- Uruguay's Central Bank plans to test a Digital Currency!
- Decentralized AirBnB offers the first Rooms!
- Origin starts Blockchain Project for Energy Trade in Australia!
- Bitcoin Course Analysis for Week 38/2017!
Uruguay's central bank, Banco Central del Uruguay (BCU), now also appears to be working to issue its own digital currency.
According to a Central Bank announcement, a selected group of users is currently working to test a smartphone app for capital transfer. The president of the central bank, Mario Bergara, said that the digital currency would function like cash and allow cash transfers between individuals.
According to a report by the Latin American Herald Tribune, he further outlined this idea. Accordingly, it is not a question of using the smartphone for money transfers, as it is already practiced today, but rather to store invoices there and pass them from one user to another.
Whether the digital currency is to be built on a blockchain based platform is not yet clear. A start date has also not yet been announced, even if Bergara assures that the start of the pilot project is no longer remote from the future. Only certain technological aspects of the program would have to be finalized. This is a process of trial and failure, in order to ultimately end up on a promising path.
Last month, central banks around the world had launched their own digital currencies, but also balanced the use of distributed ledger technology independently. Among these financial institutions are also the Central Bank of India, who want to test a digital rupee, as well as the Federal Reserve, which considers an implementation of the DLT possible.
A company from 2008 revolutionized the hotel and rental business like no other: AirBnB. The start-up from Silicon Valley implanted with other large corporations the term "shared economy", which refers to an economic system in which resources are shared with each other instead of buying or borrowing from a central location. But now it could fall victim to a new innovation - a decentralized AirBnB called "CryptoCribs".
Shared economy & decentralization
Via AirBnB everyone can rent their own living space via an app to prospective buyers. If you have a central location in a popular city, you can either rent a whole apartment, a room or just a couch to travelers. Everyone can imagine how much the hotel industry might twirl or twirl. By means of a call system, the rent and the landlord have been adjusted according to the rent: Has the tenant left the apartment clean? Was the landlord available or did he switch to "Mute"?
This creates a reputation for each user, which helps other users to assess the person because they do not want to rent their apartment to every person.
The economic power thus circulates among private persons among tenants and landlords. Reminds of the decentralized network as we know it from Bitcoin or? Unfortunately, no.
AirBnB is a central platform. Cash flows and reputations checks go over the platform itself. The platform is thus the middleman, which we thought eliminated.
CryptoCribs
Since yesterday the page CryptoCibs goes through the subreditit of Ethereum. The site is similar in structure to AirBnB, but the first significant difference is found in the lower left corner, a drop down menu showing ETH and BTC as payment options. Although it can be converted into the usual EUR, USD, GBP and CHF, the platform accepts only crypto currencies.
CryptoCribs promotes crypto enthusiasts from all over the world. All payments are processed through their own wallet, no one can suddenly cancel further payments, everything remains under their own control.
Currently there are only a handful of apartments and rooms from the USA and France. The providers are developers for Ethereum or scientists in the blockchain area.
Even if the project is still very young, the idea seems very promising. To pay for a lodging with crypto currencies makes Bitcoin and Ethereum easier to use in everyday life.
The power supplier Origin cooperates with the Blockchain startup Power Ledger to test a new electricity trading platform.
Origin is one of the largest energy suppliers in Australia and would now like to examine together with Power Ledger how anonymised and historical customer data can be used to achieve optimizations within a peer-to-peer power grid.
In addition to higher efficiency and the associated cost savings, customers are to be given new opportunities, For example direct electricity trading among private individuals. A model that is pursued by many blockchain projects in the energy sector. From electricity consumers can become producers (e.g. by their own solar system), which can act as active and autonomous electricity traders.
In order to be able to reliably perform these electricity transactions, a tamper-proof directory or an infrastructure, such as the blockchain technology, can be provided. For this reason the energy supplier Origin has great expectations on the technology, even if it is admitted that one is still very early.
The project will start next month and go until the end of this year. During this time many transactions with Origin's customer data are to be executed and analyzed on the Power Ledger Blockchain platform.
In the meantime, the regulatory framework will also be scrutinized more closely. Finally, the electricity sector is a highly regulated industry. It is therefore necessary to ensure regulatory compliance in this case before a commercial roll out, whether in Germany or as in this case in Australia.
After a brief dip below EUR 3,000 (USD 3,585), the price has risen to EUR 3,444.57 (USD 4,116.61) and currently stands at EUR 3,184.57 (USD 3,805.88).
Image based on data from coinbase.com
Summary
- The Bitcoin course has remained constant during the week.
- After reaching a minimum of EUR 2,966.50 (USD 3,545.26), the price was able to rise to EUR 3,444.57 (USD 4,116.61), but then entered into a downtrend.
- The most important short-term resistance is EUR 3,210.48 (USD 3,836.84) and is currently being tested and the most important short-term support is EUR 3,120.83 (USD 3,729.70).
In the markets, some peace has returned. Yes, Bitcoin shifts away from China because of trade. Yes, the remarks of traditional financial service providers are not becoming more positive. But the situation has become normality, so that further statements by Dimon, especially with the well-established interest on the part of JPMorgan (or its customers) at Bitcoin, are no longer so dramatically assessed. You could see the course this week. Yes, he has sunk shortly below EUR 3,000 (USD 3,585) , but could again rise to almost EUR 3,500 (USD 4,182) . Since then, the course has been in a downtrend, but this is being tested by an uptrend that started yesterday evening.
The MACD (second panel) is positive again thanks to the upward trend, as is the MACD line (blue) above the signal (orange).
The RSI (third panel) is 63 and is bullish.
The analysis of the movements in the 60min chart speak a bullish language. A first important support is described by the uptrend and is EUR 3,120.83 (USD 3,729.70). Should this support, which coincides with the exponential moving average over two days, be broken, a second support at the week minimum, that is, at EUR 2,966.50 (USD 3,545.26), would be still to be overcome for a longer term, steeper downtrend. The first interesting resistance is that of the previously mentioned downtrend and is currently being tested. It is EUR 3,210.48 (USD 3,836.84). Overcoming the week's maximum at EUR 3,444.57 (USD 4.11.61) would be the next goal and would be a sustainable upward trend.
The long term course development
Let us consider the 240min chart as the first to assess medium and long-term developments:
Image based on data from coinbase.com
The trend reversal mentioned last week continues to apply: September was characterized by a downtrend despite all the recoveries. Although there were several attempts to overcome the exponential moving average over a week or two, none of the trials had been successful. Nevertheless, the recent uptrend seems to be trying to test the downtrend, the exponential moving average over the past week is currently being tested.
The MACD is negative according to this downtrend, but thanks to the recent uptrend, the MACD line is above the signal. The RSI is slightly bullish at 54. In the medium term, the situation is therefore slightly bullish. The most important support is at EUR 2,986.70 (USD 3,569.41) and corresponds approximately to the weighted weekly minimum. The most important resistance is currently described by the exponential moving average over two weeks, which is consistent with the resistance of the current downtrend and is at EUR 3,241.28 (USD 3,873.65). While further support in red and resistances in green have been included, these are the ones that currently determine the medium-term course development.
Let's take a look at the 1D chart:
Image based on data from coinbase.com
Furthermore, the course is also here in a downtrend. Currently, the price between the Fib retraction levels is 23.6% and 38.2%. Both levels have been tested recently. The price is still below the exponential moving average over the last two months, but this mean is currently being tested.
The MACD is now negative both with respect to the MACD line and with respect to the signal. Although the distance between the two has decreased, but the MACD line is still under the signal The RSI is slightly bearish at 45.
Overall, the long-term forecast is bearish. The most important support is described by the 38.2% Fib retraction level, as shown in the last week, at EUR 2,956.61 (USD 2,531.58). The most important resistance at the level of the 23.6% Fib retracement level is EUR 3,425.50 (USD 4,091.66).
Disclaimer: The course analysis is from the morning 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 Saturday and a great Weekend!!!
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