2017 Blockchain Global Summit – Shape The Future

The BitKan “2017 Shape the Future” Blockchain global summit has changed its location, it will now be held in Hong Kong instead of Beijing and will take place later this month on September the 20th and 21st. Tickets for the event are still available to purchase.

BitKan has changed the location of their “2017  Shape The Future“summit from Beijing to Hong Kong, where it will now be held in the Grand Hyatt Hotel where it will run from September the 20th until the 21st. Tickets start at 1888 RMB. Anyone with tickets to the Beijing event will still be entitled to use them in Hong Kong.

BitKan ,founded in 2012, have seen the development of the Chinese Bitcoin industry since the coins early days. After 5 years of growth they now have a global user base numbering in the millions. They provide useful digital currency news, OTC trading, Bitcoin wallets, mining pool monitoring and more. The company is devoted to promoting the concept of Bitcoin and the block chain within the mass media.

The “Shape the Future” Global Summit

The event will provide a platform for guests and companies to introduce the latest Bitcoin technology and products associated with Bitcoin as well as bringing their individual vision of a Bitcoin future. BitKan state that they will have over 80 guests from top tier companies, with an audience of 800 including over 200 key influencers in the media world.  Speakers include Bitmain CEO Jihan Wu, the CEO of bitcoin.com Roger Ver, John McAfee and CEO of Huobi Lin Li. The schedule has day one labelled as “Shape The Future Summit”, with day two labelled as “Blockchain Tech Sessions”. For a full, up to date line up of the guest speakers, see the Bitkan website.

The Bitcoin Documentary

The event will also see a screening of the Bitcoin “Shape the Future” documentary which witnesses the history of BTC in China. Starting from Satoshi Nakamoto’s paper in 2008, it will chart how BTC has evolved into a 40 billion USD digital asset. It will focus on what has happened over the last 9 years of Bitcoin development and the role that China has played within the BTC industry.

Have you got your tickets? What do you think of the lineup? Let us know in the comments below?

Images courtesy of BitKan, Shape the Future

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Source: 2017 Blockchain Global Summit – Shape The Future

Bitcoin’s Price Declines Anew, Hits Three-Week Low

There are three possible reasons for Bitcoin’s price hitting its three-week low of 3,300 levels, likely a correction rather than a crash

The price of Bitcoin price has declined below the $4,000-level, extending its losses in overnight trading to reach a three-week low of $3,275. This represents a 35% drop from its high of $5,000.

Put differently Bitcoin is now trading virtually flat month-on-month for the first time since mid-2017.

Possible reasons for the decline

There are several possible reasons behind the recent drop in the price of the number one virtual currency. One of these is the alleged plan by the government of China to ban the activities of various cryptocurrency exchanges in the country. The government has not formally announced any plan as such, but much rumor and innuendo abound.

Charlie Lee has been tweeting about this lately. He is the brother of BTCC CEO Bobby Lee, so many believe he has insights into the government’s plans toward Chinese exchanges. When critics pointed out that BTCC competitors OKCoin and Huobi had announced they were still open for business, Lee chortled:

 

OKCoin and Huobi are meeting with regulators tomorrow. They might soon change their tune. 😞 https://t.co/sS05td86X4

— Charlie Lee (@SatoshiLite) September 14, 2017
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Another possible reason for the price drop is the sharp criticisms made by JPMorgan CEO Jamie Dimon on Bitcoin.

Counterpoints

However, there is the possibility that even if China heavily regulates exchanges in the country, it will have small effect on Bitcoin in the long term as the over-the-counter (OTC) market for the digital currency will continue to post solid performance. China also makes up a much smaller percentage of global trading volume than in the past.

The negative comments by Dimon on Bitcoin are not also surprising since if Bitcoin goes mainstream, Dimon is likely out of a job.

Some on the /r/bitcoinmarkets subreddit, such as joyrider5, believe this is simply a technical pullback. The price touched an important psychological level ($5,000), possibly leading to a sizeable amount of profit-taking. It’s important to remember that nothing can go straight up forever, and that corrections are healthy in the long run.

Some believe that the price of Bitcoin will reach a low of $3,000 which will be followed by a rally back into the low-$4,000s and possibly beyond. Until then, Bitcoin will only regain its bullish position if it surpasses the $4,400 level.

Source: Bitcoin’s Price Declines Anew, Hits Three-Week Low

Bitcoin Price Drops Below $3,500, But Is Relief Rally In Sight?

The bitcoin-US dollar exchange (BTC/USD) rate fell to a fresh four-week low of $3,413 this morning following reports that Shanghai-based bitcoin exchange BTCC will shut down its domestic trading operations effective September 30.

As such, the announcement is the latest that supports the rumor regulators are preparing a formal ban on domestic bitcoin exchanges. Long liquidations in BTC markets have gathered pace amid fears that a confirmation from the People’s Bank of China will follow over the next few days.

According to data from CoinMarketCap, bitcoin’s price has shed 11 percent over the last 24 hours. The drop seen today has taken the week-on-week losses to 24 percent. Month-on-month, the cryptocurrency is down 19 percent.

Though driven lower by the bearish news flow, the sell-off should not come as a surprise as price action analysis favors the downside toward $3,000.

Let’s have a look at new developments on the technical charts that corroborate the bearish view presented 24 hours ago.

Daily chart

  • Yesterday’s price drop was accompanied by the highest volume since July 20. This indicates that the sell-off has substance and corroborates the bearish bias.
  • Bitcoin closed below the 50-day moving average for the first time since July 20.
  • The 38.2 percent Fibonacci retracement level has been breached to the downside. The 50 percent Fibonacci retracement level stands at $3,398.

Weekly chart

  • The chart above shows the 10-week simple moving average (SMA) is still sloping upwards, which indicates that the sell-off from the record high of $5,000 is a healthy technical correction. Moreover, at $5,000, the rally looked overstretched with the 10-week MA lagging significantly.
  • Confluence of key Fib levels is noted at the $3,400 levels [38.2 percent Fib retracement of the March low – September high and 50 percent Fib retracement of the July low – September high].

View

  • Bitcoin has already retracted close to 50 percent of the July–September rally. With the 1-hour and 4-hour RSI hovering in the oversold territory, the dips below the upward sloping 10-week SMA could be short lived.
  • A move higher to $3,750-3,800 cannot be ruled out before another round of sell-off unfolds.
  • In the long-term, BTC looks set to test $3,000 levels.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Ferris wheel via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Source: Bitcoin Price Drops Below $3,500, But Is Relief Rally In Sight?

NO2X: Breaking Bitcoin Shows No Love for the SegWit2x Hard Fork in Paris

 

“There’s no such thing as a safe hard fork,” Electrum lead developer Thomas Voegtlin corrected an audience member at the Breaking Bitcoin conference in Paris last weekend. “I would recommend to have replay protection, of course,” he added.

Community support for SegWit2x, the Bitcoin scaling proposal spearheaded by Barry Silbert’s Digital Currency Group, was virtually absent in Paris. Whenever the “2x” part of the New York Agreement was discussed in the French capital, speakers and visitors overwhelmingly considered it a risk to defend against — not a proposal to help succeed.

Electrum users, for example, will not blindly follow hash power in case of a chain-split, Voegtlin explained throughout his talk; instead, they’ll be able to choose which side of such a split they want to be on. And importantly, the lightweight wallet will implement security measures to prevent users from accidentally spending funds on both chains: “replay protection” that seems unlikely to be implemented on a protocol level if SegWit2x does fork off.

“We are ready,” Voegtlin said. “If [SegWit2x] doesn’t include replay protection, the fork detection we have in Electrum will be useful.”

Breaking Bitcoin

Inspired by the successful Scaling Bitcoin conference format, the French Bitcoin community hosted the first edition of Breaking Bitcoin two blocks from the Eiffel Tower last weekend. Bitcoin developers, academics and other technical-minded Bitcoiners gathered for a diverse program, but with the common denominator being Bitcoin’s security.

“For the past two years, the Bitcoin community has been obsessing with scale and scalability,” Kevin Loaec, managing director at Chainsmiths and co-organizer of the event, told Bitcoin Magazine. “But I’m not so worried about scale, I’m worried about mining centralization, a lack of privacy and fungibility … these kinds of things. As an industry we need to recognize there are more challenges than just scalability; hopefully this conference reflects that.”

Whereas the first Scaling Bitcoin conference two years ago was a very specific reaction to a looming block size limit increase hard fork — then put forth by Bitcoin XT — this wasn’t necessarily the motivation behind Breaking Bitcoin. Yet, once again, a controversial hard fork is looming on the horizon. This time imbedded in the BTC1 implementation developed by Bloq co-founder Jeff Garzik, the New York Agreement’s SegWit2x is scheduled to increase Bitcoin’s “base block size limit” to two megabytes by November — an incompatible protocol change that could split the Bitcoin network in two.

And it did not take much to recognize how unpopular the proposal was in Paris. Perhaps most vividly, Milan-based blockchainlab BHB led a protest campaign by distributing NO2X stickers; the Twitter hashtag was proudly added as a piece of flair to the by now well-known Make Bitcoin Great Again and UASF hats. And voices critical of the project — like Voegtlin and his call for replay protection — could consistently count on rounds of applause. From a technical perspective, the proposal is often considered — quite frankly — to be reckless.

“Unfortunately, SegWit2x […] was designed to effectively be as disruptive to the minority chain,” MyRig engineer and BIP91 author James Hilliard said on stage during the miner panel.

SegWit2x: The Arguments

Arguments against the 2x hard fork are diverse.

Perhaps its biggest problem, SegWit2x currently lacks basic safety measures to prevent unsuspecting users from losing funds. This includes, most importantly, the aforementioned replay protection, but a new address format would be similarly helpful.

Additionally, the three-month lead time for this specific hard fork is considered extremely short — assuming the goal is to prevent a chain-split in the first place. “If you ask any of the developers, they will typically want to see 18 months or two years lead time, for something with as wide an impact on all the software and hardware out there as a hard fork,” Blockstream co-founder and Hashcash inventor Dr. Adam Back noted during a Q&A session.

And if the chain does split into different networks and currencies — one following the current Bitcoin protocol and one adopting the hard fork — the question becomes which of the two gets to use the name “Bitcoin.” So far, proponents of the SegWit2x hard fork have shown no willingness to pick a new name.

This branding issue, Bitcoin Core contributor and Ciphrex co-founder Eric Lombrozo pointed out, provides yet another point of controversy.

“My personal opinion is that whomever is proposing the change, the onus is on them to demonstrate widespread support,” Lombrozo said during his talk on protocol changes. “The people that want to keep status quo don’t need to show anything. It’s the people who want to change the stuff that actually need to demonstrate there is widespread support.”

And for now, not everyone is convinced that SegWit2x does indeed have this level of support — or anything close to it. While several large mining pools, as well as a significant number of companies, have signed on to the New York Agreement, this agreement was itself drafted without any feedback from Bitcoin’s technical community nor — even more important — a reliable gauge of user sentiment.

And while some Bitcoin companies claim to represent their customers, this is — once again — not taken for granted by everyone.

“One debate I want to draw attention to,” venture capitalist Alyse Killeen pointed out, “is the debate whether businesses speak for their users. I think this is probably a debate you would only see now in this space because it’s pretty well established that businesses outside of this space do not speak for users, but it’s a debate we still have in our community. Of course they don’t.”

NO2X

If Breaking Bitcoin in Paris can be considered at all representative of SegWit2x’s community support — which, it should be noted, is not necessarily the case — the proposal will face an uphill battle to be widely accepted in November.

Indeed, some signatories of the agreement are not so sure about the hard fork anymore: Bitwala and F2Pool have publicly backed out of the agreement. And, during a mining panel in Paris, Bitfury CIO Alex Petrov ever so slightly opened the door to potentially withdrawing support as well, if both the original and the 2x chain manage to survive.

In fact, it’s not just that contentious hard forks are considered a threat to be defended against by Bitcoin’s technical community. It goes beyond that.

In the words of Bitcoin developer Jimmy Song, at the conclusion of his opening talk of the event:

“What doesn’t kill Bitcoin makes it stronger. And conferences like this prove that we’re getting better at this. We’re getting immunized to all these hard forks, and it’s creating a better Bitcoin as a result, and that’s a very good thing. We’re securing against a lot of these attacks, and figuring out ways to mitigate these threats.”

Image courtesy of Federico Tenga

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Source: NO2X: Breaking Bitcoin Shows No Love for the SegWit2x Hard Fork in Paris

Bitcoin Drops Below $4,000 as Market Mood Turns Uncertain

After mounting a modest recovery in the wake of rumored regulatory scrutiny, the price of bitcoin is back below $4,000.

The average price of bitcoin across global exchanges fell below $4,000 at roughly 3:15 UTC today, hitting a low not observed since September 10. The movement followed a period in which the bitcoin price repeatedly tested $4,000, but succeeded in staying above the barrier.

All in all, the move comes during an uncertain time for the cryptocurrency market, which has seen a period of sideways trading following a torrid first half in 2017.

With the recent decline, the price of bitcoin is up just 1.7 percent over the last month, though it has still appreciated nearly 300% this year. Likewise, the broader cryptocurrency markets have seen similar activity, rising 3.4% over the last 30 days, but declining more than 17 percent from its highest point during the period, according to CoinMarketCap.

As for the current sentiment, continued rumors that China could move to close domestic order-book exchanges have no doubt concerned more casual investors (while providing opportunities for profit-taking from long-term bulls).

Fanning the flames have been statements from notable community figures that appear to attest to the accuracy of the claims, though details on the primary sources for that information have not been forthcoming.

China-based exchanges continue to operate normally at press time, indicating they have yet to be notified of any operational changes.

Pipe dripping via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Source: Bitcoin Drops Below $4,000 as Market Mood Turns Uncertain