Cryptocurrency Has a Long and Wild Journey Ahead While Blockchain Has Already Reached the End of the Rope (Weekly Digest, week 45)

AMD partners seven major tech firms, Goldman Sach's scandal, Bitmain announces a new miner, Vitalik Buterin doesn't leave Ethereum, BTCC shuts down its mining pool, Chinese school mines ETH — all in this weekly news digest

Food for Thought

BTC

8,744 USD
-2.40%

ETH

272.72 USD
-2.80%

BCH

437.73 USD
-8.18%

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Multi-Collateral Dai Takes MakerDAO Beyond Ethereum

MakerDAO users can finally stake multiple cryptocurrencies to back the Dai stablecoin. Multi-Collateral Dai went live with support for Brave’s Basic Attention Token. Additionally, the upgrade continues support for Ethereum-based collateral. Other tokens, including Augur and 0x, may be on the way as well. Multi-Collateral Dai also has a few secondary features. Most notably, it coincides with the Dai Savings Rate, which draws funds from the project’s stability fee in order to pay returns to users. Today’s upgrade also allows users to pay their stability fee with Dai rather than the less commonly held MKR governance token. Unlike Tether and most other stablecoins, Dai is not backed by a central reserve of fiat currency. Instead, individual users lock up their crypto holdings in a blockchain smart contract, allowing them to issue their own Dai. It’s an original model, and with any luck, these new features will attract more users to the platform. MakerDAO Gets a Makeover To coincide with the upgrade, MakerDAO has undergone a rebranding. Dai has been given a new logo that resembles a standard currency sign, much like the dollar sign, the Euro sign, or Stellar’s updated logo. This change reflects MakerDAO’s ambitions of becoming a cryptocurrency with commercial uses — not just a stablecoin. Maker’s new Dai logo The upgrade also introduces a simpler naming scheme. Multi-Collateral Dai has done away with the term Collateralized Debt Positions in favor of “vaults.” Though the two features are more or less the same, the latter term is self-explanatory. “The Maker Vault in MCD is where a user deposits collateral and generates Dai,” MakerDAO elaborates. Finally, Single Collateral Dai has been renamed “Sai,” while Multi-Collateral Dai has taken on the existing name “Dai.” This reflects the fact that Multi-Collateral Dai will render the old system obsolete when the community chooses to do so. “The opportunity to migrate is not open-ended,” MakerDAO states, urging users to migrate soon. Operational Challenges Ahead MakerDAO’s announcement indicates that the transition to Multi-Collateral Dai will introduce challenges. “Careful scaling remains crucial as Maker Governance becomes increasingly more sophisticated,” today’s announcement reads. Decisions on matters such as fees, features, and changes can be seen in real time on this page. Historically, changes to MakerDAO’s stability fee have been a controversial issue. This fee incentivizes users to create and destroy Dai, ensuring that the coin maintains a $1.00 price peg. However, the fee has been trending upward, provoking plenty of debate — though more recent trends have brought the fee down slightly. Stability fee chart by MKR.tools Fortunately, these matters mainly concern users who issue their own Dai through the collateralization process. Investors who buy existing Dai on an exchange won’t notice much of a difference. In fact, Coinbase is planning to migrate on its users’ behalf, so the transition should go smoothly for many Dai holders. The post Multi-Collateral Dai Takes MakerDAO Beyond Ethereum appeared first on Crypto Briefing.
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Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold?

On our recent price analysis, we had discussed the colossal move that was coming up, which should have been the breakout of the wedge pattern that Bitcoin had gone through over the past three weeks. Unfortunately, if you ask the Bulls, Bitcoin broke down violently: The coin had lost $500 from its price on the daily, marking $8010 as its yesterday’s low (Bitstamp). We anticipated this violent move and stated that “if Bitcoin breaks down the wedge around the $8400 support, there is likely to be a quick move towards the $8000.” This is exactly what Bitcoin is up to, as of now. The question is, if the $8K level will hold. The $8000 support is combined with the mid-term ascending trend-line, along with the 78.6% Fibonacci retracement level from the October 26 daily 42% price surge. Total Market Cap: $224 billion Bitcoin Market Cap: $148 billion BTC Dominance Index: 66.1% *Data by CoinGecko Key Levels to Watch – Support/Resistance: Following the breakdown of the wedge pattern, the first level of support is the $8000, which should serve as a secure demand area. In case Bitcoin breaks down further from here, then the next support lies around $7700 – $7800. If the last doesn’t hold, then $7400 is the next target, which is Bitcoin’s lowest prices since the parabolic move of June 2019. From above, in the likely case of a correction, Bitcoin can reach $8300 – $8400 support turned resistance as the first target (for a correction). Further above is the $8500 area – which is the wedge’s descending trend-line, along with the 50-days moving average line (marked pink on the following daily chart). – The RSI Indicator: Looking on the chart, the RSI tried to find support on the mid-term ascending trend-line (which started forming a month ago) but failed to do so. The line got broken and the RSI is on its way to the oversold territories. Stochastic RSI oscillator is pointing on oversold both on the 4-hour and the 1-day chart. This can lead to a possible positive correction in the case of a cross-over. – Trading volume: Despite the recent price action, the heavy traders hadn’t arrived yet, as the trading volume spiked, but just a little. Not something significant as of now. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold? appeared first on CryptoPotato.
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Chinese State Media Warns of Scams in the Name of Blockchain Amid the Tech Frenzy

Chinese state media has recently launched a strike-hard campaign to crack down on scams in the name of blockchain technology and digital currency amid the blockchain frenzy following President Xi Jinping openly endorsing the technology last month. On Nov.18, China Central Television (CCTV), the predominant state television broadcaster in Mainland China, aired an episode titled “Blockchain is not a Cash chain” in a prime-time program Focus Talk. The program tells viewers that there are currently around 32,000 companies in China that claim to use blockchain technology, while only less than 10% of these firms are actually using or working on the technology. Most of these companies are just taking advantage of the concept of blockchain technology to create financial gains, and even some are naked scams. According to data provided by the National Internet Emergency Response Center, 755 air coins (whose price has dropped near to zero) and 102 scam coins have been monitored so far. China Judgements Online shows that the number of legal rulings involving blockchain technology in the country has reached a total of 566 to date. The episode then reveals various forms of scams under the guise of blockchain and a number of illegal projects involving scam coins or air coins, so as to remind people to keep alert to them. The state-owned Xinhua News and People’s Daily have also warned of the chaos and scams related to blockchain in the market as the speculation fever returns. Experts point out that with the booming of blockchain in China, regulators should speed up the making of the regulatory framework for the industry. Chinese regulators have spent great efforts in removing frauds related to blockchain/cryptocurrency, while pyramid schemes running under the disguise of blockchain technology or digital currency shows no signs of abating, especially after President Xi’s blockchain endorsement and news that the country’s state-backed digital currency is coming out soon. Though its intention is to crack down on scam coins and fraudulent companies under the disguise of blockchain, crypto exchanges are targeted for the possibility that their platforms may provide transaction service for these scam coins. Last Friday, financial regulators in Shanghai has issued a notice to clean up illegal cryptocurrency trading within the region. Meanwhile, crypto exchange Binance’s Weibo (Twitter equivalent) account was blocked.
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