Cryptocurrency & Mining News - Page 5
November 2017 through to February of this year saw many people scramble into the crypto space. Recording breaking amounts of people, not just record-breaking, exchange breaking amounts!
Many exchanges having to shut their doors to new investors so they could handle the sheer amounts of orders being placed on their books. This is when the trouble began for banks. Bank accounts and credit cards were bled dry all over the world as people believed they could 'get rich quick' by investing what they had into bitcoin or altcoins.
Some banks closed people's accounts, others stopped people from being able to use their credit cards and others issued sky-high fees. JPMorgan Chase & Co did the latter and are now being sued for it. JPMorgan decided to charge their credit card users up to 30% in interest and additional fees. Brady Tucker, a Chase credit-card customer from Idaho, seeking a class-action suit against Chase claimed the bank began treating his cryptocurrency buys through CoinBase like cash advances instead of purchase.
Even with Cboe powering forward and looking at offering futures on other tokens, they may be up for some serious competition sooner than we thought.
Bloomberg asked Jeffrey Sprecher, CEO of Intercontinental Exchange Inc, the owner of the New York Stock Exchange when cryptocurrency futures contracts will be offered on one of his exchanges he replied:
"There is a trend here we can't ignore in my mind, so I don't discount it, it's early days. There is something about technology today that many people are more comfortable with than the institutions of government and society that I grew up with. People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed. It's an interesting trend that you cannot ignore."
While Mark Zuckerberg sits on his booster seat at a Senate hearing, the Winklevoss twins are continuing with their crypto empire. This week they have announced that their Cryptocurrency exchange Gemini will launch Gemini Block Trading. Block trading is a feature which allows high volume trades to exist outside of Gemini's continuous order books and will only appear once the trade is complete. This helps lessen the impact on the market price for such large buy or sell orders. For example, if someone holds a large amount of bitcoin and would like to sell it without affecting the market price they would use a block trade and the trade would only appear once it is complete. The minimum trade quantity for a Gemini Block Trade is 10 BTC and 100 ETH.
The world is sick of centralised entities taking advantage of our trust and complacency. Facebook is imploding, now the Centre For Digital Democracy has requested for the FTC to investigate Google's YouTube for the illegal collection of personal data from children. Centralised giants are being ousted one after the other. Snapchat, Facebook, Google, YouTube, Twitter, and even Reddit are all guilty of selling and/or suppressing information.
This is not the first time social media users have called for decentralised alternatives. Two years ago a blog on Steemit, a decentralised blogging and social media website that launched in July 2016, reported there were 5 up and coming decentralised social media platforms. None of them are yet to catch fire.
We had no reason to leave MySpace, it was amazing until Facebook came along and as much as social media users are pained by their personal data being sold and even manipulating their consumption of information, they have not been given an alternative.
Deconomy 2018 saw shots fired from both bitcoin (BTC) and Bitcoin Cash (BCH) camps. Roger Ver (BCH advocate) accusing Samson Mow (BTC advocate) of setting back digital currency by years and crying out that babies are dying in third world countries because of not being able to help the unbanked quick enough and Samson Mow acting too cool for school. Even Vitalik Buterin of Ethereum taking aim at BCH advocate Craig Wright.
But, let us take a step back and have a look at how this all came about and why it is escalating. The reason Bitcoin Cash exists is because of differing viewpoints in the bitcoin community. Some questioned the scalability of bitcoin and believed that bigger block sizes was one of the best ways to go about this.
Venrock, the Rockefeller family's venture capital arm, have announced a strategic partnership with CoinFund, a three year old crypto investment group. Venrock partner, David Pakman went on fortune.com's 'Balancing the Ledger' and spoke to Robert Hackett and Jen Wieczner about the partnership.
A very congenial Pakman seemed incredibly fond of the crypto space, not something we thought we would hear from any old money families so soon. Pakman said he finds it too convenient that platforms such as Google and Mailchimp are blanket banning the crypto space rather than taking the time to find out who the bad actors are. He also went onto say that he has no problem with the current crypto exchanges acting as gatekeepers and using pay to play tactics as he believes that decentralised exchanges will disrupt this soon enough.
In February this year $170 million worth of a cryptocurrency called Nano (formerly known as RaiBlocks) seemingly vanished on an Italian cryptocurrency exchange called BitGrail.
BitGrail says that they were the victim of theft, and the hacker took advantage of malfunctions in the software made available by the Nano team and, therefore, are not responsible for the disappearance of Nano. Yet, Nano is singing a different tune and claim on their blog: "From our own preliminary investigation, no double spending was detected on the ledger and we have no reason to believe the loss was due to an issue in the Nano protocol. The problems appear to be related to BitGrail's software."
One of my favourite privacy coins has managed to stay the hand of ASIC miners- for now. In March, the Chinese company Bitmain announced they were releasing an Antminer X3, which was specifically developed to mine Monero.
Fearing mass use of the kind of ASIC offered by Bitmain would make the network more centralized by forcing small-time miners using home PCs and other devices out, creator Riccardo Spagni said: "I will do everything in my power to help the community prevent the proliferation of centralisation-inducing ASICs on the Monero network."
And he did just that. The hashrate and difficulty has dropped dramatically over the past 48 hours. Unlike the BCH/BTC split, a new coin has not been created, this has purely been a fork to avoid ASIC miners bleeding the network. In true Spgagni style he tweeted out the fork had been successful.
Monero did the thing with the thing. pic.twitter.com/EEwjfZxY0R— Riccardo Spagni (@fluffypony) April 6, 2018
Bitmain has been teasing its Ethereum ASIC miner for a while now, but the China-based Bitcoin mining company has finally unveiled their new Antminer E3 that will ship in July.
Bitmain's new Antminer E3 is limited to "one unit per user" which will stem huge mining farms from loading up on them, while the new Ethereum ASIC miner costs just $800 and has 180MH/s of mining power with Bitmain adding that they expect shipping-ready Antminer E3s will "deliver higher performance and efficiency when they are ready to ship".
The new Ethereum ASIC miner consumes just 800W of power, and with an $800 price tag and 180MH/s of hashing power, this will put a dent in GPU-based mining. An overclocked NVIDIA GeForce GTX 1080 Ti can push around 35MH/s in Claymore mining Ethereum, so you'd need 5 of them overclocked to match a single Bitmain Antminer E3.
Bitmain's new Antminer E3 could be bricked for ETH mining if the new hard fork with Ethereum happens, too. The new Antminer E3 isn't shipping until the end of July, which means there's plenty of time for change in the market in the coming months.
The entire Ethereum mining bubble could pop with the arrival of Ethereum ASIC miners, so during the Ethereum Improvement Proposal (EIP) #958 on Github on March 30, Ethereum developer Piper Merriam talked about the idea of a hard fork in the Etheruem protocol, a move that would invalidate ETH ASICs.
This is a reaction to the news that Bitmain is working on the world's first Ethereum ASIC miner, with the Chinese ASIC manufacturer close to the release of its Ethereum ASIC miner. The Ethereum White Paper itself said that the ETH protocol itself features a two-fold resistance to mining centralization, something ETH ASICs would definitely usher in.
The first line of defense for the Ethereum algorithm is that it requires miners to return the hash for data that has been "randomly selected" from the transactions in the next block. Then you have to consider that "Ethereum contracts can include any kind of computation, an Ethereum ASIC would essentially be an ASIC for general computation - ie. a better CPU".