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Twitter has just announced that it will proceed with less haste than originally planned with regards removing inactive accounts. Public backlash against the proposed account cull, stemming in part from the Bitcoin community, has forced the company to reconsider the policy.

People largely objected to the sudden removal of important accounts of those now deceased. One of the most frequently referenced in need of preserving is that of the late Bitcoin pioneer Hal Finney.

Historic Bitcoin Tweets Won’t Go in the Trash

Earlier this week, Twitter announced that it would begin indiscriminately deleting inactive accounts from its social network. The scale of the proposed account cull makes it the biggest in the company’s history. As per a BBC report, the company said it would remove all accounts that had been inactive for six months on December 11.

Twitter justified the account purge by arguing that users that don’t (or can’t) sign in cannot agree to updates in terms and conditions or privacy policies.

However, the proposal has been met with criticism from those that say certain accounts of now deceased users should remain. Twitter currently does not have a system to memorialise such accounts, meaning potentially important posts would be lost forever.

Particular criticism came from the Bitcoin community. One of the accounts that appeared to fall under the criteria for the chop was that of early Bitcoiner, Hal Finney. Finney was one of the first to even provide feedback to the initial posting of the Whitepaper in 2008. He also received the first Bitcoin transaction. The hugely influential and respected computer scientist passed away in 2014 and is, of course, unable to sign in to Twitter.

Just hours after Satoshi Nakamoto released the software into the wild, Finney tweeted the now legendary:

Naturally, the sudden removal of such a pivotal part of Bitcoin history has been pretty much unanimously criticised in the Bitcoin community. So much so, in fact, that Twitter has just announced that it will take a more measured approach to its account deletion process.

In a subsequent tweet, the company wrote:

“We’ve heard you on the impact that this would have on the accounts of the deceased. This was a miss on our part. We will not be removing any inactive accounts until we create a new way for people to memorialize accounts.”

It looks like Hal Finney and other important accounts of those deceased will not suddenly disappear from the social network after all. Given Twitter CEO Jack Dorsey’s repeated endorsement of not just crypto or blockchain, but Bitcoin, it comes as little surprise to see the brakes applied quickly on an idea that might sacrifice such an important part of the cryptocurrency’s history for a privacy policy.


Related Reading: Bitcoin Bull Jack Dorsey’s Twitter Hack Is a Wakeup Call for Crypto Security

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Rick D. , 2019-11-28 00:00:27

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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