Ethereum Muir Glacier Update: Parity Upgrade Alert Due to Attack, 75.7% of Node Operators Ready

  • Those running Parity nodes are asked to update their clients “ASAP”
  • 75.7% of the node operators are ready for Muir Glacier
  • Down 92% from ATH, it is still one of the best performers of the decade, with nearly 18,000% gains

Just a day before Ethereum’s latest and unexpected network upgrade Muir Glacier, Ethereum client Parity came under attack.

Parity Ethereum took to Twitter to announce that on investigating the reports of some of the Parity Ethereum nodes not syncing, they came to believe there may be an attack underway.

Reportedly, valid blocks with manipulated directions, added or replaced, caused the client to stall, according to GitHub. Sergio Demian Lerner, a cryptocurrency security consultant, explained:

“The attack is simple: you send to a Parity node a block with invalid transactions, but valid header (borrowed from another block). The node will mark the block header as invalid and ban this block header forever but the header is still valid.”

New versions v2.6.8-beta & v2.5.13-stable have been released that will protect against this attack. As per this upgrade,

“Make sure to not mark block header hash as invalid if only the body is wrong.”

Those running Parity nodes are asked to update their clients “ASAP.”

Parties involved were already unhappy with the situation as Ethereum chose New Year’s Day for the upgrade. And now Parity underwent an attack.

Moreover, currently, 75.7% of the node operators are ready for Muir Glacier, as per Ethernodes.org.

Binance however, has announced its support for the ETH Muir Glacier upgrade. Because of which, deposits and withdrawals of ETH will be suspended.

When it comes to mining pools, only one, Ethermine is ready while the rest Sparkpool, F2Pool, Nanopool, Zhizhu, and MiningPoolHub still showing ‘no information’.

Earlier this month, the Ethereum network has its Istanbul upgrade and now they are ready for another. Ethereum was forced to have another update (EIP-2387) in less than a month due to a mistake and to delay the difficulty bomb feature that will slow down the Ice Age by about 611 days.

2020 to be the year of Ethereum?

The second-largest cryptocurrency by market cap is currently trading at $131, down 92% from its all-time high of $1,570. Ethereum’s 2019 performance surely has turned negative by 3.50% but it is still one of the best performers of the decade, with nearly 18,000% gains.

For the next year, Ethereum might be in for some good time as it might have hit the bottom.

Trader Crypto Michaël also sees 2020 a good year for Ether as he says, “Each massive breakout of ETH in January showed a significant move.”

Historically, he says Q1 of the year has been a great period for altcoins and their dominance bottoming. So “Let’s rock in Q1 2020!”

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Author: AnTy

IOTA Foundation Fixes Mainnet Issue But Puts A Question Mark On Its Decentralization

  • Those running the IRI node need to update to version 1.8.3
  • The incident puts the network’s decentralization in question
  • IOTA tanks 55% in 2019, everyone is returning to Bitcoin

IOTA Foundation has fixed an issue related to its mainnet, announced the non-profit behind the IOTA network on Dec. 30. The Foundation has asked those running an IRI node to update to version 1.8.3, available on GitHub.

The issue here was that IRI didn’t account for a transaction that was shared between two distinct bundles. What led to a corrupt ledger state was that once the transaction was marked as “counted” on one bundle, it was ignored for the next bundle.

The decentralized ledger for zero-cost transactions for the Internet of Things was reportedly unable to process transactions for about 21 hours due to the issue.

Now that the issue is resolved, transactions on the network are back to processing.

Yesterday, cryptocurrency exchange Huobi that “temporarily suspended” deposit and withdrawals of IOTA due to mainnet upgrade has now resumed its services for the cryptocurrency.

IOTA’s Decentralization or the lack of it in Question

This incident however, has the community questioning the decentralized nature of the IOTA network. Jake Chervinksy, General Counsel at Compound Finance said,

“Is it fair to say IOTAholders are relying solely on the efforts of the IOTA Foundation to fix mainnet? Just wondering if that’s Howey can look at this situation.”

Back in 2017, Nick Johnson, a developer at the Ethereum Foundation said he finds IOTA “deeply alarming.”

At that time Tuur Deemester, Founding Partner Adamant Capital said,

“I’m not sure the IOTA team has the required cryptographic pedigree for long term success.”

IOTA tanks 55% in 2019, everyone is returning to Bitcoin

Instead of using blockchain technology like other cryptocurrencies, IOTA uses Tangle which is a stream of interlinked and individual transactions. The cryptocurrency uses DAG to store its ledger, with scalability as the main motivation.

Currently, the IOTA Foundation is working on Coordicide, the death of the Coordinator, to realize the “dream of a permissionless and scalable distributed ledger technology (DLT).”

Now coming onto the price part, IOTA is currently trading at $0.161, down 97% from its all-time high of $5.54, as per Coincodex. In 2019, to date, it is down by 55%.

This Mati Greenspan, founder of investment firm Quantum Economics says is because,

“People are realizing that many of the altcoins had exaggerated valuations beyond what the projects were worth.”

The market has moved beyond winter, summer, or spring and we’re currently in a period of “great consolidation” where everyone is returning to Bitcoin, said Greenspan.

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Author: AnTy

California Based Stock and Crypto Exchange, Robinhood, Has Withdrawn its Application for a Banking Charter in the U.S

This tech startup based in California is among those eyeing to tap into the market share currently dominated by oldies in financial services. However, this may be an uphill task given a tech giant like Facebook is yet to get any regulatory approval to launch the Libra crypto project.

California Based Stock and Crypto Exchange, Robinhood, Has Withdrawn its Application for a Banking Charter in the U.S

According to a spokesman from Robinhood, they decided to withdraw the application voluntarily and will continue to focus on financial inclusion. He added that Robinhood is grateful to the parties who walked with them through the charter application procedure.

Robinhood currently enjoys a large capital base advantage having been valued at $7.6 billion back in July; this was after raising $323 million in funds. The digital asset exchange gives some incentives such as zero commissions on crypto and stock trading within its platform. This product has attracted a large clientele to the Robinhood exchange especially young tech savvy investors. In future, the exchange plans to integrate a cash management solution as a replacement for its savings instrument that failed regulatory tests back in 2018.

Despite the claims of voluntary withdrawal, Robinhood’s position is a clear indication of the challenges Tech firms encounter when scaling to financial products. Other firms which have or are currently facing similar challenges include Square and Social Finance.

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Author: Lujan Odera

Bitcoin Retracing the 4th Biggest Bull Move Ever, How Low are we Going?

  • Bitcoin could move lower, But those waiting for $6k will keep on waiting
  • Historically, November one of Bitcoin’s “greatest” performing months that dates back to 2012.

On Nov 8, Bitcoin price went below $9,000, going just under $8,700, a level is last seen on Oct. 26. Currently, BTC/USD is trading at $8,830 with 24 hours gains of 0.13%, as per Coincodex.

Trading volume has taken a severe drop as well with only $136 million worth of Bitcoin traded in the past 24 hours.

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This drop followed Bitcoin’s 4th biggest bull move ever as the price jumped 42%, from $7,200 to $10,500. A move triggered by China’s President Xi Jinping emphasizing on embracing blockchain technology.

However, economist and trader Alex Kruger believe this narrative to be “over-hyped as he says “most bullish narratives” are.

The ongoing drop in BTC price trader Mayne says is retracement after a consolidation that could go lower but those waiting for $6k will keep on doing just that, waiting.

But how low we could go?

According to trader Credible Crypto, there would be one more leg down to $7,400 level. After this final drop, the trader expects the leading cryptocurrency to make a run for the 2019 high at $14,000.

Analyst The Cryptomist is expecting a bigger drop. She sees 4hr CME gap getting filled with BTC at 7,185 as she said,

“So fake out finally confirmed. I expect one more touch to support region of wedge.”

But not everyone is expecting a leg down.

“I wish i was kidding. we’re trending up and there’s nothing ur silli retarded bias can do against it,” wrote popular trader Majin.

Given the fact that this is November, it is further adding to the bullish predictions. Historically, it has been one of Bitcoin’s “greatest” performing months that dates back to 2012.

Just like any other time, the market is divided into bears and bulls. And no matter the direction Bitcoin price takes, it would be good for an investor either way.

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Author: AnTy

Crypto Crap Is Not Compliant and is for Drug Dealers: Shark Tank Investor Kevin O’Leary

Crypto-is-Crap-and-is-for-Drug-Dealers-Kevin-O-Leary

As with pretty much anything else, it is not surprising that there are those who have problems with the fundamental nature of certain technology. Cryptocurrency and blockchain technology have been praised by many as a very important innovation to bring about commendable changes and improvements to the current practices in today’s traditional and financial markets.

Regardless of its many uses, a lot of people including high-ranking members of certain governments are not happy with the basic design of cryptocurrency and are afraid that it could bring about certain problems. Already on the darkweb, cryptocurrency is the most preferred payment method and because it is largely untraceable and irreversible, it has been a big problem for law enforcement agencies. Also a few months ago, a US congressman called on his colleagues to shutdown the use of cryptocurrency because it affects the country’s financial sovereignty. Now another person who has been a vocal soldier in the anti-crypto army is Kevin O’Leary, a Canadian TV personality and businessman.

Cryptocurrency Is Crap And Non-Compliant

Popularly known as Mr. Wonderful, O’leary expressed his disapproval for digital assets, saying the fact that the sector is largely unregulated and does not comply with most global financial statutes is a big problem for him.

O’leary said:

“If I want to be compliant and I don’t want to breach any regulators because I’m a participant in financial service globally – and that is where the majority of money is – … I have to be compliant. I have no interest in doing any of this crypto crap because it is not compliant and regulators in all countries do not agree.”

In his short rant, O’leary proposed a different currency that would be a digital asset backed by four of the most prominent currencies including the U.S. Dollar, the Euro, the Swiss Franc and the Japanese Yen. Hypothetically calling it the WonderCoin, O’leary said it would be fully regulated and used to pay taxes, handle debts, purchase equities and also easily be converted to any of the four fiat currencies. Anything apart from this would be untenable for him as he said:

“All of this non-compliant stuff, I don’t want to get involved with a drug dealer trading Bitcoins somewhere. I want nothing to do with that.”

Jeremy Allaire, the co-founder and CEO of Circle was on the other end of the conversation and tried to straighten things out for O’leary. Allaire explains that saying the cryptosphere is completely devoid of regulation would be untrue because entities who serve as middlemen between the traditional financial system and the cryptosphere are fully regulated by the government. He said:

“The crypto industry has been regulated in the U.S. since 2013. If you want to sit between the banking system and cryptocurrency, you have to be licensed as a financial institution.”

O’leary was however not satisfied with anything Allaire said and still called crypto a “rogue currency.”

This isn’t the first time Mr wonderful has publicly spoken against cryptocurrency. Back in May, O’leary said bitcoin is a useless currency because people who use it seem to only want a hedge due to the instability.

Halt The Libra!

The fight against crypto is still ongoing as on Tuesday, July 2, members of the U.S. House Committee on Financial Services wrote a letter to Facebook asking that “Facebook and its partners immediately agree to a moratorium on any movement forward on Libra – its proposed cryptocurrency and Calibra – its proposed digital wallet.”

The letter expresses its concerns to Facebook CEO, Mark Zuckerberg, COO Sheryl Sandberg and Libra/Calibra CEO, David Marcus.

“The letter says that the Libra and Calibra may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.”

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Tolu