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The global prediction market is growing at a very fast rate, and this is due to the increasing level of information available over the various fields of predictive outcomes that make up the industry such as theprediction markets and sportsbooks.
A largely redundant system
Despite how widely the awareness surrounding this industry has spread, the huge potential therein and the flexibility that it could offer to participants is yet to be achieved mainly because of the current structure of the industry. For instance, the centralized nature of traditional betting platforms implies that users deposit funds while earning no interests and more or less leaving such funds dormant for long periods of time. Also, on these platforms the rates at which betting odds are renewed or refreshed do not represent real-time data efficiently, therefore participants are deprived of the opportunities to have the best odds per time.
Another setback that comes with the existing system is the process of scanning various sportsbooks to find the best line, which is time-consuming. This process, combined with the liquidity issues discussed above, leads bettors to spend time doing monotonous, inefficient work, with a fraction of their working capital available.
Unleashing the resident potential
By implementing blockchain technology, BlitzPredict is focused on releasing the numerous underlying potentials of the betting industry to make for an efficient and trusted practice amidst improved beneficial opportunities for participants.
Such issues of trust and liquidity are still lingering among participants in the betting industry, sports betting “experts” aren’t held accountable for their predictions. Experts can lie about their track records and claim they bet at numbers that never existed. As it stands, being a successful sports betting tout is more an exercise in marketing than in accurately predicting the results of events. Also, the rivalry that exists between different analytics groups who compete independently toward the same goal, instead of cooperating makes for a non-progressive industry.
By providing a suite of smart contract tools for users to better interact with sportsbooks and prediction markets, a transparent and trusted ecosystem is being introduced by BlitzPredict. On this platform, users will be able to set up smart contracts to execute when specified criteria are met. The goal is to bring the power of an advanced betting syndicate’s tools to our users.
The blockchain efficiency
While also functioning as an aggregator of sportsbooks and prediction markets, by constantly refreshing the odds like a stock market ticker, it will be ensured that users will always get the best odds available for a given bet. Blockchain implementation streamlines the process to make prediction markets as simple to navigate as traditional sportsbooks.
One of the utmost desires of users of blockchain products is how efficient the platforms exchange process can function, especially in the spontaneous prediction market, where players want to cash out and take profit as often as they can. The Bancor protocol that is implemented by BlitzPredict enables users to convert their tokens without waiting for any third-party buyer or an external exchange. This same protocol further provides liquidity and low rates for users of the platform.
The ability to function from an independent angle is a key character in the prediction market. This can only be possible for participants when they are equipped with sufficient analytical tools that will help them understand the market direction in real time. This is one of the rare benefits that the platform offers by incentivizing sports analytics experts who contribute to the platform and work to create powerful predictive models.
Time is both constant and subjective. Technically this week passed at its usual pace, but with all eyes on today’s futures trading launch, there were spells when everything seemed to drag – not to mention lag, for anyone trying to access a bitcoin exchange at the height of the trading frenzy. Bitcoin has a tendency to go nuts mid-week. This has its upsides though, such as allowing us to file some sensible stories at the start of the week before everyone gets distracted by talk of 1,000-year bull runs.
Did we say sensible stories? Actually, scrap that, as there’s nothing remotely sensible about forking bitcoin on Christmas Day to birth a coin named Bitcoin God. While many were amused, others called blasphemy in the comments section. Later in the week, we published a guide to claiming the glut of forked coins that are incoming, for those who are so inclined. Like Bitcoin God, there’s nothing remotely sensible about Crypto Kitties, but that didn’t stop readers from gleefully lapping up news of ethereum’s blockchain congestion like kitten milk. We said:
It’s hard to say what price bitcoin reached midweek as it really depends on what exchange you were using, and indeed whether you could even access your usual exchange. Bitcoin hit $20,000 on Coinbase before the site – whose app topped the iOS charts at the height of the mania – then went down. Gdax also struggled, and there were weird goings on at Bitfinex. (What’s new?) We did our best to round up the best of the drama, including news of 200,000 unconfirmed transactions that caused the network to grind to a halt. No one was laughing at ethereum now – but no one was buying it either. Bitcoin’s giddy ascent had every single altcoin REKT and Coinbase pleading for calm.
While bitcoin traders were glued to the charts, we brought news of developments from all corners of the globe including South Korea banning futures trading and a gold mining company whose shares jumped 1,300% after switching to bitcoin. Elsewhere, in China we revealed how no less than 107 scamcoins are being investigated for, well, being scamcoins.
Bitcoin bull and independent research boutique, Fundstrat, reveals its new five indexes to monitor cryptocurrencies. Aimed at institutional investors, FS Crypto FX indexes are the most recent and prominent speculation instruments and a first for Wall Street insiders.
After bitcoin reached gold parity in Spring, highly cited Wall Street prophet Thomas Lee’s, A framework for valuing bitcoin as a substitute for gold, caught media fire.
In it, Mr. Lee, co-founder of Fundstrat Global Advisors (FGA), explicitly concluded “bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”
Divination is nothing new in the cryptocurrency space, but Mr. Lee, former analyst for JPMorgan Chase, was the first well-known trader to dabble so flagrantly.
Taking-on the standard for value, gold, was an equally gutsy move for a vested financial guru.
That bitcoin has since nearly doubled has only buttressed his legend.
Cryptoassets, essentially classifying cryptocurrencies as stand-alone equities or commodities, even basket-ing them like a mutual fund, are the financial sector’s latest attempt to mainstream digital currency.
Summer of this year saw Roger Bryan’s Digital Currency Index (DCI) become essentially an industry benchmark. It weights by price, taking an average of 30 digital currencies traded on Kraken and Bittrex. Listed currencies are determined by market capitalization, and recalculated every quarter (three months).
More recently, William Mougayar announced his eponymous High Growth Cryptoassets Index (WMX). His index uses “strategic selection” to place over one dozen currencies in order of weighted rank percentage.
Both DCI and WMX are available as products.
Fundstrat’s Mr. Lee continues to make headline howling predictions, asserting bitcoin’s trading volume could overtake that of Apple.
Daily trading of top cryptocurrencies is getting close to 4 billion USD, surprising many finance professionals and, again, aiding in Thomas Lee’s prophetic street cred.
Trading volume of the present sort could mean there is wide interest and relative excitement.
Due to the potential of both, FGA announced its own set of research indexes, FS Crypto FX. All five would measure the market’s viability and vibrancy over time.
Think of them as crypto’s answer to the S&P 500 (FGA’s indexes add up to over 600 digital currencies).
FS Crypto 10 — tracks the 10 largest and most liquid digital currencies including bitcoin, ethereum, ripple, litecoin, dash, IOTA and monero.
FS Crypto 40 — tracks the top 11 to 50 digital currencies by market value and liquidity including NEM, bitconnect and Lisk.
FS Crypto 250 — tracks the top 51 to 300 cryptocurrencies by market value and liquidity including BitcoinDark, Singular DTV and FirstCoin.
FS Crypto 300 — tracks the 300 largest digital currencies by market value and liquidity.
FS Crypto Aggregate — tracks the performance of 630 digital currencies.
For all his seeming bravado, this is but a toe dip for Mr. Lee. None of FGA’s indexes are purchasable.
More importantly, institutional investor service providers such as Mr. Lee’s company are an important first step for Wall Street to formally enter the bitcoin ecosystem in a big way.
The bitcoin exchange Localbitcoins is a business based in Helsinki, Finland, that offers a web portal for nearly every city worldwide where users can participate in over-the-counter bitcoin trades. The company was founded in 2012 and has since been a favorite trading vehicle for bitcoin proponents across the globe.
Since the hard fork that produced bitcoin cash, many individuals wondered if Localbitcoins would compensate people with BCH if they held bitcoin there before August 1. Some even talked of threatening the company with a lawsuit because Localbitcoins didn’t mention a plan for after the fork. According to the company, BCH will not be supported by the organization, but they have sold the BCH balances and have credited users with BTC.
The startup details that the BCH held on Localbitcoins was sold and “credited to customers at its corresponding value.” All of the BCH funds left on the exchange were converted to bitcoin (BTC), and the company says open trades were also considered.
“Open trades that had any balance at the time were also taken into consideration, based on who received the Bitcoin after the trade was completed or closed,”explains Localbitcoins.
Bitcoin Cash supporters were not pleasedwith the startup’s announcement telling the public they up and sold people’s BCH funds without asking. Further, the blog post references the digital currency as “Bcash” numerous times throughout the blog post and many supporters viewed this as a taunt. According to BCH supporters, the entire announcement was very “troll-like” and condescending towards the fork.
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Bitcoin Price Key Highlights
Bitcoin price is exhibiting more bullish momentum but could use a quick pullback before going on another leg higher.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, which means that the rally is more likely to resume than to reverse. The short-term moving average is in line with the ascending trend line connecting the latest lows of bitcoin price action.
This also coincides with the area of interest or former resistance at the $4400 area. A larger pullback could last until the 200 SMA dynamic support near $4200, but a break below this area could spur more declines.
Stochastic is turning down from the overbought area so bitcoin price might follow suit as this indicates a pickup in selling pressure. A bit of bearish divergence can be seen since the oscillator made lower highs while price had higher highs. RSI is also on the move down to show the presence of bearish pressure.
A move below the rising trend line support could put bitcoin price on track towards testing the longer-term range support at $3800-4000. On the other hand, a break past the recent highs could trigger a climb to the $5000 major psychological barrier.
The rise in geopolitical tension between the US and North Korea has led to a boost in bitcoin price as cryptocurrencies are usually in demand in these scenarios. Traders typically move their funds out of traditional markets like stocks and commodities while seeking higher returns in alternative assets.
Meanwhile, the dollar is also under pressure on weak NFP expectations as this could completely douse hopes of another Fed interest rate hike later this year. On the other hand, an upbeat reading could boost dollar demand against bitcoin.