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After 51% Attack, High Transaction Fees on Ethereum Classic Keep Investors Cautious

Changes in the cryptocurrency industry as a whole are something that consumers and investors are fairly used to by now. Most platforms habitually add new features and even new coins to their listings, benefiting investors greatly. However, Ethereum Classic recently chose to hike their transaction fees, which has left many investors worried. Speculation has been constant, discussing whether crypto exchanges are at risk of attack, as the average fee rose by 800% from yesterday alone. Based on current information about the market, this is the largest spike in blockchain’s history. Due to this hike, miners for Ethereum Classic managed to bring in 844 ETC during their transaction block verifications on Sunday, which is highly unusual. Considering the speed of the jump in fees, another explanation could be that an attacker is using a common exploit in an effort to zero in on certain exchanges. Doubled hash power on the Discord channel was reported by one user by 11:15 am UTC on Sunday, which was being used towards the verification of transactions and the mining of new blocks. These numbers were verified by multiple blockchain analytics websites. GasTracker, another source of this information, noted that much of the added hashrate came from 2miners, an Ethereum Classic mining pool, totaling 3,054.29 GH/s. This is a major increase from the average before this event of 160 GH/s. At this point, the origins of the transactions have not been identified, and neither has the person responsible. Still, speculation continues. One Twitter user, referred to by CoinDesk as Burns, suggested that the sender of the high-fee transactions wants to create gas tokens with the use of exchanges to avoid the cost. This loophole was discovered by GasToken last year when they developed an application that allowed users to hold and sell the fees charged by networks for their operations. This was particularly useful to users that wanted to reduce their own costs. Level K, a smart contract startup, discovered their own exploit last year in October, finding that crypto exchanges without a limit on “gas” could find themselves thirsty for funds as attackers mine the new tokens. Elaborating, Burns said, “An exploit was found a few months ago where exchanges were paying [gas] for the exchange withdrawal. Unknown users were using this to withdraw and minting gas tokens for free [by] having the exchanges pay large amounts of gas.” While some believe this notion of a GasToken exploit, there are some experts with other ideas. Anthony Lusardi took a moment to look at the circumstances. In his opinion, he believes, “Someone bought some hashrate to mine blocks and then other addresses made very high-value transactions.” Still, he added that there is no evidence of money moving through exchanges. Founder and CEO of Bitfly, Peter Pratcher, added, “I don’t think the high transaction fees are related to the GasToken exploit … It is unknown if this was a mistake or an intentional measure to subsidize ETC mining pool and prevent further 51% attacks.” Based on his analyzations, Pratcher continued by noting that all that he has discovered “are standard A to B value transfers that do not interact with a [smart] contract.” With all of the reorganizations that have happened since the attack that happened last week, one of the most harmful results is the loss of funds for the exchanges. Still, about half of the lost funds have been returned, and Gate.io is taking additional precautions to prevent users’ funds from being stolen again.
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MiningCave Review: High Quality Cryptocurrency Mining Equipment?

MiningCave Review: All-inclusive Crypto Mining Store The business of mining crypto coins has been likened to a sort of arms race where early adopters reap the most rewards. There is a great need for mining resources especially as more digital currencies continue creeping into the global market ever since 2009 when Bitcoin was launched. Crypto mining is all about solving challenging problems to authenticate digital transactions through the use of hardware like a GPU or ASIC miner. MiningCave now provides both enthusiasts and beginners an all-inclusive store where they can get all their mining needs sorted out. About MiningCave MiningCave is a Canadian based company with the simple objective of simplifying the process of cryptocurrency mining. This online store has just about everything a miner needs to set up a high performing crypto mining bench. The featured products on the site include ASIC miners, GPU miners, rig kit, frame rig and other essential mining hardware. Whether you are an expert or starting out with mining digital currencies, you will find the best mining product to use at the MiningCave. What Mining Cave Proposes Access To Mining Pools Besides ensuring that clients have the best mining hardware, MiningCave also offers several mining pools where users can pool their resources together and enhance their computational power. When the mining complexity of a digital currency increases, it can be quite costly for solo miners to deal with the higher computational power requirements, which would mean better-specialized hardware and steeper energy costs. MiningCave understands the need to have these pools, and it offers fur unique mining tools including Nicehash, Ethereum, ZCASH, and 2Miners. Maintenance Services The best benefit of buying your mining rigs from MiningCave is the fact that you can also get the necessary maintenance services at subsidized costs. These supplementary technical services include training and expert advice, where the company’s service team gets in touch with you to respond to all your needs and questions. You can explain your problem in a free quote with the prices for the technical support ranging from CAD 25 to CAD 45 depending on the maintenance and configuration required. Also, you can request for remote support for international orders, which is provided promptly. Great Crypto News Resource To say that the crypto industry is highly volatile is an understatement. The reality is that if you want to succeed in this space, you must be updated on the trending digital assets. Once you have access to the latest data, you can have a better chance of thriving in the blockchain world; otherwise you may just be wasting your time and money. MiningCave understands this need for updated information for its clients as it also features an extensive collection of the current events within the crypto sector. It is an excellent way to monitor the difficulty and price of targeted coins and also learn tips on what other miners are doing to improve their outcomes. Our Conclusion On MiningCave With worldwide delivery via DHL and UPS along with highly competitive rates on mining hardware, MiningCave seeks to lower the barriers to crypto mining across the world. The crypto miners featured on this site have been designed and engineered to provide some of the best levels of performance you can get today within the mining market. They are compact, airy and stackable, which helps to maximize on available space while still maintaining perfect ventilation.
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Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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Trillion Dollar Market Cap, Ethereum Chain Splits & Stellar Lumens Fund - Crypto News

In this video, Mattie gives you the latest bitcoin and crypto news. He talks about the ethereum chain splitting, BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars, and a new Stellar Lumens fund. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: https://bit.ly/2sZCAiF New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! https://www.youtube.com/channel/UCxulvI2C9wUvvDDNS7S35fA/videos ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: https://bit.ly/2GDAoCp Facebook: https://bit.ly/2wYksLB Telegram: https://bit.ly/2IAqDuI ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: Leading Crypto Asset Manager Grayscale Launches Stellar Lumens Trust https://www.altcoinbuzz.io/crypto-news/finance-and-funding/leading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust/?fbclid=IwAR2AlAU_C_8Mm9CUm2hDci0pmdW3pvLzphS-BSy888SzDptaXMeifxZgJ1I Crypto Investment Firm Grayscale Launches Fund Dedicated to Stellar Lumens (XLM) https://www.cryptoglobe.com/latest/2019/01/crypto-investment-firm-grayscale-launches-fund-dedicated-to-stellar-lumens-xlm/ Grayscale Tweet https://twitter.com/GrayscaleInvest/status/1085904356635959297?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085904356635959297&ref_url=https%3A%2F%2Fwww.altcoinbuzz.io%2Fcrypto-news%2Ffinance-and-funding%2Fleading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust%2F Grayscale https://grayscale.co/stellar-lumens-trust/ BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars As Company Launches Cold Storage Trading https://dailyhodl.com/2019/01/17/bitgo-ceo-says-institutional-money-in-crypto-can-easily-reach-trillions-of-dollars-as-company-launches-cold-storage-trading/ Crypto’s Billion-Dollar Theft Problem Prompts Safer Way to Trade https://www.bloomberg.com/news/articles/2019-01-16/crypto-s-billion-dollar-theft-problem-prompts-safer-way-to-trade Ethereum Chain Splits, An Estimated 10% of Miners Stay on Constantinople https://www.trustnodes.com/2019/01/17/ethereum-chain-splits-an-estimated-10-of-miners-stay-on-constantinople Ethereum Upgrade – Constantinople Hard Fork Delayed https://www.altcoinbuzz.io/crypto-news/product-release/ethereum-upgrade-constantinople-hard-fork-delayed/ VanEck to Nasdaq: Bitcoin Market Structure Expected to Improve in 2019 https://www.newsbtc.com/2019/01/17/vaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019/ Nasdaq Tweet https://twitter.com/Nasdaq/status/1085522054559031296?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085522054559031296&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F01%2F17%2Fvaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019%2F -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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