Bitcoin Fails To Defend 10K Mark

Let’s let the chart do the talking for the past 3 months where it currently sits at $9327.65

Bitcoin-2018-02-05-PriceChart

Back in February BTC posted the maximum high for the past 3 months of just over 11K.  As you can see from March to April the lowest moves of the recent past were posted around the 7K mark.  To me this looks like a classic sideways trading that eventually breaks out.  You can see since April there has been a steady upward trend.

BTC hasn’t been able to defend the 10K mark but I do believe we have stability around the 9K mark.  Some indicators claim BTC is currently neither overbought or oversold.  But common sense has to tell you that if the price is going down it appears we have more sellers than buyers at the $10K mark.  It could be people cashing out for fear of wondering when does BTC return back to the 20K mark?

Many people have said this  spells disaster but I really do think we are just getting started with the BTC rally and I think much higher prices are around the corner in the near future.  There has been a lot of positive news from around the world that seems to be increasingly towards accepting that BTC is here to stay.

Perhaps some regulators thought twice and realized that “like it or not BTC is too big and risky to ban”.  Because people can move BTC at will and it cannot be frozen or truly banned.  I think regulators are finding just as the case is with exchanges, if you put undue pressure on owners of cryptocurrency they will simply just move away to a friendlier jurisdiction.  I would imagine they should favor BTC as it is not anonymous and is easily and fully trackable.  If people switched to more private based coins they’ll have little chance at regulation such as with Monero.

Google’s Co-Founder Sergey Brin Says Ethereum Mining Driving Computer Boom and Renaissance

This is very striking to me in that I find the statement makes no sense and with one word “SETI”.  SETI didn’t set off a computing revolution and still has limited participation.  SETI which is searching for signs of extraterrestrial life has used a sort of grid-computing through unused computing power of its supporters to help search through troves of data that the SETI researchers don’t have the power to do.  I admit back in high school I didn’t want to share my CPU cycles, nor did most other people.

I am drawing this comparison because SETI didn’t start off a frenzy of computer buying to “mine” SETI.  This is because there was no actual reward or benefit to doing it any practical sense.  Mining is only being driven by the hope of big rewards and profits, or in other words greed.  Yes, some computing enthusiasts are getting into mining but does anyone really think that this greed has turned people into computer enthusiasts?  Sales of GPUs would be flat if not for the profits.  If mining because unprofitable the same people who rushed in will rush out, they are speculators and investors, not computing experts or enthusiasts.

Aside from being extremely wasteful, inefficient and ineffective I believe PoW or mining is not sustainable and the long-term currencies that are to survive will be converting to PoS (Proof of Stake).

And this gets to the most ironic point.  Google has recently banned ALL cryptocurrency advertisements.  Maybe Sergey thinks “mining Ethereum is cool and so is cryptocurrency but not if you want to promote it on Google!”.

Dubai Establishes Business Blockchain Registry

This is the first I’ve heard of it but Dubai has made a business registry out of blockchain and what’s more they want all government services to be blockchain powered by 2020.  It has been setup to help companies establish themselves in Dubai and also as a well of getting direct investment from overseas.

I am having trouble finding the technical details but it certainly sounds like a very interesting application of blockchain technology.

The only other thing mentioned is that it appears IBM is behind the blockchain being used or at least involved:

 

Amr Refaat, general manager, IBM Middle East said: “IBM is proud to collaborate with DED, Smart Dubai Office and Dubai Silicon Oasis on this journey to revolutionize the business ecosystem in the UAE. Dubai is a leader in innovation with many ambitious projects that have already become a reality. With the first phase of this project already in place to form the first active Blockchain commerce registry network, there is keen interest from other public and private entities to join the network.

Your Car, TV, Phone, Computer and Other Devices Spy On You

Years ago this would be called a “conspiracy theory” but now that the CIA’s “Vault 7” hacking tools have been released this is an established truth.  What’s more scary is the revelation applies to pretty much all computing devices and all OS’s.   The CIA has found exploits and used backdoors into the various devices.  I suspect the backdoors and some vulnerabilities were forcefully injected by the US government.  To make it more scary we have the NSA’s PRISM and this combined with the CIA dump is alarming because those entities combined with other governments surely have a lot more than what has been revealed.  It is not a stretch but rather insane to believe you are not likely being watched and listened to.  We haven’t even covered well funded, private hacking groups.

There are two issues here.  The first one is companies who willingly create vulnerabilities and backdoors at the request of governments and private groups.  The second issue is compounded by the first one where on top of that many products and companies also spy on their customers and also share that data with third party companies and governments at will without any disclosure or regulation.

It’s more than just following where you’ve gone and listening and watching you, the new smart vehicles can be hacked and likely have government mandated malware or backdoors.  Imagine if a government doesn’t like someone and they suddenly have a tragic accident.  There is absolutely no reason why this shouldn’t be the case and perhaps one day we may learn of cases of bizarre traffic accidents that were not really accidents at all.

On an interesting note the “Marble Framework” was released which is essentially an anti-forensic tool to make it difficult for malware and virus experts to attribute the code to the CIA or the US government.  The framework would essentially make it look like enemies of the US such as China, Russia, Iran, or North Korea were responsible for cyberattacks and malware that the US itself had created.

With all this it sounds hopeless but it is not, Edward Snowden famously stated “do not give up on encryption” as clearly not everything is hackable and compromised, there are steps we can take to prevent ourselves from being hacked by the government.  Edward Snowden’s comments and actions are of particular use, the fact that he still says to use encryption means there are ways to be secure.  We should also remember that he used the Tails distribution for communication and used OpenPGP, so it appears at least in the recent past, this was a secure and unbreakable way of communicating.

“What last year’s revelations showed us was irrefutable evidence that unencrypted communications on the internet are no longer safe. Any communications should be encrypted by default,” he said. — Edward Snowden

How can you protect yourself?  There are steps we can take but avoiding the usage of free, insecure services to communicate such as gmail,facebook,whatsapp and also avoiding products that spy on us.  Try to get an older TV or if you get a newer one rip it open and disable the microphone, wifi etc.  If you drive a vehicle consider again seeing if it is possible to disable some of the spying features on it or drive an older vehicle without technology that logs and calls home.  It’s time to get armed and follow certain procedures, avoid certain products and make it as a difficult as possible to be spied on.  Although the programs and hacking methods, groups like the CIA possess are incredible, not all are guaranteed to be successful especially on those who do not run default or standard settings.