Brokers Minutes

The near-term future of cryptocurrency sector

Greece Accepts Being Near Economic Collapse

The Greek Government recently admitted that their economy is standing on the verge of being collapsed. They cited their public coffers that have been running empty, and further feared to delay their payments to the International Monetary Funds and other creditors. The news resulted into a massive fund withdrawal — around €700 million — in the country, with people adding further to the prevailing collapse.

Man Sentenced Three Years in Prison for Carrying $CAD1.3 Billion

A Canadian citizen, who self-admittedly never trusted banks with his money, was convicted last week for carrying a huge sum on a public bus. Erwin Speckert was given a three-year prison time on the charges of money laundering, for the autopsy submitted by the police said that it was the gamble money he was carrying in his backpack. He, on the other hand, stated that it was the money to buy real estate. We just wish if the man was more reliant on cryptocurrency for carrying such a massive amount.

PayPal Introduces New Policy that Supports Robocalls

Global remittence company PayPal has reportedly tricked users into agreeing to a condition that makes them receive robocalls, the Washington Post reported. The company shields its real motives behind the usual account updates service it promises to offer with the new policy. Instead, the American firm also makes users agree to receive questionnaires, offers and promotions on their phone numbers.


More...

Litecoin experienced a notable buying volume that led its price to form new trading ranges. Ever since its upside bias, the silver coin is further maintaining its bullish outlook but, at the same time, is hinting a reversal in absence of enough upside volume to extend the prevailing bias. Let’s have a detailed look:

Litecoin 4H Chart

Ever since its drop in last week of May, Litecoin is pursuing a decent rally towards the medium-term resistance level near 1.815 fiat. The price meanwhile has risen above the 50- and 200-H SMA while, at the same time, is aligned neatly with its 100-H trendline near 1.767 — also the temporary resistance level. On the other hand, the 4H RSI is testing to cross above 60 in order to establish a stronger bullish bias in the market. The MACD indicator meanwhile is already inside the positive territory. These technical indicators overall indicate a medium-term bullish bias in the market.

As the market is further hinting a correction, our focus is neatly lying on the in-term resistance level. A break below 1.815 indeed validates 1.908 as the primary upside risk, therefore bringing in enough long opportunities above the in-term level. Before that, Litecoin is targeting 100-H trendline as its temporary resistance — above which lies a decent long opportunity towards 1.815. In these cased, we would recommend traders to place their stop losses near 1.740 in case the upside bias gets invalidated.
Conversely, a run towards the temporary support near 1.722 will validate 1.666 as the range support. Nevertheless, wait for a reversal to happen near the former, for it has kept the price from falling towards the downside levels in past. Even if you are planning to enter the short positions towards, make sure to place your stop loss near 1.740 to ensure a timely exit with a minimal loss.

More...

Blockstream Close Enough to Launch Sidechains

The Sidechain Elements, as it is called, is focused on being an interoperable blockchain network on which users can do a variety of settlements — without disrupting the original Bitcoin blockchain. The new technology simply leverages from its mentor to host new, middlemen-free business models, allowing them to take use of an altogether separate database that stores and protects records indefinitely. It also provides users the opportunity to transfer Bitcoin price units from the original blockchain.

Perhaps the most wonderful benefit of a sidechain is its separability from Bitcoin, for it never tends to jeopardize the digital currency’s core infrastructure to make its own. On the contrary, It indirectly taps the Bitcoin’s underlying technology to create a parallel software platform that is utterly flexible, speedy and secure to support a variety of functions — including digital trades, record keeping, and other dozen tasks.

The Blockstream’s sidechain prototype therefore has much to offer to this evolving new and seasoned markets, especially for Nasdaq and NYSE that are currently taking huge interest in Bitcoin’s public ledger system to improve their settlement periods. However, the sidechain project is still undergoing a rigorous testing exercise, for which Blockstream has decided to open source it for further reviews.

“With the release of Sidechain Elements, Blockstream is moving this effort into the community,” the company blogged. “We’re inviting developers to work with us, to test and use the code for their projects, and to share their proposals and code for additional capabilities.”


More...

Bitcoin News Mash-Up: Estonian Bank; Bitcoin Extortionists; and More

Estonian Bank to Borrow Blockchain for Payment App

Estonia-based LHV Bank recent announced to utilize Blockchain — Bitcoin’s underlying technology — to create a special money transfer application. According to the available reports, the app will be called “The Cuber Wallet” and will facilitate users with zero cost and speedy Euro transactions. LHV’s decision ultimately it the first bank to have ever adopted a real programmable money.

Bitcoin Ransom Group DD4BC Still Targeting Companies

Despite being under the radars of many law enforcement groups, Bitcoin ransom group DD4BC is still making it presence felt on the internet. After attacking a number of Bitcoin and non-Bitcoin companies with DDoS, the thugs are now said to be circulating over the Scandinavian companies, reported a Heimdal Security. The online security firm retrieved DD4BC’s email which said that:

“Right now we are running a small demonstrative attack on 1 of your IPs. Don’t worry, it will not be hard, since we do not want to crash your server at this moment, and will stop in 60 minutes. It’s just to prove that we are serious. We are aware that you probably don’t have 40 BTC at the moment, so we are giving you 24 hours to get BTC and pay us.”

Meet Abra, a New Global Remittance App

A former Goldman Sachs employee recently unveiled the first look of his Bitcoin-based global remittance application, called Abra. Unlike its counterparts, Abra services do not get dependent on banking services and utilize a Uber-like protocol to transfer money across the countries.


More...

GBPJPY has been gradually trending higher on its short-term time frames, but it looks like a pullback is in order. Price has retreated from its previous highs at 191.50 and is testing support at the 200 SMA on the 4-hour chart.

This area has held as dynamic support in the past and might continue to do so. If a bounce takes place, price could move back to the previous highs and even attempt to break past the 192.00 major psychological mark.

Stochastic is pointing down, indicating that sellers are in control of price action. RSI is also reflecting a pickup in selling momentum, hinting at a potential downside break. If that happens, the pair could be in for a longer-term drop, possibly until the next support near 189.00.

GBPJPY Forex Fundamentals

Earlier today, Japan reported a stronger than expected core machinery orders figure, which indicated a 3.8% gain versus the projected 2.0% decline. This was also better than the previous 2.9% gain. There have been no reports out of the UK so far, which means that the current selloff was mostly due to yen strength.

Japanese officials continued to reassure markets that the economy is recovering moderately, which might allow them to increase the sales tax in 2017. Meanwhile, BOJ Governor Kuroda said that they’re not too worried about yen weakness against the dollar since a Fed rate hike for the year has long been priced in.

Event risks for this setup today include the release of UK manufacturing and industrial production reports. Stronger than expected data could remind traders that the BOE’s next move is still likely to be a rate hike and add support for the pound. On the other hand, bleak figures could cast doubts on this hawkish outlook and trigger a pound selloff.

More...

Central Bank of Russia to Meet Financial Market Leaders to Discuss Bitcoin Regulation

According to the Russian newspaper, Izvestia, a prominent Moscow-based news outlet, Russia’s central bank will meet with representatives from the country’s financial markets to discuss Bitcoin regulation next week, a local news source claims. Though Bitcoin has been facing a lot of trouble in the country, the meeting may set new regulations and guidelines for cryptocurrency.

Nonetheless, expectations are that the Bank of Russia, the regulator with a high degree of probability will be quite loyal to cryptocurrency as the ratio of CB to the Bitcoin changed over the past year. Additionally, the operations Bitcoin Central Bank may authorize and regulate in particular, carrying out transfers and payments to individuals and interconnect them.
The Russian newspaper reports that following the countries like USA, Brazil, Israel, Germany, Norway cryptocurrency that literally emitted on computers legalized, the Bank of Russia may think of allowing Bitcoin in the country. The news outlet, says it is likely that the bank will be supportive of cryptocurrencies.

The first time that the Bank of Russia reacted against Bitcoin was at the end of January 2014 when it had said that according to Art. 27 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia),” the release of the Russian Federation is prohibited monetary surrogates.

Then the Bank of Russia had warned that Russian legal entities providing services for the exchange of “virtual currency” in rubles and foreign currency, as well as goods (works, services) will be regarded as a potential involvement in the implementation of suspicious transactions in accordance with the law on counteraction to legalization (laundering) of proceeds from crime and terrorist financing.

Requirement for Bitcoin Regulation in Russia

Quoting the deputy chairman of the National Council of the financial market, Alexander Naumov, the news outlet says that regulating Bitcoin market in the Russian Federation Central Bank will need cooperation with the Ministry of Communications and the Federal Security Service. Fraudsters may get imprisonment for up to 5 years under Illegal Banking Activity.

However, according to the Moscow-based news outlet the central bank’s stance on cryptocurrencies has changed over the last year. Those who are associated with the decision admit that the central Bank may authorize and regulate Bitcoin in particular, carrying out transfers and payments to individuals and interconnect them.

More...

DarkMarket, Now OpenBazaar Receives $1 million in Round of Seed Funding

After rebranding itself from DarkMarket to OpenBazaar, a company that allows a viable connection between two parties, supervised with a third-entity – an arbiter who/which issues the buyer’s fund in Bitcoin to seller upon the completion of the transaction, it has now received one million dollars in seed funding.

OpenBazaar aims to provide free trade for everyone, everywhere. In fact, the decentralized marketplace announced yesterday that the secured a $1 million round of seed funding will be used to further expand the vision and implement it on the ground. Though raising $1 million may not seem like big news, it definitely is a right step towards the right direction.
Interestingly, the company believes that as it is offering a new way to trade online where the network isn’t controlled or regulated in any way, meaning it requires no fees and remains free of censorship, Bitcoin supporters should come up to encourage it. It works using BitTorrent file-sharing software and Bitcoin, is attracting a great deal of attention.

Lead developer Brian Hoffman admitted that the Internet has decentralized communications, and Bitcoin has decentralized money; however, online commerce still relies on numerous intermediaries. He also admitted that his company removes the intermediaries and gives everyone from individuals to large companies the ability to directly engage in trade with anyone in the world, for free.

Funds to be used To Finish up the Development of the Platform

Like most of the startups who want to expand, OpenBazaar too has similar plans as according to the firm it is going to use the collected funds for the expansion. It says that the funding will enable several full-time resources to finish up the development of the platform, which is currently in its fifth beta release.

OpenBazaar also announced the participation of Union Square Ventures, Andreessen Horowitz and angel investor William Mougayar in the round. The firm says that with their history of helping build networks with large user bases and their focus on new decentralized technologies such as Bitcoin, Union Square Ventures and Andreessen Horowitz are the perfect partners to help OpenBazaar become widely adopted.

The company promises that it will always be open source and MIT licensed and as a global software community, it has intentionally created OpenBazaar so that there are no fees required to use the network, and there is no central authority controlling trade, taking a cut, or monitoring data.


More...

GoCoin to merge with e-commerce loyalty and credit card processing company Ziftr

Merger with Ziftr could be the big announcement from payment platform and mobile wallet provider GoCoin. According to the sources at GoCoin the company is planning to merge with e-commerce loyalty and credit card processing company Ziftr. The reason being cited is that it will help the company effectively compete in the Bitcoin market.
In a press release the company says that the two companies i.e. GoCoin and Ziftr plan to integrate to provide a platform that offer incentives for buyers to use virtual currency.

They further clarify that when users pay with a credit card or virtual currency, they will receive cash back in their Ziftr Wallet mobile wallet.
Elaborating his point GoCoin Founder and CEO Steve Beauregard said that loyalty points play a key role in a consumer’s choice of payment method, and with the ziftrCoin loyalty platform integrated into the ziftrWallet, he believes they can finally give consumers the right experience to choose digital currencies over cards at checkout.
GoCoin is the Third Largest blockchain Payment Processor

The Singapore-based Bitcoin payment processing startup and mobile wallet GoCoin currently boasts the status of third largest blockchain payment processor. The press release informs that the company hopes this new merger will enable it to challenge Coinbase and BitPay more effectively. It’s worth a mention that Coinbase and BitPay have emerged as leading payment processors.

The merger according to observers is showing a tendency in Bitcoin ecosystem where companies are trying to come together to face the challenges more effectively than ever. Even Ziftr CEO Bob Wilkins believes this merger will help further disrupt the payments market as both the companies come with their respective strengths.

The Two Companies Aim to Disrupt Twenty Trillion Dollar Global Payment Market

Nonetheless, Wilkins also believes that Ziftr has many of the necessary assets to accelerate mainstream adoption of digital currency, so merging with GoCoin and gaining access to its rapidly growing network of merchants gives them combined altcoin-friendly company the power to truly disrupt the $20 trillion global payments market.
He was quoted saying that their platform will allow merchants of all sizes to benefit from the transparency and efficiency of blockchain payments by giving them a better solution than what’s currently available. Talking about GoCoin’s network of merchants he admitted that it grew rapidly in the fourth quarter of 2014 and the first quarter of 2015.

More...

Bitcoin advertising network BitMedia.IO Raises $100 000

In a press release, the London based Bitcoin advertising network BitMedia.IO says that it has received $100 000 investment from the CEO of BitMedia.IO and a private angel investor. The company was co-founded by former executive officer of CEX.IO Matvey Dyadkov in 2014 and since then it has been receiving support from various quarters.

According to the people running the company it was created to not only fill the need for a professional advertising service in the Bitcoin ecosystem, but also to expand the Bitcoin community and become its integral part. In fact, they even admit that the project was made possible owing to the funds it received from BitMedia.IO’ CEO.

The Advertising Engine has been coded from Scratch

The company informs that its advertising engine has been coded from scratch and the team has extensive experience in working with Big-Data and High-Load technologies. Additionally, as they have applied their knowledge to build an unparalleled Bitcoin advertising network and continually optimize algorithms as much as possible, they accept to receive new clients.

Nonetheless, as the company has received $100 000 investment, it aims to further experiment with the new technologies that can help it provide better advertising for clients. It believes that the cutting edge of Bitcoin advertising with many plans to expand in the future can only be funded with the new investments coming on the way.

Needless to say the company’s mission is to provide Bitcoin users with up to date information regarding new services and facilities, committed to the growth of Bitcoin as a fundamentally disruptive technology. In fact, BitMedia.IO’s experienced team has many plans for the future. One of them is to enter the RTB market.

Will Take Bitcoin to the People Who Don’t Understand It

Admittedly, the company also believes that as it is working on the software that will enable them to exchange traffic with other ad agencies, it will be able to deliver better services than the ones that are available now. Also, the tech focused team is exploring disruptive options like decentralized traffic exchange systems, with more details to come soon.

The press release from the company conveys that the team strongly believes that the main factors holding Bitcoin back is that it is unknown, and misunderstood by many people. However, through developing a custom built, cutting edge professional Bitcoin advertising network BitMedia can change the entire gamut.

More...

Draft Biden 2016 Campaigners now Accepting Bitcoin Donations

Draft Biden 2016, a group of people who are preparing the groundwork for Biden in the early states of New Hampshire, South Carolina, and Iowa as well as building up an army of volunteers and supporters around the country, ready for Biden when he enters the race, have announced that they are accepting Bitcoin donations as well.

According the super-PAC pressuring Vice President Biden to run for the post of POTUS (President of the United States) they are open to accepting Bitcoin donations from supporters. Earlier, Senator Ron Paul started accepting Bitcoin for his campaign for the US presidentship. The latest addition gives a huge impetus to the cause of Bitcoin in the country.

Draft Biden 2016 says that it will accept contributions made with the virtual currency for this is in consonance of the vision that Vice President Biden has about technology and innovation. Joseph Schweitzer, the group’s director, said in a statement that Biden has supported the latest technology throughout his career,” Joseph Schweitzer, the group’s director, said in a statement.
Nonetheless, Bitcoin has been receiving support from a lot of politicians but it is perhaps for the first time that it is being accepted by the candidates running for the highest post in the US. Even Joseph Schweitzer admits that donors should ready their mobile wallet as they will be able to simply scan-and-donate.

Limit of Bitcoin Donations to $100 per Person

He added that there’s no hassle with a card number, no delay and unparalleled cryptographic security. However, Draft Biden 2016 said it would limit Bitcoin donations to $100 per person in light of unresolved questions about how Federal Election Commission (FEC) regulations relate to cryptocurrency.

As the group does not want to violate the local laws, it would also require Bitcoin donors to identify themselves via an online contributor form. Additionally, Draft Biden 2016 says that it is also helping lay the groundwork for Biden’s potential presidential campaign by fundraising and recruiting volunteers in early-voting states such as Iowa and New Hampshire.

Though Biden has not publicly stated whether he plans to seek the presidency in 2016, the people behind Draft Biden 2016 want him. According to them he should run, he would compete for his party’s nomination with Hillary Clinton, the Democratic front-runner, as well as Sen. Bernie Sanders (I-Vt.) and former Rhode Island Gov. Lincoln Chafee.

More...