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Chapter Binance: Bitcoin industries need entrepreneurs and projects, not ETF

Binance Changpeng Zhao, the CEO of the largest cryptobirge, said he did not consider ETFs "a key factor in the growth of the industry." https://t.co/1XzeaJYm1O – Binance (@binance) 7 February 2019 p. “I think that in order to grow our industry, we need more entrepreneurs to create real projects,” Zhao stressed during the Periscope broadcast. The head of Binance was asked to comment on the situation with QuadrigaCX, a problem cryptographic counterpart. Zhao replied that […]

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Binance Changpeng Zhao, the CEO of the largest cryptobirge, said he did not consider ETFs "a key factor in the growth of the industry."

“I think that in order to grow our industry, we need more entrepreneurs to create real projects ,” Zhao stressed during the Periscope broadcast.

The head of Binance was asked to comment on the situation with the problem of QuadrigaCX cryptographic trading . Zhao replied that he usually reluctantly talks about other trading floors, but in this case "something suspicious is happening."

Binance dex

Changpen Zhao also revealed some details about the upcoming decentralized Binance DEX exchange. According to him, the testnet Binance Chain, which forms the basis of the trading platform, will start “in one two-week time period”.

The most popular tokens of the ERC20 standard – Binance Coin (BNB) – will soon be transferred to their own blockchain. The other day BNB asset entered the top ten of the CoinMarketCap rating.

Binance Chain is built on the Tendermint protocol from the Cosmos Network project. According to Zhao, the architecture of this protocol is best suited for the tasks of the new site. The blockchain at the heart of Binance DEX will operate on the basis of the delegated share (Delegated Proof of Stake, DPoS) and the Byzantine Consensus (Byzantine Fault Tolerant, BFT).

Also, according to Zhao, Binance Chain is a fork of the Tendermint, in which "many things are cut out", including smart contracts. This is done to increase productivity, which is more important for exchange tasks than an abundance of opportunities.

The platform interface will allow projects to release tokens based on Binance Chain and “effectively carry out ICO”, attracting funds in BNB tokens.

Commissions

According to Zhao, Binance DEX commissions will be “small.” In addition, there is a fee for launching tokens on the Binance Chain, which will initially be “about $ 100,000”, but will vary in the future.

“I intentionally want to set a rather high listing commission. This will help reduce spam and scam projects. Also validators will be involved in the process of voting for candidates for listing DEX »

Validators

Binance DEX will be a non-custodial solution. This means that only users will control their private keys. However, Zhao noted that at first Binance will have ample opportunities for influencing the network and validators. The last in Binance Chain will be only 11, at least at the initial stage.

“I think at the early stages we need to maintain a significant impact on the network ,” the head of the largest stock exchange shares his thoughts. “ Over time, more and more validators will join the network, and our influence will diminish.”

He also added that such a small number of validators will be used for performance reasons:

“It will be like NEO or even Ripple: a small number of nodes, with each one quite powerful”

The disk space requirements for validator nodes will be quite large, since a new block will be generated every second in Binance Chain. This approach will allow the network to process "several thousand" transactions per second. Moreover, Zhao noted that a decentralized platform could already handle the current trading volume on the main Binance exchange.

After launching the test network, access to the Binance DEX user interface will appear via a web browser. The company has already provided early access to manufacturers of wallets, blockchain browsers and other solutions wishing to integrate with the new platform. The first hardware wallet supporting Binance Chain and DEX will be Ledger Nano S. Then integration with KeepKey and Trezor will follow.

Over time, Binance intends to develop crosschain interaction between different chains.

Recall Binance eyeing the technology xRapid from Ripple , which involves the use of XRP tokens.

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The price of Bitcoin reached a monthly maximum, the bulls are preparing for a breakthrough for $ 4,000

On Monday, February 18, the price of the first cryptocurrency reached $ 3,700 at the Bitstamp exchange, thereby updating the monthly maximum. In the opinion of CoinDesk Markets analyst Omkar Godboul, this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend. Nevertheless, Godboul noted that bitcoin is still stuck in a symmetrical triangle on the daily chart. At the same time […]

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On Monday, February 18, the price of the first cryptocurrency reached $ 3,700 at the Bitstamp exchange, thereby updating the monthly maximum. In the opinion of CoinDesk Markets analyst Omkar Godboul, this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend.

Nevertheless, Godboul noted that bitcoin is still stuck in a symmetrical triangle on the daily chart. At the same time, the inverted head and shoulders on the four-hour chart speak in favor of breaking through the upper boundary of the triangle at $ 3,760, which will open the way to $ 4,030.

Note that today's growth of Bitcoin is supported by high volumes and an increasing number of long positions (38,237 BTC on Bitfinex). A break above $ 3,760 will change the situation on the daily chart in favor of the bulls, but failure will increase the chances of bears to return to $ 3,300.

The 5-day and 10-day moving averages (MA) on the daily chart point to the possibility of success for the bulls, while the 14-day RSI reached 61, the highest since September 2018.

It is noteworthy that on the four-hour chart RSI shows overbought. This may indicate a possible rollback before the rally to the specified values, says Godboul.

Meanwhile, Ethereum again entrenched in second place CoinMarketCap. Over the past 24 hours, the coin has grown by almost 10% and is close to the $ 140 mark. EOS and Bitcoin Cash come on the heels: they have 6.5% growth.

CoinMarketCap data

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Overview of the most important events in the cryptocurrency market at the moment

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Since the beginning of 2019, more and more news has appeared on the crypto-market, which indicate a significant “maturing” of the entire industry. Compared to the previous year, experts note a faster pace of technology development, as well as a steadily growing dynamics of the market value of cryptocurrencies.

This is due to the influx of new capital from global financial corporations, which are not ready to further lose the opportunity to seize a competitive advantage, given the surge in interest in blockchain and cryptocurrency in previous years.

The current situation with Bitcoin ETF and the launch of the Bakkt platform

It is worth expecting that the issue of state regulation of transactions with Bitcoin that is relevant for 2018 will remain a stumbling block for many more months. However, the ending week brought some clarity on the situation with applications to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

First, we note the decision of the CFTC management, following another blocking organization, the SEC, which has taken up a more detailed study of the blockchain and how to use it. In a press release published on the official website of the Office, a decree is issued on the beginning of closer monitoring and research of the crypto-industry by the Market Watch Department (DMO).

In this decision, experts see the attempts of the state department to collect the most relevant conclusion regarding the application for the start of trading in Bitcoin futures on the Nasdaq exchange. Bakkt platform can help them in this matter, which also hopes to receive approval from regulatory organizations at the start of trading in bitcoin futures contracts with physical delivery.

Bakkt has already attracted funding of more than $ 182 million from the Microsoft venture capital fund, as well as Starbucks and a number of other organizations. Moreover, by the end of this year, another $ 25 million could be attracted, as told by one of the directors of the parent exchange ICE (also owns the New York Stock Exchange) Scott Hill during a speech to investors.

Continuing the theme of financial regulation and its interaction with cryptomere, it is necessary to note the interesting idea that the SEC considers tokens of functioning networks as non-securities. SEC Commissioner Esther Pierce, who received the tender nickname “crypto-mother” in the community for her support of cryptocurrencies, unlike many of her colleagues in the field of traditional finance, has a similar opinion.

Pierce has already officially confirmed the opinion of experts about the impossibility to apply the legislative base on securities in relation to utility tokens. This decision opens up new opportunities for the development of a crypto market without the threat of sanctions from the powerful American regulator, although creating investment contracts will already require meeting all SEC requirements that are not yet fully defined due to the novelty of the cryptocurrency subject.

Also this week, the American investment company Reality Shares, which specializes in managing client assets, decided to create an exchange-traded investment fund with access to Bitcoin futures on the NYSE Arca trading floor. For this, a corresponding application was filed with the SEC, but the very next day it was voluntarily withdrawn.

The whole background of such a lightning decision lies in the call from the representatives of the regulator, which came to the lawyers of the company Reality Shares, who told about the impossibility to approve any applications at the moment in accordance with the current law on exchange funds adopted in 1940. It should be noted that if the application had not been rejected within 75 days, then it would have all the chances of automatic approval.

Upcoming hardfork Constantinople in the Ethereum blockchain

The latest news suggests that the Ethereum technical team is trying to remove the last obstacles before the Constantinople network update scheduled for the end of this month.

Recently, programmers from the Ethereum Foundation described an error in smart contracts identified in the software update being developed (in addition to a double spending error), which allowed replacing the rules of a self-destructing smart contract, which could lead to loss of funds. This can be done using the Create2 function. To protect against this, developers are going to prescribe strings to remove the danger of additional playback.

While the process of debugging this update is in full swing and continues to identify errors. Recall that the ETH network update will occur approximately at block 7280000, which will be produced in the interval between February 26 and 28.

At the same time, activities are continuing to prepare the community for the upcoming changes in the field of mining of the ether . So, on February 10, the issue of this cryptocurrency dropped to 13,000 units, although a few months ago this value was 20,000, and the time taken to extract one block rose to 20 seconds. It is this event that led to the rise in the cost of many cryptocurrencies at the beginning of the week, so the hopes of many investors regarding the appreciation of crypto assets are related to the launch of the hard-core Constantinople.

Argentina introduces bitcoins in public transport

Argentina can become one of the pioneers of the use of cryptocurrency not only in the financial world, but also in everyday life. Now you can pay for public transport in many major cities using the SUBE contactless card, replenishing it in the offices of bus stations, ticket sales terminals and kiosks of the national lottery. To do this, it was first necessary to conclude an agreement at the state level with Bitex cryptographic bureaux.

Now you can pay for the use of buses and subways in this South American country by first throwing money not only in fiat currency, but also with the help of bitcoins. In the near future, the function of paying utility bills using bitcoin wallets will also be available.

JP Morgan launches its own cryptocurrency JPM Coin

Wall Street continues to take confident steps to familiarize itself with the world of cryptocurrencies. And if Goldman’s acquisition of Circle startup by the investment bank Goldman Sachs, which subsequently introduced its own cryptocurrency USD Coin, became one of the first successful examples, then today you can declare a bold decision by another, no less large financial organization, JP Morgan, to launch your own JPM Coin .

In the coming months, the bank’s team will conduct product testing for possible use in third-party credit organizations and corporations conducted by a financial conglomerate, which amount to $ 6 trillion.

The main idea of the project being created is to increase the speed of payments made, which today only provides the blockchain, and its reliability must be guaranteed by smart contracts. The main competitors in the form of an international payment system between SWIFT banks are hopelessly outdated, and assets held in JP Morgan accounts in the form of dollars, securities and others need to transfer ownership more quickly when they are sold.

Created cryptocurrency will be provided in the ratio of 1: 1 US dollars, which will be credited to the vaults of institutional clients of the bank, that is, ordinary investors will not be able to use the new cryptocurrency.

By the way, speaking of Wall Street and its interest in the world of cryptocurrencies, we can note the fact that one of the world's largest technology stock exchanges Nasdaq from February 25 will begin to provide information about the current rate of Bitcoin and the air almost in real time. You can learn about the current situation on the spot market from the most liquid exchanges with a delay of 30 seconds from these Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) indices.

Technical analysis of cryptocurrency rates

Speaking about the influx of new funds from large capital, we also note the rising cost of Bitcoin on the leading exchanges. So, at the beginning of the week there was a breakthrough from the previously designated supports within the range of $ 3,465– $ 3,500.

Bitcoin

At the time of this review, trades are slightly above $ 3,600 with the potential to continue moving after the completion of the short-term correction further up to $ 3,800 and key resistance values of $ 3,900– $ 4,000.

Capital inflows or approval of applications for the creation of ETFs or bitcoin futures can lead to a resumption of global growth. Provided that the verge of the Vimpel technical analysis model is overcome, we can expect the completion of the general correction that began in 2018, with the likelihood of subsequent withdrawal in the coming months to the $ 4,150, $ 4,500 area and $ 5,000– $ 5,041 area, where there are many levels of local extremes that will confident goals of the upcoming growth.

Do not forget about long-term goals in the form of a cluster of levels of $ 5,280– $ 6,000, which can also be achieved in the framework of 2019. Also, one of the factors in favor of global demand for Bitcoin could be the search for alternatives within the framework of the expected weakening of the US dollar this year and overvalued gold as a protective tool.

Ethereum and Altcoins

Ethereum after the development of a short consolidation within the limits of $ 100- $ 110 the previous week as part of this went into a decisive growth to the previously identified goals of $ 120 and in the future it can also reach $ 130, where a strong resistance level passes. This led to the return of the asset to the 2nd place in the capitalization rating, according to coinmarketcap .

In the short term, a decline to $ 100- $ 110 may be possible, but most likely is the conclusion of purchase transactions in anticipation of global growth to the current year's highs of $ 150 and $ 160 in the coming months.

Lightcoin also showed rapid growth and reached our first goals as $ 36 and $ 40, while maintaining the prospects of reaching $ 43.50 and the area of $ 48.50– $ 50 in the next weeks.

The most important events kryptorynka on February 2019

  • On February 11, Airdrop BitTorrent (BTT) was held for TRON (TRX) holders, and the distribution will last until February 2025, which may lead to TRX volatility.
  • Expiration of bitcoin futures contracts on the CME – February 22.
  • For the period from February 26 to 28, an update of Constantinople in the Ethereum network is scheduled, which has already led to an increase in the rate of the ether, and may also lead to volatility on a specified date before it.

Publication date 18.02.2019
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Craig Wright declared himself Satoshi Nakamoto in a letter to CFTC

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document I did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto. “My name is Dr. Craig Wright. Under the pseudonym Satoshi Nakamoto, I completed […]

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A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document I did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

“My name is Dr. Craig Wright. Under the pseudonym Satoshi Nakamoto, I completed a project that I started back in 1997, ” wrote Wright.

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows.

“The system I created was partially intended to eradicate fraud. But a small understanding of the blockchain has led to the spread of false information and the revival of old fraudulent schemes, including in the form of ICO, ”he said.

In his letter, Wright also stressed that Ethereum is nothing more than a poorly crafted copy of Bitcoin.

“Ethereum is aimed at fulfilling promises in smart contracts, which were represented in Bitcoin itself, but were stalled by its developers. The Ethereum network has already reached its limit and, in fact, is used only by unscrupulous offices, which mislead market participants who do not have sufficient technical knowledge, ”concluded Wright.

Recall that earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a puncture confirming that he was not Satoshi Nakamoto.

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