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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

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Bitcoin Breaks To New 2020 High on PayPal News: This Was The Weekly Crypto Market Update

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This week was particularly interesting in the cryptocurrency markets. Bitcoin’s price charted a new 2020 high, surging to as much as $13,217 on Binance. The entire market cap surged and gained almost $40 billion throughout the past seven days.

The catalyst for this major move was PayPal. The world’s largest online payment processor announced that it would allow its customers to buy, sell, and store cryptocurrencies as soon as the next few weeks for US-based users. The rest of the world would have to wait for the first half of 2021.

To anyone wondering, PayPal has millions of merchants in its network, and the CEO of the company said that they would work actively into incorporating digital currencies in their system. Moreover, it’s also interesting to see how banks and regulators will react to the news. Almost every bank accepts PayPal transfers, but almost none of them accept Bitcoin transfers.

Almost immediately after that, reports started circling, indicating that PayPal is in talks with BitGo, a leading Bitcoin custodian, over a potential acquisition deal.

In general, the shift towards online payment processing and digital currencies becomes even more apparent in 2020. Whether it’s because of the global pandemic or for other reasons is something that remains to be determined, but here’s an overall outlook of the performance of major companies and banks.

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Elsewhere, the billionaire investor Paul Tudor Jones III doubled-down on his Bitcoin bet, saying that he likes the cryptocurrency even more following the latest rally and that it’s the best “inflation trade.”

It’s also worth noting that regulators continue their increasing involvement in the field. This week, a Bitcoin mixer was fined $60 million by FinCEN.

It surely was an intensive week, and it’s very interesting to follow the market as we are about to enter the last two months of 2020.

Market Data

Market Cap: $392B | 24H Vol: 95B | BTC Dominance: 60.9%

BTC: $12,878 (+13.69%) | ETH: $408.80 (+11.12%) | XRP: $0.252(+5.81%)

PayPal to Enable Bitcoin and Crypto Purchasing and Selling. The world’s largest online payment processing company, PayPal, has announced that it will allow its users to buy, sell, and store cryptocurrencies. The US-based customers will be able to do so in the coming weeks, while the rest of the world would have to wait until the first half of 2021.

I Like Bitcoin, Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones. Billionaire investor Paul Tudor Jones II has become an even bigger fan of Bitcoin. He said that he likes it even more following the most recent price action and that it is the “best inflation trade.”

Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt. Bitcoin might be in for the highest monthly close in its relatively short history, according to popular analyst Peter Brandt. That is, of course, if it manages to upkeep its momentum until the end of October.

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds. According to a recent survey, the majority of cryptocurrency investors hold most of their portfolio in Bitcoin. This comes somewhat expectedly, given the latest developments on the market and BTC being able to chart a new 2020 high.

The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey). In a survey conducted by CryptoPotato, investors revealed that their biggest concern related to the price of Bitcoin in 2020 is the upcoming US 2020 Presidential Election and whether or not Donald Trump will get reelected.

Bitcoin Mixer Penalized by FinCEN With $60 Million in Fines. The United States Financial Crimes Enforcement Network has managed to strike another blow to privacy enthusiasts. The watchdog fined a Bitcoin mixer with as much as $60 million in civil penalties.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-breaks-to-new-2020-high-on-paypal-news-this-was-the-weekly-crypto-market-update/

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Bullish: Huge H&S Pattern Developing in Bitcoin With $20K Target At ATH

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After quite a volatile rally to $13,000, bitcoin price action has tempered down a bit. But, the case for future gains remains strong, according to a technical setup that popular Youtube and Twitter-based BTC analyst Carl Martin shared today. This will surely get the hopium levels of bulls soaring. According to him, the top cryptocurrency will soon hit the previous all-time high of $20,000. But there’s a catch.

Bitcoin’s Road To $20,000 In 2020 Has An Inverse Head And Shoulders

According to an inverse head and shoulders (IH&S) setup shared by Carl, who, by the way, goes by the name of ‘TheMoon,’ bitcoin price has already cleared the first two stages of the IH&S pattern. Based on this, Carl remarked that the price target of $20,000 is closer than it appears.

btc_hs_oct24
BTC/USD, chart by TradingView, Source: TheMoon

Generally speaking, market participants consider IH&S as one of the bullish indicators apart from the golden cross and some wedge formations. Explosive price runs follow the successful completion of an IH&S pattern. Sometimes the upside targets look similar to the height of the middle trough.

How Does This Setup Play Out?

According to the analyst, the bitcoin price chart printed the first IH&S trough towards the beginning of this year, when BTC rallied in response to ongoing geopolitical conditions. The next formation was after the Black Thursday crash in March. This is when the bitcoin price fell all the way down to $3,858. And then, after a brief bout of sideways trading, began rallying towards April end-May beginning.

BTC formed the third IH&S trough after picking up post the September crash (after a flat trade phase, of course). This is the current rally in which bitcoin surpassed this year’s high and tapped $13,200. Carl said that the next stop is $19,700, but for that, BTC has to post a weekly close above the delineated ‘neckline.’ But will it happen?

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JP Morgan Makes The Case For A Hyper-Bullish BTC

Macro investor Dan Tapiero just shared a snapshot of the ‘Flows and Liquidity Report’ published by JP Morgan analyst Nikolaos Panigirtzoglou. The report, as per him, draws an extremely bullish outlook for bitcoin. And how? Here’s an excerpt:

…the total market capitalization for bitcoin is $240bn. At first glance, this makes it comparable to the total size ofgold ETFs at $210bn. But gold ETFs is not the main way wealth is stored in gold. Wealth is mostly stored via gold bars and coins the stock of which, excluding those held by central banks, amounts to 42600 tonnes or $2.6tr including gold ETFs. Mechanically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment to gold via ETFs or bars or coins. even a modest crowding out of gold as an “alternative” currency over the longer term would imply doubling or tripling of the bitcoin price from here. In other words, the potential upside for bitcoin is considerable as it competes more intensely with gold as an “alternative” currency we believe, given that Millenials would become over time a more important component of investors’ unviverse.

Will we see bitcoin posting a weekly close above that neckline, which Carl mentioned? Let’s see.

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Source: https://cryptopotato.com/bullish-huge-hs-pattern-developing-in-bitcoin-with-20k-target-at-ath/

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What the Google Antitrust Lawsuit Means for Web 3

Google helped make Web 2 possible. Now it may need to be broken up to make room for Web 3.

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This week, the US Department of Justice and 11 states filed an antitrust lawsuit against Google.

According to the filing, Google has used exclusionary agreements with mobile phone and browser companies to become the dominant search engine, controlling nearly the entire search market, all the while acquiring companies such as YouTube and Android to cement its omnipresence.

In short, it’s a monopoly, a totemic institution that controls broad swaths of the tech market and limits user options. And, it may just be holding back Web 3.0, the broad term for a decentralized internet in which content isn’t controlled by conglomerates but by individual creators—just as previous monopolies attempted to stave off Web 1.0 and Web 2.0 technologies.

Surveillance capitalism

According to tech writer Cory Doctorow, antitrust enforcement is key to maintaining a society which values individual freedom. In his August book “How to Destroy Surveillance Capitalism” (published online by OneZero), he argues:

“If we’d denied Google the right to effect its many mergers, we would also have probably denied it its total search dominance. Without that dominance, the pet theories, biases, errors (and good judgment, too) of Google search engineers and product managers would not have such an outsized effect on consumer choice.”

Doctorow is in direct conversation with Shoshanna Zuboff, whose 2019 book, “The Age of Surveillance Capitalism” (some of the contents of which are available on Google Books), defined the term. “Surveillance capitalism,” she writes, “unilaterally claims human experience as free raw material for translation into behavioral data.” 

Bluntly put, we’re being spied on, then manipulated, then fleeced.

“If we’d denied Google the right to effect its many mergers, we would also have probably denied it its total search dominance.”

She cites, as an example, the smart thermostat made by Nest, owned by Google. The device connects to other Google internet-of-things devices and only works properly with Google’s operating system, which sends massive amounts of data to Google’s databases, which—you guessed it—Google then uses to sell you more goods. 

Which is exactly what a monopoly would do.

The AT&T example

Yet isn’t the mere creation of a smart thermostat that integrates AI features an example of the kind of technological progress we’d be missing if we broke up Google’s many arms into separate companies?

Not according to Doctorow.

He compares Google and other Big Tech companies to AT&T, a telecoms company which was finally broken up in the middle of the US-Japan trade war, despite fear that doing so would destroy America’s technology sector.

“Breaking up AT&T in 1982 was the best thing that could have happened to America,” he wrote. “AT&T’s core project in 1982 wasn’t fighting Japanese electronics companies: it was suppressing the growth of the internet in the USA, to preserve its monopoly on telecoms.”

AT&T made money by charging customers fees to use individual phone features. The internet was different: “The internet moved control over services to the edge of the network—the programs running on the computers in users’ homes (and later, pockets).”

In other words, he says, breaking up AT&T made Google possible.

Web 3.0 at an inflection point

Now, with the US in a trade war with another Asian country, this time China, the players are different, but the stakes are the same.

“The US government’s antitrust lawsuit against Google could result in Google being broken up into various smaller businesses,” Harold Montgomery, managing director of digital payments firm Wirex, told Decrypt. “Depending on how that goes it could accelerate the development of Web3 and further decentralize control of the web and make it happen faster.”

Jack O’Holleran, CEO of SKALE Labs, the team behind the eponymous protocol for creating Ethereum-compatible blockchains, seems to think Web 3 will happen no matter what.

“A government antitrust lawsuit is a great indicator of the sentiment of the people towards Web 2 giants,” he told Decrypt. “However, it will make a small dent in comparison to the impact of Web 3…History shows us that disruption more often than not, course corrects for companies that become too big.”

Justin Hunter is skeptical. The creator of a privacy-centric competitor to Google Docs, Graphite, as well as co-creator of SimpleID, a blockchain tool for in-app notifications, Hunter has dedicated his career to extracting the best aspects of Web 2 to help shepherd Web 3 into mainstream use.

Hunter compared the Google antitrust lawsuit not to AT&T but to another tech giant. 

“I think the government will ultimately ‘win’ their case and we will see a breakup very similar to the breakup of Microsoft in the 90s,” he told Decrypt. “That breakup may have been a stumbling block but it didn’t prevent Microsoft from being part of an oligopoly. That is to say the antitrust case probably didn’t improve competition much in the long run.”

The Microsoft case ultimately resulted in its sharing its APIs with other companies, after Microsoft successfully appealed a ruling that would have required it to split its Windows operating system and software units into separate entities.

But Hunter nonetheless suggested the lawsuit presents an opening for blockchain companies. “Now is the time for Web3 to start figuring out how to reach users,” he said. “If there is a more competitive search landscape, there will soon be more competitive and open SEO opportunities.” 

But his biggest concern is that “Web3 is barely at a stage where it is thinking about usability, let alone thinking about discoverability outside the crypto-native network.”

O’Holleran, however, is confident. “In the next decade the search engine we will all use will be community owned, open source, and governed by its users thanks to the decentralized internet,” he said.

Yes, but who will control my thermostat?

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