Since 2018’s cryptocurrency “winter” came into existence, tokens generated via initial coin offerings (ICOs) have severely underperformed their macro cap counterparts, namely Bitcoin (BTC) and Ethereum (ETH). This has led a multitude of projects, who formerly relied upon their ICO-funded war chests, to take drastic measures in a bid to stay afloat.
ICO-funded Projects Sell 416,000 Ethereum (ETH) In Past 30 Days
According to data gathered by Santiment, relayed through TrustNodes, ICO-funded projects have spent (sold) a jaw-dropping 416,000 ETH in the past 30 days. At the current price of $87, such an amount of Ether amounts to $36.19 million in U.S. dollars — not a small sum, to say the least. This recent influx of liquidation orders is purportedly the most notable since the Summer.
Per Santiment, a leading cryptocurrency analytics provider, SingularDTV has been the largest spender of Ether in the past month, reducing its ETH balance to 165,000 after utilizing 60,370. Aragon and Kyber Network followed closed behind SingularDTV, both liquidating 50,000 Ether in the aforementioned time frame. It is important to note, however, that Ethereum-centric projects still have millions of Ether in their still-stocked war chests.
Regardless, this recent move underscores the fact that a number of projects have been subject to bear market-induced pressure.
Hasn’t Been Easy To Stay Afloat In A Crypto Bear Market
Interestingly, Ethereum-centric chat application Status, which has been a high-rolling ETH spender in the past month, recently divulged that it would be cutting 25% of its staff (~25 employees). In an address to Status’ recent townhall, Jarrad Hope, the co-founder of the upstart, claimed that as his firm’s war chest has been reduced drastically, it was logical to layoff “non-essential” staffers. Hope even asked employees to take a pay cut, in an apparent bid to extend Status’ runway, and to survive the tumult that cryptocurrencies have found themselves in.
Although such a business decision is evidently tough, some would argue that Status has had it easy. Steemit, the private company behind a decentralized media platform that shares its name, also had to undergo a shift in business in recent weeks. As reported by NewsBTC previously, Steemit CEO Ned Scott took to his personal Youtube channel to layoff “close to 70% of the team.” Ethereum development studio ConsenSys followed suit, claiming that it had purged 13% of its employees, as it had become apparent that the distributed startup had overextended its funding.
Related Reading: Crypto Jobs Get Squeezed as Markets Continue to Free-fall
While ConsenSys, Steemit, and Status are evidently reeling in pain, metaphorically speaking, some startups have been wiped off the face of Earth entirely. ETCDEV, a key development consortium in the Ethereum Classic ecosystem, folded just two weeks back, with the firm’s CTO citing financial restraints as the catalyst behind the group’s collapse. This revelation comes just days after Artamonov, the firm’s CTO, released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team.
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The post ICOs Continue To Liquidate Ethereum (ETH) War Chests Amid “Crypto Winter” appeared first on NewsBTC.
Cryptocurrency trading is a popular pursuit, as the fluctuation of digital assets provides plenty of profit-taking opportunities. The volatility gives expert traders enough room to pull in daily profits by carefully predicting price movements. Digital currency fans follow a slew of sophisticated traders online because they frequently publish technical analysis (TA) or short-term outlooks for the crypto markets.
Also Read: Despite 2018 Bear Market, Top Crypto Markets Have Outperformed FANG Stocks Since 2017
Despite the Dips, Cryptocurrency Intra-Day and Swing Traders Made a Lot of Money in 2018
Here’s a look at the top cryptocurrency traders on Twitter and the TA publishing website Tradingview. The digital asset traders mentioned below have thousands of followers, and often publish their ideas so others can get a glimpse at their trading positions. There’s a lot of money to be made trading cryptocurrencies and there are many people who exchange digital assets for a living. Lots of intra-day and swing traders play the markets for profits every day and any type of movement can make them money. The 2017 digital currency bull run made crypto traders a bunch of capital, with the best even using the 2018 cryptocurrency bear market to make further profits.
The first analyst on our list is the Canadian cryptocurrency trader Philakone (@Philakonecrypto). He’s been tweeting his analysis of various digital currency markets for quite some time and has amassed over 107,000 followers on Twitter. The trader habitually talks about bitcoin trading on a regular basis and explains how he is playing his current position. Philakone says he’s “married to the Elliot Wave Theory,” a form of technical analysis that uses investor psychology, optimistic and pessimistic trends, and price swings that produce market impulses and waves. The method created by Ralph Nelson Elliott is a popular technique used by many cryptocurrency traders. Crypto trader Philakone live streams his technical analysis for coins like BTC, XRP, and BCH.
Philakone tweets frequently about cryptocurrency movements and how to forecast swings.
Another trader people follow is Nick Core (@Crypto_core), a day trader and statistician who routinely explains his bitcoin market outlook on Twitter, Youtube, and Tradingview. Core’s analysis gives an overview of digital asset price action and other indicators throughout various videos and the trader also discusses technical positions on the Discord platform. The trader has 33,000 followers on Twitter and almost 7,000 following his Tradingview outlooks. An examination of Core’s published ideas shows the trader will use exchanges like Bitfinex and Bitstamp, with most of his analysis on coins like BTC, XRP, and LTC.
Nick Core’s TA videos on Tradingview are quite popular and Core tweets about cryptocurrency markets regularly on Twitter.
Mr. Jozza (@Mrjozza) is a well-known bitcoin trader who posts a lot about the market trends taking place nearly every day. For instance, on Friday, Dec. 14, speaking about current BTC/USD trends, Mr. Jozza explains his “Bitcoin scribble of destiny — Looking for a stop-run below $3k, even with this tapered off sell volume” while sharing a chart that shows his short-term forecast. The trader has more than 16,000 followers on Twitter and his posts mostly touch upon BTC/USD market trends.
Mr. Jozza is a long-time bitcoiner and trader who frequently gives his analysis of BTC and other cryptocurrency price movements.
Magic Poop Cannon
One interesting and popular strategist on the website Tradingview has over 44,000 followers and goes by the name Magic Poop Cannon. The trader’s 500+ written ideas concerning the price of BTC and other market trends have received close to 1 million views to date. Magic Poop Cannon’s TA is filled with descriptions and indicators that show what he thinks will happen with the value of bitcoin over short-term periods. The trader believes he is “the master of the charts” and he posts his TA nearly every day. Magic Poop Cannon is big on writing about BTC, LTC, BNC, and even stocks tied to the blockchain industry like Nvidia.
Magic Poop Cannon is one of the most popular BTC/USD analysts on the platform Tradingview.
Another well-known trader on Tradingview is an analyst who calls himself Excavo. The analyst is Tradingview’s most read BTC/USD strategist and has close to 70,000 followers on the platform. Excavo has written 1,227 technical analysis reports which have captured over 850,000 views. The cryptocurrency trader uses indicators like ‘long’ and ‘short’ positions on Bitfinex and other market trends to figure out whether or not the price of BTC is going up or down. Excavo also has his own trading Telegram channel and he discusses other markets besides cryptocurrencies as well. His last post on “The Unofficial Start of the Financial Crisis” gives a TA reading of the Dow Jones Industrial Average on the brink of a market slump.
Excavo is Tradingview’s most popular analyst on the entire site according to all-time records.
Cryptobull (@Cryptobull) is a bitcoin and altcoin trader who’s very well known on Twitter, with 173,000 followers on the social media platform. On Saturday, Dec. 15, Cryptobull explained that BTC was slightly below the weekly 200 moving average (MA) and noted “Historically we don’t spend a lot of time here.” The trader is quite humorous in his daily tweets, but in between the slew of cryptocurrency-themed memes, Cryptobull gives his price movement forecasts. Besides detailing some short-term BTC trends last week on Dec. 6, Cryptobull had a survey asking his followers whether or not the “bottom was in.” More than 52% of the 6,472 people polled voted that the “bottom was not in” and BTC prices would likely go lower. Cryptobull focuses his energy on BTC trades.
Cryptobull tweets about market sentiment often.
Mr. Swing Trader
The cryptocurrency trader Eric Choe (@Cryptochoe aka Mr. Swing Trader) gives his insights on a daily basis to 142,000 Twitter followers. Choe says he makes a “few big trades” per week and claims he can turn $1K into “whatever.” The popular Mr. Swing Trade also has a Telegram channel and makes swing trade calls on a regular basis. On Friday, Choe detailed how he trades when he’s “too busy” stating that he plans trades on Sunday, scans 250 coins, identifies up and down trends, sets alerts and retrace levels, enters on pullbacks, and exits at key levels. The trader says he employs this technique for 2-5 cryptocurrency trades per week. Choe’s website and trading group statistics show the trader usually has positions in BTC, XRP, ETH, and EOS.
Eric Choe’s trading results he shares on his trading Slack channel.
The cryptocurrency trader Xuan Haimmoer from Vietnam is a popular author on the Tradingview platform with over 6,000 followers. He’s been a top TA publisher on the charting website over the past few weeks and has published 571 posts on BTC, XRP, EOS, and other cryptocurrency markets. 14 hours ago, Haimmoer provided his analysis for BTC and said he wakes up every morning to look at the screen and watch the market. Haimmoer likes to note the changes that have taken place after his last analysis. The trader uses the Elliot Wave trading method as well, and at the moment his short-term target is between $2,800-3,000 per BTC. Haimmoer also runs his own trade discussion channel on Telegram for people interested in his trading reports.
Xuan Haimmoer is an up and coming Tradingview analyst from Vietnam who has garnered a bunch of attention over the past few weeks.
Trading Strategies That Are a Bit More Realistic Than Wall Street Bigwigs
There are many other traders that cryptocurrency enthusiasts follow in order to get a perspective of what may or may not happen next within the crypto-economy. Some of them are not even necessarily dedicated crypto traders, but do speak on the market from time to time, like the inventor of the Bollinger Bands technique John Bollinger (@bbands). Other individuals to follow include the Whaleclub administrator BTCVIX (@BTCVIX ), Willy Woo (@woonomic) and the semi-retired cryptocurrency trader ‘฿TF%$D!’ (@CryptoHustle).
A good portion of digital currency proponents follow traders like the ones mentioned above, because their prognosis is more realistic than that of old Wall Street farts constantly shouting that BTC’s price will be $25,000 by the year’s end. These traders have been far more down to earth and a number have successfully called short-term cryptocurrency swings. It’s not smart to follow these traders’ every move, because even experts are often wrong, but it’s always nice to get an overall glimpse of how a good portion of pro traders are feeling. Another thing to consider is that some of the so-called ‘expert’ traders on Tradingview and Twitter have been openly criticized for trading techniques, shilling, and other erroneous errors. For instance, even though some of these strategists have over a hundred thousand followers, online critics have denounced a few of the traders mentioned above.
What do you think about the traders mentioned above? Are there any traders that you follow that we missed? Let us know your thoughts about this subject in the comments section below.
Disclaimer: The traders, methods, and subjects mentioned in the editorial above are intended for informational purposes only, and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Twitter, and Tradingview.
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The post A Look at Some of 2018’s Most Popular Cryptocurrency Traders appeared first on Bitcoin News.
In the absence of a comprehensive regulatory framework for cryptocurrencies in Russia, lawyers have taken matters into their own hands. A new advisory body of legal experts will look into cases where the current legislation does not reflect the specifics of the growing digital economy and propose solutions.
Also read: CEO of Romanian Exchange Coinflux Arrested on US Warrant
Legal Commission to Solve Problems Stemming From the Lack of Proper Rules
During a round table discussion on these issues, the Russian Lawyers Association and an educational organization called Blockchain Lawyers have agreed to establish a specialized commission that will address the legal challenges in the crypto industry. It will also work with companies in other related sectors such as blockchain development, artificial intelligence, quantum technologies and the internet of things.
The commission’s main task will be to provide answers to outstanding questions and solve problems arising from the lack of proper crypto regulations, the Russian outlet Bitcrypto News reported. The participants in the round table expressed confidence that the new body will be able to give legal definitions to many new economic and technological phenomena in the digital space.
The members of the commission will help projects and organizations in the industry to overcome specific challenges. Some of them are related to accounting and taxation, for example. The Russian government currently treats cryptocurrencies as “other property.” In the case of ICO tokens, however, the digital coins can also represent property rights. The problem is that the Russian tax code applies different rates to these two categories.
According to Mikhail Uspenskiy, partner at the law firm Taxology, keeping accounting records competently will be extremely difficult until Russian lawmakers finally adopt new laws to clearly define the legal nature of cryptocurrencies and tokens. However, the lower house of Russia’s parliament, the State Duma, has postponed the adoption of the legislation that was filed this past spring.
Russian Authorities Favor Conservative Approach to Crypto Regulation
After introducing a number of changes to the original texts, Russian deputies eventually dropped several key terms such as “cryptocurrency” and “mining” from the main bill, the law “On Digital Financial Assets.” Representatives of the crypto industry protested against its latest version and even proposed their own, alternative bill that grants cryptocurrencies a “special status.”
In a recent statement, Russia’s deputy prime minister Maxim Akimov defended the conservative regulatory approach. Commenting on the recent market slump that decreased the capitalization of most decentralized cryptocurrencies, he also said that authorities in Moscow do not plan to introduce any more significant amendments to the draft legal framework.
During the round table, the legal experts discussed a number of other related topics such as the need to regulate law enforcement in the crypto industry and provide protection for the rights of cryptocurrency holders. The new commission is expected to deal with these issues as well. The body will operate within the Moscow regional branch of the Russian Lawyers Association.
What do you think of the idea to create a legal commission to support the growing Russian crypto industry? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Diar.
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The post Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws appeared first on Bitcoin News.
No one controls the focal point for Bitcoin development, said Jameson Lopp in his latest blogpost.
The Bitcoin veteran, who has been a crucial part of crypto developments since the beginning, opened recently about how developers run the world’s biggest decentralized financial network without fragiling it. He also attempted to answer individuals and groups that criticize bitcoin core, a large group of software veterans, programmers and even newbies, for controlling the network’s present and future developments by taking unilateral decisions.
How Bitcoin Development Works
The central point throughout the Lopp’s post remained how Bitcoin Core reaches a consensus whether or not it would merge new code proposals into their GitHub repository. Lopp explained that while the core has “maintainer” accounts that have the ability to merge code into the master branch, their duty is more janitorial than authoritative. That said, the core picks maintainer for their provable contributions over a period of time.
Each maintainer holds a unique PGP key and only these encrypted jargons could commit merge codes to the current framework, he added. A malicious actor, in this case, could still use its administrative privileges to inject code into the GitHub repository without maintainer’s consent – through a Pull Request feature.
“While these keys are tied to known identities, it’s still not safe to assume that it will always be the case — a key could be compromised and we wouldn’t know unless the original key owner notified the other maintainers,” Lopp wrote. “As such, the commit keys do not provide perfect security either, they just make it more difficult for an attacker to inject arbitrary code.”
The code that has been verified using the PGP keys into the Bitcoin mainframe is prone to auditing. Developers, for instance, can run an integrity check, dubbed as verify-commits, on their machines.
“If the script completes successfully, it tells us that every line of code that has been changed since that point has passed through the Bitcoin Core development process and been “signed off” by someone with a maintainer key,” Lopp asserted.
Nevertheless, the cypherpunk recognized that the solution was not entirely a cure but a strong prevention tactic to keep the villains out of the core.
“Constant Vigilance,” he recommended while hoping that more developers reviewing bitcoin code could ensure its growth as any other open source project.
Testing Code Coverage
Bitcoin Core includes a specific integration test suite that runs against every pull request, coupled with an extended test suite that runs every night on master. Available to every developer on GitHub, the code, according to Lopp, can be tested openly by cloning the core’s GitHub repository. The same code coverage, meanwhile, can also be viewed at Marco Falke’s page.
That said, each developer can purposely break the code to test whether or not it is committable to the original framework.
“Ultimately, each node operator governs themselves by ensuring that no one else on the network is breaking the rules to which they agree,” said Lopp. “This security model is the foundation for Bitcoin’s bottom-up governance.”
The post Bitcoin Development Not Controlled by Anyone Says Crypto Veteran appeared first on NewsBTC.
Just months ago, David Marcus, the former president of fintech giant Paypal, was appointed as the inaugural head of Facebook Blockchain, the social media giant’s first stab at so-called “internet 3.0” innovation. But since Marcus’ appointment, many have been puzzled, as Facebook’s blockchain division has seemingly disappeared off the face of Planet Earth. In a testament to this confusion, the Menlo Park-headquartered corporation has only fleeting referenced its newfangled branch, specifically through the incessant stream of Facebook job opportunities posted via LinkedIn.
Yet, an exclusive report from Cheddar, an up-and-coming business media outlet, has revealed that Facebook’s “small” blockchain consortium has been bolstering its defenses behind closed doors. Citing those familiar with the matter, the outlet’s Alex Heath and Tanaya Macheel explained that nearly 40 employees, which consist of blockchain developers and former members of Paypal’s top brass, now work within the walls of the little-known program. In the exposé piece from Cheddar, it was also divulged that two former key members pertinent to the Instagram project had jumped onto the blockchain bandwagon.
And the social media powerhouse doesn’t seem poised to pause its blockchain efforts, even in spite of the Bitcoin market rut. Facebook has reportedly shot representatives across the globe in a search for potential team members at crypto-centric events. Such efforts to find talent haven’t been deemed enough, however, as Facebook Blockchain’s staffing recruiters and chiefs have also reached out to leading cryptocurrency projects in an attempt to poach promising employees.
Related Reading: The Crypto Markets May be in a Rout, But the Blockchain Job Market is in Full Swing
Pomp Bets Facebook “Builds The Most Used” Crypto Product
But while Facebook evidently means business, not much is known about the blockchain spoke’s inner workings and long-term ambitions. Crypto industry commentators have speculated that Facebook could be seeking to put pertinent segments of its social media platform on (de)centralized ledger technology, while others have speculated that a digital identity platform is in development.
Still, at a private rendezvous hosted by Facebook, attendees purportedly told Cheddar that the firm has intentions to launch a “decentralized digital currency” that would be aimed at its expansive user base. And interestingly, while the latter plan sounds the most ambitious, multiple reports have nearly verified that a token could be in development at Facebook’s new department. Speaking on the matter of a cryptocurrency or digital asset backed by Facebook, explaining why such a venture is logical, Drew Hinkes of New York University told Cheddar:
“They have a massive installed user base… They probably are looking at China and seeing how popular mobile commerce has been there and wondering why we can’t do that.”
Regardless, no matter the form that Facebook’s first crypto or blockchain offering takes, many are sure that it could turn this industry right on its head. Morgan Creek Digital partner Anthony Pompliano, known across Twitter for his hate for banks, and advocacy for cryptocurrencies, recently “bet” that the American internet juggernaut will build the “most used product in crypto.”
Related Reading: Morgan Creek Digital Makes $1 Million “Buffett Bet 2.0” Crypto Wager
Although this shouldn’t be exactly surprising, especially considering Pompliano’s former role at Facebook and the firm’s global influence, his comments took many aback, as Facebook accentuates the hallmarks of centralization in the eyes of cynics.
Not The Only Corporate Player On The Blockchain Block
Facebook isn’t, by any means, the only multinational institution to further its foray into blockchain technologies. As reported by NewsBTC, Paypal, the widely-used payments network, recently begun an in-house initiative centered around company-branded crypto assets. This system, which some have jokingly dubbed “PaypalCoin,” allows employees to garner, trade, and exchanges tokens for rewards, dubbed “experiences,” that include martial arts classes with CEO of Paypal, Dan Schulman.
Although this system was likely made in good fun, the fact of the matter is that if Paypal finds value in cryptocurrencies, the firm may seriously consider rolling out products surrounding this asset class in due time.
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