On August 31 the CEO of the firm Viabtc, Haipo Yang, published a blog post proposing the establishment of a standardization organization like the World Wide Web’s W3C consortium. Haipo Yang wants to start a similar group called the Bitcoin Cash Standard Organization (BCSO) in order to create standards and achieve better transparency when it comes to BCH consensus proposals.
Viabtc’s Haipo Yang Proposes to Initiate a Standardization Group Called the Bitcoin Cash Standard Organization
There are many large organizations like the Linux Foundation and W3C that work together to create standards in the world of computers and the internet. Haipo Yang the founder of the blockchain development firm and mining pool, Viabtc, wants to create a similar organization for Bitcoin Cash (BCH) development standards. The Viabtc CEO says Bitcoin is a consensus protocol that “should be defined by documentation instead of software codes.” In order to avoid incompatibility and possible blockchain splits, Yang believes client protocols should be very careful when making code changes. To begin creating standards and documentation Yang proposes the initiation of a BCH-centric standardization organization.
“Together we will standardize Bitcoin by establishing the Bitcoin Cash Standard Organization (BCSO) — BCSO will give the definition of “Bitcoin” with standard protocol documentation. With the BCIP (Bitcoin Cash Improvement Proposal), BCSO will collect advice and suggestions of protocol standard as well as feedbacks for BCIP from the community,” Yang explains during his proposal announcement.
BCSO will regularly release the BCIP with updated standard documentation and help all clients with the updates — BCSO will also hold developer conferences to explore new Bitcoin technologies and growth.
Helping the Bitcoin Cash Community Reach Broad Consensus
Yang thinks the creation of the BCSO will make future Bitcoin consensus changes more public and transparent. When submitting BCIPs programmers should include documentation and test results, so BCH participants can get a better understanding of what is happening with development.
“BSCO will allocate BCIP No. for each proposal, collect suggestions from the community and call votes for the proposal via a method that’s commonly agreed by the community,” Yang concludes. “According to the result of BCIP, BCSO will update the Bitcoin Standard Protocol regularly and set a timetable for software implementation and network activation in coordination with the network upgrade.”
I believe that Bitcoin Cash Standard Organization (BCSO) will guarantee the development for Bitcoin, and help the community reach the broadest consensus.
What do you think about Viabtc’s CEO Haipo Yang proposing a standardization organization? Let us know your thoughts on this subject in the comment section below.
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Bessarabsky market, a landmark of Ukraine’s capital, is introducing crypto payments. Fruits and vegetables are already sold for a number of cryptocurrencies including bitcoin cash (BCH). The initiative to offer the alternative payment option aims to show how simple it is to use cryptocurrency in everyday life.
Kiev’s historic Bessarabsky market, an indoor marketplace located in the center of the capital city, is accepting cryptocurrencies, the public communal company that operates it announced on Facebook. Locals and visitors can now buy fresh produce with a variety of digital coins thanks to a partnership with crypto payments processor Paytomat.
Currently supported are payments in bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), litecoin (LTC), ethereum (ETH), nano, dash, waves, EOS, and NEM. During this initial, experimental stage customers can spend their crypto at a fruits and vegetables stand. However, a vegan street food cafe at the market is also preparing to launch crypto payments soon. Purchases are made through a QR code scan and sellers should receive the payments in fiat Ukrainian hryvnias after instant conversion.
The cryptocurrency payment option will offer buyers a new experience and attract crypto enthusiasts, according to Bessarabsky market’s managing director, Nikolay Kovalchuk, quoted by the Ukrainian outlet Bykvu. He also hopes for an increase in customer loyalty that will lead to sales growth. The market, which is one of Kiev’s landmark sites, is frequented by foreign tourists as well, and for many of them crypto payments are known and convenient.
‘Babushka’ Shows How Easy It Is to Spend Crypto
The project, which has been named “Babushka” (Granny), aims to demonstrate the simplicity of using cryptocurrency in everyday life. According to Alexander Kurin, operations director at Paytomat in Ukraine, the hardest part is to convince sellers they are going to get their hryvnias after the crypto payment is processed. He told Forklog:
The main idea is a symbiosis between traditions and innovations. We chose the Bessarabsky market because it is a well-known tourist destination, and cryptocurrencies are a universal means of payment in any country.
Paytomat has been working to introduce cryptocurrency payments in a number of cafes, restaurants, online stores, and even clinics, schools, and beauty salons, the Ukrainian outlet notes. Businesses and merchants using its services are spread across Europe, from Ukraine and Georgia in the East to the Netherlands and Spain in the West.
The platform offers several payment solutions including POS terminal, web panel, QR code and WordPress plugin. As news.Bitcoin.com reported earlier this year, the Paytomat supports 11 cryptocurrencies and works with more than 330 restaurants and stores.
What do you think about Bessarabsky market’s initiative to introduce crypto payments in Kiev? Tell us in the comments section below.
Images courtesy of Shutterstock, facebook.com/bessarabskiyrinok, Paytomat.
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During August, the monthly volume posted by the majority of leading cryptocurrency markets continued to decline. Despite such, the ETC and Dash markets again defied the trend to post an increase in trade volume, with XRP also bucking the downward trend this month.
Top 5 Most Traded Cryptocurrency Markets Posts Month-Over-Month Decline in Volume
Trade volume for BTC pairings declined by 5.34% during August – falling from $131 billion USD last month to $124 billion during the last thirty days, according to Satoshi Pulse.
USDT saw the smallest volume fluctuation of the major cryptocurrency markets this month, with $82.9 billion worth of Tether changing hands during the last thirty days – a 3% drop in trading activity when compared with July.
ETH has maintained its position as the third most traded cryptocurrency, however, saw a drop from July’s $53 billion in thirty-day trade volume to post $45.75 billion for August. The nearly 14% drop marked the third consecutive month of declining volume for Ethereum.
EOS also posted its third consecutive month of declining volume, with August’s $18.1 billion down nearly 11.3% from July’s $20.4 billion.
Bitcoin Cash saw a drop in trading activity during August, dropping 31.3% from July’s $14.85 billion to post $10.2 billion in thirty-day volume.
ETC, XRP, and DASH Defy Downward Trend
Of the top ten most traded cryptocurrencies during August, ETC, XRP, and Dash were the only markets to post an increase in volume month-over-month.
Ethereum Classic climbed from eighth to sixth after experiencing an increase in thirty-day trading volume for the fourth month in a row – with August’s $7.9 billion comprising an approximately 18% increase over July’s $6.7 billion for ETC.
XRP has maintained its position as the 7th most traded cryptocurrency market, with August’s $7.8 billion comprising a 13% increase in trade volume over July’s $6.9 billion.
LTC experienced a slide back down to eighth after ranking sixth for two consecutive months after posting $7.14 billion in thirty-day trade volume – a 16.7% drop in trading activity when compared with July’s $8.57 billion.
Dash has continued to climb the rankings, with August’s $5.26 billion elevating Dash to ninth position and comprising a 5.2% month-over-month gain from the $5 billion in thirty that propelled DASH into the top ten most traded markets last month.
Despite posting a 9.1% drop in monthly trade volume, Qtum has crept back into the top ten most traded markets with $4 billion after dropping to 11th last month with $4.4 billion.
Many Leading Crypto Markets See Significant Volume Volatility
The TRX Markets have continued to slide down the rankings, sitting at eleventh for August with $3.45 billion – a 36.7% drop from last month’s $5.45 billion. TRX was the sixth most traded cryptocurrency market during May, however, slid to ninth during June and July.
CKUSD has climbed from fourteenth to rank twelfth for August after posting $3.36 billion in monthly trade volume – a roughly 16% increase over July’s 2.9 billion.
ZEC posted among the strongest volume gains produced by a leading cryptocurrency market during August, with $2.9 billion worth of Zcash exchanging hands during the last thirty days – an approximately 35% increase over July’s $2.15 billion. ZEC ranked thirteenth for August, up from sixteenth last month.
Ontology saw the strongest percentage gain in trade volume of the leading crypto markets, with August’s $2.34 billion comprising a 41% increase over July’s $1.66 billion. The increase in trading activity has elevated ONT from the twentieth to the fourteenth most ranked cryptocurrency market by thirty-day trade volume.
XLM has maintained its position as the fifteenth most traded cryptocurrency, despite August’s $1.94 billion comprising a 15.65% drop from July’s $2.3 billion.
ADA and NEO Slide Significantly in Volume Rankings
ADA saw a significant drop in trading activity during August, sliding from thirteenth in July to sixteenth this past month with $1.84 billion – a 40.65% drop from last month’s $3.1 billion.
NEO saw the largest drop in trade volume of the major cryptocurrency markets, sliding from twelfth to seventeenth after posting a thirty-day volume of $1.83 billion – a 46.2% drop from July’s $3.4 billion.
Do you think that the majority of the leading cryptocurrency markets will continue to posting declining volume month-over-month? Share your thoughts in the comments section below.
Images courtesy of Shutterstock
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Stablecoins have proliferated this year, so much so that it’s been hard to keep track of them all. In a bid to remedy that, news.Bitcoin.com has compiled a list of all stablecoins that are currently tradable – plus several others that are on their way. This is the ultimate A-Z of stablecoins. For now, at least.
Basis, formerly known as Basecoin, is the hottest new stablecoin in town. It’s attracted investment from all the usual crypto bigshots, and intends to adhere to the US dollar via an algorithmically adjusted supply. This essentially means that when demand rises, more Basis will be created, and when it’s falling, more will be bought back. This expanding and contracting supply ought to help Basis maintain its peg.
B is for Bitusd
Bitusd is an old stablecoin now, and it’s starting to wobble. The bulk of its trade occurs on the Bitshares exchange where it was designed to operate, though it’s also available on Openledger DEX. While it would be stretching the truth to call Bitusd a ‘stable’ stablecoin these days, it still functions. Just.
C is for Carbon
Carbon uses an algorithmically adjusted supply based on demand to maintain parity with the US dollar, a bit like Basis. Will it work? We’ll have to wait and see.
C is for CK USD
Little is known about CK USD, whose team are as mysterious as the workings of its stablecoin. Coinmarketcap has no data regarding its total circulating supply, but reports a staggering 24-hour volume of $137 million on BCEX and Allcoin. Whatever CK USD is, it seems to work.
D is for Dai
Dai, created using the Maker Dao, has a market cap 1/20th the size of Tether’s, but it’s a stablecoin on the up, while adhering closely to its obligatory dollar peg. What Dai lacks in market cap it makes up for in transparency. While there are concerns over the possibility of Dai’s collateral-based Ethereum assets being inadequate for maintaining the dollar peg during extreme market volatility, the stablecoin has worked faithfully so far.
H is for Havven
Havven has two stablecoins: nusd and eusd, the latter an Ethereum-based USD-pegged coin, while the n in the former stands for nomins, Havven’s unit of account. Havven’s stablecoins are primarily for use within its own ecosystem, so don’t expect to see this pair replacing Tether anytime soon, though there is an EOS version of nusd in the works.
K is for Kowala
Kowala (KUSD) has yet to be unleashed, but big things are expected of this eagerly anticipated token. A good stablecoin is like a good immune system: you only appreciate the job it was doing when it fails. The measure of any good stablecoin’s success is its ability to cling, limpet-like, to the US dollar through thick and thin.
N is for Nubits
Nubits is a failed stablecoin, and is included here as an example of what can happen when stablecoins go wrong. It’s currently trading on Upbit and Bittrex for $0.15. Despite miserably failing to keep its US dollar peg, which it abandoned sometime around January, Nubits is still performing better than most of this year’s ICO tokens.
R is for Rockz
Billed as “the world’s most bulletproof cryptocurrency”, Rockz is a Swiss stablecoin that’s launching soon. Unusually, it’s entering the world via an ICO. Rockz may not promise the moon, but if its token can remain rock solid with the US dollar, it’ll have done its job.
S is for Stably
All the cool kids (mostly VC funds) are investing in stablecoins right now. Stably raised $500,000 earlier this year ahead of its launch on the Ethereum and Stellar blockchains. Each USD-pegged Stably coin will be backed by a corresponding cash reserve.
S is for Steem Dollars
Dan Larimer is hailed by his acolytes as a visionary. The only trouble is that once he’s gotten cold feet and moved on to better things, the projects he’s left behind have a tendency to falter. Like Bitusd, Steem Dollars only resemble a US dollar in the vaguest possible sense these days. Someone needs to invent a term for a coin that’s no longer technically a stablecoin. Unstablecoin? Fablecoin? Yes, let’s go with fablecoin: a token whose promise of parity with the US dollar proves to be nothing more than fabulous fiction.
T is for Tether
Available on the Omni blockchain and also as an ERC20 token, Tether is the daddy of stablecoins. Supposedly backed by real USD deposits, the stablecoin maintains pretty close parity with its $1 peg. While a controversial stablecoin, largely on account of its creators’ failure to conduct a full financial audit, Tether’s $2.8 billion market cap makes it bigger than all but seven cryptocurrencies. But is it too big to fail? For now, at least, Tether seems to be working, even if its dollar peg is maintained more out of belief than anything.
T is for Trueusd
Trust Token’s Trueusd is backed by collateralized USD assets held in escrow accounts. In that respect, Trueusd’s model is similar to Tether, but with greater transparency. With Binance, Bittrex, and India’s Zebpay all adopting Trueusd, this stablecoin’s star is in the ascendancy.
U is for USD-C
Circle is reportedly working on its own stablecoin, which should first see life on Poloniex exchange, now under the stewardship of Circle. Little is known about USD-C, as the stablecoin has been named, but it will operate on the Ethereum network and will naturally be pegged to the US dollar.
U is for Usdvault
As we explained earlier this week, Usdvault is collateralized with “gold bullion that’s professed to be housed in Swiss vaults. The Vault creators claim the stable coin will be based off a 1:1 USD price ratio, but the asset’s 1:1 value is essentially backed by the precious metals located in Switzerland”.
Over a long enough timeframe, most of these stablecoins, like most cryptocurrencies in general, are probably destined for failure. For now, at least, those that are tradable (with the exception of Nubits), seem to work, give or take. As the saying goes, “Any port in a storm”, and in capricious crypto markets, stablecoins have been welcomed by all who’ve sought refuge in them.
Did we miss out any stablecoins? Let us know in the comments section below.
Images courtesy of Shutterstock.
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On August 1 news.Bitcoin.com reported on the Wormhole project and the BCH burned to create Wormhole Cash (WHC) tokens. Since then there’s been a lot happening in the BCH environment, and Wormhole developers have felt the need to address the public with a statement concerning rumors spreading regarding the security of the protocol. The Wormhole creators “welcome any constructive suggestions,” but “find no real evidence” to the recent rumors.
Wormhole Developers Address Circulating Concerns and Rumors
Over the last few weeks as people within the BCH community discuss the upcoming protocol consensus changes a few rumors concerning the Wormhole project’s security model have been circulating. The Wormhole creators felt the need to address the public about the rumors being spread and “intend to clarify concerns about Wormhole protocol in order to stop the rumors with this statement.” Almost immediately within the blog post, the developers discuss how the Wormhole protocol is secured. The team explains that the Wormhole security is “guaranteed” due to the security of BCH network, traceability of Wormhole data as they are permanently stored in BCH transactions, a decentralized time-stamp service provided by BCH network, and “any data failed to follow Wormhole protocol won’t be parsed by Wormhole nodes.”
The creators emphasize that Wormhole has everything it needs right now with the way BCH works today. Unsubstantiated rumors about consensus improvements favoring Wormhole is false says the team.
“Wormhole protocol does not rely on the implementation of pre-consensus and Wormhole nodes have been operating very well since its release,” the Wormhole developers explain.
The project assumes nothing related to pre-consensus. Of course, we will pay attention to modifications and improvements on BCH protocol to guarantee the synergy of Wormhole protocol.
‘Patents, Inter-Block Time, and Other BCH Upgrades Not Relevant to Wormhole’
The developers also deny inter-block time being relevant to the conversation as far as Wormhole is concerned, and explain that Bitcoin Unlimited introduced the idea in 2017 well before Wormhole was launched. The statement also mentions BU’s lead developer Andrew Stone recently introduced OP_GROUP, but the plan didn’t get “widespread approval from BCH community.”
“In our opinion, a Token solution for BCH network is important and urgent to BCH’s ecosystem. After extensive research of existing Token solutions, we decided to use Omni protocol, a tested and mature Token solution — Hence, Wormhole protocol was born,” the statement details.
The statement further discusses the rumors of patents and believes a “random” patent from 2017 is completely irrelevant to Wormhole. In the end, the team details how the WHC burn process works and emphasizes that no one has a corresponding private key to the special Bitcoin Cash address the Wormhole team has used.
“The leading 137-bit zeros in the hash value encoded in the burning address guarantees that Wormhole team possess no corresponding public/private key pair — The generation code of the burning address is demonstrated in the Github repository,” the Wormhole developers conclude. Read the full statement from the Wormhole devs here.
What do you think about the public statement from Wormhole developers concerning the rumors being spread about the protocol? Let us know what you think about this subject in the comment section below.
Images via Shutterstock, Wormhole, and the development team’s Medium post.
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Cboe is getting closer to launching ether futures and we’ve covered the report in The Daily. Also, Brave has reported 10 million downloads of the Android version of its privacy-oriented browser, the Russian telecom regulator says it would unban Telegram if the messenger follows court orders, and IOTA Foundation has released its Trinity desktop wallet app in beta.
The US-based exchange behind the first bitcoin (BTC) futures, Cboe Global Markets, is now getting close to launching futures for ether, Business Insider UK reports quoting knowledgeable sources. The report further details this could happen as early as this year. The outlet notes that the announcement of the new products could create conditions for the wider trading in the second-largest cryptocurrency by market cap and possibly open the door for an ETF. Danny Kim, head of growth at the crypto trading firm SFOX commented:
Cboe’s offering will enable crypto traders to take both long and short positions in ether and it’s another step forward to a new accepted asset class. With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull.
Cboe is now reportedly waiting for a decision from the Commodities Futures Trading Commission (CFTC) before launching the product. According to people familiar with the matter, Cboe would be basing its futures on the underlying market of Gemini, the NY-headquartered cryptocurrency exchange operated by the Winklevoss brothers. Cboe’s bitcoin futures are also based on its platform. A representative of the Securities and Exchange Commission (SEC) stated in June that SEC didn’t view the trading of ether as a violation of the US securities law.
Brave Browser With 10 Million Android Downloads
The Android version of Brave browser, the open-source web browser boasting enhanced privacy features, has recorded more than 10 million downloads, its publisher announced in a tweet. “Thank you to our users for choosing to browse faster and safer, and for valuing privacy protection!” Brave Software added in its post. According to media reports, the browser has been ranked among the top 10 “Free Communication Apps” on Google Play Store in a couple of dozen markets already.
Brave is a privacy-oriented browser supporting opt-in ads and crypto payments between users and website publishers. To take advantage of the tipping system, which uses Brave’s ethereum-based basic attention token (BAT), users have to enable the payments in the browser. Used by Twitchers and Youtubers, the service may soon be available to Twitter and Reddit users as well. Earlier this month, the company behind it announced plans to introduce support for the two platforms in the fourth quarter of this year.
Roskomnadzor May Consider Unblocking Telegram
Russia’s telecommunications watchdog now says it’s ready to consider lifting the ban on the popular messaging app Telegram in case its operator agrees to follow a court order to provide Russian law enforcement agencies with access to its encrypted messages, RT reported. Roskomnadzor attempted to block the messenger, used by many in the crypto community, after it did not comply with last year’s request to share its decryption keys.
Last week, Roskomnadzor reiterated its position saying the ban may be lifted if Telegram provides assurances it will abide by the court’s decision. The announcement comes after the agency faced difficulties in its attempts to effectively restrict the service in Russia. At the same time, Telegram has not indicated it intends to change its stance on the matter. A lawyer representing the company said the messaging service can only share limited data on individual users, provided a court deems it necessary.
IOTA Announces Beta Version of Trinity Desktop Wallet
The IOTA Foundation has recently announced the release of the Trinity desktop wallet app in beta. The launch comes after an earlier release of the Trinity Mobile wallet which has now been optimized for desktop application. Both versions can be downloaded from links published on the Trinity website. IOTA is open sourcing the code for the two wallets and hopes to work with the developer community to improve them further.
According to a published statement: “Trinity Desktop on Windows is signed with the IOTA Foundation code-signing certificate, which needs to have a positive reputation in order to pass the Smart Screen filter… Since Trinity Desktop has just been released, the Smart Screen will continue to flag the wallet.” Users can manually check the certificate by right-clicking the application icon and opening “Properties”. The information about the “IOTA Stiftung” signature can be found under the “Digital Signatures” tab.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock.
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Japan’s top financial regulator has revealed exclusively to news.Bitcoin.com the number of crypto exchanges seeking to enter the Japanese market. The agency also confirms the number of existing exchanges that have exited the industry, leaving only three applications currently being reviewed.
Cryptocurrency exchanges in Japan are licensed by the country’s top financial regulator, the Financial Services Agency (FSA).
The FSA has licensed 16 crypto exchanges so far. In addition, it has allowed 16 more companies, including Coincheck, to operate crypto exchanges while their applications are being reviewed. These companies are sometimes referred to as “quasi-operators” of crypto exchanges.
However, since the hack of Coincheck in January, the FSA has stepped up its oversight of crypto exchanges. It has issued many business improvement orders and temporary shut down some exchanges. With stricter rules to comply, a number of quasi-operators began to withdraw their applications and exit the industry.
An FSA representative told news.Bitcoin.com that, out of the original 16 quasi-operators:
There are three quasi-virtual currency broker dealers still being reviewed: Coincheck, Everybody’s Bitcoin Inc. [Minnano Bitcoin], and Lastroots.
Coincheck was acquired by Monex Group after the hack. While the FSA declined to comment on Coincheck’s specific application, Monex is hopeful that the exchange will be approved in September. Once approved, Coincheck will resume normal operations, including registering new members, Monex previously said.
FSA Never Stopped Reviewing Applications
Since the hack of Coincheck, the FSA began rigorously inspecting all crypto exchanges, 23 of which received an on-site inspection. The agency recently released a report detailing its findings.
No new companies have been approved this year, drawing speculation that the agency may have halted reviewing exchange operators.
However, the FSA confirmed to news.Bitcoin.com:
There is no such fact that we stopped reviewing process.
160 Interested Companies
The FSA revealed in July that about 100 companies were interested in applying for a license to operate a crypto exchange. Among them are Line Corp and Yahoo! Japan. Line recently launched an exchange, Bitbox, that serves customers globally except those in Japan and the U.S. The company is waiting for the FSA’s approval before beginning operations in Japan.
On Wednesday, the agency disclosed to news.Bitcoin.com the updated number of interested operators, stating:
Including preliminary consultation/inquiries regarding registration, around 160 operators are expressing their intention of market entry.
What do you think of 160 exchange operators wanting to enter the crypto space in Japan while most of the quasi-operators have exited the market? Let us know in the comments section below.
Images courtesy of Shutterstock and the FSA.
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The field of sentiment analysis (SA) is evolving rapidly. Since news.Bitcoin.com last covered the subject in May, two new platforms have emerged, each claiming to offer smarter tools to facilitate more informed trading. Gathering accurate sentiment from the web and then using it to create actionable insights is a complex task, but the developers behind Predicoin and Augmento are confident they’ve made a breakthrough.
Gauging the current sentiment towards a particular cryptocurrency might seem trivial compared to more conventional trading techniques such as charting, but it has its place. Ascertaining the mood of a market won’t tell you the best entry or exit point for a trade, but as a broader indicator of which way the tide is turning, it’s extremely powerful. Cryptocurrency traders will remember the euphoria that accompanied last December’s bull run and will, in hindsight, concede that sentiment was an indicator it was time to sell. Most of the time, sentiment analysis picks up on more subtle and scattered cues, which is why it’s a task best left to machines rather than humans to process.
Augmento, which pulls in hundreds of thousands of data points, is the product of a Berlin-based team. Currently in closed beta, the platform uses AI to aid with trend detection and sentiment analysis. “Crypto is crowd psychology on steroids,” ventures Augmento CEO Michael Baumgartner says. He sees Augmento as being at the vanguard of “a new generation of AI systems able to capture mood and topics of discussion of millions of users in real time.”
The range of emotions that can be drilled into and analyzed for a particular currency is extensive. Traders who want to get granular on bitcoin can filter by such moods as bearish, FOMO, panicking, and happy. The idea is that traders can use the signals as a contra-indicator to determine, for example, when the market is overheated and it may be time to scale out. Augmento currently draws the bulk of its sentiment from Reddit, but is in the process of adding other crypto hangouts such as Telegram and Twitter. It’s also incorporating an API for hedge fund access. It claims to be able to detect over 100 price-driving emotions and topics of discussion.
Predicoin Promises Advanced Sentiment Analysis
Predicoin is another SA platform that’s soon to launch. It pulls in data from Medium, Twitter, Reddit, Facebook, Youtube, and Telegram and uses data mining and machine learning to analyze news and social media content, saving retail investors time and energy. “The crypto market is growing exponentially, and it’s becoming increasingly difficult for traders and investors to cut through the noisy online chatter and identify quality information,” explains founder Pierre-Alexandre Picard. “Using sentiment analysis, Predicoin’s crypto analytics platform helps traders and enthusiasts access and interpret cryptocurrency information to make better decisions.”
Like Augmento, Predicoin is currently beta testing ahead of a full release. As the market matures, Augmento’s Michael Baumgartner sees the role of SA growing in stature. “Sentiment analysis is crucial when it comes to understanding crowd psychology and market cycles,” he says. “We believe that, if done right, it’s one of the most powerful price predictors in crypto.”
Do you think sentiment analysis is a useful trading tool? Let us know in the comments section below.
Images courtesy of Shutterstock, and Augmento.
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“The virus is spreading,” tweeted Morgan Creek Digital’s Founder & Partner Anthony Pompliano at the news Yahoo! Finance (YF) had integrated bitcoin core (BTC), ethereum (ETH), and litecoin (LTC) into their trading platform. He was one of many enthusiasts to insist the event was an important step in the quest for mass cryptocurrency adoption.
“You can now buy Bitcoin, Ethereum, and Litecoin on Yahoo Finance,” Mr. Pompliano announced through his popular Twitter account. YF’s embrace of cryptocurrency has many in the ecosystem excited about future prospects for more mainstream adoption. That indeed could be the case, or it might also be a deep wish as fans of digital assets slog through a brutal bear market.
YF is, of course, a subdivision of Yahoo!, one of the original web portals in the net’s early days. YF has been around for over two decades, a go-to source of information about stocks and financials. Bitcoiners of a certain age will remember YF as a first glimpse into the power of net information and aggregation.
Why Litecoin Ahead of Others?
Nowadays, it is less viewed as innovator, and more as a melange, a giant salad of financial information through news, commentary, financial reports, assorted original content and a staple at conferences, along with the usual facilitation of press releases and housing of data. It is just as likely to be seen as a reliable source of financial reporting.
It was gobbled up last summer by Oath Inc, a subsidiary of Verizon. It now claims to be among the largest business news websites in the US. Hints of the broader company dabbling in crypto actually came a few months earlier, spring of this year, when its Japanese wing asserted it would purchase a healthy amount of crypto trading platform Bitarg Exchange Tokyo with hopes of launching its own exchange in the spring of 2019.
Though its platform does track other cryptocurrencies such as bitcoin cash (BCH), YF has not made them available for trade to the public as of yet (a curiosity, as both, say, ripple and bitcoin cash outrank litecoin, for example, in market capitalization). YF’s crypto data is derived from Crypto Compare.
Is Yahoo! Finance’s crypto integration important? Let us know in the comments below.
Images via Pixabay.
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An eastern South Korean province plans to issue its own cryptocurrency to replace the local currencies of its nine cities, according to local media. An exchange will be established for the new crypto. The coins can be used for payments within the province and merchants can accept them using smartphone QR codes.
The South Korean province of Gyeongsangbuk-do has revealed that the effort to replace local currencies with a cryptocurrency has begun, Joongang Daily reported this week.
Also known as Gyeongbuk, the eastern South Korean province has been attempting to replace city-issued gift certificates with a cryptocurrency. Currently, nine cities of Gyeongsangbuk-do separately issue their own gift certificates, which are local currencies that can be used in selected areas of the province, the publication explained.
According to Naver, 60 municipalities nationwide, including nine cities in Gyeongsangbuk-do, currently use gift certificates as local currencies aimed at revitalizing local economies and preventing capital flight.
Pohang, one of the largest cities in the province with over half a million inhabitants, is the nation’s largest issuer of these gift certificates, according to Kyongbuk daily newspaper. In May, the news outlet reported that the city had sold 100 billion won (~US$ 90 million) worth of the Pohang gift certificates since January last year.
According to Joongang Daily, the province’s Science and Technology Policy Department announced on August 27:
10 banks, mobile communication companies, a university research team and government officials of Gyeongsangbuk-do will gather for the first time for the issuance of the cryptocurrency.
The tentative name of the cryptocurrency that Gyeongsangbuk-do is planning to issue is Gyeongbuk coin, the publication noted, adding that the first of the 100 billion won (~$90 million) annual issuance is expected in the first half of next year.
The province plans to create an exchange where Gyeongbuk coins can be purchased and sold. The coins can be used for payments and merchants can accept them using smartphone QR codes, the news outlet detailed.
Chung Sung-hyun, head of the province’s Science and Technology Policy Department, was quoted saying:
There are still many issues to be resolved…[such as] notifying merchants of the way they can use [the] coins, creating separate programs and issuing [the] coins (cryptocurrencies).
Gyeongsangbuk-do recently sent a benchmarking team to the canton of Zug in Switzerland, which is home to many crypto startups such as Shapeshift, Xapo, and the Ethereum Foundation. The team, consisting of 10 members including some outside experts, met with a number of government officials and local businesses.
Following a series of meetings, a Gyeongsangbuk-do official was quoted by Sedaily saying “I think we can utilize the experience gained through benchmarking by making the identity cards for 5,000 Gyeongbuk provincial government employees like Zug as blockchain-based digital ID cards.”
What do you think of this Korean province planning to replace local currencies with its own crypto? Let us know in the comments section below.
Images courtesy of Shutterstock, Gyeonggi News Communication, Wikipedia, and Yonhap News Agency.
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