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Starting this Wednesday, May 3rd at 20:00 EDT, TradeBlock’s XBX index will include trade data from Kraken and no longer include Bitfinex. With this update, TradeBlock’s XBX index will track liquidity across significant and regulated XBT/USD & XBT/EUR markets. Bitfinex USD Withdrawals & Deposits On April 13th, 2017 Bitfinex announced that its outbound USD wire transfers were experiencing significant delays….Continue Reading
Encrypgen through the crowd sale of its Gene-Chain coin seeks to bring about an era where you can protect your genetic information and even profit from it.
Breakthrough in genetic medicine means that there are technologies available to match the right cure to the right patient. Today, It is possible to foretell what disease your unborn children will suffer from when they grow up. Advances in genetics will help us tackle difficult to treat ailments like Alzheimer's disease.
However, the key issue at the center of genetics is who owns your genes? As technology advances and we near a time when our very building blocks are at stake, this is a relevant question to ask.
If we think about the amount of work that is being done in the fields of genetics today, the day is not far when ownership of your genes is something that you would like to protect.
Gene-Chain coin at the center
The way Encrypgen has envisioned the process is that there would be a ‘Gene-Chain Economy’ and the stakeholders would be able to barter and transact using the Gene-Chain coin for the use of their genetic information.
Encrypgen is currently holding an ICO at which 80 percent of the 100 mln tokens are being offered to the public. They are retaining 20 percent of the tokens for purposes of marketing and the use of their team.
Five million each of tokens are being reserved for marketing and giving out bonuses. As of the week starting June 22, one BTC buys 68,000 Gene-Chain coins. For the period of the ICO, which ends July 18, the amount of Gene-Chain coins that each BTC will get will diminish by five percent so early investors stand to benefit.
Additionally, investors that put in more than one BTC will get a bonus of three percent of Gene-Coins and investors that put in more than five BTC will get five percent extra. The biggest investor in the project will get one mln extra Gene-Chain Coins. According to the website of Encrypgen, the current leader is an investor who has put in 39.5 BTC.
The investment process
It is possible to buy in the Gene-Chain coins by sending BTC, ETH, DASH, LTC or ETC to relevant addresses mentioned on the Encrypgen website. After Encrypgen receives the amount, the investors will get a signed SAFT agreement.
Gene-Chain coins will be made available after the token sale ends. A milestone chart has been released by Encrypgen that charts out the course they plan to take in the future.
Why Encrypgen matters today
The problem that we face today is missing safeguards when it comes to gene privacy. There are several ethical issues surrounding genetics that remain unresolved. As an example who should have access to genetic information of a person, do relatives who share genetic matter with you qualify?
By creating a Blockchain enabled system Encrypgen can work with all the stakeholders like individuals, laboratories, universities, research centers, etc to have a verifiable audit trail of genetic information that is being shared.
Encrypgen will also ensure that there are built-in consent processes that will allow individuals to give the necessary permission for their data to be shared and they may even be able to profit from this sharing.
The data sharing will be enabled by Encrypgen’s Gene-Chain token, which is now being offered in an ICO.
The road ahead for Encrypgen
There are still features that Encrypgen has to begin working on and they are going to have to recruit people who will submit their data to the Gene-Chain for studies. Online consent procedures specific to the locations of these individuals will also have to be deployed through the Gene-Chain.
The company also plans to add social media and community dimension to their project. This will help hobbyists get more information about their DNA as well.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
The Security Council of Russia plans to research the risks of blockchain, according to a government statement published today.Continue Reading
Over the weekend, BTC-USD market cap dropped from $45 billion to a current (and still falling) market cap of $39 billion. BTC-USD brought the entire crypto market to a screeching halt as traders continued to see devaluations in nearly every tradable coin on the market. So, let’s take a look at what has happened and see just how bad this dive will be for BTC-USD and the other cryptocurrencies.
On a macro scale, BTC-USD has been in the process of making a massive Head-and-Shoulders (H&S) pattern on the 6-hour candles:
Figure 1: BTC-USD, 6HR Candles, GDAX
Head and Shoulders are common, highly predictable market reversal patterns. They have well-defined criteria for price movement and price projections once the pattern breaks to the bottom. A H&S pattern is characterized by the following, illustrated above:
There is typically an ascending trend line;
A left shoulder that is smaller than a central peak (head) and a right shoulder that is smaller than the central peak;
The two shoulders are connected by the “Neck Line” of the Head and Shoulders.
There is first a test of the ascending trendline. A test and rejection of the ascending trend line’s support will bring us to the test of the neck line.
A test of the neck line is usually the ultimate deciding condition for whether or not the pattern will continue downward.
At the time of this article, BTC-USD has broken the ascending trend line and is in the process of testing the Neck Line of the H&S pattern. If condition #5 is broken, the price projections are calculated in the figure below:
Figure 2: BTC-USD, 6HR Candles, GDAX, Price Target for Head and Shoulders
Price targets are not guarantees of price movement. Rather, a price target should be used as more of a target “zone” rather than a discrete point in the price-space. In our case, BTC-USD happens to have a price target with a very reliable, major support line in the $1800s. Whether BTC-USD drops that far down remains to be seen. However, it is important to note the following in the figure below:
Figure 3: BTC-USD, 6HR Candles, GDAX, Steady Downward Momentum
The momentum indicators, RSI and MACD, are showing no sign of downward momentum loss;
The steady downward momentum is coupled with very little relative buy-back volume.
During previous bearish periods, there was a significant increase in buy volume. However, something we are not seeing in this current bear run is a volume increase. The market could reverse at any point (after all this is crypto!), but on all major long-term scales, the momentum indicators show no sign of slowing down.
If we break the Neck Line of the Head and Shoulders, below are the major support lines you can expect BTC-USD to rest on during its downward spiral:
Figure 4: BTC-USD, 6HR Candles, GDAX, Fibonacci Retracement Levels
At the time of this article, the market is testing the 38% Fibonacci Retracement Level, but the market doesn’t appear to be interested in buying at these values. If the BTC markets don’t see an increase in volume, BTC-USD will continue to hemorrhage in value — as will the entire crypto-market.
BTC-USD completed a Head and Shoulders pattern that brought the entire crypto-market into a Bear Market.
Current price projection based on Fibonacci Levels and Head and Shoulders price target has BTC-USD on a course for the $1800s.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
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The recent altcoin boom has brought in a lot of new cryptocurrency traders and many people are looking for quick, cost effective ways to buy altcoins like Ethereum, Litecoin, Monero and others. In today’s post I want to cover a relatively new type of altcoin exchange. It’s something I call “instant” cryptocurrency exchanges. These exchanges […]Continue Reading
Segregated Witness (SegWit) and the Lightning Network have often been associated with each other because SegWit would enable an improved version of the Lightning Network to exist on Bitcoin; however, the enhancements SegWit brings to the Lightning Network are not entirely clear to many Bitcoin users. During the Q&A portion of a recent presentation at […]
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