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Recently, popular Ethereum developer Virgil Griffith was arrested by the FBI for his educational efforts aimed at teaching blockchain technology in North Korea. According to our previous report, Griffith traveled there in spite of the U.S. sanctions prohibiting citizens from visiting the country, a specific note asking him to abandon his plans, and still performed activities authorities consider as jeopardizing. Ethereum co-founder Vitalik Buterin has now responded to the events, announcing support for Griffith.

Buterin took to Twitter to express his dissatisfaction at recent events, posting a six-tweet thread which began with a decisively written blog post by Enrico Talin, the CEO of blockchain firm commerc.io. In the post, Talin suggests a petition to free Griffith, describing the developer as a “fantastic person” who is a “man of peace” that has done a lot for the growth of blockchain technology. Talin also poses a very interesting question about Griffith’s efforts in North Korea:

“Can anyone give me a specific example of an information – not already public knowledge – that Virgil has passed to DPRK?”

In the next couple of tweets, Buterin specifically said even though Griffith’s trip was a personal one that had nothing to do with the Ethereum Foundation (EF) and the EF offered no assistance, Buterin would not be throwing Griffith “under the bus.” He suggests that the entire case against Griffith is predicated on the fact that many people have been trained since childhood to be close-minded about their view of North Korea, essentially dismissing the country as a “Maximum Evil Enemy.”

He then corroborates Talin’s earlier excerpted question, which bears down on the fact that Griffith’s presentation in North Korea, was based on “publicly available info about open-source software” without any form of “advanced tutoring” like authorities have suggested. Buterin adds that Griffith made no personal gain from the trip or the conference and that if there was any indication Griffith was going to do more than give a presentation, the ETH co-founder would have condemned it outrightly.

Griffith, an American citizen domiciled in Singapore, was arrested at the Los Angeles Airport and is expected to face charges that suggest a conspiracy to run afoul of the International Emergency Economic Powers Act (IEEPA). According to U.S. Attorney Geoffrey S. Berman, Griffith supposedly assisted North Korea to avoid sanctions, a crime that could keep him in prison for up to 20 years. It was said:

“As alleged, Virgil Griffith provided highly technical information to North Korea, knowing that this information could be used to help North Korea launder money and evade sanctions. In allegedly doing so, Griffith jeopardizes the sanctions that both Congress and the president have enacted to place maximum pressure on North Korea’s dangerous regime.”

The reaction to the arrest since it was announced has been somewhat mixed. While there are many pro-blockchain people in support of Griffith because all he did was help with blockchain adoption and development, there are others who have pointed out that regardless of the noble intentions, Griffith did not have permission from the State Department to visit North Korea, as is required of all U.S. citizens.

Tolu Ajiboye , 2019-12-02 12:32:11 ,

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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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