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Ethereum Mining Pool Sparkpool Freezes 2,100 ETH in Fees for a Transaction of 0.1 ETH

The cryptocurrency community was taken aback on Tuesday by the fact that someone paid a whopping 2,100 ETH  ( worth $300,000) in transaction fee for a 0.1 ETH ( worth $14.4) transaction. The weird transaction was first spotted by China-based Cheetah Blockchain Security Center. The transaction took place at 01:19:12 AM +UTC, Feb.19 at block height 7,238,290. Ethereum mining pool Sparkpool received the 2,100 ETH reward for mining one single block. The normal reward for mining one block is 3 ETH, 700 times less than what the mining pool got from this transaction. Sparkpool published a statement today, confirming it has frozen 2,100 ETH. “ The abnormal event triggers the internal emergency response. We temporarily freeze the transaction fee, and wait for the sender to discuss a solution with us. If the sender does not contact us for a long time, Sparkpool will distribute the fee to miners,” Sparkpool said. What’s even more surprising is that the security center also found four other abnormal transactions were sent from the same Ethereum wallet address (0x587ecf600d304f831201c30ea0845118dd57516e) with hefty transaction fees (ranging from 210 ETH to 840 ETH) to send a small amount of ETH on the same day. Although it remains unclear who owns the wallet in question, based on the preliminary analysis, Cheetah Blockchain Security Center suggested that an innocent Ethereum user incorrectly set the Gas Price to 0.1 ETH (instead of Gwei, Ethereum’s main currency unit), which brought the total  transaction fee up to 2,100 ETH. SlowMist, another Chinese security firm,thought the wallet was owned by a miner, and there were two possible behind these weird transactions. First, it could be caused by a programming bug; the other reason was a mining pool launched activities during the Lantern Festival to appreciate miners’ support. Generally speaking, the higher the transaction fee is, the faster the transaction on the Ethereum blockchain will be proceeded. However, it makes no sense for anyone to pay astonishingly high transaction fees for a small amount of crypto. As a matter of fact, 2,100 ETH is not the most expensive transaction fee spent for a crypto payment on the Ethereum network. On July 2, 2018, an user had to spend 5,862 Ether (worth around $2.7 million on that day) on Ethereum gas to send transactions due to the network congestion. It was the highest amount spent on Ethereum transaction fee in history.

Ethereum Miners Receive Over $300k in Fees for a Transaction of $14

An Ethereum (ETH) user is probably counting his losses as the Ethereum network charged him a staggering fee of over 2100 ETH to send $14 worth of ETH. While this may seem like a mistake, the user’s account is said to be very active and so chances of making such a mistake are really slim. TX 1 TX 2 TX 3 The transaction fee which is worth over $300,000 at current rates, although a large sum, would hardly cost up to $14 to send to another wallet which leaves the cryptocurrency community wondering how the network could charge so much for such a small transaction. Ooooooooops! Looks like some poor dev just paid 3,150 ETH ($450k) in transaction fees.https://t.co/IAHU3ylY33https://t.co/6LEA3smeOJhttps://t.co/M0LztSyWo7 — Mati Greenspan (@MatiGreenspan) February 19, 2019 The cryptocurrency community on Reddit has been discussing the issue and while some people think it might be due to a fault in the wallet User Interface from which the funds were sent, some think it could be a possible attempt to launder money as the same wallet has sent a similar amount in fees and the small transaction amounts could just be a formality. Trying to explain what could have happened, a Twitter user Biht Coign (@abztrdr) wrote: “A further hypothesis is that this transaction fee was sent as a way to cook the books or launder money, possibly by a mining operation. The same account was found to have previously sent out other similarly large sums. The amount being transferred from one account to another could be a way to disguise the origin of funds. Many have countered that this is unlikely, as there is a risk that the miners wouldn’t successfully mine the block, and would lose their money to someone else.” Whatever may be the cause of this mishap, it is bad for Ethereum and the cryptocurrency industry as a whole. This may be a new tactic to launder money using cryptocurrency as Biht Coign said, which will validate the claims that cryptocurrencies are means of laundering money and facilitating many different criminal activities. An investigation into the issue may be required to ascertain the real situation to avoid further occurrence if it is due to a programming error. If on the other hand, it is a deliberate means of laundering money, appropriate measures must be taken to discourage such activities. Meanwhile, is it possible that the miners are aware of the transaction fee or are they as shocked as we are? The post Ethereum Miners Receive Over $300k in Fees for a Transaction of $14 appeared first on ZyCrypto.

What Is Nano? | A Guide to the Instant, Zero-Fee Cryptocurrency

What Is Nano? Nano hopes to become what Bitcoin, at times, struggles to be: an efficient, viable alternative to fiat currencies. In Nano’s white paper, the cryptocurrency’s development team raises concerns over the practicality of Bitcoin as a common currency. The concerns are as follows: Scalability issues have users facing high transaction fees, with a median fee of $10.38. Bitcoin’s high computational latency makes for an average transaction time of 164 minutes. Bitcoin’s proof of work consensus uses an estimated 27.28TWh annually, an average of 260KWh per transaction.   Using its own block-lattice structure, Nano wants to succeed where Bitcoin has fallen short. The cryptocurrency promises to deliver zero-fee transactions in real time without the same work-intensive overhead and energy consumption as Bitcoin. If you think this all sounds too good to be true, pinch yourself and keep reading. In this guide we’ll go over: How Nano Works The Perks of a Block-Lattice Infrastructure Trading History Where to Buy Nano Where to Store Nano Nano Past, Present, and Future Final Thoughts Additional Resources How Nano Works Block-Lattice Structure Like IOTA, Nano uses a directed acyclic graph (DAG) algorithm, but instead of using DAG for the tangle, the project employs its own novel tech called the block-lattice. The block-lattice infrastructure operates like a blockchain but with a few key differences. To start, each account on Nano’s protocol has its own blockchain, called an account-chain. Only an account-chain’s user can modify his/her individual chain, and this allows each account-chain to be updated asynchronously of the rest of the block-lattice network. In effect, this means that you can send and update blocks on your account-chain without relying on the whole network. To achieve this, any funds you send on Nano’s block-lattice require two transactions: a sender transaction and a receiver transaction. In order for a transaction to be settled, the receiving party must sign a block confirming that the funds were received. If only the sending party’s block is signed, a transaction is pended as unsettled. All transactions are sent in User Datagram Protocol (UDP) packets, which keep computing costs low and allow senders to transfer funds even if a receiver is offline. Block-Lattice Ledger One of the block-lattice’s more attractive features is how its ledger handles and stores transactions. Each Nano transaction is its own block, and each new block replaces the one before it on its user’s account-chain. In order to maintain a proper account history, new blocks take a record of the account holder’s current balance and factor it into the processing transaction.   To illustrate this, if you were sending NANO to someone, the transaction is verified by taking the difference between the send block and your current balance on the preceding block. On the other end of the transaction, the receive block would then add the amount to its account chain’s preceding block. The end result is a new block that records the updated balance of each user. Under this system, Nano keeps a record of an account’s balance on its ledger, not a full history of all transactions like traditional distributed ledgers. This means that the Nano network only has to keep a record of each account on its full ledger. Instead of maintaining a record of all prior transactions, the network only stores account balances. If you haven’t grasped why this may present a solution to Bitcoin’s latency and scalability issues, we’re about to go over some of its benefits below. The Perks of a Block-Lattice Infrastructure Improved Latency Thanks to account-chains, each account and its chain can be updated asynchronously of the entire network. By implementing a dual-transaction mechanism, it’s up to both the receiver and sender of funds to verify a transaction. This eliminates the need for miners entirely and paves the way for instant and feeless transactions. Scalability Solutions All transactions on Nano are handled independently from the network’s main chain. They also fit into a single UDP packet and are recorded in their own blocks. Effectively, this does away with blocksize issues because nodes are not responsible for maintaining a comprehensive record of all network transactions. Instead, they only need to store the individual account balances of each account-chain rather than their entire ledger.   With Bitcoin’s traditional distributed ledger, a transaction cannot be cleared until an entire block is built into the blockchain. These blocks act as comprehensive ledgers for the network’s financial information and include Bitcoin’s entire transaction history. As more information is stored, we’ve seen sluggish transaction times and high fees. Nano’s account-chains make for a lightweight infrastructure. And as a result, the block-lattice offers improved scalability compared to legacy blockchains. Energy Efficiency and Decentralization Nano keeps its network secure using a delegated proof of stake model (DPoS) similar to Ark. If any discrepancies arise with conflicting transactions, Nano delegates vote on which transaction to verify as valid. The DPoS offers a number of benefits compared to Bitcoin’s proof of work mechanism. For one, without miners, Nano safeguards itself from mining attacks and the defacto centralization large mining pools have brought to Bitcoin’s network. Nano delegates hold a stake of its currency, so they are deterred from abusing their power lest they compromise the entire network’s legitimacy and thus their own investment.   Further, because of the block-lattice structure, delegates only need to verify transactions if a problem arises. As a result, running a node on the Nano network consumes much less energy than if the nodes were operating under a proof of work model. Delegated nodes only validate conflicting transactions. Trading History Nano had an impressive rise up, from a price standpoint, at the end of 2017. But the coin has since fallen from grace. During the last two weeks of December that year, the Nano price skyrocketed from around $2.30 (~0.000114 BTC) to an all-time high of about $35.00 (~0.00248 BTC). We’ll do the math for you: a jump of over 1,400 percent in half a month. Unfortunately, the Nano price has quickly and steadily fallen since reaching that high. You can pick some up for just over $0.95 (~0.00024 BTC) baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=NANO&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); As a cryptocurrency that’s directly competing with Bitcoin, it’s hard to imagine Nano recovering. The success of Bitcoin’s scaling solutions would most likely mean the end of the coin. Where to Buy Nano A good chunk of Nano’s trading occurs on Binance with either BTC or ETH. You can find BTC/NANO and ETH/NANO trading pairs with lower volumes on KuCoin and HitBTC, as well. Where to Store Nano The coin currently features two online wallet options (NanoWallet, NanoVault) and three mobile options (NanoWalletCompany, Canoe, NanoBlocks). If you’re looking for additional security, the Ledger Nano S is another great option. Nano Past, Present, and Future Since its launch in 2015 and re-branding in early 2018, the Nano team has made concerted efforts to develop their project and keep the community updated with their progress. The less-than-ten-person team is led by Colin LeMahieu, a software engineer with ten years experience under his belt. In March 2018, the team accomplished an important milestone with their creation of Universal Blocks. Previously, the project used four types of blocks. Universal Blocks consolidate those four types into one block type. This milestone brought improved efficiency, more scalability, and opened up the possibility for several other features. In April 2018, the team re-structured its long-term roadmap.  The web page includes thorough and ever-changing information on Nano’s development in four areas: experience, adoption, wallets, and protocol. Final Thoughts Nano could very well provide a working solution to Bitcoin’s scalability and latency issues. It could also significantly cut back on the energy consumption that has come to define proof of work mining. If cryptocurrency truly wants to become a viable alternative to fiat currency, then we have to stamp out or reconcile the problems Bitcoin presents. If Nano functions as well in practice as it does on paper, you may be buying your pumpkin spiced latte with Nano in the coming years. Editor’s Note: This article was updated by Steven Buchko on 2.19.19 to reflect the recent changes of the project. Additional Resources Website Twitter Discord Github Reddit Medium The post What Is Nano? | A Guide to the Instant, Zero-Fee Cryptocurrency appeared first on CoinCentral.
Coin Central

Developer’s Mistake? Someone Just Paid $450K (3,150 ETH) For Ethereum Transaction Fees

What could turn out to be the most expensive transaction fee spent for a cryptocurrency payment was spotted on the Ethereum network earlier today. Four transactions which saw a transfer of roughly $19 or less than 0.15 ETH from a specific Ether wallet address were charged a whopping $454,500 in transaction fees on the Ethereum Network. In the first transaction of the four, the user sent 0.01 Ether ($1.47) and paid a transaction fee of 210 ETH (approximately $30,850). The next two transactions (first, second) saw twice that amount charged for transferring just $2.94 worth of Ether while the most outrageous was the 2100 ETH ($308.553) fee charged for only $14.69 or 0.1 ETH. It is still unclear at this point which entity owns the Ether wallet that was heavily charged. However, the wallet has continued to see a lot of activity involving small transactions within the same range of the four heavily-charged transactions. Given the progression between the transaction fees and the times within the transaction, the best guess is that it could be an Ethereum developer who failed to carry out proper testing of the ETH decentralized application codes before allowing it to interact with the Mainnet. Red Flag For The dApps If that were to be the case, then it would be a timely reminder for other projects building dApps on the Ethereum blockchain to carry out proper checks before releasing their apps to the Mainnet. Meanwhile, the latest development also casts some doubt on whether low budget projects should build on the Ethereum network or settle for other rival dApp platforms such as TRON. Spending over $450K on apparently irreversible transaction fees would be a significant blow to these kinds of projects, and unless a compensation plan is set out, building elsewhere may be the only option to mitigate the risk. The post Developer’s Mistake? Someone Just Paid $450K (3,150 ETH) For Ethereum Transaction Fees appeared first on CryptoPotato.

Bitcoin Miners Revenue Hits 2 Year Low as Total Transaction Fees See 5 Year Lows

Bitcoin (BTC) miners and their revenue is hitting a new near 2-year-low. This is very important for the network that is growing and expanding all over the world. One of the first noticeable effects of this revenue drop for miners is that transaction fees are lower. It is becoming very cheap to transact Bitcoin on its network. Back in 2017, fees were ridiculously high and did not allow individuals to process fast and cheap transactions. Indeed, when Bitcoin was reaching its all-time high in December 2017, some transactions could cost around $60, if not more. Transaction times were also very long for those users paying the lowest fees in the market. This information was released by the Twitter user and trader @Thrillmex on February 17. He explained that the total transaction fees hit a 5 year low. This is the total value of all transaction fees paid to miners in Bitcoin terms. Miners are receiving every time less money. The total transaction fees hit a 5 year low. This is the total value of all transaction fees paid to miners (in btc). USD linear chart looks brutal. Miners are getting paid less and less. /2 pic.twitter.com/4zb6m68eQx — 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 (@Thrillmex) February 17, 2019 At the same time, the total number of transactions on the network per day is reaching the same levels as it had back in 2017 when the market was close to reaching its all-time high. Miners are just receiving less revenue from transaction fees than in the past. Furthermore, the cost per transaction is 86% cheaper, according to Thrillmex. Back in 2017, processing a single transaction could cost $140. Now, this number dropped down to $18. In another tweet, he shows that the number of unique addresses is also stable. During the last five years, the active addresses on the Bitcoin network stabilized around 450,000 – 500,000. When Bitcoin was traded close to its highest point the number of active addresses reached 1 million. He went on talking the number of addresses in the market. He shows that 48% of all addresses have $3 or less in them. 22% of the addresses in the market have between $30 and $300 in them. Surprisingly, 87% of bitcoin users have less than 0.1 Bitcoin. Although transactions are reaching the same levels as when the market was in a bull run, Bitcoin-related tweets are at January 2015 lows. It is also important to mention that miners revenue is composed 99% by block rewards and just 1% of transaction fees. Re; Bitcoin Mining Fees Debate; Daily Miner income today of c.$6,37m inclusive of $70k fees can be easily maintained with assumed increase in $BTC unit price. Mining fees are 1% of the total mining incomeBitcoins revenue is 99% of total mining income pic.twitter.com/Hxey0WHzvG — fil₿fil₿ (@filbfilb) February 10, 2019 This is an interesting debate because Bitcoin will be experiencing a new halving in 2020. That means that the number of BTC issued per block will decrease from 12.5 to 6.25. That means that fees will be playing a more active role in the future. If Bitcoin price does not grow as expected, miners will start to see their revenue drop. Mining fees could be a good tool for miners to keep being profitable in the future. This is all in light of VISA and Mastercard in talks of ramping up credit card fees as well. Bitcoin’s Bullishness at an Extreme: A Look at the BTC Recent Price Action
Bitcoin Exchange Guide

Australian exchange myCryptoWallet offers zero fee trading

Australian based myCryptoWallet will soon add more than 50 new tokens for trading, as well as implementing a zero fee rate. Based in Melbourne, myCryptoWallet offers services such as fiat deposit and withdrawals, a peer-to-peer marketplace and exchange between Australian, New Zealand and digital currencies. In addition to customer services, myCryptoWallet allows investors to control over their investments in the online marketplace. Fees were removed from the platform on the 6th of February for all cryptocurrencies available on the platform. These include Bitcoin, Ethereum, Ripple, Litecoin, and Power Ledger. The why behind myCryptoWallet zero fee trading myCryptoWallet CEO Jaryd Koenigsmann has a vision in mind for the exchange, saying: “We want to give cryptocurrency traders and enthusiasts the best trading experience. Some of the fees exchanges charge are through the roof, and are a big hit to trading profits. We’re introducing zero fee trades to make the myCryptoWallet trading experience even better and more profitable for our customers.” Not only has myCryptoWallet added new tokens to the platform, and removed fees, it is also in pursuit of an Australian Stock Exchange-regulated security token offering which will take place through tokenization of its platform. “Our customers have been telling us they want more trading options and flexibility on our platform, and we’re excited to be adding dozens of new coins in the coming months. These will be handpicked by our team and carefully vetted prior to listing.” myCryptoCard – transactions Offline The platform has also just launched myCryptoCard, which means that Australians can now spend their cryptocurrency assets in daily, offline life. The card maintains myCryptoWallet’s zero fees — there are no fees attached to loading, spending or withdrawing. Koenigsmann believes that the cards are a way forward to see cryptocurrency adoption. “We’re taking a big step to make cryptocurrency a bigger part of offline daily life. Whether it’s a cup of coffee, groceries or new pair of jeans, Australians can now pay in crypto with the myCryptoCard.” myCryptoWallet and Australian regulations Australia is the key focus for the platform, myCryptoWallet firmly believes that cryptocurrency will see a worldwide adoption. The platform respects Australian regulations, such as strictly adhering to AUSTRAC anti-money laundering and counter-terrorism financing laws, stringent Know Your Customer (KYC) and identification procedures. These procedures are done through VixVERIFY, and through being a member of the Australian Digital Commerce Association (ADCA). Koenigsmann believes regulation is a starting point for secure, successful integration with fiat: “Cryptocurrency regulation in Australia is as strong as anywhere in the world – and we’re highly supportive of this as we believe it’s fundamental to the future of digital currencies.” The post Australian exchange myCryptoWallet offers zero fee trading appeared first on Coin Insider.
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VISA and Mastercard Considering an Increase in Processing Fees is a Plus for BTC and Crypto

Purchases using your regular debit or credit card could get a bit pricier if plans by VISA and MasterCard to increase transaction fees are implemented. The extra fees will be levied on U.S. merchants for processing transactions starting April this year. This is according to news from the Wall Street Journal and Reuters. A VISA spokesperson confirmed that fees will indeed go up in April, but only for merchant banks. The latter are financial institutions such as JP Morgan, Citigroup and Bank of America that maintain accounts for sellers such as Amazon and other large retailers. Merchants Could Pass the Cost to Their Customers According to the Wall Street Journal, up to 2.5% of the value of goods and services is used to cover transaction fees. This in turn means that if the hike is implemented, the merchants might decide to pass over the new costs to consumers. A Plus for BTC and Cryptocurrencies As mentioned, 2.5% of the prices of goods and services is used to cover transaction fees through VISA and MasterCard. This means for every $100 spent for any purchase, $2.5 goes to paying for the transaction to be processed. This amount will go up in April if VISA and MasterCard decide to implement the proposed changes. One is tempted to exclude BTC when comparing transaction costs but when we consider the recent implementations of the Lightning Network and SegWit, we embrace that the network has become less costly when transacting. One researcher put the median transaction cost on the BTC network at around $0.02 via the following tweet. Bitcoin tx fees just hit their lowest level in over 3 years! Jan 1, 2019:Median Bitcoin tx fee = $0.02Total transactions = 234,576 Oct 13, 2015:Median Bitcoin tx fee = $0.02Total transactions = 134,741 pic.twitter.com/HjNUO4ktnj — Kevin Rooke (@kerooke) January 4, 2019 Tipping Possible  Twitter users can now tip each other using BTC thanks to the Lightning network. A few months back, micropayments were unheard of on the Bitcoin network. Such payments were reserved to coins such as XRP and TRX that have almost zero transaction fees. In the case of NANO, all transactions on its blockchain are free. Another example of the efficiencies of the lightning network can be seen when a crypto artist was able to sell his art for $0.000000037. Such a ‘tiny’ transaction cannot be processed using VISA, MasterCard or even regular hard cash. Summing it up, with VISA and MasterCard scheduling to increase transaction fees on their networks, the costs might be passed on to the consumer. As a result, Bitcoin, LTC, XRP, TRX, NANO and more might become the choice currencies for merchants when receiving payments from clients due to the inexpensiveness of using these blockchain networks. The low transaction fees exhibited by these cryptocurrencies might even result in particular discounts for customers opting to pay in crypto. This will provide a major boost to crypto adoption around the world. What are your thoughts on VISA and MasterCard increasing their transaction fees this April? Is this an opportunity for BTC and other cryptocurrencies to become acceptable forms of payment for goods and services due to low transaction costs? Please let us know in the comment section below.  [Feature image courtesy of Unsplash.com] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post VISA and Mastercard Considering an Increase in Processing Fees is a Plus for BTC and Crypto appeared first on Ethereum World News.
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Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto?

While Elon Musk has yet to formally delve into the Bitcoin space, he has long been a fabled member of the crypto community. Since finding his way to the headlines of the world’s media, the Tesla chief executive’s pro-innovation mindset has struck a chord with many enamored with cryptocurrencies. In fact, some say that Musk’s unsaid raison d’etre of bettering society at large, especially by amending the world’s most harrowing issues (climate change, confinement on Earth, financial inequality), lines up with the goals held by many cryptocurrency insiders. Thus, some have even argued that Musk could be Satoshi Nakamoto. Sahil Gupta, a former intern at Musk’s second multi-billion dollar enterprise SpaceX, once infamously claimed that Musk’s brief mentionings of cryptography, economics, the C++ computing language, along with the entrepreneur overarching vision scream Satoshi. The South African-Canadian entrepreneur has done his best to keep his mouth zipped regarding his candidacy for the Satoshi title, but that hasn’t stopped him from talking about cryptocurrencies. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Muskhttps://t.co/U5qOnM7nBo — Yassine Elmandjra (@yassineARK) February 19, 2019 Bitcoin Is “Quite Brilliant” While the crypto market has remained in a depressed state, save for Monday’s jaw-dropping rally, stars have begun to descend on this industry. Weeks ago, NewsBTC reported that a mass of celebrities, including the Spice Girl’s Mel B, Johnny Depp, Madonna, and Lionel Messi, had some involvement in cryptocurrency. More recently, Jack Dorsey of both Twitter and Square took to Joe Rogan to claim that the native currency of the Internet is likely to be Bitcoin. Related Reading: Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? And just on Tuesday, Elon Musk, the most well-known Silicon Valley guru, took to the New York-based ARK Invest’s “FYI” Podcast to touch on Tesla’s plans, autonomy, other innovations, such as crypto. Per The Block, who compiled his comments regarding cryptocurrencies, Musk made his comments with explicitly bullish tones. After discussing Tesla’s most recent advancements, the hosts of the podcast, the CEO and an analyst at ARK, a disruptive innovation-centric investment group, took a brief aside. They asked Musk if he agrees with Dorsey’s recent comments on Bitcoin and cryptocurrencies at large. Interestingly, Musk responded with an answer, albeit somewhat cursory. He tacitly agreed, noting that the “Bitcoin structure was (is) quite brilliant,” adding that Ethereum and “maybe some of the others” have merit too. Musk did admit that he isn’t too enamored with Bitcoin’s Proof of Work (PoW) consensus mechanism, noting that it is energy intensive. Yet, he explained that fundamentally, crypto assets are great as they bypass currency controls, especially in nations embroiled in financial and political turmoil, like Venezuela. He added that cryptocurrencies are also a “far better way to transfer value than pieces of paper,” subsequently quipping that he’s sure of this “without a doubt.” In spite of all this, he made it clear that Tesla isn’t going to foray into the crypto space in any capacity, noting that it would be a good use of his firm’s resources to prop up an offering. Musk’s abrash comments quickly elicited responses from each and every corner of the crypto space. Matt Odell, a long-time pro-Bitcoin coder and industry personality, joked that the comments “confirmed” his bias that cryptocurrencies could oust banknotes. Changpeng “CZ” Zhao of Binance noted that eventually, “[Musk] will join the brotherhood,” adding that he is unequivocally sure that the businessman will take up a crypto mantle. CZ notably called on the Tesla founder to take up the Lightning Network Trust Chain torch last week, just days after Twitter’s Dorsey openly lauded Bitcoin in dozens of tweets. Crypto Is Better Than Banknotes? While Musk made notable acknowledgments in his brief appearance on ARK’s “FYI,” what stood out to many crypto investors was his thoughts on the dichotomy between banknotes & physical cash, and crypto assets, not centralized e-money. For a brief recap, Musk simply stated that he is unequivocally sure that crypto, whether it be Bitcoin, Ethereum, or otherwise, is a “far better” medium of exchange than pieces of paper. Shocking, right? This may be deemed hearsay by pundits of the legacy world, but the world is already adopting digital mediums of exchange. Per previous reports from this outlet, Arthur Hayes of BitMEX took to his company blog to claim that platforms like WeChat Pay and AliPay have already begun to take over China’s financial system. Who’s to say that cryptocurrencies, a decentralized counterpart to these systems that tout their own currencies, cannot have a similar impact on society at large. The fact of the matter is that these digital payments systems, whether decentralized or centralized, offer benefits that cash/plastic cannot. Case in point, payments on both Bitcoin and WeChat Pay are cheap, rapid, and relatively secure. But arguably, decentralized payment ecosystems, which are non-sovereign, private, immutable, and non-censorable, are even better than their centralized peers, which is likely what Musk was touching on. Featured Image from Shutterstock Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? was last modified: February 20th, 2019 by Nick ChongThe post Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? appeared first on NewsBTC.

In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange

In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat. Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship Elon Musk Talks Bitcoin The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future of autonomous driving technologies. Most of the half-hour interview focused on the strategy behind his electric car company but the topic of cryptocurrency eventually popped up in the last four minutes. Musk commented: “I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos … We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is … computationally it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point … It bypasses currency controls. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper. That’s for sure.” Shanghai’s Fudan University Launches Research Center Shanghai’s Fudan University has become the latest academic institution to launch a blockchain R&D center. Founded in 1905, Fudan is one of the most prestigious and selective schools for higher learning in China. The Shanghai Blockchain Engineering Technology Research Center is tasked with carrying out basic research in the field, developing demo applications in collaboration with the broader industry, and training talent to serve Shanghai’s economic development. Last month the University of California, Berkeley announced the formation of its own blockchain-focused startup accelerator program, the Berkeley Blockchain Xcelerator. This program is meant to help aspiring entrepreneurs create high-value ventures in the blockchain space with industry guidance from Silicon Valley. Xdat Exchange Lists 18 Trading Pairs Xdat, a new Malta-based cryptocurrency trading exchange, has announced the listing of 18 trading pairs. These comprise ETH/BTC, BCH/BTC, EOS/BTC, ETC/BTC, XRP/BTC, DASH/BTC, LTC/BTC, BTC/ETH, BCH/ETH, EOS/ETH, ETC/ETH, XRP/ETH, DASH/ETH, LTC/ETH, BTC/TUSD, ETH/TUSD, BTC/EURO, and ETH/EURO. The company has further plans to add other pairs over time. The exchange is compliant with Maltese regulations for KYC and AML procedures and caters to both retail and institutional investors. Its fiat gateway allows users to deposit funds in 12 major currencies: USD, GBP, JPY, HKD, CHF, AUD, NOK, SEK, DKK, CZK, PLN, and HUF. This selection is meant to eliminate the need for involvement of a foreign bank for the supported options and allows users to work solely with Xdat’s bank. “Xdat is on a mission to address the key problems of existing exchanges … including lack of flow of new capital, lack of trust, no approach for mass adoption, and high fragmentation,” said CEO Prashanth Swaminathan. “Our aim is to bring crypto to all. To that end, we will be working closely with our community and using their support and feedback to make our interface more user-friendly and trading as streamlined as possible.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange appeared first on Bitcoin News.
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Elon Musk Praises 'Brilliance' Of Bitcoin And Ethereum, But Clash With Tesla's Energy Stance

Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank. This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation. “Paper money is going away, and crypto is a far better way to transfer value than pieces ...Full story available on Benzinga.com

Elon Musk Calls Bitcoin "Brilliant" | Here's Why He's Optimistic

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