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The United States Attorneys in New York, together with the FBI agents, went on to issue a criminal complaint charging Virgil Griffith, Ethereum Foundation member. He is suspected of helping North Korea to prepare better measures of defense against the infamous U.S. sanctions.

Not only the guy decided to travel to North Korea at his own expense, he was moving in the “vacation” style. He also delivered some tech presentations with consulting while he was in the country. He taught the locals about the ways of subverting the capitalist plans by using blockchain tech. As soon as Griffith arrived at the airport, agents seized him. Virgil was sent to Los Angeles, where he was immediately put under arrest. He would be waiting there till the federal court hearings take place a few hours later.

The U.S. Attorney General Geoffrey Berman stated:

“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 jeopardized the sanctions that both Congress and the president have enacted to place maximum pressure on North Korea’s dangerous regime.”

It appears that the American powers do not see the dangers in their own decisions within the country. In cases like the Ross Ulbricht one, for instance, we have a huge number of young people hating the government after they find out the exact details of the Ross case. Griffith must be a very brave guy since he is a rare westerner traveling to North Korea for scientific reasons these days.

Strangely, the U.S. will try putting this man Virgil to jail for just saying and doing what’s he felt. He just helped those people survive under the old Empire’s unbeatable sanctions and learn something new.

Griffith was Traveling despite Official Restriction

John Demers, the Attorney’s assistant, says that Virgil Griffith is a U.S. citizen who lived in Singapore. He received a note asking him to abandon his will to travel to North Korea. Because this country is probably the worst enemy of America, sanctions are the best way to keep those people scared. Because it is viable for the Ethereum’s ecosystem, the functionary thought he would be traveling there as a spy and nothing will happen. Although he understood that such an idea isn’t going anywhere good.

The document outlines the numerous horrific dangers starting with the funding of the nukes development (they forgot about the bio-weapon this time) and continuing to the standard “a whole world must fear” package items. It reads:

“We cannot allow anyone to evade sanctions, because the consequences of North Korea obtaining funding, technology, and information to further its desire to build nuclear weapons put the world at risk.”

The Attorney, as well as the FBI agents, somehow decided that Mr. Griffith can horribly damage national security. At the same time, they forget the fact that there’s the Internet over there. Anybody can learn almost anything via the web in a straightforward and fun manner. No matter for what reason, the government is acting as if Griffith is a grand spy, not some Ethereum-related hipster.

Vitalik Buterin Wishes Griffith to Enjoy His Trip

Griffith was mentioning the fact that he plans to travel via his Twitter. Somebody asks him whether it’s a good idea to go to such a “totalitarian” country. And he answers: “Probably not.”

Griffith was inviting more people to go with him, citing a minimalistic total cost of 3300 EUR per week. He also said he can’t take Japanese, Israeli, and South Koreans. Buterin wishes him to enjoy the travels.

Traveling to North Korea with Ethereum backend
Image courtesy of Michael Greenberg

According to the documents, he was traveling to a mysterious “Pyongyang Blockchain and Cryptocurrency Conference.” Griffith visited North Korea while knowing that this may cause massive troubles for him. He ignored the possibility of obtaining the OFAC license to do technology-related business in the DPRK.

Now, Mr. Griffith may face up to 20 years in prison, but Congress can give him even more.

Jeff Fawkes , 2019-11-30 12:09:55 ,

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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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