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Bitcoin is trading right around its former all-time high, and although a new record has been set, the crypto market has yet to see the fireworks that they had been expecting once here.
Instead, a pseudonymous technical analyst says that what the market should be anticipating instead of a direct moonshot, is “consolidation” consisting of shake-outs, deviations, and traps of all kinds before the next leg up finally arrives.
Analyst Explains What To Anticipate For Bitcoin Price Action Below ATH
Momentum is back in the crypto market, driven by a new world and new Bitcoin narratives capturing first the curiosity, then capital of investors of all degrees of wealth.
Belief in the cryptocurrency has been building, and a new wave of interest has propelled prices higher. Few would have guessed that just nine months after Black Thursday and a retest of $4,000 that Bitcoin would have already set a new all-time high.
Related Reading | Five Technical Reasons The Bitcoin Bull Trend Is Taking A Breather
The rally in 2020 left both bulls and bears in disbelief even though anyone who understands the cryptocurrency’s potential should be aware of what it’s capable of.
The market had anticipated Bitcoin smashing through its former record once it got here and not ever stopping, but instead, there have now been a couple of weeks of consolidation under resistance. And while that’s often a bullish sign that continuation will eventually follow, a breakout won’t arrive before a number of shakeouts, traps in either direction, and extreme deviations – according to one analyst.
Although Bitcoin should "consolidate" below ATH, price action will get extremely volatile | Source: BTCUSD on TradingView.com
Hold On For Dear Life: Bull Traps, Shakeouts, And Bear Traps – Oh My!
As stated, anyone who knows a thing or two about Bitcoin is likely also aware of a few other key factors. For instance, crypto investors know that post-halving, demand begins to outweigh the scarce BTC supply.
They also know that when $20,000 is breached with enough force, the parabolic phase where all of the money will be made should begin. Finally, they’re aware of the incredible valuations that the crypto asset is expected to reach from here.
Related Reading | Max Pain: Why Bitcoin Could Trade Sideways Until April 2021
Given all the potential, value, and profit to be made, isn’t it naive to assume that there won’t be plenty of violent corrections, volatile shakeouts, bull traps, and bear traps around every turn for that tightly held BTC to change hands?
The phrase “hold on for dear life,” or “HODL” was coined as a way to help investors cope with the asset’s wild volatility and not risk being shaken out, losing their precious BTC along the way.
Shakeouts are coming regardless of how bullish Bitcoin is, it is up to you if you allow yourself to be shaken enough to sell.
Featured image from Deposit Photos, Charts from TradingView.com
Image Credit: Refer to Source
Author: Refer to Source Tony Spilotro
Frontier first used composability to “outsource” the wallet’s private key management function to a third party, and then captured the initial users and traffic by providing a more DeFi interface-friendly experience.
Written by: Pan Zhixiong
Decentralized finance (DeFi) transaction aggregation and revenue aggregation have long been popular concepts, but have you ever heard that “wallets” can also be aggregated?
That’s right, this is the direction Frontier wallet is trying to cut in. Specifically, the popular wallet product Frontier does not provide the core function “key management” of cryptocurrency wallets. Instead, it positions itself as a tool for the application service layer, and then based on an open standard, the industry’s “composability” “Advantages, and leave the key management to other more professional “wallets.”
This product construction method is somewhat similar to the idea of transaction aggregation platform 1inch and income aggregation platform yearn. Before 1inch did not provide a private liquidity pool, it only aggregated the liquidity of other third-party decentralized exchanges (DEX) to provide users with a stronger trading experience; yearn did not develop its own underlying financial tools, but Rebalance among various DeFi lending and interest-bearing platforms to find higher sources of income.
Frontier Wallet’s user interface
When the underlying tools are sufficiently rich and high-quality, the aggregation layer tools will have more opportunities. They can build products with a more user-friendly experience, lower the barriers to use, and be more flexible to adapt to market trends. This is exactly where Frontier wants to go.
In fact, Frontier’s product positioning has also been adjusted. When it went online in 2019, it used “wallet” as its positioning. However, it did not provide the function of key management, and it is not a cryptocurrency wallet in the traditional sense. Recently, they have revised their website, theme colors and logo, calling themselves a “multi-chain DeFi aggregation layer”, which is different from the previous “DeFi tools for everyone-safe, simple and fun.”
Frontier has not limited itself to the Ethereum network from the early days, and is even developing its own blockchain to achieve decentralized management of private keys. Frontier co-founder Palash Jain told Lianwen, “Ethereum’s high gas fees make it impossible for retail investors to use DeFi, so there are opportunities and possibilities for other public chains. ”
Support organization
At the end of last month, Frontier announced the completion of a total of US$1.85 million in private equity financing, covering seed rounds, private equity rounds and early backers, including Alameda Research, Woodstock Fund, Mechanism Capital, NGC Ventures, CoinGecko, Spark Digital Capital and other participations.
According to official public data, 30% of the total amount of Frontier tokens are sold to seed round and private equity round investors, and a total of 1.875% will be publicly sold, which is planned to be carried out around September 11. The date and details of the follow-up will be disclosed.
How does the wallet realize aggregation?
Frontier uses a technology called TxLink to open up the relationship with other cryptocurrency wallets that manage private keys, and achieve “combinability.”
TxLink is implemented based on the Ethereum standard EIP-681. The improvement proposal of EIP-681 was proposed as early as 2017. The full name is “URL format for transaction application”. Simply put, it is the most common URL protocol to transmit transaction data, and computers and mobile phones are compatible with URL protocols.
Just like visiting the www website, EIP-681 stipulates that the parameters that need to be added in the URL include the target transaction address, quantity, transaction type, gas parameters, etc. Through this form, the data to be traded can be transferred from Frontier to other third-party wallets. , Then sign and submit to the chain to complete the transaction.
The wallets that currently support this function are Trust, Formatic, MetaMask, imToken, Coinbase Wallet, and will add support for Argent, TokenPocket and Ledger in the future. EIP-681 should be a standard that is relatively easy to integrate. It is likely that mainstream wallets will be compatible, so that the barriers between various applications of the blockchain can be opened up and data can be transferred between apps.
In terms of the speed of supporting DApp, Frontier can be more flexible and efficient, because the data and projects are open and do not need to rely on any wallet. The transaction data on the chain is also completely open on the chain, and the experience in this respect should be similar to products such as DeBank or Zerion.
Carry out multi-chain support to the end: tokens will also be issued on multiple platforms
Frontier’s brand slogan is “DeFi aggregation layer supporting multi-chain”, so multi-chain support is one of their core features. Currently supported blockchains include the most mainstream ones, such as Ethereum, Binance Chain, BandChain, Kava, Harmony and Cosmos. The upcoming support is Solana, Elrond, Polkadot, Kusama, StaFi, Edgeware, and Frontier Chain that they will develop themselves.
One of Frontier’s major investors is Alameda Research. They also recently invested in the public chain Solana-based decentralized exchange Serum, so Frontier’s native token FRONT will also be issued under Solana’s SPL standard, and it can also be carried out on the Serum platform. transaction.
In addition, the official also stated that FRONT will be issued based on Ethereum’s ERC-20 and Binance Chain’s BEP2 standards.
Next step? Public chain and smart wallet
Although Frontier has not touched the core “key” management in wallets, the management of keys in their plan is a set of less common solutions: develop a blockchain called Frontier Chain, and then Realize decentralized key management on a blockchain.
Palash Jain told Lianwen, ” Frontier Chain is a PoS blockchain based on the Cosmos SDK, which integrates a decentralized key management module, allowing users to store or retrieve private keys in a traceless and secure manner. ”
In addition, the official has announced the specific development schedule of this blockchain: Frontier Chain’s testnet is planned to be launched in the first quarter of 2021, the mainnet will be launched in the second quarter, and the decentralized management of keys will be realized in the third quarter. The decentralization of governance was achieved in the fourth quarter.
For more short-term goals, Frontier will focus on the update of wallet products. In the third quarter, Frontier plans to add a fiat currency into gold channel and launch a native application of the macOS version. In the fourth quarter, it plans to launch Frontier’s smart contract wallet and a repeater that can pay for Gas.
Token usage
FRONT, as Frontier’s native token, has been officially designed with a very rich and comprehensive use of functions, but the official specifically pointed out two points: to encourage players with smaller assets to participate in DeFi, because the current cost of the chain is too high; FRONT will provide security and governance for Frontier Chain. So FRONT is more like a tool token, and its specific value largely depends on the actual use.
In addition, the official detailed the specific uses of FRONT tokens, including:
- Staking: Frontier Chain’s native token FRONT, which can be used for staking to ensure network security;
- Gas-free transactions: By locking FRONT in the vault, users can conduct free or nearly free on-chain transactions for applications supported by Frontier;
- Incentives: FRONT tokens are motivated according to the user’s use of the application;
- Liquidity initialization: Users can get liquidity mining rewards by investing FRONT in DEX;
- Governance: FRONT will be used to create governance token gFRONT, and then conduct community governance on the platform;
- NFT acquisition and creation: content creators or institutions can use FRONT as a non-fungible token (NFT) payment tool;
- Recommendation plan: Recommend more users to use Frontier as the entrance to DeFi and get token rewards;
- Deflation model: In B2B integrated business, FRONT will be used for payment;
- More are still planned: such as discounts for access to CeFi services, mortgage loans, gamification attempts, etc.
Token distribution and fundraising situation
Frontier will issue a total of 100 million FRONT tokens. The official has made a comprehensive disclosure of the amount, quantity and token release plan of each round of fundraising. 100% circulation of all tokens will be 38 months after the tokens are launched, which is about 3 years. All tokens participating in the financing will be released after a maximum of 18 months, accounting for 30% of the total tokens.
Total : 100 million pieces
Initial liquidity after going online : 11.35%
Public offering and early supporters : 0.08 USD, 2.5% of the total tokens, no lock-up
Private sale : $0.065, accounting for 20% of the total tokens, all released after going online to the 9th month
Seed round price : $0.05, accounting for 10% of the total tokens, all released from the online to the 18th month
The specific token distribution is:
- Seed investors: 10.00%
- Private equity investors: 20.00%
- Early supporters: 0.625%
- Public offering: 1.875%
- Community: 8.00%
- Staking reward: 13.50%
- Eco: 20.00%
- Market: 6.00%
- Reserve: 10.00%
- Team: 10.00%
Is it a trend to “dig the wall” through composability?
Many people in the industry call composability the most important advantage of DeFi, but from recent trends, it can be found that it is actually a double-edged sword, because when all data, protocols, and businesses are fully open, new projects will have a lot of opportunities. Great opportunity to compete with vested interests.
Recently, a project called SushiSwap has become a hot spot in the cryptocurrency community. It cleverly uses the features of Uniswap’s unreleased native tokens and the composability advantages of DeFi, trying to migrate Uniswap’s liquidity to SushiSwap.
From the data point of view, the effect is not bad, because it forcibly adds a token model to Uniswap, so the valuation of the platform is easier to achieve. In contrast, Uniswap had only accepted equity financing before and never talked about whether it would issue tokens. And SushiSwap tokens are also very useful. The agreement will allocate a certain percentage of the overall transaction revenue to token holders. It is also because the cost of migration is so simple, so maybe there will be a fork version that is more worthy of attention.
Frontier first used composability to “outsource” the wallet’s private key management function to a third party, and then captured initial users and traffic by providing a more DeFi interface-friendly experience. According to their current plans, smart contract wallets will be released next quarter, plus Frontier Chain will be released in the future to achieve decentralization of key management, and key management functions will be added back to the wallet itself. Previously accumulated users can gradually migrate to Frontier’s full version of the wallet, and may not need to “use” a third-party wallet to achieve private key management.
Pornhub, the ninth most visited website in the world, today announced they would accept Bitcoin and Litecoin as payment options for its premium service.
The site became a pioneer in 2018 when it was the first significant adult website to accept cryptocurrency.
Since then, Pornhub has gone on to expand its range of crypto payment options. Users can already pay with Verge, Horizen, Tron, Tether, and PumaPay.
To further expand our cryptocurrency options for Pornhub Premium, we’re excited to announce that we now accept Bitcoin & Litecoin as payment methods! 🪙 https://t.co/IqHra9Pu9h
— Pornhub Premium (@pornhub_premium) September 1, 2020
What’s more, the firm also offers models the choice of payment in crypto as well. The move was a response to PayPal’s crackdown on NSFW content creators at the end of last year.
This saw an outcry from liberals who accused PayPal of discriminating against sex workers. Also, the firm took further flak on the grounds of stifling personal freedoms through censorship.
In response, a spokesperson for Pornhub said the decision by PayPal only perpetuates prejudice against sex workers. As such, the firm will continue to look into alternative payment methods, including cryptocurrency.
“Decisions like that of PayPal and other major companies do nothing but harm efforts to end discrimination and stigma towards sex workers. While we still have several payment methods for our models available, we will continue to add more sex worker friendly ones and explore cryptocurrency options in the near future.“
With today’s announcement that Bitcoin and Litecoin would be accepted for premium services, the relationship between technology and porn has never looked stronger.
Pornography is at the Forefront of Technological Innovation
The connection between tech innovation and porn is a strong one. Many point to the rise of VHS in the 1970s as a prime example of that.
Back then, porn movies accounted for half of all videotape sales in the US.
Source: depositphotos.com
But this connection isn’t because the porn industry is “in it for the tech”. No, as Ralf Gonzo Kappe, Bitcoin enthusiast and CEO of Sharesome, a NSFW social media platform, said:
“The people in the industry weren’t geniuses or tech visionaries, but they were forced to experiment and take risks just to survive, because the adult industry was always marginalized; so the technological advance was much more a product of their marginalization than any sort of vision.”
As such, it was primarily the stigma attached to porn that was the driving force behind the industry’s adoption of tech innovations.
And the same story is playing out today. But this time with cryptocurrency which also suffers from an image problem in the eyes of the general public.
Pornhub and Bitcoin, a Match Made in Heaven?
According to Pornhub Vice President Corey Price, less than 1% of users pay for the premium service using cryptocurrency.
But Price said that back in 2018 when Verge was the only crypto payment option available.
Although Pornhub has since added other cryptocurrency options, none are comparable with Bitcoin, or even Litecoin, in terms of the brand power, market cap, the number of wallets, etc.
As such, it’s likely that the appeal of big hitters, like Bitcoin and Litecoin, can further strengthen Pornhub’s drive to shake the taboo image of porn.
Image Credit: Refer to Source
Author: Refer to Source Samuel Wan
Technological advancements have improved nearly every industry over the years, but there’s one field where those upgrades have been felt more acutely. In the healthcare industry, lives are being saved thanks to the new tools available to doctors and technicians.
Artificial intelligence, for example, can spot neurological problems in CT scans faster than any radiologist. Student doctors and surgeons are using augmented reality tools in their training. Wearable devices can track a diabetic’s insulin levels in real time. Such developments open new possibilities for treatment and care for patients the world over.
The past year yielded further advancements in medical technology. Telemedicine practices helped doctors connect with top-rated specialists. Blockchain technology eased the transfer of healthcare records while keeping patient data safe. Indeed, some of the biggest healthcare trends of 2019 were about making the industry more accessible and agile.
What can the healthcare industry expect from technology in 2020? Here are three trends to watch:
The Race for Improved User Experience
Technology has provided healthcare professionals with a range of ways to improve patient care. Electronic health records give doctors access to full medical histories at the click of a button. Barcode scanners make prescriptions easier to fill. Radio frequency identification technology offers more reliable information about patient vital signs.
But all of these applications require a good mobile interface, which presents the next horizon in enhanced patient care. The right mobile infrastructure can improve device lifecycle, security, and logistics while making patients’ lives easier. Mobile advancements have already made portable ultrasound technology more accessible and improved Parkinson’s diagnoses.
Mobile technology is set to further shake up the industry in the next year. Jim Xiao, the founder and CEO of Mason, which provides mobile infrastructure-as-a-service to growing companies, expects the demand for mobile infrastructure to grow. Xiao says that “enterprise customers will be hungry for better end-user experiences.” For hospitals, that means “better patient engagement.”
Stronger Ties Between Big Tech and Healthcare
Google has backed almost 60 health-related enterprises since 2009, and the company’s interest in the industry shows no signs of abating. In November, the company announced the purchase of Fitbit, with Google spokeswoman Heather Dickinson emphasizing that the acquisition was “primarily about selling devices and services, not advertising.”
The other three members of the “Big Four” have also made significant investments in the industry. Apple devices can track diseases and provide vision and hearing tests. Amazon Web Services has gone in hard on healthcare cloud computing. Microsoft is betting on AI to transform healthcare.
All four companies regard healthcare as an ongoing concern, so expect to see their involvement increase in 2020.
The Growth of Cyberthreats
Thanks to continuing innovation, an ever-growing number of life-saving medical devices are now connected to mobile technology and the cloud. Connectivity helps engineers identify device faults and makes it easier for patients and clinicians to access medical data. But connectivity also carries a risk: cyberattack.
Adam Kujawa of Malwarebytes Labs considers healthcare organizations to be “especially vulnerable” to cybersecurity breaches. “These organizations have suffered due to antiquated equipment and underfunded IT departments,” Kujawa says, cautioning that “ransomware is looking to penetrate healthcare organizations from several different angles.”
Healthcare is already the seventh-most targeted industry for cybercriminals, and the number of detected attacks rose from 14,000 to 20,000 during the third quarter of 2019. With many providers failing to implement proper security protocols, researchers expect those figures to climb in the year ahead.
The risk of cyberattacks is one of the downsides of the connected healthcare world, but it shouldn’t stop healthcare providers from investing in technology. New technologies are improving physicians’ ability to diagnose and treat medical issues, and they take the healthcare industry out of hospitals and into people’s everyday lives. With healthcare users demanding improved experiences, the role of technology will only grow in 2020.
Alex Taspcott is best known for his best-selling book Blockchain Revolution, which he co-wrote with his father about the power of distributed ledger technology. The 33-year-old Toronto resident is also an accomplished executive in the world of finance, which is the subject of a new anthology he edited,Financial Services Revolution.
The book, which will be out in February, is a compilation of essays from leading figures in finance and blockchain, including CoinDesk editor Michael Casey and law professor Primavera De Filippi. In Tapscott’s preface, he explains how digital tokens and other elements of blockchain technology are poised to disrupt big banks, clearing houses, and many other pillars of the finance industry.
Fortune spoke with Tapscott about the major themes of the book, and how the world of blockchain and cryptocurrency have changed since Blockchain Revolution was published four years ago. Our conversation has been edited for brevity and clarity.
Fortune: How has the world of blockchain changed in recent years?
Alex Tapscott: Our first book came out in 2016 when people beyond the traditional tech world were awakening to the idea that the underlying tech behind cryptocurrencies like Bitcoin could be used on a much broader level.
The value of the cryptocurrency market then was $9 billion. Fast forward to today and the cryptocurrency market has grown 25 fold. But if you look beyond such numbers, some of the biggest innovations are happening in enterprise and in government.
All three pillars of our modern world are now deeply invested and engaged in the blockchain. At first it was just civil society working through boot-strapped projects like Bitcoin that originated in distrust of authority. Now you’re increasingly seeing governments who are piloting the idea of crypto-fiat currencies, and private industry efforts such as Facebook’s Libra.
What trends do you see in how government is responding to crypto?
AT: The response of government has been very uneven, and reflects an ongoing wariness of crypto.
In the case of individual countries, we have China moving first as they seek to digitize the yuan by 2022 or 2023. Whatever final form a Chinese crypto-yuan might take, it will look nothing like Bitcoin. In fact, its purpose will be quite the opposite: rather than an instrument of economic privacy, autonomy, and freedom, the government can use this to exert greater control over the population of China, but also in the rest of the world through trade and loans.
The U.S. government is going to have to follow suit if they want to maintain the hegemony of the U.S. Dollars as global reserve currency. What they eventually embrace won’t look like Bitcoin and be decentralized, but it will have many similar properties. If U.S. leaders drag their feet longer, they will cede their country’s century of world leadership to its current archrival as the world’s financial center of gravity shifts east and markets are transformed by digital assets and cryptocurrencies.
How will the tech industry use blockchain in the future?
AT: Let me start with this concept of digital landlords like Google and AliBaba, which are like the feudal landlords of the agrarian age. Just like in feudal times, we till the digital land and the most valuable asset, our data, goes to the landlord, and in exchange we get access to a few free services. This is a bargain we’ve entered without really appreciating the consequences, and I think people are just now starting to realize it wasn’t always the best trade.
Looking forward, the implications of tech companies embracing crypto are profound. On the positive side, there are many people who don’t have banking and credit. In many parts of the world, more people have access to a Facebook account than a bank account. If Facebook and others use crypto to give them an easy way to move cash, that’s a positive thing.
On the other hand, these companies are not accountable to citizens the way governments are in a democracy, and don’t always act with integrity. Initiatives such as Libra could have a destabilizing effect in many countries where the monetary and banking system is considered weak or unreliable. You’ll see some countries fighting back and, potentially, even outright banning this.
In North America, Libra might not launch but the genie is out of the bottle. If it’s not Facebook, it will be Google or Amazon or someone else. I’m not suggesting any of these outcomes are desirable but the contours and fault lines of these emerging landscapes are already visible. It’s an unstoppable force coming against this unmovable object of government and traditional finance and the impact will be cataclysmic.
Which company is poised to be the first mover in disrupting finance?
AT: Facebook is in the best position because they have a massive network of customers and a global use case for crypto in the form of cross-border money transfers. They also have a skilled technical team under David Marcus. But they also have a trust problem, which is not entirely unwarranted, and the government is paying attention.
It’s possible Facebook could blow open a wall that will let others travel through. If Libra does launch, will Jeff Bezos be okay with people spending Facebook currency in Amazon’s eco-system? No way, it will drive him up the wall. And the other big companies will launch their own currencies.
In China, Ali-Baba and TenCent, with its massive virtual video game economy, are poised for big crypto adoption. Unlike in the U.S., where American tech giants are running up against government resistance, it’s likely China’s tech giants will launch these initiatives with the active support of government.
What are the lessons that came out of 2017’s crypto bubble pop?
AT: There are a lot of lessons. A lot of projects were trying to justify a digital token model when they were trying to get interest in early stage projects. This led to startups raising way more money than they needed. If you look at the most successful projects, including Bitcoin and, to a lesser extent, Ethereum, which raised a modest amount, they were bootstrapped while many later ones saw a misallocation of capital.
Another lesson is that crypto attracts the best and most desirable people in the world, and also some undesirable people just looking to make money off token projects. Flushing out the latter category of people will be important to the future of the industry itself. Finally, these projects need to address more questions of practical utility that were not answered during the boom.
There’s been a $650 billion decline in crypto, which is meaningful. But the dot-com crash brought about a $5 trillion decline in public equities. My point is that the value is the popping of the crypto bubble is less than a tenth the size of the NASDAQ bubble. But look at the size of the NASDAQ today. From the embers of that flameout, some of the world’s most powerful companies were born.
If you take a look at the long-term view, the vast majority of companies and projects launched in 2017 will most certainly fail. But not all bubbles are inherently bad. Throughout history, there have been bubbles that created value and those that didn’t. The tulip mania in 17th century Holland and the South Sea Company in the 18th century destroyed value but the bubbles in railway and Internet stocks built the infrastructure for future economies. While the jury is still out, I believe the irrational exuberance that defined crypto in 2017-2018 has done something similar and its impact will be felt long into the future.
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