Cryptocurrency market update – the recovery stalled, Bitcoin is still under $8,000
Bitcoin has gained over 4% of its value, but $8,000 remains unbroken.
Litecoin is the best performing cryptocurrency of the day, up nearly 12%.
Bitcoin and all major altcoins stay in the green zone after a sharp recovery during late Monday hours; however, the critical levels remain unbroken, and the upside momentum looks to be fading away. The cryptocurrency market capitalization climbed to $254 billion from $243 billion on Monday; an average daily trading volume increased to $64 billion amid growing volatility on the market.
Top-3 coins price overview
BTC/USD touched $8,088 on Monday before retreating to the area under $8,000. The first digital asset has gained over 4% in recent 24 hours before entering a consolidation pattern below the said critical resistance.
Ethereum, the second largest digital asset with the current market capitalization of $26.1 billion, recovered to $245 handle after a drop below $230 on Monday. The coin has gained nearly 5% in recent 24 hours, improving in sync with the market.
Ripple's XRP tested area above $0.40, but the breakthrough proved to be unsustainable. The third largest coin with the current market capitalization of $16.8 has gained nearly 2.5% of its value form this time on Monday to trade at $0.3953 by press time.
The biggest market-movers
Litecoin (LTC) is the biggest winner of the day. The 12th largest coin with the current market capitalization of $7.9 billion has gained nearly 12% in recent 24 hours to trade at $128.52 by press time.
Cardano (ADA) is also a strong performer today. The coin is changing hands at $0.0848, with over 6% gains.
Written by Gary Fleetwood on 26/09/2017
Series: Weekly Devotional
Tags: Patience, God, Longsuffering
But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, self-control; against such things there is no law.
Galatians 5:22-23
What should we do and how should we act when someone mistreats us or takes advantage of us? How should we respond when someone hurts us or says something ugly to us? Well, we can respond in one of two ways.
First, we can just react and become just like the other person — ugly. We can match them ugly word for ugly word. Or, we can respond the way that God would want us to respond — with what He calls “patience” or “longsuffering”.
What is “longsuffering” and how does it work in my life?
Have you ever met someone who gets angry very easily? You never know when they might just say very ugly things to you. Well, this word “patience” or “longsuffering” represents the exact opposite. It means to wait a long time when something does not go our way or when someone says or does something ugly to us and not get mad. As 1 Corinthians 13:4a says, “Love is patient and kind.” It means to simply remain calm when someone is saying or doing things that normally would annoy us. It is when we are wronged by someone, but do not try and get back at them.
So, what do you think would be the opposite of “longsuffering”? The opposite is ANGER, getting angry with someone. Think of it this way. When we feel ourselves starting to become angry with someone for how they are treating us, it is like a signal from God that we are not responding to that situation the way He would want us to respond. He wants us to remain calm and to not react in an ugly way toward that person. God would never want us to take revenge against someone who had wronged us. He never wants us to respond in a bad way or to become bitter and angry towards them. In James 1:20, we are told, “the anger of man does not produce the righteousness of God.”
Can God use an angry person?
Probably not. What if God became angry every time that we mistreated someone else or said something ugly to them? He does not do that, but just remains calm and does not become angry with us. He remains calm with us when we sin against Him, and that is the same attitude and response that He wants us to have with those who may sin against us. Just treat them like Christ treats us — gently, patiently, kindly, lovingly.
What do I do when I know that I have an anger problem in my life?
Over 30 years ago I had an anger problem where every couple of months I would lose my temper and become angry with my family about something they had done.The Lord began to speak to my heart and it was as if He said to me that because of my anger that He could not use me. It was during that time that I made a very simple decision that I would never become angry again, and for the last 30 years I have never become angry one time. I feel so much better because I know that no matter how badly someone may mistreat me that I will not become angry with them. It actually allows me to treat them as Christ would treat them. So, they get to see what Christ is like through my life and through my “longsuffering” towards them. It is like Christ is actually living His life through me — or through you. Wow! What an incredible idea — God living His life through our life!!
Recently someone drove their car in the front yard of our home late at night. They were spinning their wheels and going in circles and just ruined our whole front yard. I was away from home that week and when my wife sent me the pictures of the yard, I just felt sorry for the people that did it. So, I took some time to pray for them. I asked God to work in their life and to help them to come to Him. The grass and dirt in my yard are not really that important to me. I can easily fix the yard, but I know that only God can fix the heart of these people who damaged our yard for no good reason. It was great! I was not angry, but actually sensed God’s love for these people. In 1 Peter 3:9, we are told, “Do not repay evil for evil or reviling for reviling, but on the contrary, bless, for to this you were called, that you may obtain a blessing.”
So, the next time that someone mistreats you or says something ugly to you — remain calm, exercise longsuffering, and just remember how God treats us when we do something ugly to someone. If we will do that one simple thing, we will find out how God is able to work through our life. Enjoy His journey
Pray this week:
Lord Jesus, if someone comes into my life this week and tries to make me angry, would you please help me to demonstrate “longsuffering” towards them?
Do you truly believe that you can respond to someone who is treating you in an ugly way with patience and longsuffering?
Proximity marketing refers to communicating with customers at the right place, the right time and with highly relevant and personalised messages, on their smartphones – be it greeting at the entry points, special offers in the store aisles, or getting feedback on a new product.
Legacy advertisements on television, billboards, radio and pamphlets could be appealing, but they lack the impulsive drive to avail an offer, or try a new product. However, digital technology, such as beacons have bridged this gap between offline and online.
For decades, traditional shopkeepers and business owners have been communicating with their customers at significant moments, but proximity marketing as a term got introduced to marketers in 2008. This led to brands and businesses sending location-triggered text messages to cell phones that were in proximity to a Bluetooth network and had "discoverable" Bluetooth mode switched on.
To understand how proximity marketing works, let us consider an example of a retail store.
Beacons are deployed at the storefront or in aisles with ongoing offers.
These BLE beacons transmit signals in its range. BLE signals are a combination of numbers and characters.
The signals are detected by any Bluetooth-enabled smartphone, in the transmitting range.
The smartphone then sends the ID number attached to the signal to the cloud server.
The server checks the action assigned to that ID number and responds accordingly. It could be a notification about a discount, or a product launch, a feedback form or just a greeting!
These notifications will then drive customers to a relevant form, a webpage or a markdown card (a Beaconstac card creative which works as a substitute for a website).
Location-based marketing vs proximity marketing
Businesses, especially retail and real estate, have been focussing immensely on location for the last decade. This is because reaching out to customers without being sure of the location is just digital marketing, which is not very effective for local businesses. However, marketers and business owners now realize that the targeting needs to be more specific than just GPS and geofencing. This is where proximity marketing steps in. Let’s understand in detail about their differences and when each one of them is useful.
Location-based marketing
Location-based marketing in simple terms means communicating with potential customers within a range. Let’s say, a coffee shop runs a campaign to introduce a new almond flavoured Cappuccino on their menu. Setting a location based marketing campaign would mean that all potential customers in the range of, let’s say 1 kilometer, are notified about the new coffee. This might also include reaching out to a user in the nearby ice-cream store.
This is done by calculating the latitude and longitude of the smartphone using GPS or cell tower triangulation method. It is hence defined as the kind of marketing that uses mobile to target customers in a particular geographical area.
Geofence is a virtual boundary which can range from over 50,000 meters to anything else. Ideally, for interactions above 80-100 meters, business owners must consider geofencing.
Proximity marketing
Proximity marketing however, is a more granular form of location marketing. For the same example discussed above, the coffee shop owner could decide to have a more targeted approach and reach out to customers passing his coffee shop, lets say in the range of 300 meters. This approach is more personalized and contextually relevant.
Proximity marketing is about reaching out to customers based on the accurate position and not a virtual geofence. This makes the communication more contextual and personalised.
Proximity marketing is recommended for highly targeted zones – within 100m of distance. Proximity marketing use-cases involve interaction with customers about a particular product, brand on a shelf, or any other similar application.
Proximity marketing solutions
Business owners and marketers have been using proximity solutions that do not involve technology, for decades – physical signage and banners. But in last few years, technologies have become much more affordable, and therefore, a lot of businesses have integrated them into their marketing strategies. Advanced technologies that make proximity marketing happen are – Bluetooth beacons, NFC, RFID and WiFi.
1. Proximity marketing using Bluetooth beacons
Bluetooth beacons are currently the leading proximity marketing technology. According to Proximity Directory Report Q4 2017, 86% of the proximity sensors deployed across the world are beacons. According to the same report, 7 18,763,000 proximity sensors were deployed by Q4 2017. Beacons are low energy transmitters, equipped with Bluetooth low energy, used to deliver contextually relevant notification on nearby smartphones.
There are two beacon standards :-
iBeacon: Apple first launched beacon standard in 2013. That is when physical and digital started merging. A lot of retailers like Macy's, Walmart and Starwood hotels stepped up to the plate to implement iBeacon in their store outlets. iBeacon allows apps on smartphones to receive BLE signals from the beacon.
Eddystone: Google introduced the Eddystone protocol in 2015. It is an open URL protocol specification that defines Bluetooth low energy (BLE) message format for proximity beacon messages. It has since become hugely popular among businesses and has only continued to grow. Eddystone protocol restricted the popularity of iBeacons in no time. Now, smartphones can receive Eddystone signals with or without apps.
Beaconstac beacons support both Eddystone and iBeacon.
UPDATE: On October 25, 2018 Android announced that Nearby will no longer be supported on Android smartphones after December 6, 2018.
2. Proximity marketing with NFC based systems
NFC was designed to enable highly secure payments and applications. NFC enabled customers to pay just by tapping smartphones against NFC-enabled devices. This technology did not fly off really well, even though it appeared promising in the beginning.This failure could be due to the following reasons –
Customers need an app to use NFC tags to receive messages.
NFC is a passive form of proximity marketing – which means NFC ads require customers to initiate the engagement. Unlike beacons, NFC systems cannot broadcast notifications.
It has a concise transmission range of 20 centimetres.
3. Proximity marketing with Wi-Fi-based systems
Wi-Fi has not traditionally been a proximity solution. However, with the widespread of public Wi-Fi, marketers are now leveraging Wi-Fi to send notifications. The Wi-Fi hosting website can send location-specific content to the consumer’s browser.
However, Wi-Fi requires users to consent to a connection each time they enter the business location. And, Wi-Fi-based systems are not very accurate when it comes to proximity marketing.
4. Proximity marketing with RFID based systems
RFID tags are used to track store product movement and inventory. RFID introduced in 2003, was considered a revolution. It quickly went from the little-known technology to the next big thing. However, this rapid growth was ephemeral. Here’s why RFID has limited adoption :-
The biggest hurdle in RFID adoption is that deploying RFID system requires many different components – necessary hardware such as tags, readers, reader control and apps. Retailers have to invest a substantial amount upfront on the infrastructure front, on both sender and receiver side.
Unlike most other proximity solutions, RFID does not come with inherent compatibility with mobile. It requires hardware to process signals at specific frequencies.
Information passed by RFID cannot be personalised based on location, frequency, time of the day etc. It is constant and is embedded in the tag.
Why is Bluetooth beacon better than competing technologies?
Proximity with beacons yield results way superior to legacy channels and other competing technologies.
1. 10 billion smartphones in 2018 are Bluetooth-enabled
Beacons broadcast notifications to Bluetooth enabled smartphones. In 2018, nearly 4 billion devices will ship with Bluetooth technology. The percentage of people having their Bluetooth switched on, varies from country to country.
Based on our research and statistics over the internet, approximately 50% of the users in Canada and US have their Bluetooth switched on. Russia has 25%, whereas the UK has 33% of the users with Bluetooth switched on all the time.
2. You do not need your own app to run beacon campaigns
With beacon technology, businesses may or may not leverage the experience of their brand app to communicate with their consumers. Using the Eddystone protocol, sending notifications using NearBee is a breeze.
NearBee has been designed to be better and far superior to Google Nearby. Unlike Google Nearby, it has the ability to send non-silent, rich notifications, non-duplicate and visually appealing notifications straight to the lock screen of Android users. NearBee will also have the ability to morph into a business’s unique branding once a customer enters the store. Customers will also be allowed to ‘follow’ businesses and receive controlled timely updates that can be sent even when they are no longer in the range of the beacon.
3. The click-through rate is far superior to competitor technologies
The click-through rate of a beacon campaign varies based on multiple parameters :
Usage of a brand or third party app
Deployment location and strategy
Nature of business
Schedule of the campaign (Days and time)
Notification copy etc
However, when done well, beacon campaigns have yielded a click-through rate (CTR) of 55% – 60%. However, this is not typical for all businesses. On an average, most small businesses see a CTR of 2% – 4%. With higher targeting and personalisation, the results get better.
A CTR of 2% is incredible for offline businesses given the results attained by other advertising channels. CTR of an average beacon campaign is 25 times that of a social media campaign.
4. Beacons have an excellent ROI
The three factors which contribute to the brilliant ROI of beacons are – low cost, long battery life and minimal efforts.
These tiny devices cost less than $20
Most beacons have an average battery life of 2 years. However, it varies based on the type beacon in use and its transmitting range
Beacons work out-of-the-box! This means business owners do not need an engineer onboard to start broadcasting beacon campaigns. It’s easy to use and seamless to configure
According to Unacast’s Proximity.Directory Q1 2017 Report, retailers can improve their position and increase the operating profit by nearly 9% with an ROI of 175%. This ROI figure shoots to 365% for small and medium businesses.
How to set up a proximity marketing campaign using beacons?
1. Choose the right beacon form factor for your business
Beaconstac supports various beacon hardware options which are found to be best in field tests. The hardware lineup consists of all-purpose indoor beacons, robust long range beacons, pocket beacons and keychain beacons.
The lineup includes beacons in various form factors to suit multiple business needs and applications. Learn more about the options we support on the Beaconstac hardware data-sheet.
2. Plan the beacon deployment strategy
Beacon deployment strategy depends on what the business wants to achieve. However, there are few tips for beacon deployment which work across industries.
Place beacons above the crowd level (approximately about 4 ft to 7 ft above the ground) for maximum reach. Installing beacons on ceilings also work well.
Place beacons in areas where people move slowly, or have a higher wait time, for, eg, traffic intersections, offices, waiting areas, etc.
Try to create a line of sight between a beacon and users’ phones. For best results, place beacons vertically, with the Beaconstac logo on top.
3. Create a markdown card/form (Or, an https website)
Beacon notifications can direct to a custom URL (any website), a form, or a markdown card. Markdown cards are creatives used instead of websites. Beaconstac provides markdown templates which can be easily modified to suit various campaigns. [Download inspirational markdown cards across verticals]
4. Assign it to a beacon
Assign the markdown card or form to the transmitting beacon. Watch the video to learn how to do it.
5. Create a notification
Beaconstac allows the notification creation in multiple languages. This helps marketers target customers in their preferred language. [Read more about dynamic notifications]
How are business using proximity marketing?
Beacon technology has changed the way brands interact with customers. Although advertisement remains the primary benefit of proximity marketing, marketers leverage it for a lot of other use cases.
1. Advertisement
Gone are days when brands were courting customers only by sending out advertisements on television, radio and magazines. In the last few years, advertisements have made a significant shift to a more targetable and data-driven option – beacons. Legacy ads cannot be micro sliced via location or demographics. This is why marketers are now relying on proximity marketing solutions to find, engage and most importantly, bring back customers.
2. Personalisation to enhance engagement
Brick and mortar stores can achieve the level of personalisation that e-commerce sites like Amazon and Walmart offer. With beacons in stores, marketers can achieve the following :-
Send recommendations related to their purchase history.
Upsell products.
Send recommendations based on shopping habits.
Personalization leads to positive experiences that, in turn, leads to more engagement, loyalty and sales. According to research by Marketing Insider Group, 78% of consumers say relevant content increases their purchase intent.
3. Loyalty programs
Customer loyalty programs are all about keeping current customers engaged and happy. These programs enable customers to automatically check in, get credit for their purchases and earn loyalty rewards. Big brands and local merchants are now using beacons to provide mobile loyalty among customers. Interesting use cases of beacon-based loyalty programs are :-
Send customized notifications on offers to patrons when they are closeby.
Deliver time-sensitive geo-targeted offers with greater precision.
Reward loyal customers for spending time with you.
4. Amassing offline data
Businesses today, rely heavily on sophisticated data gathering mechanism. This is because data-driven campaigns help in better understanding of shopping behaviour. Many successful retail brands like Macy’s, Walmart, Kenneth Cole are using beacons to gather extensive data for future campaigns.
With beacons, retailers can,
Track footfall
Create heatmaps of zones in the store
Analyse merchandising effectiveness
Gauge customer loyalty
Analyse the content type that drives consumers
Implement a proximity marketing campaign without an app?
Very few technologies have seen the kind of success that beacons have. And this is primarily because with the introduction of Eddystone; marketers did not require apps to communicate with their customers. Beacons communicate with Bluetooth enabled smartphones via two different protocols – Eddystone and iBeacon.
Eddystone beacons broadcast URLs that can be detected by smartphones even without an app. Services on the device such as Nearby Notifications, Samsung CloseBy or Physical Web compatible apps scan for and display these Eddystone URLs after passing them through a proxy.
On Android phones – Nearby is a Google service developed for Android phones. It scans for Eddystone URLs and detects packet if any.
UPDATE: Nearby will be discontinued from December 6, 2018. We have launched NearBee for Android that delivers non-passive, non-generic, rich notifications to the lock screens of Android users. Read our blog to know why it’s superior to Google Nearby. Download NearBee for android.
On iOS phones – To implement beacon campaigns on iOS devices, these devices need to have Physical Web compatible apps or browsers. iOS devices need third-party apps to scan and detect notifications. We have developed our app – “Nearbee”, which continuously scan for Eddystone URLs.
How to run proximity marketing campaigns on iOS devices?
Proximity marketing for iOS devices needs apps. This could be the brand app or a third party app that customers have on their phones
Proximity marketing campaigns which leverage their brand apps yield impressive results. Companies such as Heineken, Coca-Cola and Screenvision leveraged their brand apps to implement proximity campaigns and witnessed massive success.
Our NearBee SDK will quickly enable you to convert your app into a beacon powered app. If you are seeking to implement a wide array of complex use-cases, use Beaconstac SDK.
Businesses that do not have a brand app
Such businesses need high performing and innovative third-party apps to implement proximity campaigns. Third-party apps strike the right balance between respecting a consumer’s privacy while providing timely proximity marketing notifications. These third-party apps continuously scan for Eddystone URLs and display the notifications as soon as they detect an Eddystone URL.
Beaconstac has developed an app – “Nearbee”. This app scans for Nearby notifications and displays the notification on the iOS device.
Here’s how it is superior to any other third party app :–
Add an app intent to the campaign.
Allows delivering notifications at a specific time of the day, or days of a week.
The app is designed to run and scan quietly in the background. This means users get the notification even when the device is locked.
With the app, you can send telemetry information to the Google beacon platform where you can monitor the health of beacons.
Send multiple notifications from a single beacon.
Proximity marketing across industries
Proximity marketing in retail
Proximity marketing in retail has moved beyond push notifications and coupons. It is now in the next level of personalised content delivery. It has eventually become the biggest drivers of beacon deployments. Retail is leveraging beacons for attracting new customers, enhancing their store experience, building loyalty through personalised messages and collecting customer feedback.
Major beacon use-cases in retail
1. Inform Shoppers
Sharing information related to a specific place or object is one of the frequently used retail beacon use-case. Supermarket retailers leverage beacons to share useful information about a newly launched product, the brand or the description of the products they are selling. Restaurants also use beacon campaigns to inform users about the special dishes on the menu, chef’s recommendations and more. Car dealerships on other hand leverage beacons to inform users about the specifications of a car, price comparison with similar models etc. This not only makes information readily available on the mobile but also enhances the customer experience and saves printing dollars.
2. Boost in-store sales
Beacons are being employed in stores and malls to raise awareness about ongoing promotions and discounts, navigate visitors to venues, broadcast sales and discounts messages next to relevant products, and integrate POS to beacons to ease payments. Every retailer promotes the ongoing discounts to boost sales, however, getting beacons to do the job ensures that the pitched offers are relevant for the visitors and hence increase the chances of conversion.
3. Interact and engage with shoppers
In the era of experiential retailing, delightful shopper experience is the key. Beacon makes the visitor experience much more personal, customized and engaging. Motivate shoppers to visit more sections in your store, transform mannequin into talking salesperson, gamify the experience by rolling out location specific quizzes and treasure hunts. In an attempt to close the loop between physical stores and digital awareness, retailers are also linking beacon campaigns to social media channels. This enables users to share their in-store experience, online. Other ways to enhance the shopper experience are – enable booking/registering for a test drive through the smartphone, welcoming users into the store and informing them about one deal they should not miss out.
4. Help visitors navigate through your store
GPS is great for outdoor locations, however, it doesn’t work as expected when a visitor enters a building. This is where beacons are handy (GPS vs beacons)! Beacon powered apps use the triangulation method to detect the exact position of Bluetooth devices, indoor or outdoor. This is especially helpful for multi-storey malls, huge airports and museums. For the end-user, it functions just as a GPS. Beacon navigations can be marked with important locations such as important stores or art pieces, refreshment zones etc.
Proximity marketing in real estate
Real estate is one of those transforming industries that has recently picked up significant interest in beacon-based proximity marketing for boosting customer experience. The real estate brokers and agents are currently using beacons to attract home buyers, capture leads, push business cards and engage with them.
Major beacon use-cases in real estate
1. Driving traffic
Attaching a beacon to the ‘Open House’ sign can go a long way in attracting potential clients. The notification can disperse a lot of useful information about the house, previous owners and even a form that lets potential buyers fix an appointment with the real estate agent.
2. Enhancing the buyer’s experience
Instead of an agent explaining things about the house, beacons can do that. Every room that a potential buyer enter can have a beacon that sends out detailed information about it. This allows buyers to have their own personalized experience and more than one buyer can browse through the house without needing a dedicated real estate agent.
Proximity marketing in real estate
Real estate is one of those transforming industries that has recently picked up significant interest in beacon-based proximity marketing for boosting customer experience. The real estate brokers and agents are currently using beacons to attract home buyers, capture leads, push business cards and engage with them.
Major beacon use-cases in real estate
1. Driving traffic
Attaching a beacon to the ‘Open House’ sign can go a long way in attracting potential clients. The notification can disperse a lot of useful information about the house, previous owners and even a form that lets potential buyers fix an appointment with the real estate agent.
2. Enhancing the buyer’s experience
Instead of an agent explaining things about the house, beacons can do that. Every room that a potential buyer enter can have a beacon that sends out detailed information about it. This allows buyers to have their own personalized experience and more than one buyer can browse through the house without needing a dedicated real estate agent.
If you like thios anayltical research blogging let me know in the comments and I will kick it up.
BTC has been trading in a relatively quiet range over the weekend as volatility contracts after a big few weeks.
For now, price has fallen away from the major $8,000 level and is trying its best to hold up at the next support below at $7,500. This range is looking like it is going to be a big one given that volatility is contracting and there are clearly buyers and sellers at both levels.
Price has not been able to break back above the $8,000 level, since the fall from the recent highs at $9,000. Similarly, we are seeing buyers stepping up below. Each time price pulls back to $7,500, the buyers are there to hold it up. As I noted last week, the long wicks that you can see on the chart are a sign of strong buying interest.
Given the strength of the range that is in place here, my plan is to wait for a break of either side of the range and play a momentum move. There is a strong chance of a break, either way, will lead to a big push in the vicinity of 10%.
To me, that is a good risk/reward play and one that should have good follow-through. Particularly to the downside as there might well be some trapped buyers.
This should, therefore, be a pretty interesting week if we start seeing a break in either direction.
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Jinxed Bitcoin ATM Spews Out Cash at London’s Bond Street Station
By CCN: It looked like someone won the bitcoin jackpot at London’s Bond Street station. A video shows banknotes flying out of what appears to be a jinxed bitcoin ATM located near a shopping center.
In the 20-second video, initially shared by Redditor skypirateX, a security guard is doing his best to stop anyone from taking the money. Onlookers watch while the money rained down into and around a duffel bag.
LARGER, REDESIGNED ATM A GOOD SOLUTION
A customer was intentionally withdrawing the money, according to Adam Gramowski, owner and CEO of the Poland-based bitcoin ATM company. Initially, everything was going well during the bitcoin ATM transaction.
“As you can see there is a bag in the front of ATM. However our ATMs support large transactions and it is fair to say that a larger, redesigned presenter would be a good solution. Our customer was not particularly careful, although the ATM should be redesigned to cope better with small denominations used in the U.K.”
IT WAS NOT THE JACKPOTTING BUG
One theory doing the rounds was that the ATM was subject to a jackpotting bug, a claim the company spokesperson denies. Jackpotting is ATM malware that manipulates individual machines to spit out money, as explained by Wired.
But it seems this time it was just a case of a bitcoin owner withdrawing a large amount of money. The company has 60 ATMs around Europe, and Gramowski says this problem is apparent only with this one U.K. machine.
The video, which was also posted to LinkedIn by Blockchain Headhunter, has sparked thousands of responses. These have ranged from “allergy to fiat” to “evidently was not tested thoroughly!” Comments on Reddit alone run to 2,300.
It’s not the first time this ATM has been on Reddit for its strange behavior. About a month ago, the ATM maker responded to another thread that captured a picture of a DASH cryptocurrency private key displayed on the machine’s screen.
The owner said someone had stuffed a coin into the banknote acceptor. This jammed the ATM, and the company was unable to carry out any maintenance or repairs over the weekend.
Key BTC support levels $7,419, $7,200, $7,000, $6,954, $6,790
*Price at the time of publication
Bitcoin has seen a nice rebound totaling around 3% over the past 24 hours of trading and bringing the current price for the coin up to around $7,970 at the time of writing. The cryptocurrency had fallen from a peak above $9,000 to beneath the $8,000 level during the first few days of June 2019. However, BTC had managed to find support at the crucial .382 Fibonacci Retracement level and has rebounded from this area.
Bitcoin currently holds a $141 billion market cap valuation after seeing a 36% price surge over the past 30 days. Furthermore, the Bitcoin market has been on a tear over the past 3 months, as the price has exploded by a total of 101%.
Bitcoin price analysis
What has been going on?
Analysing the BTCUSD daily chart above, we can see that Bitcoin has recently found support at the short term .382 Fibonacci Retracement level (drawn in green) priced at $7,419. This Fibonacci Retracement is measuring the swing leg higher that had started to develop during May 2019.
Bitcoin has now rebounded from this level of strong support and is now attempting to break above resistance at the $8,000 level.
Bitcoin price short term prediction: Neutral
In the short term – Bitcoin remains neutral until it can break above the $8,000 level.
If the sellers do step in and begin to push the Bitcoin price lower, we can expect immediate support toward the downside to be located at the .382 Fibonacci Retracement support level at $7,419. Beneath this, further support can then be located at the $7,000 level. The support at $7,000 is further bolstered by the short term .5 Fibonacci Retracement level (drawn in green) priced at $6,954.
Bitcoin price medium term prediction: Bullish
Over a longer time period, Bitcoin remains bullish. After seeing a price surge of more than 100% over the past 3 months, it is hard to think that it is not bullish.
If the buyers are successful in breaking above the resistance at the $8,000 level, we can expect further resistance above to then be located at the $8,265 level. This level of resistance had caused trouble for the bulls during May 2019 and is expected to provide more trouble moving forward.
Above $8,265, more resistance is located at $8,490, $8,600, $8,888 and $9,000. Above $9,000 – further higher resistance is located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $9,326 and $9,810, respectively.
What are the technical indicators reading?
Currently, the Stochastic RSI is trading in extreme overbought conditions, which suggests that the selling is finally finished. If the Stochastic RSI can start to rise higher, we can expect the RSI to break back above the 50 level and allow the bulls to push the price further above $8,000.
What to Expect When the IRS Alters Its Bitcoin Tax Policy
The Takeaway
Coming guidance from the IRS will address longstanding questions about the tax treatment of cryptocurrency.
The tax collector has identified several specific issues it will discuss, including whether investors owe taxes on free crypto they get from a fork.
The industry is also hoping for clarity on a number of other matters, including the tax implications of airdrops, staking and crypto stored at overseas exchanges.
Every tax season, cryptocurrency investors in the U.S. struggle to figure out how much they owe the government. But next April it might be a little bit easier.
Last month, the Internal Revenue Service (IRS) said it would “soon” issue new guidance on the tax treatment of crypto, something it hasn’t done since an initial notice
the agency issued in 2014.
In its original guidance, the IRS stated that for tax purposes, virtual currency is treated as property and not as currency. But it left a number of key questions unanswered, such as how to value cryptocurrency received as income.
The market has become more complicated in the intervening years, with the emergence of phenomena like airdrops and forks that essentially give people free crypto, raising new questions about tax liability.
In a letter last month to Rep. Tom Emmer, IRS Commissioner Charles P. Rettig said the forthcoming guidance would address these issues and others. He did not say exactly when it will come out, and neither would the IRS when contacted by CoinDesk.
It’s hard to predict when the IRS will publish the new guidance, but as the extended due date for individual returns is October 15, and for pass-through businesses it is September 15, “they may shoot to have guidance out before those extended deadlines,” said Kirk Phillips, a certified public accountant (CPA).
Below, we explain the major areas where the crypto community is looking for more clarity from the taxman.
How much did you make?
One of the most important questions since the publication of the IRS’ first notice has been how taxpayers should determine the fair market value of cryptocurrency they receive as income (in exchange for goods and services, for instance). This is its cost basis.
The 2014 guidance says that if a cryptocurrency is listed on an exchange, the fair market value is determined by converting it into U.S. dollars “at the exchange rate, in a reasonable manner that is consistently applied.”
However, unlike securities or property, cryptocurrencies can vary in price widely between different exchanges, said Phillips, the author of “The Ultimate Bitcoin Business Guide.”
“Every exchange can have its own pricing methodology, and if you’re using ten different exchanges there will be ten different pricing models,” he said.
The American Institute of Certified Public Accountants (AICPA) has suggested that taxpayers should be allowed to use the average rate of the day and the average price of different exchanges to calculate the value of their crypto, as well as aggregating indexes like CoinDesk’s Bitcoin Price Index.
Any of these methods can work as long as taxpayers are consistent in applying them, AICPA said in comments
submitted last year to the IRS. Also, it should be possible to use a combination of methods for various instances.
“Taxpayers may have one method applied to one wallet and another method applied to another exchange when determining the fair value of all the bitcoin transactions,” the comment says.
James T. Foust, a senior research fellow at the industry advocacy group CoinCenter, suggested a similar approach in a recent report.
Users should be allowed to use “either the exchange rate data from one exchange, averaged exchange rate data from a fixed set of exchanges, or a third-party exchange rate index” for each cryptocurrency, as long as they use these methods consistently, Foust wrote.
Which coins did you spend?
An even trickier task is determining the cost of each unit of cryptocurrency that was spent in a taxable transaction, such as a sale.
Lisa Zarlenga, a partner at the law firm of Steptoe & Johnson, explained that when you sell cryptocurrency you should specifically identify the fraction you’re selling to calculate a gain or loss.
For other asset classes, there are established ways to do this. For example, in stock trading, taxpayers can apply the average cost basis or the “first in, first out” (FIFO) assumption: that they are selling the earliest acquired piece of stock, so the price is determined as the one registered at the time of the first purchase.
“But the simplified approach doesn’t apply to other types of property, only to stock,” Zarlenga said. “So one thing the IRS could do is extend it to cryptocurrency, which would be very helpful.”
Even that wouldn’t help in every case, noted Phillips. “First in, first out” can be a problem if the price of the earliest acquired coin is zero — if the owner mined it, for instance.
Imagine somebody who earlier mined some bitcoin is trying to cash out another coin which cannot be sold for fiat, and so would have to sell it for bitcoin and then sell that bitcoin for fiat. In this case, the bitcoin, bought and immediately sold, won’t bring its owner any profit, but if the cost basis is defined by the first coins this person ever acquired (which is zero), they will have to report a capital gain.
In such cases the FIFO principle might become a trap, Phillips said. “It can create a fictitious gain that doesn’t match the economic substance.”
At the moment, there are a number of software platforms for calculating taxes on crypto using different methodologies, and the best the IRS can do is to leave it for users to choose, Phillips said. As the technology and the market mature, better solutions can be found, he said.
“The best scenario would be to leave it broadly open for the taxpayer to decide what method they use as long as they apply a consistent methodology: you can’t change it around from year to year,” he said.
Forks, airdrops, staking
In addition to buying and selling, there is a list of other events that need clarification for tax purposes, including forks, airdrops and staking.
All of these involve people receiving one cryptocurrency because they already hold another. For example, anyone who held bitcoin on August 1, 2017, can claim a like amount of bitcoin cash, which was born that day, and of the other currencies that subsequently split off from the main chain.
So what do they owe Uncle Sam from this windfall? Foust’s report for Coin Center notes that when a fork happens, owners of the original cryptocurrency can make no effort to take possession of the new coins and never actually get them, and in this case, there should be no tax effect. But if they do get their portion of the splinter currency and sell it, that should be taxable at the time of the sale.
It’s important to consider how much control taxpayers have over the situation when they keep their crypto with custodial exchanges, Foust noted. “If a taxpayer holds their cryptocurrency with a custodial exchange, any actions that the exchange takes regarding airdropped or forked tokens should not affect the taxpayer unless such actions were undertaken at the direction of the taxpayer.”
The American Bar Association suggested a different approach in its comments on the 2017 fork that created bitcoin cash. The document
, submitted to the IRS in March 2018, proposed that “taxpayers who owned a coin that was subject to a Hard Fork in 2017 would be treated as having realized the forked coin resulting from the Hard Fork in a taxable event” and the value of a new coin should be zero.
“It means that at the time of the fork they’ll be treated as earning zero dollars in income. So the fork event itself will not result in any tax liability,” Omri Marian, one of the authors of the comments, explained to CoinDesk. “When they dispose of the forked coin, they’ll be taxed on the entire proceeds of the transaction.”
Forks can be treated by analogy with traditional financial and business events, Zarlenga said, and it depends which analogy the IRS will see as more appropriate: possible options include events that currently don’t have tax consequences, like a stock split or a cow giving birth to a calf, but also taxable events like getting free samples and using them, finding property or earning dividends on a property.
Another relatively new concept, staking, or using one’s coins to participate in transaction validation on proof-of-stake (PoS) blockchains, is a hot topic in the crypto world. As institutional players have taken an interest in putting their PoS holdings to work, powerhouses like Coinbase have started offering staking-as-a-service.
Staking should be treated as ordinary income, as mining already is, because these two activities bring taxpayers new coins in a similar way, AICPA’s memo suggests. The expenses on staking, if there are any, should be deducted from such income as ordinary expenses, i.e. expenses that are common and accepted in a certain business.
Other issues
Three of the issues discussed above – cost basis calculation, cost basis assignment, and forks – are explicitly mentioned in Rettig’s letter to Emmer, but there are several others that crypto tax experts hope the upcoming IRS guidance will address.
One with serious consequences for taxpayers is whether keeping, buying and selling cryptocurrencies on exchanges registered overseas should be reported under the rules for foreign bank accounts, Zarlenga and Phillips said.
U.S. citizens must file a Report of Foreign Bank and Financial Accounts (FBAR) for any such account holding more than $10,000. Also, Americans holding foreign financial assets worth more than $50,000 have to report them under the Foreign Account Tax Compliance Act (FATCA). Failure to report can result in severe penalties, Phillips noted.
Should these rules apply to crypto? AICPA believes so: the value of crypto kept in foreign jurisdictions should be aggregated with the value of fiat and other assets abroad and reported under FBAR and FATCA, the institute’s comments say.
But if taxpayers keep their crypto in personal wallets and control the private keys, this crypto should be considered “cash which resides wherever the taxpayer resides,” and no FBAR or FATCA compliance is needed, the document suggests.
Another issue that deserves clarification is the status of small transactions when people use cryptocurrency to buy goods and services, Phillips said. As it stands, they also have to be reported as taxable events, which discourages spending crypto, and exempting transactions up to a certain threshold could eliminate this problem.
Then there are charitable donations: right now, if you’re donating any property valued more than $5,000 you need to get a qualified appraisal, an expert estimation of that property’s value.
Cryptocurrency should be exempted from this rule as publicly traded securities are, AICPA said. “The rationale is that the prices for these publicly traded stocks are available on established exchanges, thus not requiring a qualified appraisal. The same is true for most, if not all, types of virtual currencies.”
While these questions may sound arcane, resolving them would remove a lot of aggravation for taxpayers. Hence, the community is waiting with bated breath to see how the IRS comes down on them.
Zarlenga concluded:
“This is going to be the first time they are speaking in five years. A lot has happened in the industry, and people are eager for some input.”
Cryptocurrency market update – Bitcoin observes the range, altcoins are a mixed picture
BTC/USD has recovered from the week's lows, but $8,000 remains unconquered.
Binance Coin is the winner of the day in Asia on Thursday.
The cryptocurrency market is a mixed picture during Asian hours on Thursday as Bitcoin and top-20 altcoins have entered a consolidation phase. The total capitalization of all digital assets in circulation slipped to at $250 billion from $251 billion about this time on Tuesday. An average daily trading volume dropped to $71 billion.
Top-3 coins price overview
At the time of writing, BTC/USD is hovering marginally above $7,840, mostly unchanged both on a day-on-day basis and since the beginning of Thursday trading. The most important digital asset has recovered from June 4 low of $7,437, though it is still well below a critical $8,000 handle.
Ethereum, the second largest digital asset with the current market capitalization of $26 billion, is changing hands at $246, gaining 1.7% in recent 24 hours.
Ripple's XRP stays marginally above $0.40 at the time of writing after an initial attempt to break below this psychological handle. The third largest coin is locked in a tight range, unchanged both on a day-on-day basis and since the start of Thursday.
The biggest market-movers
Binance Coin (BNB) is the growth leader, with nearly 6% of gains in recent 24 hours. The 7th largest cryptocurrency with the current market capitalization of $4.4 billion is changing hands at $31.5 with a bullish bias.
Bitcoin Cash (BCH) is also doing well. The 4th largest coin has gained nearly 3$ in recent 24 hours to trade at $397 by press time.
casting all your anxieties on him, because he cares for you.
1 Peter 5:7
That night at the emergency room, black sorrow filled the air when the doctor said, “We lost him.”
Lord, how can that be possible? Joe was a leader in every way. He was the captain of his football team. He was the star player for his lacrosse team. Joe attended Bible study, encouraged anyone around him. His sense of humor and contagious smile lit a room.
He’s gone? Sleepless nights kept me tossing, trying to find an answer. Trying to seek God’s comfort and reaching for something, someone to ease the pain.
Is that what losing someone we cherish looks like? We long to fill the void, but cannot. We wish it were a nightmare and desperately hope to wake up and find all to be normal like before. And we secretly wonder, will peace ever come back?
But instead, peace becomes a foreign word. We drag grief like a chain that chokes with every step. And as we shuffle through life, we wipe one more tear and give one more sob.
But in the midst of all those emotions if faith remains, and if trust in God grows, He leans toward us and severs the chain of pain with these words: “Blessed are those who mourn, for they will be comforted.” (Matthew 5:4)
That’s exactly what I was doing, mourning, terribly and constantly. But Jesus said I’d be blessed. I’d be comforted.
I leaned my head back, inhaling His truth and savored the promise. That’s when, ever so tenderly, His healing trickled into my heart. It came in five stages:
Belief that God’s love, unfailing and constant was available to me. In His tender care were my tears and my anxious moments. He said, “Cast all your anxiety on him because he cares for you.” (1 Peter 5:7) In His hands I placed my hope for healing and my expectation of peace to come back.
I changed. Rather than speak of the void in my heart, the pain of my loss or my dark fate, I spoke of the life in God’s restoring love. I repeated the power of God at work in me. And I declared the beautiful truth that God extends compassion for those whom He loves. I spoke words out loud that gave life into my gloom. Always remembering that, “The tongue has the power of life and death…” (Proverbs 18:21)
I chose to forgive. Initially, I was convinced the man who stabbed my Joe 23 times had to be punished. Justice had to prevail, and he had to suffer the consequences for such a horrible crime. Anger and bitterness toward the man were justified. But in Mark 11:25 God instructed the contrary. "And when you stand praying, if you hold anything against anyone, forgive him, so that your Father in heaven may forgive you your sins." On my knees, I asked God to help me do the impossible. I begged Him to help me forgive. He did. And my complete, genuine forgiveness ushered freedom that brought on peace, deep and lasting.
Gratitude replaced bitterness. I looked back at the gift my Joe was to me for 19 years. And that’s when gratitude began to sing. I was grateful for the memories, of the laughter, hugs and the kisses from that young man. Each memory made my life rich. I thanked God for the nights I cried out because He was attentive to each one (Psalm 40:1). I thanked Him for the tears, for He stores them in a bottle (Psalm 56:8). I thank Him for the stale grief of today, because tomorrow will be fresh and new. (Isaiah 43:18)
Moving beyond my heartache, I chose to reach out. Every pain has a purpose. Some make us humble. Others make us grow, and others become the vessel God uses for His glory. And as His instruments, we can play the melody of God’s comfort to help ease others’ pain (2 Corinthians 1:3-4), encouraging others, showing them the path to peace and pointing them to Jesus is the formula that brings back our own joy.
Eventually, that joy changed my thoughts. I used to cry out, “not my Joe!” But because of my Joe, I came to know the reality of God’s comfort, the truth of His promises and the power of His love.
Pray this week:
Father, in the midst of my sorrow, speak Your truth to me. Grant me the heart to receive what You offer. Show me how to relish in the freedom that forgiveness brings, and help me prepare my heart to receive renewed joy. In Jesus name.
What needs to change for you to welcome joy once again?
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