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Why The Bitcoin Price Dropped Today

Bitcoin Magazine -

The post was written by Ian Worrall of Sembro Development LLC

Normally in the Bitcoin world sudden price fluctuations ranging from $10-$30 can be attributed to market manipulation by large holders of the virtual currency. However, when the price changes greater than $30 in a short period of time there is typically something more behind it such as imposed government regulations or technical implications such as a mining pool nearing 51% of the total network hash rate.

Today, September 18, 2014, the price of Bitcoin is down 9.39% ($42.70) at the time of writing this article and has decreased by a whopping 17% this week (≈$70) with no clear indications as to why. Through our analysis we believe we have determined the reason. It has nothing to do with the Bitcoin industry but rather the upcoming IPO of Alibaba, the Chinese e-commerce giant, which is set to go public tomorrow, Friday the 19th, which would bring in a vast amount of support from Chinese investors from banks to individuals who have wanted to showcase that the Chinese market means business for quite some time, and this is their golden ticket to do so.

The Alibaba IPO has generated a lot of noise in the financial markets as the IPO date has drawn closer and tonight the leading Wall Street investment banks are holding a meeting to determine the official share pricing of Alibaba as it hits the markets tomorrow. Originally the price per share was said to be in the $60 range, but earlier this week Alibaba raised that estimate to $66-$68 per share. We believe that the Chinese Bitcoin holders began dumping their holdings earlier this week to free up capital to invest in Alibaba when it goes public.

The largest Bitcoin exchange by volume, BTC China, which covers an average of 38% of the total Bitcoin transactions has averaged around 19,000 Bitcoin per day in trades. Today, the volume is currently up over 52% at 29,400 Bitcoin and rising.

On top of increased volume on Chinese exchanges, the volume on the European exchange platform Bitstamp is up well over 100% today at around 21,400 Bitcoin compared to the monthly average of 9,200 Bitcoin. This is right after many of the leading German analysts from renowned investment banks have indicated that Alibaba is a strong buy.

Based on this information, we have concluded that many large Bitcoin investors from China and Europe have exited their positions in Bitcoin to put into the Alibaba IPO.

Are these investors gone for good? No, many factors will determine how long it is before these investors close their positions in Alibaba and re-enter the Bitcoin market. If the Wall Street banks issue an initial price lower than expected we could see the price rebound slightly as soon as tonight. After that, the key factors will include how the price fluctuates during the public offering tomorrow and Post-IPO early next week. If Alibaba remains strong and continues to grow in value, we may not see this money flow back into the Bitcoin market until a “bump” in the economy occurs.

The U.S. Federal Reserve has kept interest rates low as indicated in their public statement yesterday, but they intend to begin raising them as we head into 2015. If this scenario were to occur mid-2015 would be a definite point in time when the investment money flows back into Bitcoin, and at even greater volume due to the gains achieved by investing in Alibaba long-term.

Is it guaranteed that the money will flow back into Bitcoin? While nothing is ever set in stone, our research has shown a correlation between the price of Gold and Bitcoin price movements. This being said, Gold tends to rise, based on historical records, when the markets start to become unstable. So we do believe that a vast majority of the money invested in Alibaba and the gains associated will find its way back into Bitcoin.

The post Why The Bitcoin Price Dropped Today appeared first on Bitcoin Magazine.

Mystery Signal Could Be Dark Matter Hint In ISS Detector

Slashdot -

astroengine writes Analysis of 41 billion cosmic rays striking the Alpha Magnetic Spectrometer particle detector aboard the International Space Station shows an unknown phenomena that is "consistent with a dark matter particle" known as a neutralino, researchers announced Thursday. Key to the hunt is the ratio of positrons to electrons and so far the evidence from AMS points in the direction of dark matter. The smoking gun scientists look for is a rise in the ratio of positrons to electrons, followed by a dramatic fall — the telltale sign of dark matter annihilating the Milky Way's halo, which lies beyond its central disk of stars and dust. However, "we have not found the definitive proof of dark matter," AMS lead researcher Samuel Ting, with the Massachusetts Institute of Technology and CERN in Switzerland, wrote in an email to Discovery News. "Whereas all the AMS results point in the right direction, we still need to measure how quickly the positron fraction falls off at the highest energies in order to rule out astrophysical sources such as pulsars." But still, this new finding is a tantalizing step in the dark matter direction.

Read more of this story at Slashdot.

Try Minetest an open source voxel sandbox game in Fedora

LXer -

In light of recent events it might be worth for fans of Minecraft to try out Minetest or it’s fork Voxelands. Both are open source, infinite voxel sandbox games that are currently available for Fedora. Minetest is currently being developed on and is fairly simplistic without adding mods, it does have the main game mechanics of gathering resources, crafting and building structures. There are a range of Mods available to add functionality as well as texture packs to customise your experience. Minetest is available now in Fedora from the Software application, or using the command line yum install minetest.

EFF to Defend Student Bitcoin Developers in Court

EFF's Deeplinks -

New Jersey Prosecutors Issue Flawed Subpoena for Tidbit Source Code

Newark, NJ - Electronic Frontier Foundation (EFF) Staff Attorney Hanni Fakhoury will appear before a New Jersey Superior Court judge on Monday, Sept. 22 to oppose a subpoena issued to MIT students over their prize-winning Bitcoin mining program, Tidbit.

Tidbit was designed to serve as an alternative to viewing online advertising by allowing website users to help mine Bitcoins for the site they're visiting instead. It was developed in late 2013 by Jeremy Rubin and fellow classmates at MIT for the Node Knockout Hackathon, where the program ultimately won an award for innovation. The creators never made the program fully functional, serving only as a "proof of concept."

In December 2013, the New Jersey Division of Consumer Affairs issued a subpoena to Rubin, requesting he turn over Tidbit's past and current source code, as well as other documents and agreements with any third parties. It also issued 27 formal written questions requesting additional documents and ordering Rubin to turn over information such as the names and identities of all Bitcoin wallet addresses associated with Tidbit, a list of all websites running Tidbit's code, and the name of anybody whose computer mined for Bitcoins through the use of Tidbit.

EFF represents Rubin and Tidbit in opposing the unjustifiably broad subpoena. In court, Fakhoury will argue three points:

- The State of New Jersey's attempts to target out-of-state activity is unconstitutional.

- New Jersey has no jurisdiction over Rubin or Tidbit.

- If the subpoena is upheld, Rubin and Tidbit must receive immunity. Otherwise, the court would be forcing Rubin and Tidbit to testify against themselves in violation of the Fifth Amendment to the U.S. Constitution and New Jersey state law.

"While the state certainly has a right to investigate consumer fraud, threatening out of state college students with subpoenas isn't the way to do it," Fakhoury said. "The students have disbanded their award-winning project. As MIT students and faculty have warned, the fear that any state can issue broad subpoenas to any student anywhere in the country will have a chilling effect on campus technological innovation beyond Tidbit."

What: Motion Hearing in Rubin v. New Jersey

Who: Hanni Fakhoury, EFF Staff Attorney

Date: Monday, Sept. 22

Time: 1:30 p.m. ET

Location: Courtroom of the Honorable Gary Furnari

Essex County Historic Court House, Courtroom 211

470 Martin Luther King Jr. Blvd., Newark, NJ 07102

For the motion: https://www.eff.org/files/2014/02/03/rubin_v._nj_brief.pdf


Hanni Fakhoury
   Staff Attorney
   Electronic Frontier Foundation

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Dremel Releases 3D Printer

Slashdot -

Lucas123 writes Power tool maker Dremel today announced its now selling a desktop 3D printer that it said is targeted at "the masses" with a $1,000 price tag and intuitive software. Dremel's 3D Idea Builder is a fused deposition modeling (FDM) machine that can use only one type of polymer filament, polylactide (PLA) and that comes in 10 colors. The new 3D printer has a 9-in. x 5.9-in. x 5.5-in. build area housed in a self-contained box with a detachable lid and side panels. Dremel's currently selling its machine on Amazon and The Home Depot's website, but it plans brick and mortar store sales this November.

Read more of this story at Slashdot.

Amazon’s 9.7 inch Kindle DX eReader is still available for $199… kinda

Liliputing -

Now that Amazon has launched two new Kindle eReaders, you might be wondering what happens to one of the oldest models the company still sells. Amazon hasn’t updated its 9.7 inch Kindle DX since earlier 2010, and while it doesn’t show up when you search for Kindle devices at Amazon, earlier this year we noticed […]

Amazon’s 9.7 inch Kindle DX eReader is still available for $199… kinda is a post from: Liliputing

A Beginner's Guide To Programming With Swift

Slashdot -

Nerval's Lobster (2598977) writes Earlier this year, Apple executives unveiled Swift, which is meant to eventually replace Objective-C as the programming language of choice for Macs and iOS devices. Now that iOS 8's out, a lot of developers who build apps for Apple's platforms will likely give Swift a more intensive look. While Apple boasts that Swift makes programming easy, it'll take some time to learn how the language works. A new walkthrough by developer David Bolton shows how to build a very simple app in Swift, complete with project files (hosted on SourceForge) so you can follow along. A key takeaway: while some Swift features do make programming easier, there's definitely a learning curve here.

Read more of this story at Slashdot.

Men determined to kill Bigfoot

Boing Boing -

Gulf Coast Bigfoot Research Organization looks like your average grumpy white guy paramilitary organization, but they are actually a well-oiled team of devoted Bigfoot hunters on a mission to "protect the public and harvest a specimen to prove it's real."

The TV show Killing Bigfoot from Gryphon Productions premieres Friday, October 17th on Destination America.

Next Android To Enable Local Encryption By Default Too, Says Google

Slashdot -

An anonymous reader writes The same day that Apple announced that iOS 8 will encrypt device data with a local code that is not shared with Apple, Google has pointed out that Android already offers the same feature as a user option and that the next version will enable it by default. The announcements by both major cell phone [operating system makers] underscores a new emphasis on privacy in the wake of recent government surveillance revelations in the U.S. At the same time, it leaves unresolved the tension between security and convenience when both companies' devices are configured to upload user content to iCloud and Google+ servers for backup and synchronization across devices, servers and content to which Apple and Google do have access.

Read more of this story at Slashdot.


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