Bitcoin Magazine’s Week in Review: Crypto Collides With “Real Life”
Who knew that the Czech Republic was so big on crypto? The country now has 46 bitcoin ATMs with 10 just being deployed in the Prague subway system. It’s probably good news then that the price of bitcoin has seemed to find a relatively stable triangle on its price volatility to encourage more real world use. But it seems that some speculators are starting to suffer from addiction to that volatility. Scotland’s largest addiction treatment facility has developed a treatment program for those investors who have maybe gone too far with their enthusiasm and just can’t stop.
Can conventional stock markets take advantage of the concepts of Atomic Swaps that we are seeing developed in the cryptocurrency space? It’s all part of the growing trend towards decentralization of everything and removing as many middlemen as possible.
Featured stories by Jimmy Aki, Erik Kuebler, Giulio Prisco, Nick Marinoff and Bitcoin Schmitcoin
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Located in Prague, ATM manufacturer General Bytes has installed 10 new cryptocurrency ATMs throughout the Prague subway. Over 1.2 million people pass through the Prague subway on a daily basis, making it one of the busiest metros in Europe. With this latest move, commuters using the busy Prague Metro can buy and sell virtual currencies on the go.
Castle Craig Hospital — Scotland’s largest addiction treatment facility — has developed a center specifically dedicated to helping cryptocurrency addicts. Representatives explain that “cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a ‘high’ when they buy or trade a winning currency” and that “this can be exciting but also addictive and … financially disastrous.” The hospital has produced a list of 10 questions that individuals can ask themselves. If they answer “yes” to 5 or more, they likely fall into the “addict” category.
After days of sudden, strong selling, bitcoin has managed to find a local bottom in the low $7000s where it has been drifting around aimlessly. Traders have noted that we have formed a large consolidation pattern called a symmetrical triangle. Symmetrical triangles are consolidation patterns that are typically agnostic regarding their breakout direction. However, one important thing to note about this consolidation pattern is it embodies some of the hallmarks of a reaccumulation trading range (TR) — most notable is the volume profile.
There is strong evidence of supply absorption in the market which would likely lead to an upward breakout. However, it is important to note that symmetrical triangles are directionally agnostic and can oftentimes break to the downside.
In traditional stock exchanges, retail investors in public markets are unable to switch from one position to another without first going into cash. For example, an investor looking to trade his or her Amazon shares for PayPal shares must first exchange these Amazon shares for U.S. dollars, before buying PayPal shares with these dollars.
Atomic swaps allow direct conversion between two cryptocurrencies without having to use a third-party intermediary or exchange. By employing hash time-locked smart contracts, atomic swaps guarantee that parties will deliver the currency needed for the trade, or else the transaction is automatically canceled. These “all or nothing” trades preserve atomicity because they either take place or are canceled immediately.
The recently aired Season 5 of the popular HBO comedy Silicon Valley features a decentralized internet powered by end-user devices and an internal blockchain-based crypto economy. As usual, the fictional treatment in the show, which has been rightly praised for providing an entertaining but accurate portrait of contemporary tech trends, is based on real developments. In this article, our reporter Giulio Prisco looks at some of the actual projects underway in the real-life, blockchain world.