Tag Archives: ethereum

Questions Linger on Why Anyone Would Pay 26M in Ethereum ETH Fees

Questions Linger on Why Anyone Would Pay $2.6M in Ethereum (ETH) Fees

Someone paid $2.6 Million in Ethereum fees for a transaction worth approximately $134.

John P. Njui   •   ETHEREUM (ETH) NEWS   •   June 10, 2020

In brief:

  • Earlier today, 0.55 ETH was transferred for a transaction fee of 10,668.73 ETH.
  • This translates to approximately $2.6 Million in fees paid for a transaction worth $134.
  • Although initially seen as a mistake, questions still linger on other possible explanations.

A transaction on the Ethereum blockchain has crypto enthusiasts scratching their heads as to whether the initiator of the transaction made a mistake, or whether the sender knew what they were doing. The transaction in question involves the transfer of 0.55 ETH for a hefty transaction fee of 10,668 Ethereum. Below is a screenshot of the transaction that can also be tracked via Etherscan.

Investigation in Progress

The team at StarkPool.com has responded to the event by stating that they are investigating as to what really led to the sender initiating and approving a transaction with such a high fee. StarkPool focuses on professional mining pool services and the team responded to the event by stating there will be a solution in the end.

The mention of experience by StarkPool is in reference to a similar event in March 2019 when an Ethereum user accidentally paid 2,100 ETH in transaction fees by confusing the fields required to send an ETH transaction. The incident was solved with StarkPool refunding 1,050 ETH.

Ethereum’s Vitalik Chimes In

The enormity of the mistake has caught the attention of Ethereum Co-Founder, Vitalik Buterin, who is for the opinion that the transaction was a definite mistake. His comment regarding the event was via the following tweet.

Questions Still Linger on the $2.6M in Ethereum Fees

However, despite Vitalik’s comments that the transaction might have been a mistake, there is the additional possibility that the input was intentional and that the yet-to-be-identified sender, knew what s/he was doing. One plausible theory is that the transaction was what is known as a Trade-Based Money Laundering (TBML) transaction. This theory was put forth by @benjaminjwhitby.

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 EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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2 Reasons Why Ethereum ETH Could Reclaim 200

2 Reasons Why Ethereum (ETH) Could Reclaim $200

Technical analysis indicates bullish momentum as ETH 2.0 launch approaches in July.

John P. Njui   •   Ethereum News   •   April 8, 2020   •   2 Min read

In brief:

  • Bitcoin has led a resurgence in the crypto market and looks set to erase all losses experienced in mid-March.
  • With BTC currently experiencing sideways movement, Ethereum could experience a second wave up.
  • The Eth 2.0 upgrade of Serenity, is scheduled for July 2020.

There is a general sense of optimism in the cryptocurrency markets that has been brought about by a resurgence of Bitcoin. The King of Crypto has broken the $6,900 resistance level. BTC is currently trading at $7,300 and looks set to erase all losses it experienced in the month of March due to the impact of the Coronavirus. When we look at our favorite alt-coin of Ethereum (ETH), the cryptocurrency has experienced the proverbial resurrection after gaining 27% between the 3rd and 7th of April 2020. In this time period, the price of Ethereum moved from $137 to a local high of $175.

Bitcoin's Sideways Movement Might Allow ETH to Move Higher

As earlier mentioned, Bitcoin seems to be consolidating around the $7,200 – $7,300 zone thus giving Ethereum the room needed to also consolidate and continue on its upward trajectory. It is a known fact that once BTC starts to move in a sideways movement, altcoins thrive.


6-Hour ETH/USDT courtesy of Tradingview.com

Further looking at our favorite 6hr chart, we find that the Ethereum price is trading above the 0.5 Fibonacci retracement level identified in an earlier analysis. Our ETH/USD chart shows that $168 is offering a good level of support for ETH. Additionally, its current price at $169 is above both the 50 (white) and 100 (yellow) moving averages. This, in turn, means that it is currently in bullish territory in the market after breaking the wedge we had also identified in our last analysis.

However, for the price of ETH to reclaim $200, it has to overcome the following resistances.

  • $179
  • $188
  • $195

Additionally, the 6-hour MACD and MFI indicate that the cryptocurrency will either be trading at its current level for a few more hours or experience its own sideways similar to Bitcoin's.

ETH 2.0 Upgrade in July

Also worth noting is the Serenity upgrade scheduled for July this year. In a recent AMA session on Reddit, the development team in charge of the platform announced that they were expecting to launch this upgrade by July 30th. In the AMA, the team expressed their optimism that it will be done by the quoted date.

I'm hoping we can launch by July 30, 2020 (the 5th anniversary of Ethereum 1.0). I think it's unlikely we will launch in Q1 or Q2 2020 especially if we want three clients to be production-ready for launch.

The upgrade is meant to implement the highly anticipated Proof-of-Stake (PoS) algorithm and to improve transaction speeds on the network.

Summing it Up

Spearheaded by Bitcoin, the cryptocurrency markets are attempting to erase losses from mid-March. As a result, Ethereum's price might have a chance to keep pushing towards $200 based on technical analysis on the 6hour chart. Additionally, the fundamentals with respect to the news of Serenity being implemented in July will provide additional momentum up for ETH. As with all analysis, the reader is advised to safeguard their ETH/USD position using adequate stop losses.

(Feature image courtesy of Clifford Photography on 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.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoiners Fire Back at Ripple CEO for Tweet: The Great Mining Spat

Bitcoiners Fire Back at Ripple CEO for Tweet: The Great Mining Spat

Nick Chong     March 5,2020

Revolutionary technologies are inherently controversial. This was proven true just this week when the CEO of Ripple Labs, Brad Garlinghouse, bashed Bitcoin and Ethereum in a direct tweet, sparking discourse.

The reason? Garlinghouse thinks that the cryptocurrencies' mining mechanism, which sees miners contribute computational resources to secure the blockchain, is wasteful and a threat to the climate:

"Energy consumption for BTC and ETH mining is a massive waste and there’s no incentive to take responsibility for the carbon footprint. Absolutely mind-blowing that this isn’t high on the agenda for the growing climate crisis."

The Ripple chief made this comment in reference to an article from The Telegraph, which suggested that a single BTC transaction “is the same as 780,650 Visa transactions,” per data from a PWC analyst specializing in the field of blockchain technologies.

While many supported his statement — his tweet garnered nearly 3,000 likes as of the time of writing this and was shared by many who believe that Bitcoin is killing the Earth — members of the industry have started to push back against the critique.

Bitcoiners Spark Discourse With Ripple CEO Garlinghouse

It’s no secret that Bitcoin isn’t the most popular asset; many economists and technologists around the world are highly skeptical of the cryptocurrency for many reasons. One of the oft-cited reasons, as seen above, is that it is “killing the Earth.”

From a pure numbers standpoint, some think that is the case; data from academics suggests that securing the Bitcoin network requires as much energy in a year as the whole of small though developed countries, like Austria.

Though many Bitcoiners don't think that it's a waste.

Gabor Gurbacs, the digital asset strategist/director at ETF provider VanEck, recently laid out his case for why Bitcoin's use of power is warranted. Gurbacs' three points are as follows:

  1. Bitcoin's energy consumption is a "necessary feature," for the POW consensus mechanism is what makes BTC secure and decentralized.
  2. Banks and payment firms, which Ripple affiliates with, use "huge amounts of energy."
  3. No need to "green-wash things."

Also, legendary Bitcoin proponent and educator Andreas Antonopoulos wrote in 2016 that holiday lights surrounding the trees and homes of millions across the globe use “more energy in a week than [entire] small nations,” before rhetorically asking “who’s wasteful?”

Both sides have valid arguments, so right now, it isn't clear who's winning this latest spat on Crypto Twitter.

Photo by Jason Briscoe on Unsplash

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Joseph Lubin: Blockchain Will Permeate Society More Than The Internet

Joseph Lubin: “Blockchain Will Permeate Society More Than The Internet”

He also said Ethereum is "Much Better" than Bitcoin

ConsenSys founder Joseph Lubin once again made clear his optimistic but cautious vision of the future of crypto. In an interview for the German news portal T3N, the also co-founder of Etherum expressed that blockchain technologies can redefine the future of technologies towards a more user-friendly orientation.

Web 2.0 vs Blockchain or Web 3.0

According to Lubin’s vision, nowadays the famous Web 2.0 focuses on protecting the interests of content and technology providers. For Lubin, the current business model looks at consumers as mere products. The blockchain technologies represent a revolution as they imply a necessary philosophical change in the business world:

“These Web2 business models are effectively in control, and as you know, they treat us like a product. They try to get a lot of information out about us so they can charge more for the product. And they have found ways to use man’s evolutionary drives so that they can make us dependent on their system, so that they can sell us more often as a product. Blockchain, on the other hand, enables a self-determined, sovereign identity. We can write our identity on blockchain systems and control it from our side of the browser. Identity will become very important in Web 3.”

For Lubin, it is still too early to talk about the possibility of implementing truly influential applications. Blockchain technologies do not yet have the necessary maturity for this type of development; however, he stressed that it is very possible that these advances will occur in a “not so distant future”:

“There are some projects moving in that direction, but it is extremely early in the development of technology. We build thousands of different components, building blocks, tokens, protocols, exchanges, and tools for identity and reputation. At a point in the not so distant future, when these systems are sufficiently scalable, we will be able to build a decentralized social network.”

 

Jose Lubin: The Future Looks Promising, But It Will Take Some Time

Several experts have considered blockchain technologies as the most important technological breakthrough in history since the appearance of the Internet, however for Lubin it is important to note that although it took more than two decades for the Internet to have the level of social influence it has today, blockchain technologies could take longer because of its high level of complexity:

“Blockchain is growing exponentially: There are hundreds of projects that are already practical for people. And they will enable people to build even more things that will be practical again. That’s how the web was developed. It will probably take a little longer because it’s much more complicated. Also because we work with issues like digital money, Blockchain will penetrate society more than the Internet. Everything will be networked in a Web3.0.”

 

ETH is “Much Better” Than BTC

The interview ended with a small comparison between Ethereum and Bitcoin. As expected, the co-founder of Ethereum considers ETH to be a better choice than the “Crypto King.” He also hopes that in the future the value of the token will be similar to that of Bitcoin:

“(ETH) is also cheaper and faster to transport values with it. It’s much better money than Bitcoin. I assume that it will be used much more than money … We expected it to level off at about the same amount as Bitcoin.”

Original article written by Jose Antonio Lanz and posted on Ethereum World News

Article reposted by Jeffrey Sloe

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Ethereum ETH Becomes First Base Currency on Bithumb’s Decentralized Exchange DEX

Ethereum (ETH) Becomes First Base Currency on Bithumb’s Decentralized Exchange (DEX)

Earlier on today, the South Korean exchange of Bithumb, launched its very own decentralized exchange.

In the news announcement, the team at Bithumb welcomed users to its platform effective October 15th, 2pm (UTC + 8).

The full announcement was as follows:

 

Dear user, Bithumb’s Decentralized Exchange (DEX) was officially launched on October 15, 2018 at 2 pm (UTC+8)! Bithumb DEX was launched by Hong Kong-based Blockchain & Fintech BGEX Ltd. Working with blockchain service innovator OneRoot Network, we are committed to discovering and listing more valuable cryptocurrencies. Thank you for your trust and support in Bithumb DEX!

 

Free Transactions For a Month and Airdrops

To further stimulate trading action on the new decentralized exchange, the team at Bithumb has launched the following initiatives to reward users of the new platform:

  • Free transaction fee for one month (October 15th to November 15th, 23:59)
  • Users will only pay Gas Fees on the Ethereum network
  • A total of approximately $ 100,000 (500 ETH) in rewards will be distributed by Airdrop
  • Airdrops will be based on trading activities from the 15th of October, till midnight, the 30th of October
  • Coins for the airdrop to be distributed to the top 1,000 traders who have traded for the 2 weeks mentioned above
  • Traders must have more than 1 ETH worth in trade volume for one of the following coins of DENT, INS, POA20, RNT and WTC to qualify for the airdrops
  • Payments will be announced on the 1st of November and will commence on the same day
  • Airdrops to be made at random using any of the digital assets of DENT, INS, POA20, RNT and WTC

 

Ethereum As the First Base Currency

Further analysis of the decentralized exchange yields the fact that Ethereum is the first and only base currency on the platform. The use of Ethereum has been made easier by integrating the DEX with MetaMask. A screenshot of the 10 digital assets paired with Ethereum can be found below. (Digital assets that are part of the airdrop, have a blue A besides them.)

Article posted on Ethereum World News

Written by John P. Njui

Posted by: Jeffrey Sloe