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Block.One, the firm that developed the EOSIO software, announced on Nov. 13 that it will begin participating in the election procedures for block producers (BPs) on the EOS blockchain.

“Small, but significant EOS token holder”

In its announcement, Block.One claims that it is a “small, but significant EOS token holder” since it holds less than 9.5% of the circulating supply. As such, Block.One holds nearly one-tenth of the voting decision power when it comes to electing BPs.

The firm says that the portion of coins it holds will further decrease due to the creation of new units to reward block producers through inflation. The announcement reads:

“Ultimately, we will begin participating in block producer voting to more actively join other EOS token holders in ensuring the EOS network remains as healthy and revolutionary as ever.”

A different blockchain

EOS is a network based on delegated proof-of-stake (DPoS), where 21 BPs are elected by coin holders and run the network’s only validating nodes. EOS needs to coordinate far fewer nodes than most other blockchains. While some have raised concerns that such an implementation negatively impacts the network’s decentralization, Block.One claims that it is  a net positive:

“Improving upon Proof of Work blockchains, which are often governed and controlled by a small number of mining organizations and can be environmentally abrasive with high electricity requirements, EOS block producers are elected by millions of accounts around the world, can be changed at anytime by the voting majority, and offer the highest performance output with minimal energy requirements.”

Coordinating a much smaller and more trusted network of nodes, EOS developers have been able to ensure a half-second block time and a throughput of 5,000 transactions per second. Despite its purportedly high performance, the network has experienced some issues recently.

As Cointelegraph reported last Sunday, the EOS blockchain got congested by the EIDOS token airdrop, with users being unable to have their transactions processed. The incident caused the price of CPU time on the network to increase by over 100,000% over the course of 4 hours, reaching nearly 7.69 EOS/millisecond.

Cointelegraph By Adrian Zmudzinski , 2019-11-13 12:52:00 ,

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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.

Featured Image from Shutterstock


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

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