1 BTC - USD Hits 1,120 and Continue Rising for the coming USA SEC ETF Decision March 11

Bitcoin hit 1,120 USD. Source: Blockchain

Friday, February 24, 2017 11:30 PM UTC +8GMT

BTC/USD hit an all-time high of 1220 level on Friday and is currently trading at 1209 levels at the time of writing (Bitstamp).

Philippine Peso - BTC Exchange rates : ₱60,277.64

Coins.ph exchange rate:  Buy: ₱60,737 PHP | Sell: ₱58,875 PHP

Buybitcoin  rate:  Buy: ₱61,581 PHP | Sell: ₱58,529 PHP

The recent upswing is possibly being driven by the upcoming decision on bitcoin ETF by the US Securities and Exchange Commission (SEC). Traders seem to be largely bullish on the bitcoin ETF getting the approval, CoinDesk reported. The SEC has until March 11,2017 to approve or disapprove the ETF.

According to Bloomberg, President Trump’s policy uncertainties might be the reason behind the recent rally. It explains that investors are looking to hedge against potential global uncertainty in the wake of President Trump’s policies and are speculating relaxation of digital currency regulations under his leadership.

On the upside, the pair will now run into resistance at 1245 (127.2% retracement of 1139.89 and 751.34) and a break above would see it testing 1280 (113% extension of 751.34 and 12.20)/1347.

Momentum studies remain bullish. Any dips could be taken as an opportunity to go long. However, caution is advised as RSI and stochs are in the overbought zone.

On the flipside, support is seen at 1200 (psychological) any violation would drag it to 1140 (trend line joining 941.81 and 1074.69)/ 1115 (5-DMA). A break below 5-DMA could see further weakness in the pair.

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Current exchange rate for 1 BTC to USD is $1,1888 or check Google echange rate for updates

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Why Krugman’s “Bitcoin is Antisocial and Impractical” Argument is Flawed

Paul Krugman, “economist” and University of New York professor, Photo: The Coin Telegraph

Over the past few years, Paul Krugman, “economist” and University of New York professor, continuously criticized Bitcoin and its decentralized nature, describing it as an anti-social network because it does not depend on a state-owned or controlled money supply.

To start with, Bitcoin can be perceived as an abstract financial and technological concept within the traditional frame of Economics and Finance. The Bitcoin network represents the potential of peer-to-peer and open financial networks that eliminate the necessity of the third party institutions or governing entities in order to efficiently facilitate payments between users in a practical ecosystem.

Conventional “economists” such as Krugman have been introduced to state-owned, controlled and manipulated currencies, assets and stores of value for an immense period of time that they often struggle to understand the necessity of digital currencies like Bitcoin.

In his blog he writes:

“At the end of 2013, I wrote a post titled “Bitcoin is evil,” riffing off Charlie Stross’s “Why I want Bitcoin to die in a fire.” Charlie and I both keyed in on the obvious ideological agenda: Bitcoin fever was and is intimately tied up with libertarian anti-government fantasies.”

“Bitcoin is antisocial” because “it is not state-owned” - wait, what?

The “Bitcoin is antisocial” argument has been the core of Krugman’s criticisms against the cryptocurrency. Ironically, however, Bitcoin has demonstrated the highest level of user freedom, as it relies on a peer-to-peer protocol as its foundation.

Another ridiculous statement of Krugman that he frequently pushes in mainstream media outlets such as the New York Times, for example, is that “Bitcoin is not state-owned,” which misleads users and investors on the primary purpose of Bitcoin. Basically, he says that Bitcoin was created to weaken the global banking system.

Well, seriously? In 2009, Bitcoin was introduced with the sole purpose of providing financial freedom, sovereignty and independence to users. So far, it has succeeded in offering an unprecedented level of financial freedom to the general population, proving that financial networks can exist without the involvement of governments and the existence of authority.

Governments abuse the power over the cash-based monetary system

Bitcoin serves as evidence that peer-to-peer networks can exist and that users are responsible enough to lead a peer-to-peer protocol in a civilized manner.

The global financial system utilizes cash as its basis. Banking systems and financial services are deployed on top of the monetary framework, offering digitalized methods of transacting cash. The role of the government within a cash-based monetary system is to provide enough supply of physical cash to support the economy.

Governments have abused this power over the cash-based monetary system to print fiat money at their demand. Termed as “quantitative easing,” central banks print a certain amount of cash and distribute that among banks. While governments claim that this new set of printed money ends up at the bottom of the economy, in actuality, billions of dollars created on an annual basis are sprinkled on top of the economy for top-tier organizations and financial institutions.

Bitcoin has proved that a state-owned money supply is redundant and unnecessary. In a social network, a peer-to-peer protocol like Bitcoin, each individual plays a role in maintaining an autonomous financial network.

Paul Krugman, “economist” and University of New York professor is wrong.  Illustration: The Coin Telegraph

Source: - The Coin Telegraph 

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Governments and Banks Push Bitcoin Price to New Levels: Experts

illustration: rubiztech.com.ng

Besides the global influx of new users, government wars and restrictions against Bitcoin appears to be toughening the resilience and character of the cryptocurrency.

Bitcoin has exhibited a very strong price character so far in 2017 despite a number of setbacks. This is expressed by the manner in which its price has always shown good strength in recovery.

Alena Vranova, co-founder of SatoshiLabs / TREZOR, says:

“All those setbacks, hurdles and government restrictions are a blessing, making Bitcoin more resilient. The fact that Bitcoin hit $1000 for the second time in its short history also strengthened its position even more and set expectations quite high for this year.”

Two factors supercharging Bitcoin value

Simon Dixon, BnkToTheFuture.com CEO, believes that Bitcoin’s continued strength as a global store of value has been supercharged by two factors in 2017.

Firstly, Dixon notes that banks and financial instructions around the globe waved the Blockchain flag throughout 2016 and many more are starting to realize that Blockchains are pretty useless without Bitcoin’s proof of work.

The result, according to Dixon has been a wave of Blockchain applications that are worse than their existing solutions and a realization that Bitcoin is actually the only interesting thing about Blockchain.

Secondly, Dixon says that governments are essentially subsidizing the growth of Bitcoin, driving people to it by waging war on their national cash supply and adding more and more friction to fiat money in their war on money laundering that is affecting everyday people that are not laundering anything.

“These two factors are driving more and more people to buy some Bitcoin and experience what it is like to own their own money,” concludes Dixon.

Bitcoin is conquering new levels

Michael Vogel, CEO of Netcoins, describes Bitcoin as having a breakout year in terms of new users and continued adoption on a global scale.

Vogel tells Cointelegraph that 2017 is proving to be a very exciting year for Bitcoin, despite having seen major regulatory uncertainties in China with some exchanges halting withdrawals.

Vogel explains:

“Speaking from my viewpoint at Netcoins, a large portion of our customer base continues to be new customers that are discovering Bitcoin for the first time and have made the decision to load up their new Bitcoin wallet. In fact, January was a record month for traffic at our Virtual Bitcoin ATMs.”

Vogel thinks that the overall upward trend in Bitcoin price is as a result of the influx of new users globally. This is because, despite hiccups and negative press, the global Bitcoin trading and transaction volumes continue to grow. This is reflected in the 24-hour volume history of main Bitcoin exchanges over the past year. - The Cointelegraph

Investment Recommendation: Bitcoin Investments

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China - Philippines Bridging for the 5G Wireless Internet Preparation 2020

Philippine Telco's are in the preparation for 5G wireless mobile internet for 2020

What is 5G Mobile Internet?

5th generation mobile networks or 5th generation wireless systems, abbreviated 5G, are the proposed next telecommunications standards beyond the current 4G/IMT-Advanced standards.

Rather than faster peak Internet connection speeds, 5G planning aims at higher capacity than current 4G, allowing higher number of mobile broadband users per area unit, and allowing consumption of higher or unlimited data quantities in gigabyte per month and user.

This would make it feasible for a large portion of the population to stream high-definition media many hours per day with their mobile devices, when out of reach of Wi-Fi hotspots.
5G research and development also aims at improved support of Device-to-device communication, aiming at lower cost, lower latency than 4G equipment and lower battery consumption, for better implementation of the Internet of things.
There is currently no standard for 5G deployments.

The Next Generation Mobile Networks Alliance defines the following requirements that a 5G standard should fulfill:

1. Data rates of tens of megabits per second for tens of thousands of users
2. Data rates of 100 megabits per second for metropolitan areas
3. 1 Gb per second simultaneously to many workers on the same office floor
4. Several hundreds of thousands of simultaneous connections for massive wireless sensor network
5. Spectral efficiency significantly enhanced compared to 4G
6. Coverage improved
7. Signaling efficiency enhanced
8. 1-10 ms latency (limited by speed of light)
9. Latency reduced significantly compared to LTE

The Next Generation Mobile Networks Alliance feels that 5G should be rolled out by 2020 to meet business and consumer demands. In addition to providing simply faster speeds, they predict that 5G networks also will need to meet new use cases, such as the Internet of Things (internet connected devices) as well as broadcast-like services and lifeline communication in times of natural disaster.

Carriers, chipmakers, OEMS and OSATs, such as Advanced Semiconductor Engineering (ASE), have been preparing for this next-generation (5G) wireless standard, as mobile systems and base stations will require new and faster application processors, basebands and RF devices.

China’s Huawei, Philippine Telco join forces in 5G deal

Chinese electronics giant Huawei is joining forces with the Philippines' largest telco in the hopes of rolling out a 5G wireless network in the Asian archipelago by 2020, the Filipino company said.

Filipinos are among the world's most active Internet users, but the country also has one of the slowest average connection speeds.

Smartphone usage is also steadily growing with about 33 million people owning devices according to researchers.

Philippine Long Distance and Telephone Co (PLDT) and Huawei agreed last month to conduct joint research and development into fifth-generation broadband wireless technology for the Philippines.

"They are one of the companies that are leading in the research and development of 5G technology," PLDT spokesman Ramon Isberto said about the Chinese firm, adding it is already involved in PLDT's landline and mobile phone services.

Chinese telecoms behemoth Huawei is the world's number three smartphone maker, operating in 170 countries.

The company has laid out an ambitious agenda for the US and global markets – hoping to become the top producer of smartphones in the next five years despite controversy over its ties to Beijing.



Ren Zhengfei, a former People's Liberation Army (PLA) engineer, founded the company in 1987 but his PLA service has led to concerns of close links with the Chinese military and government, which Huawei has consistently denied.

The US and Australia have previously barred Huawei from involvement in broadband projects over espionage fears.

Relations between Manila and Beijing have been rocky amid conflicting claims over the South China Sea and China's militarisation of the resource-rich waterway.

But under Philippine President Rodrigo Duterte, who won May elections in a landslide, there has been a warming of bilateral ties as Duterte steers Manila away from the US – its long-time defence treaty partner.

Isberto said controversy over Huawei's links with the Chinese government was not a concern, stressing that foreign companies only provide technology.

"At the end of the day, we run our networks," he said. — AFP

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Automakers boosting output in the Philippines -Nikkei

Mitsubishi Motors' new pressing plant under construction in the Philippines. Photo: Nikkei Asian Review 

Automakers boosting output in the Philippines

Mitsubishi Motors, Toyota taking advantage of government incentives
The Philippines' auto manufacturing sector is kicking into higher gear as Japan's Mitsubishi Motors prepares to launch a new production line on Friday. An underdeveloped local supply network, however, still detracts from the country's appeal.

The Mitsubishi example

Located in Laguna Province south of the capital Manila, the Mitsubishi plant currently assembles two vehicle models, one of which is the L300 service van. Daily production is 50 units combined. The additional assembly line will add Mirage subcompacts to its repertoire, with a goal of producing 30,000 units a year.
The Japanese automaker is also spending roughly 10 billion yen ($88.1 million) to construct an on-site pressing plant. The facility is due to start up as early as the end of the year. There, Mitsubishi will fabricate roofs, engine hoods, trunks and other large parts that are currently being imported from Thailand. The main plant will eventually procure 50% of its parts locally.

"The steel sheet [for the Mirage] is significantly thinner than the type used for pre-existing vehicle models, which will require advance technological capabilities," explained Yosuke Nishi, first vice president of Mitsubishi Motors Philippines.

Mitsubishi also recognized about 30 outside parts makers as tier-one suppliers. Several, such as Denso, which has manufacturing operations in the Philippines, are fellow Japanese companies. Roughly 10 are local firms, including Manly Plastics and Valerie Products Manufacturing.

The Mitsubishi operation is even attracting other Japanese parts manufacturers to the Philippines. Shizuoka Prefecture-based Usui has established a new production site at a rented warehouse. There, three technicians will perform final bending work on components shipped from Japan.

Subsidizing growth

Last year, the Philippine auto market expanded 25% to 402,461 vehicles -- or quadruple the sales tally of a decade ago. However, imports made up the bulk of that growth, with the share of domestically made autos declining to 26%. In 2010, six members of the Association of Southeast Asian Nations, including the Philippines, all but eliminated reciprocal import tariffs. That opened up the Philippines to a flood of finished vehicles from Thailand and other places.

Looking to erase the resulting trade deficit and boost employment, the Philippines last year rolled out a 27 billion peso ($540 million) government incentive scheme aimed at automakers that build plants onshore. Mitsubishi's two Mirage models and Toyota Motor's Vios sedan have made the cut for the program, which requires a specific level of local procurement.


Toyota assembles the Vios and the Innova minivan in the Philippines, and it will begin manufacturing the new Vios model covered by the incentives in mid-2018. The Japanese car manufacturer is also installing large pressing equipment to make auto body parts in-country instead of importing them from Thailand. In addition, the automaker will procure more parts locally, such as center consoles.

Cost handicaps



But unlike in Thailand, where automakers can procure core components like engines, the number of parts that can be made in the Philippines is limited. It costs roughly 1.7 million yen to produce one vehicle here, a nearly 200,000 yen premium over Thailand, according to the Philippine Department of Trade and Industry. Expenses associated with imported components account for 49% of the total. That ratio is only 7% in Thailand.

Currently, it is more affordable to import finished cars, even when considering transport and labor costs. Mitsubishi and Toyota have committed to onshore production because the cost savings from expanding local procurement, and the roughly 100,000 yen per vehicle in government subsidies, will offset the handicap.

"We are starting to have prospects for Philippine production to cost less" than imports, said Satoru Suzuki, president of Toyota Motor Philippines.

A model for the rest?

Vietnam, another latecomer to auto manufacturing, could learn from the Philippines. As a member of the ASEAN Economic Community, Vietnam's tariffs are due to be abolished next year. That would likely open the floodgates for vehicles assembled in Thailand and other places.

But the Philippines could also turn out to be a cautionary tale. Ford Motor shuttered its production plant in the country, for one. In addition, one condition for receiving government incentives is production of 200,000 vehicles within six years. Over 30,000 units of the Vios were sold last year, but reaching the threshold with Mirages will be no easy task considering that the model's sales were only about 20,000 units. Mitsubishi will expand its network of dealerships from 48 to 70 by 2020.

Furthermore, the government plans to raise taxes on new vehicle starting in 2018, a potential headwind for sales. - JUN ENDO, Nikkei staff writer +Nikkei Asian Review 

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Baguio Philippines' Temperature Dropped Down 8 Degree Celsius, Winter-like uptown

Baguio Philippines' Coldest Temperature Dropped Down 8 Degree Celsius 5:00 AM 15th February 2017. Photo: Inquirer 

Cold, cold Valentine’s Day as mercury dips in Baguio

BAGUIO CITY—Residents woke up on Valentine’s Day looking forward to a day of warmth, only to be greeted by the coldest morning yet this year as the mercury dropped to 8 degrees Celsius at 5 a.m. on Tuesday.

School children and office workers were in thick jackets, woolen sweaters and scarves as they streamed out of their homes between 7 a.m. and 8 a.m. due to the bitter cold.
“My children refused to take a bath. It was too cold,” said a mother in San Luis village here. “It was so cold I could not even wash the dishes.”

Tuesday was the coldest day so far in 2017, following the 9.2-degree temperature on Sunday and the 9.4 degrees on Monday, said Aljon Tamondong, Baguio weather observer of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) station here.
Tuesday’s cold weather exceeded the 8.1-degrees-Celsius temperature reading on Jan. 18, 2014, Tamondong said.

The cold spell was not over and the temperature dropped further due to the cold front, he said.
He said the Jan. 15, 2009, temperature, when this mountain resort city experienced 7.5 degrees Celsius, might be broken if the trend continued.

The coldest day on record in Baguio was still Jan. 18, 1961, when the summer capital experienced 6.3-degree weather. People who remembered that day described it as their closest approximation of winter.

The chill thrilled businessmen and flower vendors.

“Yearly, without fail, when news reports dramatize temperature drops to those levels, tourists flock to Baguio to experience that weather. This is always a boost for tourism of Baguio,” said Frederico Alquiros, cochair of the Baguio Flower Festival Foundation Inc., which is staging the Panagbenga grand parades next week.

“Panagbenga being in February, capitalizes on this weather,” he said.
Temperatures in upland towns like Atok and Buguias in Benguet province are usually colder than Baguio.

Atok residents described the weather condition in the town as if they were “freezing,” although there were no signs of moisture frosting up the leaves of vegetables grown in gardens, said Atok Mayor Peter Alos.

Pagasa monitored on Tuesday the lowest temperatures in the country since the northeast monsoon season—locally known as “amihan”—began in November.

The Pagasa said that aside from Baguio, the lowest temperatures were observed from 4 to 6 a.m. on Tuesday in the following areas: Tanay, Rizal, at 14.3 degrees; Malaybalay, Bukidnon, at 15.8 degrees; Itbayat, Batanes, at 16.5 degrees, and Basco, Batanes, Tuguegarao, Cagayan, and Ambolong, Batangas at 17 degrees.

Metro Manila also experienced one of its coldest days at 19.2 degrees, although a 19-degree temperature was already monitored in January.

“This is the lowest recorded temperatures since the northeast monsoon started in November. We’re seeing a surge in the monsoon; that’s also why we have gale warnings hoisted over some parts of the country,” Pagasa assistant weather services chief Renito Paciente told the Inquirer.—REPORTS FROM GOBLETH MOULIC, KIMBERLIE QUITASOL, VINCENT CABREZA AND JAYMEE T. GAMIL

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