Here are the most interesting cryptocurrency news of 17th November 2018:
Tom Lee’s Bitcoin Prediction – Reduced to $15,000
Tom Lee, the one that predicted an Ethereum price of $1900 by the end of 2018 and Bitcoin at $25,000, has now changed its mind. According to the Fundstrat’s owner, Bitcoin could now see a top value of $15,000 by the end of the year. Speaking with CNBC, Tom Lee declared that Bitcoin’s main issue is the ‘break-even point’. He’s referring to the point where mining costs match the trading price.
Right now, Bitcoin is trading for $5,528 – down from the $6300 value from the past week. Bitcoin failed to rebound back to its value, but Lee is still optimistic about it:
“While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications,”
He’s comparing the current situation with the winter of 2014 one, when the crypto market fell 78% – from $15 Billion to $3.3 Billion over a 13 months period. Right now, the crypto market fell by almost 78% – from $830 billions to $180 billions. The market declined in a much faster rate than the 2014 drop – but it had a couple of factors such as:
- Bitcoin ETF delayed decision;
- Bitcoin Cash war for hashrate;
- Hacked exchanges, Twitter & Telegram scams;
- A long bear market sentiment;
While the value that Tom’s predicting seems a bit high, we might see a rebound in Bitcoin’s price as the Bitcoin Cash war will have a winner in the next few weeks and also as institutional involvement is growing.
H&M Blockchain-Enabled Tag – Customers Can Now Track Clothing Origin Using VeChain
Arket recently introduced a blockchain proof of concept based on VeChain technology. The company is allowing their users to check the product’s origins before purchasing it. The clothing brand and subsidiary of the giant H&M implemented this only on one product – a wool beanie hat.
Arket’s initiative was born as wish to offer transparency with their clients. Just by scanning a tag with their phone, the shoppers can see a lot of information about the actual product, such as: item’s country of origin, materials used, washing instruction and more. Over the recent years, consumers started to be concerned about the quality of the products that they are buying as well as the environmentally processes needed to create the product. Moreover, another initiative is to avoid purchasing products from companies that are underpaying their employees – such as Zara and other known companies.
By using the VeChain technology, the fashion industry could create a better environment for them as well as for their customers. A demonstration of how this works can be found on Crypto Ed’s Tweet.
NEO KeyMakers – The Japanese NEO Developers Community
NEO KeyMakers are a Japan-based community of NEO Developers created with the purpose of educating the further Japanese NEO developers as well as creating a comprehensive NEO documentation. According to neo-jp.org, the Keymakers will be responsable with:
- Managing the KeyMakers Official Twitter
- Conducting developer learning session and hands-on-coding workshops (details here)
- Improving the Japanese NEO documentation ( details here )
The KeyMakers will create a documentation for the NEO development in Japan which will start with 40 pages in 2018. In a maximum of 6 months, the KeyMakers are expected to finish the 300 pages document. The Japanese NEO development document is made in a partnership with NEO Global Development R&D/EG departments.
They have already started hosting tutorials sessions in Tokyo, Osaka and Fukaoka and plans to organize the first Japanese NEO hackaton in march 2019. We believe that a community is build based on initiative likes this. So, if you are a Japanese developer interested in NEO development you – you probably need to check the KeyMakers.
Bitcoin Lighting Networks Increased in Nodes & Network Capacity Despite The Price Drop
We recently reported that the Bitcoing Lighting Network just passed 4,000 nodes. At only 2 days, the network now have a 4,073 nodes active with 12,511 channels. What’s more interesting though, its the network capacity. The capacity grow with 187% in a short time. If on November 14th the Lighting Network supposed around 112 BTC – The network capacity was now increased to 318.69 BTC.
Among the most known websites that support lighting network are:
- Bitrefill – A website that allows you to pay your bills or recharge your phone using cryptocurrencies. Moreover, you can also purchase vouchers for Steam, Reddit, Hotels.com or even G2aA with it.
- Blockstream – A pioneer in Bitcoin and blockchain technology that have its own store made for cryptocurrency enthusiasts.
- Living Room of Satoshi – Pay your bills, your rent, to a credit card/ bank account using Bitcoin. Only for AU.
- TorGuard – An anonymous VPN service that puts your privacy first.
The Bitcoin Cash War – User Opinions
The hashrate war between BCH ABC and BCH SV isn’t over yet. The two Bitcoin Cash forks. According to Coin.dance, Bitcoin Cash ABC is now 16 blocks ahead and 52.4% on Proof of Work. Moreover, new details appeared in this fight for the Bitcoin Cash supremacy:
- Bittrex recognize the Bitcoin Cash ABC as being the BCH – Orginal statement on Bittrex blog.
- BTC.top started mining Bitcoin Cash ABC and have a 3.47% of the total hashrate. While they are mining at a loss, the BCH enthusiasts believes these are great news for the network security.
- Normal_rc reddit user believes that BSV will go to zero. His main arguments are the fact that Bitcoin Cash SV don’t have an existent ecosystem. They didn’t built a block explorer or relationships. And he think that nor CSW, Coingeek or nChain will support a separate BSV coin. Original post here.
- Finally, someone pointed out what most of the community was thinking: this war is wasting millions of dollars for nothing. In fact, BCH could have won more if they invested those in things that actually matters. To increase the adoption, to educate the newcomers and to bring value to the world – these are the things the community should be focusing on, not a ‘hash war’. Original tweet here.
More details about the latest events can be found on Bitcoin.com’s latest article.
Other Important News & Articles
- Off-the-grip Bitcoin Transactions Now A Reality
- IOTA and Wirecard: What’s going on? (German Language)
- Nigerians want Cryptocurrency, And They Want It Now
- Activision Alums Raise $16 Million to Build EOS-Focused Blockchain Game Studio
- Home Crypto Miner Launched by Coinbase-Backed Start-Up at $799
If you’ve missed yesterday’s news, you can read them here: Daily Cryptocurrency News – 16th November 2018
Image source: wsj
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