Sunday, August 19, 2018

Venezuela: Inflation Tops 100000 Percent, Bitcoin Costs 60M Bolivars - Bitcoinist


Bitcoinist

Venezuela: Inflation Tops 100000 Percent, Bitcoin Costs 60M Bolivars
Bitcoinist
As reported by cryptocurrency commentators including Purse.io support head Eduardo Gomez, the bolivar traded unofficially at around 6.7 million VEF per 1 USD August 17, before suddenly depreciating rapidly to 9.2 million. “Yesterday 1 bitcoin was worth ...

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from bitcoin OR blockchain OR cryptocurrency - Google News http://bit.ly/2Ml7v5I

[AMA] Randy Brito here from BitcoinVenezuela.com, what we’ve been doing and why we might need your help

Hello all here, I am Randy Brito (aka @btcven), a Venezuelan whose family moved to Spain in 2004 due to the worsening situation and persecution on the middle class.

I learned about Bitcoin in 2011 and read a lot about it here and at Bitcointalk.org (and learned about Libertarianism too through it), in 2012 founded https://www.BitcoinVenezuela.com as a non-profit organization dedicated to educate about Bitcoin and basic economics.

Started collaborating with Electrum developers, translated it into Spanish (along with Hive Wallet, MacWallet, and some others). At Electrum also helped as manager of translations, website, social media, support.

Co-founded another local non-profit education group in Spain and gave talks about Bitcoin around the country, mostly in high schools to get the young people started before they even learned how to use a bank account. Also co-founded a Classic Liberal - Anarchocapitalist group in Seville, Spain where I was part of the team which hosted the Free Market Road Show three years in a row.

In 2014 joined Support at Coinbase as one of the two first employees outside the US, when it was still only serving US customers, and worked there for 3.5 years. Joined MetaMask-ConsenSys a few months ago as Customer Support.

Tried to open a Bitcoin<->Bolivar exchange between 2014-2015, we got stopped and the other local exchange there got shut down completely.

I’ve been educating about Bitcoin in Venezuela since 2012, in our website, in social media, with collaborators in the country who gave talks, supporting local groups teaching about Bitcoin there, running campaigns, giving interviews, podcasts. Besides trying to educate about economics, fighting Socialism both in Venezuela and Spain, and more.

For more than two years now I’ve been collecting donations in cryptocurrencies through our humanitarian aid project 'Bitcoin For Venezuela Initiative' to help feed people, buy medicines and help those in need. We started doing a monthly activity to cook food for 400-500 people. Today we help feed 2000+ people daily, by buying food for a soup kitchen where 1600+ people go to eat daily, probably the only meal they have in a whole day. Also cook meals for two orphanages, an elderly center, a kids hospital, and an old people’s hospital. This is the last activity we did: https://twitter.com/btcven/status/1028743266739662849?s=21

We are now also helping another soup kitchen and an elderly center in a small town, and also managing donations to restore a farm school, so it can produce food again for the towns around it, and also teach young people to work in the farm. Donations come mostly from private donators giving us cryptocurrencies, not many donations come from our public addresses (we take Bitcoin Lightning Network donations too!) because we keep most of the pictures and videos taken private because of the persecution in the country of those who do humanitarian aid, and for the safety of collaborators on the ground.

For the past months I’ve been working on speeding up Bitcoin adoption in Venezuela ( checkout these 4 tweets https://twitter.com/randybrito/status/1023679503862824962?s=21 ) through a few steps:

  • Get funds to develop a very simple UI to make it easy to start using Bitcoin as a medium of exchange using Electrum for Android. Adapt censorship resistant tools being developed so they work for Electrum users too.

  • Teach people how to use it and let them know about the different ways of turning Bitcoin to other currencies as store of value (like Dollars, stablecoins, or any synthetic USD) and also use Dollars as unit of account so they can completely stop using Bolivars.

  • Develop a DIY cheap device to make a mesh network in Venezuela that could be used not only for secure communications, but more importantly for transacting with Bitcoin even if/when all communications (3G, SMS, calls, cable-internet) stop working (as it has been happening these past weeks). Small router-like nodes with medium WiFi range to connect to others, bigger ones with radio antennas attached to them to connect larger distances, a few of them in the borders with Internet connection and Electrum servers adapted to serve users through the mesh directly. We’ll have a working prototype in ~1 month.

  • Continue adapting and developing the needed tools for Venezuelans (also Iran and Turkey are now in/towards a similar situation) to be able to actually use Bitcoin for everyday censorship resulting payments through this mesh privately and securely.

  • Research, adapt, collaborate, and promote second layer solutions like the Lightning Network that will let millions of users transact with each other once an important percentage of for example the people of Venezuela use Bitcoin payments every day. This research for example has let us understand that the mesh network devices could have a LN node routing payments through the mesh and make those hosting the mesh devices earn a bit of the fees collected, and even host an IPFS node too.

This project-effort is called Locha

https://twitter.com/Locha_io

We need your help and support to make this happen.

Ask Me Anything :)

Randy Brito contacto@BitcoinVenezuela.com

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from Bitcoin - The Currency of the Internet http://bit.ly/2vWQxjR

EA Hacking Defendant Ordered to Pay $750,000 Bail – in Cryptocurrency

EA Hacking Defendant Ordered to Pay $750,000 Bail – in Cryptocurrency

The post EA Hacking Defendant Ordered to Pay $750,000 Bail – in Cryptocurrency appeared first on DCEBrief.



from DCEBrief http://bit.ly/2Bmakys

Bitcoin Price Weekly Analysis: BTC/USD Failed Again Near $6,600, Now What?

Key Points

  • Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in a broad range between $6,000 and $6,600, and it may continue to trade sideways.

Bitcoin price failed once again near the $6,600-6,620 resistance against the US Dollar. BTC/USD is correcting lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Range Trading

This past week, there was a nice upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,300 and $6,500 resistance levels. However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,650 and the 100 simple moving average (4-hours). As a result, the price declined and moved below the $6,500 level.

There was a break below the 23.6% Fib retracement level of the last leg from the $5,900 low to $6,653 high. Moreover, there was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair. It has opened the doors for more losses in the short term below the $6,300 support level. The next important support is the 50% Fib retracement level of the last leg from the $5,900 low to $6,653 high at $6,276. Below this, the price is likely to break the $6,250 level to test the $6,188-6,200 support zone.

Bitcoin Price Weekly Analysis BTC USD

Looking at the chart, BTC price seems to be trading in a broad range of $6,000-6,600. Therefore, there are chances of the current wave extending towards $6,200 and $6,000 before buyers appear.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD has moved back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Level – $6,200

Major Resistance Level – $6,600

The post Bitcoin Price Weekly Analysis: BTC/USD Failed Again Near $6,600, Now What? appeared first on NewsBTC.



from NewsBTC http://bit.ly/2ONFvoa

Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320

Key Highlights

  • ETH price corrected higher recently and traded above $310 and $315 against the US Dollar.
  • There is a key connecting bearish trend line in place with current resistance at $311 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair has to break the $311 and the $320 resistance levels for more upsides in the near term.

Ethereum price failed to remain in a positive zone versus the US Dollar and Bitcoin. ETH/USD settled below $300 and is facing resistances near $311 and $320.

Ethereum Price Resistances

After forming a base near the $249-250 zone, ETH price started an upside correction against the US Dollar. The ETH/USD pair traded higher and broke the $275 and $300 resistance levels. It even moved above the $315 level and traded as high as $322. Later, buyers lost the control, resulting in a fresh decline. The price dropped below the 23.6% fib retracement level of the last wave from the $249 low to $322 high.

More importantly, it declined back below the $300 level, which is not a good sign. However, the downside move was protected by the $285 support. It represents the 50% fib retracement level of the last wave from the $249 low to $322 high. The price is currently consolidating above the $285 level and is preparing for the next move. If sellers push the price below $285, it could increase selling pressure. The next supports are $279, $275 and $262. On the upside, there is a key connecting bearish trend line in place with current resistance at $311 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis ETH USD

The above chart indicates that ETH price must break the trend line and $320 to gain momentum. The next resistance is near $340 and the 100 simple moving average (4-hours).

4-hours MACD – The MACD is showing signs of weakness in the bearish zone.

4-hours RSI – The RSI is currently just below the 50 level.

Major Support Level – $285

Major Resistance Level – $320

The post Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320 appeared first on NewsBTC.



from NewsBTC http://bit.ly/2MCPOxU

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