Day: September 26, 2018

New Zealand Police Warn of Online Scams After Crypto Investor Loses Over $200,000 to Fraud

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New Zealand police have warned the public about online scams after an investor lost $320,000 NZD ($213,000 USD) to crypto fraudsters, the Canterbury police confirmed Wednesday, September 26. The unnamed investor, who made multiple investments in an online cryptocurrency scheme which turned out to be fraudulent, was attracted by its “extremely good returns,” a police report from the town of Canterbury explains. According to the report, which does not mention the kind of operation involved, those returns  in the “investments in cryptocurrencies, such as bitcoin […] soon began to decline.”…

Iceland’s Bitcoin Miners Turn to Blockchain Enterprise

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Iceland has long been a prominent hub of bitcoin mining due to 98% of its electricity coming from renewable geothermal energy and a cold climate favoring mining farms which must be kept cool can run massive air conditioning bills in warmer areas. The power usage effectiveness (PUE) of the country is as low as 1.03, almost twice as cost-effective as many nearby countries in continental Europe where the average is 1.78. As such, Iceland is home to international mining firms like Genesis and BitFury which have set up in the…

Bitcoin Price Volatility Hits Lowest Level In Nearly 2 Years

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A three-month long bitcoin price squeeze (BTC) could be nearing an end, with a key volatility indicator reaching its lowest level for 21 months. The leading cryptocurrency has charted lower price highs and lower price lows (pennant) since the end of June and the lack of strong direction bias has both bulls and the bears waiting on the sidelines. As a result, volatility as represented by Bollinger bands width – a technical analysis tool derived from +2, -2 standard deviations of a price’s moving average – has hit the lowest…

ICO takes action for failure to pay new data protection fee

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The Information Commissioner’s Office (ICO) has begun formal enforcement action against 34 organisations that have failed to pay the new data protection fee. The data protection regulator has sent notices of its intent to fine the organisations unless they pay. Those who don’t could face a maximum fine of £4,350. All organisations that process personal data must pay a fee to the ICO unless they are exempt. The money is used to fund the ICO’s data protection work and new and expanded services we have introduced such as our advice…

Australia’s Science Agency Scales 30,000 Txs/s on First Global Blockchain Trial

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A blockchain developed by CSIRO, Australia’s national science agency, in collaboration with the University of Sydney, has completed a global test on Amazon’s ubiquitous cloud computing network to process 30,000 transactions As reported yesterday, the ‘Red Belly Blockchain’ – developed jointly by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Concurrent System Research Group (CSRG) at the University of Sydney – was put to use in a successful trial on Amazon Web Services (AWS), a popular cloud infrastructure provider. While the blockchain has previously been tested to scale…

Ripple (XRP) price pumps following the announcement of positive developments

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Last week Cryptolinenews reported on Ripple’s great performance that pushed it briefly to the second largest cryptocurrency after Bitcoin. However, Ethereum managed to regain its position later after Ripple (XRP) dropped below $0.5 on 24 September. Today morning, however, XRP price surged following the announcement of positive developments. Price Analysis XRP’s price bulls had come to an abrupt end after last week’s 100% Price rise. The surge was as a result of investors piling into the coin after the announcement that Ripple Labs would launch a new product that could…

Tech Giant Dell Looks to Blockchain to Stay Competitive in Indian Server Market

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Tech giant Dell EMC Technologies plans to remain a leader in the Indian server market by introducing products that have blockchain capabilities, local news outlet Economic Times India reports September 26. Dell has identified blockchain, artificial intelligence (AI), data analytics, and cloud-compliance as key features that the firm will push forward with in order to retain its edge. According to the Economic Times India, Dell had the highest overall market share of the Indian server market in Q1 2018 at 28.3 percent, up from 19.4 percent in the previous quarter.…

Bitcoin Price Watch: BTC/USD’s Upsides Capped By $6,580

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Key Points Bitcoin price declined further, broke the $6,400 support, and traded as low as $6,318 against the US Dollar. There are two bearish trend lines in place with resistance at $6,520 and $6,580 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to face a strong resistance near the $6,580 level if there is an upside correction. Bitcoin price extended declines towards the $6,275 level against the US Dollar. BTC/USD may perhaps correct higher, but it won’t be easy for a push…

The Current State of the Bitcoin Network and Its Biggest Block

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From soft and hard forks to protocol upgrades, to the implementation of Segwit and to the future outlook of the Lightning Network (LN), the Bitcoin network has come a long way since its inception in January 2009. As of Sept. 18, 2018, the average block size on the Bitcoin network is .8MB and the average number of transactions per block is 1609 — so a few eyebrows were raised when a block over 2MB was added to the blockchain on Sept. 5, 2018. Bitcoin block 540107 came in at 2.26MB; in…

Ripple Price Analysis: XRP/USD Facing Key Resistance Near $0.55

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Key Highlights Ripple price declined further and tested the $0.4350 support area against the US dollar. This week’s followed crucial bearish trend line is intact with resistance at $0.5480 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair seems to be facing a tough resistance near the $0.5480 and $0.5500 resistance levels. Ripple price bounced back after testing key supports against the US Dollar and Bitcoin. XRP/USD needs to gain momentum above $0.5500 to accelerate upsides. Ripple Price Analysis There were further slides noted below…