Ethereum Classic Network Announces Latest Hardfork; ‘Thanos’ Upgrade Scheduled for Nov 29

The Ethereum Classic network is set to undergo a network upgrade on November 29, according to an announcement by ETC Core developer and Ethereum Classic Labs, the teams behind ETC’s blockchain ecosystem. Dubbed ‘Thanos,’ this hardfork is an Ethereum Classic Improvement Proposal (ECIP 1099) and is part of developing a stable ecosystem that can withstand 51% attacks.

Notably, ETC’s blockchain experienced three 51% attacks over the summer, calling for the need to upgrade its technical fundamentals. Per the estimated timeframe, the Ethereum Classic community’s consensus decision to initiate the Thanos hardfork will happen in a week.

Once this milestone is achieved, Ethereum classic stakeholders are optimistic that the network will continue to ‘drive innovations that will support existing miners and attract new ones while maintaining compatibility with Ethereum (ETH).’

Prior Solutions to the ETC 51% Attacks

While the Thanos hardfork is anticipated to mark a big milestone, Ethereum Classic had already launched some initiatives to counter the 51% attacks. One of these solutions is dubbed Modified Exponential Subjective Scoring (MESS) and goes by the ticker ‘ECIP 1100’. Ideally, this innovation makes it harder for 51% attacks by increasing the costs associated with chain re-organizations.

Ethereum Classic Labs Founder and Chairman, James Wo, commented that,

“After the successful implementation of MESS, the finality algorithm that provides 51% protection, we continue to see Ethereum Classic innovate and grow in a way that distinguishes itself and increases functionality for its users.”

Mainnet Activation

ETC’s Mordor Testnet, which went last month, has already implemented the Thanos upgrade, ahead of the Mainnet activation scheduled for block 11,700,000. This will happen around November 29, although the timeframe might change as the network narrows closer to the activation block (currently at block 11,672,555). Wo was keen to note that Thanos hardfork is the next natural thing after MESS,

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing for miners to continue mining ETC and for new miners to join the ecosystem.”

Ethereum Classic has since advised its consumers to upgrade their software nodes to fork compatible versions ‘if they have not done so already to Core-geth v1.11.16 or later.’

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Author: Edwin Munyui

OKEx Exchange to Resume Withdrawal Services As Founder Is Released From Police Custody

  • The china-based crypto exchange OKEx is set to resume withdrawals by November 27.
  • One of the ‘key private owners’ has been released by the Chinese police.

Troubled China-based crypto exchange OKEx is set to resume its withdrawal services starting Friday after a successful withdrawal test by the exchange. According to the reports, the exchange’s funds were locked beginning November 16th as one of the ‘private-key holders’ was held to help Chinese authorities in investigations.

Some outlets have reported that the mysterious private key holder is OKEx Founder, Mingxing “Star” Xu, who is rumored to be released from police custody. However, the exchange released a statement denying any connection with the founder.

Successful test withdrawals on OKEx

First reported by Crypto Quant, an on-chain analytics firm, OKEx moved about 0.02 BTC (~$380) from their wallet on Monday, signaling the exchange is getting its withdrawal service back up. According to Crypto Quant CEO Ki-Young Ju, the withdrawal opening could cause volatility across the crypto markets as OKEx users rush to withdraw their funds.

“I think #OKEx withdrawal reopening may cause volatility due to bulk withdrawal requests,” Ki tweeted.

The exchange withdrawals were halted on October 16th after one of the private key holders was under police custody assisting in an investigation. According to local media outlets, the private key holder is rumored to be the founder of OKEX, Star Xu.

The saga behind OKEx founder

OKEx users learned of the release of OKEx founder, Star Xu, bizarrely. The founder’s ‘WeChat Steps,’ an application within the WeChat messaging app that calculates steps, showed that he had started walking again. According to Xu’s WeChat statement, the Chinese police held him in custody due to a problem with the purchase of LEAP Holdings, a Hong Kong exchange-listed company, not the widely reported money laundering claims.

According to Decrypt’s reports, OKEx purchased LEAP Holdings to gain a “backdoor listing” on the Hong Kong stock exchange. However, questions arose from the millions of dollars Xu raised to buy the company – an issue that remains a mystery despite Xu’s release.

While the exchange’s private keys being “found” coincides with the OKEx founder’s release, the exchange released a statement distancing itself from Xu.

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Author: Lujan Odera

China’s State Media on BTC’s ‘Institutional-Driven’ Bull Run; Improved Dramatically Compared to 2017

Bitcoin has enjoyed gains of 31% in November while being up more than 67% this quarter, making it the 18th largest asset in the world by market capitalization.

After breaking $16k, $17k, and $18k this week, today, we are keeping around the $18,000 level on the back of a $6 billion trading volume.

However, with these gains came the issues with crypto exchanges as they continue to go down whenever BTC makes higher than usual moves.

Coinbase has been one of them, whose CEO Brian Armstrong said they are working on adding additional capacity, in terms of servers and customer support “to deal with increased traffic.”

While Armstrong said, “Bull runs can be exciting and stressful,” the crypto community isn’t really satisfied as the exchanges had three years of bear and slow market to deal with the issues.

Now that the bull market is here, the situation will only get wilder and wilder — the market capitalization of BTC has already hit a new high. Unchained Capital stated,

“The bitcoin market cap is at a new all-time high, but the current state of coins held for the long-term is nearly identical to when the price was about $700 in 2016 before it went on its historic run to $20k in 2017.”

Already we are at price levels not seen since the euphoric December 2017, and the positive momentum continues to come for the leading digital asset as the BTC percentage supply on exchanges continues to decrease while the overall exchange flow balance remains dormant.

“This is good news for bulls, with little funding moving from offline wallets with the intent of making major trades,” noted Santiment.

Gradually as we continue to go higher, mainstream media is taking note as well. The latest has been from CCTV.

China’s official TV channel reporting on Bitcoin’s uptrend, which it said is driven by institutional funds. The ecosystem is far better than the last time during the current bull run.

“The Bitcoin ecosystem ranging from infrastructure and development to investment, has improved dramatically compared to 2017.”

However, at the same time, we have been seeing the Chinese government cracking down on the exchange of cryptocurrencies. According to the local media, about 74% of the “Chinese miners are facing a major problem in paying electricity bills.”

This could also be why funding has been flat in this bull run, with open interest in USD increasing only marginally. Economist and crypto trader Alex Kruger shared his theory behind this,

“Chinese miners selling heavily reduced due to fiat onramp complications. They are instead shorting derivatives. Their selling pressure is equal in measure to buying pressure from levered longs. Hence why funding has remained flat in this bull run.”

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Author: AnTy

Bitcoin Sees a Correction After Ending October with the Highest Monthly Close Ever

Bitcoin started November around $13,760, and although in the red currently, the price of the digital asset remains hovering around $13,400 on the back of $1.79 billion volume.

The month began on a red note, but it has just started, and more exciting has been the monster monthly candle we got in October.

Interestingly and bullishly, Bitcoin had its second-highest monthly close in history in October.

While, on Bitstamp, the longest-standing bitcoin exchange, Bitcoin had its second-highest monthly close, losing to the first by just an inch, on other exchanges, the flagship cryptocurrency actually made history.

On Bitfinex, Binance, and HitBTC, Bitcoin had the highest monthly close ever.

Additionally, it was the highest quarterly close for BTC price in history as well.

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As for why does it matter, “month-end asset valuation is how institutional participants appraise their holdings & investments,” stated one trader.

Now, after recording more than 27% gains in October and up 91% YTD, Bitcoin is down -2.18% in November, experiencing a correction.

However, it is not much different from last week when BTC’s price dipping under $13,000. It’s to be seen how low we will go this time.

“Another strong weekly close on high time frame. With that said, let the “dips” come. It shouldn’t surprise anyone who’s been in this market when it happens. Bitcoin had 9+ pullbacks of at least 30% last bull market. But in the long run, we know where this is going (up),” noted trader Josh Rager.

Pullback after the October rally is to be expected, and during the last bull cycle of 2017, Bitcoin had several such corrections, which were as much as 30% to 40%. Moreover, with the US Presidential elections tomorrow, a bit of volatility is expected across the markets.

Stock markets have been experiencing a downturn since mid-October. Meanwhile, today, gold is making its way up above $1,880, the same as the US Dollar index is doing above 94.

“I don’t have much a bearish thesis etc. Just seems like a nice spot for de-risking. High time frame resistance, elections coming up, not seeing evidence of fuel for a short squeeze,” said trader CryptoGainz. “Low time frame technicals are bullish, just sorta hoping for a bull trap tbh.”

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Author: AnTy

G20 Set to Accept Digital Currencies; Green Lights Policy Changes for Regulatory Framework

The G20 members are set to accept digital payments as soon as November 2020, according to the Japanese media outlet, Kyodo News. This shift in attitude towards crypto assets coincides with increasing interest by oversight bodies.

Last year, the G20 was skeptical on digital assets’ ability to impact current financial ecosystems, this now seems to have changed as the members prepare for the annual summit to be held in Riyadh, Saudi Arabia.

Kyodo News detailed that the change in tact towards crypto ecosystems has been influenced by Facebook’s Libra proposal and China’s digital yuan. These two projects hit the crypto scene with a bang, fueling discussions across the board.

While China’s digital yuan is at its sunrise phase, Libra is still facing regulatory challenges. Nonetheless, the G20, which comprises 20 members, including the EU, has seen it fit to lay a framework for digital assets as well.

The changes in policy are scheduled to take effect as of October, just before the G20 annual summit. Discussions will revolve around digital currency use, money-laundering risks, and the challenges of using crypto as a form of payment. With such groundwork in place, G20 is optimistic about spreading the risk attributed to stablecoins as per an October 2019 report.

Global Progress in Digital Asset Frameworks

China continues to lead the way in CBDC progress, having recently piloted a digital yuan. The Asian superpower is now looking to integrate this PBoC backed digital currency with its existing financial ecosystem. Going by China’s active use of mobile payments via Alipay and WeChat, stakeholders are optimistic about a seamless integration in a move that will enhance the CCP oversight in digital payment networks.

The EU has made some fundamental progress in this field, especially in regulation. Currently, crypto-oriented businesses operating within its jurisdiction have to comply with the 5AMLD, which came into play earlier this year.

However, this framework has not been very friendly to all crypto-based entities as some had to relocate shops in search of more accommodating digital asset laws. Finally, the U.S, which has long been skeptical, are also looking into digital assets. CFTC Chairman, Heath Tarbert, recently said that they are waiting on the SEC guidance to go ahead with listing more crypto derivatives in the U.S market.

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Author: Edwin Munyui

Bitcoin Miner Maker Canaan Has Been a ‘Disaster’ Since Its IPO; CAN Price Down 64%

Nasdaq-listed Bitcoin mining equipment maker, Canaan (CAN) had its IPO in November last year. At that time, it was trading at $8.9 and since then, it lost about 64% of its value and is currently down at $3.20.

From March 16, $CAN has been trading below $3 going to its lowest at $2.81 on March 17, a few days after the Bitcoin price crashed. In comparison, during this time, bitcoin has been down only 7.7%, currently trading around $6,900.

“Pick-and-shovel play not really going as planned. CAN has been a disaster since IPO,” said analyst with pseudonym Ceteris Paribus.

Source: TradingView

Loss in 4Q19 but more incoming in 2020

On Thursday, the China-based company also released its unaudited earnings report. Canaan sold a total of 10.5 EH/s computing power, contributing 20% to the Bitcoin network’s computing power last year. The firm reported a net loss of $114.7 million in Q4 of 2019 and $148 million for 2019. This has been half of the company’s revenue generated in 2018.

In an earnings call on Thursday, Nangeng Zhang, founder and CEO of Canaan said the firm recorded an uptick in sales in October and November but a “considerable drop” in December. The report states,

“As a result of the impact of the COVID-19 outbreak, a widespread health crisis that adversely affected general commercial activities, the economies, financial markets, as well as the cryptocurrency market activities, we have lowered our expectations for business in the year of 2020.”

“For the first quarter of 2020, the Company expects total revenues not less than RMB60 million [$8.5 million].”

The report also mentioned the increasing ratio of the “cost of revenues” — that includes the cost of raw material, production, logistics, investories, and write-downs of prepayments — for the sale of its bitcoin mining equipment over the past years, which contributed to dropping profitability.

The cost of revenues could also be increased due to the jump in the price of chip technology, such as Avalon’s latest chip costs over 25% more than its previous version and over 110% more than the previous one.

Amidst these losses, Canaan is also hit with a lawsuit by an investor who accused the company of making misleading information and violating US securities laws. The class-action lawsuit has a deadline of May 4, 2020.

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Author: AnTy

Grayscale Releases November Update For Its Investment Products

The best performing product on November 29 was the Grayscale Bitcoin Trust with a day change of 4.52% followed by the Grayscale Ethereum Classic Trust with an increase of 4.18%.

Grayscale Releases November Update

According to data provided by Grayscale on November 29, all their single asset products experienced gains.

The worst performing product was the Grayscale Stellar Lumens Trust that grew just 1.95%, followed by the Grayscale Litecoin Trust with a growth of only 2.67%.

Other products include the Grayscale Bitcoin Cash Trust with an increase of 3.75%, the Grayscale Ethereum Trust, that grew 3.75%, the Grayscale Horizen Trust, expanding 3.36%, the Grayscale XRP Trust, surging 2.73% and the Grayscale Zcash Trust with an appreciation of 3.75%.

A few weeks ago we wrote that back on November 19, 2018, things were looking very bad for cryptocurrencies.

Indeed, every single product provided by Grayscale was experiencing massive losses with the exception of the XRP Investment Trust that registered an increase of 3.2%.

It is worth mentioning that these losses were related to the fact that the crypto market was experiencing a capitulation. After the Bitcoin Cash (BCH) hard fork on November 15, things turned out to be very negative for Bitcoin (BTC) and all other cryptocurrencies in the market.

Grayscale is a market leader in digital currency investing with a wide range of solutions for investors in the crypto space. The company provides investing and crypto asset management for larger and traditional investors.

The solutions provided by the firm allow many interested parties in gaining exposure to this innovative and exciting market.

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Author: Carl T

$8,000 Cancelled? Bitcoin’s Next Target is $6,300 Following the Worst Month of 2019

  • November was Bitcoin’s worst month of 2019
  • As long as the BTC price stays below $8,300, the next target is $6,000
  • Anything between $10 trillion to $100 trillion is fair game – Analyst Willy Woo
  • November was the worst month for Bitcoin in the past 11 months.

Last month, Bitcoin recorded the highest losses of more than 20% despite seeing gains towards the end of the month.

Bitcoin started the year on a red note as January was a red month for the world’s leading cryptocurrency but only with a small percentage of loss that was followed by five consecutive months of green candle. This was when BTC topped at $13,900 and Bitcoin experienced three more months of red candles. October provided us with relief but November wiped out all those gains.

Now, December has started on a red note.

Bitcoin today went down to as low as $7,233 and has been trading around $7,300 at the time of writing, as per Coincodex while managing the daily trading volume of just $302 million.

$6,300 Incoming?

In Thanksgiving day after pump, Bitcoin jumped to $7,800 level but as the market feared this has been only short-lived and we are back around $7,000 level.

Crypto trader with the moniker CryptoBirb says for bullish divergence Bitcoin must reclaim $7,960 to swing to $9,100 level. The early signal for that would be the 3-day close above MA 100 and anything below this means $5,400.

For now, trader Crypto ISO doesn’t see $8,000 coming.

Meanwhile TraderSZ’s plan for BTC as long as it stays below $8,300 is $6,000.

Crypto investor and trader Nebraskan Gooner also points out that the all-knowing fractal that predicted Bitcoin’s drop to $6,600 and then to about $8,000 in the past few days is now calling out a drop of over 13% from current BTC price level.

“The all knowing fractal says the top is likely in for now. Trend line breakdown retest looks completed. $6,300 incoming?” notes Gooner.

Anything between $10 trillion to $100 trillion is fair game

These fluctuations in price isn’t anything new for the cryptocurrency market, actually as Nigel Green of deVere Group says it is no different than the volatility prevalent in other markets.

“There are peaks and troughs in all financial markets; the cryptocurrency market is not — and should not be — any different,” said Green.

On a bullish note, on-chain analyst Willy Woo says Bitcoin has a long way to go to discover its price ceiling.

“Anything between a (market cap) of $10 trillion to $100 trillion is fair game,” Woo said.

Currently, the flagship cryptocurrency has a market capitalization of just about $134 billion and has scope for growth of 100x to 1,000x.

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Author: AnTy

dApps on EOS blockchain Looking to Migrate If Severe Network Congestion Is Not Resolved

Since November 1st the issue of congestion has intensified as the EIDOS dapp has blocked the entire network by taking up most of the transaction processing. The network which was known for its seamless flow of transaction requires a minimum of 100 EOS at stake to perform a simple operation. The congestion issue is quite similar to that of Ethereum network where Cryptokitty gaming dapp created quite a similar issue.

In light of increasing conversion, some of the dapps are thinking about migrating from the platform unless the platform find an immediate solution. EarnBet dApp is among the first ones to make the demand and has asked EOS Block Producers (BP) to find a solution in 30 days. Their official tweet addressing the issue read,

“The current 21+ #EOS block producers need to begin governing with the best interests of the blockchain in mind. If these block producers are unable to institute a comprehensive fix in 30 days, we will be leaving the $EOS network.”

EOS was once seen as an Ethereum competitor where it promised faster transactions at no cost, but a malfunction created by a single dApp has brought the network to a sad halt. The issue could have been resolved and still can be resolved since EIDOS dApp does not really serve any purpose on the platform and losing other dapps because of that would be a big mistake.

The EarnBet team called the current state of network as “sad” and wrote a medium post about the declining EOS ecosystem. The blog post read,

“The EOS mainnet is in a sad state. With intense network congestion and spam, users are unable to access their EOS accounts. Currently, the network requires around 30 EOS staked to an account in order to perform a single transaction each day.”

The congestion on the platform is so bad that users cannot access their accounts at the moment and what was proclaimed to be zero fee network currently cost around 100 EOS to initiate any kind of operations.

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Author: Rebecca Asseh

Chinese Local Authorities Halts the Operations of a Local Cryptocurrency Exchange BISS

Sohu, a local media house, reported on November 22 that the Chinese government closed BISS, a Chinese cryptocurrency exchange. However, the exact date of the closure remains unclear. Ten people who are believed to have been working for the exchange have also been taken into custody. This comes just after the Shenzhen authorities warned against illegal activities in the crypto space, including cryptocurrency exchanges last week.

The exchange’s last publication was on user withdrawal concerns in a blog dated November 18. The company confirmed that its operations have been halted by the authorities. “BISS’ operations have been halted by regulatory authorities on inquiries about our services, which may be contrary to capital control regulations.”

BLISS stated in the announcement that its operations have only been halted as the authorities investigate cases concerning user interests. The company, however, made it clear that its intentions are to cooperate with the law enforcement authorities and follow all relevant regulatory legislation to be on the safe side of the law.

Dovey Wan, the founding partner of Primitive Ventures, a blockchain-powered company, wrote on her Twitter on November 22, saying that the local crypto market had been aware of the closure for two weeks. The publication of that development by the media came quite late. According to Wan, BISS which a Beijing-based Cryptocurrency exchange, was a relatively established exchange.

Recently, there has been a crackdown on local cryptocurrency exchanges in China. Thirty-nine crypto exchanges in the country may find themselves victims of the ongoing ban, according to a report released by Cointelegraph. Shenzhen authorities have identified the 39 companies to be acting in violations of the regulatory obligations. The city of Shenzhen happens to be China’s tech capital.

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Author: Denis Miriti