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Why Legendary Crypto Investor Says Bitcoin Retreating To $7,000 is Ideal

Bitcoin (BTC) bulls have continued to lose grip heading into Wednesday. As of the time of writing this, BTC sits at $7,750, up by $300 from Tuesday’s $7,450 low. Despite this recovery, some analysts are still leaning bearish, expecting for cryptocurrencies across the board to continue to slump lower to begin a much-needed bout of consolidation. From Capitulation to Greed: Bitcoin Poised to Head Lower After weeks of nonstop upward price action, Bitcoin bulls have begun to relent. While there have been some optimists, claiming that BTC’s parabola remains intact, bears have begun to dominate the feeds of Crypto Twitter and industry forums. Related Reading: Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal In a recent tweet, legendary Bitcoin investor Trace Mayer noted that the Mayer Multiple, which is calculated by putting BTC’s current price over its 200-day simple moving average (currently $4,595), is showing that the market is still “slightly frothy”. More specifically, the multiple is reading a 1.82, the highest this indicator has been since early-2018, which was when BTC was trading well above $10,000. (It is important to note that according to Mayer’s simulations, accumulating when the multiple is under 2.4 produces the “best long-term results”.) With this in mind, the American investor, an anti-establishment figure that is an angel/early-stage investor in Kraken and Armory, added that he expects for the multiple to undergo a “gentle retreat” to anywhere from 1.4 to 1.6, which would result in prices of anywhere from $6,500 to $7,500. From there, a Mayer would be healthy. A move to $7,000 from current levels would see BTC fall another 11%, cementing a short-term bearish reversal in the eyes of analysts. @TIPMayerMultple is at slightly frothy 1.82 & 200DMA at $4,595; rising about $10/day. Gentle retreat to 1.4-1.6 would be range around $6,500-7,500 for consolidation. Interesting coincidence with latest @TuurDemeester letter who comes from different point & reasoning. @ToneVays? — Trace Mayer (@TraceMayer) May 31, 2019 Mayer isn’t the only prominent investor to have called for further downside, despite the fact that a 17% drawdown in a week’s time is already harrowing enough. Responding to the observation about the Mayer Multiple, Tuur Demeester, a partner at Adamant Capital that called the bottom of (this and) the last cycle, noted that his team is “cautious”. Citing a seminal report that Adamant released prior to Bitcoin’s rally past $4,000, $6,000, and $8,000 in rapid succession, Demeester explains that his firm’s indicators now read “greed” after “capitulation”. As the entire cryptocurrency industry learned during 2017/2018’s blow-off peak, copious amounts of greed often signal the top of bullish trends, as this market has begun to move against the sentiment of crowds. Indeed, we are cautious at these levels for Bitcoin, as our indicators have gone from "capitulation" to near "greed" in only 6 months time. — Tuur Demeester (@TuurDemeester) June 4, 2019 As to where Bitcoin could head from $7,700, Adamant’s researchers and partners don’t have a conclusive answer. They do have two theories though. Firstly and most likely, Adamant writes that “should $9,000 prove [to be] the top”, which has seemingly occurred with Monday and Tuesday’s bull-scaring price action, a 2012-esque correction could be seen. This would result in Bitcoin trading in a range “between $6,800 and $7,680”, which is a 27% to 44% retrace of the upside rally. Related Reading: Bitcoin Plunges Under $8,000 In Expected Pullback, Bulls are Showing Exhaustion Secondly and less likely, Bitcoin could see a larger retrace, which would bring BTC to $5,600. The reason why this could occur is that in 2015, there was a large “upward move” in the Relative Unrealized P&L indicator, which coincided with a peak in capital flight from China, then a 70% retrace of the rally. With the conditions seemingly being the same — it is believed the U.S.-China trade war has catalyzed Bitcoin’s strong price action — this sequence of events is surely on the table. Long-Term Potential Still Intact Although Mayer is seemingly calling for a short-term retracement, he is still absolutely sure that in the long run, Bitcoin is going to do just fine and dandy. For those unaware, Mayer, like many others in the cryptocurrency community, is a diehard believer in the fact that traditional banking, not Bitcoin, is in a vicious death spiral. Earlier this year, he reminded cryptocurrency investors that society at large has accumulated $87 trillion worth of debt since 2008’s Great Recession, accentuating that everyone from those in government to common Joes and Jills hasn’t learned from past mistakes. With Bitcoin having an artificial supply cap of 21 million coins and (arguably) better characteristics than gold, the world’s best form of money for millennia, many have been inclined to state that BTC is an “escape hatch” from macroeconomic turmoil. And with the geopolitical tumult, Bitcoin might be used sooner than we expect. Related Reading: Why Analysts are Adamant Bitcoin Rally is Just Gettin’ Started After 130% Gain Featured Image from Shutterstock. Charts Courtesy of Why Legendary Crypto Investor Says Bitcoin Retreating To $7,000 is Ideal was last modified: June 5th, 2019 by Nick ChongThe post Why Legendary Crypto Investor Says Bitcoin Retreating To $7,000 is Ideal appeared first on NewsBTC.

Bitcoin proponent: Users’ lack of technical expertise has a higher chance of making them lose their crypto than a hack

Andreas Antonopoulos, a well-known Bitcoin proponent and the author of Mastering Bitcoin, spoke about one of the most controversial topics in the space at present, secure storage of Bitcoin [BTC] and other cryptocurrencies, during a Q&A session on Youtube. Here, the author elucidated Trace Mayer’s statement that a user required Bitcoin Core for network validation, Armory for managing the private keys, the Glacier Protocol for standard operating procedures and a Purism laptop for hardware. He also spoke about the gold standard for the storing cryptocurrency, which would apply for non-technical investors as well. On Trace Mayor’s pre-requisites, the author exclaimed that different groups have its own risk model and tolerance for technical complexity. He added that the important factor is that the technical complexity is a part of the risk model, adding that a user would be at “serious” risk of losing their cryptocurrency is the technical complexity is above their skill level. He went on to elucidate on the reason: “Not because it is stolen, but because your ambition for technical excellence exceeds your current skill level, and you messed up [on the execution]. This applies to every level of technical expertise. There is always a ‘higher level’ of security to achieve, by adding a bit more complexity. Security is not an on / off thing, “it is secure” vs. “it is not secure”.” He further affirmed that the is “no gold standard” that applies to everyone. However, a user can reduce the risks faced by identifying and understanding who could be after their crypto and under what circumstances they could access it. He added: “[…] Whatever else the risk model might [include], then you must balance that against your technical skills. Find which of these risks you can eliminate, in a way that you and anyone designated to help your loved ones… recover your crypto if something happens to you, can execute flawlessly. That is the sweet spot.” This was followed by the author stating that there Trace Mayer’s sweet spot turned out to be Bitcoin Core for network validation, Armory for managing keys, Glacier Protocol for operating procedures and a Pursim laptop for hardware. Andreas further stated that other people have higher standards in comparison, like that of Coinbase, which uses a Faraday cage for cold storage – a room lined with an electromagnetic shield to ensure that it does not leak radio frequencies. However, others don’t have anything that protects their storage room. He said: “Trace is identifying his sweet-spot based on his level of technical expertise […] For 99% of users, this is not right, because 99% of crypto users do not have the technical expertise to execute on a plan of this complexity. As a result, what they will do is over-extend and underachieve on technical execution, standing a much bigger risk of losing their crypto due to key loss than having it stolen by an external adversary.” He continued to say that a user’s lack of technical expertise, over-ambition in execution can result in them losing their cryptocurrency instead of losing them to “some nefarious hacker”. The post Bitcoin proponent: Users’ lack of technical expertise has a higher chance of making them lose their crypto than a hack appeared first on AMBCrypto.

Recent ‘Satoshi’ Tweet From Infamous Bitcoin Inventor Deemed Fake By BTC Developer Jimmy Song

One of the recent causes of conversation lately in the crypto industry after a tweet from pseudonymous Bitcoin inventor Satoshi Nakamoto was posted online. Thought to be authentic, both sides of the Bitcoin Cash split were discussing it, even though it quickly was erased from Twitter, along with the whole account. The original text said, “I do not want to be public, but there is an issue with SegWit. If it is not fixed, there will be nothing and I would have failed. There is only one way that Bitcoin survives, and it is important to me that it works. Important enough, that I may be known openly. He then provides a signature which, on the surface, appears legitimate.” Based on individuals that have more information on this topic, the signature was not real. Jimmy Song, a developer for blockchain that has experience on the Armory Wallet and Paxos, quickly jumped in to discuss this false signature, even creating a forgery to prove it. Song commented, “The Tweet is equivalent to someone that’s ‘proving’ that they ran a marathon in under 2 hours while allowing us to only observe them at the finish line. The nonsense signature is equivalent to someone ‘running’ a marathon in under 2 hours by starting close to the finish line.” He added that Calvin Ayre seems to be assuming that Satoshi still lives as a result of the tweet. Ayre posted to Twitter as well, saying, “Signature from Key 9? ….Satoshi Lives…likely upset at Bitmain and for attacking Bitcoin.” He linked the message to the now-deleted tweet from the Satoshi impersonator. With a little research on the Satoshi Twitter handle, it seems that the account has been around almost as long as Twitter itself, though it only recently began tweeting about the topic of crypto. The account was private still in 2013, and it had less than 50 followers at the time. The sale of Twitter accounts is not new, though the value depends largely on the account and those who follow it. There are even sites that have been specifically created for this purpose. Based on this fact, there’s a strong chance that the writer of the tweet on this account was simply the buyer of the handle.
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Top Bitcoin Desktop Wallets: Exodus, Jaxx, Electrum, Armory, Copay And BTC Core

Bitcoin wallets are essential to keeping your cryptos safe and secure. Without the, you would literally lose them. Scratch that, there really would be no way to store those coins. Your choice wallets will often determine the level of security –of course this is in tandem with other things- you enjoy. But still, you need to be careful about the wallets as they are the first step in keeping your precious cryptocurrencies safe. They serve as custodians of your private keys –these are the passcodes you’ll need to access your wallets at any time. Without those passkeys, retrieving your bitcoins will be an almost impossible task. Top Bitcoin Desktop Wallets In this short article, we’ll be looking at the best desktop wallets for 2018 and beyond. With these wallets, you should improve your chances of keeping your cryptos secure and put of the reach of hackers and criminals. The reality is that desktop wallets, when properly secured are an almost foolproof security measure. That said, let’s jump right in and check out these popular and best bitcoin desktop wallets. Exodus Bitcoin Wallet Exodus is one of the best bitcoin desktop wallets in the industry. Of course, its functions aren’t just restricted to being a bitcoin wallet alone, it also supports the storage of many other altcoins in the industry –30 altcoins as at last count. It has very user friendly interface and features, all of which are designed to help make it incredibly easy to use. Using the wallet is pretty straightforward as it requires no KYC process or anything else. The only necessary detail is an email address. So, if you don’t want to use your personal email ID, you can always create a throwaway email for the purpose. This works on all operating systems and while free, users can unlock some extra features by paying a token. Jaxx Bitcoin Wallet Another popular bitcoin wallet, Jaxx boasts of a wide array of features, many of which you’ll find useful for storing and keeping your bitcoins safe and secure. It supports both bitcoins as well as other cryptocurrencies. Users can store their coins and secure their wallet using its unique PIN feature. Even better, the wallet provides an internally hosted crypto exchange called ShapeShift, where you can trade up to 40 different altcoins. While the wallet doesn’t have the most user friendly interface, its parent company is working hard at improving that. It is compatible with all operating systems and doesn’t cost anything to use the base version. Upgrades and unique features can be gotten at an extra cost. Electrum Bitcoin Wallet Electrum is one of the oldest and most popular bitcoin desktop wallets. Developed in 2011, this wallet doesn’t need the whole blockchain downloaded in order to work. With the wallet, you can effectively determine how much you’re willing to pay for every transaction carried out on it. This customization makes it a favorite for people looking to differentiate between faster bitcoin transactions and the slower ones. This also uses the PIN feature, which means that you are in total control of your wallet. This is why it is called a self-hosted wallet, as it is not hosted anywhere else. Electrum is available on all operating systems and is best suited to users who have a little more knowledge and experience with bitcoin wallets and cryptocurrencies. Armory Bitcoin Wallet Primarily suited to advanced users, Armory is a more secure self hosted bitcoin desktop wallet. Unlike some other desktop wallets that can store other altcoins apart from bitcoin, this one is solely dedicated to bitcoin storage. Users would have to download the entire blockchain to use the wallet. While the aforementioned can be considered as downsides of using the system, the system is also super effective at various other things. For instance, transactions can be self-verified, as against waiting for other nodes to do that for you. There’s also the added perk of creating cold storage wallets as well as multisignature security measures. Thus, providing your coins with multiple security layers that will keep your bitcoins safe and secure from the grubby hands of hackers and cyber thieves. It is available on all operating systems, provides a custom fee feature and is segwit enabled. If you have a large amount of bitcoins to store, and are experienced in crypto storage, this is about the best bitcoin storage wallet you can have. Copay Bitcoin Wallet Created and released to the public by BitPay, Copay is the company’s version of a bitcoin wallet. As a HD multisig wallet, this is a highly user-friendly wallet that everyone, regardless of their experience, can use. Even better, it provides an option for connecting with testnets, without necessarily involving the use of your bitcoins. This makes it a great option for developers looking to run testnet protocols without risking their bitcoins. This is a secure wallet, thanks to its multisig features and is available on all operating systems. Using this wallet attracts zero cost and doesn’t require that much expertise. The only downside appears to be its non-compatibility with segwit. So, if that’s important to you, you might want to check out wallets. BTC Core Wallet Another one that’s meant for advanced users, this has a wide array of features that beginners would find very hard to use or understand. It is currently the official wallet for bitcoin, and is heavy, meaning you’ll have to download the entire blockchain to use it. As a result, you’ll need a pretty solid PC with decent specs to use this as it can be quite the resource hog. BTC Core wallet is not as user friendly as the others –another reason why it’s for advanced users- but it compensates for this by the abundance of features not found in other wallets. This is available on all operating systems, has a custom fee option, is segwit compatible and costs nothing to set up and use. Top Bitcoin Desktop Wallets Conclusion All of the aforementioned desktop wallets are all self-hosted and put you in complete control of your cryptos. Therefore, if you’re looking to completely secure your bitcoins and other cryptocurrencies, these are the best options available to you in our opinion. If you’ll be using them, make sure to secure your computing equipment too. Install anti-malware, anti-spyware and antivirus programs. Avoid visiting shady websites that often serve as a gateway for hackers’ keyloggers and other malicious software. Even better, secure your networks and plug every loophole that hackers can use to infiltrate your network and hack your wallet. Don’t ever take your security for granted and keep your private keys and seed phrases in highly secure areas. This way, you can easily retrieve your bitcoins whenever you want.
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Bitcoin Struggles As BAT And ETC Lead The Charge

The cryptocurrency market has somewhat stabilized, presenting a predominantly green landscape as Bitcoin struggles to stay above the psychological $10,000 marker.   Cryptocurrency Market Situation. Source: Coin360   Sentiment for Bitcoin has seen a moderate improvement towards a strongly neutral outlook.   Bitcoin Sentiment Chart by   Despite this overall lukewarm performance, proponents of Bitcoin’s store of value potential have reason to rejoice today. According to a report by Digital Asset Data, BTC is increasingly gaining correlation with the broader asset markets – positively with gold, and negatively with the stock market. With a recession looming on the global economy, Bitcoin could fulfill the role of a “safe haven asset,” to which investors flock during uncertain economic times. Altcoins see recovery with ETC and BAT leading The rest of the cryptocurrency market is seeing strong corrections from yesterday’s fall, with two strong outliers making significant gains. Basic Attention Token is strongly reacting to its new listing on Kraken, a popular exchange part of Weiss Ratings’ Real 10 index of platforms reporting true volume. BAT has gained more than 15% on yesterday’s price, while curiously its partner-in-listing WAVES has registered a much more modest 4%. The stark difference can be explained by the contribution of other fundamental drivers, with BAT recently launching the much-anticipated online tipping feature in its browser.   BAT Recent Price Trend. Source: CoinMarketCap   The other outlier is none other than Ethereum Classic, which after an against-the-grain rally on Tuesday has continued today with a 14.6% gain. The total 7-day performance is a solid +21%, by far the highest in the top-50. As before, it’s difficult to give a meaningful explanation of the rally. The upcoming ETC Atlantis hard fork is scheduled in about 22 days, too far ahead to justify any price action, though the final confirmation was released on Monday. The run is likely to be due to a combination of factors, including possible whales entering ETC positions. The rest of the altcoin market is seeing moderate recoveries, with IOTA, TRON and Cardano gaining 8%, 6.32% and 6.42% respectively as the rest average on 3-4%.   The post Bitcoin Struggles As BAT And ETC Lead The Charge appeared first on Crypto Briefing.

Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network Health

Coinspeaker Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network HealthA famous crypto startup firm recognized as Casa that offers primary management service, and Bitcoin node machine has launched a node monitor as well as accompanying reward program to develop Bitcoin network health.The firm revealed the latest innovation in an official website article on Aug. 21. Per the announcement, the node monitor known as Node Heartbeats depends on creating a brief relationship between the server of Casa plus, an internet synced and Tor-activated node owned by a user. The rewards program enables Casa node subscribers to earn 10,000 SatsBack weekly in exchange for operating 5 Node Heartbeat checks weekly, on separate days.SetBack can reportedly be converted for Bitcoin (BTC) just once per day on Keymaster app for Casa, as long as a consumer has garnered a minimum of 50,000 SatBack points. According to the report, Casa is firmly convinced that it`s hectic for consumers to keep up with the trend on their node`s uptime as well as security. By offering an inducement program to leapfrog node health, the firm reportedly expects to enhance the overall health of the Bitcoin network.How the Node Heartbeat OperatesTo verify that node is online, the company makes a concise link from their server to the users Casa Node. For this to be manageable, the user`s node must be synced, online, and with Tor activated. But with Tor, that indicates the node Heartbeat secures user`s privacy.Speaking of privacy, the Node Heartbeat only utilises the connection code of the consumer-the same code that is already existing in explorers and that which the consumer release to others who are willing to launch a channel with them. Sats App automatically submits the code for the users when they send a Heatbeat to saves them from the agony of looking it up.Guess Who Is The Latest Casa Investor?Charlie Lee, Litecoin (LTC) founder revealed just three days ago that he has heavily invested in Casa. He went ahead to praise Casa for spearheading BTC acceptance, indicating:“I have the same feeling about Casa today as I had about Coinbase when I joined in 2013 as the 3rd hire. Casa is making Bitcoin easy to use, and that is extremely important for this space. Looking forward to great things!”New Node Monitor by Lightning LabsAs initially reported by Cointelegraph that the designer of the high-speed transaction protocol Lightning Network, Lightning Labs recently unveiled an alpha version of a node monitor. The invented device, called Indmon, allegedly enables nodes operators to supervise node functions in real-time. Network cases this year reportedly influenced the developers to design a tool for preemptively detecting network and node issues.Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network Health

Gemini Exchange Launches In Australia in Effort to Expand its ‘Crypto Needs Rules’ Brand

One of the most prominent exchanges, Gemini which is owned by Winklevoss Twins is now available for Australian crypto users. “Cryptocurrency is the future of money, and we're committed to building a bridge to that future in Australia.” – @tylerwinklevoss We are thrilled to announce that starting today, we are operational in Australia 🇦🇺 Read […]
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Tether to Launch RMB Stablecoin "CNHT"? CryptoNews

Tether is rumored to launch RMB Stablecoin. Such a move could land crypto in serious trouble in China as the RMB is tightly controlled and regulated. Binance Venus is also on its tails. Ukranian miners accidentally leak sensitive Nuclear Powerplant data. #Cryptocurrency #crypto #Tether RMB Stable Coin 👍🏻Subscribe to Boxmining for Cryptocurrency Insight and News: 🔒Hardware Wallet: 👍🏻Brave Browser: 📲Enjin Wallet: 👍🏻Unstoppable Domain: 📲Binance Exchange : #Bitcoin #Ethereum #Cryptocurrency ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups (Discuss Crypto with us!) Telegram Discussion Group: Telegram Announcements: ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social (Add me on Social Media!) Instagram: Twitter: Facebook: Steemit: ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●

Kraken To List Basic Attention Token (BAT) and Waves

Kraken has announced they will be listing BAT and WAVES, with pairs denominated in USD, EUR, BTC, and ETH. Trading commences at 13:30 UTC on August 22, 2019, and deposits will take 30 and 10 confirmations before being credited to users Kraken balances for BAT and WAVES, respectively, August 21, 2019. Kraken Expands Altcoin OfferingsRead MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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