Litecoin Price Technical Analysis – Crucial Trend Line Support Area

Key Highlights

  • Litecoin price started to correct lower as forecasted in yesterday’s post, as sellers defended the $3.50 level successfully.
  • There is an important trend line and support area formed on the hourly chart (data feed via Bitfinex), which may act as a catalyst for the price moving ahead.
  • Looking at the 2-hours chart (data feed from HitBTC), there was a bearish trend line that prevented gains and pushed the price down.

Litecoin price after surging higher found sellers, and the $3.50-55 levels acted as a perfect resistance to ignite a short-term correction.

Can Trend Line Hold?

Yesterday, I highlighted that the price surged higher, but may face sellers near a major resistance area of $3.50-55. The stated level was defended successfully, as the price started to correct down. We can see it the highlighted failure was very important, taking the price down. The price even traded a few points below the 38.2% Fib retracement level of the last wave up from the $2.97 low to $3.44 high. Now, looking at the hourly chart with the data feed from Bitfinex, there is a bullish trend line formed.

Litecoin Price Technical Analysis

The highlighted trend line and support area may play a key role in the near term, and may ignite the next move. The price is currently testing the 50% Fib retracement level of the last wave up from the $2.97 low to $3.44 high. A break below the trend line and support area may call for more losses in the short term. The next level that can be tested in that situation could be the 76.4% Fib retracement level of the last wave up from the $2.97 low to $3.44 high. The main thing to note is the fact that the 100 hourly simple moving average is just above the stated fib level.

So, we can consider the trend line and support area as a major barrier for buyers, and if they succeed in breaking it, then sellers may gain control. Looking at the 2-hours chart with the data feed from HitBTC, there was a bearish trend line, which acted as a resistance and stalled gains. The highlighted trend line and resistance area was coinciding with the $3.50-55 levels, which means it was a perfect failure calling for a correction.

Litecoin Price Technical Analysis

Now, we need to see whether the current wave is a correction or a trend change. The price also tested the 76.4% Fib retracement level of the last drop from the $3.65 high to $2.99 low and reversed. However, there is one positive sign for buyers, as the price is holding the 100 simple moving average (2-hours chart with the data feed from HitBTC). So, we need to keep a close eye on the 100 MA to know which way the price may head next in the short term. A break below it may call for more losses.

Looking at the indicators:

Hourly MACD – The MACD is about to change the slope to the bullish zone, suggesting an up-move ahead.

Hourly RSI – The RSI is below the 50 level, which is warning sign for buyers.

Intraday Support Level (Bitfinex) – $3.16

Intraday Resistance Level (Bitfinex) – $3.35

 

Charts from Bitfinex and HitBTC; hosted by Trading View

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BTL Announces Launch of Its Blockchain Remittance Platform (Interbit) at BC Tech Summit

VANCOUVER, BRITISH COLUMBIA–(Jan. 18, 2016) – BTL GROUP LTD. – (TSX VENTURE:BTL) (“BTL” or the “Corporation“) is pleased to announce that it has been invited to showcase its blockchain technology at the BC Tech Summit, January 18th & 19th, 2016 in Vancouver, British Columbia. At the Summit, BTL will be launching Interbit, it’s remittance platform, with a live demo showing real-time remittances and displaying the low transaction costs of those remittances. The live Interbit demo will demonstrate the ability of this platform to significantly reduce the cost of remitting funds from Canada to the Philippines and Mexico. In addition, BTL has accepted invitations to meet during the event with a number of companies seeking opportunities to innovate using blockchain technology. BTL seeks to build on its accomplishments by developing strategic business relationships and a client base for its innovative blockchain technologies.

“Now that core development of the Interbit platform is completed, BTL will be working on the development of strategic business relationships to embed this platform into broad based remittance products, while expanding the number of countries to which customers will be able to remit money,” said Guy Halford-Thompson, CEO of BTL. “Strategically leveraging blockchain technology into our Interbit platform should reduce the cost of remittances by over 80%.”

BTL has also started development on its second product offering, BTL Digital Asset Management (“DAM“), an immutable data store built on blockchain technology. By leveraging blockchain technology, DAM seeks to provide enterprise level customers secure data manipulation platforms that can be applied to numerous industries. DAM will have many applications, including to auditing, data security, biometric authentication and settlement.

With the completion of core development on Interbit and its listing on the TSX Venture Exchange, BTL has achieved the material milestones that it set out for 2015. In 2016, BTL will continue to utilize blockchain technology to build innovative real world applications that will aim to solidify its role as a leader in the continually growing and evolving blockchain sector.

About BTL

BTL is a technology company whose current business is focused on developing blockchain technologies to disrupt and transform existing industries. Technology is developed in-house and through BTL’s incubator and accelerator programs, based in Vancouver, British Columbia. BTL’s first technology platform is a remittance business called Interbit with a focus on leveraging blockchain technology to create rapid and cost effective “cash-in cash-out” settlement solutions from Canada and the United Kingdom to target countries.

Certain statements in this release are forward-looking statements, which include further development of BTL’s technologies, business and remittance solutions, the potential to reduce remittance costs, successful development of strategic business relationships and clients, successful development of DAM, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of BTL’s technologies and products, and other factors, many of which are beyond the control of BTL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. 

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BTL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BTL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Guy Halford-ThompsonChief Executive Officer+1 855 256 5246guy@blockchaintechltd.com

http://blockchaintechltd.com/

The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories such as this one. 

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Blythe Masters and Digital Asset Holdings Raise Over US$50m In Funding

Various Bitcoin companies around the world are looking for investors to get their project moving along and deliver services to a broader audience. Digital Asset Holdings, a blockchain startup run by Blythe Masters, recently closed a new funding round, raising over US$50m from various global financial leaders. With this money, the company will eventually be able to bring blockchain technology use cases to people all over the world.

Also read: BTL Announces Launch of Its Blockchain Remittance Platform (Interbit) at BC Tech Summit

Digital Asset Holdings Secures Funding

Based on various mainstream media headlines over the past few weeks, the future of Digital Asset holdings was in peril. The blockchain startup was struggling to raise additional funding, as potential investors were not entirely convinced of the service offered. But it looks like those reports were premature, as over US$50m has been secured by the company, and the future’s looking bright.

Developing Distributed Ledger Technology for the financial services industry is a challenging task. It goes without saying that any company active in this industry will need a lot of time, manpower, and financial aid to bring this technology to the traditional financial world. But Blythe Masters and Digital Asset Holdings can count on a select group of investors who want to see this project succeed.

Among the recent investors are firms such as ABN Amro, BNP Paribas, Citi, J.P. Morgan and Santander InnoVentures. So many established financial players who are looking for alternative infrastructure solutions are of great value to Digital Asset holdings and the general blockchain community.  In the end, all parties want to achieve the same goal: reducing costs and making the financial system more efficient and secure.

Digital Asset Holdings CEO Blythe Masters stated:

“These investments represent a tremendous endorsement of Digital Asset from banks, exchanges, settlement and clearing firms, central securities depositories, and market infrastructure and professional services providers. Our strategic investors have come together from across the financial services industry to help drive global adoption of transformative solutions which enhance the vital services that they provide.”

By securing over US$50m in additional funding, Digital Asset Holdings can continue the road to bringing Distributed Ledger Technology to various partners all over the world. By creating tailored business logic applications on top of privately permissioned blockchain, financial players will be able to communicate with one another by using a cryptographically secured infrastructure.

Expanding The Board of Directors

As a result of this successful round of funding, Digital Asset Holdings also announced how they will be expanding their Board of Directors.  Several of the investors will see one of their staff join the Digital Asset Holdings Board, although not all of the names had been confirmed at the time of publication.

DTCC Ceo and President Mike Bodson said the following:

“Distributed Ledger Technology offers a once-in-a-generation opportunity to re-imagine and modernize the industry’s infrastructure to address long-standing operational challenges. This investment positions DTCC to play a leading role in fostering industry-wide adoption and helping to introduce the standards, governance and technology to support distributed ledger implementations. We look forward to working with our partners at Digital Asset to explore opportunities to improve upon the existing infrastructure in certain defined areas where automation is limited or non-existent and where the technology provides a clear benefit over existing processes.”

Mike Bodson is one of the four new Board of Directors members for Digital Asset Holdings, along with BNP’s Catherine Flax,  Deutsche Börse Group’s Ashwin Kumar, and J.P. Morgan’s Sanoke Viswanathan. Together with the existing board members, Digital Asset Holdings can continue its mission to build distributed and encrypted processing tools.

Source: Digital Asset Holdings

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Bitcoin Price Watch; Here’s Today’s Strategy…

So yesterday we noted that the bitcoin price was weaving its way through an upwards sloping channel, and further, that we would use this channel to help us figure out our strategy as we headed into last night’s Asian session. In traditional technical analysis when looking at equities, forex etc., a channel can mean two things. The first, that the price of the asset in question is consolidating after a particular move (in this instance, to the upside) as speculators take profits off the table. In this case, we generally see a resumption of the overarching trend (again, in this instance, to the upside) once the long market participants have exited their positions. Second, that the momentum of the prior move has dried up, and the opposing buyers or sellers (in this case, the sellers) are piling into positions. In this situation, we will often see a reversal.

How do we know which is which? We use a breakout approach, with the levels that define the channel as our entry signals. If after a period of channel trading, post-upside run, the price of an asset breaks through channel resistance, we can assume it is scenario one and that there is further upside left to run. As such, we can enter long.

Conversely, if price breaks support, it’s scenario two (after an upside run, that is) and we enter short.

The second of these two scenarios came to fruition last night, and we entered short on the break with a target of 400 flat. Having taken out our target, the bitcoin price then broke further to reach overnight lows of 394 flat, and this level will feature in today’s strategy. So, as we head into today’s European session, where are we looking to get in and out of the markets, and what does our risk placement look like? Take a quick look at the chart below to get an idea of our key levels.

Screen Shot 2016-01-22 at 11.18.47

As the chart shows, the levels we are looking at in today’s session are in term support at the aforementioned overnight lows (394 flat) and in term resistance at the most recent swing high – 401 flat, a level to which we corrected upwards post-lows. These tow levels define today’s range.

Now to our strategy. Traditional breakout first. A close above in term resistance will put us long towards an initial upside target of 413.17. This is pretty aggressive, so if you are looking for a more conservative entry, a target of 407 works well. A stop loss in either scenario somewhere around 398 keeps things tight from a risk management perspective.

Looking to the downside, a break (and a close) below in term support will put us short towards 385 flat. Again a stop is required, and somewhere around 396 looks attractive.

From an intrarange perspective, we’ve not got too much to play with, but this doesn’t take it off the table. If we bounce from support, we will enter long towards resistance with a stop just one or two dollars south of our entry. Reverse the trade on a correction from resistance.

Charts courtesy of Trading View

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Exclusive Interview with the Emercoin Lead Developer – Oleg Khovayko

Of all the projects in the cryptocurrency industry, many are mere copies of older cryptos with no roadmap whatsoever, while others are actually introducing developments that have a real wide range of applicability.

The interoperability of blockchain technologies provides us a holistic view that can effectively be used in both real and virtual world problems. And that’s exactly what Emercoin (EMC) is trying to do. Emercoin is trying to introduce a new kind of blockchain that offers a wide range of services that promises to introduce new solutions across all industries.

EmerCoin (EMC) is also a decentralized cryptocurrency that – much like bitcoin – enables international payments at virtually no fees without having to rely on a third party. The EmerCoin team made use of the Namecoin, and Peercoin technology to develop its own original source code.

Up until now the team has been introducing several new developments and a lot of innovative features. Recently the team has joined forces with Microsoft in what could be the first significant partnership in the history of Blockchain technologies. If all goes well, many other big companies will go all-in into this new technology.

NewsBTC got in touch with the Emercoin lead Developer, Oleg KhovaykoOleg_Khovayko. Oleg is a pretty cool guy, and he was more than happy to tell us a lot more about the project’s recent developments, goals, and aims:

NewsBTC – We would like you to enlighten us a little more about the Emercoin project, the technology, and its main features.

Oleg Khovayko – OK. You can get a better-detailed description wiki, but here’s a short description: Key difference in Emercoin from other cryptos is that we are using blockchain not just for transfer credit notes. We consider EMC a technological platform for distributed, uncensored and scalable services. So we developed a suite of services running on top of the emercoin blockchain that will be very useful for a lot of companies. Here’s a list of all our technologies and services, including short sentence description for each:

  • EMCDNS — Uncensored domain name system, peering with OpenNIC.
  • EMCSSL —  Distributed network security solution for WEB users, based on client SSL-certificates.
  • EMCSSH — Worldwide Public Key Infrastructure for decentralized management Secure Shell access.
  • InfoCard — Storage for electronic business cards. Designed for use with EMCSSL, but can work in stand-alone mode, too.
  • EMCTTS — Trusted storage for digital timestamps on the blockchain.
  • EMCSTREAM — Micropayment library for streaming media, with a pay-per-minute model.
  • Magnet — Distributed torrent tracker for internet file sharing;
  • EmerBoard — Distributed trusted BBS.
  • EMCDPO — A DeCentralized solution for Proof of Ownership.
  • EMCLNX — a peer-to-peer text-advertisement network based on a per-click payment model. Uses NVS as distributed storage for advertising contracts and EmerCoin credits (EMC) as the payment unit.Emercoins Transaction Optimizer Reduces Blockchain Inflation. newsbtc

At this point, all these services are already working and are completely ready to be used. Our politic is: “under-promise and over-delivery”.

We heard about one of Emercoin’s new features, the transaction optimizer. Can you explain how of it works?

There is defined problem: when you have set of unspent transaction outputs (UTXOs) in your wallet, and you would like to make a payment, you need to select some subset of UTXOs, which you would like to spend in the current transaction. The Optimal solution – when you are able to select a subset, which the exact sum matches the value, needed to spend you will not generate chargeback UTXO, and as result:

– this transaction has less size (because you do not create chargeback UTXO) than usual.
– your wallet will have less UTXOs set, used in the future
– there will not be signed for spent charge back UTXO, since it doesn’t exist.
As a result, we are able to save a lot of blockchain size, the wallet size, and the network traffic. Emercoin TX optimizer selects an optimal UTXO subset, when it is needed for a transaction set and payment value. You should learn more about it in our page!

Do you think this solution can be widely adopted by other projects in the crypto industry?

Yes, I think so. Maybe, for some cryptos, the code will be needed to be modified. But, this core algorithm can be used for any cryptocurrency, and can be easily integrated into existing systems. Old wallets will accept optimized transactions without any problems.

We would like to hear your comments on the suite of blockchain services that Emercoin provides and the recent partnership with Microsoft Azure.

We planning deploy set of our services into MS Azure market. So, these services will be available for Azure users without focusing on install and maintenance own wallet and blockchain. We are planning for everything to be available as service by JSON API, close to standard Bitcoin API. Of course, maybe we will change the protocol if needed since an end version of the protocol specification is not completed yet.

What’s your take on the most recent bitcoin developments?

I guess you mean Bip100 vs bip101. Frankly, I do not care, which proposal will be the winner. I am ok with any decision and what to be used in the future as long it’s a viable solution. You see, we solved this problem (blocksize limit) by using another approach – not increasing the block size, but rather decreasing the transaction size. We have a couple of inner draft specs to achieve better scalability and approaches in that sense to completely different ideas far from just expand block size.

What’s your view on the Mike Hearn drop out and his allegations on how bitcoin is dead. Do you think this can seriously affect the whole crypto system?

I think his words about “centralization” are particularly true. Actually, PoW consensus mechanism has a drawback, when individual miners trust to pool owner, and when they delegate their computing powers to the mining pools. I think, PoW system has a natural tendency to spontaneous centralization, and this is bad. With Emercoin we try to solve this by introducing PoS, which is free from this drawback. However, I think, current Bitcoin centralization is still far from critical, and Bitcoin can be used without real centralization problems for a long time.

Furthermore, I think, the Bitcoin system is facing more important technical problems, rather than a political centralization issue, lightened by Mike. However, we are focused in our work, and wish all the luck to Bitcoin development teams with accomplishing this task.

What’s your expectations and goals for the future of Emercoin?

Expectation – expand to the real world. Create and distribute new services and standards. Currently, we need to accumulate more and more “use cases” in which we can apply to good use our technologies.

Oleg finished our conversation saying: “We do not promise. We deliver.

Image and Source

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F2Pool Welcomes Bitcoin Classic Hard Forking Solution But Does Not Actively Support it

The ongoing Bitcoin block size debate is causing a fair bit of controversy and concern within and outside of the Bitcoin community. Even though everybody wants to see an overwhelming consensus support for either Bitcoin Core or Bitcoin Classic, a lot of the “voting power” lies with the Chinese mining pools. Whereas a few people misinterpreted support for Bitcoin Classic by F2Pool and HaoBTC, it turns out the final verdict still far away.

Also read: Exclusive Interview with the Emercoin Lead Developer – Oleg Khovayko

Overeager People Misinterpret F2Pool Statement

Similar to just about any Bitcoin community member, all of the mining pools powering the digital currency ecosystem would love nothing more than to see a clear path of development. The Bitcoin block size debate has been going on for several months now, and it has taken far too long to come to a proper consensus regarding this matter.

Things only become even more worrying when certain individuals paraphrase certain statements by a Chinese mining pool operator. F2Pool, which controls roughly 25% of the entire Bitcoin network hashpower, welcomed the options proposed by Bitcoin Classic developers. But at the same time, a few people saw this as a vote of confidence for that particular Bitcoin proposal, and how F2Pool would support Bitcoin Classic when push came to shove.

Nothing could be further from the truth, however, as F2Pool never openly indicated their support for Bitcoin Classic. Trouble start on Reddit when a post by F2Pool operators was looked upon as a way to enforce Bitcoin Classic upon the people mining there.Furthermore, that message clearly stated how the mining pool “welcomed” the Bitcoin Classic solution, but never mentioned how they will be actively supporting it.

The list of Bitcoin Classic supporters has grown quite long and includes Antpool, HaoBTC, Genesis Mining, Bitfury, and various other mining companies. However, most of the big mining pools are either in favor of Bitcoin Core or remain on the fence until we get closer to reaching a decision.

It is in the best interest of every Bitcoin mining pool out there to keep an open mind towards both Bitcoin Core and Bitcoin Classic. Even though history is not favorable towards solutions that are not Bitcoin Core, it is ultimately up to the entire community to determine which solution has their preference. No one is knocking down the efforts by either project, as they both have their merits. If only all of that development work were put into one solution everybody could agree upon; things would look far better by now.

Hard Fork, Soft Fork, Forking For All

There’s no denying the Bitcoin block size will need to be increased, as even the Chinese mining pools are in agreement with that statement. Whether this will happen through a hard fork or soft fork, remains to be seen, though. F2Pool feels hard forking would be the best option,  as Segregated Witness is – technically speaking – a dirty hack of the Bitcoin code. This would not do proper justice to the technological change segwit brings.

Soft forking is the safest option as it would not necessarily require every Bitcoin node on the network to upgrade in time, whereas a hard fork would. But at the same time, the Bitcoin community is well aware of which choices lie ahead, and hard forking the code should not lead to catastrophic events by any means. Bitcoin is over seven years old now, and there should be no more handholding when a major update occurs.

In the end, it all comes down to getting things done in the Bitcoin ecosystem. Not just to show the entire community developers are capable of pulling off these large changes, but also to put the mainstream media blasphemy to bed once and for all. Even though Bitcoin is getting a lot of media attention, not all the news is positive so far. Hard forking Bitcoin in a successful manner would show the world this digital currency is here to say, regardless of what others might want you to believe.

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PwC Announces Entry into Bitcoin and Blockchain

It seems the corporate and government related adoption of blockchain technology is picking up pace. Over the last couple of days we’ve seen China announce its intentions to introduce a block chain based digital currency for mainstream adoption and Australian banks initiate blockchain tech hubs in Hong Kong with plans to do the same in London next quarter. We’ve also seen German banks predict that cash will be redundant as soon as ten years from now. It seems as if – after a long period of uncertainty – these institutions are finally realizing that the future of domestic and international finance is just around the corner, and that blockchain technology could very well be the foundation of this future. In turn, they are scrambling to understand its underlying mechanism and potential applications.

Today we got word of yet another household name financial services company venturing into blockchain tech. The company is PricewaterhouseCoopers (PwC). For those not familiar with the company, PwC is a global organization that employs more than 200,000 people across primarily the US, Europe and Asia. It generated a little over $35 billion revenues last year. It is considered one of the big four accounting firms in the world, is the sixth largest private company in the US, and is the go-to audit entity for 35% of the fortune 100, attracting more than 43% of Fortune 100 audit expense dollars last year. And now, its turned is attention to the blockchain.

So what do we know so far? Well, as yet, not much. The little we do know, however, is enough to get us excited. Here goes. PwC has started to put together what it calls its blockchain team. The team will be located in Belfast, UK, and PwC expects to expand its 15 core staff to more than 40 before the end of this year. The teams remit will be to investigate potential blockchain applications for PwC’s clients, as well as to improve general understanding of the technology across the financial sector.

Here’s a couple of quotes from the big names associated with the move.

Steve Davies, PwC partner and EMEA FinTech Leader, said:

There’s clear evidence that banks, institutions and even governments are looking at blockchain technology as a secure storage and distribution solution…as the blockchain juggernaut continues to gather pace, PwC will be well placed to service our clients’ needs at a global level.

Ashley Unwin, PwC UK Executive Board member said:

Blockchain technology is worrying major players in the financial services industry as they don’t know where it will go or its potential to disrupt business models… We are confident that these disruptive FinTech technologies will trigger a huge increase in demand for blockchain expertise and we intend to be a leader in exploiting these disruptive new technologies.

This isn’t the first time PWC has expressed interest in the blockchain’s potential. Last year, the company released a report titled “Money is no object: Understanding the evolving cryptocurrency market”, which sought to understand how cryptocurrency, and most notably bitcoin, might affect the financial space going forward. It seems the conclusions drawn from this report were enough to persuade PwC of cryptocurrency’s potential.

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Lithuania Criticizes Bitcoin for Assisting Terrorism

Lithuania Financial Crime Investigation Service (FNTT) Director Kestutis Jucevicius has officially announced to the public that digital currency Bitcoin should be used with caution as it is used to finance “terrorism.”

“In the future can cause a lot of problems, because the money purified system through bitcoin can benefit not only organized groups engaged in arms trafficking, trafficking in human beings and drugs, the possibility that in the future such a cash transfer schemes and cash transfers could be used by terrorists” said Jucevicius on Friday at a press conference.

Since the beginning of 2015, an increasing number of government agencies and political organizations have begun to explore the use of bitcoin and other alternative currencies in the dark net or funding of terrorist parties.

Europol for example, in collaboration with European government agencies and governments launched a full investigation to arrest individuals using bitcoin to purchase illicit items such as drugs or weapons in the dark web.

According to Jucevicius, the FNTT believes Lithuanian citizens have spent over 20 million euros, or 21.6 million USD in illicit purchases or funding of terrorist parties using bitcoin.

Because of the growing number of individuals using bitcoin in Europe, an international organization established by the Dutch Tax and Customs Service (FIOD), in cooperation with the FNTT and other foreign law enforcement agencies are collaborating to explore and unravel criminals using the digital currency to conceal money laundering and fraud.

The FNTT further emphasized that an international survey which covered the Kingdom of the Netherlands, the USA, Australia, Morocco, and Lithuania stated that most of the products and goods sold in anonymous web pages are drugs and weapons, used to assist terrorist groups.

Research groups at the FNTT headquarters have already begun exploiting the connection of bitcoin to illegal trades and solutions to terminate criminal activities involving the digital currencies.

Regardless of the popularity of bitcoin among “criminals” and “terrorist groups,” bitcoin by nature is transparent and traceable. Thus, bitcoin by any means, is not anonymous. Furthermore, some government agencies recently announced that their teams of researchers have implemented new methods of searching through the dark web which is not accessible by search engines, and explained that identities used in the dark web to trade illicit goods can be traced down

“However, the investigation showed that the Dark Web does not guarantee anonymity and that the FIOD can also do the detective work. FIOD and Public Prosecutor will share their findings with the Authority for Financial Markets and the Dutch Banking Association,” said the prosecutor of the investigative department of the tax authorities FIOD.

It is still difficult to analyze the technologies implemented by government agencies such as the FNTT still haven’t released the software they claim to have implemented in investigating illicit drug traders and terrorists in the dark web.

However, in the upcoming months, Lithuanian government agencies will utilize blockchain analytic tools and advanced surveillance tools to unravel identities and online alias used to finance “terrorist groups” and purchase weapons in the dark web.

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DC Blockchain Summit: Exploring Challenges and Applications of the Blockchain

The Chamber of Digital Commerce has announced the launch of its DC Blockchain Summitwhich will be hosted at Georgetown University on March 3, 2016—to explore policy challenges and application of the blockchain technology.

The event will be joined by tech conglomerates, financial experts, government agencies, Bitcoin startups, and cryptocurrency enthusiasts, bringing together top-funded technology firms to demonstrate unique use cases for the Bitcoin blockchain technology. Some of the many applications of blockchain technology which will covered in the Blockchain Innovation Showcase are Bitcoin-related consumer technologies, blockchain analytics tools, the Internet of Things and smart contracts.

“We are bringing together industry and government to have a thoughtful discussion about the policy challenges regarding blockchain technology,” said Perianne Boring, founder and president of the Chamber of Digital Commerce. “Understanding the direction of regulation and compliance is a core competency in fintech, and the blockchain ecosystem is no exception. In today’s competitive landscape, company’s legal and compliance teams have to be as innovative and creative as their products and services.”​

The Chamber of Digital Commerce has confirmed the participation of executives, directors and representatives from IBM, the International Monetary Fund, Microsoft, NASDAQ, the Royal Bank of Canada, Capital One, Booz Allen Hamilton, and American Express.

The Washington, D.C.-based trade association told NewsBTC that additional speakers will participate in the event, including Circle General Counsel and CCO John Beccia, Ethereum Founder Vitalik Buterin, Microsoft Director of Technology Strategy Financial Services Marley Gray, CNBC financial markets commentator Brian Kelly, FBI official Alden Pelker, Tally Capital partner Matthew Roszak and Steptoe & Johnson member Jason Weinstein.

The DC Blockchain Summit will also be the first Bitcoin-focused conference wherein a US Congressman on the finance committee will be addressing the Bitcoin community in the District of Columbia.

The contribution of various government agencies and FBI officials will allow Bitcoin startups and financial organizations to establish a solid understanding of the regulatory environment in the financial sector. Congressmen and law enforcement agencies will address policies surrounding digital currencies in the United States, and lead several discussions to determine efficient and supportive legislation which could contribute to the explosive growth of Bitcoin.

The DC Summit agenda is set to focus on introducing the pathway for Bitcoin in achieving mainstream adoption and awareness. The event will cover five different panels, which include Smart Contracts, Banking and Financial Services, Blockchain Alliance, Consumer Protections, and Blockchain Thought Leaders.

Throughout various keynotes and presentations, prominent and innovative Bitcoin startups will present distinctive blockchain-based software and platforms to allow the audience and participants to experience efficient operations of the blockchain technology.

The DC Summit has also extended a special invitation to NewsBTC Community Manager and Editor Andrew Wagner, who will be covering the event on March 5 on behalf of the NewsBTC team.

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Bitcoin Core Developer’s Controversial Algorithm Change Shut Down

With growing concerns regarding the Chinese miners’ “monopoly” over bitcoin hash power, influential Bitcoin Core developer Luke Dashjr proposed a Proof of Work algorithm change on January 17, 2016.

The Bitcoin network’s proof-of-work scheme is based on SHA-256, which was introduced by the creator of bitcoin Satoshi Nakamoto as a part of the digital currency. Today, various cryptocurrency have adopted alternative hashing algorithms used for proof-of-work such as scrypt, Blake-256 and CryptoNight,

Dashjr, posted a GitHub pull request titled “HARDFORK: Fix mining centralisation,” to receive support from the bitcoin community and possibly, from the supporters of Bitcoin Classic.

However, Dashjr’s proposal was quickly shut down by Bitcoin Classic’s Jonathan Toomin, who stated, “If you think we should change the PoW function, going straight to Github is not the correct method. This is better discussed on Consider.it or reddit or something like that. I have unsubscribed from this thread. We will not be changing the PoW function in Classic.”

Dashjr created a consider.it poll, to enable GPU mining for bitcoin enthuasiasts. The one-sided debate ended with agitated bitcoin experts and developers stating that Dashjr is purposely trying to upset the Chinese miners.

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“Decentralization is only partially determined by the geographic/political/logical distribution of nodes,” said Japanese mobile wallet Bittoku founder and president Jerry Chan.” Many people think they know what decentralization means but struggle to quantify it. The best proxy is the amount of money it would cost to subjugate the network. 1,000 scattered around the world with GPUs is drastically less secure than 10 companies running multi-million dollar businesses who depend on the network for income.

Discussions Amongst Bitcoin Developers

During the discussion between Bitcoin Core developer Pieter Wuille and Dashjr on #bitcoin-dev, Wuille strongly opposed to the proposal of Dashjr, stating that such a change in Bitcoin Core would require an extremely high degree of consensus.

“i would strongly oppose merging it in bitcoin core, on the grounds that it would require an extremely high degree of consensus, and i do not see that happening,” said Wuille.

“As mining is an expensive choice for the ecosystem, and its only purpose is avoiding central control and censorship;; in a highly centralized mining ecosystem, you get the coss without the benefits. however, i think that it is clear right now that switching PoW would be way harder to get consensus on than other things that are being debated. So do not worry, i have no intention of merging such a thing,” he said.

Because of Wuille’s view towards Dashjr’s proposal, an increasing number of bitcoin enthusiasts have begun to criticize Dashjr for purposely creating controversy in the Bitcoin community. However, Peter Todd emphasized that the statement of Dashjr was genuine and he truly believes a PoW change will reduce mining centralization.

“He genuinely believes we should discuss this possibility, in part to remind miners that we’re all in this together and its much better for everyone if we continue to move forward with consensus. I agree with sipa that his statements may be politically inadvisable, but let’s not throw people under the bus for being bad at PR and politics,” said Todd.

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