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Market Update: Bitcoin Heading Towards $13k, XRP Struggles to Maintain $0.48

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Bitcoin has again gained another $1,000 to surpass $12,000 and is now approaching $13,000. While BTC holders are celebrating, XRP seems to be struggling to break above key resistance at $0.477. It is currently in a struggle to climb above a lower resistance at $0.47 at the time of writing this report.

It had earlier consolidated above the $0.4550 and $0.4580 levels and settled above the 23.6% Fib retracement level of the downward move from the $0.5086 high to $0.4455. At the time of writing, the bulls had succeeded in closing above yesterday’s trend line and broken through the resistance at $0.47.

XRP is now faced with the next resistance at $0.4770 which is caused by the 50% Fib retracement level of the downward move from the $0.5086 high to $0.4455 that prevents gains. If there is a successful break above this level then the next resistance will be $0.48, victory over which will create a free rise to above $0.485 and $0.49.

XRP could also break above another resistance at $0.5 in the short term and that could take the price even higher. If $0.48 gets too strong to break then an easier way may be a downward move to initial support at $0.46 and $0.458 and a further crash to the lower $0.445 support area before another attempt to push upward.

Meanwhile, many other altcoins are in the same condition as XRP with some struggle to continue in uptrends. ETH has so far maintained a relatively steady rise alongside BTC, reaching a price of over $330 at the time of writing.

As its gains seem to correlate with that of BTC which is expected to break above $13,000 before any major pullback, ETH could be going as high as $340 before the pullback. As for XRP and other altcoins, the pullback could worsen things and make them start all over again, but only time will tell.

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Crypto Traders Are Bullish on Ethereum, BTC, EOS, XRP, Say ETH Is ‘Significantly Undervalued’

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The crypto Twitter seems is bullish on Ethereum, EOS and XRP, in particular believing ETH price is undervalued

Ethereum, the second biggest coin by the market cap, is currently trading at $184.59, as per CoinMarketCap. Its ATH back in 2017 was around $1,200 and many still believe that the price of the coin may surge back to the old ATH and even to a new one.

Crypto Twitter still believes in ETH

Ethereum has not been aggressively promoting itself unlike some other cryptocurrency projects, making a bet on developments, not on social media presence.

The crypto trader @CryptoWelson calls ETH ‘significantly undervalued’ and says that buying ETH at the current price is still very much worthwhile as the ETH quotes are likely to surge in the long term.


Another crypto trader, @TheCryptoDog, seems to feel nostalgic about earlier years, when Ethereum in percentage brought its investors much higher yields, than Bitcoin. Back in the fall 2017, the ETH price quickly made it from around $300 to $800 and then the price got over $1,200 before dropping along with Bitcoin and other crypto assets.

A trader is bullish on BTC, ETH, XRP, EOS

A crypto trader has made a bullish forecast on several altcoins along with Bitcoin. The list includes BTC, ETH, XRP and EOS.

As per @SalsaTekila, ETH may hit the $250 level soon. Bitcoin is likely to rise to $9,300.

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IEOs took off, exhibited positive dynamics during 2019 bull run

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IEOs have been a trend in 2019 and so far, they have been viewed as a lucrative investment opportunity by many in the cryptospace. IEOs peaked in Spring this year, around the same time when the bulls made an official exit from the relentless crypto-winter. The latest Messari research report highlighted the same. The report, after analyzing over 250 IEO offering docs across 20 exchanges, concluded that only a few exchanges conducted token sales before 2019. However, it wasn’t until this year that IEOs actually gained traction.

Source: Messari

The data showed that in May alone, nearly 60 token sales raised $1,044 million. Many exchanges since have followed Binance’s suit, and most followed a similar pattern according to the research, “spiking upon listing and then falling back to earth.” Investors putting their money into Binance’s IEOs saw better returns than others, the research observed.

According to a market analysis compiled by DataLight, IEOs in 2019 have shown an overall positive dynamic, with ZB.com seeing an average return of 368%, while on OKEx, the average return per project was 192%.

Messari’s Jack Purdy stated,

“ICOs were marked by the “shitcoin waterfall” – where large discounts were given to early investors and then dumped on retail. IEOs have actually reversed this trend with many sales priced below the private round price. In conclusion, IEOs are the next logical step in token sales where third parties perform some of the work traditionally done by investment banks to underwrite, price and syndicate these offerings…”

Initial coin offerings [ICOs] during 2017 saw the price of most of these tokens surge massively. The price of the same tokens fell sharply in 2018. While a few projects were subsequently abandoned, many of those which were still operating never recovered from the crash. In the case of ICOs, anyone with a whitepaper could raise money from investors without the latter knowing the technology behind it. With no third-party entities to monitor these ICOs, scammers leveraged this opportunity and did not deliver what was promised to investors.

IEOs, on the other hand, are exchange-based. Hence, the entire mechanism is monitored by the exchange itself. With a lower risk factor, this new approach to crypto-banking is catching the interest of ICOs and traders across the world.

Source.cryptonewsz.

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Zcash’s Halo Breakthrough Is a Big Deal – Not Just For Cryptocurrencies

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Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.

The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.


An underappreciated, sideline payoff from cryptocurrency R&D is that it also generates advances within the sector’s component technologies.

The most important are occurring within the field from which the term “cryptocurrency” derives. Cryptography – essentially, the study of mathematical secrets – is as old as the exploration of ciphers in ancient times. But in the past 10 years, thanks largely to the invention of bitcoin and censorship-resistant money, it’s seen an explosion of activity.

That’s especially in the sub-field of zero-knowledge proofs, which enable the verification of facts that are derived from a secret the verifier cannot access. These advances matter because zero-knowledge proofs offer the tantalizing prospect of people transacting in confidence without accessing potentially compromising information about each other. Its potential goes beyond the narrow realm of cryptocurrencies to face the ultimate challenge of the Internet age: achieving security with privacy.

This is why a breakthrough by the Electric Coin Company, the startup behind zcash, is rich with potential. ECC had already been an engine of progress for cryptography by advancing the use of zk-SNARKS, another cryptocurrency-inspired addition to the zero-knowledge proof toolkit, with which zcash produces a provably auditable blockchain without revealing users’ addresses (a disclosure note: Digital Currency Group, CoinDesk’s parent company, is an ECC investor).

But the company’s recent announcement of Halo, a “trustless recursive” version of zero-knowledge proofs that provides a massively scalable solution to the field’s unwieldy reliance on “trusted setups,” is arguably bigger. If the discovery by ECC researcher Sean Bowe holds up to scientific scrutiny, it could one day unleash a host of powerful, real-world applications for the digital age that go far beyond cryptocurrency.

Might it even achieve the impossible: lowering  the heat that zcash CEO Zooko Wilcox and his cofounders relentlessly receive  for the 20% founder fee built into the cryptocurrency’s protocol, a deal that has delivered them millions of dollars’ worth of tokens since the launch in 2016? The founders justify the fee on the grounds that it both pays for maintenance and rewards research and development to strengthen the protocol. For now at least, this looks like a discovery that ECC can flag as money well spent – not just for zcash, but for the entire crypto ecosystem.

A proof of proofs

Halo allows a user to both prove that no one involved in the initial establishment of a large-scale zero-knowledge proof system has created a secret backdoor with which to later amend the code and that that secure state has existed over the course of ongoing updates and changes to the system. Until now the risk of fraud at setup meant that zero knowledge proofs often required elaborate, costly procedures at the outset to instill confidence in users. (A prime example was the zcash genesis “ceremony” –  recorded live on YouTube and documented in an entertaining episode for NPR’s Radiolab  – when various founders and outside particiapants based in multiple locations went to extraordinary lengths to jointly and securely create the initial key pair and then demonstrate that none of them would ever have access to the private key.)

As such, zero-knowledge proofs were too cumbersome for anything other than privately proving small one-off facts. Repeating the inefficient, time-consuming trusted setup over and over again was costly. To be sure, one-off trustless solutions known as “bulletproofs” have been around since 2017, but they lack the recursive quality needed to verify the ever-accumulating information within a large, growing changing database.

Halo gets around this problem by establishing an accumulated “proof of proofs,” such that the latest mathematical output contains within it a proof that all prior claims to the relevant secret knowledge have themselves been sufficiently proven through a similar process. In a dramatic compression in computational requirements, all that’s now needed to verify the veracity of the entire database’s current state is a single mathematical proof. (The way Wilcox explained it to me, the process sounded similar to the efficiency gains of Merkle tree structures, which aggregate previously hashed information into a single root hash output.)

Cheap full nodes

The scaling benefits of this lightweight proofing system were illustrated with a mid-September demonstration by the EEC team using the bitcoin blockchain.  They generated a proof of the current block’s proof-of-work integrity that also contained proofs of the integrity of every preceding block, all the way down the chain to Satoshi Nakamoto’s genesis block of January 3, 2009.

In light of the  fraught debates  in the bitcoin community over full nodes, decentralization and block sizes, this sounds like game-changer material. While there will still need to be nodes that read the full blockchain to identify transactions, the overall task of verifying the integrity of a blockchain could become a much less costly problem for the network as a whole. Ordinary users could achieve the ease-of-use and efficiency they need but do so with their own full verification nodes. It would thus negate the need for so-called SPV wallets, which rely on others to verify on the user’s behalf and so create a trust problem. For the network, the result could be greater decentralization at a lower cost.

The ECC is planning to integrate Halo into the zcash blockchain as a Layer 1 scaling solution. If it works, the zcash network might much more cheaply handle significantly larger amounts of on-chain data. This is a markedly different approach to the scaling problem from the Layer 2 model favored by bitcoin supporters of the Lightning Network, where scale is achieved by taking transactions off chain. If it works for zcash, one wonders whether bitcoin cash developers will be tempted to integrate it into their protocol to lower the cost of maintaining the larger blocks they adopted in the contentious 2017 fork from Bitcoin Core.

Bigger visions

But it’s the potential for non-cryptocurrency solutions that makes Halo an especially exciting prospect. Wilcox even claims Halo “may turn out to be a building block for the next generation of the Internet and other such social infrastructure.”

In a conversation, he pointed to the vulnerabilities of large, ever-changing centralized databases such as that of the famously hacked credit scorer Equifax, as well as those of different states’ DMV outlets and of siloed medical record custodians. All must share information with other parties but struggle with the risks of doing so. “Now instead of them spitting out copies of a full report of the data, they keep the only copy but spit out zero knowledge proofs,” Wilcox said.

The ideal, however, would be to dispense with the centralized record-keeper entirely. Wilcox thinks Halo-like zero-knowledge proofs will pave the way. Taking the prior example one step further, he said, “What if instead of me saying ‘here is a proof that Equifax says I haven’t had any defaults over the last 10 years,’ I can say ‘here is a proof from all the 100 people that have lent to me over the past 10 years and each of them attests to me not having defaulted?”

Getting to such a utopia won’t happen quickly. Regulation, corporate incumbency and behavioral inertia will continue to pose resistance. And, to be clear, Bowe’s mathematical proof still needs to be subject to rigorous peer review.

But even if holes are found in the current iteration, they will be patched. Better versions will emerge.

The process of follow-on research that this discovery will unleash in all areas of the digital economy is undeniable. And if the world isn’t ready for such a radical reorganization of how we manage sensitive information, it will eventually be moved to adopt such changes by the relentless buildup of vulnerable databases and the ongoing attacks against them by increasingly sophisticated hackers. That’s a trend that led Juniper Research to recently assert that  cybercrime will cost the global economy a stunning $5 trillion a year by 2024.

The world badly needs fixes for these giant challenges. Cryptocurrency developers are doing as much as anybody to find them.

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