Will the Crazy 4Chan Bitcoin Price Prediction Hodl True for October at $16,000 BTC/USD?

Many crypto enthuasists are banking on the infamous 4chan bitcoin price prediction to be right again for the third time in a row in the 2019 calendar year.

A screenshot of a comment made on January 21, 2019 that correctly predicted bitcoin’s price twice already has been going around and is being hailed as the ultimate shot caller due to being correct time and time again. But will the notorious 4chan forecast actually hodl true in October?

After calling out Bitcoin’s bottom in January 2019, 4chain anon proved right two more times and has been one of the most talked about oddities in the cryptoverse this year.

He or she (or they) said BTC’s price would be $5,300 in April and then $9,200 in July. Despite going to $13,900 in July, BTC crashed to about $9,050.

The next prediction by 4chan is of $16,000 in October 2019.

This means the BTC price would essentially double in the next month to go from today’s current price hovering around $8K.

Currently, bitcoin is trading at $8,020 with 24 hours loss of 1.16 percent, as per Coincodex.

It’s not just 4chan that has predicted this, crypto analyst Crypto Welson is even more bullish as he believes we could see “a new yearly high” in October.

This is because, if we zoom out on the daily charts,

“Bitcoin has seen similar “flash crashes” numerous times during bull runs.”

Crypto trader and investor Josh Rager also points out how in 2013 Bitcoin bull market pulled back 75% over 89 days before registering a 1600 percent run-up to new highs later in the year.

In 2019, Bitcoin has currently retraced 42% over 91 days. Though the price can continue down once pullback is done,

“expect the bull trend to continue.”

However, trader Hsaka says,

“Whenever price breaks a multi-month support or resistance, it usually sees continuation in the direction of the break.”

Q4 historically has been a good quarter for BTC price and whether it is going to be October or the coming months, a surge is bound to come.

Remember, it took just three weeks for bitcoin to boom from $8K to $19,893 USD back in 2017. The “Thanksgiving to Christmas” explosion in the price of BTC was nothing short of amazing and would be a wild scene to see it happen again.

Many question whether or not bitcoin’s USD exchange rate value has found a new floor at $8,000 given how it has fared since its early Q2 rise. What expert Tom Lee had to say was received with great admiration in saying the recent drop of BTC/USD from $11K to $8K was nothing abnormal and is par for the course in bitcoin’s ‘rule of the 10 best days‘ theory he explained.

Regardless of how the price of bitcoin reacts in the short term or hodls true to its $16K milestone in October 2019, many believe what Mark Yusko thinks in that all investors should be buying bitcoin with every chance you get.

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Author: AnTy

Fusion Network Gets Hacked with Nearly 13.5 Million Worth in FSN Tokens Compromised

On Saturday, September 28, blockchain-focused financial platform, the Fusion Network was hacked reports Decrypt.

The Fusion Network was built with the aim of establishing a platform that supports forward-thinking applications or a cost-saving solution for businesses. They have since facilitated token swaps, such as stablecoin swaps among others.

The news was first announced by the CEO of Fusion Foundation, DJ Qian, who disclosed that the token-swap wallet, which swaps ERC-20 FSN tokens for tokens on the FSN MainNet, was compromised. Altogether, 10 million FSN tokens, native to the Fusion Network and 3.5 million ERC-20 FSN tokens were stolen, amounting to roughly 38 percent of the circulating supply.

DJ Qian revealed the news in the Fusion Telegram Group, in which he said:

“At this moment, we need to stand side by side, hand in hand to create a great wall for fusion.”

He also seems to have expressed relief in the fact that the Fusion protocol was not compromised, which is reasons is because of the protocol’s security. He further added that:

“Token stolen happened a lot of times already, we need to be very cautious.”

That said, he later shared in the group that the team has been watching ever move of the hacker, noting that they have been,

“moving those stolen FSN in order to wash the address holding FSN and sent part of them to exchanges to sell.”

For support, DJ Qian has reached out to the likes of OKEx, Huobi and Bitmax to store the remaining tokens, with some of them secured in a safe cold storage address.

As for what DJ Qian thinks might have happened, he trusts that someone with access to the foundation wallet’s private keys is to blame, adding that he has the names of the individuals and involving the police will be a consideration. In the meantime, the team is working on a program that could possibly track and trace the stolen tokens.

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Author: Nirmala Velupillai

Iran Cracks Down on Crypto-Miners as the Government Regulates

The Iranian government has steadily been putting pressure on local crypto-miners in the past three months thanks to new legislation in the works that would regulate cryptocurrency mining via licensing.

Without any official legislation put out, crypto-miners around the country with a sense of perpetual fear and paranoia, running the risk of losing all their equipment, being overloaded with incredibly hefty fines, or outright arrested and jailed for the practice.

It’s been estimated that over 80,000 mining machines have been confiscated within the span of the last four months, with one bitcoiner, in particular, losing thousands of machines, and causing the loss of income for 30 households that relied on these mining operations.

The Iranian government isn’t pulling any punches with their fining process. Several bitcoiner’s simply gave up the deeds to their houses, because they couldn’t pay the exorbitant fines, usually more than their annual salaries. The fines can range from $2 000 to $5 000, per machine, several times more than its retail value.

That is usually added to the already steep electricity fines given out. Such fines are four times the annual cost a business has. An example would be if a group mined bitcoins, paying $5 000 for electricity in the span of a year, they would be fined a shocking $20,000 for using subsidized electricity.

Crypto-Miner Smuggling

The legality of crypto-mining within Iran is compounded by, for lack of better words, the fact that the easiest way to gain mining-capable equipment within Iran is through the black market.

Everything from televisions to air conditioning units are bought like this, with official retail outlets in Iran usually selling items of lower quality and higher price compared to foreign grey markets. 

It’s a safe deduction to say if the Iranian government wants to crack down on these smuggled pieces of equipment, they would have to hold almost all of Iran in contempt and fine them accordingly.

The Start of It All

The reason Iran, in particular, is making waves is because of the staggering cheap energy rates within Iran. In some places, the electricity rate is as low as $0.0006, which, understandably, creates an attractive market for an industry that mandates extreme power demand. Crypto-mining is ultimately a game of balancing out the costs compared to the value of the cryptocurrency you get, and one of the major factors of that is the energy consumption costs.

Even outside of Iran, many investors took notice of it, but the same difficulty of smuggling equipment for local miners is the same problem for international investors. Regardless, this new chapter in Iran’s history will undoubtedly have a tremendous impact on the country. If done correctly (and quickly), the new legislation could boost Iran’s economy by an incredible degree.

Or it could ruin an opportunity due to government interests. All we can do is wait and see

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Author: Ali Raza

Overstock And Patrick Byrne Sued For Securities Fraud Regarding Dividend Payouts

Overstock.com, former CEO Patrick Byrne and former CFO Greg Iverson are being sued for securities fraud.

Byrne, the controversial founding chief executive of Overstock who has long been at open war with short sellers and Wall Street at large, left the company last month amid some of the strangest circumstances and stories from a tech executive since John McAfee fled Belize.

The complaint reads:

“While shares traded to a Class Period high of $26.89 each on September 13, 2019, they traded to as low as $15.50 by September 18, 2019, three trading days later, after investors learned that the tZERO dividend was designed to be a short squeeze.”

Like an infomercial for the nascent decentralized, distributed ledger technology that underlies cryptocurrencies like Bitcoin, he waxes poetic about a future in which corruption is wiped out, people are freed from poverty and developing nations can leapfrog ahead by putting government functions like voting, property records and central banking on the blockchain.

The accusers say that the strategy used by Byrne was suspicious, claiming they enabled them to

“sell additional shares of Overstock in the market to create a cash fund necessary to support its crypto projects (in the face of them being abandoned by investment partners.)”

Byrne went on to say that in the event of an economic downturn, the value of crypto assets would rise, and he would be in a position to provide a capital injection to Overstock.

“You will have not just access to capital, you will have access to the friendliest capital imaginable: my own,”

he wrote.

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Author: Sritanshu Sinha

Is NVIDIA Looking to Control the Ethereum Network? Here’s the Problem Regarding ProgPoW

It has been recently revealed that NVIDIA secretly influenced the development of “ProgPoW”, however, there are many allegations regarding it as well reports Decrypt.

In particular, the accusers are claiming that ProgPoW was built specifically to support NVIDIA’s GPUS. The problem that arises from this is that Ethereum miners will then have to rely on NVIDIA, with the latter possibly taking control over the Ethereum network.

The need for ProgPoW stems from the fact that over the course of years, application-specific integrated circuits (ASICs) have outnumbered the usual use of graphic processing units (GPUs). Unfortunately, those who have been sticking to GPUs were no longer able to mine given the rise in ASIC. Hence, comes ProgPoW, which ensures that miners can make some form of money.

The Evidence

Commenting on this is Kristy-Leigh Minehan, deemed the ProgPoW architect, who has since dismissed the accusations made. She also left her position at Core Scientific, who supposedly commented otherwise. According to the claims made, Core Scientific has been linked to NVIDIA and possibly Calvin Ayre.

What does this Upgrade Mean for NIVIDIA?

Obviously, it would imply an increase in sales in their specific GPUs, but interestingly, at the expense of ASICs and GPUs of its competitor, AMD. This implies that the NVIDIA is trying to secure the company’s monopoly over the network.

Turns out that the connection between Core Scientific and NVIDIA is that the latter is supposed to provide artificial intelligence GPUs that can be adapted to mine either, writes the news outlet. The duo has also come together in Core Scientific’s incubator program, which according to the President of gpuSTASH, Alexander Levin, involves the sharing of ProgPoW-ready mining technology.

As per Levin, ProgPoW’s other creators, Def and Else have been getting paid by NVIDIA. He also accused Minehan as being a “NVIDIA patsy”. However, Minehan affirms that they were changed to dishonestly convict her.

The Chief Administrative Officer of Core Scientific, Matthew Bishop has since denied the connection established above, adding that he doesn’t even know what ProgPoW is and that his clients have not been affected by the proposed Ethereum algorithm change.

Minehan noted that the aforementioned is false, adding that a connection was established. According to the architect, the AI GPUs would help generate a bit of profit from crypto mining, but for sure will positively impact the duo’s GPU sales.

As for Def and Else, Minehan affirmed that it is not true, adding that that the ProgPoW does not favor NVIDIA’s chips over its competitor, AMD. That said, the architect has had links with both NVIDIA and AMD. She said:

“I have worked very closely with NVIDIA and AMD for the majority of my professional life […] NVIDIA keeps an eye very closely on the GPU market.”

As for Calvin Ayre’s role in all this, it has been found that both the CEO of Core Scientific, Kevin Turner, the former and Craig Wright serve on the advisory board for Squire Mining. Apparently, months later, Squire signed a binding letter of intent to Core Scientific to host 41,166 Bitcoin SV compatible ASIC devices. The news outlet questioned whether this was the doings of Calvin Ayre – that way all control over ProgPoW rests in the hands of CoinGeek.

Ethereum Classic’s Cooperative Executive Director, Bob Summerwill has been very vocal about the aforementioned connection arguing that CoinGeek is planning to be NVIDIA’s primary purchaser once ProgPoW is ready. Surprisingly, he affirms that Minehan also has connections with CoinGeek and BSV.

This is what a spokesperson from CoinGeek had to say:

“I can say with some authority that this is a conspiracy theory nonsense.”

Then there’s Minehan who denies everything and while Craig Wright did not comment on the matters, he previously described ProgPoW as being, “dumb as f*ck”.

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Author: Nirmala Velupillai

27-Year-Old Congressional Candidate Raises $1 Million in Bitcoin & Crypto Assets

Agatha Bacelar is running for Congress and aiming to raise $1 million, “equal to the amount of stock Nancy Pelosi has in Facebook,” in cryptocurrency.

She has received $47,681 till now in crypto donation, with the next goal being $75k and ultimately $1,000,000 USD.

For receiving crypto donations, she is using Coinbase and accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin.

A Stanford engineer and designer, she is only 3% of Representatives in the House with a STEM background.

She is asking for support to

“help elect someone who understands the importance of this breakthrough technology (crypto), and that the US cannot be left behind.”

Baclear is calling for the need for a future where we are able to use the “incredible people-power” of blockchain technologies to build an innovative, better, and more just society.

“The once-bright future for crypto in America has been dimming,”

she said.

Federal intervention has been pushing innovation out of San Francisco, which she said was once a headquarters for the crypto industry, and out of the country.

Regulatory inaction and policies meanwhile are favoring big tech companies and allowing monopolies that block out competition that “the next web would bring.”

“We need her in Congress creating a viable future for cryptocurrencies and bringing the American crypto industry back home,”

reads her donation page.

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Author: AnTy

New Balance to Use Cardano Blockchain to Verify the Origins of a Range of Its Products

IOHK has announced a strategic partnership with the global athletic brand New Balance to use the Cardano (ADA) blockchain to authenticate a premium line of training shoes for the company. New Balance is one of the world’s leading brands in athletic footwear. primarily based in Boston Massachusetts, the company underwent a drastic expansion over the past 5 years, doubling its employees to over 8,000 worldwide, with revenue increasing from $2.7bn in 2013 to $4.1bn last year.

The Announcement

Several parasite brands were copying their image and branding. “It provides a lot of things to New Balance that they’re struggling with,” IOHK CEO Charles Hoskinson told Decrypt. “Last year New Balance confiscated around 25 million pairs of fake shoes. Authentication is a very expensive proposition for a bunch of brands’’. What he wanted was to bring to the table only a very better way for them to accommodate but also potentially create a marketplace.

Hoskinson envisages that Cardano will solely not just facilitate and establish provenance; it will also help the companies or manufacturers to spot those who are producing fake products, and are manufacturing merchandise on the side; also produce an efficient secondary marketplace for luxury goods, by authenticating produce, and even produce royalties or fees that return to the original manufacturer.

Blockchain, International Provide Chain, and Medical Insurance

Throughout the last few years, a variety of high-profile firms — like Anheuser Busch InBev and Alibaba — have begun to adapt to make use of blockchain-based systems to contour their everyday operations. As Cointelegraph recently reported, Walmart is using blockchain called VeChain. In respect to VeChain’s blockchain technology allows Walmart to seamlessly deploy its traceability strategy and permit for the large-scale use of this decentralized technology.

Cointelegraph reported that back in March the retail Carrefour has step by step rolled out its new blockchain-powered product, Carrefour Quality Line (CQL) micro-filtered full-fat milk. CQL is touted to ensure customers complete product traceability across the whole supply chain — from farmers to the shop shelves.

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Author: Sritanshu Sinha

LedgerX Accuses US CFTC For Foul Play and Claims Unreasonable Delay by Former Chairman

Crypto startups should have gotten used to regulatory drama. LedgerX is the latest one to be facing trouble. The company is accusing former CFTC Chairman J. Christopher Giancarlo was biased against them.

CFTC had approved LedgerX’s application for a designated contract market (DCM) license, meaning the company can now offer the new futures contracts. LedgerX is the second company to receive approval to offer physically settled bitcoin futures; other firms, such as Intercontinental Exchange’s Bakkt, Seed CX and ErisX plan to enter this market.

The company alleges that former Chair Giancarlo

“In January [2019], the Chairman called one of our board members and told him that he was going to make sure our DCO order was revoked within two weeks, due to a blog post written by myself the previous year implying that preferential treatment was being given to larger companies so he could ‘cement his legacy.’ This refers to the ICE / Bakkt approval, which was running into issues that were frustrating the chairman.”

Unlike the cash-settled bitcoin futures listed by the Chicago exchanges Cboe and CME, in physically settled futures the buyer receives the underlying commodity when a contract expires, rather than the fiat equivalent. Monday’s approval means that New York-based LedgerX can not only list these bitcoin futures contracts but crucially can offer its products to retail clients, not just institutional ones.

The second letter reads:

“This submission has been with the Commission for well over 180 days without approval or denial. We have strong reason to believe that this unreasonable delay is in clear violation of the Commodity Exchange Act is related to the Chairman’s animus towards a blog post written by our CEO.”

While LedgerX is not the first bitcoin futures provider in the U.S., it is the first to offer physical futures, meaning customers receive the actual bitcoin they bet on when the contracts expire, rather than the cash equivalent. Moreover, customers don’t need to put U.S. dollars in to bet on the product.

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Author: Sritanshu Sinha

WWF, ConsenSys Launches Impactio Blockchain to Bring Transparency in Philanthropy

The World Wide Fund for Nature (WWF) director of conservation, and Joseph Lubin, co-creator of Ethereum and founder of ConsenSys, jointly unveiled the Impactio platform. Impactio is an Ethereum-based blockchain-powered impact investment platform, designed around the United Nations 17 sustainable development goals (SDGs). WWF’s experience was necessary to spot the nature of the matter that must be resolved, whereas ConsenSys’ expertise helped style a system that may assemble the required moving elements.

Ethereum blockchain-based platform dubbed Impactio was designed to supervise and fund projects among non-governmental organizations and standalone firms. The main motive behind this initiative was to trace how the funds of the companies were spent.

How Impatico Works?

Individuals or companies who had practically adopted Impactio were supposed to give their projects concerning more on sustainability, inequality, emerging communities or the environment. Furthermore, the curators receive Impactio Tokens in a digital wallet, with the platform employing a system supported ConsenSys’ research on Token Curated Registry (TCR) to curate and opt for high-potential projects and afterward present them to potential funders. A token-curated register (TCR) is a means of adopting a blockchain token to assign completely different weights to different things on a listing.

The tokens act as a finite resource, letting curators place tangible weight to their words, limiting the chance of manipulation, favoritism, corruption and so on and making a framework for the Impactio platform itself to mechanically enforce the system’s rules.

So, at the core of the Impactio system there is effectively a TCR which is used to enforce the curation process, allowing the subject matter experts to collaborate in reviewing and surfacing the best projects,” Claudio Lisco, ConsenSys‘ strategic initiatives lead and one of the architects of Impactio, says.

“The way this works is that the curators and subject matter experts effectively can see the projects that have been submitted on Impactio.”

“First they review them, provide feedback and collaborate with the project owners to further improve the projects. But effectively, once the curation process starts they can use tokens to signal their endorsement for projects they think should be exposed to funding opportunities.”

The system is designed to reward successfully-argued investor viewpoints, Lisco says, that ought to facilitate keep curators in the right place. It’s quite apt, because at the end of the day, what else are the UN SDGs if not a self-reformation project?

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Author: Sritanshu Sinha

XRP-Focused Exchange Bitrue is Launching Low-Interest Crypto Lending Platform

Singapore-based cryptocurrency exchange Bitrue is now entering into the lending market.

The exchange is focused on serving the XRP community, given the fact that it supports more than 50 XRP pairs. Its goal has been to onboard all XRP pairs and becoming an xRapid partner.

Bitrue is now launching a low-interest crypto lending platform that will go live on Sept. 30. It will loan BTC, ETH, XRP, and USDT at 0.04 percent daily interest rate. The exchange said it will add support for more altcoins in the future.

Users will be able to pledge existing Bitcoin-held crypto as collateral, with no limit to the repayment period of the collateral.

“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,”

CEO Curis Wang said.

“It’s a perfect time for us to launch the first of our initiatives,”

he added.

Bitrue will also use the revenue generated from these loans to support its “power piggy” crypto holding rewards program that provides users with a

“risk free method of generating up to 10.3% yearly interest on the coins they invest.”

The new product launch came only three months after Bitrue suffered a hack, losing about $4.3 million in XRP and Cardano (ADA). At that time, company representatives said the funds were insured and

“100% of lost funds will be returned to users.”

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Author: AnTy