NEO Token Development Maturing

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Despite the decline in crypto values, the blockchain space is maturing at a very rapid pace. Development and adoption are at all-time highs, and global interest continues to spread. Over the next few months blockchain technology is expected to move beyond the theoretical and into real-world usage. This step promises to substantially increase the significance of decentralized applications (dApps) and smart contracts. Although Ethereum stands to benefit the most from this growth, NEO is in a position to make huge gains. The number of tokens and apps on the NEO platform is accelerating, making it a clear competitor in the field.

NEO’s potential as solid rival to Ethereum is well-known (we have previously covered it in our Beginner’s guide to NEO), but until this year few NEP-5 tokens had been developed. The first, Red Pulse, ended its IPO last October, and as of March only a handful of others were available. Now the pace of token release is picking up, with more than a dozen available, and many more preparing ICOs. There is even a NEO based exchange, Switcheo, which has been live since April.

If the Ethereum team is not concerned about NEO’s present growth, it certainly should be. Although Ethereum is making progress on its roadmap, and is still far larger than NEO by all measures, there is no technical reason why NEO could not catch up in both usage and market value very quickly. It is worth noting that the vast majority of Ethereum tokens are less than two years old, and most were created when there were few other options for developers. Thus, if several hundred Ethereum tokens can be created in such a short time frame, the same can happen for NEO.

NEO’s ascendance is a very good example of the very rapid pace at which the blockchain revolution is moving. Both platforms have advantages and shortcomings, and both are backed by very talented teams. Nevertheless, in less than a year NEO has been able to firmly establish itself as one of the leaders in the space, primarily as a result of its potential as an “Ethereum killer.” The same, of course, can be said of many other dApp platforms such as Stellar, EOS, Cardano, and VeChain. All of which are relatively new and untested.

For investors, Ethereum’s substantially higher market cap should not be taken as proof that it is a notably better platform. It is certainly a fine piece of work, but the same can be said of each of its key competitors. In the long run, value will be determined by usage and technical merits, and the incoming rush of NEO tokens is proof that developers consider it worthy of mass adoption. Market valuations could change very quickly as the decentralized application marketplace matures, giving programers and consumers choices over which platform to use.

There are, of course, other factors that could influence NEO’s growth and emergence as a dominant player in the dApp space. One of Ethereum’s key advantages is its support by Eastern European nations. Estonia, in fact, is already developing Ethereum-based systems, and many more, including Russia, are rumored to be. Moving forward, NEO will need similar state support, which presumably will come from China. Any steps in this direction would be a game-changer.

It is also worth noting that tokens are rapidly under development on many platforms. For example, Traxia, and Ethereum-based token, is scheduled to migrate to the Cardano chain by the end of this year. Also, a handful of Stellar and EOS tokens have been released, with many more to follow. Simply put, the token marketplace is about to become much more diverse. NEO is in a very strong position to benefit from this, but so are many others.

The evolving landscape among the growing sector of decentralized application platforms  serves as an excellent example of how blockchain adoption is still in its very early stages. Although there is little doubt that the technology will soon be widely adopted, much has yet to be determined. Nevertheless, the growth of NEO tokens indicates that a new phase is emerging where Ethereum is far from the only option.

 

Featured Image via BigStock.

Video: Forex Trading Opportunities for the Week Ahead 2 Jul 18

Here is the video version of our Forex trading opportunities for the week ahead.

Please go here for the written summary: Forex Trading Opportunities for the week ahead

About the Author

Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is the owner of  www.fxrenew.com a provider of Forex signals from ex-bank and hedge fund traders (get a free trial). If you like Sam’s writing you can subscribe to his newsletter.

The post Video: Forex Trading Opportunities for the Week Ahead 2 Jul 18 appeared first on FX Renew.

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Forex Trading Opportunities for the Week Ahead 2 Jul 18

I plan my trading for the week ahead each weekend. Here are the Forex trading opportunities I will be stalking this week.

Note that this is my current view, but if market conditions change my view can change too. Generally I will trade in alignment with what I have noted here, though I will wait for a set-up before I enter. I base my view on technical and fundamental information. This is my beliefs and you are welcome to have opposite ones. Having a plan is more important than the actual direction for me. 

  • Wait DXY.  – MT is sideways normal. The USD has continued to consolidate around the key 95 figure with a second reversal pattern forming last week. It’s a relatively strong technical signal so we can now look for some contrarian opportunities to sell USD. Not much change on the fundamental front with trade along with economic and monetary policy divergence the main themes .
  • Wait GBP/USD. – MT is bear normal. We have moved into a bear MT but a large reversal day may push us back out of it early next week given the broad based reversals we have seen on USD and the rejection of the breakout on EURGBP. Support at 1.30 will still be a draw so this is not the highest probability reversal from a technical perspective. Brexit concerns still linger and there is a 70% chance of a rate hike priced in at the august BOE meeting.
  • Wait USD/JPY. – MT is sideways normal. We are pressing the top of the range immediate range at 111.00. Poor data (retail sales) along with an easing of risk-off concerns is supporting USDJPY. Note there are reversal patterns on a number of the crosses suggestive of more JPY weakness to come. Look to buy a break above 111.00.
  • Buy AUD/USD. Contrarian –  MT is bear normal. A double bottom has formed off the key 0.7330 figure providing a contrarian buy opportunity. Fundamentally concerns still exist particularly around trade, but given the broad based USD reversal patterns and the strength of the double bottom, the likelihood of a reversal is decent.
  • Wait EUR/USD. –  MT is sideways normal. A second reversal pattern off the key 1.16 level has formed with the easing of some political tensions in Germany with regards to immigration at last weeks EU summit. Further upside here looks likely.
  • Sell NZD/USD.  Trend –  MT is bear normal. We have taken out the key 0.6780 level but no reversal pattern has formed. Kiwi is the weakest of the majors at this point in time (excepting perhaps JPY). Fundamentally,  the RBNZ has reinforced its dovish stance and this along with concerns around trade has seen the pair sell-off rapidly in the last week.
  • Wait USD/CHF.  – MT sideways normal. The pressure remains on USDCHF after the key 1.00 level was taken out in early May. A rejection of the level again in the past week is indicative that we will see more downside with 0.98 the likely target.
  • Wait  USD/CAD. – MT is bear volatile. A key reversal day after a strong run suggests some downside ahead. A double top formed last week which has pushed the pair out of the bull MT. This is on the back of hawkish BOC sentiment along with a sharply rising oil price.
  • Wait EUR/GBP.  – MT is sideways quiet. We have rejected the recent high at 0.8850 with the formation of a bear doji. This is suggestive of GBP strength.

Crosses

  • Wait EUR/CHF. – MT is sideways normal. Wait.
  • Buy AUD/JPY.  Reversal – MT is sideways volatile. Busted breakout off the bottom of the range provides a buying opportunity.
  • Buy NZD/JPY. Contrarian  – MT is bear normal. Double bottom in place. Contrarian buy.
  • Buy GBP/JPY. Reversal – MT is sideways normal. Bullish reversal off the low. Look to buy.
  • Wait EUR/JPY. – MT is sideways normal. Wait.
  • Wait CAD/JPY.   – MT is bear volatile. Wait.
  • Wait CHF/JPY.  – MT is sideways normal. Wait.
  • Buy GBP/NZD. Trend – MT is bull normal. Look to buy.
  • Buy EUR/NZD. Trend – MT is bull normal. Continue to buy.
  • Buy AUD/NZD. Trend  – MT is bull normal. Look to buy.
  • Buy EUR/AUD. Trend – MT is bull normal. Continue to buy.
  • Wait GBP/AUD. – MT is bull normal. Minor double top in place.
  • Sell AUD/CAD. Trend – MT is bear normal. Look to sell.
  • Wait GBP/CAD. –  MT is sideways normal. Wait.
  • Wait EUR/CAD. – MT is bull volatile. Wait.
  • Sell NZD/CAD. Trend – MT is bear normal. Look to sell.
  • Wait GBP/CHF. – MT is bear normal. Minor double bottom in place.
  • Wait CAD/CHF. – MT is bear volatile. Wait.
  • Sell NZD/CHF. Trend  – MT is bear normal. Look to sell.
  • Wait AUD/CHF.  – MT is bear normal. Minor double bottom in place.

Other Markets

  • Buy USDSGD.  Trend – MT is bull normal. Continue to buy.
  • Buy USDCNH. Trend – MT is bull normal. Continue to buy.
  • Sell Gold. Trend – MT is bear normal. Continue to sell.
  • Buy Oil. Breakout – MT is bull normal. Continue to buy.
  • Wait S&P 500. – MT is sideways normal. Wait.
  • Sell DAX. Breakout – MT is bear normal. Look to sell.
  • Wait Nikkei. – MT is sideways normal. Wait
  • Buy T-Notes. Trend – MT is bull normal. Look to buy.

View bank reports and fundamental analysis in the chatroom (members only)

View the chatroom 

Economic calendar for the week ahead:

View economic calendar

(MT = Market Type: Click for more information on market types.)

Trend: Market is trending in the direction I have listed and I expect it to continue. 

Reversal: I am looking for a reversal against the current trend.

Breakout: The currency pair is breaking out of a range. 

About the Author

Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is the owner of  www.fxrenew.com a provider of Forex signals from ex-bank and hedge fund traders (get a free trial). If you like Sam’s writing you can subscribe to his newsletter.

The post Forex Trading Opportunities for the Week Ahead 2 Jul 18 appeared first on FX Renew.

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Daily Roundup – October 23, 2017

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Over on the Coinbase support portal, the longtime bitcoin exchange has clarified their stance on the upcoming hard fork related to the SegWit2x proposal. The exchange has stated their intention to list the current version of Bitcoin with the ‘BTC’ ticker.

According to CNBC, a surge in demand for bitcoin in Zimbabwe has highlighted an interesting quirk of trading involving the digital asset, in addition to the economic woes currently facing the country.

According to CoinDesk, Russian President Vladimir Putin has mandated new rules for cryptocurrencies and ICOs. The new rules include registration requirements for cryptocurrency miners and the application of securities laws to ICOs.

According to Bloomberg, Jeff Garzik, who is the key developer behind the SegWit2x proposal, is working on an alternative cryptocurrency that will be usable on multiple smart contracts-focused platforms such as Ethereum and RSK.

According to Bitcoin Magazine, Apple co-founder Steve Wozniak has stated that bitcoin is better than gold and the U.S. dollar.

Featured image via Pixabay.

The post Daily Roundup – October 23, 2017 appeared first on Crypto Insider – Bitcoin News.

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Fool’s Gold – on the upcoming Bitcoin Gold (BTG) fork

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Pyrite’s metallic sheen and pale brass-yellow hue gives it a superficial resemblance to gold, leading to the well-known nickname of “fool’s gold.”

Forks happen. I think it’s a good thing. I don’t support Bitcoin Cash (and don’t even get me started on Segwit2x), but I believe that anyone has the right to adapt open-source software to tailor it to their vision of what it should be. With Bitcoin, this ensures that the system remains fair.

In theory, it’s great that we have that safeguard, should Core fail to perform in a way that users deem acceptable. In practice, it’s an excuse for frauds, egomaniacs, and downright lunatics to attempt to enrich themselves by leveraging the weight the Bitcoin name carries.

If there were awards for “worst Bitcoin clone”, Bitcoin Gold would win every single one, by a landslide. Scheduled to fork on the 25th of October, BTG hopes to become a more decentralized alternative to Bitcoin. The most notable change is a switch from ASIC mining to GPU (moving from SHA-256 to Equihash), as well as a promise of “fair distrubution” − that’s not a typo, check out the website.

The fork requires no action on the user’s behalf. If you are in possession of your private keys, you will receive an amount of BTG equivalent to your current holdings. Contrary to the claims made by the site, however, there is no replay protection implemented as of yet. If, like myself, you’d planned on dumping it the second it hit your wallet, I’d reconsider: this effectively puts your real coins at risk.

I do agree with the team on one point − I think bitcoin copy trading platform could be more decentralized. I’m skeptical of the ASIC mining cartels that have formed. But Satoshi’s idea of “one CPU, one vote”, whilst noble, simply isn’t feasible, and switching to GPU mining isn’t going to change that.  Instead of competing with Bitcoin for hashpower, Bitcoin Gold will have to go up against the hordes of altcoins using the same algorithm.

Digging into the project throws up some red flags. It seems that they’ve attempted a few ICOs, but failed. The code is poorly written. The launch date has been changed several times. The team lied about replay protection. A lot of evidence points to the fork having secretly happened already. Oh, and for all their hard work, they’re rewarding themselves with a premine of 200,000 coins.

It’s a fairly generous sum, considering the code’s basically been copy-pasted. One programmer actually created a client for Bitcoin Gold that removes the premine (if the majority of users adopt this, the fork will remain the same, minus the blocks mined in advance). If you don’t feel like indulging these clowns in their cash-grab, but still want to mine BTG, you can find that here.

Bittrex have already made their stance clear on where they stand regarding the listing of the coins. Kraken initially issued a statement to the same effect, but later retracted it and remains undecided as of yet, and Trezor has warned of the risks associated with the incomplete code. Bitfinex, on the other hand, has implemented a Chain Split Token.

Amazingly, YoBit has been trading BTG futures for as high as 0.2 BTC with a fairly balanced order book.

What this high level of interest means is unclear − is the Bitcoin Gold team generating artificial interest? It’s probably worth noting that this could be genuine market movement, but bear in mind that YoBit doesn’t have the reputation that other exchanges do, and that you shouldn’t necessarily trust this information. More recently, Binance has also begun to trade.

The consensus amongst seasoned Bitcoin veterans seems to be that this is just another cheap imitation, being propped up by the developers to profit from their obscene premine. The project will likely be DOA. Some worry that these poorly-executed forks dilute the Bitcoin image, but I’d argue that they strengthen it. This is not the last fork by a long shot, and as more and more clones crop up, people will grow bored and stop giving them attention. It does very little to the Bitcoin brand in the long run, but creates negative stigma around forks altogether.

The real problem here is the appalling quality of the code − you only need to look at the Trello to see the myriad of unsolved issues that haven’t even been tested yet. Until replay protection has been proven implemented, I wouldn’t dignify the fork with the time of day.

Continue reading Fool’s Gold – on the upcoming Bitcoin Gold (BTG) fork

The war on the petrodollar through Bitcoin

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Established in the early 1970s, the petrodollar has secured the United States’ influence over the oil trade for over 40 years, but recently, it is clear that this monopoly is slowly beginning to fall apart – in some part due to the influence of Bitcoin and other emerging cryptocurrencies.

Background

Due to the plummeting value of the dollar, the debt from the Vietnam War, and excessive domestic spending, President Nixon abruptly pulled out of the Bretton Woods Accord, which pegged the dollar to the price of gold and based the value of other currencies on that of the dollar. Labeled the “Nixon Shock,” these actions left the country bursting with debt and low on cash, with many of its key allies such as Britain, France, and Germany questioning whether the U.S. was justified in its position as the leader of the global economy.

While the U.S. economy entered a nose dive, another geopolitical event was unfolding which exacerbated the economic free fall.

In 1973, Syria and Egypt, backed by several other Arab Nations, launched an attack on Israel which marked the beginning of the Yom Kippur War (or Ramadan War). The war placed increased pressure on oil prices, and when the United States provided Israel with financial aid and arms, the Arab Nations responded.

In 1960, the Organization of Petroleum Exporting Countries (OPEC) was formed. At the core of this organization were Kuwait, Iran, Libya, Qatar, Saudi Arabia, Iraq and the United Arab Emirates – countries which were strongly opposed to U.S. interference in the 20-day war.

Following U.S. provisions to Israel, resource rich OPEC placed an oil embargo on all those thought to have aided Israel, including the United States, Britain, Canada, Japan, the Netherlands and later South Africa and Portugal. By 1974, the price of oil quadrupled.

With the success of the embargo, and cartel’s new role as an oil price influencer, Saudi Arabia became the de facto leader of OPEC.

In 1974, desperate to return value to the U.S. dollar, President Nixon and Secretary of State Kissinger entered negotiations with the Saudi Royal Family. In the agreement, the United States would provide Saudi Arabia with arms and assist with the protection of oil fields. In exchange, Saudi Arabia was to price all oil sales in U.S. dollars and invest surplus oil proceeds in U.S. debt securities. And by 1975, all oil-producing members of OPEC followed suit. This began the reign of the petrodollar.

The petrodollar has since elevated the United States economically and politically throughout the world, but after years of unprovoked wars and geopolitical belligerence, U.S. influence is beginning to fade.

Through the years, there have been a number of attempts to move away from the petrodollar system, especially within OPEC, in which many of its members are not particularly friendly with the United States. Another strong advocate of change is Russia, which suggested to China and Japan to purchase oil in yen or yuan.

Bitcoin, the Russian Miner Coin and the Cryptoruble

A Kuwaiti finance firm, however, took this debate a step further, suggesting in 2014 that the Gulf Cooperation Council could benefit from trading oil for bitcoin. The suggestion was based on the idea that the GCC could save time and money with faster, cheaper, and more efficient transactions.

This idea has been debated back and forth for some time, with some even suggesting that the “anonymity” factor could usher in a new era of world peace. The idea is that, using a neutral “petro-bitcoin,” countries would be immune to currency manipulation from governments, which has clear global impacts. In an unbiased-blockchain could act as a great medium for doing business on a global scale.

While this is all well and good, neither the U.S. or China are looking to ease up on their power push.

China, indeed, has taken the lead in the fight against the petrodollar. In 2012, Iran began trading oil in yuan,  and earlier this year, in response to U.S. sanctions, OPEC member Venezuela began pricing its oil sales in Chinese yuan, as well. China’s biggest move, however, was its push for Saudi Arabia to do the same. One of the most notable efforts from China to tackle the petrodollar was the country’s yuan-priced crude oil benchmark, which it recently unveiled.

While China pushes for the petro-yuan, Russia is also making moves which could have serious implications for the U.S. dollar.

In addition to the Russian Miner Coin, the Kremlin announced that it will be creating a new state-endorsed cryptocurrency backed by gold. The goal of this coin is to allow free exchange between the cryptoruble and the ruble, and to reduce dependence on foreign currency while stimulating the domestic online economy.

While few details of the cryporuble are known, the technology does seem to be blockchain-based, as Putin has met with Ethereum and WAVES advisors to build the platform.

With these major moves from China and Russia, there is no doubt that the dollar will see downward pressure in the near future. As the world’s major economies vie for geopolitical power, it is worth following the growing role of bitcoin and cryptocurrencies in this story.

Continue reading The war on the petrodollar through Bitcoin

E-Chat Pre-ICO. First Decentralized Messenger with Capabilities of a Multi-currency Crypto-Wallet Is Looking for Partners

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Kindly note that this is a sponsored press release. Crypto Insider does not necessarily endorse nor take responsibility in any way, shape or form for the statements below. Due diligence is advised.


The e-Chat team announced the release of a revolutionary product on the ICO, which will undoubtedly interest both large investors and ordinary users.

What makes it so special?

When registering your account, you get an access to the multi-currency wallet with a starting bonus in the form of internal cryptocurrency. You will have the opportunity to send both cryptocurrencies and fiat money to your friends and acquaintances directly in the messenger. In addition, you can pay for services on the Internet or offline with the help of NFC and QR-codes.

The ability to store funds within the application is justified by a unique security system that includes:

  • peer-to-peer connection
  • end-to-end encryption
  • double authentication of payments, etc.

Decentralization

Now we can observe that at the request of state authorities, messengers decide what data can or cannot be exchanged. And even if the company refuses to provide such data, they can always be received using force, because all your correspondence and content on social networks are stored on physical storage media (servers) under the control of a particular country. Decentralization is the solution to this problem. As the developers say, e-Chat provides a unique protection system for its users. In order to implement it, we used technologies such as IPFS, P2P, and blockchain. e-Chat is designed in such a way that even if entire countries or continents are cut off from the Internet, the system will continue to work.

* e-Chat network encryption scheme

Multi Currency wallet

All of us observed how the cryptocurrency market increased more than 7 times from $12 billion up to $90 billion this year, while the mobile payments market in 2017 amounted to $780,000,000,000 which shows their relevance for a modern messenger. With the help of e-Chat, you can make instant transactions to your friends, pay for online and offline services, as well as payment for the services in the internal messenger ecosystem.

Cryptolike

The cryptocurrency wallet built-in the messenger gives the opportunity to take a fresh look at the interaction with the content. Having the opportunity to receive funds directly from the audience, the blogger no longer needs to make sponsorship content, while the viewer can make a like not only more visible, but also useful!

According to the developers, in a year the number of messages sent in e-Chat will amount to 1 billion per day. Right now, the experienced team is working on improving e-Chat (at the moment you can download working versions of the application for iOS and Android).

“We are looking for partners who have the opportunity to promote the product. You have the opportunity to work as the management company in your region. We see our partners as professional companies with experience in such areas as marketing, PR, IT and those who want to turn this world around, ” – the representatives of e-Chat said.

Send any questions or suggestions for cooperation to the email address partnership@echat.io. All of them will be reviewed and analyzed by the management of e-Chat.

Read more about the project on the official website – https://ico.echat.io

Unit 25A,
Wing Hing Commercial Building,
139 Wing Lok Street,
Sheung Wan, Hong Kong
+8 (528) 009-06441 – Hong Kong
https://ico.echat.io

The post E-Chat Pre-ICO. First Decentralized Messenger with Capabilities of a Multi-currency Crypto-Wallet Is Looking for Partners appeared first on Crypto Insider – Bitcoin News.

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Bitcoin Super Conference provides rare access to cryptocurrency investment opportunities that are off-limits to the public

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Kindly note that this is a sponsored press release. Crypto Insider does not necessarily endorse nor take responsibility in any way, shape or form for the statements below. Due diligence is advised.


DALLAS, TX – In February 2018, more than fifty pre-eminent blockchain developers, entrepreneurs, and venture capitalists are coming together to show around 800 attendees how they can get in on crypto and blockchain investment opportunities that are off-limits to ordinary members of the public – and set themselves up to profit from the blockchain revolution before it is too late.

The Bitcoin, Ethereum, and Blockchain Super Conference is organized by Richard Jacobs, publisher of the Future Tech Podcast and former manager of the official Bitcoin.com podcast. Headline speakers include: Tim Draper, the Billionaire venture capitalist, Erik Voorhees, one of the world’s most pre-eminent Bitcoin entrepreneurs, Charlie Shrem, founder of the Bitcoin Foundation, and more than fifty other thought leaders and respected players in the blockchain industry.

“Last time we saw a mega-growth industry like this, it was social media”, said Mr. Jacobs. “But most ordinary folks – the small guy – we couldn’t get in on the opportunity until the industry was already past its growth phase, when investors had already made their fortunes and were now offloading Facebook shares onto the public at inflated prices. What’s exciting about the blockchain revolution is that, this time around, it’s open to anyone who’s smart enough to see where cryptocurrency is heading.”

The Super Conference covers three days and includes an optional “beginners track” – a crash course for those who are new to cryptocurrency and blockchain and need to understand the industry quickly.

The main conference will feature more than fifty headline talks, which all converge around the following question: what’s the best way for regular, normal people to invest in the blockchain revolution and reap handsome profits as the technology enters the mainstream next year?

As well as the main conference and the beginners track, there will also be a complimentary hackathon for kids, teens, and young adults, providing them with the perfect opportunity to gain valuable experience in entrepreneurship, build their confidence, make new friends, and have a blast.

Registration for the Bitcoin, Ethereum, and Blockchain Super Conference is still open, though tickets are selling out faster than the organisers anticipated. Attendees who register before the end of October will benefit from a special “Early Adopter” rate and a complimentary Super Conference t-shirt.

Want to find out more about this conference? Join the free notification list over here:

https://www.bitcoinsuperconference.com/notification-list/?utm_source=CI

Alternatively, you can purchase your tickets directly from the conference website:

https://www.bitcoinsuperconference.com/attendee-registration-page/?utm_source=CI

###

Press contact:

Richard Jacobs

organizer@bitcoinsuperconference.com

(888) 984-0070

About the Bitcoin, Ethereum, and Blockchain Super Conference:

This three-day conference will be held at the Dallas Fort Worth Airport Marriot from Friday February 16th to Sunday February 18th, 2018. We are expecting more than 800 attendees, at least 35 headline speakers, and upward of 50 exhibitors – with talks from founders, developers, and early-stage investors of blockchain start-ups, including many that are planning ICOs throughout 2018.

The post Bitcoin Super Conference provides rare access to cryptocurrency investment opportunities that are off-limits to the public appeared first on Crypto Insider – Bitcoin News.

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Facebook Accepts Crypto Ads Again, But Ban On ICOs Remains

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Social media giant Facebook has finally softened its stand on crypto ads. In an announcement by the company’s product management director, Rob Leathern, Facebook said it had been reviewing the policy to find the best way to refine it. Facebook will now allow crypto ads from selected advertisers, but the ban on ICOs and binary options still holds. The ban was put in place on January 30 in order to protect Facebook users from fraudsters who hid behind ICOs and other crypto ventures and ended up making away with hundreds of millions of dollars. It had been just one of many bans for crypto ads, with other companies including Google and Twitter having taken similar measures. The price of most cryptos bled following such announcements and it’s yet to be seen if this reinstating will affect the prices positively.

Welcome Back

Leathern said that the decision to ban the ads earlier in the year had been out of concern for the users and that the bitcoin copy trading platform company had made the policy intentionally broad to allow for reviews in the future. Facebook had worked to refine the policy over the last few months and had decided to allow some crypto ads on its platforms starting June 26 “while also working to ensure that they are safe.”

However, it will not be business as usual for crypto advertisers as their ads will have to be vetted first before they are accepted on the platform. The advertisers will have to fill an application for their ads to help the company assess whether they are eligible. In the application, they’ll need to provide all the relevant information including whether the company has traded on a public stock exchange and all the licenses obtained. While this will make it harder for the advertisers, Leathern believes that in the long run, it will help rid the market of the fraudsters. Those not satisfied with the process were invited to give their feedback and Facebook promised that it would take it into consideration as it continuously revises the policy.

The news will be welcome in the crypto industry, especially now when good news in the binary options platform market have become rare. Facebook controls a huge share of the digital advertising space and advertisers will be looking to get their ads up and rolling soon.

Other digital advertising giants such as Twitter and Google are yet to lift their bans, and the crypto community hopes that Facebook’s decision will influence them to follow suit soon. Google banned crypto ads in March, stating that it had witnessed sufficient consumer harm to warrant the decision. The ban took effect in June when Google updated its financial services policy, but the ripple effect of the ban was felt within hours of the announcement. With Google and its subsidiaries such as YouTube controlling the lion’s share of the digital advertising space, the market received the news with panic. This led to a price decline for most cryptos, with Bitcoin shedding 10 percent in a few hours.

Within days of the Google ban, Twitter followed suit banning all ads related to cryptos, ICOs and crypto exchanges. The ban came at a time when regulatory uncertainty was at its peak and this led to a 7 percent price decline for Bitcoin in just a few hours, with some of the other cryptos bleeding even worse. The Twitter ban meant that the three biggest digital ads providers had banned crypto ads, a big blow to the industry. Microsoft’s search engine, Bing and popular email marketing service MailChimp also banned crypto ads, but the effect on the price of Bitcoin wasn’t as significant.

While the announcement was welcomed by most crypto enthusiasts, it hasn’t stopped many from bitcoin copy trading platform speculating about the reasons behind the move. To some, this was a desperate attempt by Facebook to increase its dwindling ads revenue and with crypto companies currently attracting a lot of investors and institutional money, the harvest is bound to be plentiful for Facebook. Following the recent data breach on the platform, people’s confidence in the site has been observed to reduce and this isn’t helped by the younger generation’s gradual migration into other social media platforms like Snapchat.

The second school of thought proposes the reason behind the lifting of the ban as Facebook’s recent interest in cryptocurrencies and the blockchain. The company commissioned a blockchain research team not too long ago which was charged with the responsibility of developing blockchain solutions which can be integrated into the company’s platforms. There have also been rumors that the company is developing its own cryptocurrency which will be used for microtransactions on the site. If its efforts are successful, Facebook would need to advertise its products on its platforms and having banned similar products, this would seem quite unethical.

Whatever Facebook’s reason was, it’s a win for the crypto industry and one can only hope that this will lead the other major platforms to follow suit.

 

Featured Image via BigStock.

CADJPY – Renewed Negative Sentiment

CADJPY

Our report of 22nd January highlighted a Bearish Head & Shoulders pattern that targeted 82.00. That point was reached during March and extended by almost 1 1/2 big figures before profit taking developed.

That rebound regained virtually exactly half of the decline from January’s high but also created what is now confirmed as a false positive break above the spot and RSI moving averages.  The importance of that move’s failure to close above the lower band of the weekly Ichimoku Cloud has now been highlighted as last week’s decline in CADJPY took RSI below its moving average line. This negative cross confirmed a similar move in spot CADJPY 4 weeks previously and emphasises a renewal of the forex broker mt4 selling pressure that dominated the early part of this year.

So we look for the downside to develop during the coming weeks. 81.63 is the first objective for CADJPY with March’s 80.54 behind that  then towards 78.67.

CADJPY

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