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John McAfee ghosts his own privacy-first cryptocurrency project

McAfee has given up the $GHOST.

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John McAfee, the wacky, drug-fused cybersecurity mogul, has dropped out of the $GHOST privacy coin project, which would have powered his privacy-first crypto ecosystem, Ghost.

“I am abandoning the $Ghost project. Management is incapable of making a success of the project. It will, without a doubt fail,” he tweeted yesterday.

Ghost was to be an unstoppable, “privacy-first and decentralized” network, promising its users to make them “ghosts” when making transactions. Just a week earlier, McAfee, who is currently on the run from US tax authorities, had pumped up $GHOST, the proof-of-stake privacy coin that powers the network. “The world is full of FUD. Believe none of it. $GHOST is the future,” he tweeted.

But no longer. “I tried to explain the fundamental principles of management, but they fell on deaf ears. My apologies to those that I led astray. Sorry.” 

Since McAfee pronounced the coin dead, $GHOST has collapsed in value. The coin’s price fell by over 50%, from $0.7 to $0.27, after McAfee’s tweets.

Development on the coin is still ongoing and its ambitions are unchanged, according to a statement by the $GHOST development team yesterday.

The team, who could not immediately be reached for comment, pointed out that $GHOST is a decentralized, open-source project. “GHOST is much bigger than 1 person, even if you are John fucking McAfee,” they said in the statement.

The team said that McAfee was “in no way involved in any day to day operations, nor has he ever been involved with any of the tech or building of GHOST.” 

They did not explain why he left the project, but called him “a loose cannon.” McAfee responded, “If I am a loose cannon because I dropped my support for a failing project so be it. I will not support bullshit.”

The team behind $GHOST said they will continue work on the project and drop the “by John McAfee” tagline (a day later, this is yet to happen). 

McAfee said that he will replace the $GHOST privacy coin with another one, and that he plans to push his Ghost Phone Service live on September 30. It promises to let people use phone services with utmost privacy. 

Prior to tweeting about $GHOST, McAfee posted a video in which he explained that the path to success required “getting over shit immediately.” After tweeting about $GHOST, McAfee posted a video of a woman ejaculating out of a moving car.

He has clearly moved on. 

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

Featured Image Courtesy of Observer

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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Bitcoin Expects to Fall by Another $3,000, Asserts Veteran Trader

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A flurry of historical Bitcoin fractals suggests that Bitcoin will continue its decline by another $3,000.

Veteran trader Peter Brandt made the bearish call in a tweet published Thursday, hours after Bitcoin fell by up to 16.31 percent from its local high of $19,500. He added that the cryptocurrency might extend its downside correction until it hits the lower $14,000 levels, citing similar bearish moves during the 2015-2017 bull run. Excerpts:

“During the 2015-2017 bull market in Bitcoin (BTC), there were 9 significant corrections with the following averages: 37% decline from high to low [followed by] 14 weeks from one [all-time high] to the next [one].”

Bitcoin Fractals

Bitcoin rallied by almost 100 percent six weeks in a row, hitting its yearly high at $19,500 just this Monday. Prospects of growing institutional investments, followed by a favorable macroeconomic outlook led by a depreciating US dollar and negative-yielding debt, allowed the cryptocurrency to grow as an alternative hedging asset.

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Bitcoin correction fractals in the 2015-17 bull run, as presented by Peter Brandt. Source: Trade Navigator

But the rally also made Bitcoin an overbought asset, as Bitcoinist covered earlier. That increased risks of a blowoff top, i.e., profit-taking by traders, which led its price lower by more than $3,000 in the first half of this week. Only Mr. Brandt thinks that the selling action is far from over, going by how Bitcoin behaves historically after exponential bull runs.

“A 37 percent correction from the local top would bring the Bitcoin price to as low as $14,235,” he noted. “Many traders who swore they would buy a big dip when [the] price was above $19,000 will actually become sellers under $15,000.”

Supportive Technicals

Mr. Brandt’s bearish target near $14,000 has two strong technical backers.

First, the level coincides with Bitcoin’s previous resistance areas. For instance, in January 2018, the cryptocurrency briefly tested $$14,253 as a price ceiling before turning lower for the rest of the year. In June 2019, BTC/USD’s bull move topped out at $13,868, also very near to Mr. Brandt’s downside target.

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Bitcoin 20-weekly exponential moving average. Source: BTCUSD on TradingView.com

Second, Bitcoin’s 20-weekly moving average (20-WMA) sits at $12,928, expecting to close above $13,500 should the price consolidates following the latest dip. That further brings BTC/USD within the range of Mr. Brandt’s bearish target near $14,000. Meanwhile, the 20-WMA also holds a record of maintaining Bitcoin’s bullish bias.

“A 20 weeks MA serves as support [level] in a bear market [and] as a resistance in a bull market,” said a pseudonymous analyst. “The price of Bitcoin returns to it over and over again. Maybe, “This-Time-It-Is^Different,” but I personally don’t think so, and I will wait for that MA test.”

In case the price flips bearish on the 50-WMA support, it would risk undergoing an extended downside correction towards the 50-WMA. It sits near $10,000.

Source: https://bitcoinist.com/bitcoin-expects-to-fall-by-another-3000-asserts-veteran-trader/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-expects-to-fall-by-another-3000-asserts-veteran-trader

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Bitcoin Price Prediction: BTC/USD Slumps after Formation of a Bearish Double Top, May Resume Uptrending

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Bitcoin (BTC) Price Prediction – November 27, 2020
BTC price faces rejection at the $19,200 resistance. The coin fell after forming a bearish double top. On November 24, buyers attempted to push BTC above the $19,200 but were repelled. After a pullback to $18,700 low, the bulls retested the overhead resistance. BTC/USD price plunged to $16,400 low.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Bitcoin in its recent downtrend slumps to the previous support above $16,400. The crypto would have fallen into the range-bound zone if the bears have broken below $16,400 support. Nonetheless, Bitcoin bulls have the task of revisiting the previous highs. Firstly, buyers have to push the coin above the $18,400 and $18,800 price level.

In the previous price action, Bitcoin made corrections for four days before breaking the resistance at $18,800. Today, BTC is resuming upside momentum as price reaches a high of $17,237 at the time of writing. Firstly, the bulls must break the minor resistance at $17,750 and $18,250 before attempting the major resistance. However, if the bears turn around and break below the $16,400 support, BTC will further decline o the downside.

Bitcoin Makes ‘a Healthy Correction’, Predicted ‘Euphoria’ Ahead by Stack Funds
Crypto index fund provider Stack Funds has reacted to the drop by $2,000 as a ‘healthy “healthy correction”. Reports have that it is necessary before Bitcoin continues its upward momentum. It is assumed that Bitcoin could surge towards $100,000 next year following yesterday’s “healthy pullback”. According to reports, Bitcoin reached the $19,000 price level after posting weeks of consecutive gains.

Besides, Bitcoin has remained in the overbought region since October which supports the need for correction. A typical example is during the 2017 bull market, where BTC prices rose from $850 to almost $20,000. This represents an increase of 2,250%. The Crypto index fund suggested that even a quarter of this price increase would see Bitcoin hitting more than $86,000 next year. This will happen before we enter the ‘Euphoria’ stage of the cycle.

BTC/USD – 4 Hour Chart

Meanwhile, from the price action, Bitcoin fell to $16,600 and made corrections upward. Nonetheless, on November 26 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will fall and reverse at level 1.272 Fibonacci extensions. In other words, BTC will reverse at $15,410.90 price level. Nevertheless, BTC has already reversed at $16,600 low.

Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-november-27-2020

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