EinsteiniumEinsteinium EMC2 news

Price, 24h
0.1007 USD / 0.00001251
-5.48% / -5.48%
Volume, 24h
926,228 USD
22,178,952 / < 0.01%
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Einsteinium Staves off Impending 51% Attack by Renting Extra Hashrate

It is always troublesome when cryptocurrencies deal with a looming network attack. Small-cap coins are often targeted in 51% attacks, and Einsteinium could have easily been next. After all, this attack was announced a few days ago, which seemingly gave the EMC2 team plenty of time to prepare. The EMC2 Crisis has Been Averted It was a big surprise when Geocold51, an individual specializing in demonstrating 51% attacks against cryptocurrencies, decided to focus on Einsteinium instead. Rather than performing such an attack anonymously, he decided to effectively announce this intent well in advance. The venture also got a lot of attention because it would be live streamed on Twitch. As is usually the case when someone “claims” to attack a network, one never really knows if that is exactly what will happen. For all intents and purposes, it seems Einsteinium hasn’t seen any big problems in this regard, although there is a very interesting reason for this particular development. Contrary to what one might expect, there isn’t much developers can do to thwart an impending 51% attack. It all comes down to the network hashrate, which – in the case of Einsteinium – has never been too impressive. Even so, it has always been sufficient to ensure the network operates smoothly, but that is only to be expected. With this impending attack, the only viable option was to introduce more hashrate in the future. It would appear the team has done exactly that. Deploying more hardware on one’s own accord is never a viable choice, thus it appears the team rented some hashrate and pointed it at their own network. Where the hashrate comes from exactly, and how much was paid to ensure it kept the network safe, is unclear at this time. Nor does anyone know if the community made this decision of the developers themselves. So Einsteinium suddenly tripled(approx) their hash rate &amp; pointed it at their network to stop an attack from @geocold51. That means they bought a whole bunch of hashing power for their own network to prevent an attack that never happened.#Einsteinium #emc2 #cryptocurrency pic.twitter.com/ItD2SycwYl — Suprateek Bose (@SupraBo_) October 14, 2018 The chart above clearly shows there has been a pretty big spike in Einsteinium’s network hashrate. Considering how the 51% attack never occurred, the only logical conclusion is how additional mining power was “borrowed” temporarily. It is a pretty interesting defensive strategy, as the result is what one would expect. At the same time, one has to wonder if this effort was even necessary in the first place. It is very difficult for small-cap currencies with a low hashrate to prevent 51% attacks from happening. This method, while somewhat questionable, is a “clean” way of dealing with potential problems. Simply because the crisis has been averted this time, does not mean someone with more nefarious intentions won’t try to impact the Einsteinium network in the future. Finding a long-term solution seems warranted, albeit that is much easier said than done. The post Einsteinium Staves off Impending 51% Attack by Renting Extra Hashrate appeared first on NullTX.

It Costs $20 to Launch a 51 percent Attack on Einsteinium and Less than $200 to Force a Hard Fork in Feathercoin

There is this other side of crypto. It’s dark and full of dead coins. It keeps piling up every time ETH or BTC print lower. Though the market is expecting a rally with Ran Neur listing a couple of indicators to justify his bullish stand, Einsteinium coin creators and “community” should be having a hard time. Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal &amp; requires actual purchase of BTC.2 looming SEC decision deadlines ahead. — Ran NeuNer (@cryptomanran) October 7, 2018 A daring user by the name Piracy1 is planning to launch a 51 percent attack on the network for demonstration purposes. His reasons he says is to “to show people how easy it is and maybe prompt developers to implement mitigations”. He adds saying “I also just want to talk about 51 percent attacks because I think they’re neat”. What’s more? The attack will be available for all to witness via Twitch. Einsteinium is gullible because it is a Bitcoin hard fork but uses Scrypt for hashing. There is deep corrosion of its value and hash rate. As it is, to attack the network for one hour will cost $20. Controversy Around the 51 percent Attack As controversial as it is, the user Piracy1 plan to raise collect donation and could launch another attack on Vertcoin. However, this wasn’t received well by user Ersiees who inquired about his overall motive. In a thread Ersiees asks: “What these attacks are about is stealing money, right? Is that your plan? Why do you want donations to steal something or if you don’t steal anything how will you change the chain?” Piracy1 said he his announcing this attack in advance for educational purposes and “people can choose to not accept any transaction as confirmed until the attack is over”. As usual, users didn’t take this lying down. Some elucidated their feelings saying Piracy1 action is pure fraud, outright theft and illegal. A user Chris_mc1 was particularly vocal saying: “Isn’t this massively illegal? You’re basically DoSing a network. Possibly theft as well!” But a user Koolba interjected saying: “On the contrary, you’re contributing to the success of the coin by dedicating your personal resources to increase the total hash rate. It’s not a denial of service, it’s explicitly providing the mining service that the coin is asking its participants to provide. Now using that temporary hash rate imbalance to issue an explicit double spend attack could be considered fraud. But that’s a totally separate.” Litecoin Cash and Others are Susceptible Despite the emotions, the hack will happen on Oct 13 but it could open up a Pandora’s box. Data from Crypto51 theorizes what it will cost to launch a 51 percent on a blockchain network. Should users buy hash rates from NiceHash and dedicate salvos at Bitcoin Interest, Litecoin Cash, PACcoin and Feathercoin, then it will cost them less than $200 to completely hard fork these chains. Do you think the attack will be successful? Is Piracy1 acting Maliciously? Let’s know in the comment section below. The post It Costs $20 to Launch a 51 percent Attack on Einsteinium and Less than $200 to Force a Hard Fork in Feathercoin appeared first on Ethereum World News.
Ethereum World News

Reddit User Will Livestream 51% Attack Against Einsteinium on Twitch

In the world of cryptocurrencies, there is a major threat known as the 51% attack. Numerous currencies have suffered from such attacks, and the year 2018 has been no different in this regard. It now seems one particular user is intent on attacking Einsteinium next week. The event will be broadcasted on Twitch, which raises a lot of questions. Openly Promoting 51% Attacks For smaller-cap cryptocurrencies, it is evident there are numerous threats to contend with. A lack of overall interest will usually cause the coin’s price to fluctuate significantly. Low trading volumes often lead to pump-and-dump cycles, which have become somewhat less prevalent in the cryptocurrency over the past few years. Unfortunately, that is not the biggest problem a lot of cryptocurrencies face right now. As has become throughout 2018, there is a growing number of 51% attacks which try to disrupt networks or even trigger double-spend attacks in the process. Several incidents have occurred this year alone, and it seems a new attack may very well be looming on the horizon. According to a recent Reddit post, the user known as Team-periwinkle is planning to perform a 51% attack against the Einsteinium cryptocurrency. This project is a small-cap altcoin, and it seems it has somehow gotten on this user’s radar. Whether or not he or she has a grudge against this altcoin or simply looks to illustrate the threat of 51% attacks in general, remains unclear at this time. The user claims this 51% attack will be performed next week, and the event will be livestreamed on the Twitch platform. It seems unlikely the streaming service would allow for such events to be broadcasted, as they clearly illustrate an intent to cause damage. At the same time, it is evident incidents like these need to be documented accordingly to ensure such attacks cannot happen again in the future. Initially, the goal was to introduce this attack on the Bitcoin testnet. That decision has been turned around by actively going after the main net of this particular altcoin. It seems the user is also intent on attacking other currencies in the future, which raises even more questions. To make matters worse, it appears the user has successfully claimed donations from users who want to fund these particular attacks. All of this highlights the somewhat toxic nature of cryptocurrency communities in this day and age. Purposefully attack smaller-cap altcoins for the sake of doing so is not something that will make people more intent on exploring cryptocurrencies. Instead, there is a good chance efforts like these will make people even more averse of cryptocurrencies than they already are. A very worrisome trend, for obvious reasons. The post Reddit User Will Livestream 51% Attack Against Einsteinium on Twitch appeared first on NullTX.

Poloniex Crypto Exchange To Toss 8 Tokens Away (BTCD, BTM, EMC2, GRC, NEOS, POT, VRC, XBC)

The Poloniex team is constantly working to make their exchange perform at the best possible efficiency for customers. Sometimes, that includes letting go of some of the assets that are weighing down the ecosystem. In this case, Poloniex has announced their intention to delist 8 assets by September 25th on Twitter. On Tuesday September 25th, at 12:00 ET, the following assets will be delisted from Poloniex: BTCD, BTM (Bitmark), EMC2, GRC, NEOS, POT, VRC, XBC. — Poloniex Exchange (@Poloniex) September 18, 2018 They retweeted this post to add directions for customers, which said, Please finalize all trades and close any positions in these assets prior to September 25th. Once delisted, you will have 30 days to withdraw any balances in these assets. For more information, please visit our blog. https://t.co/gHYr9ubjun — Poloniex Exchange (@Poloniex) September 18, 2018 Their blog was posted on Circle, which said that the company hopes that the delisting will help make this process fairly easy for users. They noted that their three goals were always to offer a 7-day notice before delisting, offer 30 days to withdraw funds, and offer many different forms of communication prior to the last available day. However, Poloniex is prepared for customers, if the wallet is not available for the entire time. They plan to push off the deadline to ensure that the users have a full 30 days to make their transactions. As for moments that are out of Poloniex’s control, like when the network is not active, they have a plan still. The Circle post says, “In these situations, we will secure the delisted funds in cold storage for a reasonable period with the potential to online the funds and allow customers to withdraw should the network become operational again. We will handle these scenarios, which we recognize can be frustrating for customers, case by case.” After the deadline closes, there will be no way to make withdrawals, which makes it so important for customers to retrieve their tokens while they can. As part of being delisted, users will no longer be able to transact or withdraw the applicable coins. To learn more about the delisting, users can visit the official Help Center on Poloniex.com.
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Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than the most have predicted from its historic prices. However, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus apparently spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted, “BTC on the move again… Asian market certainly doing their bit today.” This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction. BTC/USD 1-Day Chart on Bitstamp (TradingView) The other four performing coins Opening Price: $6968 Closing Price: $8109 The weekly gains: 11% Weekly High/Low: $8390/$6178 Binance [BNB] Coin Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain. BNB/USD 1-Day Chart on TradingView Opening Price: $20 Closing Price: $29.5 The weekly gains: 40.6% Weekly High/Low: $32.2/$19.9 Stellar [XLM] Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC. XLM/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $0.10 Closing Price: $0.14 The weekly gains: 46% Weekly High/Low: $0.16/$0.117 Ethereum [ETH] Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets. Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run ETH/USD 1-Day Chat on Coinbase (TradingView) Opening Price: $188 Closing Price: $259 The weekly gains: 38% Weekly High/Low: $281/$185 Tezos [XTZ] Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform. It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2. XTZ/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $1 Closing Price: $194 The weekly gains: 25.4% Weekly High/Low: $207/$157   XRP, Dash, IOTA, and Cosmos [ATOM] The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains. The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale. XRP/USD 1-Day Chart on Bitstamp (TradingView) *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 19th May 2019.  The post Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance appeared first on Coingape.
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