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ETH Killer, Private Messaging and Change in BTC - 4 Crypto Experiments 101
Source: iStock/CasarsaGuru

From coin killers, over private messages, to stacking sats. The Cryptoverse rests on innovation and innovative technology. It’s no wonder then that we often see interesting new gadgets or digital solutions to existing problems, or the problems we didn’t even know exist. Occasionally, we’re even witnesses to massive strides in the evolution of technology.

This time, however, we’re bringing you four particularly interesting recent developments / experiments in the Cryptoworld (in no particular order).

Ether Killer – dETH

Just recently we’ve talked about Ethereum (ETH) killers, and now we run into a seemingly simple one. It comes in the form of the aptly titled The Undead Ethereum Token (dETH) – a provably dead token, as the blog post says. It was created as a Halloween experiment on the blockchain by the co-creator of the famous Occupy Wall Street protest, Micah White.

White claims that any and all ETH sent to the provided smart contract, aka Hades, “is irrevocably killed and removed from the economy. It is not just burned, it is dead,” writes the creator of this destroyer. When ETH is burned, it’s actually sent to the 0x0 address, while in this case, ETH gets transferred to a contract that self-destructs and takes that ETH with it, White explains. Those who send ETH to this contract are rewarded in dETH, which functions like other ERC-20 tokens, and the price of dETH increases by 0.1% after a purchase. Furthermore, as 3 ETH is the block reward, destroying more than that in one transaction means destroying more ETH than is created through block rewards, and will bring the destroyer a 30% bonus.

Messages on BTC via ‘Whatsat’

Using a clever and effective play of words to name it, Lighting Labs engineer Joost Jager created ‘Whatsat’ – a decentralized, peer-to-peer (P2P), instant messaging protocol, made for Bitcoin’s Lightning Network. This effectively means that this experimental proof of concept can be used to send encrypted messages without the need to use any sort of a third party. This also means that it’s censorship-resistant as there is no central entity that controls it, and governments can’t exert any pressure or influence over it, its creators, or its users.

“Does instant messaging over Lightning have killer application potential?,” asked Jager, describing his protocol as “true end-to-end encrypted, onion-routed, censorship-resistant, private messaging,” and adding: “The world needs censorship-resistant chatting and with Lightning, compensating the network for message relay comes naturally.” He additionally explained that only the final recipient can decrypt the message, and that paying on the current Lightning Network is not a requirement, but that it may change in the future. “Price to be decided, could be millisats per message,” Jager says.

Self-Destructing Messages on

Combining certain features of the two previous stories now for another interesting proof of concept – if you were thinking of private messaging using Lightning and paying with BTC, but you want your interactions to commit suicide when you’re done, this may be a solution for you. Kumo Chat allows its users to create an anonymous chat room, where messages are never saved to any database, the creators claim.

How does it work exactly? Well, the main – and quite an interesting principle – is that you rent a room for 24 hours. For example, a user says he paid 10,000 sats for a room. You can then share that room with friends, and the idea is that you can chat freely without worrying about third parties, or monitoring, government control, or personal and shared information being saved in a database and/or abused. The room will disappear after 24 hours.

Change in BTC via LightningCashback

Another curious Lightning Network solution in the form of a LightningCashback POS (point of sale) plug-in. Five people participating in the Chainhack (blockchain hackathon) 4th edition came up with a way for you to stack sats and/or avoid carrying around coins you got as change after paying for a service. User ‘21isenough’ shared this LightningCashback solution on both Twitter and Reddit, where it seems to have gathered a number of supporter who appreciate this idea.

The accompanying video shows how it works. It gives a seller the option to return the change either in fiat or in crypto. A person pays, gets a larger paper bill in its fiat form as change, but chooses for the seller to convert what-would-be coins into sats, printing a receipt with a QR code for the user to collect their BTC. It may also be technically possible for the “forward-thinking retailers or restaurant chains operating in countries with high awareness/adoption of bitcoin and cryptocurrencies,” to adopt this project.

Sead Fadilpašić , 2019-11-12 15:30:00 ,

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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.

Featured Image from Shutterstock

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

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