Monat: November 2018

Scam suspicion: UK Financial Supervisory Authority reviews 50 crypto firms

The number of cases in which the British financial supervisory authority tests crypto-companies is apparently rising sharply. This was reported by the Financial Conduct Authority (FCA) to the British newspaper Telegraph.

According to the report, FCA is targeting over 50 companies. Seven of the 50 investigations alone were initiated by employees of the accused companies.

In the bull market of 2017 there were few complaints.

Even if you had fallen for one or the other Bitcoin revolution scam

With the next digital currency you could again take several thousand percent profit. By 2018, the situation is a little different. We are in the Bitcoin revolution market, the hype is over and the correction has been going on for many months like chewing gum: https://www.geldplus.net/en/bitcoin-revolution-review/ Even if it looks better than ever for the Bitcoin in fundamental terms, the bears still keep coming out of their cave and pushing the price down for any positive news about the next resistance.

Accordingly, it hurts a bit more to lose your money in a crypto-scam. This is now also noticed by the English Financial Supervisory Authority.

Remarkable: Information from Whistleblowers about Bitcoin loophole

The English Freedom Information Act gives all English citizens the right to access recorded information from public authorities. This requires a Bitcoin loophole request from the Freedom of Information Request. The English magazine Telegraph apparently received the Bitcoin loophole figures from the Financial Supervisory Authority in response to such a request.

Apart from the increase to over 50 cases in which the authority investigates, the information from whistleblowers is particularly explosive. According to the report, it is a novelty that direct employees of companies report to FCA to denigrate their employer – this has not happened in the past three years.

The published figures fit into the picture we have from other countries. In the USA, for example, the number of crypto trials tripled already in July. In this respect, the correction also has something good: it not only corrects the price, but can also help to clean the market of fraud and scams.

Indicators in Trading – Triangle Pattern

HOME CRYPTO BITCOIN TRADING INDICATORS – TRIANGLE PATTERN
In the last weeks there has been a lot of talk about triangle patterns in BTC and ETC price analyses. What is that? This article is intended to shed some light on the indicator.

Two weeks ago, I presented an as-is analysis of the BTC course as a textbook-like chart; this is shown here for those who have not read the article (and are now reading lazy):

We can see here that the volatility of the Bitcoin secret is decreasing more and more: The resistance decreases and the support increases

Such patterns in the chart – called triangle patterns – are a sign that something interesting is about to happen: https://www.geldplus.net/en/bitcoin-secret-review/ Either the Bitcoin secret price drops rapidly – or it increases rapidly. We could see this two weeks ago at Ethereum: ETH_Triangle. You can see here that at the end of the triangle pattern there was a rapid trend reversal – in this case downwards. The deepest support on 18.3. is now a resistance.

Different types of Cryptosoft Triangle Pattern

In order to clarify to what extent one can expect a cryptosoft trend reversal upwards or downwards, one must first explain that there are different types of triangle patterns. With Ascending Triangle Pattern the resistance line is flat and the support line has a larger slope. An example could be seen at cryptosoft last week:

We see that the resistance line is almost straight, but the support line rises much more. So the support rises while the resistance falls much weaker. What does that mean? That the bulls seem to win the battle against the bears – and as you saw on April 12th they finally won the war – the price rose significantly.

A second possibility is the Descending Triangle Pattern: a (not quite as good) example of this is the Ethereum price shown above: Here the support did not increase as much as the Resistance decreased. This meant that the bears were stronger than the bulls, which finally led to the price fall on 4 April.

Finally, there is a pattern where the price development is more difficult to predict: the Symmetric Triangle Pattern. A prime example is the first picture shown here: The ascent of the support is almost as strong as the descent of the resistance. So bulls and bears fight for the upper hand – so far not with an ambiguous result

The big question here, of course, is what you can do, so you should pay attention to how a price behaves after a slight breakout: is it near the trend line (like the BTC price between April 8 and April 12) or can you observe a real movement away from the trend lines?

In this respect, ascending and descenting triangle patterns are much better to assess. If one sees such a pattern, one should consider drawing the consequences: Buy if we have an ascending triangle pattern, sell if we have a descending triangle pattern.

When does the breakout come?
It’s not like every triangle pattern will run to the bitter end, a triangle pattern can be left before that – so we’ll wait every day to see what happens at the BTC rate. An indication of a breakout can be an increase in volume, so you should look at the corresponding indicators.

Of course, as always in trading, caution is the mother of the porcelain box and not a completely empty wallet: You should always put so much money into a trade that in case of doubt you have not lost too much and can cope with the loss.

Blockchain meetup Berlin – An evening for the Blockchain

HOME TECH BLOCKCHAIN BLOCKCHAIN MEETUP BERLIN – AN EVENING FOR THE BLOCKCHAIN
The Berlin Bitcoin scene is big – as regular events like the Blockchain meetup Berlin, where BTC-ECHO was present, show.

Call me a trooper: After ten hours of work I first walked for an hour through the city of Berlin to the Blockchain meetup Berlin – Blockchain for Beginners – freely according to the motto „for Bitcoin I go miles away“!

But enough upliftment of my person: The cryptosoft event was worth it

Located in the Rainmaking Loft, about a hundred people fit comfortably into the room. And „for Beginners“ may have applied to the first cryptosoft lecture, the two other lectures could also inspire passionate people from the Bitcoin and Blockchain scene like me. Altogether there were three cryptosoft lectures to listen to.

The first was the host of the evening, Brian Fabian Crain, who could say something to one or the other of the Podcast Epicenter Bitcoin. His lecture was an introduction to the topic Blockchain in general, which did justice to the title of the evening: The Blockchain theme was explained in a way that was generally understandable. Wasn’t sooo exciting for me now, but I wasn’t the target audience either.

IOTA – Blockchain meets crypto trader

The next crypto trader lecture came from Dominik Schiener. Dominik should be well known to some Blockchain enthusiasts: This year he took part in various events like the Blockchain Hackathon organized by Deloitte or the GTEC Blockchain Challenge. He took first place at the first crypto trader event and second place at the second – Dominik Schiener is a young genius.

At the Blockchain Meetup in Berlin, he talked about the IOTA project: „Reminiscent of Slock.it, Dominik keeps an eye on the Internet of things. He explained that we currently have two situations in the technical world: The majority of the devices are designed for a „stupid decentralization“ that people need as mediators. A classic example is the lantern on the side of the road: it glows stupidly without anyone coming the way.

However, the currently existing counter-concept, smart centralization, also has its problems. Anyone who has noticed the hype about Pokemon Go in the last few days has noticed one of the consequences of smart centralization, so Europe could be banned from accessing it – even though, like many people who simply created another account, there were no technical reasons for it.

In contrast to these two models, Dominik has a smart decentralization in mind. An example of this in nature would be the anthill: The individual ants are of rather simple intellect, but together they create great things. Applied to the tech world, he has in mind a sharing economy 2.0, in which gadgets share (or trade with) resources via M2M communication. All devices that have a chip built in would be part of this version of the sharing economy, so that end users could theoretically lease them all (as I said: slock.it, ick listen to traps).

What he has in mind in concrete terms he makes clear to the presentation of a (fictional) autonomous supply chain: In addition to the content to be sold, the packages also contain sensors that independently search for the most profitable buyer possible, calculate the best delivery route to the customer and negotiate the shipping terms accordingly. Man would only stand at the ultimate beginning and end of this supply chain.

Interesting vision, but what would it take? Dominik says that it would simply need the blockchain: Such a M2M communication would require a decentralized system in which data transfer and money transfer could be mapped. In concrete terms, this blockchain would have to be able to realize m2m microtransactions as quickly as possible, it would have to be extremely secure, lightweight, scalable and modular, it would not have to have any transaction fees, and there would have to be a possibility for automation. Dominik does not have Turing Completeness in mind; a large part of the required automation would be realized by simple IFTT structures (If this then that).

Music of the future? Well, that’s exactly what Dominik, among others, is working on in the IOTA project. Strictly speaking, IOTA is not a blockchain, but a construct that he calls „tangle“: It is a network that resembles more a ball than a chain. In this network, the individual transactions that are individual nodes in this tangle would validate each other: In order to get your transaction verified by others without another fee, you would have to use two T