Daily Trending News and Market Sentiment: Court Rules Craig Wright is Faketoshi

bitcoin

Bitcoin price today continued in its sideways fashion, having lost some of yesterday’s momentum to slide dangerously close to four-digit levels, recording a daily low of USD 10,042 as North American markets opened hours ago (CoinDesk).

1 BTC Price: Bitstamp 10144.15 USD Coinbase USD #btc #bitcoin 2019-08-27 11:10 pic.twitter.com/gzRJ6JuBBz

— coinOK (@coinok) August 27, 2019

The ongoing litigation saga of Craig Wright and his claim to the Satoshi Nakamoto legacy appears to have finally come to its knees, with a revelation yesterday that the US District Court for the Southern District of Florida has rejected Wright’s testimony in the Kleiman v Wright case.

Bad news BSV.

KLEIMAN AWARDED 50%IP AND BITCOIN MINED BEFORE DEATH

JUDGE REJECTS ALL CSW TESTIMONY

FINDS CSW PERJURED LIED FALSIFIED DOCUMENTS

— 22nd Century Crypto (@22centurycrypto) August 26, 2019

A Tweet from an alleged court audience member reports that the court found that Wright committed perjury when he lied and produced falsified documents to prove his identity. TheBlockCrypto reports that the courts have ruled that the Kleiman estate should receive 50% of the 1.1 million bitcoins allegedly mined by David Kleiman with Wright between 2009 and 2011.

As of now, there is no written court order yet to confirm this news, but if proven to be true, it would be a huge setback for Wright and Bitcoin SV, that has curiously not suffered any price plunge from the news. Not that BSV, as a fork of a fork of Bitcoin, doesn’t already have enough in a series of bad news to keep in mired in a bad reputation for a long time to come!

Some other Tweets pointing out that Wright actually has no Bitcoin at all to give back, and that the admission that these were mined together actually proves he is Nakamoto, is why BSV has stayed afloat.

Ours not to question why, ours is to Bitcoin or die, an objective Bitcoiner would say.

 

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Identity Management on Decentralized Ledgers: Thumb Print of the Digital Era

identity management

Decentralized ledgers employed by blockchain technology have opened the possibilities for a multitude of new applications and functions. But few of them are as groundbreaking and potent as the idea of identity and personal information management.

Blockchain identity management is a concept that uses a digital verification and authentication based on the decentralized ledger technology. Blockchain identity management tools leverage the user’s device to store and encrypt data rather than in a central database and uses encryption to connect data blocks across multiple virtual networks. This ensures that every information block stores a complete and accurate copy of all records, which cannot be altered or misused without being noticed by the entire network.

The use of digital media for data transmission, especially in the domain of user identification, has increased dramatically in recent years. And naturally so has the need for decentralized information solutions that protect sensitive information from any unauthorized access and cyber-attacks. The global business scene has seen digital media platforms’ service-based models capture a notable market share in the blockchain identity management market. Similarly, government regulations like the NDB scheme in Australia, the European Union’s GDPR, and cybersecurity requirements of New York State financial services companies have also iterated on the pressing need for identity management in the context of business and personal users. 

Some of the key players in the blockchain-based identity management arena include the likes of Civic Technologies, Inc, EVERNYM INC, Cambridge Blockchain, LLC, IBM Corporation, Netki, SelfKey Foundation, NewBanking, Oracle, UniquID, Inc, PeerMountain, and uPort, among many others.

Now the question beckons, how does the decentralized identity operate in the digital world? Decentralized Identifiers (DIDs) is essentially a new type of identifier for verifiable digital identity that could also be seen as a “self-sovereign” entity. What this implies is that DIDs are fully controlled by the DID subject, which is independent of any centralized point of control, registry, identity provider, or certificate authority. This also means that the DID subjects have complete control over their own identity and usage. These systems of decentralization have been the subject of attention and research from several large corporations, such as IBM, Microsoft, and the Decentralized Identity Foundation (DIF) working group.

The integrity and completeness of such a system can be ensured by implementing a collaborative approach that involves data claimers, verifiers, attesters, and many other types of middlemen that facilitate the management processes. The introduction of the “human intervention” into the previously automated system makes it a fully-decentralized system. 

This also increases the significance of the middleman’s role to ensure a functional and convenient environment for each stakeholder. A company called Kilt Protocol has been working in such a position within the decentralized identity management field for quite some time now.

As data would create business value using their own data, failure to adhere to the protocols would lead to hefty penalties, with data collectors working as middlemen and moderators in this case. To dilute the power and influence of data collectors roles such as primary validators and secondary validators (i.e., validators of validators) can be established to establish a balancing triangle of power while maintaining the relationship between all relevant stakeholders.

If this system is implemented in a hypothetical world, everyone in the system would have complete ownership of the mountains of data produced each day. Individuals can claim the rights to the record of every purchase and every communication that would be stored on the common ledger. If the users have a change of monetizing an individual’s data, they must get approval and share the proceeds from all stakeholders. Thus the userbase is mainly divided into two groups: people who would like to monetize their personal data, and the second those who block all personal data to be used in any further applications.

Even if we assume that only 50% of the population decides to deal with the risks and opportunities of sharing their data, the profits and opportunities are endless. 

Bodies like DIF and the International Organization for Standardization (ISO) have established standards for simplifying the data management processes. But obviously due to the very nature of decentralization, not everyone can enforce these rules, and some individuals who are the owners of their data may find a particular standard too inconvenient or pricey to manage, while someone else might prefer another, more compatible standard, resulting in the coexistence of multiple regulations and implementations.

Although living in an ever-changing world of technological advancement, the field of decentralized data is still relatively new and unchartered. Thus, the further evolution and unearthing of the unique characteristics of public blockchain protocols still remain to be discovered and will be subject to fierce innovation and debate for many years to come.

 

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Bitcoin Technical Market Analysis 26th August 2019

Bitcoin Technical Market Analysis 26th August 2019

The new week began with a positive green note. Bitcoin buyers managed to test a price mark of $10,700 with the help of a single candle on a 4-hour timeframe. Of course, buyers could not fix above $10,350-10,500, but this volume explosion caused sellers to open their eyes at least. A typical consolidation situation happened where sellers got caught a “minefield” of buyers by breaking the price mark of $9,900. The hourly timeframe clearly shows the nature of the price reversal:

Bitcoin Technical Market Analysis 26th August 2019

After an uncertain breakdown of $9,900 over the next 2 hours, Bitcoin buyers felt no pressure or danger from sellers and calmly, without much difficulty, were able to raise the price by 5% in one hour. After that, the activity of buyers ended and the price is trading below the price zone of $10,350-10,500. What could have caused such a sharp reversal? Analyzing the seller marginal positions, we can see that the sharp decrease of their positions exactly coincides with a crazy buyers candle:

Bitcoin Technical Market Analysis 26th August 2019

Also, the chart shows that initially, sellers at local lows increased their positions (when the price tested $9,815) and after this mistake, positions began to close sharply.

An interesting fact is that buyers initially also closed their positions during the test of $10,700, but these positions were bought out by other interested buyers:

Bitcoin Technical Market Analysis 26th August 2019

As a result of these actions, a noticeable pin has been formed. Although, globally the marginal positions of buyers continue to be traded in a narrow consolidation on the daily timeframe.

As for the daily timeframe, what we wrote about in the previous analysis happened. After making a lot of false breakdowns, sellers retreated as soon as the new week began:

Bitcoin Technical Market Analysis 26th August 2019

To continue the implementation of our scenario, sellers need to fix themselves below $9,900 and test $9,400 this week. However, due to their current weakness, the scenario may change towards buyers. In any case, the price is still drifting in the undefined zone. And we still have not seen a fix below $9,900 and above the price zone of $10,500-10,600.

According to the wave analysis, the situation has not changed in any direction yet. We are still following the correction after the falling wave of 20 August:

Bitcoin Technical Market Analysis 26th August 2019

If buyers manage to break through the blue line of the triangle, then the road to $11,000 will be open for them. We expect a real changes on the chart and do not pay attention to the sharp movements within the triangle. This is all just to get you in the wrong position. See you in tomorrow’s Bitcoin analysis!

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Daily Trending News and Market Sentiment: $100 Billion Bitcoin Realized Market Cap, Keiser Price Explosion

bitcoin

Monday today seems to be a departure from the past few weeks, where trends and sentiment seem to be against the grain of Sunday, with price today climbing well above the highs of the entire weekend, registering USD 10,624 at almost exactly 8:30 am Shanghai time (CoinDesk).

Asian trading hours have wound down right now but Bitcoin is still rather positive, priced at USD 10,345 during Central Europe high noon. The 5% jump in price that happend in mere minutes already has long-time Bitcoin advocate and RT host Max Keiser blurt out another call for a bull run, saying that the “coiled spring” was only waiting to “explode higher”.

#Bitcoin is a coiled spring about to explode higher.

— Max Keiser, tweet poet. (@maxkeiser) August 25, 2019

This unexpected price boost is hardly atypical to Bitcoin, but there are sure to be more commentators who will now feel a fresh injection of optimism in the final week of August. Like Keiser, they will be picking up old evidence of improving network statistics such as gaining hashpower in the Bitcoin network, increased volumes in transactions, as well as increasing number of wallets — both on user and merchant sides — to back up previous claims that Bitcoin is about to embark on yet another spectacular parabola.

But even if traditional metrics such as trading volumes on exchanges have been getting a lot of flak lately thanks to fake reporting and wash trading, for example, the good thing is that new research on these numbers are showing improving statistics as well. For example, data analytics firm Coinmetrics now claims that the Bitcoin network has for the first time passed a watershed moment in its history, with a so-called “realized market capitalization” for BTC passing USD 100 billion

According to them, realized market cap, which is a different and more reliable way of calculating Bitcoin market capitalization, can be arrived at by multiplying the price each bitcoin that was last traded by the size of each trade. This differs from the more straightforward way of multiplying global average price with coin supply. Using this alternative method, this USD 100 billion achievement is just the latest record to be broken, and joins other all-time high lists such as difficulty, hash rate, and daily trading volumes.

Nick Szabo, one of the earliest cryptographers associated with Bitcoin, this milestone matches the low volatility periods not seen since 2012. He commented:

“The long-term chart reflects the superior deep safety, global seamlessness, and monetary soundness of Bitcoin.”

As we also pointed out in a previous analysis, if we use this new metric method and combine it with more reliable data, then Bitcoin dominance is much closer to 90%, instead of 70% as most conventional sites put it at.

$BTC $BTCUSD #BITCOIN – 1H: All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on Bitcoin – BTC/USD as long as the price remains well above 10,236.00 USD. The buyers” bullish… https://t.co/GNQliD90m0

— CentralCharts EN (@CentralChartsEN) August 26, 2019

Automated technical analysis from CentralCharts (above) describe all elements to be “clearly bullish”, although there are also those who will point to a “bear cross” forming on the charts now, not seen since February. Be reminded, however, that not long after that bear cross was this year’s solid recovery phase that seems to only be in consolidation phase now.

We should not always look for something to credit for good news (or even bad news), but one does wonder if Trump’s trade war with China is responsible for this. Traditional markets could not react on time when his latest proclamations were made public on Friday, and it is only today that traders were able to liquidate assets to invest in Bitcoin. That sudden spike we saw today as Chinese trading floors opened for business could certainly explain that!

In any case, we should pay attention to the further developments from a US lawmaker visit to Switzerland that has just concluded over the weekend. Yesterday, Rep Maxine Waters published an official statement that reported how US House of Representatives members had meetings with regulatory agencies and lawmakers including the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, and the Financial Market Supervisory Authority.

The Swiss visit was aimed to learn on how their officials would be monitoring and regulating Facebook’s Libra project (since the headquarters is registered in Switzerland and, therefore, under its jurisdiction). Waters did not seem convinced, however, saying:

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.”

The opinion of US lawmakers, judging from the Libra hearing with its boss David Marcus, seems to be that neither of them believed that the location of Libra’s headquarters was a coincidence, since that would effectively mean Libra could escape US scrutiny.

A request from them to delay Libra’s development was accepted by Marcus, who has promised that his company would pause development work on Libra until all concerns from the Federal Reserve and other US regulators had been addressed.

More commentary should arrive this week on this issue, and let’s pay attention to see if any sentiment can be derived.

 

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Ten Billion Coin Handshakes New Partner, Prepares for Triple-IEO Launch

ten billion

One of the prominent highlights of the fourth industrial revolution or the industry 4.0 era is most certainly the unveiling of emerging technologies such as the blockchain technology. No doubt, this technology has become a household name in the tech ecosystem such that many top companies around the world have experienced the transformative power of the distributed ledger system in ways that were until now elusive to system processes. And now, most legacy companies are in a race to bid for the utmost derivable benefits out of the technology. However, compatibility barriers and a lack of an efficient transitioning model have stalled the rabid on-ramp onto blockchain systems.

Blockchain as a Service (Baas) Company

One company, China-based TenBillion Coin, aims to stand as a liaison between legacy companies and the disruptive technology of distributed ledger in order to provide them with ease in transition from the old tiring processes into one with infused blockchain capabilities.

TenBillion presents itself in what seems as a blockchain as a service entity whose aspiration is to integrate blockchain technology into the workflow processes of Asian companies. And by this, these companies can be more transparent in their financial operations, more efficient in their supply chain processes, and handle other logistical operations with more finesse.

Partnership Trails

On its journey to achieving its ambitious goal of co-sponsoring the digital transformation of industries in China through the blockchain, TenBillion is seeking several partnerships and in less than two months, it has landed 3 Chinese giant companies – all of which are multi-billion RMB companies – to include Institute of Southeast Guizhou Province Hospital which happens to be a tumor immunotherapy research institute, XiaYi ShengTai YingRan Technology industria Park, and now, it signed a partnership deal with NanTong Wonder Petro-Chemical Engineering Company.

TenBillion’s most recent partner Wonder reportedly has trailblazing footprints in China and across the Asian continent, not leaving out Europe, Africa and many other regions, whose past dealings covered prominent oil and gas companies such as Shell, BP, DuPont, Dow, ExxonMobil, and SinoPec.

TenBillion seems closer to achieving its goals of being a beacon of business process transformation, as many companies are seeking to partner with the revolutionary work being done by them. One can attribute this healthy-hype pursuit in part to the curated successes of the team who have quite the elaborate experience in areas covering financial, economic, legal, and cutting edge technology.

TenBillion Triple-IEO Launch

On top of this development, the company has announced a triple-initial exchange offering (IEO), a new system of fundraising which stakes the reputation of crypto exchanges and engages their numerous client base to help startups raise funds for project development. On 28th August 2019 TenBillion Coin will leverage the client-base of crypto exchanges LA Token, P2PB2B, and Vietnam-based VinDax in a partnership that seeks to make 6 billion YBY tokens available to the masses.

According to the distribution process available on their press release, the company will allocate 4 billion YBY tokens to LA Token while P2PB2B and VinDax will offer 1 billion tokens each to their client base. Face value of the tokens will go for $0.005 per token, bringing expected funds to be raised to $30 million.

To learn more about the TenBillion Coin platform visit the website: https://tenbillion.network

Please note: this is a paid for, sponsored article. TenBillion is the source of this content and is responsible for the content, and the accuracy of the content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This article is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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