Alibabacoin Foundation Announces the end for the ABBC Coin Giveaway Event

It is known that all good things come to an end. After a lot of extensions and giving more opportunity for more people to be able to participate in Alibabacoin’s Airdrop Event, the company finally announced that it will be over soon.

Alibabacoin Foundation announced in their official channels that on September 7, 2018, the KYC event will be fully completed, and their team will stop the KYC verification and referral counts. This means that you will not be able to register anymore after this date.

Alibabacoin Foundation encourages everyone to finish registering and completing the processes required so that everyone will get the free 100 ABBC for registration and also the 20 ABBC per referral. This will be the last week allocated for this as the event is bound to end.

With regards to referrals, the company would like the participants to remind their referrals to complete the requirements that need to have an approved account. This is because the 20 ABBC that a participant will get after referral will only be credited if the referral completes the requirements as well.

Due to the overwhelming number of participants who wanted to get their FREE ABBC, the transfer of the coins will take 2 weeks of completing the process. This means that only after completion of all the required document submissions, and transfer request from a participant, only then will the transfer begin for their coins. Alibabacoin Foundation would like to thank their community for their patience and continued interest in supporting the project.

As you may have already heard before, the event is ending to make way for Alibabacoin Foundation’s preparations to get listed on different exchange platforms. This was also announced in an official announcement made by their CEO that was posted on their very own social media platforms.

In their previous announcement, their CEO mentioned:
“Currently, we are finalizing the listing date with different exchanges which includes the exchanges with confirmation. Once the listing date is fixed, we will announce the exact date and the list of the exchanges.”

Due to the cryptocurrency prices dropping in the market, it was noted in their announcement that they were not able to list with one major exchange exclusively at the company’s expected price. This may be the reason why there have been some delays in listing. But in the same announcement, they also told the community that they will be listing in more exchanges at the same time rather than just listing on one major exchange exclusively.

This is definitely good news for the followers and supportive community of Alibabacoin. The company is asking people to stay tuned and focus on completing the giveaway event to get more coins before the coin gets listed in various exchange platforms.

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SEC Rejects Bitcoin ETF As Applicants “Don’t Fit The Mould”

The SEC have rejected a number of bitcoin ETF proposals in recent months, with a few more applications pending a decision. According to the founder of Abra, Bill Barhydt, the bitcoin ETF applications so far “don’t fit the mold” of companies/firms the SEC is used to engaging with.

In a recent interview with CNBC Barhydt has stated that he believes that a bitcoin ETF will be approved within a year, and the only barrier is that the applicant(s) meet the standards expected by the commission.

 

Will the SEC approve a bitcoin ETF?

The main date on the calendar is 30th September. This is the date the SEC will make a decision on the highly anticipated application submitted by VanEck. The decision will either be to accept, decline or delay the bitcoin ETF proposal after they previously delayed the application in the prior months.

Barhydt has stated that no ETF will be approved until an applicant meets the SEC’s specifications in terms of financial  industry profile and personality archetype.

“I think the issue with the SEC, quite frankly, is that the people who are doing the applications don’t fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I’m dressed you probably wouldn’t know it. So I probably, unfortunately, couldn’t go like I am here to a meeting at the SEC to say I’m applying for the ability to issue an ETF.”

There have already been a number of bitcoin ETF application declined by the SEC.

On August 23rd, 2018 the SEC disapproved 9 bitcoin ETF applications’ from three different companies. The 9 bitcoin ETF proposals were made up of; 5 from Direxion, 2 from ProShares and 2 from GraniteShares. All of the proposals were ‘derivative based’ and not back by physical bitcoins’. For each of the three disapprovals’ the SEC issued the same response:

“[T]he Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act  and the Commission’s Rules of Practice to demonstrate that its proposal is  consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be  designed to prevent fraudulent and manipulative acts and practices.”⁩

The SEC has reinforced that all the proposals submitted so far have failed to demonstrate a “resistance to price  manipulation” in a BTC derivatives market lacking in volume. The SEC has stated that:⁩

“Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That  failure is critical because, as explained below, the Exchange has failed to  establish that other means to prevent fraudulent and manipulative acts and  practices will be sufficient, and therefore surveillance-sharing with a regulated  market of significant size related to bitcoin is necessary.”⁩

Barhydt believes for the SEC to approve a bitcoin ETF, the applicant needs to “look, smell and feel” right and he believes that an application will be accepted within the next year.

“It’s going to happen in the next year, I would actually make a bet on it,” he said. “There is too much demand for it.”

ETF Decisions | Upcoming Dates

The following are the dates of the remaining bitcoin ETF proposals.

Sep 7: Bitwise ETF First to Be Denied or Delayed

Sep 21: Direxion ETF Final to Be Approved or Denied

Sep 30: CBOE VanEck/ SolidX ETF 2nd to Be Approved, Denied or Delayed

The most anticipated decision is the one from CBOE VanEck/ SolidX, this was originally meant to be decided around a month ago. However, the SEC decided to delay their decision to late September. This caused the markets to drop further, however, they have stabilised since. The general feeling is that the decision will not be accepted, or at best be denied.

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What the future holds for the BTC to USD rate

Just a few years ago, Bitcoin investors had bold revolutionary plans for the digital coin. The virtual currency run on a decentralized digital ledger without middlemen was poised to overthrow the central banking system. While the global financial system’s impact on Bitcoin remains a debatable issue, cryptocurrencies and fiat money have developed a cozy co-existence.

 More recently, the BTC to USD exchange rate has been growing steadily; yet for the foreseeable future, Bitcoin’s volatility will continue to make price forecasting challenging. Although Bitcoin’s volatility has declined in recent months, investors still expect the rollercoaster ride to occur. Recently, one such investor Tom Lee has stated on CNBC that the end of 2018 could become explosive for Bitcoin’s value. Whether we will witness another big break of Bitcoin remains to be seen, but what are the factors that can influence its price?

BTC is Ready for the Mainstream

The fiat and crypto worlds are slowly converging. Services are making it easy to exchange crypto and fiat currencies, with some platforms even offering free and instant conversions. BeeLand, CoinLoan and Nebeus are among dozens of new P2P lenders providing fiat loans in exchange for cryptocurrency as collateral. On their part, some crypto exchanges are creating liquidity by using fiat assets as collateral.

Through these lending and trading activities, BTC and USD are interlinking the crypto and fiat markets. Once the USD interest rates are high, lenders will go to the crypto P2P lending market (and vice versa) to lower their cost of borrowing. In the near term, this competition is likely to lead to a tighter but negative price correlation between these fiat and crypto majors. 

Institutional investors are also entering the market and bringing liquidity, while mainstream investors are starting to add Bitcoin and other cryptocurrencies to the alternative asset class of their portfolio. Far from the envisioned cryptocurrency takeover, international financial regulators were among the first to predict a converging crypto and fiat world ahead. Because cryptocurrency transactions are faster and cheaper, IMF chief Christine Lagarde foresees global finance and trade becoming more efficient. An increasing number of investments creates more trading opportunities between crypto and fiat, especially BTC and USD.

High Volatility 

Before Bitcoin can serve as a universal payment system, it needs to be more stable, says former PayPal CEO Bill Harris. Since falling through $7,000 in February from its $20,000 December high, the BTC price has been jumping between spikes above $7,000 and declines towards $5,000. The most recent slumps were triggered by the SEC declining the Winklevoss twins’ ETF in July and postponing a decision on the VanEck ETF to September. 

At the moment, the 30-day average volatility of Bitcoin has declined to 3.36 percent from a 252-day average of 5.02 percent. 30-day BTC/USD volatility, meanwhile, has declined 6 points from the 60-day average to 3.41 percent. However, implied volatility – a more accurate measure of pricing – indicates higher Bitcoin’s volatility in the short term.

Another indicator that more Bitcoin volatility is ahead comes from investors sitting on the fence. Bitcoin futures prices for the fall months are in the $6,400 range, implying stabler pricing ahead. A levelling of the BTC/USD price is also observed. Toward the end of August, the BTC/USD 100-day moving average is $7,459, down from the 200-day moving average of $9,278.

Is Bitcoin priced fairly? 

The much debated issue of whether or not Bitcoin is in a ‘bubble’ weighs heavily on the future BTC/USD price. If it is, BTC/USD would likely tumble to 2017 lows below $5,000.

Is Bitcoin in a speculative bubble? By end-August, one Bitcoin was trading at $6,753 while one ETH cost $277. Bitcoin serves principally as a store of value and investment vehicle. As such, the coin is viewed as a speculative investment like tulips in the 17^th century in Holland and Internet stocks in the 1990s. 

Utility tokens, in comparison, are also used to perform functions on a Blockchain platform. By adding smart contracts to Bitcoin’s Blockchain architecture, Ethereum created a platform in which digital transactions activated by utility coins could execute diverse business functions. This, as well as Ethereum moving towards a more efficient consensus and mining protocol called Proof of Stake, has made ETH the leading currency of the productive crypto economy.

Future of BTC/USD

Bitcoin still offers unique advantages of decentralization, anonymity, and security. As it grows stronger as a payment system, it will compete with hundreds of new cryptocurrencies, including utility tokens. 

Bitcoin will continue to attract more speculators, while more participants in these digital economies will naturally engage in hedging arrangements. So far, all indications are that the BTC to USD pair will no longer be black sheep but be present on the market like EUR to USD.

This submission was a guest post, if you would like to submit a guest post to bitguru, get in touch at contact@bitguru.co.uk

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Should you invest in Bitcoin Cash? Pros and Cons

The cryptocurrency market includes a lot of various coins – 1878 to be exact. Bitcoin, or BTC, is the first ever cryptocurrency and has the largest market capitalization, as well as the price (as of August 23, one BTC is valued at $6,445.49). The second most valued cryptocurrency is BCH, which acts as the major competitor to Bitcoin, and not only in terms of price. So, what exactly is Bitcoin Cash and why investors buy into it?

Younger Bitcoin’s brother

The coin came into existence as a spinoff of Bitcoin. It may sound tricky but the overall idea of the split is simple and straightforward. 

Bitcoin has a limited size of the block – no more than 1 MB. The key issue with the BTC blockchain is the more transactions are processed, the slower the network becomes. This is known as a scalability problem that has been looming over Bitcoin since its inception. It encountered the scaling crisis in 2017 when the number of transactions increased dramatically due to wider adoption of cryptocurrency. For faster deals, users were forced to pay higher miner fees. Slow network speed with about 7 transactions per second (compare it to 20,000 for Visa) and significant fees nullified the main idea of Bitcoin as a better alternative to fiat money. In response to all these issues a group of key members of the Bitcoin community initiated an upgrade and created Bitcoin Cash that is now capable of processing 32 MB blocks. 

Where to buy and store BCH?

Now that you understand what BCH is, it’s high time to find out what to do next. Here are some helpful notes. 

First, find an exchange which allows for buying BCH:

• Coinbase – the largest fiat-to-crypto exchange service that supports USD, EUR, and GBP.
• Bitfinex – old and trusted exchange which trades BCH for USD, BTC, and ETH. 
• Kraken – advanced trading platform with both fiat and crypto pairs, it exchanges BCH for EUR, USD, and BTC. 

If you are looking for more specific instructions, you can refer to comprehensive guides like that on how to buy Bitcoin Cash explained by Katie Wager.

Then, get the cryptocurrency wallet to store coins. The options are various: 

• Online Wallets – BTC.com, Bitcoin.com, Coinbase. 
• Desktop and Mobile Wallets – Electron Cash, Exodus, Jaxx, BitPay.
• Hardware Wallets – Ledger and Trezor (the most trusted and reliable wallets). 

The full list of supported wallets is on the official site of Bitcoin Cash. 

Is BCH a good choice for investment?

Pros

1. Higher network speed and lower fees. 

The initial block size in the BCH network was 8 MB which was 8x more than a single Bitcoin block. Recently Bitcoin Cash has scaled to the 32MB blocks when Bitcoin upgraded only to 2 MB.

The increased block size allows miners to process a larger number of transactions faster and thus earn more in terms of transaction fees and rewards. It’s also obvious that miners charge lower fees for their work so far as it takes less time and power. 

As of June 21, the average transaction fee for Bitcoin Cash is $0.08. Compare it to Bitcoin’s $6.85 and the advantage of Bitcoin Cash will become apparent. However, Bitcoin Cash isn’t the fastest or the cheapest crypto system so far. 

2. Mining difficulty adjustments. 

Right after the original split, leaders of Bitcoin Cash tried to take new miners away from Bitcoin’s network. The EDA principle was introduced to let the fresh and still small chain of Bitcoin Cash survive. However, EDA resulted in major hashrate and difficulty fluctuations.

Then the community developed a new algorithm called DAA. It stabilized difficulty, so blocks are mined regularly now. With the new algorithm, miners prefer to produce only BCH instead of frequent switching between BCH and BTC. Additionally, Bitcoin Cash with its DAA principle is protected from timestamp attacks. 

Bitcoin Cash has slightly lower mining profitability – 0.34 USD/day for 1 THash/s than that of Bitcoin – 0.36 USD/day. Despite this, mining BCH is more convenient for solo users and pools due to its difficulty adjustment algorithm. 

3. Wide acceptance. 

With the main idea of BCH as the new global electronic cash, it slowly conquers the market. Many merchants including BitPay accept this cryptocurrency thanks to the network’s speed and low fees. It’s simple: Bitcoin Cash is relatively cheap with its price of $870, so it’s more suitable for various financial operations than Bitcoin with its $6,700 value.

Thanks to BitPay support, more companies start accepting Bitcoin Cash. As the brightest example, it’s Microsoft which enabled BCH payments for products and services. Also, there is CoinGate that allows websites to accept donations in BCH via their API integration. 

Another proof of acceptance is the 4th place in the list of the largest cryptocurrencies by market capitalization.

Cons

1. Centralization. 

Centralization is the main drawback of Bitcoin Cash which contradicts the overall blockchain’s idea. According to Coin Dance, four large mining pools are in control of over 51% of the total network power. It’s not the real central power, surely. But theoretically these four big players may perform a 51% attack to rule the blockchain system by accepting or declining transactions in sole discretion. 

2. Real leaders.

This problem is closely tied to the previous one. Decentralization means that there is no particular person who can dictate the pace of the network development. But this is not the case with Bitcoin Cash that is highly centralized in terms of leadership. 

The promoters and inspirers of BCH are Roger Ver and Jihan Wu. 

3. Huge blockchain. 

Large blocks can be seen as a disadvantage as well. With larger blocks miners are required to have more hardware storage capacity to hold the entire blockchain. This means, users should invest substantial sums in upgrading their mining equipment in order to match the needs of the increasing network. 

This submission was a guest post, if you would like to submit a guest post to bitguru, get in touch at contact@bitguru.co.uk

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Ethereum Blockchain Data Is Now Available On Google’s Cloud ‘BigQuery’

Google have recently announced on their blog,  Ethereum blockchain data is now available for exploration with BigQuery, Google’s Cloud’s Petabyte-scale data warehousing solution.

BigQuery by Google will make it possible to explore the entire Ethereum blockchain, using the Ethereum’s GitHub source code. The source code will be extracted and entered into BigQuery, making the entire historical data on the Ethereum blockchain readily available. Google is currently seeking new contributors and additional blockchains.

The Ethereum ETL project on GitHub contains all source code used to extract data from the Ethereum blockchain and load it into BigQuery—we welcome more contributors and more blockchains!

Why make Ethereum blockchain data available on Google Cloud?

The purpose of making the Ethereum blockchain data available on Google Cloud is to make all of the data stored on the Ethereum blockchain easily accessible.

Currently, Ethereum’s software does contain “API’s for a subset of commonly used random-access functions (for example: checking transaction status, looking up wallet-transaction associations, and checking wallet balances, for example), API endpoints don’t exist for easy access to all of the data stored on-chain.”

The API endpoints do not make it possible to view ” blockchain data in aggregate” while BigQuery’s OLAP features enable such analysis. The blog then shows a chart displaying “the total Ether transferred and average transaction cost, aggregated by day”

 

The software built on Google Clod will also be enable the following three features.

1. Synchronizes the Ethereum blockchain to computers running Parity in Google Cloud.
2. Performs a daily extraction of data from the Ethereum blockchain ledger, including the results of smart contract transactions, such as token transfers.
3. De-normalizes and stores date-partitioned data to BigQuery for easy and cost-effective exploration.

Interesting queries and analyses

The blog post then goes on to highlight three interesting points which was picked up from their analysis.

Analysis 1: Popular Smart Contracts Event Logs

The most popular use case of Ethereum is the smart contracts, which enable the creation of new tokens.

“Below we demonstrate querying the dataset’s transactions and contracts tables to find the most popular smart contracts, as measured by transaction count”:

 

The most popular ERC-721 smart contract by transaction count is 0x06012c8cf97bead5deae237070f9587f8e7a266d, the main smart contract for the CryptoKitties game.

Analysis 2: Transaction Volumes and Transaction Networks

There are thousands of tokens which are in use on the Ethereum blockchain, the patterns of individual distribution vary for every token. By focusing on every token’s transaction activity, Google Cloud is able to measure which are the most popular in aggregate value or a given time frame.

Below is the daily transaction’s for OmiseGo, the 5th most popular Ethereum token

Note that on September 13, 2017, there was a large increase in the number of $OMG receivers but no increase in the number of senders. This corresponds to the beginning of the OmiseGO Token Airdrop.

Analysis 3: Analysis of Smart Contract Functionality

Most smart contracts on the Ethereum blockchain are ERC20, meaning they following rules specifically defined the ERC20 protocol. Most of the functions are specifically related to token transfer, However the full description can be found in the ERC20 Token Standard specification document.

There are many other functions which can be implemented in the smart contracts language, and this has been analysed by Google. Because a lot of the smart contracts have ‘open source’ source code, Google were able to gain knowledge about the specific contracts’ from the functions used within the smart contracts.

Coming back to the CryptoKitties, discussed in Analysis 3 above, the major element of gameplay is animal husbandry, and the mixing of genes in a breeding event is implemented in the CryptoKitties GeneScience smart contract, 0xf97e0a5b616dffc913e72455fde9ea8bbe946a2b. Suppose we wanted to find other games also implementing similar gameplay mechanics to the CryptoKitties GeneScience contract? We can measure this using a JavaScript UDF implementation of the Jaccard similarity coefficient in this query.

“These results reveal that several earlier versions of the GeneScience contract are most similar to the current version of the smart contract at address 0xf97e0a5b616dffc913e72455fde9ea8bbe946a2b. But there are also some others (e.g. CryptoPuppies at 0xb64e6bef349a0d3e8571ac80b5ec522b417faeb6), that appear to be highly similar contracts, as measured by method signatures.”

There full article can be read here

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22 Cryptocurrency ATM’s Seized By Russian Police

22 cryptocurrency ATM’s have been seized by Russian Police following orders from the country’s central bank.

According to RBC, a local media source in Russia, cryptocurrency ATM’s belonging to BBFpro were seized causing the company to suffer economic damages as well a taking a huge dent in their reputation, according to Sarkis Darbinian, an attorney for the Center of Digital Rights, which defends the company.

Artem Bedarev, head of BBFpro, told RBC the company does not understand the action and did not receive any preliminary inquiries from the prosecutor.

Bedarev was allegedly told that an investigation will be conducted which will last 6 months. This is according to one of the employee’s who carried out the seizure, the same employee has also said that the Prosecutor General’s Office took the action based on a letter from the Bank of Russia.

The company who operated 22 terminals, all of which were located in stores, bars and shopping centres, spread across 9 cities .

A representative from the Central Bank refused to comment on the seizure, although he did specify that the ‘regulator’ performs systematic actions to determine and correct illegal financial activities.

The chance for uncontrolled cross-border transfers brings the risk of cryptocurrency involvement in illegal financial activities, the representative said.

Darbinian, the attorney for the Center of Digital Rights, stated their is no laws against the purchase of cryptocurrencies and that BBFpro abides by statutory procedures, identifies users and pays taxes.

 

Stolen Bitcoin ATM’s

Bitcoin ATM thefts are becoming a real problem. In January, there had been over 10 Bitcoin ATM machines stolen according to Bitcoin.com! 2017 though has seen that number increase, with regular thefts being reported. Most recently in late October 2017, when a Bitcoin ATM was stolen from Oudenbosch in The Netherlands.

Joke was on them though as the owner laughed:

“Bitcoins are virtual coins, so it seems logical to me that there is nothing to get out of the machine, but they would have thought that they had the jackpot with a machine full of bitcoins,”

Although there are some ATM’s which do accept and dispense cash, the one in question here accepted purchases and sales only from card.

Unfortunately for some Bitcoin ATM owners though, they haven’t been so lucky, and their machines containing actual cash have been stolen!

It’s a problem that’s likely going to continue increasing, especially with the Bitcoin price rising so high.

Opportunistic thieves learning about Bitcoin but not knowing much about the digital currency, may see the ATM’s and hope they will find lot’s of valuable Bitcoins hiding inside!

The truth however is that in most ATM’s, although they may contain a relatively small amount of cash, the Bitcoin can of course never be stolen from the machine.

Don’t forget to find Bitcoin ATM’s close to you! We do not advocate stealing the ATM’s though of course!

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IOTA & Volkswagen Will Release Blockchain Cars in 2019

The list of IOTA partnership’s becomes more and more exciting as time passes. Quite possible the the most exciting partnership has to be their ventures with Volkswagen the vehicle manufacturing giants. It appears that IOTA & Volkswagen will release blockchain enabled cars in 2019.

In the latest announcement by IOTA, they will be launching the Digital CarPass, which will see performance data tracked via IOTA, to ensure vehicle data collection is both reliable and secure. This is one of the latest ‘real-world’ integration’s of IOTA, and is expected to be launched in 2019.

IOTA Partnership with Volkswagen

The world of motoring is at the cusp of being radically modernised, and the distributed ledger is here to help speed things up. Driver less technology is a fascinating use case for the IOTA data marketplace because as the cars operate in various driving conditions all around the world, every bit of sensory data can be fed into the data silos to improve both the future products of the brand, and also be sold for the right price to those who need it.

Volkswagen are working closely with IOTA, so much so that their Chief Digital Officer (CDO), Johann Jungwirth has joined the IOTA foundation’s supervisory board!

The news about the VW IOTA partnership was announced in January 2018. Jungwirth is in charge of leading Volkswagen through the inevitable digital transformation.

Volkswagen have also launched a proof of concept, live testing the IOTA network!

Volkswagen, together with @iotatoken will show at #cebit18 a proof of concept how the trusted transfer of software over-the-air to vehicles can be securely documented using the #tangle. Great example how distributed ledger technology can be used in the future

Tweet by the VW CTO Jungwirth 

The Volkswagen group consists of 12 motoring brands, Lamborghini, Porsche, Bentley, Audi & Bugatti to name just a few.

The skills, connections and influence Jungwirth can bring to the German based IOTA foundation could prove to be very significant.

Watch the VW CDO Talk about IOTA at the Bosch Connected world event 2018:

The Digital CarPass

The Digital CarPass is the main project which is being brought to fruition through the IOTA Volkswagen partnership. It was originally revealed as a proof of concept earlier in the year.

Volkswagen, together with @iotatoken will show at #cebit18 a proof of concept how the trusted transfer of software over-the-air to vehicles can be securely documented using the #tangle. Great example how distributed ledger technology can be used in the future pic.twitter.com/4wuc7pdKfv

— Johann Jungwirth (@JohannJungwirth) June 9, 2018

The project which was originally revealed at Cebit, will focus on utilising the Tangle network to deliver trusted vehicle software. The new CarPass will focus on capturing reliable data from Volkswagen automobiles in order to improve efficiency.

The CarPass is just one of five blockchain projects which is under development between IOTA and Volkswagen, including blockchain integration with luxury sports car Porsche, which is also owned by Volkswagen Group. Porsche are supposedly developing a “blockchain-based identity solution” which will allow multiple individuals to share vehicle access.

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