerry was alive,” item 53 of the affidavit reads. However, if a company operated by Robertson initiated the deposits, that could implicate her in QuadrigaCX’s businesses and contradict her statements.

If users didn’t receive funds from RNC Inc., they may have received them in physical cash instead. The same source who leaked the information on Robertson’s potential involvement in the company also told Bitcoin Magazine that they had hard cash delivered to their home as a withdrawal option from QuadrigaCX.

Three separate withdrawals came with return addresses to Quadriga Vancouver, British Columbia, though the source said that Canada Post tracking sourced the packages to three separate mailing addresses: Richmond, British Columbia; Calgary, Alberta; and Sherwood Park, Alberta. Given Canada’s vast landscape, the source emphasized that these locations are hundreds of miles apart.

These accounts corroborate reports that QuadrigaCX honored, at one point, withdrawal requests with physical cash, something that QuadrigaCX openly advertised as an option on its website when it was still active, multiple sources confirmed to Bitcoin Magazine. Some of these sources received upwards of $10,000 dollars in cash.

The developments complicate the role hard cash has played for the company in its troubled history. As the exchange advertised, users were encouraged to deposit and withdraw in-person at the exchange’s outposts. One of these, the Globe and Mail reports, no longer operates as a cash repository for the company, and Aaron Matthews, a QuadrigaCX contractor, owns the property, which he rents out.

QuadrigaCX co-founder Michael Patryn told Bitcoin Magazine that in-person deposits/withdrawals are not uncommon for the cryptocurrency industry, citing an early exchange venture of his, Satoshi Vault, as well as other Canadian exchanges Einstein and Coinsquare (which no longer does). Patryn admitted that sending hard cash through the mail “sounds less common” and said that neither practices were standard procedure before he parted ways with the company in March 2016.

Less than common, the practice is unheard of in the industry for an exchange of QuadrigaCX’s stature and repute, which has served over 100,000 users. Given QuadrigaCX’s inability to maintain banking relationships in the past (when it was still operating, the exchange relied on a miscellany of international payment processors to substitute as fiduciary partners), the availability of mass liquid capital calls into question how QuadrigaCX managed to acquire these funds and where they’ve been stored.

Mounting legal action for QuadrigaCX will top another milestone today as law firms from around Canada will meet in Halifax to win the right to represent affected Quadriga users in a class action lawsuit against the exchange.

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Report: Crypto Exchanges Saw Trading Volumes Plummet in January

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The crypto winter that started toward the end of last year doesn’t appear to be showing signs of slowing down. Digital assets like bitcoin lost more than 80 percent of their value while the overall crypto market cap shrunk from over $600 billion in January 2018 to less than $138 billion in December 2018.

Now, blockchain and cryptocurrency research firm Diar has released a report that reveals a sizeable drop in crypto trade volumes in January 2019 for popular crypto exchanges Binance, Gemini, OKEx and Coinbase.

Popular Exchanges Affected

The report from Diar notes that the plunge in trading volumes affected most crypto exchanges irrespective of their scale.

Malta-based Binance, the largest cryptocurrency exchange by 24-hour trading volume, endured one of its worst periods in January 2019, where its popular BTC/USD market saw trading volumes fall by over 40 percent in January compared to December where it traded above $5 billion.

U.S.-based Coinbase, which has been on a downtrend since the beginning of last year for its BTC/USD market, saw trading volumes rally above $2 billion in November. However, while December saw figures recede by a small margin, the trading volumes on the exchange fell even further and sat firmly on the $1 billion mark in January.

It is worth noting that January’s trading volume levels for Coinbase are the lowest that the exchange has recorded since May 2017.

Hong Kong-based OKEx had seen its volumes for the BTC/USD market growing from October all through December before plummeting 30 percent from around $5.5 billion to below $4 billion.

Cameron and Tyler Winklevoss' Gemini exchange also had an underwhelming year with trade volumes falling below $500 million.

Binance CEO Changpeng Zhao made an effort to calm fears in November, telling CNBC Africa that business was going well despite the crypto winter. According to Zhao, the exchange was trading one-tenth of the volumes it did in January 2018, but it was still way above what it was trading “two or three years ago.”

Despite the low trading volumes registered on popular crypto exchanges, the number of crypto ATMs installed continued on its ascent despite the market crash. Per data from Coin ATM Radar, there were 149 new Bitcoin ATMs installed across the world in January 2019. The U.S. had a whopping 107 new Bitcoin ATMs installed, while Canada and Spain came in second and third.

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Freelancers on Traditional Platforms Can Now Invoice in Bitcoin Via Bitwage

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In the current freelancing industry, many platforms only allow independent contractors to use one bank account. In addition to restricting freelancers to the use of fiat only, this can also cause significant lag times when employees work with companies overseas.

To try and solve these user problems, payroll and invoicing company Bitwage is introducing a freelance marketplace, allowing people to create multiple bank accounts to more smoothly process payments for freelancing and to accept crypto assets. The new platform is currently in beta.

“Bitwage can generate bank accounts for users specifically for their relationships with their employer or client,” Bitwage’s co-founder and CEO Jonathan Chester told Bitcoin Magazine. “Through a partnership with a new banking partner, we are able to generate unique accounts for each unique client/worker relationship.”

He explained that these unique accounts allow for faster confirmation of receipt of funds, easier accounting management and the ability to get paid from any client, employer or platform.

In other words, it’s possible for a much more diverse base of users to smoothly conduct payment transactions using Bitwage.

According to Chester, “A freelancer can receive from Upwork, freelancer, Toptal, etc and get paid in BTC or through crypto to receive fiat into their bank accounts faster and cheaper than the solutions offered directly on platform.”

He added that the company already sees usage “from users around Latin America, especially in Brazil, Argentina and Mexico,” so presumably there will be room to expand.

Chester went on to say that the company has “had many freelancers around the world asking for solutions that connect to freelance platforms.” The Freelance Marketplaces are “the result of many months of planning and building relationships,” and Bitwage is “hoping to soon announce connections into some other exciting platforms.”

While the platform is in beta, users can join by contacting Bitwage via private DM on its Slack channel or by emailing the company directly at Once it is fully launched out of beta, users will be able to create accounts through a portal and receive automatic deposit notifications via SMS, email and on platform.

“Bitwage is focused on being the global gateway between the crypto and fiat worlds in the context of worker/company relationships,” said Chester. “We are excited to continue innovating and introducing bitcoin to mainstream applications.”

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine

Fairfax County Invests Total of $21 Million in Blockchain VC Fund

Fairfax County Retirement Systems has released details about its investment in a blockchain fund, apparently to quell fears about it.

via CoinDesk

Chainalysis Raises $30 Million in Series B Funding From Accel Ventures

Chainalysis Raises $30 Million in Series B Funding From Accel Ventures

Blockchain analysis firm Chainalysis has completed a $30 million Series B round led by American VC firm Accel and Benchmark, who led the startup's Series A funding in April 2018. Accel partner Philippe Botteri will also join the firm’s board of directors.

The fund injection will be used to expand the startup's operations including its Chainalysis Know-Your-Transaction (KYT) tool which allows more than 100 crypto exchanges and financial institutions to vet their clients.

The analytics firm known for investigating the Mt. Gox case will open a new office in London, its second office in Europe, which will serve as a base devoted to research and development.

Chainalysis provides bitcoin transaction analysis to crypto exchanges, law enforcement agencies and other private clients to help them identify illicit transactions on the blockchain. Per a Diar report, Chainalysis was singled out as the preferred blockchain forensics contractor for the U.S. government, receiving $5.3 million from government agencies.

The New York-based startup was founded in 2014, and it has now raised $47.6 million, suggesting that investors are still investing in crypto businesses despite the slump in prices.

Speaking with Fortune, Chainalysis CEO Michael Gronager said the company's target audience had seen a gradual shift from what it was a year ago. According to Gronager, the company made the bulk of its money from law enforcement agencies — approximately 90 percent of its revenue — which has fallen to 40 percent. Corporate clients now make up the lion’s share of its revenue streams.

One reason for this is the rise of stablecoins which has continued to prop up an industry that has been hit by the longest bear market in its history. Chainalysis has been benefiting from the fast-rising stablecoin sector, whose adoption grew based on the increasing number of on-chain transactions.

“Born out of the ashes of this was the stablecoin as another way to easily and safely create tokens. This ability to trade U.S. dollars against crypto is very powerful,” Gronager noted in the interview.

According to Gronager, the firm hasn't turned in a profit, but it has grown three times since its Series A.

While Chainalysis is quite visible in the crypto analysis sector, Elementus is a competitor that is gradually making a name for itself. The analytics firm was pivotal in reporting the actual figures stolen in the Cryptopia hack.

This article originally appeared on Bitcoin Magazine.

via Bitcoin Magazine