Delphi Digital’s Latest Report Says Bitcoin’s Market Cycle Is Right on Track

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Delphi Digital has returned with another installment of its unspent transaction output (UTXO) reports. Recalling its report from January of this year, the research firm says bitcoin’s market cycle is right on track. The prior report called Q1 as the bottom of the bear market, and this claim was later corroborated by Adamant Capital’s own evaluation.

As before, Delphi Digital’s evaluates UTXOs as presages of market buying and selling, and by extension, the future trajectory of the market. UTXOs is a technical way of describing the last time bitcoin was moved by looking at the last block a transaction was included in.

“UTXO age distribution over time provides insight into the buying and selling patterns of previous market cycles. This allows us to forecast where we are in relation to prior cycles and what we can likely expect going forward,” the report states.

Bottom In?

The starkest finding in the report is Delphi Digital’s belief that “bitcoin has bottomed,” consistent with its prior analysis.

Going on the assumption that the bottom occurred in December at roughly $3,200, “the 1 Year + holder rate was 53.9% at the time, which falls right in line with the 1 year+ holder rate of 53.5% during the price bottom of the previous cycle in January 2015.”

In a nutshell, this means fewer long-term holders are selling. As price rises, long-term holders move coins to sell, the coins change hands and the number of 1+ year UTXOs falls; as prices fall, 1+ year UTXOs rise as long-term holder selling pressure exhausts. So per the report’s data, long-term holding is inversely proportional to price action.

An encouraging data point, these long-term holders didn’t sell during the previous price rally to $5,000, something Delphi Digital says happened frequently during the market’s rollercoaster price swings in 2018. What’s more, the 1–2 and 5+ year UTXOs are growing, a trend that indicates younger UTXOs are being held onto for longer periods and graduating to older lifespans. Delphi Digital sees this as a strong sign of accumulation.

“This pattern of very gradual hoarding among older bands was also visible in previous cycles after the bottom was decidedly in,” the report states.

Fewer holders are willing to sell right now, the report continues, because the chance that investors/traders will be able to buy back lower is potentially diminishing. Delphi Digital’s data suggests this so-called reflexive scarcity was prevalent in previous market cycles as well, and it’s another indicator that gives it confidence that the worst is behind us.

And there’s plenty of data to suggest as much. Delphi Digital continues throughout the report to cite optimistic measures. One of these shows that, in 2019, bitcoin has outperformed a host of other legacy investments, including oil, the S&P 500 and gold. Interestingly, it also draws correlations between the rise and fall of Chinese equities and tech stocks with bitcoin.

The report winds down by claiming that bitcoin is gaining some momentum, charting this progress with 50-, 100- and 200-day moving averages. Most importantly, when bitcoin transcended $5,600 on exchanges a few weeks ago, the 50-day moving average crossed above the 200-day moving average in what’s known as a “golden cross.” This technical indicator is renowned in all walks of investing as an extremely bullish signal, though Delphi Digital notes that, with the exception of a cross in October 2015 that preceded the 2017 bull market, three of bitcoin’s previous golden crosses have led to “sizable declines.”

Still, in light of its other analysis, Delphi Digital believes that this golden cross is likely a good sign.

“Bitcoin is still trading comfortably above its 200-week MA, offering some reassurance the cycle bottom for BTC was put in back in December. BTC would have to drop 32% from its current level ($5,225) to retest its 200-week MA and nearly 40% to retest its December low.”

Delphi Digital rounds out the report by charting the trading consistencies between the current market cycle and the 2013–2015 cycle, noting that the consistencies “align with [its] UTXO analysis.” It also notes that investor sentiment has been on the rise in recent months, according to research from TheTie.io.

“Further price appreciation is likely to continue if average daily sentiment score remains at current levels. However, if sentiment score starts to roll over, we anticipate price to revert a bit. Overall, it appears traders are still more positive about Bitcoin than the end of 2018, confirmed in recent conversations we’ve had with analysts at TheTie.io,” it concludes.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This article is for informational purposes and should not be considered investment advice or an endorsement of any product. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2ITRJN3

Bitcoin 2019 Gears Up to Bring Bitcoin Back Into the Conference Spotlight

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We’re a month and some change away from Bitcoin 2019: a conference made by Bitcoiners, for Bitcoiners. The conference will rekindle the same spirit of a similar Bitcoin conference that ended five years ago. Inspired by this earlier series, Bitcoin 2019 is rooted in the same ethos that has made Bitcoin the tried and true paragon of the crypto economy since its inception in 2009.

With discussions ranging from technical, economic, political and social topics, the conference features notable entrepreneurs like ShapeShift CEO Erik Voorhees, Bitmain co-founder Jihan Wu and Max Keiser. It will also share insights from vocal industry leaders like Morgan Creek Digital co-founder and partner Anthony Pompliano, Blockchain Capital Bitcoin Fellow Jimmy Song and Adamant Capital co-founder Tuur Demeester. Also of note are ARK CEO Cathie Wood, who became the first public fund manager to invest in Bitcoin in 2015, and BitPay CEO Stephen Pair.

“It’s time to lay a vision for Bitcoin that compels the greatest minds in the digital asset space to return to Bitcoin and give it the attention it deserves. This is exactly the thinking behind Bitcoin 2019, a new “peer-to-peer” conference that will bring together Bitcoin enthusiasts from around the world to discuss how we can continue to build and nourish the world’s best cryptocurrency,” David Bailey, the CEO of the conference’s organizer, told Bitcoin Magazine.

True to Bitcoin’s humble beginnings, Bitcoin 2019 will be a watering hole for industry big names and common enthusiasts alike to discuss all topics relating to the world’s first cryptocurrency to expand their understanding and knowledge set.

Alongside keynotes, presentations and panels, the three-story venue will have plenty of space for networking and furnish breakout stages for close-quarters discussion and even technical workshops. It will also include an event floor for builders to showcase bleeding-edge tech and hardware, and on the other side of the coin, an installation room for crypto artists like the renowned cryptograffiti.

“Bitcoin 2019 is specifically curated with attendee participation in mind, making the most technical of concepts as approachable as possible. The best way to illustrate Bitcoin’s many breakthroughs is to showcase them firsthand,” Bailey said.

Bitcoin Games

The conference will also see the culmination of a worldwide hackathon. The Bitcoin Games, as they are called, will be an online competition that will take place in the weeks leading up to the conference, with the winners and awards to be doled out during the conference itself. This international and virtual competition will motivate developers to push the boundaries of the technology to create solutions and applications for the next wave of adoption.

“Bitcoin 2019 is about realigning our collective focus toward what really matters — innovation, community, inclusivity and memes. It’s about bringing together the industry to build relationships as well as partnerships. It’s about rekindling the excitement around the future of how value is stored and transacted. It’s about playing around with magical internet money until you stumble upon something so transformative you can’t take your mind off it,” Bailey concluded.

Interested? You can get your tickets here for the manageable price of $200 (just a shade higher than bitcoin’s price point before the bull market in 2013).

Bitcoin Magazine is the lead media partner of Bitcoin 2019. Bitcoin 2019 is presented by BTC Inc, the parent company of Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2IXkvMW

Bitcoin 2019 Gears Up to Bring Bitcoin Back Into the Conference Spotlight

bitcoin2019conference-update.png

We’re a month and some change away from Bitcoin 2019: a conference made by Bitcoiners, for Bitcoiners. The conference will rekindle the same spirit of a similar Bitcoin conference that ended five years ago. Inspired by this earlier series, Bitcoin 2019 is rooted in the same ethos that has made Bitcoin the tried and true paragon of the crypto economy since its inception in 2009.

With discussions ranging from technical, economic, political and social topics, the conference features notable entrepreneurs like ShapeShift CEO Erik Voorhees, Bitmain co-founder Jihan Wu and Max Keiser. It will also share insights from vocal industry leaders like Morgan Creek Digital co-founder and partner Anthony Pompliano, Blockchain Capital Bitcoin Fellow Jimmy Song and Adamant Capital co-founder Tuur Demeester. Also of note are ARK CEO Cathie Wood, who became the first public fund manager to invest in Bitcoin in 2015, and BitPay CEO Stephen Pair.

“It’s time to lay a vision for Bitcoin that compels the greatest minds in the digital asset space to return to Bitcoin and give it the attention it deserves. This is exactly the thinking behind Bitcoin 2019, a new “peer-to-peer” conference that will bring together Bitcoin enthusiasts from around the world to discuss how we can continue to build and nourish the world’s best cryptocurrency,” David Bailey, the CEO of the conference’s organizer, told Bitcoin Magazine.

True to Bitcoin’s humble beginnings, Bitcoin 2019 will be a watering hole for industry big names and common enthusiasts alike to discuss all topics relating to the world’s first cryptocurrency to expand their understanding and knowledge set.

Alongside keynotes, presentations and panels, the three-story venue will have plenty of space for networking and furnish breakout stages for close-quarters discussion and even technical workshops. It will also include an event floor for builders to showcase bleeding-edge tech and hardware, and on the other side of the coin, an installation room for crypto artists like the renowned cryptograffiti.

“Bitcoin 2019 is specifically curated with attendee participation in mind, making the most technical of concepts as approachable as possible. The best way to illustrate Bitcoin’s many breakthroughs is to showcase them firsthand,” Bailey said.

Bitcoin Games

The conference will also see the culmination of a worldwide hackathon. The Bitcoin Games, as they are called, will be an online competition that will take place in the weeks leading up to the conference, with the winners and awards to be doled out during the conference itself. This international and virtual competition will motivate developers to push the boundaries of the technology to create solutions and applications for the next wave of adoption.

“Bitcoin 2019 is about realigning our collective focus toward what really matters — innovation, community, inclusivity and memes. It’s about bringing together the industry to build relationships as well as partnerships. It’s about rekindling the excitement around the future of how value is stored and transacted. It’s about playing around with magical internet money until you stumble upon something so transformative you can’t take your mind off it,” Bailey concluded.

Interested? You can get your tickets here for the manageable price of $200 (just a shade higher than bitcoin’s price point before the bull market in 2013).

Bitcoin Magazine is the lead media partner of Bitcoin 2019. Bitcoin 2019 is presented by BTC Inc, the parent company of Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2IXkvMW

Bitcoin 2019 Gears Up to Bring Bitcoin Back Into the Conference Spotlight

bitcoin2019conference-update.png

We’re a month and some change away from Bitcoin 2019: a conference made by Bitcoiners, for Bitcoiners. The conference will rekindle the same spirit of a similar Bitcoin conference that ended five years ago. Inspired by this earlier series, Bitcoin 2019 is rooted in the same ethos that has made Bitcoin the tried and true paragon of the crypto economy since its inception in 2009.

With discussions ranging from technical, economic, political and social topics, the conference features notable entrepreneurs like ShapeShift CEO Erik Voorhees, Bitmain co-founder Jihan Wu and Max Keiser. It will also share insights from vocal industry leaders like Morgan Creek Digital co-founder and partner Anthony Pompliano, Blockchain Capital Bitcoin Fellow Jimmy Song and Adamant Capital co-founder Tuur Demeester. Also of note are ARK CEO Cathie Wood, who became the first public fund manager to invest in Bitcoin in 2015, and BitPay CEO Stephen Pair.

“It’s time to lay a vision for Bitcoin that compels the greatest minds in the digital asset space to return to Bitcoin and give it the attention it deserves. This is exactly the thinking behind Bitcoin 2019, a new “peer-to-peer” conference that will bring together Bitcoin enthusiasts from around the world to discuss how we can continue to build and nourish the world’s best cryptocurrency,” David Bailey, the CEO of the conference’s organizer, told Bitcoin Magazine.

True to Bitcoin’s humble beginnings, Bitcoin 2019 will be a watering hole for industry big names and common enthusiasts alike to discuss all topics relating to the world’s first cryptocurrency to expand their understanding and knowledge set.

Alongside keynotes, presentations and panels, the three-story venue will have plenty of space for networking and furnish breakout stages for close-quarters discussion and even technical workshops. It will also include an event floor for builders to showcase bleeding-edge tech and hardware, and on the other side of the coin, an installation room for crypto artists like the renowned cryptograffiti.

“Bitcoin 2019 is specifically curated with attendee participation in mind, making the most technical of concepts as approachable as possible. The best way to illustrate Bitcoin’s many breakthroughs is to showcase them firsthand,” Bailey said.

Bitcoin Games

The conference will also include a worldwide hackathon. The Bitcoin Games, as they are called, will be an online competition that will motivate developers to push the boundaries of the technology to create solutions and applications for the next wave of adoption.

“Bitcoin 2019 is about realigning our collective focus toward what really matters — innovation, community, inclusivity and memes. It’s about bringing together the industry to build relationships as well as partnerships. It’s about rekindling the excitement around the future of how value is stored and transacted. It’s about playing around with magical internet money until you stumble upon something so transformative you can’t take your mind off it,” Bailey concluded.

Interested? You can get your tickets here for the manageable price of $200 (just a shade higher than bitcoin’s price point before the bull market in 2013).

Bitcoin Magazine is the lead media partner of Bitcoin 2019. Bitcoin 2019 is presented by BTC Inc, the parent company of Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2IXkvMW

Bitcoin Core 0.18.0 Release: Here’s What’s New

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Today, May 2, 2019, marks the official release of Bitcoin Core 0.18.0, the 18th generation of Bitcoin’s original software client launched by Satoshi Nakomoto almost 10 years ago, and still the dominant Bitcoin implementation on the network today. Overseen by Bitcoin Core lead maintainer Wladimir van der Laan, this latest major release was developed over a span of about six months, by over a hundred contributors.

Bitcoin Core 0.18.0 includes the typical range of performance improvements and bug fixes, as well as some new features.

Here’s an overview of some of the most significant changes.

Hardware Wallet Compatibility

One of the most highly anticipated changes in Bitcoin Core 0.18.0 will be allowing users the ability to connect their hardware wallet (Ledger, Trezor, Digital BitBox, KeepKey and Coldcard) through the Hardware Wallet Interaction (HWI) tool. This combines one of the most secure ways to store your private keys with the most secure way to interact with the blockchain.

Hardware wallets are considered secure because the user’s private keys never leave the device. The keys are never exposed to the internet or the computer to which they’re connected, which makes hardware wallets immune to remote hacking.

While it is already possible to connect a hardware wallet to an Electrum wallet connected to your full node using the Electrum Personal Server, HWI will be the first native, hardware-to-node option as part of the Bitcoin Core project. For now, the HWI scripts are still command line only and a manual process is required to connect the hardware wallet.

GUI Support for Multiwallet Feature

Another advancement from the latest update is giving users the ability to pair with multiple wallets. This builds off of some of the work done in Bitcoin Core 0.17.0, where users were no longer constrained by only creating wallets when starting up their node, and could instead create and use new wallets whenever they like. In Bitcoin Core 0.18.0, users can pair these multiple wallets they’ve created and plug the feature into the Graphical User Interface (GUI).

This feature will continue to be refined with later updates, as there are still some known issues in using the GUI to access the “multiwallet” command. The most notable is that you can’t use coin control features with multiple wallets loaded, or else you will likely retain the wrong wallet when attempting to switch wallets.

The coin control function allows the user to control which coins in the wallet to use when you send a transaction. This feature is an important aspect in maintaining user privacy since certain unspent transaction outputs (UTXO) may reveal more than others, either by the address they are sent from or the amount that they are worth. (For example, if you have one UTXO that is worth 1,000 BTC and one that’s worth 0.1 BTC, you may prefer to use the 0.1 UTXO to prevent that the person you pay learns you own at least 1,000 BTC.)

Refinements to Output Script Descriptors Language

Proposed by Blockstream engineer and Bitcoin Core contributor Pieter Wuille, the output script descriptors language debuted in Bitcoin 0.17.0. The main use of this language is to allow users to name their different types of public and private keys associated with their wallets and make it easier to move these keys from one wallet to another. Per his original proposal document, Wuille’s ultimate goal is to one day “remove the need for importing scripts and keys entirely, and instead make the wallet just be a list of these descriptors and their associated metadata.”

As Wuille and other developers continue to work toward growing this list of descriptors, the latest update refines some of the existing language by providing new commands to allow users to begin importing human-readable descriptors for every script for which Bitcoin Core can sign.

Bitcoin Mining Promotes Segregated Witness Adoption

Getblocktemplate (GBT) was the first attempt at a decentralized, open source, Bitcoin mining pool protocol and was developed by the Bitcoin community in 2012. Some of the pool-specific mining protocols at that time simply issued block headers for a miner to solve, with no knowledge of what was actually in the block, and essentially gave control blindly to the pool operator. Like the much newer BetterHash protocol, GBT decentralized this process by returning power back to the miner (“hasher”), by moving block creation (transaction selection) to him.

If you are a miner looking to join a supported pool, to begin using the protocol, the miner contacts the pool server and requests an initial template, which will include the rules set down for participation in the pool. These rules are customized by the mining pool and can range from coinbase and nonce parameters to min/max times hashing. But in the latest update, calls to receive this template that don’t enable SegWit will fail and the miner will receive an error message. ((However, a miner calling getblocktemplate without SegWit specified is likely a user error in any case, since this would result in lower rewards for the miner.)

SegWit, implemented in 2017, is considered the biggest protocol update ever made to the Bitcoin software. The major change resulting from SegWit was fixing the malleability bug and replacing the block size limit with a block “weight” limit, allowing up to 4 megabytes of transaction data, and giving a substantial boost in the transaction capacity of the network.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2Jgre3w

Top Blockchain Cities, Rated and Reviewed for 2019

Bitcoin symbols with a city skyline in the background.

The most complete list of the top blockchain cities, with ratings! Our custom Bitcoin Market Journal Score is calculated by the number of MeetUps, the number of active MeetUps, and the friendliness of regulatory oversight for the city. Use it as a guide for which cities have great meetups to attend in 2019.

If you’re looking for global events, check out our list of Best Blockchain Conferences.

If you have a city that you believe should be listed or represent any of the events included in our review, contact us to manage your listing.

City Number of MeetUp Groups (Total) Number of Active MeetUp Groups (Last 3 Months) Number of Active Meetup Groups (Past 30 Days) Upcoming Events (Next 30 days) Regulatory Friendliness BMJ Overall Score
New York 360 146 95 100 Good 4
Silicon Valley 242 92 60 54 Very Good 3
Zurich/Zug/Crypto Valley 118 52 26 19 Excellent 3
Atlanta 48 23 19 14 Very Good 4
Toronto 149 52 29 50 Very Good 3
Seattle 56 26 14 15 Good 3.5
Amsterdam 116 42 21 16 Excellent 3
Paris 121 52 30 11 Very Good 3
London 287 89 55 44 Very Good 3
Singapore 193 57 31 43 Excellent 3
Vancouver 69 24 19 23 Very Good 3.5
Boston 72 35 22 14 Very Good 3.5
Buenos Aires 36 14 8 4 Very Good 2.5
Seoul 167 38 31 11 Excellent 2.5
Berlin 207 77 43 26 Very Good 3
Puerto Rico 17 7 2 2 Excellent 2.5

Keep up-to-date with everything happening in the blockchain space by subscribing to the Bitcoin Market Journal newsletter today.

The post Top Blockchain Cities, Rated and Reviewed for 2019 appeared first on Bitcoin Market Journal.

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Percentage of CoinJoin Bitcoin Transactions Triples Over Past Year

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According to a study released by Longhash on April 29, 2019, the relative usage of CoinJoin out of all bitcoin transactions has tripled in one year, currently sitting at 4.09 percent.

CoinJoin was first proposed in mid-2013 as part of many solutions to solve the issue that bitcoin transactions are not genuinely anonymous. Considering that transaction histories can be easily traced on the public ledger, anyone with the technical know-how and resources can perform transaction analysis to de-anonymize users.

CoinJoin works by allowing multiple users to pool their individual transactions into a single, grouped transaction. This, in turn, scrambles the funds in this pool to obscure the link between sending and receiving addresses. This shuffling greatly improves anonymity and has become a favorite of privacy-minded bitcoiners.

Longhash’s report acknowledges that several early spikes in the relative prominence of CoinJoin-type transactions can be attributed to early tests of the technology and the release of Shared Coin integration in 2013. These experiments ended, and Shared Coin integration was shuttered in 2014, so these spikes have diminished significantly.

One of the greatest boosts to CoinJoin adoption so far has been the advent of Wasabi Wallet: The company’s introduction to the crypto industry is now largely responsible for more than one out of every 25 bitcoin transactions using CoinJoin technology.

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Source

First debuting in October 2018, Wasabi Wallet is a project intended to make the possibilities of CoinJoin easily accessible and convenient for the average user. Adding features of security, privacy and user experience in April 2019, the project’s github release stats show more than 33,000 user downloads already. The company now claims to have made 29,797 bitcoins (and counting) more fungible through their platform. Clocking in at $157.8 million, using today’s bitcoin prices, figures like these highlight CoinJoin’s growing prominence.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2Y2mHGq

Canadian Provinces Compete for Attention of Bitcoin Mining Businesses

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In Canada, individual provinces are responsible for energy issues, and their interest in Bitcoin mining is growing as several provincial governments have already offered low-cost energy incentives to attract mining operations to their provinces.

Quebec, the largest Canadian province, wants in on the action and has overruled its energy provider Hydro-Québec’s request for a rate increase for Bitcoin businesses, in order to allow Bitcoin miners to have the same hydro rate as the largest industrial customers.

Bitfarms, the only major Bitcoin mining company in Quebec, will continue to be billed at the LG industrial rate (for high-power customers) of around CAD $0.05 per kWh.

Bitfarms founder and president Pierre-Luc Quimper told Bitcoin Magazine:

“This decision helps to secure our long-term operations in Québec as we enter a new era of operational growth. We are excited to continue our collaboration with Hydro-Québec, municipal energy distributors and municipalities.”

Quimper added, “With green hydroelectricity at a competitive price, innovative universities and this recent decision by the Energy Board that clearly supports the industry, Québec has all the ingredients to become a blockchain hub,”

The Energy Board decision ordered Hydro-Québec to set aside an extra 300 megawatts for the crypto industry, on top of 368 megawatts already committed, and rolled back Hydro-Québec’s plan to make crypto businesses compete in an auction.

As with some other parts of Canada, a cool climate and abundant hydroelectric power make Quebec a natural fit for Bitcoin mining.

Bitfarms operates one of the largest vertically integrated mining operations in North America and has four computing centers located in different locations in Quebec: a head office in Brossard, a microelectronics laboratory in Saint-Jean-sur-Richelieu and an electrical contracting company in Bromont (Volta électrique), in addition to an expansion currently underway in Sherbrooke.

The company told us they have built 36 megawatts of capacity, with another 125 megawatts in their pipeline, and have approximately 220 PH/s of installed hash power. The new Sherbrooke facility will add another 30 megawatts to their capacity.

Wes Fulford, CEO of Bitfarms, told us:

“The LG rate remains one of the most competitive in North America and will allow Bitfarms to continue its expansion in Québec, particularly Phase 1 and Phase 2 of our new modern computing centre within the municipality of Sherbrooke.”

A Sustainable Approach to Mining

On their website, Bitfarms emphasizes the importance of green, sustainable energy use, saying, “We prioritize a sustainable approach just as much as a healthy bottom line.”

Bitfarms president Pierre-Luc Quimper was an active participant in government energy hearings held in the summer and fall of 2018 and has been a leader in proposing green energy solutions, including load-shedding agreements during peak consumption periods.

The company is also working on a project evaluation grid to determine hydro use and economic spin-offs.

Jonathan Hamel, a Bitcoin technology consultant with the Montreal Economic Institute and founder of Académie Bitcoin, told Bitcoin Magazine:

“The decision of the Quebec Energy Board is a major victory for Bitcoin miners in Quebec but also for Bitcoin in general. It’s a clear demonstration that Bitcoin-related businesses are operating within the scope of the law of the land.”

He pointed out that, initially, Hydro-Québec was in favor of accommodating the demand of large-scale mining operations, but they reversed course when the situation got political.

“The former provincial government (defeated in October 2018) imposed a decree forcing the Bitcoin mining industry to accept a 300% rate increase and a potential price auction for future energy block allocation. This ruling is promising because it legitimizes the Bitcoin mining industry on a national scale.”

Reacting to the Hydro Quebec announcement, Francis Pouliot, a Quebec native and Bitcoin entrepreneur, expressed his disappointment with the previous government:

If Quebec had kept electricity rates low for Bitcoin miners 5 years ago with clear regs/guarantees (it’s the now) we’d currently be top 3 Bitcoin producers and perhaps top exporter of bitcoins worldwide. With gas, hydro and cold Canada🇨🇦 is poised to become the Bitcoin El-Dorado.

— Francis Pouliot 🐂 (@francispouliot_) April 30, 2019

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2GVy2lD

“Bye Gold, Buy Bitcoin”: Grayscale Urges Investors to Drop Gold for BTC

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Grayscale Investments is weighing in on the gold versus bitcoin debate. Its two sats? Drop the bars, buy the bits (and the dip).

The Digital Currency Group off-shoot has launched a “Drop Gold” campaign that encourages investors to ditch the old asset for its digital counterpart, bitcoin.

“Everyone loves a piece of gold jewelry, but is gold really the best investment in today’s digital world?” This is the rhetorical question that the website challenges its readers to consider. “Gold represents the past,” it continues, saying that Nixon dropped the gold standard that backed USD back in the ’70s.

This statement, accompanied by a caricature of the Watergate president, is tinged with irony. Nixon nixing the gold standard officially cemented the USD as a fiat currency, and this has become one of the primary examples bitcoin advocates cite when discussing why the cryptocurrency matters.

With the campaign comes a commercial featuring suits and financiers lugging around hordes of gold. “Why did you invest in gold? Did you invest in the past?” the commercial asks its viewer, asserting that “gold shouldn’t weigh down your portfolio.” Unencumbered after dropping their own gold holdings, a man and woman race through the streets of a city which is populated with people struggling to schlep caches of gold by way of a shopping cart, baby carriages and a dolly.

Coinciding with the commercial’s first mention of bitcoin in an ostensible (and cheeky) nod to the industry, a lamborghini comes skidding around a street corner with several hundred millions of dollars worth of gold in tow.

“Cryptocurrencies like bitcoin are the future. They’re secure, borderless, and unlike gold, they actually have utility,” the commercial posits. This last point feels a bit too pointed and a tad ironic, considering it ignores gold’s crucial utility (among other things) for computer circuits and the very hardware that allows us to access the internet and, by extension, bitcoin.

Toward the end of the 39-second ad, a woman is weeping over a trove of gold coins spilled at the subway entrance, and gold bars are literally raining down from the sky as they are flung from a helicopter in freefall, apparently weighed down by a net hoisting an inordinate quantity of gold bars.

Grayscale’s Ambitious Campaign

The rest of website rehashes much of what the commercial emphasizes, harping on gold’s weight as an obvious downside to bitcoin, which, as a lighter and less-frictioned investment option, “is weightless and can be bought, sold, and transferred as easily as a text message.”

“It’s not that gold is bad,” it qualifies. “It’s just that bitcoin is better,” offering a link to an article explaining Grayscale’s reasoning.

That reasoning becomes more apparent down below as Grayscale promotes GBTC, its bitcoin investment vehicle.

This trust is one of many cryptocurrency investment vehicles that Grayscale offers, which includes ether, litecoin, stellar lumens, ethereum classic, zcash, xrp and bitcoin cash (most, if not all, of which are held by Grayscale’s parent company, Digital Currency Group). Its bitcoin investment trust was launched in 2013. According to the website, you can buy and sell GBTC with ally, Charles Schwab, E-Trade, Fidelity Investments, Interactive Brokers, TD Ameritrade, Trade Station and Vanguard.

The campaign is a bold crusade against what many believe to be bitcoin’s physical predecessor, and one that shares many of the Austrian values that bitcoiners believe give the digital alternative value over fiat. Gold bugs argue that the two are dissimilar and that bitcoin holds no intrinsic value; this argument is a bit like looking in the mirror, considering the retort from bitcoiners is one and the same.

This article originally appeared on Bitcoin Magazine.

from Published articles http://bit.ly/2GVmRcS

A New Report Shows People Are Warming Up to Bitcoin

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A Medium post published by Spencer Bogart, a general partner at Blockchain Capital, compares data collected from a set of surveys from October 2017 and April 2019 containing identical questions (plus a few new ones). The results, compiled from an online survey taken by 2,029 American adults, reveal that Bitcoin has been growing in the eyes of the public, despite its shrinking price.

Overall, the results show that more people have heard about Bitcoin now than during the middle of the last hype cycle, when the October 2017 survey was administered. The more recent one from this April, Bogart points out, shows that not only are more people aware of the digital currency, but “familiarity, perception, conviction, propensity to purchase and ownership [of Bitcoin] all increased/improved significantly.”

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A significant takeaway from the comparison of the two surveys shows that Bitcoin is a demographic-wide trend that has always been led by younger people. The survey data suggests this is true in all but one category: awareness. “Regardless of age, the vast majority of the American population has heard of Bitcoin,” writes Bogart.

This is not too surprising as Bitcoin has never left the scope of mainstream media since its historic rise to almost $20,000.

Despite the nearly 75 percent drop in price since the peak of the bull market, 27 percent of all people surveyed said that they are likely to purchase bitcoin soon, as opposed to only 19 percent back in 2017.

More notable, however, were the responses collected when asked what they would rather own $1,000 worth of today. Of the people surveyed, 21 percent said they would prefer bitcoin to government bonds, 17 percent said they would prefer it to stocks,14 percent said they would prefer it to real estate, and 12 percent said they would prefer bitcoin to gold.

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Millennials Lead Bitcoin Adoption

Among the notable differences shown from the data comparison is the percentage of people between 18 and 34 who are “at least somewhat familiar” with Bitcoin in April 2019 compared to October 2017— almost 50 percent more people are familiar with it. In fact, this group of people is three times more likely to be familiar with Bitcoin as those who are over 65.

Younger people, as the data suggests, have the most positive view of Bitcoin as well. Specifically, 59 percent of people between 18 and 34 “strongly or somewhat agree that Bitcoin is a positive innovation in financial technology” in 2019, which is 11 percent more than in October 2017. This makes practical sense when considering that millennials are the demographic most familiar with the digital world, which includes peer-to-peer networks like BitTorrent and Napster.

This trend could perhaps be attributed to millennials vividly experiencing the 2008 financial crisis and being exposed to the potential risks of central banking and poor financial management — which, coupled with their familiarity with the internet, could be why it is easier for this demographic to grasp the concept of Bitcoin before people who were around before the advent of the internet.

Of course, the numbers should support such a thesis, and it appears that they do. According to the April 2019 survey, while 9 percent of the overall population owns some bitcoin, 16 percent of those aged 18–34 are bitcoin owners.

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This article originally appeared on Bitcoin Magazine.

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