Bitcoin continues to look very soft, as every time we rally the sellers come back. The weekly candles look horrible, and they look as if the sellers are continuing to flex their muscles.
There are a few things that Jack Dorsey is happy to talk about, and several that he is not. One of Silicon Valley’s most high-profile entrepreneurs, the 41-year-old founder and chief executive of both the microblogging service Twitter and the payments company Square is not one for personal chit chat. Perhaps running two companies does not give him the time.
At a public event in London earlier this month, Dorsey was asked a series of quick-fire, light-hearted questions by his interlocutor. “Savoury or sweet?” – that sort of thing. Nothing controversial, but Dorsey declines to be put on the spot.
“Both,” Dorsey says in response to the question about his culinary tastes. The interviewer tries again: “Cats or dogs?” Once again, Dorsey responds “both”, before eventually saying that he keeps chinchillas.
Danny Govberg, CEO of WatchBox, which claims to be the world’s leading e-commerce platform for pre-owned luxury watches, says that when it comes to cryptocurrency, “I just have a hunch that it’s not going away.” WatchBox has accepted Bitcoin payments since 2014.
“If I’m wrong, okay, so I got educated in an entire structure of cryptocurrency and blockchain,” says Govberg. “If I’m right, then I got educated early on, and was able to adopt it early on.”
For luxury-good companies, Bitcoin transactions are a tool in the toolbox for easing expensive international sales. “When they [international customers] wire us the money and our bank has to convert the money into different currencies, it’s not easy,” Govberg says. “If somebody in the future is in Germany and they want to pay in Bitcoin, they’ll be able to transact that business within a matter of seconds. It’ll come with the blockchain warranty and our bill of sale, everything that customer’s looking for.”
Cryptocurrencies are not true competitors to conventional currencies despite soaring interest in products like bitcoin, Swiss National Bank Governing Board member Andrea Maechler said on Thursday.
Tax liabilities for cryptocurrencies in the U.S. are estimated to total $25 billion, according to Fundstrat. Could this put selling pressure on cryptocurrency markets?
“The Australian approach treats exchanges more or less as money services business, in-line with many other jurisdictions in the world. Cryptocurrency exchanges, like fiat currency exchanges, are deputized to help law enforcement identify money launderers. They have a risk-based approach for transaction reports under the standard $10k threshold, and automatic reports for transactions above $10k. So, standard practice for most currency exchanges. The aspect that is important to monitor going forward will be the performance of the agency the cryptocurrency exchanges report to, AUSTRAC. This agency will now have even more information and data to track, store, and secure. Agencies like them around the world — FinCEN in America for example — already have poor track records when it comes to prosecutions based on the data they gather. With the cryptographic sophistication and global, borderless infrastructure around cryptocurrency trading, we’ll have to wait and see if this is just more agencies gathering more data that serves no purpose other than to provide a talking point that they are ‘doing something’ to fight terrorism financing and money laundering.”
Here’s where blockchain comes into play. In the past we have focused on data in a particular server or database that needs to be secure. This remains true today no matter what. However what about data that is on a sensor? What if competitors can get access to sensitive data about machinery and confidential processes information? That could create havoc in business.
Many are now seeing blockchain as a viable means to secure the Internet of Things (IoT). This could be a marriage made in data heaven.
Bitcoin Cash price failed to gain enough momentum to propel it above $720 but instead embarked on a downside movement only to find support at $680 level. BCH/USD is currently gaining traction towards $700 level; however, there is a growing resistance at $695 zone.
In other news related to Bitcoin Cash, there is an ongoing P2P electronic cash-to-food system in Venezuela dubbed “eat BCH” that is revolutionizing charity and feeding the needy. The program is organized by a group of like-minded individuals and has been getting a lot of BCH to go towards feeding the citizens and their children.
Ripple is somewhat undervalued from the longer-term perspective as the cryptocurrency lost over 70% since the beginning of the year without clear fundamental reasons for the massive sell-off. This may lead to a more pronounced rebound, once the cryptocurrency market starts recovering from recent lows.
Ripple Network boasts about numerous partnership deals with payment operators, big banks, and financial institutions especially in the emerging markets, but the crypto players mostly don’t care. The market is driven by global catalysts and closely correlated to Bitcoin movements. It means that Ripple has good upside potential, but it won’t have a chance to realize it until the global sentiment shift takes place.
The Republic of Korea Fair Trade Commission (KFTC), the country’s regulatory authority for economic competition, “ordered 12 cryptocurrency exchanges to revise their adhesion contracts, which largely fail to provide adequate protection for consumers,” according to Yonhap.