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Federal Reserve Leaves Rates Unchanged After Three Straight Cuts

Federal Reserve Leaves Rates Unchanged After Three Straight Cuts

By RTTNews Staff Writer | Published: 12/11/2019 2:22 PM ET

After three consecutive interest rate cuts, the Federal Reserve on Wednesday announced its widely expected decision to leave rates unchanged.

The Fed said its Federal Open Market Committee decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent on the heels of three straight quarter-point reductions.

The FOMC judged that the current stance of monetary policy is appropriate to support a sustained economic expansion, strong labor market conditions, and inflation near its symmetric 2 percent objective.

The central bank maintained its assessment of the economy, reiterating that recent data indicates the labor market remains strong and that economic activity has been rising at a moderate rate.

The Fed also once again noted that while household spending has been rising at a strong pace, business fixed investment and exports remain weak.

The FOMC noted it will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path for rates.

The vote to leave interest rates was unanimous, as Kansas City Fed President Esther George and Boston Fed President Eric Rosengren joined in after voting against the past three rate cuts.

Economic projections provided by the Fed along with the decision show a majority of FOMC participants expect interest rates to remain unchanged throughout 2020.

The projections for GDP growth in 2019 and the coming years were unchanged from September, while the unemployment rate is expected to come in slightly lower than previously forecast.

The Fed downwardly revised its forecast for core consumer price growth in 2019 to 1.6 percent from 1.8 percent, although the inflation estimates for the next three years were unchanged.

In his post-meeting press conference, Fed Chairman Jerome Powell suggested he would not consider raising rates until inflation picks up significantly.

"In order to move rates up, I would want to see inflation that's persistent and that's significant," Powell said. "A significant move up in inflation that's also persistent before raising rates to address inflation concerns. That's my view."

However, Powell noted his comments do reflect "official forward guidance," adding, "It happens to be my view that that's what it would take to want to move interest rates up in order to deal with inflation."

Looking ahead, the Fed's first monetary policy meeting of 2020 is scheduled for January 28th and 29th, with rates widely expected to remain on hold.

CME Group's FedWatch Tool currently indicates a 91.4 percent chance that the Fed will leave rates unchanged at the January meeting.

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Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe

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Bloomberg: Bitcoin May Have Hit a Bottom in 6500 Plunge

Bloomberg: Bitcoin May Have Hit a Bottom in $6,500 Plunge

Over the past few days, the price of Bitcoin (BTC) has finally started to stabilize, finding itself trading between $7,000 and $7,800 as the cryptocurrency market aims to establish some near-term directionality.

While this consolidation has really been neither bullish or bearish due to its brevity on a macro scale, Bloomberg has suggested that it may be a sign of a bottom.

Has Bitcoin Bottomed?

In an article titled “Bitcoin in Wait-and-See Mode as Downward Trend Persists,” Bloomberg wrote that with Bitcoin’s price stabilizing “above its support level of the initial [CME futures] gap created on May 10,” there’s potential that a bottom was marked in the $6,500 range, which the cryptocurrency breached late last month shortly after tumbling under $8,000 after hitting $10,500 in the now-infamous “China pump.”

Bloomberg did note though that the cryptocurrency remains in a bearish descending channel pattern it formed in late June when it reached the year-to-date high near $14,000. “BTC would need to break out of this downtrend in order to regain positive momentum,” Bloomberg wrote, accentuating the importance of the cryptocurrency breaking above the channel.

Though, Mike McGlone, an analyst at the firm, was cited as saying that it is “only a matter of time” before the cryptocurrency breaches through resistance, the most notable of which being the horizontal and psychological resistance at $10,000.

McGlone backed this optimistic quip by looking to a potential rally in gold, which he claims would boost the Bitcoin bull narrative, as such a rally would be caused by macroeconomic turmoil, something analysts say is beneficial for alternative assets as a whole. He also looked to growing levels of adoption in the cryptocurrency space coupled with the idea that the impending halving will act as a negative supply shock for Bitcoin’s market economics.

Other Analysts Agree

Other analysts agree with this positive sentiment.

Per previous reports from Ethereum World News, top trader Cantering Clark recently observed an “uncanny resemblance” between the BTC price action seen over the last few days and the aforementioned accumulation phase. Indeed, as Clark’s two charts seen below show, the Bitcoin price action seen then and now are very similar directionality-wise, with there being drops now where there were drops in late-2018 and such.

“It would make sense that after the first major move up, that the first major correction and following accumulation period would have a fractal resemblance to the larger original,” Clark elaborated, pointing out the intricacies of the potential fractal poised to play out in real-time.

Jonny Moe, another popular analyst, also recently observed that the chart of the leading cryptocurrency has printed a bullish Adam & Eve bottoming and reversal pattern, which was seen in late-2018 and early-2019 when the cryptocurrency was trading in the $3,000s.

Original article posted on the site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Spacechain Launches Blockchain Into Space

Spacechain Launches Blockchain Into Space

By RTTNews Staff Writer | Published: 12/9/2019 9:38 AM ET

Blockchain startup Spacechain announced that its blockchain hardware wallet technology is on its way to the International Space Station (ISS), aboard a SpaceX Falcon 9 rocket as part of the CRS-19 commercial resupply service mission.

The bitcoin wallet is reportedly orbiting the earth at 5 miles per second.

SpaceChain expects the testing of the hardware wallet to be completed by early 2020.

As part of its vision of an open-source blockchain-based satellite network, this is the third blockchain payload launched into space by SpaceChain in the past two years. It is the first launch of blockchain from the U.S.

Earlier, the startup had successfully tested its second blockchain node in space in January, which was launched into orbit in October 2018 by a CZ-4B Y34 rocket from Taiyuan Satellite Launch Centre, Xinzhou, China.

The first blockchain node that SpaceChain launched into orbit was in February 2018, again from China, that was equipped with a Raspberry Pi hardware board and blockchain software.

Founded in 2017, SpaceChain is a community-based space platform that combines space and blockchain technologies to build the world's first open-source blockchain-based satellite network, allowing users to develop and run applications in space by adopting space-as-a-service.

SpaceChain's open-source operating system (SpaceChain OS) provides the main blockchain application sandbox for developers to utilize for rapid and secure development, testing and deployment of space-based applications.

It will be the first blockchain hardware installed on the ISS, to be installed on Nanoracks' commercial platform on Station.

Once activated, the payload will demonstrate the receipt, authorization, and retransmission of blockchain transactions, creating "multisig" transactions which require multiple signatures or approvals to complete, increasing the security of the operation.

All data will be both uplinked and downlinked directly through Nanoracks' commercial platform.

Earlier this year, SpaceChain was awarded a 60,000 euro grant by the European Space Agency (ESA) under its Kick-start Activity program, to further develop and identify commercial use-cases for its satellite blockchain technology.

Blockchain is the next major disruptor in space. SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy.

For comments and feedback contact:

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Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Enters Tight Trading Range as Analysts Watch for Massive Movement

Bitcoin Enters Tight Trading Range as Analysts Watch for Massive Movement

Bitcoin has found itself caught within an incredibly tight trading range over the several days, which is a major change from the massive volatility it has been incurring over the past month.

This bout of consolidation, however, may prove to be short-lived, as analysts are now noting that they expect it to be followed by a massive price movement that could determine how BTC trends going into the new year.

Bitcoin Stuck at $7,300 as Bulls and Bears Remain Deadlocked

At the time of writing, Bitcoin is trading up just over 1% at its current price of $7,380, which marks a slight climb from its daily lows of $7,240 and a slight decline from its daily highs of just over $7,400.

These two prices appear to be the lower and upper boundaries of the cryptocurrency’s current trading range, which has held strong since the start of December.

Bitcoin has been caught in several periods of sideways trading like this in the past, with some extending for multiple weeks. One similarity amongst all these consolidation phases is that they often end with a massive movement, in one direction or another.

Josh Rager, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes the trading range that BTC is currently caught within will result in a massive movement.

“$BTC is currently compressing and the range is getting smaller. Not focused on trading small moves here. The focus now is being on the right side of the next multi-hundred dollar move,” he explained.

As for where analysts expect this movement to lead BTC, HornHairs, another popular cryptocurrency analyst on Twitter, explained that he believes the strong support BTC has found at $7,240 could bolster its near-term price action and send it surging towards $7,600.

“Based on the above thesis I’m willing to punt a long: 1H breaker setup with a stop below the level that has been defended ~$7240 and target at monthly open,” he explained, referencing a chart that shows the $7,600 price target,” he said.

If Bitcoin does break above the upper-boundary of its current trading range, the cryptocurrency may be positioned for significantly further gains, as it could signal that a bullish trend shift is imminent.

Original article posted on the site, by Cole Petersen.

Article re-posted on Markethive by Jeffrey Sloe

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A Quantum Computing Future is Unlikely Due to Random Hardware Errors

A Quantum Computing Future is Unlikely, Due to Random Hardware Errors

Written By Subhash Kak – December 3, 2019 7.58am EST

Will quantum computers ever reliably best classical computers? Amin Van/

Google announced this fall to much fanfare that it had demonstrated “quantum supremacy” – that is, it performed a specific quantum computation far faster than the best classical computers could achieve. IBM promptly critiqued the claim, saying that its own classical supercomputer could perform the computation at nearly the same speed with far greater fidelity and, therefore, the Google announcement should be taken “with a large dose of skepticism.”

Artist’s rendition of the Google processor.
Forest Stearns, Google AI Quantum
Artist in Residence,

This wasn’t the first time someone cast doubt on quantum computing. Last year, Michel Dyakonov, a theoretical physicist at the University of Montpellier in France, offered a slew of technical reasons why practical quantum supercomputers will never be built in an article in IEEE Spectrum, the flagship journal of electrical and computer engineering.

So how can you make sense of what is going on?

As someone who has worked on quantum computing for many years, I believe that due to the inevitability of random errors in the hardware, useful quantum computers are unlikely to ever be built.

What’s a quantum computer?

To understand why, you need to understand how quantum computers work since they’re fundamentally different from classical computers.

A classical computer uses 0s and 1s to store data. These numbers could be voltages on different points in a circuit. But a quantum computer works on quantum bits, also known as qubits. You can picture them as waves that are associated with amplitude and phase.

Qubits have special properties: They can exist in superposition, where they are both 0 and 1 at the same time, and they may be entangled so they share physical properties even though they may be separated by large distances. It’s a behavior that does not exist in the world of classical physics. The superposition vanishes when the experimenter interacts with the quantum state.

Due to superposition, a quantum computer with 100 qubits can represent 2100 solutions simultaneously. For certain problems, this exponential parallelism can be harnessed to create a tremendous speed advantage. Some code-breaking problems could be solved exponentially faster on a quantum machine, for example.

There is another, narrower approach to quantum computing called quantum annealing, where qubits are used to speed up optimization problems. D-Wave Systems, based in Canada, has built optimization systems that use qubits for this purpose, but critics also claim that these systems are no better than classical computers.

Regardless, companies and countries are investing massive amounts of money in quantum computing. China has developed a new quantum research facility worth US$10 billion, while the European Union has developed a €1 billion ($1.1 billion) quantum master plan. The United States’ National Quantum Initiative Act provides $1.2 billion to promote quantum information science over a five-year period.

Breaking encryption algorithms is a powerful motivating factor for many countries – if they could do it successfully, it would give them an enormous intelligence advantage. But these investments are also promoting fundamental research in physics.

Many companies are pushing to build quantum computers, including Intel and Microsoft in addition to Google and IBM. These companies are trying to build hardware that replicates the circuit model of classical computers. However, current experimental systems have less than 100 qubits. To achieve useful computational performance, you probably need machines with hundreds of thousands of qubits.

Google’s Sycamore processor has only 54 qubits. Erik Lucero, Research Scientist and Lead Production Quantum Hardware, Google, CC BY-ND

Noise and error correction

The mathematics that underpin quantum algorithms is well established, but there are daunting engineering challenges that remain.

For computers to function properly, they must correct all small random errors. In a quantum computer, such errors arise from the non-ideal circuit elements and the interaction of the qubits with the environment around them. For these reasons the qubits can lose coherency in a fraction of a second and, therefore, the computation must be completed in even less time. If random errors – which are inevitable in any physical system – are not corrected, the computer’s results will be worthless.

In classical computers, small noise is corrected by taking advantage of a concept known as thresholding. It works like the rounding of numbers. Thus, in the transmission of integers where it is known that the error is less than 0.5, if what is received is 3.45, the received value can be corrected to 3.

Further errors can be corrected by introducing redundancy. Thus if 0 and 1 are transmitted as 000 and 111, then at most one bit-error during transmission can be corrected easily: A received 001 would be a interpreted as 0, and a received 101 would be interpreted as 1.

Quantum error correction codes are a generalization of the classical ones, but there are crucial differences. For one, the unknown qubits cannot be copied to incorporate redundancy as an error correction technique. Furthermore, errors present within the incoming data before the error-correction coding is introduced cannot be corrected.

Quantum cryptography

While the problem of noise is a serious challenge in the implementation of quantum computers, it isn’t so in quantum cryptography, where people are dealing with single qubits, for single qubits can remain isolated from the environment for significant amount of time. Using quantum cryptography, two users can exchange the very large numbers known as keys, which secure data, without anyone able to break the key exchange system. Such key exchange could help secure communications between satellites and naval ships. But the actual encryption algorithm used after the key is exchanged remains classical, and therefore the encryption is theoretically no stronger than classical methods.

Quantum cryptography is being commercially used in a limited sense for high-value banking transactions. But because the two parties must be authenticated using classical protocols, and since a chain is only as strong as its weakest link, it’s not that different from existing systems. Banks are still using a classical-based authentication process, which itself could be used to exchange keys without loss of overall security.

Quantum cryptography technology must shift its focus to quantum transmission of information if it’s going to become significantly more secure than existing cryptography techniques.

Commercial-scale quantum computing challenges While quantum cryptography holds some promise if the problems of quantum transmission can be solved, I doubt the same holds true for generalized quantum computing. Error-correction, which is fundamental to a multi-purpose computer, is such a significant challenge in quantum computers that I don’t believe they’ll ever be built at a commercial scale.

Article written by Subhash Kak, and posted on the site.

Article reposted on Markethive by Jeffrey Sloe as a followup to my article that may answer the question, "Can Google's New Quantum Computer Hack Bitcoin?".

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Can Google’s New Quantum Computer Hack Bitcoin?

Can Google's New Quantum Computer Hack Bitcoin?

Image Sourced from Pixabay

By Bruce Ng

Ever since Bitcoin was created, the perennial question, asked by skeptics and advocates alike, could be condensed into four simple words:

Can Bitcoin be hacked?

The perennial answer: No, unless, that is, someone, someday achieves a stunning, world-changing breakthrough, creating a computer that’s far faster than any supercomputer in existence today. Nearly everyone agreed that was an extremely remote possibility. But now, some folks fear that day may be closer than expected.

The reason: Google claims to have built a quantum computer.

It’s a computer that’s no longer constrained to just 1s or 0s. Instead, it has bits that exist in multiple states at once, called quantum bits or qubits. It’s a computer that, in theory, could be one billion times faster than today’s fastest computers … that could run 10,000 years of supercomputer calculations in a meager 200 seconds. It’s a technology that, in theory, might ultimately do things which otherwise take millions of years.

In theory.

So, can Google’s (NASDAQ: GOOG) quantum computer hack Bitcoin? No, not even close!

Google’s breakthrough, no matter how noteworthy, is still very new, very experimental and light-years away from the capabilities needed to hack Bitcoin. Here’s why …

First, Google’s quantum computer merely generates random numbers, like tossing a coin repeatedly. It has no immediate practical applications.

Second, it has only 53 qubits. To crack Bitcoin cryptography, it would need at least 1,500.

Third, it’s not just a matter of quantity. To evolve from 53 to 1,500 qubits will be extremely difficult and will take many years.

Fourth, qubits are highly sensitive. They require supercooled temperatures to operate. They must be stored in enclosed vaults protected from stray dust, vibrations and contaminants. Building a 1,500-qubit quantum computer would be a monstrous undertaking.

“But suppose,” say Bitcoin fearmongers, “that some secret government agency develops a super-quantum computer decades ahead of Google’s. And suppose that computer achieves the 1,500-qubit power that could hack Bitcoin. Then what do we do?”

Our answer: Given the structure of the global tech community today, it’s extremely unlikely any such project exists.

But even if it did, there are several likely scenarios in which the Bitcoin community — and even Bitcoin users themselves — could protect themselves against any quantum-computer attack.

Today, I’ll tell you about two …

Scenario 1

Quantum-Resistant Passwords

An important cryptography mechanism that Bitcoin currently uses is the private key; and it’s the private key that would be the primary attack point for any future quantum computer.

The private key performs a function akin to that of password: Every time you use a Bitcoin wallet or send funds from a Bitcoin address, you deploy your private key, associated with a Bitcoin address that looks something like this:


When you send Bitcoin, the addresses specify the “from” and the “to” of your transmission.

But the current address system is not written in stone.

It CAN be upgraded to a quantum-resistant address system. And to make that happen in a timely manner, Bitcoin enjoys one of the largest community of developers in the world.

Scenario 2

>Users Themselves Take Protective Steps

To better understand how would work, let’s look at traditional banking.

You have a bank account with a balance of $20,000. You’re afraid that, when you make your first wire transfer, some bank employees will gain access to the numbers he needs to move your money to his own personal account.

What could you do to protect yourself?

Simple: As soon as you make your first transfer, immediately withdraw all the remaining funds in your account and move it to a new account or to another bank.

That’s similar to what you could do to protect yourself against any future quantum attack on your Bitcoin address.

When you send Bitcoin to someone, your address doesn’t appear on the Bitcoin ledger until you make your first transaction from that address. No one – including quantum attackers — will ever see your address until AFTER first transaction.

So all you have to do is this: As soon as you make your first transaction, simply move your remaining Bitcoin balance to a new address, which is easy to create. Since your new address has never before been used to send Bitcoin, there’s no way anyone, regardless of computer power, can see it — let alone hack it.

Could a quantum attacker see and hack the address in the few minutes between the moment you send the Bitcoin and the moment it’s received on the other end?

Hah! To do so in such a short period of time would require quantum computing that’s so far away in the future, even the few seconds it takes me to write this paragraph is kind of a waste of time.

But I decided to write it for a reason.

For all those folks who also worry about the destiny of our sun, which will burn out a billion years from now … or the destiny of our universe which will expand to the point of a Big Chill.

Let’s worry about such doomsday events some other day.

© 2019 Benzinga does not provide investment advice. All rights reserved.

Article written by Bruce Ng of Yahoo Finance, and posted on the site.

Article reposted on Markethive by Jeffrey Sloe

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European Investment Fund Unveils 400M Blockchain AI Initiative

European Investment Fund Unveils €400M Blockchain, AI Initiative

Image courtesy of CoinTelegraph

                                                                                        NOV 22, 2019

The European Commission and European Investment Fund (EIF) has launched a new investment scheme for artificial intelligence (AI) and blockchain in Europe, the organization announced in a Nov. 20 blog post. The announcement reads:

“With the European Commission, we are launching a dedicated investment scheme that will make EUR 100m available to venture capital funds or other investors that support AI and blockchain-based products and services. Because these are cornerstone investments, we expect a total of EUR 300m to be generated for AI and blockchain from other private investors ‘crowding in.’”

The project will focus on development and growth beyond the research and proof of concept stage.

Investment focused on research, not development

Western Europe is expected to spend $674 million on blockchain technology in 2019, making it the second highest-spending region in the world. This would put it behind the United States ($1.1 billion), but ahead of China ($319 million), according to the data.

However, much of this is directed towards research and proof-of-concept stages, with little going to further development and growth. The organization notes:

“The blockchain and AI ‘financing gap’ in Europe presents an opportunity for the EIF to support these new technologies through its existing and future venture capital networks.”

New fund to keep technologies in Europe

Few closed venture capital funds invest in the blockchain space in Europe, meaning that ultimately, many entrepreneurs receive U.S. financing. This often leads to the opportunities and economic growth associated with these technologies leaving the region.

Starting from 2020, the scheme will make €100 million available to support AI and blockchain-based products and services. This is expected to attract a further €300 million from private investors.

Co-investments with national promotional banks should increase the available capital further still.

As Cointelegraph reported earlier this month, the European Central Bank is reportedly considering issuing a digital Eurocoin.

Original article posted on the site, by Jack Martin.

Article re-posted on Markethive by Jeffrey Sloe

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Bitstop To Install Bitcoin ATMs At Simon-operated Malls

Bitstop To Install Bitcoin ATMs At Simon-operated Malls

By RTTNews Staff Writer | Published: 11/29/2019 9:08 AM ET

Miami-based Bitcoin ATM operator Bitstop is in deal with Simon Malls, the largest shopping mall operator in the U.S., to install Bitcoin ATMs across the U.S. at Simon Mall locations. The installations come in time as holiday season is on.

Bitstop, a licensed and regulated company, has already installed five Bitcoin ATMs recently at Simon operated malls in California, Florida and Georgia. They are Carlsbad Premium Outlets, Miami International Mall, Sawgrass Mills, The Avenues and Mall of Georgia.

In October, Bitstop had installed the Miami International Airport first Bitcoin ATM. It is the third-busiest airport in the U.S., in terms of international passenger traffic, and will help customers conveniently exchange their dollars for Bitcoin and vice versa while on domestic or international travel.

Bitstop said it has a total Bitcoin ATM count of more than 130 machines across the U.S. and is on track to expand the Bitstop network to more than 500 Bitcoin ATM installations by the end of 2020.

Automated kiosks for buying bitcoin are becoming increasingly popular in the U.S. More than half of the world's Bitcoin ATMs are installed in the United States.

There are a total of 3963 Bitcoin ATMs currently installed in United States out of a total of 6055 Bitcoin ATMs globally, according to data from Coin ATM Radar. The total count is expected to reach 10,000 by the end of 2020, with the recent average daily installation rate of more than 10 machines.

In July, Bitcoin ATM operator LibertyX had entered into a deal with traditional ATM operator Desert ATM to convert cash-dispensing ATM machines into those dispensing cryptocurrencies as well. LibertyX will load its software on 90 Desert ATMs, specifically the ones manufactured by Genmega, in Arizona and Nevada.

For comments and feedback contact:

Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe

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Mom’s Buying You Bitcoin For Christmas Is It A New Bullish Trend?

Mom’s Buying You Bitcoin For Christmas – Is It A New Bullish Trend?

When your mom says she wants to buy you some bitcoin for Christmas does it mean there could be something stirring in the crypto marketplace, in a good way?

After all, this year’s Thanksgiving bitcoin bounce has lent weight to the thesis that the holiday season can act as a price pump, assuming sentiment going into the festive season is already somewhat conducive.

The theory goes that the young evangelists in the family will start to explain what crypto is about for curious family members, a conversation that ends with the clincher – so how do I buy this sucker?

The mother of reddit user Devil_Hand spilt the beans on her bitcoin present plans when she discovered that she didn’t have the faintest idea of how to go about getting hold of the premier virtual currency.

She was forced to message her son: “I’m trying to buy bitcoin for Christmas what is a wallet????”

That’s often one of the first things a newbie will be perplexed by. How can a virtual currency have a wallet?

Her son was forgiving. “Oh bless ????????????I’ll talk about it later today x” came the reply.

See the conversation below and the reddit post here.

Now we know about scanning Google Trends for a bump in searches for “buy bitcoin” as a leading indicator metric for upward price movements, but discerning what the moms of America and mums of the UK might be buying their offspring from the crypto store is a new one.

It begs a number of serious questions.

First, is this indicative of a trend? Is your mother a super-cool ‘Crypto Mom’ that thinks out of the box to buy you what you really really want, à la Spice Girls?

Who knows, but leave a comment below if you know of any cool parents who are lining up a surprise crypto surprise for Alice or Bob.

After all these years, bitcoin still not user-centric

The perhaps more serious thing to consider is what this says about the state of the industry after 10 years of trying to fix ease of use – user-unfriendliness is still a thing, a big thing.

Those on the inside looking out can get a little blase about onboarding as the infrastructure know-how can be so easily taken for granted.

It can be too easily assumed that the amount of bitcoin you have is associated with an 34 character alphanumeric string known as an address and that this address (or public key) or addresses is/are the wallet and to secure it you have another alphanumeric string of characters known as the private key, which are the substantive elements of public-key cryptography and that these addresses exist on the blockchain which is sometimes called a ledger but is in essence a decentralised database where transactions are immutably recorded. Phew.

And in the event of loss of keys, you need to recover said keys with your “seed” and if you lose the seed your bitcoin is gone forever, although you can “see it” on the blockchain.

You can appreciate that mom might be scratching her head and this point, as too would dad no doubt.

For mere mortals then, that is all adds up to one one big barrier to entry.

And despite the apparent ease-of-use of Coinbase (high fees aside), for example, or of today’s self-custody wallet applications, the industry has still not really solved ease-of-use in the way that setting up and sending email has been solved; or in the way that sending and receiving digital fiat money using say Apple Pay has made transactions almost analogous to sending a photo or text message.

As we know Facebook with its arms-length Libra Association has a plan to fix crypto’s “complexity” problem, but many would argue it’s not really crypto – and besides, governments and regulators have other ideas about what Libra can or cannot be. And anyway, who wants Facebook messing with their finances no matter how easy and cheap its crypto might be to use.

It’s ultimately just tech and some bright spark will solve crypto’s complexity problem

The animated discussion on Reddit has some claiming that this is precisely why bitcoin will never replace cash.

At any rate that’s what scramboney thinks:

“Crypto will never replace cash. Industries will adapt to use crypto technology for other things but it will never become a currency, the barrier to entry is absolutely massive to become a currency in countries where the currency is worth anything.”

…while others say there is no a priori reason why the ease-of-use problem cannot be solved, and once that theoretical work has been done, the practical execution will follow.

Here’s Houdinii1984‘s thoughts: “This was the exact mentality of the personal computer ending up in homes. It’ll never happen, it’s too complicated. The barrier to entry is too damn high, etc. And it’s true. Not a lot of people had IBM PCs in their homes because they cost as much as a decent used car and didn’t have a high use case for the average user. Oh, but look at us now. If you’re not connected, you're an outsider nowadays.”

Baby steps in mom’s buy bitcoin journey

In the meantime Devil_Hand will have to take his mother by the hand and walk her through how to buy bitcoin, which kind of takes the joy out of receiving it.

And what’s there to unwrap come Christmas Day? Maybe mom could buy an HTC Exodus 1 blockchain-powered smartphone with its onboard hardware wallet and preload it with bitcoin?

But taking that route would require you to spend another couple of days or more explaining and demonstrating what a hardware wallet is and how to use it.

Assuming Devil_Hand onboards his mother ok, bitcoin could be presenting a nice entry point or alternatively mom could wait until nearer Christmas for a bottom – but if you are in for the long-term the timing doesn’t really matter.

Go for it moms of the world – you have nothing to lose but your wallets.

Original article posted on the site, by Gary McFarlane.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Price Set to Reclaim 8K But a Rising Wedge Is Worrying Bulls

Bitcoin Price Set to Reclaim $8K But a Rising Wedge Is Worrying Bulls

Image courtesy of CoinTelegraph

Bitcoin price (BTC) is taking a bit of a breather after breaking flipping the $7,600 resistance to support during the morning trading hours of Nov 29.

While the current technical setup is exciting, bulls will need to supply significant enough volume for the price to break to the upside of the rising channel, above the $7,800 resistance and the 61.8% Fibonacci retracement level.

Crypto market daily performance. Source: Coin360

Buyers stepped in on Friday morning, pushing Bitcoin price from $7,430 to $7,880 before pulling back to $7,750. Currently, Bitcoin trades in a rising wedge and the price remains capped below the resistance at $7,800.

Today’s upside move brought the price above the midpoint of the long term descending channel and the moving average convergence divergence (MACD) on the daily and 6-hour time frame suggests that additional upside is in store.

At the time of publishing the MACD line is crossing above the signal line and the histogram has flipped from negative to positive. Since the move to $7,400, many traders have set their short term targets at $8,000 to $8,100

BTC USD weekly chart. Source: TradingView

On the weekly timeframe, the volume profile visible range (VPVR) and previous price action history show that $7,800 to $8,200 zone will be difficult to overcome but a positive note is that the MACD histogram appears to be in the early stages of an uptrend as selling pressure lessens.

The weekly relative strength index (RSI) has also sharply reversed course and now aims for 46. Another positive sign is that Bitcoin’s price has recovered back above the 100-week moving average.

As mentioned earlier, Bitcoin price has already recovered to the descending channel midpoint and traders who opened positions at $6,540 will look for Bitcoin price to reach $8,000 before taking partial profits and leaving the remainder in play with the hope that the digital asset will set a weekly higher high at $8,550.

Bullish scenario

BTC USD 6-hour chart. Source: TradingView

It appears that Bitcoin has flipped the $7,600 resistance to support and over the short-term as price consolidates Bitcoin could pull back to the bottom trendline of the descending wedge at $7,658. This point also lines up with the descending channel midpoint and a high volume node on the VPVR.

On the 6-hour timeframe, the Stochastic RSI and relative strength index (RSI) look ready to roll over but a bounce off the $7,600 support could set Bitcoin price above the $7,800 resistance and toward the main trendline of the rising wedge. Meanwhile, the VPVR shows minimal overhead resistance of $8,069. This $8,069 level lines up with the main trendline of the rising wedge and also the 61.8% Fibonacci retracement level.

If bulls interpret a cross above the 61.8% Fibonacci retracement level as a bullish signal, a high volume breakout could push Bitcoin price above the 200-day moving average (DMA) to $8,700 which is quite near the main trendline of the long-term descending channel.

Such an occurrence would be very bullish for Bitcoin and likely lead analysts and crypto Twitter to call for a sky-high pre-halving bull run price estimates again.

Bearish scenario

Rising wedges patterns can lead to price reversals. They are marked by the loss of momentum as the asset’s price rises to higher highs but with shorter candles and a decline in trading volume as the price contracts within the triangle. As the Stochastic RSI and 6-hour RSI rollover, selling pressure at the $7,800 resistance and profit-taking at $8,000 (the 61.8% Fib retracement) could all be signals that the pattern will break to the downside.

It will take a high volume spike from bulls to break out of the rising wedge and above the overhead resistances mentioned above. If Bitcoin price does reverse below the rising wedge, the price could find support at $7,500 and $7,178.

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Original article posted on the site, by Horus Hughes.

Article re-posted on Markethive by Jeffrey Sloe

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