Modum Announces Crowdsale; To Go Live from Sep 1

Modum crowdsale round is beginning on September 1, 2017, is on the way to capture a $8.1 trillion per year global logistics market. The crowdsale, followed by a private pre-sale, is offering MOD tokens in order to raise funds for the platform that will integrate Internet of Things and blockchain technology in the pharma supply chain. The pre-sale raised around $1.25 million in 24 hours.

The MOD Tokens Allocation

Out of 30 million MOD tokens, the company has allocated 20.1 million for the crowdsale, out of which 2.1 million have already been sold in the pre-sale. The remaining tokens are being sold in three tiers in the ICO. The first 6 million tokens are available at 30 percent discount, the second set at 15% while the last 6 million will bear a full price.

In addition, Modum has reserved 9.9 million MOD tokens for its bounty program and profit sharing rights for the next 3 years. The ICO will end by September 22, 2017.

What does Modum offer?

The platform has sensors that can record environmental conditions and experiences en-route to their destinations. Senders are able to pre-program various parameters so as to get notified if there is any change happened in the environment that can have an impact on the product.

Malik El Bay, the CEO of Modum says that this is a solid platform having successful pilot tests, a working hardware prototype, and a strong team of advisors and developers. He states that the company is raising the funds for future development of the platform and will provide the cryptocurrency backers the same rights like institutionalized investors.

MOD tokens have been developed upon Ethereum blockchain, worth of $1.00 each. Participants and investors can buy the tokens through Ethereum, Bitcoin or IOTA, owing to the strategic partnership with the platform with IOTA for developing an infrastructure that allows transactions with no cost-prohibitive fees.

While the company has opted for the Ethereum as the blockchain to develop their smart contracts, the Modum platform is itself a blockchain agnostic.  The team has been striving to use another smart contract-enabled blockchain in future. MOD token holders will also get profit dividends as per their contribution.

To know more about the platform and participate in its on-going ICO, please visit https://www.modum.io/tokensale


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Over the past decade, the world’s financial markets have been characterized by uncertainty, not least in the wake of the global ‘great recession’ that began unwinding in December 2007. This impacted in many areas, and certainly placed the activities of central banks under increasing scrutiny.

Less than a year after these tumultuous events, the term Bitcoin was first coined, by ‘persons unknown’, named as Japanese programmer Satoshi Nakamoto. Working outside centralized financial institutions, this digital or cryptocurrency – regulated by encryption techniques rather than fiscal regulations – has now been providing a means to generate personal wealth that is thriving beyond traditional restrictions.

China: the lion’s share of the bitcoin market

An analysis of last year’s bitcoin exchange data reveals many interesting facts about the current situation. In recent years the vast amount of trading has remained in the Far East, albeit on the other side of the China Sea to where the technology originated, with Chinese exchanges accounting for around 94% of the world’s total trade. In fact, this annual volume was accounted for by only three organizations – BTCC, Huobi and OKCoin.) The bitcoin volumes reported for the fourth quarter of 2016 represented a 300% increase on the comparable figures from the previous year. Historically, the People’s Republic has never introduced fees with its bitcoin trading, so this lion’s share of the global market has always been somewhat skewed.

The truer picture

 Until China did go ahead and inject the cryptocurrency market with a fixed rate charge of 0.2% on trading, commentators did try to estimate a truer picture of the way trade panned out. One analyst went so far as to suggest that stating Chinese exchanges accounted for between 94 and 98% of the worldwide volumes was entirely misleading.

Across the world, exchanges in China were unique in that they made their money from withdrawal charges as opposed to charging for trades. These withdrawal costs also reduced in inverse ratio to increases in the volume of trading, which only encouraged bitcoin traders to inflate these figures by purchasing and selling from themselves for zero outlays. In other words, the huge amounts of available data about global bitcoin activities were merely muddying the waters rather than presenting any sort of meaningful picture.

It is interesting to note that China’s bitcoin exchanges were not always running on a no-fee basis. Prior to September 2013, two of its three largest outlets, BTCC and OKCoin, were charging 0.3%. The former introduced the zero rate in what was originally intended to be a trial experiment. This had a much longer-term effect, with the different organizations competing to offer customers the greatest incentives to adopt themselves – resulting in a race to the bottom.

The analyst summarized the situation by extracting data from Chinese share of the global exchange volume, attempting to sift out a better estimate of the global marketshare than the ‘fake’ share. Taking into account the diverse variables, there has actually been a significant drop in the share of the overall trade, with reinterpretation of the marketshare revealing the truer figure for China’s ‘big three’ to be closer to 35%. Nevertheless, many bitcoin traders are sticking with these tried-and-tested outlets.

Blockchain developments

Blockchain, the distributed ledger technology underpinning bitcoin buying and selling, currently has two main participants – financial firms and startups. Last year saw financial firms making the most ground in this area. An example of this would be Vulcan blockchain, introduced by PriceWaterhouseCoopers, which gives traders the opportunity to launch digital assets that trade alongside cryptocurrencies.

There are many others on offer, such as Rubix, bringing robust enterprise and start-up speed. Vulcan, Rubix and several others are indications that this area of virtual trading is constantly evolving. Indeed, these trends can be viewed in the wider context of internet trading as exemplified by sites such as Top Offer Affiliate Network. If the previous decade has revealed levels of volatility in financial markets, it is more important than ever to continue studying the overall picture.

So we have come to the end of another week out of Europe for our bitcoin price trading efforts and what a week it has been. What started out as a relatively slow session on Monday pic picked up as we saw the US and European session cross over and things haven’t really slowed down since. Price broke through the $4800 mark today and $5000 flat is getting nearer and nearer. We keep saying it, but at these levels we’ve got to be prepared for a correction. Sure, we aren’t dealing with a traditional financial asset but that makes no difference – we’ve still got an open market price dictated by buyers and sellers. Once price reaches a certain level, people cash out and take profits. Price will decline slightly as this happens and the more risk-averse traders will notice the decline and sell in anticipation of a deeper correction.

It’s inevitable and is going to happen. The question is, how far will price fall and, perhaps more accurately for us believers, how much of a discount will we be able to buy bitcoin for as and when the correction comes into play.

Anyway, that’s the trend side of things. Right now, we are looking at intraday volatility and we are going to tighten things right up for the session this evening. As ever, get a quick look at the chart below before we get started. It is a one-minute candlestick chart and it has our range overlaid in red.

As the chart shows, we are going for a scalp range this evening, as defined by support to the downside at 4836 and resistance to the upside at 4849. If price breaks above resistance, we will enter long towards 4860 with a stop at 4840. Conversely, a close below support will have us in short towards 4800 with a stop at 4845.

Charts courtesy of Trading View

The SegWit2x Bitcoin scaling proposal has always gotten a lot of attention. That is not necessarily for the right reasons, mind you. A lot of people still oppose this concept first and foremost. It now turns out F2Pool is the first mining pool to officially back out from supporting this solution. An unsurprising turn of events, really, as it seems pool operator Wang Chun never supported the hard fork in the first place. It is expected other mining pools will drop support for this solution in the near future as well.

When mining pool operators don’t see eye to eye with developers, things don’t look great. More specifically, the SegWit2x proposal isn’t received all that well. With Bitcoin Cash introducing bigger blocks and SegWit activating on the main net, there is seemingly no reason for SegWit2x.  Now that F2Pool is backing out of supporting this concept, a snowball effect may be created. A lot of mining pools signaled intent to support SegWit2x moving forward. However, intent to support and actual support are two very different things.

F2Pool Will not Support SegWit2x Moving Forward

In reality, there is no real reason to use SegWit2x whatsoever. SegWit on the main net will provide enough scaling for the time being. Increasing the block size artificially on top of that serves no real purpose right now. People who prefer bigger block sizes can easily switch over to Bitcoin Cash. By the time November comes around, F2Pool may not be the only pool to no longer support SegWit2x. It remains to be seen if things will evolve in that direction, though.  Most supporters still remain in place, for the time being.

Moreover, it remains to be seen how the SegWit2x community responds to this change of heart. It’s not unlikely we will see an attack against either the pool or the main Bitcoin ecosystem by flooding the network. Every time decisions like these occur, there appear to be plenty of spam transactions. Whether or not history will repeat itself, remains to be determined. It is evident some people won’t take kindly to this development, though. Then again, we can only commend F2Pool for publicly stating their intentions in this regard.

Another Bitcoin hard fork can have big consequences for the network, though. It is possible SegWit2x will cause a third Bitcoin blockchain to be created. The economic majority has no intention of supporting this proposal by any means. Mining pools do, however, which can reduce the actual Bitcoin hashrate quite a bit if a split occurs. November 2017 will be a very interesting month for Bitcoin altogether. No one knows what the consequences will be. However, there will be a few big shake-ups along the way, that much is guaranteed.

The Cannabis revolution has been raging for the past few years as many states in the US have legalized it, but its standardization, regulation and overall functioning as an economic ecosystem has been heavily fractured. This has caused Jessica Versteeg to head up Paragon to try and revolutionize the Cannabis industry on Blockchain technology.

Versteeg witnessed first hand how Cannabis could have saved her former boyfriend, Tyler Sash of the New York Giants, as she thought back to the times he would ask for her approval on using cannabis to help manage his pain vs the cocktail of painkillers dished to him by the NFL doctors.

However, Versteeg had fallen victim to the stigma and outdated image of Cannabis and has now witnessed first hand the difficult regulations and lack of standardization despite the drug gaining legal legitimacy in a number of states.

Versteeg has now decided to take another disruptive and revolutionary technology, the Blockchain, and utilize its power along with the healing power of Cannabis to hopefully push its image right up there to the white list alongside Big Pharma.

The pain of Sash

Versteeg’s story of how she became a believer in the power of Cannabis stems from her experiences with Super Bowl winning boyfriend Sash. The New York Giants player was in constant pain because of his vocation and would beg Versteeg to let him opt for a natural painkiller in Cannabis rather than the handful of pills prescribed to him.

The former Miss Iowa US would not allow it as her image of Cannabis was that it was a dangerous drug that could take your life, and conversely her understanding of opioids was that they were 100 percent safe. She also worried about the fallout of testing positive in a random drug test.

Versteeg recounts how Sash would throw up almost daily after retiring because of concussion symptoms, she was told that’s all it was from. Later she found numerous pill bottles with the labels ripped off and while doing some research she realized he was hiding an addiction from her and that addiction to pain killers can take a toll on one’s stomach, causing them to throw up. She mentioned that he was already falling into depression and after she confronted him about the pills he would bring up wanting to take his life.

Breaking the stigma

It took Versteeg a while, but through her research she started to understand the power of Cannabis and how its reputation was all wrong.

This led Versteeg to start a monthly subscription box for Cannabis products that was aimed for anyone to use without the negative stigma attached, breaking the grimy black market feel of Cannabis.

However, the young entrepreneur soon encountered the real problems within the Cannabis industry. Despite legislation in over 20 states, the marketplace for legal Cannabis is broken, fragmented and unregulated.

Creating Paragon

Versteeg has now identified the ability that Blockchain technology has in disrupting certain sectors of society and business, and she hopes that Paragon can be the vehicle that pushes the Cannabis revolution into something more mainstream.

Paragon uses Blockchain technology to store data from the seed to sell with everything from the water quality to fertilizers used, from the labs it was tested in to the actual lab results, in an immutable ledger that can be checked by anyone to ensure quality and standardization.

 

Additionally, doctor certification, patient ID’s and prescription details are stored on the blockchain and remain tamper-proof. Importantly, not all patient information will need to be stored on the blockchain as some may be personal and will be stored offline to remain HIPAA compliment.

The Paragon coin emerging from this blockchain is also supposed to solve the problem with funding a marketplace that is still unregulated and not accepted across all states or even the world.

Paragon Space

VerSteeg and her team at Paragon will also be erecting co-working spaces as part of their business model. Cannabis related startups in the industry will be able to utilize these spaces not only for working remotely but also as a specialized hub with industry specific guidance from Paragon – this model forms part of the Paragon incubator program.

 

Several banks around the world show a keen interest in creating a new digital currency. Most of these efforts include the involvement of a central bank. This latest venture by six of the world’s biggest banks, however, does not. Instead, it seems the plans for Utility Settlement Coin are still in place. UBS is spearheading this operation and partners with the likes of Barclays, HSBC, and Credit Suisse to make it happen. After nearly two full years, this new idea will finally come to fruition.

It is not the first time we heard of Utility Settlement Coin by any means. The original idea was proposed back in 2015. At that time, however, it seemed there were no immediate plans to go ahead with the concept. Somehow, that has now come to change. UBS has found six major bank partners to actively develop this digital currency moving forward. Its partners include HSBC, MUFG, State Street, and Credit Suisse, among others. This is a big development as far as this new digital currency is concerned.

Utility Settlement Coin Will Roll out Eventually

When six of the world’s biggest banks team up, big things are bound to happen. Although the cryptocurrency world isn’t happy about banks creating digital currency, there’s some merit to the idea. It goes to show financial institutions are trying to understand the idea of digital money. Utility Settlement Coin will still be centralized for all intents and purposes, though. Its sole purpose is clearing and settling transactions over a blockchain-like system.

It also appears these six partners are in talks with regulators regarding this digital currency. It is unclear what these talks entail exactly, though. We do know the goal is to have Utility Settlement Coin go live by the end of 2018. It will be in a fairly limited capacity at first, which is to be expected. It is possible the currency will only be used by these six banks at first. Clearing transactions between themselves using this currency will give them some valuable information regarding its capabilities. Once that is deemed successful, a wider rollout can occur.

In the end, it’s not surprising to see Utility Settlement Coin become a real thing. After almost two years of further research, UBS feels now is the time to take the gamble. With so many respected partners on board, good things can happen. It will not be a cryptocurrency by any definition. The bigger question is whether or not this currency will become a rival for Ripple and XRP. If banks successfully create and use their own currency, RIpple may have a big competitor to contend with. This is an interesting situation to keep an eye on, that much is certain.

Friday is here already and it is time to get things set up for another day of trading in the bitcoin price. The buzzword of the week bullishness. Price has continued to appreciate throughout the majority the week so far, only really settling down to correct now and again and passed through a small consolidation phase shorter-term operators take profits off the table and markets rebalance.

With any look, we will get the continuation of this sort of momentum as we head into the weekend. Just how far things will go before we get a correction remains to be seen. There is a good chance a correction is coming, but with any luck, we will be able to jump in on the right side of the markets as and when it hits and have it served as a hedge on long-term holdings. So, with this said, let’s get some levels in place for the session today. As ever, take a quick look at the chart before we get started. It is a one-minute candlestick chart and it has our key range overlaid in red.

As the chart shows, the range we are looking at for the session today is defined by support to the downside 4732 and resistance to the upside at 4788. We are going to initially look for a close up of resistance to validate an immediate upside target of 4830. A stop loss on the trade somewhere in the region of 4750 will take us out of the position if things turn around for a small loss.

Looking the other way, if we see price close below support, we are going to jump into the markets towards a downside target of 4700 flat. On this one, a stop loss somewhere in the region of 4740 will keep our risk management tight on the position.

Let’s see how things play out.

Charts courtesy of Trading View

Hello and welcome to News BTC’s Market Outlook September 1.

DASH/USD

DASH continues to do almost nothing against the US dollar, as we hover slightly above the $370 level. I believe that this market will continue to be very quiet, and currently I believe there are other crypto currencies a can bring in much more in the way of profits. That’s not to say that this market will go higher, and almost certainly will over the longer term, but the choppiness keeps me away.

Litecoin

The Litecoin markets against the US dollar were strong, breaking towards the $60 level. I believe that the market will eventually break above there and go towards the $70 handle, but given enough time it’s likely that the volatility will increase. I look at short-term pullbacks as buying opportunity as Litecoin has performed quite well over the last several weeks.

Thanks for watching, I’ll be back tomorrow.

 

Hello and welcome to News BTC’s Market Outlook September 1.

ETH/USD

Ethereum went sideways most of the session on Thursday, but found enough buying pressure near the $380 level to turn around and rally. I believe that the market is going to continue to go higher, probably looking for the psychologically significant $400 level. That area could cause a little bit of resistance, but I think it will be short-term at best. Given enough time, I believe that the markets will continue to favor buying, and dips should offer value.

ETH/BTC

Ethereum fell against Bitcoin as it has been a strong performer during the day. I still believe that although Ethereum is a strong performer against the US dollar, against Bitcoin itself it’s going to struggle overall. I believe that the market will continue to underperform although it could be very bullish.

Thanks for watching, I’ll be back Monday.

Hello and welcome to News BTC’s Market Outlook September 1.

BTC/USD

Bitcoin rose during Thursday trading, as we start looking towards the jobs number today. We are most certainly in a bullish move, and I believe the pullbacks will offer buying opportunities. Because of this, it is only a matter of time before the buyers get involved in my estimation, and therefore I believe that there is plenty of support below. The $4650 level should be the beginning of significant support, and I think that band of support runs down to the $4500 level.

BTC/JPY

Bitcoin has cleared the psychologically important ¥500,000 level, and I believe we will continue to go higher. Look to buy pullbacks, because we have gotten a bit ahead of ourselves and the short-term, but those pullbacks should offer plenty of value.

Thanks for watching, I’ll be back on Monday.