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Bitcoin is a ‘Fad,’ But Even NASA is Investing in Blockchain

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Bitcoin birthed the concept of blockchain technology, and now even organizations as technologically advanced as NASA are considering its benefits. Yet cryptocurrency is often described as a fad, a bubble, and even worthless.

NASA Eyes Hyperledger Blockchain for Air Traffic Management

Ronald J. Reisman, an aero-computer engineer at the NASA Ames Research Center, has put forwardblockchain to solve issues of privacy and the prevention of spoofing, denial of service, and other attacks.

He says a new system due for implementation in 2020, the Automatic Dependent Surveillance-Broadcast (ADS-B), does not provide for the protection of flight plans and positions and other state data. Reisman believes blockchain has the answer in the form of an engineering prototype built using a permissioned blockchain.

The use of an open source permissioned blockchain framework to enable aircraft privacy and anonymity while providing a secure and efficient method for communication with Air Traffic Services, Operations Support, or other authorized entities.

The proposed framework uses “certificate authority, smart contract support, and higher-bandwidth communication channels” to ensure private communication between aircraft and authorized participants.

He details how the prototype could be “economically and rapidly deployed” at scale. Reisman bases the proposal on the use of Hyperledger Fabric, a blockchain he says has been developed away from fintech and designed for enterprise use.

Many Blockchains Lack Cohesion

nasa blockchain air traffic control
NASA believes blockchain technology could improve air traffic management

Interestingly, he appears to have considered other chains. He describes these chains as lacking cohesion and flexibility due to the platforms design limitations:

Ethereum claims a >80% market share, followed by other platforms, including (in order of market share popularity): Waves, Bitcoin Fork, Stratis, Graphene, Hyperledger, Ethereum Classic, Maidsafe, Litecoin Fork, NEO, and Rootstock.

Reisman further says his paper:

Proposes to leverage an industrial-strength open-source enterprise-blockchain framework called Hyperledger Fabric to demonstrate potential solutions to vexing technical issues that threaten the adoption of ADS-B by Military, Corporate, and other aircraft operators who do not want their operations and movements discernable by the general public.

And although his approach “is not perfected” it is “based on available technology,” says the paper. This could be interpreted as a mark of approval of readiness for the wider use of blockchain globally.

But Cryptocurrency is a Fad?

Cryptocurrency and even blockchain are dismissed as a fad by many. Nobel prize-winning economist Robert Shiller called bitcoin a fad when it first reached a record high of nearly $6,000 in October 2017. Martin Walker of the Center for Evidence-Based Management (CEBMa) called blockchain a fad as well. And Jamie Dimon, CEO of JPMorgan Chase, famously called bitcoin “a fraud.” There are many examples and similar, dismissive, comments towards bitcoin and the concept of cryptocurrenc

It’s true that blockchain adoption is increasing far and away from mainstream cryptocurrency adoption. This is further illustrated by its permeation into even NASA’s technological considerations.

But how can the concept of cryptocurrency, or digital money, be considered a fad? Its underlying technology looks set to be implemented at every level of technological infrastructure.

Cryptocurrencies have a long way to go before they are used in the same way as fiat currency. One or many might emerge as a common currency for transactions. An emerging new mainstream currency may or may not end up being bitcoin.

Blockchain Use will Bolster Crypto Adoption

The point is, cryptocurrency cannot simply be dismissed. Every technology we use in the future could either be based on or interact with blockchain. Sooner or later, if blockchain becomes a foundational technology, so too must money become blockchain-based.

The ongoing adoption of blockchain by banks, governments, enterprises, and even space agencies like NASA is laying the ground for cryptocurrency use to become mainstream. The question is not if crypto is a fad, but how long will it take cryptocurrency to catch up.

That will depend much on global regulation and ultimately its use. A new report by the bank of central banks, the Bank for International Settlements, reveals 70% of banks are researching the issue of a central bank digital currency (CBDC). But so far few are in any rush to make the move.

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BTC Could “Easily” Surpass Gold in 20 Years. Mike Novogratz Says

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Many people believe that cryptocurrencies represent a revolution of similar or superior importance to other significant events such as the appearance of the Internet. The introduction of Bitcoin (BTC) and its characteristics have enthused thousands of investors and influencers with increasing effusivity.

While some believe that cryptocurrencies will disappear due to their lack of intrinsic value, others like Mike Novogratz think that blockchain technologies, and especially Bitcoin, can surpass gold as the primary means of storing value in the world.

BTC MARKETCAP COULD EASILY HIT 8 TRILLION

In an interview with Anthony Pompliano, Mr. Novogratz explained that in a span of about 20 years, Bitcoin could “easily” increase its marketcap by 100x, if technological and legal developments continue to facilitate its adoption. This would imply that we would be talking about figures close to 8 Trillion dollars in total marketcap for Bitcoin alone in the next two decades:

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet

Novogratz has always defended the idea that Bitcoin will start a new Bull run when governments develop more specific regulations that appeal to institutional investors. In this regard, he explains that it is only a matter of time before large capital investors enter the space:

“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.

Listen, the regulatory framework isn’t there yet on security tokens. We’re working really hard on our security token business and we’ve got, I think, some cool things in the hopper.”

BOW DOWN AND THANK SATOSHI!

Finally, in the climax of the interview, Novogratz’s enthusiasm was such that he even said that people should bow down and thank Satoshi Nakamoto for creating Bitcoin (BTC).

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Bitcoin Price Consolidation Continues, Downside Break Looks Likely

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  • Bitcoin’s current trading range of $3,920–$4,055 could be breached to the downside, as last week’s doji candle created at the key 21- week moving average resistance is signaling bullish exhaustion.
  • A downside break of the trading range, if confirmed, could yield a sell-off toward the support levels lined up at $3,775 and $3,658.
  • On the higher side, a UTC close above $4,055 is needed to put the bulls back into the driver’s seat, although that looks unlikely at press time.

Chart signals of bullish exhaustion suggest bitcoin’s (BTC) narrowing trading range could soon be breached to the downside.

The leading cryptocurrency by market value is sidelined below $4,000 for the fourth straight day, and has been restricted to the narrow range of $3,920–$4,055 since March 17, according to Bitstamp data.

More importantly, prices clocked a high and low of $4,055 and $3,920, respectively, last week before closing Sunday (UTC) largely unchanged at $3,970. The price swing formed what’s termed a doji candle on the weekly chart, which is usually taken to represent indecision in the marketplace.

The candle, however, has appeared following a 20 percent rally from lows near $3,300 seen at the end of January. So, it could be argued that the indecision, as represented by the doji, is predominantly among the buyers.

As a result, the probability of BTC ending the ongoing consolidation with a convincing break below $3,920 appears high.

As of writing, BTC is trading at $3,970 on Bitstamp, largely changed on a 24-hour basis.

On the daily chart, the short-term MA studies are now biased toward the bears, with the 5-day MA having dropped below the 10-day MA. Further, with the price well below the March 21 high of $4,055, the bearish outside-reversal candle created on that day is still valid.

So, the sideways channel seen in the 4-hour chart could be breached to the downside in the next day or two.

A range breakdown if confirmed would open the doors for a deeper drop toward $3,658 (Feb. 27 low).

A UTC close well above $4,055 would revive the short-term bullish view and could yield a rally toward $4,200, although gains may be short-lived, as the 21-week MA is still trending south.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

source:coindesk.

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What will it be for Bitcoin? $5,500 or $3,000?

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Although the world’s most popular cryptocurrency is still trading in its long-established range between $4,000 and $4,100, some analysts believe the moment of truth for Bitcoin is near. What will it be for Bitcoin? $5,500 or $3,000?

Bitcoin has been trading between the $4,000 and $4,100 range for the last 10 days, and today Bitcoin’s trading behaviour was no different. Bitcoin is currently trading at a price of $4,020 while showing a minor loss of -0.24%, according to coinmarketcap.com.

Most analysts are looking at the upper bound of BTC’s current trading range, the $4,200 price mark, which will most likely act as a level of serious resistance again.

However, a Switzerland-based cryptocurrency analyst, who goes by the Twitter handle, Crypto Krillin, recently took to Twitter to state that the moment of truth for Bitcoin is very near. According to the crypto trader, or BTC will fly straight towards the $5,500 price mark, or we will re-visit $3,000.

Read more: Bitcoin or Gold? Or both?

The Swiss cryptocurrency trader is not the only crypto analyst who seems to be convinced that Bitcoin’s upside target currently exists around the $5,500 price mark.

Just a few days ago, Chepicap reported that Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that Bitcoin is pointing to a promising potential for the number one cryptocurrency, hinting to an imminent surge of 35% to $5500.

Despite many analysts reporting optimistic views on Bitcoin’s near-future upward breakout, another widely recognized cryptocurrency trader known to the Twitter community as ‘The Crypto Dog’, recently came forward stating that it is still possible for Bitcoin to drop to $3,500 in the short term, adding that the market conditions haven’t changed over the last several days.

Read more: Bitcoin can surge as high as $400,000

According to crypto technical analyst known as DonAlt, we can only conclude crypto winter is over until Bitcoin crosses the $4,600 threshold and moves towards $5,000 and $6,000.

‘Volume isn’t what will convince me that the bear market is over’, he said. ‘A bullish market structure along with a break of at least $4.6k is. It’s interesting that we’ve had so many altcoin pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in.’

Source:chepicap

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