- BITCOIN COURSE CHALLENGE Week 3!
- Project Tezos: Biggest ICO threatens to fail!
- Austrian Charity Organization also accepts Bitcoin Donations!
- Chinese Search Engine Baidu joins Hyperledger Project!
- Unify Rewards: Australian University tests Crypto App!
- Bitcoin Course Analysis for Week 42/2017!
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The blockchain project Tezos collapsed shortly after its foundation. The episode symbolizes the risks on the opaque market for digital currencies.
At an Initial Coin Offering (ICO) in July, the Blockchain project Tezos had collected Bitcoin and Ether, with a total value of 232 million dollars. Never before had an investor money collected with an ICO. Now the management of Tezos has informed that the project has come to a standstill and that it is difficult to find suitable employees.
In addition, "a battle between the founders of the company and the head of the Swiss foundation, which had been deployed to give the project more independence, has brought Tezos Coins to an extreme stop until the beginning of next year," as Wall Street Journal reports.
On Wednesday the Tezos founders Arthur and Kathleen Breitman had reported the delay of the project in a blog article. The promised date in December for issuing the Tezos tokens to the investors is not expected to be met. The tokens with the name "Tezzie" have not yet been created.
In addition, the two founders of Tezos have made heavy allegations against Johann Gevers, the head of the Swiss foundation, who manages the money for the project and in which the Franco-American couple Breitman does not have any functions. According to the Breitmans, Gevers paid himself too much salary and and served himself at the investor's capital.
Arthur und Kathleen Breitman wrote:
As a result, Johann Gevers has now been suspended until the Foundation's auditor has completed his investigations. However, Johann Gevers told Reuters that he would not resign.
Johann Gevers also told Reuters:
The South African Johann Gevers is one of the leading people in the Canton of Zug "Crypto Valley". He is, among others, CEO of Monetas, a transaction platform based on the blockchain. The course of the Tezos token at the BitMEX exchange broke temporarily by more than two thirds as a result of the news about the dispute in the project management and is now as low as last October.
The Initial Coin Offering in July had been carried out by the Tezos Foundation, which is based in Zug. According to Swiss law, the foundation must be independent of the company Dynamic Ledger Solutions (DLS), which Arthur and Kathleen Breitman had founded to develop the Tezos technologies.
Therefore, the foundation holds all the funds collected. Since they were collected in the form of Bitcoin and Ether, their market value has risen from 232 million dollars to about 400 million dollars since July. Despite this positive financial development, the dispute between the company founders and Johann Gevers could now stop the entire project.
Tezos co-founder Arthur Breitman also faces legal problems with the US financial market regulator FINRA. When he founded the Tezos company Dynamic Ledger Solutions in the US state of Delaware in August 2015, he was still working for Morgan Stanley, Reuters reported.
According to FINRA, a registered employee in the securities business is obliged to inform his employer of business activities if the prospect of a higher remuneration exists. According to the "Tezos Business Plan" from the beginning of 2015, Breitman was to receive a salary of 212,180 dollars as of the third financial year.
In addition, Tezos is said to have exaggerated its progress in May this year. The Breitmans had commissioned Strange Brew Strategies to market the ICO, and their director, John O'Brien, said at the time in conversation with Reuters that "Ernst & Young, Deloitte, LexiFi, etc., had taken Tezos into their development environments."
At the beginning of October, however, a spokeswoman for the auditor Ernst & Young told Reuters: "The statement is not correct. EY did not take over Tezos. "And a spokesman for the Deloitte consultancy said Tezos' programming code was" one of many technologies "to be tested in the blockchain area. However, the technology has not yet been used for customer projects.
Now if the supervisory authorities actually act against Tezos, the company founders want to move their project according to their own data from the USA to Switzerland. Because there is not "too much supervision".
The problems at Tezos illustrate the dangers on the ICO market. Investors provide massive capital for ICO projects. They are hoping that the project will develop into the next Bitcoin. But for many of these start-ups, there are so far only ideas which they present to investors in their "White Papers". In the course of this year, according to a Bloomberg report, ICOs have already raised $ 3 billion in capital.
The Children's Emergency Fund "Youth A World Austria" accepts Bitcoin donations to motivate Bitcoin enthusiasts for donations and to ensure a transparent donation process.
Youth A World Austria has been in operation worldwide for children and young people for more than 20 years. The charity supports mainly street children with educational projects and also provides catastrophe and emergency aid.
Already in 2015, the first Bitcoin fundraising campaign was launched. With the help of numerous Bitcoin enthusiasts, the campaign was a complete success and many unaccompanied minors could be provided with SIM cards.
Bitcoin donations can be made simply and transparently via the bitcoinspenden.at site to ensure success. The collected Bitcoins are stored on hardware wallets and are exchanged quickly in Euro to avoid strong exchange rate fluctuations.
An advantage of Bitcoin donations is that the donor can track the inputs and outputs via blockchain.info, so it looks at which wallet the donation ends up. This transparency motivates more and more aid organizations around the world to accept Bitcoins, in order to counteract, among other things, corruption accusations.
Also, not every donor would like to be recognized by name. Bitcoin can provide the necessary discretion. Not without reason, some candidates in the US election campaign have also received Bitcoin donations. Of course playing at party donate other motivations a role than this is the case with an aid organization.
If you would like to support the aid organization Jugend Eine Welt Austria quickly and easily, you can do so using the following QR code:
The Google of China, Baidu, is now also a member of the Linux-based Hyperledger-Blockchain consortium.
Many of the largest global corporations and, in particular, technology companies, are members of the Hyperledger project, which is trying to develop blockchain technology and set industry standards. Other well-known members are IBM, Cisco, Accenture, JPMorgan and SAP.
It is of particular relevance that now the largest Chinese search engine is joining the consortium. For the goal of creating global standards and not just US standards, one gets a little closer to this. Key words: Diversity. The fact that Baidu has joined the consortium makes it clear how high the expectations of the merger are. It is accordingly comprehensible that China also wants to be involved in standard setting so as not to fall behind.
In a statement, Baidu states that the cooperation will help to improve the search mechanism in order to better meet the needs of users and / or inquiries.
Finally, Baidu as the largest Chinese search engine has a deep understanding of the exchange of information respectively data. These are knowledge that could benefit from the Hypeledger project, said Brian Behlendorf, Executive Director of Hyperledger.
The Australian University of New South Wales and the start-up LoyaltyX have joined together to test a new app. Unify Rewards rewards its users with the crypto currency Etherum.
The program, which is to test the new reward system, was launched at the beginning of the month and runs until 20 November. Students can scan the app or smartphone while shopping at the stores near the campus. Every 10th purchase rewards the Unify Rewards app with Etherum worth 5 Australian dollars.
LoyaltyX looks back on years of business experience. In the 1930s, Thomas Sperry and Shelley Byron Hutchinson (better known as Sperry & Hutchinson Company) introduced a reward system (Loyalty 1.0) on which the Unify Rewards app ultimately is based. When shopping in select stores one got green fairy tale, which could later be exchanged for rewards. In the 1980s, this resulted in the multi-pilot programs for the stimulation of certain purchasing behaviors.
The current project involves various departments of the university such as the School of Computer Science and Engineering or the School of Business. The university's hope and start-up is to collect data from their users using the Unify Rewards program. The main focus will be on how the behavior of the students changes as soon as the payment of Ether has begun.
The focus of the interest is the difference in the behavior of the users to the aforementioned conventional systems. The intense price fluctuations alone add a different aspect to receiving the crypto currencies and dealing with them.
Andrew Lowe, Managing Director of LoyaltyX, notes:
The Australian university is by no means the first to deal with blockchain solutions and crypto currency. For example, the Lucerne University of Applied Sciences has decided to accept Bitcoin. At many universities you can also take blockchain courses, many also integrate the crypto currency into their payment system. In March of this year, the Massachusetts Institute of Technology announced that it would provide a total of 900,000 US dollars to Bitcoin core developers.
The price rose on Friday over EUR 5,000 (USD 5,890) and thus to a new all-time high of EUR 5,248.24 EUR (USD 6,185.29).
Image based on data from coinbase.com
Summary
- The Bitcoin course has increased during the week.
- After the price fell to EUR 4.429,99 (USD 5,220.94) for the first time, the price was able to recover and entered a price of EUR 5,248.24 (USD 6,185.29) on 20 October.
- A real short-term resistance is not apparent in this rally, the most important short-term support is EUR 4.429,99 (USD 5,220.94).
It's history in the making! Bitcoin has not only exceeded the EUR 5,000 (USD 6,000), but is currently with EUR 5,248.24 (USD 6,185.29) well above this magic limit. In the current rapid price rise, there is currently no hold to be seen, so the question of a resistance hardly stands. The course is clearly above the exponential moving average over a day or two.
The MACD (second panel) is naturally positive according to these developments, but currently the MACD line (blue) is under the signal (orange). Whether this is a sign of a calming of the course can not yet be confirmed.
The RSI (third panel) stands at 78 and is thus overbought.
The analysis of movements in 60 mins. chart speak a bullish language. The most important support in this chart is given by the week minimum and is EUR 4.429,99 (USD 5,220.94). Prior to this, however, the exponential moving average values must be broken down for one or two days, which are EUR 5,016.63 (USD 5,959.47) and EUR 4,951.05 (USD 5,835.04), respectively. There is no real resistance at the moment; it was marked in the chart, but this is currently broken.
The long term course development
Where could the journey go? Let us consider the first 240 mins. chart:
Image based on data from coinbase.com
From the technical point of view, the rapid price rise can be classified within the context of the triangle pattern, which determined the price developments between 12 October and 20 October. From this chart analytic view, the rapid rise on Friday was the breakout from the triangle pattern. It goes without saying that the price since its rise is well above the exponential moving average over a week or two; even the weekly minimum only led to a test of the first-mentioned mean value.
The MACD is positive, the MACD line is above the signal. The RSI stands at 74. Over the medium term, the situation is also bullish. The most important support is defined by the exponential moving average over two weeks, currently at EUR 4,564.99 (USD 5,380.05). Before this test, however, the exponential moving average over a week, which together with the support of the triangle pattern is at EUR 4,852.30 (USD 5,718.65). Again, it is difficult to identify a resistance; the course is still too strong in an upward trend.
Let's take a look at the 1D chart:
Image based on data from coinbase.com
We can clearly see, the course is clearly beyond the previous all-time high. Since the minimum in mid-July, the course is located in an up-stream channel whose resistance is not only being tested, but also being broken.
The MACD is positive according to these positive developments, and the MACD line is above the signal. The RSI is overbought with 79.
Overall, the long-term forecast from a technical perspective is bullish. The most important support is described by the 23.6% Fib retraction level at EUR 3,425.50 (USD 4,037.11) - this is currently related to the support of the upstream channel. Here, we may be able to make a statement about the resistance: The 161.8% Fib retracement level is EUR 6,188.19 (USD 7,291.60). Who knows if the course will go so high up to October 23?
Disclaimer:
The course analysis is from yesterday evening MUT time zone and can have changed since. The price estimates presented in this post are not a recommendation to buy or sell. They are merely an estimate of me.
I wish you all a lovely Sunday and a great start in the new week!!!
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