Blockchain technology startup Blockstream has revamped its wallet app, adding features that make storing bitcoin more secure and flexible.
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Blockstream Open Sources Development of Its Proof of Reserves Tool
n nn nn On February 4, 2019, blockchain tech company Blockstream announced the development of a proof of reserves tool to standardize the authenticity of exchanges crypto reserves. The Bitcoin development company has submitted a Bitcoin Improvement Proposal BIP to the bitcoin-dev mailing list for consideration.Blockstream stated that it is open-sourcing the development of the tool for feedback from the industry. Citing high-profile hacks as a reason why such servi
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Bitcoin Price Analysis: BTC Ranging, Blockstream Quick Fix
- Bitcoin Prices are steady but could rally above ,600 in days ahead
- Blockstream’s Proof of Reserves could solve the exchange’s perennial problems
- Transaction volumes below average
It may be an exit scam or a tragedy, but the bottom line is that QuadrigaCX users stand to lose 0 million. It is unbearable, but that is the reality. All the same, deliberations are in progress. In the meantime, BTC bulls are rejecting lower lows and could print above ,600 and ,800 by close of the week.
Bitcoin Price Analysis
Fundamentals
Headline news is that users and traders of Canadian exchange QuadrigaCX risk losing a whopping 0 million.
The reason for this unfortunate mishap and a possible multi-million loss is because the keeper manning the exchange’s cold wallet private keys, Gerry Cotton, died in a humanitarian visit in India where he mysteriously died after succumbing to Crohn’s disease at a tender age of 30. There has been conjecture about this with users not buying the exchange’s narrative. Many hold this is a well-orchestrated exit scam.
There is reason to believe that he may have obtained a fake death certificate enabling them to pull off this heist—where is the body? They quip. It is through such circumstances that Blockstream is introducing what they call a “solution to provide a best-practice standard Proof of Reserves for the industry” in Proof of Reserves.
Candlestick Arrangement
In the meantime, BTC is stable and up 0.1 percent in the last day. The move is, to say the least, but will no doubt reveal the presence of buyer rejecting lower lows. Like in our previous BTC/USD analysis, we recommend patience and the before we load longs in the direction of Dec 17, 2018, bulls, prices must first expand above ,800.
That’s a long way from spot rates oscillating at around ,500—according to streams from BitFinex. All the same, aggressive, risk-off traders can trade once bull momentum drive BTC prices above Jan 28 bear bar as a three-bar-bull reversal pattern comes to life.
The mark is just above the recent congestion at ,600. No doubt, such gains will light up the space drawing demand. If not and prices tumble below last week’s low, then BTC may as well retest ,200 in the near term.
Technical Indicators
Jan 28 highs mark our minor resistance, and while the bar is bearish, it is backed by high transactional volumes—17k versus 10k. We continue to maintain that bears are in control at-least before there is a solid close above Jan 28 to Feb 5 draining congestion. Marking this break above Jan 28 highs or ,600 should be high volumes above current averages—10k and above 17k of Jan 28.
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Blockstream Breaks into Japanese Market with JPY Stablecoin, Partnership
n nn nn Blockstream is partnering with Japanese fintech giant Digital Garage to bring a JPY stablecoin to the Bitcoin network.To spearhead the project, Blockstream and the 120 billion just over billion firm are working under the label Crypto Garage with the help of Tokyo Tanshi, the largest inter-dealer broker in Japan w/ billions in trades daily, according to Samson Mow, Blockstreams chief strategy officer.The collaborative is building the yen-pegged coin JPY-
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Bitcoin From Space Blockstream CSO Explains Its Satellite Services
n Using Bitcoin from space how satellites can backup and increase the accessibility of cryptocurrencies and blockchain technologyn
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Bitcoin Is Here to Stay: Blockstream Satellite Expansion Makes Sure of It
“… But what if the government was to turn the internet off..?” I am sure you have all heard this argument before when you have been explaining to someone how robust the Bitcoin security model is and how even Interpol would be biting off far more than they could chew by attempting to bring the network down.
Apart from the logistical difficulty of enforcing such a draconian policy as banning the internet across the entire planet, one Bitcoin startup is working hard to make sure that even in the event of a complete, planet-wide disconnection from the net, those who need to can still communicate with the Bitcoin network.
Bitcoin in Space: New Blockstream Satellite Expands Reach to Asia-Pacific
As of yesterday, Bitcoin users in the Asia-Pacific region will be able to communicate with the Bitcoin blockchain without relying on an internet connection as they typically had to. According to a post on Blockstream’s website, the cryptocurrency startup has just completed “Phase 2” of its Blockstream Satellite network, which has connected the region to those already benefiting from satellite coverage (North and South America, Europe, and Africa).
The Asia-Pacific satellite is the fifth satellite launched by the startup run by one of the biggest names in the cypherpunk movement – Adam Back. Its launch means that anyone with a satellite receiver and a cheap USB receiver will be able to download the entire Bitcoin blockchain without cost or access to the internet.
The idea is to lower the network’s dependence on the internet. This, in turn, will make it much less likely that outside forces will be able to corrupt Bitcoin. By allowing the world to use the network without relying on internet access, Blockstream are helping to align Bitcoin closer to the original principles that drew many to the space in the first place. These include the network being: censorship resistant, permissionless, and a viable check to governments’ abuses of power.
As Phase 2 completes worldwide coverage, #BlockstreamSatellite takes #Bitcoin to new heights. Free and private access to Bitcoin #blockchain data is now available to everyone on
. Where will Bitcoin go next? Video made by @Pixelmatic!
pic.twitter.com/VyEjLRR48X
— Blockstream (@Blockstream) December 18, 2018
Blockstream Also Reveals Blockstream Satellite API
In addition to the extra satellite, Blockstream also announced the launch of a new API coming in January. The new broadcast function will allow Bitcoin users to send data using the Lightning Network.
Data transmitted using the API can be a both encrypted and unencrypted. The latter will use Lightning Network’s onion-routed payment channels. This means that users can send entirely private messages to one another or public messages that anyone can read.
Chris Cook, the head of Blockstream Satellite, stated:
“While satellite communications are traditionally cost-prohibitive, Blockstream Satellite will finally allow developers to adopt satellite communications in their applications. The new API will make it possible to send ‘Hello World’ to the world, but we think developers will come up with something a little more adventurous than that. Natural disaster notifications, secure personal messaging, and sending bitcoin market data to remote locations are just some of the exciting examples of the power of this service.”
Slew of Bitcoin Development Not Reflected in the Price
Advancements like the new Blockstream Satellite coverage increase the value of the BTC network immensely and 2018 has been full of them. The SegWit protocol upgrade soft forked into the network last summer has seen soaring adoption rates, helping to reduce Bitcoin transaction fees and Lightning Network has advanced from an exciting idea to a fully operational, layer two scaling solution that is growing every day.
Elsewhere, infrastructure developments are also helping to add value to the network. These include the launch of several custodial solutions from big names and trusted institutions launching (or planning to launch) their own trading desks.
So far, these improvements to both the protocol itself and the infrastructure have not been reflected in the Bitcoin price. This can be largely attributed to just how spectacular the bubble bursting at the start of this year was.
Generally speaking, the faster and higher something soars, the lower it will plummet for a longer time. We are currently witnessing a market whose wounds are still too deep and fresh to be buying en masse again. However, when enough time has passed and confidence is restored, such improvements will likely help Bitcoin reach prices inconceivable to all but John McAfee and the most confident of the Bitcoin bulls.
Related Reading: John McAfee: ‘Bitcoin Will Become the Gold Standard’
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Blockstream Releases Full Node Access, Wallet, Block Explorer for Liquid
n nn nn Blockstream has released a full node and wallet client for its newly released Liquid, along with a fresh-out-the-box block explorer to monitor transactions and other data on the sidechain.With a mission to establish an inter-exchange settlement network, Liquid was launched last month. The platform is a sidechain built out of Bitcoins mainnet that allows its users to swap bitcoin 11 for a token on Liquids sidechain L-BTC. Liquid is mostly for traders to mov
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Blockstream Executive: Diversification May Have “Thoroughly REKT” Your Crypto Portfolio
“Never keep your eggs in one basket” might be the statement you hear time and time again from capital market traders, analysts, and advisors alike. While this investment thesis may be applicable in traditional markets, some believe that this diversification tactic is not applicable to crypto markets.
Don’t Put Your Crypto Eggs Into One Basket?
As reported by NewsBTC, Roger Ver recently made an appearance on CNBC’s ‘Fast Money’ segment to discuss his outlook on this market. While much of his time on-air was filled with Bitcoin Cash-related discussion, CNBC viewers likely focused on this comment regarding diversification, which is as follows:
“I hold more Bitcoin Cash then anything else, but I have some Ether, some ZCash, some ZCoin, Dash, Monero and I still hold BTC as well. So a little bit of everything is a good idea, including a bit of Ripple (XRP) and Stellar (XLM). Diversify, diversify, diversify is the name of the game.”
Although “diversify, diversify, diversify” may sound like a no-brainer for any seasoned investor, Samson Mow, the Chief Strategy Officer at Blockstream, begs to differ. Mow, who is often critical of Ver’s beliefs and statements, brought up his talk he made at South Korea’s Blockfesta conference to rebut the Bitcoin Cash proponent’s sentiment on diversification.
“Diversify, diversify, diversify?” That’s the worst advice possible because #cryptocurrencies are highly correlated. In my #Blockfesta talk I showed how diversified portfolios perform over a year. If you just bought $BTC you’d be up 54% but losses increase as you diversify. #HODL pic.twitter.com/Sl7atlMd0w
— Samson Mow (@Excellion) August 28, 2018
The Blockstream executive first noted that “diversify, diversify, diversify” is the “worst advice possible,” noting that the price action of a majority of cryptocurrencies is “highly correlated.” While not explicitly stated, Mow is essentially alluding to the fact that Bitcoin, which has historically been at the forefront of crypto, should be the sole focus of any portfolio. Backing this claim, the Bitcoin (BTC) proponent pointed out that if you bought only BTC one year ago, you would be up 54%, but if you diversified into the top 16 crypto assets, you would be down by 21%.
While his aforementioned criticism highlighted a short-term scenario (one year), he also added that a focus on Bitcoin may be beneficial in the long run as well. Mow noted that “if you bought anything other than BTC and LTC to hold back in 2013, you’d be thoroughly REKT.”
A majority of 2013’s top 20 crypto assets have all but faded out of existence, with newer projects like Ethereum, Monero, and EOS ousting Namecoin, Peercoin, and Feathercoin, which all used to be the crème de la crop back in their hay day. Not only have these little-known projects faded from public memory, but some have totally abandoned, with their token values dropping off the face of the Earth.
Mow seems to be convinced that this same occurrence will happen in today’s markets, speculating that a majority of altcoins are posed to see hefty losses over the long-term.
However, some were not convinced by Mow’s arguments, with skeptics pointing out his allegiance to Bitcoin maximalist thought process, which would have evidently skewed his opinion on the long-term prospects of altcoins. Others noted that his investment method may work in a bear market, but in a bull market, diversification may actually be key. As the market ran in 2017, Bitcoin dominance fell below 80% for the first time ever, leading ‘altcoin maximalists’ to believe that Bitcoin’s time as a crypto monarch had fully elapsed.
Regardless, there did seem to be a common thread of agreement between those on both sides, which was that taking CNBC Fast Money’s crypto advice to heart may be the “fastest way to lose money.”
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Where’s Greg? Maxwell Eyes New Bitcoin Projects After Blockstream
After leaving the startup he co-founded, Greg Maxwell is focusing his energy on developing more efficient and more private bitcoin smart contracts.
CoinDesk
Blockstream Devs Depart for New World Computer Project
Sounds like ethereum? A new idea being explored by two Blockstream veterans could stand to make a distributed blockchain web more accessible.
CoinDesk