China Forex Reserve to Fall by US$80 Billion; Another Bitcoin Price Surge Imminent

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Leading analysts state that the Chinese foreign exchange reserves have likely fallen between the range of $80 to 100 bln in October. Considering the value, experts state that the devaluation of the yuan is presumed and thus, the demand for Bitcoin will most likely surge again. Jens Nordvig, founder and CEO at Exante Data, a prominent proprietary data and innovative analytical solutions provider, recently stated in an open letter to its clients that the foreign exchange market of China may be in trouble. Nordvig wrote: “Last week, our proprietary real-time indicators detected intervention (CNY buying / USD selling) of US$19.5 billion. We have not seen such a large imbalance in the FX market since the first week of January.” It is important to note that in the first week of January, the entire financial market of China was in chaos, as the Shanghai Stock Exchange suffered from a plunge in value, dropping from over 3.5 mln to around 2.6 mln. If the Chinese market experiences a similar imbalance at the beginning of 2017, Nordvig emphasizes that investors should expect a massive drop of $80 bln. “We expect a dramatic drop of around $80 bln. This could be a wake-up call. …

Bitcoin & US Elections: Surge in Hedges Against Market Decline As Trump Leads

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Reports say a tightening U.S. election race has gotten Asian shares tumble to a 7-week lows and the US dollar lost ground against the yen and the euro on Wednesday November 2. This comes as the Republican presidential candidate, Donald Trump, is reportedly closing the gap with his Democrat counterpart, Hillary Clinton, and money is being forced out of riskier assets and into safe-havens such as the Swiss franc and gold, according to Reuters. As a growing safe haven alternative to gold and its recent record high in number of users and transactions, Bitcoin is likely to benefit from the current market outlook. Trump and Bitcoin Though there hasn’t been any empirical proof to support the claim of a direct correlation with Bitcoin and its recent corrected price to the slightly above $700 range, the Trump’s candidacy, has been implied to be in tandem with the growing popularity of the top digital currency. Recently, an academic and author David Golumbia suggested in a blog post that the politics of Blockchain should make people worried about Trump and those who support him, signaling that some attributes of Bitcoin and the Blockchain technology are interfering with the ongoing US presidential election and …

Bitcoin Blockchain Attracts Weed Growers; Register Strain Origins

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The Bitcoin Blockchain is by far the most secure and tested distributed network in the fields of cryptography and digital currencies, mostly due to its prioritization of security over flexibility and functionality. Weed growers have begun to take advantage of Bitcoin’s advanced security measures to create an unalterable repository of cannabis genomes. Over the past few years, the growth of the cannabis industry has rapidly increased as an increasing number of states and countries have begun to legalize the usage of medicinal and recreational marijuana. As such, more cannabis brokers, dealers and labs have entered the industry to serve the fast-growing market. For the sake of quality Because of this growth, labs and researchers are continuing to test and breed new strains of cannabis on a daily basis. Thus, it has become increasingly difficult for consumers to evaluate and analyze the type of cannabis strains and marijuana-related products that they’ve purchased. As the cannabis market evolved into a highly regulated and respected industry, consumers and brokers have started to question the legitimacy of certain breeds of cannabis strains and their origins. Quality of marijuana-related products has become an important factor in their pricing and reputation of weed growers and dealers. …

Top US Banks That Experiment With Blockchain To Release Money Transfer App in 2017

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Zelle, a money transfer app that is built on a bank-owned payments network to compete with PayPal, Venmo and Square Cash, will be released next year. The app’s network connects 19 U.S. financial firms including the country’s biggest banks such as JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., and Citi. It will enable users to send money via their phones to recipients who will gain access to the funds immediately. Cyber attacks The announcement comes few days after cyber attacks, which occurred on the Internet through common devices like webcams and digital recorders, disrupted PayPal, Twitter, Spotify, some businesses hosted by Amazon Inc and other sites. They are all customers of an infrastructure company in New Hampshire called Dyn, which acts as a switchboard for internet traffic. PayPal said it experienced some service disruptions due to the cyber attack which prevented some of its customers from being able to pay with PayPal in certain regions, though PayPal was not attacked directly. Early Warning The new Zelle person-to-person payment service is expected to rival Venmo, a payments app run by PayPal Holdings Inc. which has become popular with young adults making payments to one another for shared …

Where Will a Dead Man’s Bitcoins Go?

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It is a thin line between the adequate security of personal wealth within the crypto world and an eventual inability to transfer such wealth to heirs or other beneficiaries when the need arises. The transfer of ownership of Bitcoins or other cryptocurrencies from its original owner to heirs in the case of eventuality is a matter that hasn’t been properly defined within the crypto environment. Who really owns the Bitcoins? For security reasons, access to individual wallets have been designed in such a way that only one individual is legally allowed access to specific wallets. Any person who shares the details of their login, or details of how to access their wallet does so at their own risk. “You can only possess Bitcoins if you possess the corresponding private keys.” Says Michael Vogel, CEO at Netcoins. As the security design within the crypto ecosystem has focused on the protection of the wealth of crypto users, there lies the risk of losing one’s valuables in the case of eventualities such as death and incapacitation. Online wallets are hosted on decentralized platforms. In other words, these platforms are not owned or controlled by any specific individuals or group per se. Therefore, when there …

Making Sense of Hillary Clinton’s Bitcoin Rejection

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 For Hillary Clinton’s campaign, accepting bitcoin was “too libertarian”. That’s what we learned last week when it was revealed senior campaign aides for the US presidential candidate considered taking bitcoin campaign donations, but dismissed the idea. The email was part of the cache released by Wikileaks, but came to light via a social media thread dedicated to sharing noteworthy content from the many thousands of leaked messages. For some market observers, the content of the conversation raised questions about the Clinton campaign and its knowledge of the technology. That’s because, back in June, the Clinton campaign declared that its candidate supported public service blockchain applications. The claim implied some familiarity with the mechanics of bitcoin (it’s the first implementation of blockchain technology, after all), even though the policy seems more likely to have been written by a tech-savvy advisor. So what is the Democratic hopeful’s position on bitcoin? The campaign did not respond to requests for comment, but other analysts shared ideas. Brian Forde, former technology advisor to the White House and a senior lecturer at MIT, believes the potential future president has a genuine commitment. Forde told CoinDesk: “Clinton has been a fierce advocate for Internet freedom, and I think, similarly, she will make the right decisions …