Co-founder of EOS Brendan Blumer: Bitcoin will replace gold for the next 20 years

Co-founder and head of EOS Blumer Brendan (Brendan Blumer) expressed the opinion that bitcoin will inevitably displace gold and become the world’s main asset for storing wealth.

«Over the next 20 years bitcoin will replace gold as the leading asset for valuables,» wrote Blumer on his page on the social network Twitter.

Note that the capitalization of the gold is about $7 trillion. If bitcoin will replace gold and its market capitalization reaches this limit, the first price of cryptocurrencies will be about $330 000 per coin.

Blumer also noted that after mining all bitcoins transaction fees in the network will be significantly increased. On the other hand, thanks to the development of solutions to scale the Bitcoin network, such as Lightning Network, users will be able to get cheaper options for the transfer and exchange of the first cryptocurrencies.

«Most of the activity moves to a second decision level for network scalability. However, the adoption of bitcoin and its liquidity will increase,» – said the co-founder of EOS.

We note that recently the experts of the world gold Council (WGC) has expressed the opposite opinion, stating that cryptocurrencies will not replace gold.



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Joseph Lubin: the adoption of the blockchain will contribute to the growth of the world economy

The head of the blockchain startup ConsenSys Joseph Lubin during the SXSW conference expressed the view that due to the widespread introduction of the technology of the blockchain, the world economy will grow 10-fold over the next 10-20 years.

He noted that in present days not many «normal» people use the systems based on the blockchain. Explaining this phenomenon, Lubin drew an analogy with e-mail, which few people knew in the 80-ies of the last century:

«In 1983 there were not many «normal» people that use e-mail»

In addition, in his speech, Lubin turned to the subject of Ethereum 2.0. According to him, the updated version of the network of the second capitalization of the cryptocurrencies will be deprived of many shortcomings. Also the head of the ConsenSys forgot to mention about bitcoin:

«Bitcoin and the current version of Ethereum requires special equipment that burn a huge amount of power, only to ensure network synchronization. After 18 months with Ethereum 2.0, we will be more powerful and scalable blockchain system that consume many times less energy»



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Coinbase raises the Pro of the Commission and changes the market structure to improve liquidity

Team Coinbase announced that on March 22 at Coinbase Pro, an advanced trading exchange that supports features not available to consumer platform, there will be some changes.

Changes published in the blog are significant. Most notable of these is the update of the structure of fees, which will now impose relatively high charges: 0.15% for those trading under $ 100,000 during a 30-day trial period.

Source: Coinbase

Fees Coinbase was 0%, and the new change is quite dramatic increase in fees. However, it still remains cheaper than some other American exchanges such as Gemini.

Other changes include the update of the maxima of the orders for protection from large price movements, increasing the size of new orders, disable the stop orders and adding points of market protection.

Team Coinbase explained the reasons for such changes:

These changes are designed to increase liquidity, provide better detection prices for deals and make price movements more fluid. This will lead to a more efficient market and increase trading opportunities for all of our customers.

However, these changes stirred cryptologist. In the past the user goes to Coinbase Pro because of lower trading fees. Changes in the structure of charges means that users have almost no reason to choose between Coinbase and Coinbase Pro .

Of course, users of Coinbase questioned whether the change was motivated by greed, at least to some extent.

A Reddit user Voidward talked about the new fee structure and attempts to curb the volatility:

Claim: the New structure of commissions, designed to increase liquidity by reducing the difference between the Commission of the producer and the buyer

It’s hard not to assume that here is not present an element of greed. Deletion of stop orders and limit market orders to move the price by more than 10%, it seems, aimed at limiting volatility, but at the same time, people probably won’t like to sleep with open orders without stop losses.

Thus, these changes may force many users to cancel their account at Coinbase and start trading on Binance, where a Commission on the exchange amount of 0.10%.

Recently, captainvalor have already closed their accounts after moving to the #deleteCoinbase on Twitter in response to ambiguous acquisition Coinbase Neutrino. The situation is even more aggravated when it became clear that one of the third-party service providers, tracking data sold customers. Listing XRP also added to the negativity Coinbase.

If Coinbase is going to raise their prices to investors with relatively low capital, it will only lead to their further care.



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Mining giant Bitmain will close the office in Norway

Chinese manufacturer of mining equipment, Bitmain announced the closure of the Norwegian unit, said ICOshock.

As the newspaper notes, the office will be moved to Germany, where, according to representatives of Bitmain, the conditions are more favorable. Lasted Scandinavian office of the Chinese company only one year.

According to the former Manager of the Norwegian unit Bitmain Julie Hvidberg, the main reason for this decision was the abolition of local authorities special conditions for the mining industry, including lower electricity rates. She also expressed the opinion that in the future the largest mining pools will be concentrated in China and Russia, where inexpensive electricity.

We will remind, last year the problem problems regulators faced Norwegian mining farm Kryptovault. The authorities and the locals thought the enterprise too noisy.

ForkLog also previously reported that Bitmain has suspended mining operations in the state of Texas.


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Joseph Lubin: the mass adoption of the blockchain will accelerate the growth of the world economy

The head of the blockchain startup ConsenSys Joseph Lubin during the SXSW conference expressed the view that due to the widespread introduction of the technology of the blockchain, the world economy will grow 10-fold over the next 10-20 years.

He noted that in present days not many «normal» people use the systems based on the blockchain. Explaining this phenomenon, Lubin drew an analogy with e-mail, which few people knew in the 80-ies of the last century:

«In 1983 there were not many «normal» people that use e-mail»

In addition, in his speech, Lubin turned to the subject of Ethereum 2.0. According to him, the updated version of the network of the second capitalization of the cryptocurrencies will be deprived of many shortcomings. Also the head of the ConsenSys forgot to mention about bitcoin:

«Bitcoin and the current version of Ethereum requires special equipment that burn a huge amount of power, only to ensure network synchronization. After 18 months with Ethereum 2.0, we will be more powerful and scalable blockchain system that consume many times less energy»

We will remind, at the end of last year, the Joseph Lubin announced a strategic transformation in a startup ConsenSys.

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The draft law on the regulation of cryptocurrencies in Russia will be ready in October

The draft bill for the regulation of cryptocurrencies in Russia is nearing completion, it will be submitted for consideration in October. It is reported by TASS, citing a statement Finance of the state Duma Anatoly Aksakov, who is involved in the development of the document together with the Bank of Russia and Ministry of Finance of the Russian Federation.

«Approaches the finish, I think within a month we will finally determined. When the bill is ready? I think that in the month of October, and then we will discuss it before making. We will take the documents to continue to determine its fate,» – said Aksakov.

Aksakov also reported that sales of citizens to housing, to invest in cryptocurrencies. He believes that legislators should respond to this process in order to protect Russian citizens:

«Therefore, the question of legalization of this tool, in my opinion, is on the agenda, and the sooner we do this, the better for citizens.»

Earlier, Aksakov stated that the state Duma may adopt a law governing the circulation of cryptocurrency in the country by the end of the autumn session.

Last week it became known that the state Duma decided to postpone consideration of the bill at a later date. According to the head of the interdepartmental working group on cryptocurrencies when GD Elina Sidorenko, the law governing transactions with cryptocurrencies until needed.

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As changes in the balances of the wallets of whales affect the price of bitcoin?

A bear market is changing the landscape of the cryptocurrency market — while some investors are disappointed in the prospects of new assets, others are buying them at bargain price and increase in volumes of portfolios. Thus in a falling market, increased the share of «digital gold,» as evidenced by the index of dominance CoinMarketCap. Thus, the nascent industry is something like the period of primary accumulation of capital.

Influential market players, in common — «whales», periodically carry out large transactions. Because the cryptocurrency market is small and still not as liquid, solid, move the digital value to create significant volatility. Too sharp price fluctuations «stand in the footsteps» of marginalia and excite the imagination of supporters of the conspiracy. The latter is often told that technical analysis is useless reign in the market not supply and demand, and the manipulators and puppeteers, or that the bitcoin project of U.S. intelligence.

Journal ForkLog tried to find out how much the «whales» influence on the market and where you can view information about the biggest wallets.

How to know how much «digital gold» whales?

According to the service BitInfoCharts, the top ten most heavy bitcoin wallets looks like this:

Data as of 14.03.2019 G.

As you can see, the first six addresses identified. They belong to popular cryptomeria Bittrex, Bitfinex, Bitstamp, Huobi and the largest trading volumes Binance. On average, each of these addresses is stored for 100 000 BTC (over $400 million), or 0.54% to 0.72% of the total bitcoins in circulation.

The largest of the addresses belongs to the American marketplace Bittrex, which is in the top 50 by the daily trading volume.

With regard to the distribution of bitcoins, almost half of all available addresses balance does not exceed 0.001 BTC (i.e. $4):

Data: BitInfoCharts as 14.03.2019

Amounts from 0.001 to 0.01 BTC stored is about 22% of the addresses. At the same address with amounts in the range from 10 000 to 100 000 BTC in just 100. Only five addresses are stored from 100 thousand to 1 million bitcoins (in total 571 958 BTC or more than $2.2 billion). In addition to the five aforementioned wallets exchanges, the 100 most weighty addresses contain 12,7% of the total supply of bitcoins.

Delphi Digital analysts came to the conclusion that there are more than 22 million addresses. Only 20% of them kept more than $100, and the amount of more than 1 BTC have less than 700,000 addresses.

It is noteworthy that on the background of a falling market in the period from December 17, 2018 February 25, 2019, the aggregate balance of the five largest wallets rose 2 879 BTC. During the same period, the balances of other addresses included in the top 100, grew by 151 405 BTC.

The number of bitcoins from the third largest group (from 1000 BTC to 10,000 BTC) for these two months decreased by 135 449 BTC. With high probability these funds flowed it to the major players, given the increase in the balances of the latter two groups.

At the same service, you can watch and largest purses, the funds for which long time lie motionless:

Data: BitInfoCharts

For example, the major of them are 79 957 BTC received at this address in far 2011. If the owner of these funds lost access to the purse and suddenly decide to sell all the coins overnight at the centralized location like Binance, this can have a serious impact on the entire market.

According to BitInfoCharts, lying motionless more than 16 million BTC, that is a big part of bitcoins in circulation (17 588 112 BTC). It can be assumed that many such wallets access lost forever. In particular, this thesis confirms the study Chainalysis, which States that access to bitcoin in the amount of $20 billion lost forever. According to company representatives, the main reason for this is the loss of the private keys. Therefore, the actual amount of bitcoins in circulation will never reach 21 million BTC.

On the other hand, it is possible that a «dormant» addresses belong to large and patient «holleran», which cherish the hope that bitcoin price will ever grow to tens or hundreds of times. Such long-term investors are simply waiting in the wings to sell «digital belongings» at a very high price. Therefore, it is likely that the development of a new phase of the bull market many addresses «Wake up» and from time to time will happen the large sales. This situation is fraught with pressure on the price of bitcoin, but also in periods of sharp volatility.

It is possible that some of these «sleeping» addresses is cryptocurrency startup Xapo. According to some, in his specially equipped hopper can be about 7% of all existing bitcoins.

Photo: Joon Ian Wong/Quartz

Also a huge means of control of the company Barry Silbert Grayscale Investments. For example, according to Diar, the management of the Fund Grayscale Bitcoin Investment Trust at the end of last year there were more than 200 000 BTC, or about 1% of the total supply, the first cryptocurrency.

According to the September survey Diar, more than 55% of all bitcoins are in the wallet balance is over 200 BTC.

It is noteworthy that 1/3 of bitcoins from these wallets have never participated in outgoing transactions. According to the researchers, this may indicate the loss of the personal key or on a strong belief in the future prospects of cryptocurrency by its owners.

In addition, 42% of owners of these purses are not sold assets in the period of maximal values in December. While 27% continued since then to increase the number of bitcoins.

The Block analysts believe that the wallets of the exchange BitMEX is about 1% of all bitcoins. Also be aware that assets worth about $5 billion in control of the largest American cryptocurrency company Coinbase. In General, the balance largest trading platforms is at least 10% of the total supply, the first cryptocurrency.

The researchers also concluded that during the second half of last year has tended to decrease the bitcoin balances of some major trading platforms.

This trend may indicate a decline in speculative activity and the willingness of people to transfer assets to personal wallets.

Ethereum

In another study, Diar stated that in the past year in the wallets of Ethereum-the whales appeared more coins than in any other period in the history of the third by market capitalization crypto-currencies.

At the same time, analysts say, from January 2018, the number belonging to the whales Ethereum addresses has dropped by almost 30%.

Diar data show that by the end of November the large holders of Ethereum was 80% more coins than in January.

At the beginning of 2017 in the wallets of whales was only 5 million ETH, a year — 11 million, and by December 2018 — 20 million (20% of all outstanding coins). According to the researchers, the whales increased their stocks due to the fact that a significant number of traders left the market Ethereum tokens.

With regard to distribution analysts the company Digital Delphi found that more than 80% of all Ethereum coins are stored on the address 7542. Each of them amounts to more than 1000 ETH.

So, 6490 addresses stored from 1000 to 10 000 ETH ETH 923 — from 10 000 to 100 ETH 000 ETH, 155 — ETH from 100 000 to 1 000 000 ETH, and only four from 1 000 000 to 10 000 ETH 000 ETH.

It is noteworthy that the balance is more than half of Ethereum addresses does not exceed 0.001 ETH ($0.14). Over $1 is approximately only 25% of the addresses. With more than 80% of the addresses possess amounts exceeding 1000 ETH (> $143 000).

Thus, among the holders of the second capitalization of the cryptocurrencies is clearly dominated by «whales».

How do whales affect the market?

The owner of the fourth largest bitcoin wallet has recently relocated with his last 60 000 BTC ($240 million). Conclusion the amount of produced parts during the period 11:00 to 19:00 GMT on 28 February. The size of a transaction is most often $ 1,000 BTC.

It remains unclear the main motive of the owner of the wallet — maybe he decided to disperse their assets to avoid undue attention, or sold bitcoins in OTC markets. Whatever it was, but the actions of this large holder could have a significant impact on the market. This is particularly noticeable on the chart:

Hourly chart BTC/USD exchange Bitfinex from TradingView

As you can see, underpinned by a growth recovery rates of BTC in the specified period ends abruptly — there is a jump of the volatility, and then an unexpected and strong enough downward correction.

Consider the market impact of large transactions that December 5 was carried out by Coinbase. Then the largest cryptocurrency in the United States the company moved in the updated store customer funds in the amount of about $5 billion In particular, it was displaced 5% of available bitcoins of the company, 8% ether and 25% Litecoin.

As you can see in the chart below, that 5 December was not a particularly strong collapse of the rapid decline developed a day later. Apparently, this happened amid the panic, which with some delay sowed many media outlets and Twitter accounts.

Hourly chart BTC/USD from TradingView

Thus, even if a large cryptocurrency companies move assets between your accounts, it can still exert considerable pressure on price. The fact that addresses are «chubby» wallet and the associated transaction visible in blockchain. Information on any movement of funds with some delay pick up the social network and the media, creating in the medium of the unsuspecting captainvalor FUD (Fear, uncertainty and doubt — «Fear, uncertainty and doubt»). Fears traders are usually related to the fact that a huge amount can be sold on any major exchange, triggering a collapse of the market.

***

Because the cryptocurrency market is still small (about $140 billion), simultaneously selling or just transaction for tens of thousands of bitcoins has on it considerable pressure.

A significant reduction in volatility during bearish market phases can be explained by the growing number of large «hollero» who think rationally and prefer not to sell the digital currency at a loss. As the market recovery we can expect periods of sharp increase in volatility due to renewed activity of long-term investors. Actions of the latter can exert considerable pressure on the price of bitcoin as there are many «sleeping» wallets with huge reserves.

On the other hand, argued that a new bull market rally will attract institutional investors who make the market less volatile. In addition, initiated the «cholerae» periodic increase the supply of BTC can be actively absorbed these new players that will allow you to break long term upward trend.

Alexander Kondratyuk


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Charlie does not sure that the decision to sell all LTC coins was correct

In December 2017, the Creator of Litecoin Charlie Lee stated that he sold and donated everything he owned LTC coins. However, in a recent interview on YouTube, he expressed doubt that it was the right decision.

«I continue to believe that it was the right move in the long run, but in the short term, when the price drops, it seems that it was not the right decision. But I think after 5 years when the price will return to record levels, I will feel differently,» explained Lee.

At the end of 2017 Litecoin reached a peak level of $360 per coin. Whether sold your LTC at a price of $322 per unit. From a financial point of view, it was the right decision, because later Litecoin – with the cryptocurrency market as a whole – has fallen by more than half. While Lee does not believe that his actions have affected the market price of LTC.

«In fact, I didn’t have such a large number of Litecoin. Selling LTC with my hand by itself did not affect the market, but the fact that I owned LTC, and people thought I can throw them on the market, it was a problem. Similarly, as in the case of Satoshi [Nakamoto]: people think that he has 1 million bitcoins, and if he decides to sell them, this will collapse the market».

Despite some doubts, in General, Do believe that I made the right decision. He noted that the cryptocurrency should be decentralized, and that sooner or later there will come a day when he’s fully recovered from Litecoin.

«The currency was indeed global and decentralized, it should not be a leader, trying to control the situation. To make Litecoin is more decentralized, I will eventually step aside,» said Lee.

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In the Leningrad region can appear Technopark for mining cryptocurrency

The authorities of Leningrad region have started consultations on the establishment of a Technopark to host complex for the mining of cryptocurrencies, said the Agency “RIA Novosti” with reference to press-service of regional administration.

“On behalf of the head of the region Alexander Drozdenko economic block of the administration clarifies the possibilities for creating a zone with special legal and economic status with the aim of placing the business on the development and production of crypto-currencies,” — said in the message.

In a press-service called the optimum conditions for the validation and development of cryptobiosis in Russia. They may provide technology Park, located directly by the generation of electricity. So its residents would receive electricity at a price that does not include the cost of shipping. Also for Technopark it would be possible to provide for duty-free import of equipment explained in a press-service of administration of region.

We will remind, earlier it was reported that the owners of Russian electric stations which are not in demand, began to offer excess electricity to the miners in the lease together with infrastructure. And expert advice on FINTECH in the state Duma suggested to create a registry of crypto currency miners and to involve them in payment of taxes to the budget.

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Vanguard will use the blockchain to receive the index data

Investment company Vanguard Group will begin to use the technology of smart contracts startup Symbiont in some real-world business processes at the beginning of next year. It is reported by CoinDesk.

In recent months, the company tested the technology simplifies the process of obtaining data from the Vanguard Center for research in securities prices (CRSP) School of Business booth at the University of Chicago. This information is used to determine the composition of certain funds managed by Vanguard. It includes company names, number of shares, weighted index and corporate events.

Partners found that the use of the private blockchain accelerate the delivery of data from CRSP to Vanguard, eliminates the need for manual intervention in the process and reduces the risk. In early 2018, the project is operating at full capacity, the company counts on.

“Using this platform, investment managers can instantly distribute, receive and process the index data. This leads to a better tracking benchmarks and a significant reduction of costs, potentially giving the best returns for our clients”, — said the head of the investment group Vanguard Warren Pennington (Pennington Warren).

The partnership project will cover 17 index funds with total assets of $1.15 trillion. This is a small part of the business of the Vanguard — it manages 186 index products in the composition of the 376 funds that have $4.8 trillion of assets.

The Vanguard Group was founded in 1974 by Jack C. Bogle. Not long ago, 88-year-old founder of the company spoke out about bitcoin, urging him to avoid “like the plague”.

We will remind, earlier it was reported that the Australian stock exchange (ASX) will replace the existing system of registration, settlement and clearing CHESS on the blockchain solution.

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