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Peter Schiff’s 18-Year-Old Son Beat Gold Bug At Own Game By Buying Bitcoin
Bitcoin is often called digital gold, much to the dismay of gold bugs like Peter Schiff. Unfortunately for boomers like Schiff, millennials like his son Spencer, are increasingly opting for the cryptocurrency instead.
Schiff even recently slammed his son publicly on Twitter, insulting his purchase of BTC, and calling his investing ability into question compared to his own over 30 years experience. Two months later, Spencer Schiff’s investment into crypto is now worth 60% more, while the more experienced investor’s call would have resulted in a 2% loss.
Spencer Schiff Buys The Bitcoin Dip At $10,000 In September, Up 60% Since
Peter Schiff is about as outspoken as it gets about all things finance, but the subject perhaps he likes to touch on the most, is Bitcoin.
Schiff loves to hate on the cryptocurrency, using any chance he gets to drag it through the mud, and instead try to call attention to his favorite shiny metal.
Schiff runs several operations, including a Puerto Rican bank at the center of a global tax laundering sting, and a precious metals business called SchiffGold.
Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap
He’s clearly biased against Bitcoin, but that couldn’t stop his son Spencer from buying the BTC dip around $10,000 around September 8, 2020.
The same day, Papa Schiff attempted to publicly embarrass his own son for his investment decision.
“Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job,” Schiff queried.
Spencer Schiff's investment brought over 60% ROI, while goldbugs lost money | Source: BTCUSD on TradingView.com
Okay Boomer: Why Cryptocurrency Will Outpace Gold Henceforth
Turns out, that college kid focusing on finance like his dear Dad, ended up beating Pops at his own game. Peter Schiff’s more than 30 years of investing couldn’t outperform his own son’s two months’ worth of Bitcoin position.
Schiff, however, would never admit defeat, and would rather continue to smear his son’s namesake just to bash Bitcoin further.
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
But Boomers like Schiff are on the way out. The gold that they’ve held so dearly for decades, can’t hold a candle to cryptocurrencies in the digital age.
Aside from looking pretty, precious metals only have rarity and some utility in manufacturing. Cryptocurrencies like Bitcoin go so far beyond this, and the world is witnessing the slow deterioration of gold due to the emergence of the first-ever digital asset.
The start of Bitcoin’s outperformance over gold is only just beginning, and Boomers like Schiff will be left in the dust this time around while mistrusting millennial investors will pick math and code any day of the week.
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Rich Dad Poor Dad Author: Bitcoin Rally Shows U.S. Dollar Is “Dying”
Bitcoin has been a tear in recent months, rallying 50% in the past four or five weeks alone.
Robert Kiyosaki says that the rally in the price of Bitcoin against gold and silver (and against the dollar) shows that the U.S. dollar is “dying.”
Bitcoin Rallying Due to Death of U.S. Dollar
Bitcoin has been a tear in recent months, rallying 50% in the past four or five weeks alone. Unsurprisingly, this hasn’t gone unnoticed by investors across the globe.
Robert Kiyosaki, the famous author and entrepreneur behind the book “Rich Dad Poor Dad,” recently commented on the recent rally. He said that the rally in the price of Bitcoin against gold and silver (and against the dollar) shows that the “dollar [is] dying.
“Bitcoin boom beating gold and silver. What does that mean? It means you better buy as much as you can now. Train is moving. Dollar dying. Silver still affordable for everyone. As dollar crashes what counts is not price but how many coins of gold, silver, or Bitcoin you own.”
Bitcoin boom beating gold and silver. What does that mean? It means you better buy as much as you can now. Train is moving. Dollar dying. Silver still affordable for everyone. As dollar crashes what counts is not price but how many coins of gold, silver, or Bitcoin you own.
— therealkiyosaki (@theRealKiyosaki) November 13, 2020
Kiyosaki also recently added that he thinks investors should buy Bitcoin and silver no matter who wins the presidential election. The investor has long waged a war against the U.S. central bank, the U.S. Federal Reserve, for printing dollars to the tune of billions or trillions each year:
“Obviously I want Trump to win. We have written two books together. His sons are friends. Yet I support your right to vote for your choice. Regardless who wins keep buying gold silver Bitcoin. Bitcoin born 2009. Real villain Fed and Treasury. Keep buying gold, silver Bitcoin.”
BTC To Outperform Dollar
Although many wouldn’t go as far as to say that the Dollar is dying, many do agree that Bitcoin will be the outperformer in the years ahead.
Stan Druckenmiller, one of the world’s most respected asset managers, recently said that he thinks the U.S. dollar will drop heavily in the years ahead. He said in that same interview with CNBC that he thinks Bitcoin is a better bet on inflation than gold, though he noted that he owns more of the precious metal than gold. He did admit, though, that he thinks Bitcoin will become a viable asset class in the years ahead.
Paul Tudor Jones, another billionaire Wall Street investor, has echoed his comments. Tudor Jones has invested in BTC as well and claimed in a research note earlier this year that owning Bitcoin is logical when the world is undergoing its most uncertain macroeconomic and geopolitical shift in many decades, potentially ever.
Many see BTC as a solid bet against macroeconomic uncertainty due to its decentralized and global properties.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
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Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped
Bitcoin has undergone a strong 50% rally over the past 30 days. The leading cryptocurrency traded as high as $16,500 just hours ago, though has since retraced toward $16,200 as buying pressure has tapered off.
While Bitcoin remains above key support levels, not all analysts think the cryptocurrency has room to extend to the upside. A crypto-asset analyst says that Bitcoin may have topped and may thus face a drop in the days ahead. Many analysts think that Bitcoin is overbought, hence the expectations of a drop in the short to medium term. The drop will likely take the coin toward the $14,000 region, analysts say.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Could Soon Correct, Analyst Says
A leading cryptocurrency trader thinks that Bitcoin has topped in the medium term above $16,300. He shared the chart below just recently, which shows the cryptocurrency’s price action over the past few weeks.
According to the trader, it is unwise to be long on the cryptocurrency right now due to weakness in the prices of equities (S&P 500, Dow Jones, other indices) and a loss of bullish momentum in the Bitcoin market:
“Almost forgot my chart today, was a little busy IRL but a challenge is a challenge. I think going into the wknd you should be very cautious with getting caught long especially with equities being bearish. Don’t see much other than we might have topped. I am flat. I’m a bit groggy but topped on LFT, I would be skewed to taking majority shorts above 16.3k until we open and close monday above this level.”
Chart of BTC's price action over the past few weeks with an analysis by crypto trader Flood (@ThinkingUSD on Twitter). Source; BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Long-Term Trend Still Intact
Analysts say that Bitcoin’s long-term trend remains intact despite recent price weakness. An on-chain analyst recently said the following, indicating how Bitcoin is still early on in its cycle:
“1/ Relative Unrealized Profit/Loss indicator: Has now entered the ‘Greed’ zone on this latest push up by #bitcoin. Sounds bad but actually we can spend large parts of the bull cycle in this area. We are still early with plenty more room to the upside to go.”
The cryptocurrency seems to have room to extend to the upside as there are still few retail investors interested in the cryptocurrency.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Top Trader: Bearish S&P 500 Means Bitcoin May Have Topped
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Bitcoin Sees 200 Days of Gains; Here’s the Key Level It Must Keep Holding
Bitcoin has been in a macro uptrend for the past 200 days, first beginning when the cryptocurrency plunged to lows of $3,800 in mid-March
Ever since, it has been rallying higher, seeing multiple consolidation phases and even a few sharp selloffs
Nonetheless, this trend has resulted in it rallying up to its post-2017 highs of $16,400 that were set yesterday evening
The crypto is now consolidating just below these highs as bulls aim at leading it to see even further near-term upside
One trader is noting that as long as the cryptocurrency remains above $11,000, it is in a macro bull trend
Bitcoin has been seeing one of the strongest and most sustainable moves higher it has seen in ages, with the benchmark cryptocurrency surging as analysts eye further upside.
This strength isn’t showing any signs of wavering, as buyers have aggressively absorbed each dip.
While sharing his thoughts on where the crypto might trend in the near-term, one trader explained that although he does expect upside, Bitcoin could technically remain in a bull market so long as it holds $11,000.
As such, there is some room for it to plunge in the near-term, which could mean that there will soon be a retrace before it can extend its momentum.
Bitcoin Continues Pushing Higher as Bulls Shatter $16,000
At the time of writing, Bitcoin is trading down marginally at its current price of $16,200. Although this marks a strong upswing from its recent lows of $14,800 set just a few days ago, it marks a slight retrace from its overnight highs of $16,500.
Where the crypto trends next will likely depend on the upcoming weekly candle close.
If this candle closes above $16,000, there’s a strong possibility that significantly further upside is imminent.
BTC Nears 200 Days of Gains as Uptrend Persists
One analyst observed that Bitcoin has been in an uptrend for nearly 200 days now.
He notes that as long as BTC holds above $11,000, its trend still greatly favors bulls.
“Bullish BTC post for continued engagement you ask? Sure. Approaching 200 days of continuous uptrending action on Renko. 4x longer than our last cycle to $14,000. It also means that anything down to $11,000 keeps us chugging along in the bullish train. Opportunity ahead.”
Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.
The coming few days should shine a light on whether or not Bitcoin will see any sharp retrace before it ascends to fresh all-time highs.
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Uniswap’s UNI is Looking “Quite Attractive” as It Rebounds from Key Support
Uniswap’s UNI token has faced some intense selling pressure throughout the past few weeks, with it being struck particularly hard by the recent downturn seen across the aggregated DeFi sector.
However, this weakness is beginning to transform into strength as buyers have sent the crypto rocketing nearly 100% from its recent lows.
The intensity of this recent uptrend indicates that bulls might be on the cusp of sparking a parabolic uptrend, with many of the so-called “blue-chip” DeFi assets all screaming higher as of late.
There’s one outstanding catalyst that could also bolster Uniswap’s UNI this week. The UNI reward LP pools that have been running for the past 57 days are about to run dry.
The selling pressure resulting from these LP incentives have been largely thought to have placed some immense downwards pressure on the cryptocurrency’s price.
Once they end, there will be less daily selling pressure placed on the token, giving it room to rally.
Uniswap’s UNI Rallies Alongside Aggregated DeFi Market
At the time of writing, Uniswap’s UNI token is trading up over 20% at its current price of $3.58.
This marks the highest price seen by the cryptocurrency in weeks and is nearly 100% above its sub-$2.00 lows set last week.
This uptrend’s intensity has come about in tandem with those seen by other benchmark DeFi assets, including Yearn.finance’s YFI token, which is also trading up nearly 20% at the time of writing.
The ongoing DeFi explosion has come about in the absence of any noticeable strength from Ethereum, which remains a backbone for the sector.
If ETH can rally higher and break past its $500 resistance, assets like Uniswap’s UNI may soon be able to climb in tandem.
Analyst: UNI Likely to Target $4.00 as Bulls Take Control
One analyst explained in a recent tweet that he is now watching for UNI’s price to rocket towards $4.00 in the near-term, noting that its chart is looking “quite attractive.”
“UNI – Beginning to look quite attractive for a long soon. Long the triangle break szn.”
Image Courtesy of UB. Source: UNIUSD on TradingView.
If the entire DeFi market continues flashing signs of strength, then UNI could be poised to see significantly further upside in the days and weeks ahead.
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Analyst: Key Amazon Stock Fractal Is “Anti-FOMO” For Bitcoin
The recent bullish breakout in Bitcoin has caused a massive wave of FOMO as late to the game buyers attempt to get in before the cryptocurrency takes off to a new all-time high.
But one sharp-eyed crypto analyst has spotted a fractal in Amazon’s post-dot-com bubble crash recovery that closely matches the cryptocurrency’s recent price action. If the fractal plays out, and there could be merit behind the expectation thanks to a rare harmonic pattern, a sizable Bitcoin crash could be on the horizon.
Amazon Fractal Should Act As “Anti-FOMO” For Bitcoin Buyers, Analysts Warns
Cryptocurrencies have drawn regular comparisons to the early dot-com days, back when projects appeared by the dozen, all boasting about being the next big thing but instead failing to deliver on promises.
The air and capital eventually came rushing out of both bubbles, bringing valuations back to reality. From the ashes of the dot-com bubble rose today’s giants like Facebook, Microsoft, Google, and Amazon.
Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap
The same could be happening again in crypto, and after a bear market, future winners like Bitcoin and Ethereum are emerging strong.
But just like those days, when the winners did begin to stand out from the crowd, the leftover overly bullish sentiment was used to torment bull who thought a full-on recovery was in effect.
Amazon stock shares' post-dot-com recovery had one last rug pull | Source: AMZN on TradingView.com
When Amazon set its first higher high following a higher low, investor enthusiasm picked up too fast, too soon, and a final correction made guessing if a bull market was back even more difficult.
In the chart above, AMZN shares plummed by more than 66% following a parabolic rise that brought the stock price to its first higher high after the dot-com bubble burst.
One crypto analyst sees several similarities between AMZN stock shares back then, and Bitcoin now, according to the chart they shared below.
A pseudonymous crypto analyst sees similarities in crypto charts | Source: BTCUSD on TradingView.com
Could A Bearish Gartley Harmonic Pattern Bring The Crypto Market One Last Crash?
A 66% collapse would take Bitcoin price back to $5,550, and would certainly put a real scare in crypto bulls convinced the asset will soon rise beyond $20,000.
There’s also no denying how bullish Bitcoin’s high timeframe chart currently looks, and there is next to no BTC available on exchanges that can even be sold into the market. So what then could cause the sudden change?
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
The stock market toppling from secular bull market highs could be a trigger. But it also could be purely market dynamics at work, depicted by a massive bearish Gartley formation that has formed on high timeframe BTC charts.
A bearish Gartley harmonic pattern could be the culprit that causes a crash | Source: BTCUSD on TradingView.com
A bearish Gartley is a rare harmonic pattern, that must follow certain measurements in price and time to become valid. While it’s not a perfectly formed Gartley, the latest high, if Bitcoin stops here, could be the pattern that sends the cryptocurrency back to test much lower.
Gartley targets typically follow Fibonacci retracement levels, much like the measurements in the pattern do. Typical targets for such a pattern often reside at the 0.618 retracement level, or what would equal a roughly 40% crash.
Bitcoin bull market corrections often reach a severity of between 30-40% according to previous cycles, which would take Bitcoin around the mid-$8,000 range.
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Polychain Now Owns 1.6% of the Yearn.finance (YFI) Supply as Uptrend Holds
Yearn.finance’s YFI governance token has seen some massive momentum today, with the cryptocurrency’s price rocketing higher as buyers take control of its mid-term trend.
The crypto is in the process of trying to break above its crucial near-term resistance, which sits at roughly $18,000. It has made a few breaks above this level, but each time it is met with inflows of selling pressure.
Where it trends in the near-term may depend largely on whether or not this level can be easily surmounted in the days and weeks ahead. If buyers struggle to shatter the selling pressure that sits here, it could be a grave sign that indicates downside is imminent.
The broader DeFi sector has been seeing some immense strength throughout the past few days.
This has come about as yields start increasing for the yVaults and on liquidity pairs on multiple platforms.
This will undoubtedly bolster the price action seen by yield aggregator assets, including Yearn.finance.
For it to rally higher, Ethereum must remain strong, as ETH is the DeFi ecosystem’s backbone.
Yearn.finance’s YFI Token Soars to Key Resistance
At the time of writing, Yearn.finance’s YFI token is trading up over 15% at its current price of $18,000. This marks a massive upswing from daily lows of $15,990 set just a handful of days ago.
Last week, when the cryptocurrency’s price plunged to lows of $7,500, the buying pressure here sparked a nearly instant buying frenzy that caused it to rally as high as $18,000.
The resistance here was intense and held strong ever since, but it is now showing signs of strength as bulls try to break above this key level.
This Major Fund Has Been Loading up on YFI
Polychain – a major crypto venture fund – has been loading up on Yearn.finance’s YFI token throughout the course of its recent selloff, now holding 1.6% of the total supply.
Analytics firm Santiment spoke about this in a recent tweet, explaining that some large sellers have also closed short positions on the token.
“Are we seeing the return of the DeFi darling, YearnFinance? Over the past week, the segment has dominated crypto return leaderboards. A whale has actually closed his short after Crypto Twitter went short hunting – attempting to force liquidate the whale. Meanwhile PolyChain has brought their total holdings to 470 YFI ($8m or 1.6% of the total supply).”
Image Courtesy of Santiment.
Where Yearn.finance’s YFI trends next will likely guide the entire DeFi sector, making it vital that bulls take control.
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This Indicator Shows Ethereum is Structurally Similar to Where BTC Was in 2016
Bitcoin and the aggregated cryptocurrency market have been leading altcoins higher, with Ethereum showing some immense signs of strength as it once again breaks $470
The broader crypto market is getting stronger, as altcoins are now rallying in tandem with BTC or closely following it
If this trend persists, then investor sentiment and risk appetite may continue growing, leading more investors to rotate capital into higher beta assets
This possibility is already coming to fruition, as all the blue-chip DeFi tokens have been surging throughout the past week
One analyst is noting that Ethereum may aid in this market-wide uptrend, as one reliable indicator he is watching is flashing some bullish signs
Bitcoin and the aggregated crypto market are pushing higher today, with Ethereum leading altcoins to retest their key resistance levels.
ETH is still underperforming Bitcoin heavily over a macro timeframe, but there is a chance that it will soon fly past $500 and post even further gains if the altcoin market remains strong.
In many ways – at least from a technical perspective – Ethereum is the altcoin market’s backbone.
This could be good for the higher risk tokens, as one analyst is noting that ETH’s high time frame RSI is flashing signs similar to those seen by Bitcoin in 2016 – before it posted a massive bull rally.
Ethereum Rallies as Bitcoin Lifts Market Higher
At the time of writing, Ethereum is trading up just under 2% at its current price of $471.
It still has a way to go before it can shatter the resistance it faces at $500 – which will likely be a strong resistance level.
A break above this level would allow it to gain ground against Bitcoin and likely spark a second wave of altseason.
Analyst Claims ETH’s RSI is Similar to That Seen by Bitcoin in 2016
One trader stated that Ethereum’s high time frame RSI is similar to that seen by Bitcoin in 2016.
This means that it could soon be entering into a parabolic phase that results in exponential gains.
“More than PA i’m focusing my analysis on monthly RSI. Comparing it with 2016 BTC we have a very similar RSI structure. Once more this confirms that $ETH is primed for an imminent breakout.”
Image Courtesy of Wolf. Source: ETHUSD on TradingView.
If Ethereum’s macro price action unfolds the way it could, based on the above analysis, then this may truly be the early stages of the next market-wide bull run that garners global attention.
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Analyst: Amazon Stock Fractal Is “Anti-FOMO” For Bitcoin
The recent bullish breakout in Bitcoin has caused a massive wave of FOMO as late to the game buyers attempt to get in before the cryptocurrency takes off to a new all-time high.
But one sharp-eyed crypto analyst has spotted a fractal in Amazon’s post-dot-com bubble crash recovery that closely matches the cryptocurrency’s recent price action. If the fractal plays out, and there could be merit behind the expectation thanks to a rare harmonic pattern, a sizable Bitcoin crash could be on the horizon.
Amazon Fractal Should Act As “Anti-FOMO” For Bitcoin Buyers, Analysts Warns
Cryptocurrencies have drawn regular comparisons to the early dot-com days, back when projects appeared by the dozen, all boasting about being the next big thing but instead failing to deliver on promises.
The air and capital eventually came rushing out of both bubbles, bringing valuations back to reality. From the ashes of the dot-com bubble rose today’s giants like Facebook, Microsoft, Google, and Amazon.
Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap
The same could be happening again in crypto, and after a bear market, future winners like Bitcoin and Ethereum are emerging strong.
But just like those days, when the winners did begin to stand out from the crowd, the leftover overly bullish sentiment was used to torment bull who thought a full-on recovery was in effect.
Amazon stock shares' post-dot-com recovery had one last rug pull | Source: AMZN on TradingView.com
When Amazon set its first higher high following a higher low, investor enthusiasm picked up too fast, too soon, and a final correction made guessing if a bull market was back even more difficult.
In the chart above, AMZN shares plummed by more than 66% following a parabolic rise that brought the stock price to its first higher high after the dot-com bubble burst.
One crypto analyst sees several similarities between AMZN stock shares back then, and Bitcoin now, according to the chart they shared below.
A pseudonymous crypto analyst sees similarities in crypto charts | Source: BTCUSD on TradingView.com
Could A Bearish Gartley Harmonic Pattern Bring The Crypto Market One Last Crash?
A 66% collapse would take Bitcoin price back to $5,550, and would certainly put a real scare in crypto bulls convinced the asset will soon rise beyond $20,000.
There’s also no denying how bullish Bitcoin’s high timeframe chart currently looks, and there is next to no BTC available on exchanges that can even be sold into the market. So what then could cause the sudden change?
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
The stock market toppling from secular bull market highs could be a trigger. But it also could be purely market dynamics at work, depicted by a massive bearish Gartley formation that has formed on high timeframe BTC charts.
A bearish Gartley harmonic pattern could be the culprit that causes a crash | Source: BTCUSD on TradingView.com
A bearish Gartley is a rare harmonic pattern, that must follow certain measurements in price and time to become valid. While it’s not a perfectly formed Gartley, the latest high, if Bitcoin stops here, could be the pattern that sends the cryptocurrency back to test much lower.
Gartley targets typically follow Fibonacci retracement levels, much like the measurements in the pattern do. Typical targets for such a pattern often reside at the 0.618 retracement level, or what would equal a roughly 40% crash.
Bitcoin bull market corrections often reach a severity of between 30-40% according to previous cycles, which would take Bitcoin around the mid-$8,000 range.
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Multisig Coordination Software Nunchuk Releases Its Code
Recently-launched Bitcoin wallet Nunchuk announced today that it is making its application library, libnunchuk, open source and available to the public.
Nunchuk describes its mission as “the proliferation of multisig” and attempts to make multisig wallet security easier to achieve by offering a product that integrates some of the latest developments around partially-signed bitcoin transactions (PSBTs) and descriptor language.
“In the early days of Bitcoin, wallet vendors were often incompatible with one another, which complicated multisig setups,” according to an article from Nunchuk’s Hugo Nguyen. “Nunchuk treats descriptors and PSBTs as first-class citizens. The consequence is that you can use Nunchuk with many different hardware vendors, or easily recover a multisig wallet created by Nunchuk on other wallet software such as core.”
In an announcement about the code release shared with Bitcoin Magazine, Nunchuk explained that much of its library is built on Bitcoin Core, leveraging all of the robust advantages that this brings.
“Nunchuk’s architecture differs from other wallets’ for a number of reasons. But a major one is our decision to heavily reuse Bitcoin Core code,” according to the release. “The Nunchuk library creates a higher abstraction on top of Bitcoin Core’s inner building blocks, while reusing much of its logic such as: transaction and signature verification, PSBT, output descriptor and Branch-and-Bound coin selection algorithm.”
Additionally, the announcement indicated that the library offers hardware support, wallet management, encryption and minimal dependencies.
“Nunchuk works out of the box with any server running Electrum protocol v1.4, including GetUmbrel, electra and ElectumX,” per the announcement. “TOR proxy can also be enabled for improved privacy.”
The post Multisig Coordination Software Nunchuk Releases Its Code appeared first on Bitcoin Magazine.
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Video: Bitcoin Eclipse Attacks And How To Solve For Them
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In this episode of The Van Wirdum Sjorsnado, Aaron and Sjors discuss Eclipse attacks. More specifically, they discuss the 2015 paper “Eclipse Attacks on Bitcoin’s Peer-to-Peer Network,” written by Ethan Heilman, Alison Kendler, Aviv Zohar and Sharon Goldberg, from Boston University and Hebrew University/MSR Israel.
Eclipse attacks are a type of attack that isolates a Bitcoin node by occupying all of its connection slots to block the node from receiving any transactions, barring it from transactions other than those sent to it by the attacker. This would prevent the node from seeing what’s going on in the Bitcoin network, and potentially even trick the node into accepting an alternative (and thus invalid) version of the Bitcoin blockchain.
Aaron and Sjors explain how this type of attack could be used to dupe users and miners. They also discuss some of the solutions proposed in the paper to counter this type of attack, including solutions that have by now already been implemented in Bitcoin Core software. This includes a solution that will be included in the next Bitcoin Core software release, Bitcoin Core 0.21.0. They also mention one solution that is not included in the paper.
The post Video: Bitcoin Eclipse Attacks And How To Solve For Them appeared first on Bitcoin Magazine.
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Bitcoin Cash Might Split Again This Weekend. This Is Why (And How)
Bitcoin Cash (BCH) might split again this weekend.
The Bitcoin ABC software client forked away from the Bitcoin protocol in mid-2017 to form a cryptocurrency of its own: Bitcoin Cash. Since then, Bitcoin Cash has deployed a backwards-incompatible hard fork upgrade every six months, requiring a network-wide upgrade across all Bitcoin Cash clients. While most of these upgrades have gone through relatively smoothly, a conflict within the Bitcoin Cash community in 2018 resulted in a split between Bitcoin Cash (the side that kept the original name) and Bitcoin SV.
Now, two years later (on November 15, 12:00 UTC, to be precise), another hard fork upgrade and another dispute within the Bitcoin Cash community could once again result in a coin-split.
What Is The Dispute? (And Between Who?)
At the heart of the dispute is an upgrade called the Infrastructure Funding Plan (IFP). The IFP would, as a protocol rule, enforce that 8 percent of every block reward — the coins earned by miners — is delegated to software projects working on Bitcoin Cash, like Bitcoin ABC.
According to the Bitcoin ABC team, the IFP — sometimes also referred to as the “miner tax” — would be designated through a new organization called the Global Network Council, consisting of major miners and holders of the cryptocurrency. The Global Network Council is scheduled to meet for the first time in January 2021, but beyond that, not very many specifics have been revealed about the selection of members or the procedure to distribute funds.
Bitcoin Cash Node — a software fork of Bitcoin ABC — is an initiative by various Bitcoin Cash developers and users who oppose the IFP, and have removed the upgrade from their source code.
There are a few different reasons the IFP is controversial. Some reject the upgrade on philosophical grounds, as they believe a “miner tax” is incompatible with Bitcoin Cash’s (or Bitcoin’s) philosophy and original design. If miners earn fewer coins when mining a block, this should also result in a decrease in hash power securing the network. Other concerns with the IFP include the lack of specifics regarding the distribution of funds, and they believe the setup may end up benefiting Bitcoin ABC more than other clients. Bitcoin ABC’s attempt to push the change through despite community opposition is also a concern in itself.
Does The Hard Fork Include Any Other Protocol Changes?
Yes, both Bitcoin ABC and Bitcoin Node will deploy a new difficulty adjustment algorithm.
New Bitcoin Cash blocks (like Bitcoin blocks) should be found about once every 10 minutes on average. However, due to Bitcoin Cash sharing a mining algorithm with Bitcoin, some Bitcoin miners occasionally switch to mining Bitcoin Cash when that blockchain is more profitable to mine. Because Bitcoin Cash usually has a mere fraction of Bitcoin’s hash power, such a switch results in big swings in the amount of hash power on Bitcoin Cash. This in turn results in periodic bursts where blocks are found much faster than once every 10 minutes, followed by a jump in difficulty. The switched miners then return to mining Bitcoin, leaving the original Bitcoin Cash miners behind on a chain that is now less profitable. Moreover, the sharp decrease in hash power tends to result in a much slower rate of block production. The hash power swings make the pace of transaction confirmation on Bitcoin Cash less reliable.
To help stabilize the pace of block production, the Bitcoin ABC team originally proposed a new difficulty adjustment algorithm called Grasberg. Grasberg would include an additional change however: block production would intentionally be slowed down for a few years to correct for “historical drift.” (For a couple of reasons, including a previous difficulty algorithm, Bitcoin Cash blocks have so far been mined faster than originally scheduled.)
The additional historic drift correction was controversial within the Bitcoin Cash community, however. This was, in fact, the original motivation behind the launch of Bitcoin Cash Node, which includes an alternative difficulty adjustment algorithm called ASERT. (ASERT is also new, though it predates Grasberg and was initially rejected by the Bitcoin ABC team.)
The Bitcoin ABC team eventually conceded to the implementation of ASERT, however, thus dropping Grasberg. This means that Bitcoin Cash ABC and Bitcoin Cash Node will be compatible — except for the IFP.
Why Has Bitcoin ABC Released Two Versions Of Its Software Client?
Late last week, Bitcoin ABC announced that it will in fact release two versions of Bitcoin ABC. One version of the software will enforce the IFP protocol rule as planned. Another version, however, will not, and will therefore be fully compatible with Bitcoin Cash Node.
The Bitcoin ABC team will only work to realize its development road map on the version of their software that enforces the IFP protocol rule, however. (This road map includes a flexible block size limit and decreasing the risk that unconfirmed transactions are double-spent, among other things.) The version without the IFP protocol rule will be minimally maintained to remain compatible with Bitcoin Cash Node, without further improvements.
Is A Coin-Split Guaranteed?
Not quite.
First of all, it’s worth noting that Bitcoin Cash clients (both Bitcoin ABC and Bitcoin Cash Node) are programmed to abort the current protocol, so a hard fork upgrade is more or less necessary. The current version of Bitcoin Cash will almost certainly not live on.
And obviously, if either Bitcoin ABC or Bitcoin Cash Node fails to attract enough hash power to produce a valid blockchain at all, there will be no coin-split. Only the version that attracts sufficient hash power would live on.
A coin split would in fact only happen if both the Bitcoin ABC and Bitcoin Cash Node sides attract enough hash power to produce a viable blockchain, as long as Bitcoin Cash Node attracts more than half of the total hash power between the two.
There is one other interesting scenario where a coin-split is avoided. If Bitcoin ABC attracts more than half of all hash power between the two (and maintains this majority), Bitcoin Cash Node clients would actually follow the Bitcoin ABC blockchain. This is because the new Bitcoin ABC software would be a soft fork in respect of Bitcoin Cash Node. Its protocol rules are the same, but with the IFP rule as an added restriction.
Put differently, Bitcoin Cash Node clients will accept it if a portion of the block reward is delegated to a Global Network Council (or to anyone else), they just won’t require that this happens. Blocks that don’t delegate the IFP funds would in this scenario be rejected by a majority of miners, and therefore not make it into the blockchain at all, ensuring compatibility.
(There are some more complicated scenarios, with new hard forks, that could also lead to a coin-split — but these are less likely and beyond the scope of this article.)
What Is Likely To Happen?
Currently, Bitcoin Cash Node has much more hash power support than Bitcoin ABC: more than 80 percent at the time of writing this article, versus less than 1 percent for Bitcoin ABC. Bitcoin Cash Node also appears to have significantly more community support, and large Bitcoin Cash-supporting companies like Coinbase, Kraken and BitGo have also indicated support for Bitcoin Cash Node. It therefore seems likely that (the name) Bitcoin Cash will live on through Bitcoin Cash Node and the compatible version of Bitcoin ABC. (It would then probably also receive the “BCH” ticker on most exchanges, though some may opt for “BCHN” or another variant.)
Whether (the IFP version of) Bitcoin ABC will attract enough hash power to produce a viable blockchain remains to be seen. But if it does, it will have one strategic advantage over Bitcoin Cash Node. If it attracts more hash power than Bitcoin Cash Node, even after the split has occurred (but only up until ten blocks), the Bitcoin Cash Node blockchain would (in theory) “collapse,” and essentially disappear as Bitcoin Cash Node clients would accept the Bitcoin ABC blockchain instead. Any coins mined on the Bitcoin Cash Node blockchain, and any coins received on the Bitcoin Cash Node blockchain, would disappear with it. If Bitcoin ABC attracts enough hash power to even just make this a viable scenario, it might undermine trust in Bitcoin Cash Node, potentially only helping Bitcoin ABC further. (In practice, however, this unlikely scenario could itself be countered by the Bitcoin Cash Node scenario through another protocol upgrade.)
All things considered, however, it seems most likely that Bitcoin Cash Node will live on as “Bitcoin Cash,” and Bitcoin ABC will create a “new” cryptocurrency, most likely to also be called “Bitcoin ABC” (and probably with the ticker “BAB”).
I Hold BCH. Do I Need To Do Anything?
If you hold the private keys yourself, you don’t need to do anything. If a split happens, you will have access to both coins. (You might have to upgrade to new client/wallet software, depending on your client/wallet software.)
You might want to hold off from sending coins shortly before and after the hard fork happens, however. Because neither Bitcoin Cash ABC nor Bitcoin Cash Node implemented replay protection, sending one of the coins could accidentally result in sending the equivalent on the other blockchain. To be sure this doesn’t happen, wait until there is more clarity on this issue.
You might also want to hold off from receiving coins on the Bitcoin Cash Node blockchain. Although the risk seems slim, this blockchain could potentially “collapse” into the Bitcoin ABC blockchain if the latter attracts more hash power, and the coins you received will disappear with it. To be absolutely sure this doesn’t happen, wait until there is more clarity on this issue.
If you hold your coins on an exchange (or another custodial service) and a split occurs, the exchange determines whether you receive both coins, or one of them (and which one). Several exchanges have published announcements of their plans, with most supporting the Bitcoin Cash Node side of a potential split, or both. Ask your exchange for more information (or withdraw your coins before the split).
The post Bitcoin Cash Might Split Again This Weekend. This Is Why (And How) appeared first on Bitcoin Magazine.
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Hodl Hodl Brings Non-Custodial, Bitcoin-Backed Lending Service To U.S.
Decentralized cryptocurrency exchange Hodl Hodl announced today that its lending service, Lend at Hodl Hodl, is now available to customers in the U.S.
“Lend at Hodl Hodl is a global, P2P, non-custodial, bitcoin-backed lending platform where anyone can lend or borrow stablecoins anonymously on a P2P basis,” per an announcement shared with Bitcoin Magazine.
The service allows users to create a lending contract and deposit bitcoin as collateral into its escrow directly from their wallet. The lender then transfers the loan amount outlined in the contract to the borrower and, once it is repaid, the lender releases bitcoin back to the borrower’s wallet.
As a decentralized exchange, Hodl Hodl acts more like a secure intermediary facilitating peer-to-peer (P2P) swaps between users. The Lend product is an extension of this non-custodial model.
“Unlike most existing lending platforms, Hodl Hodl does not store user’s funds, locking the collateral in the multisig escrow instead, with users holding the keys,” according to the announcement. “The platform has also eliminated the usage of fiat, to avoid any associated risks. The team believes that anonymity, no-custody and no-fiat makes it a true Bitcoin DeFi product.”
This is the first product that Hodl Hodl has extended to users in the U.S., according to the exchange.
“We have always wanted to serve U.S. customers, however some issues have tied our hands,” Max Kei, CEO of Hodl Hodl, said in the announcement. “Now, launching a Bitcoin DeFi product, we want to step beyond those issues. We see this project bringing value to the Bitcoiners all around the world, that’s why we are removing the borders. In the future, we aim to deliver more products to U.S. users.”
The post Hodl Hodl Brings Non-Custodial, Bitcoin-Backed Lending Service To U.S. appeared first on Bitcoin Magazine.
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Bitcoin Enters “Uncharted Territory” as Macro Outlook Grows Bullish
Bitcoin is holding steady above $16,000, even gaining some slight momentum above this level as buyers remain in full control
This price action has been undoubtedly bullish for the cryptocurrency, with a daily close above this level confirming that this latest push higher is more than a fleeting pump
Now that buyers have flipped this into support, it could be time for the crypto to see even further gains in the near-term
One analyst explained that he believes Bitcoin is now entering what he describes as “uncharted territory”
He notes that this type of technical strength at prices this high is unprecedented
Bitcoin has been flashing signs of immense technical and fundamental strength as of late, with the cryptocurrency continuing to push higher as bears struggle to gain any momentum.
The strength of its recent uptrend has been unwavering. Bears have attempted to reverse the trend back into their favor on multiple occasions, but strong rebounds have followed each of these dips.
The fact that buyers are aggressively buying each dip is a positive sign, and there’s a strong possibility that it will see further momentum in the near-term.
One trader explained that this is “uncharted territory” for the benchmark crypto, noting that there’s “tons of upside still ahead” for Bitcoin.
Bitcoin Stable Above $16,000 as Buyers Maintain Control
At the time of writing, Bitcoin is trading down marginally at its current price of $16,200. This is where it has been trading throughout the past day, with buyers in clear control of its price action.
Because it closed its daily candle above $16,000 and shows no signs of breaking below it anytime soon, it appears that this is now support.
As such, it may be able to target $17,000 next. Each day it is getting one step closer to reaching its all-time highs.
Analyst: Further Upside Imminent as BTC Enters “Uncharted Territory”
While sharing his thoughts about Bitcoin’s macro outlook, one analyst explained that the crypto is currently in “uncharted territory.”
He does expect it to see significantly further upside in the mid-term.
“That’s not even hopium, BTC on monthly is already in an uncharted territory with tons on upside still ahead of it. If this keeps up, I might even get to reunite with the family members I shilled crypto to in Dec ’17.”
Image Courtesy of Cryptorangutang. Source: BTCUSD on TradingView.
The coming couple of days should shine a light on the macro significance of this latest push higher, as Bitcoin’s weekly candle close is just over 2 days away.
Featured image from Unsplash. Charts from TradingView.
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DYP.Finance: A Unique Yield Farming Platform
The cryptocurrency industry has experienced a rapid growth in the past decade since the advent of Bitcoin. The first cryptocurrency opened the financial world to a world of possibilities using decentralized ledger technology (blockchain).
This development has given rise to a new sector of finance that has experienced a massive boom in 2020 named decentralized finance (DeFi). As of 2019, there was only $275 million worth of total locked-in value of crypto assets in the DeFi economy. 2020 gave rise to the massive adoption of DeFi with the total locked-in value rising multiple folds to its current value of $11 billion+.
However, it is important that you understand the core values of DeFi as several platforms have sprung up in recent months. Decentralized finance platforms operate decentralized governance based on blockchain technology and decentralized information feeds which determine interest rates and currency values.
Since there are tons of DeFi projects in the market, it is easy to get lost looking for the right protocol with potential. DYP.Finance is one of the few that operates based on the right ideals and follows excellent financial protocols to govern its platform.
Built on Ethereum Smart Contract
Smart contracts are the major driving force behind DeFi and DYP is built on one of the best smart contracts protocols available, ‘’Ethereum’’. The Ethereum smart contract network provides immutability and security for the DeFi protocol.
Ethereum is the industry leader in the DeFi industry and the DYP team has vast experience on the blockchain and has been mining Ethereum since 2017. The DeFi platform was built using popular programming languages including HTML5, CSS3, Bootstrap and Ethereum Solidity protocol.
Ethereum has the biggest DeFi market in the blockchain industry and provides DYP with a massive community of DeFi enthusiasts. Using Ethereum technology, DYP has been able to build a DeFi protocol that enables anyone to get involved with yield farming.
You can easily provide liquidity on the DYP platform and get rewards for the first time in ETH. DYP takes care of the complex details by maintaining token price stability and providing other features for DeFi end users.
Also, DYP has taken steps to audit the smart contracts and codes used on its protocol to ensure maximum security for users. This is an important factor in the DeFi industry as the presence of bugs in smart contracts poses a risk for DeFi platforms. Yam finance is a major example that saw its value drop by 99% after a bug in its smart contract prevented a governance vote from occurring.
DYP has no problems with codes properly audited and features in place to prevent such occurrence on its protocol.
A truly decentralized protocol
DeFi Yield protocol aims to change the way decentralized finance is perceived by ensuring equity in the control of funds on its platform.
A major concern by DeFi critics is that whales have the power to take control of a DeFi network with the recent controversy of SushiSwap a major example.
DYP takes care of this concern by integrating a DYP anti-manipulation feature that ensures that the rewards from supported tokens (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL) are automatically converted from DYP to ETH at 00.00 UTC.
In addition, rewards are automatically distributed to liquidity providers on the platform in a fair and transparent manner. Thus ensuring that no whale would be able to manipulate the price of DYP to their advantage. This after all is the major purpose of decentralized finance.
Also if the price of DYP is affected by more than -2.5 then the maximum DYP amount that does not affect the price will be swapped to ETH, with the remaining amount distributed in the next day rewards. After seven days, if they are still undistributed DYP rewards, a governance vote will be held on whether the remaining DYP are distributed to token holders or burnt.
Unique Token for Yield Farming and Mining Pools
DYP Finance offers a utility token that enables users to interact with the features on the DYP smart contract. Ethereum miners can join the DYP mining pool and get rewarded monthly with a 10% bonus from the ETH monthly income earned by the pool.
Also, five million DYP will be distributed to miners as an incentive to join the pool and grow the DYP platform over a period of time. Users can also stake their crypto assets to earn DYP via an automated yield farming contract.
The automated Earn Vault will distribute 75% of profits to liquidity providers while the 25% left will be used to buy back their protocol token to add liquidity and maintain token price stability. DYP was able to sell 570,000 DYP tokens worth 2,821.71 ETH during the Whitelisting & Presale round which shows the interest within the DeFi circle.
Finally
It’s not too late to join DYP finance as the DeFi platform is currently offering a Public Crowdsale offering. You can visit the sales page at https://crowdsale.dyp.finance and make an application to purchase DYP tokens. The minimum amount to participate in DYP is 0.5 ETH and the maximum contribution is 100 ETH.
DYP tokens can be withdrawn to supported wallets which includes MetaMask and TrustWallet
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Ethereum May Soon Help Altcoins to Rocket Higher; Here’s How
Ethereum and the aggregated cryptocurrency market have been consolidating for the past few days, with Bitcoin’s recent swing past $16,000 helping to provide a base of support for ETH and other altcoins.
The crypto market’s ongoing uptrend is driven almost entirely by Bitcoin, but ETH and most other major altcoins are still woefully underperforming the benchmark digital asset.
There have been some early signs of a capital rotation event away from BTC and into altcoins, with a few DeFi tokens, in particular, seeing immense momentum throughout the past several days.
Some of these tokens were able to post gains clocking in at 100% or more in a mere matter of hours, signaling that they had previously been oversold.
That being said, where they trend next – and whether they can mark their recent lows as a long-term bottom – will depend almost entirely on Ethereum.
While speaking about ETH, one trader explained that he believes it could soon help altcoins rocket higher. For this to happen, ETH/BTC will have to print some large green candles in the near-term, or else further downside could be imminent.
Ethereum Holds Steady Around $470 as Buyers Absorb Selling Pressure
At the time of writing, Ethereum is trading up just under 2% at its current price of $470. Earlier this morning, its price plunged to lows of $466 in a sharp downwards movement, but buyers rapidly stepped up and reverted this decline.
$470 appears to be an important level for ETH, and a high time frame close above it could help open the gates for it to see further upside.
If it can post a weekly candle close above this level, it could soon see some major momentum that sends it past $500.
Analyst Claims Altcoins Could Rally if ETH/BTC Can Climb
One trader explained in a recent tweet that altcoins could extend their recent momentum and further confirm their recent lows as a long-term bottom if ETH/BTC can rally.
He notes that Bitcoin seeing some slowing momentum while Ethereum rallies will provide an ideal backdrop for higher risk tokens to grow upon.
“The only explanation I have for alts pumping with BTC is that BTC will stall here and ETH / BTC is prepping another scam candle. In other words, number go up. All numbers go up.”
Image Courtesy of Mac. Source: ETHBTC on TradingView.
The coming few days should provide some serious insight into where the altcoin market will trend toward the end of the year.
It may all depend on where Ethereum’s Bitcoin pair trends.
Featured image from Unsplash. Charts from TradingView.
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Bitcoin Drops to $16K: 3 Reasons the Retest is Healthy For BTC Price Rally
The price of Bitcoin (BTC) declined to $16,000 across major exchanges after hitting $16,480 on November 14. Although the BTC price recorded a near 3% drop within 24 hours, the retest is healthy for the ongoing rally.
The 15-minuteprice chart of Bitcoin. Source: BTCUSD on TradingView.com
Reasons Why the Drop to $16k Could Actually Benefit Bitcoin
The retest of the $16,000 level benefits Bitcoin for three main reasons as numerous on-chain data points, such as stablecoin inflows, make a larger rally more likely.
First, if BTC rebounds in the near term following its minor drop to $16,000, it would confirm the $16,000 area as a support level. Even during the parabolic uptrend in 2017, when the BTC price hit $20,000, the dominant cryptocurrency struggled to establish $16,000 as a support level. This was because the rally occurred so quickly and there was no consolidation above the area.
Second, whales or high-net-worth individuals have continuously sold throughout the past several days. Since there is heightened selling pressure in the market, minor drops are healthy for the BTC price rally to be sustained.
Third, the pullback would further neutralize the derivatives market, including both futures and options contracts. Before the drop, the funding rate of BTC futures was at around 0.01%, which is an average rate. After the drop, the funding rate would neutralize even further, which would make the ongoing rally less overcrowded.
BTC Price Now in “Safe Zone” After Whales Complete Selling Cycle
Ki Young Ju, the CEO of CryptoQuant, an on-chain market analysis firm, reported on November 12 that whales were selling Bitcoin. At the time, Ju said:
“We might have some $BTC corrections here as the exchange whale ratio(24h MA) hits over 85%, but I think it won’t be a mass-dumping.”
Since then, whale inflows into exchanges have subsided and stabilized. This means that whales have started to sell less Bitcoin, applying lower selling pressure on the market.
“We got back to the safe zone. The $BTC correction was smaller than I expected. Obviously, the bull market will continue till this Exchange Whale Ratio will range between 85-90%,” Ju said on November 13.
Since there are fewer large sellers in the market, especially if Bitcoin starts to recover from its $16,000 support retest, the upside momentum of BTC price could amplify once again.
There are also an abundance of positive fundamental factors that could catalyze Bitcoin over the long run. For instance, the Federal Reserve said it would maintain its average inflation policy until 2024.
“The Federal Reserve is expecting to keep interest rates in the 0.00–0.25% range … until 2024. As inflation is positive, that translates into negative real short-term rates, leading to currency debasement for the foreseeable future,” economist Alex Krüger wrote.
Atop the optimistic fundamental and technical factors buoying the BTC price, favorable macro factors would also fuel Bitcoin as it enters 2021.
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