Bitcoin collapsed to $9, 600 on the background of unconvincing answers David Marcus at Senate hearings on digital currency Libra

The price of the first cryptocurrency quickly went down shortly after the start of Senate hearings tangent digital currency Libra, and for a short period of time first fell below $10,000, and then up to $9 600.Some bercah the drop was even deeper below $9 500.

Before the event, bitcoin was trading around $10 a 750.

Previously, experts had already suggested that today’s hearing can have a significant impact on short-term price movements of bitcoin, and, apparently, their predictions come true.

The reason the situation around, Libra is associated with a bitcoin is simple: it is about the overall approach of U.S. legislators and regulators to a new asset class, the place where now is now trying to win the project from Facebook.

Despite the fact that the main arguments that Marcus was going to present today, the American legislators, was published on the eve of his answers to the about was not always convincing. Sometimes it seemed that the head of the blockchain-unit Facebook simply lost themselves in an unusual situation, as mentioned by periodic pauses that Marcus took to suggest answers, even more haltingly on.

In particular, he was not able to answer questions about how Facebook intends to resolve the issues with past leaks user data, and the ambiguous policy of the social network, which, as they say, the senators, there has been interference in the election of the President of the United States from Russia in 2016.

Also David Marcus, questions were raised about why Libra decided to register in Switzerland instead of the US, what direct and obvious representatives of the cryptocurrency community response, the head of the project did not give.

At the time of publication the average rate of bitcoin, according to CoinMarketCap, was $9 720.


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SEO Ripple: the cryptocurrency will not be able to replace Fiat

The head of the Californian FINTECH start-up Ripple brad Garlinghouse agreed with the Secretary of the Treasury Stephen Mochina that cryptocurrencies will not replace Fiat money, but also said that the Finance Minister consulted with him on questions of regulation of kryptonyte. He said this in one of the last entries on Twitter.

So, yesterday Stephen Mnuchin held a press-conferencein which course has declared that US authorities are «very serious doubts» in relation to Libra digital currency, and bitcoin and other cryptocurrencies in General.

SEO Ripple convinced that digital assets will not be able to «crush the dollar or other currencies the G20 in our time». Arlinghaus stressed that it is impossible to cut all kryptonyte with the same brush, as it has come a long way since the Silk Road.

«Our industry was successful, we need to work with regulators and within the established framework… If we want to achieve maximum progress, we need to work together with the existing financial system, not against it», — said the head of the Ripple.

He also raised a sensational recent cryptocurrency project Libra from Facebook, stressing that the new coin «must meet the same standards as other regulated financial institutions.»

It should be noted, about Libra spoke, and the Chancellor of the exchequer of great Britain Philip Hammond. So, in a conversation with CNBC , he said that the British authorities do not intend to interfere with or stop the project Facebook.

Moreover, Hammond is sure that politicians and legislators should not do to develop control measures for Libra, as it is entirely the task of the regulators.

«We are not going to abandon this [of Libra] or try to stop. We are going to interact with her and to work with others to ensure its effective regulation,» — said the politician.

However, he noted that he sees a difference in management structure between bitcoin and Libra.

We will remind, in the coming days, on 16 and 17 July, held hearings in Libra in the Banking Committee of the Senate and the Committee on financial services of the house of representatives, respectively. Earlier Calibra CEO David Marcus published a written version of their upcoming performances in the U.S. Congress.


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Highlights of today’s hearings on cryptocurrencies Libra in the U.S. Senate

Facebook will build its own cryptocurrency wallet Calibra in the Messenger app and Whatsapp and will refuse similar initiatives third-party developers. This was announced by the head of the Calibra David Marcus during today’s hearing of the U.S. Senate Committee on banking, housing and urban Affairs, writes TechCrunch.

Cryptocurrency Libra will be compatible with other wallets so users can move their money between them and if you want to switch completely to the decision of the competitor. At the same time, limiting the integration into own products Facebook may give the company a clear advantage to the banks, PayPal, Coinbase and any other potential developers wallets.

Other statements made by Markus in the course of today’s hearing:

  • USA «unconditionally» should lead the process of forming rules for the cryptocurrency industry in the world;
  • Yes, Libra will comply with all applicable U.S. requirements and will not start until you doubt us lawmakers will not be dispelled;
  • «You don’t have to provide trust Facebook», since it is just one of the 28 potentially 100 or more participants of the Association of Libra and will have special privileges;
  • Yes, I’m ready to get paid from Facebook in the form of Libra as a demonstration of confidence in the currency;
  • Calibra «is not going to» sell or directly monetize user data. In the case of providing additional financial services to third parties, the user will be asked permission to use his data for the specified purposes;
  • Model profit from Libra Facebook for to a greater extent will be based on online Commerce that should cause businesses ‘ willingness to spend money on advertising products and social networks.

Questions without answers

At the same time Marcus did not give a direct answer to the question of whether Facebook to collect data about transactions Calibra, for example, when a user purchase of products from third-party companies, which they can find through a social network. Marcus only noted that Facebook will allow users to pay for goods with credit cards, and other instruments along with the Calibra. Thus, even if Facebook will not know how much of the cryptocurrency the user has in his wallet, the company still can receive data on the paid amount and purpose of the transaction.

Answering the question about how much money Facebook spent on the creation of Libra, Marcus stated that his company such evaluations are not conducted. He also explained one of the senators why the Association Libra non-profit organization called if she was going to pay interest to its members.

In addition, Marcus could not fully clarify how Facebook will face a fraudulent conduct with Libra, if the company is not going to actively exclude questionable developers that could potentially lead to repetition of the situation with Cambridge Analytica, only this time the criminals will steal users ‘ money, not their data.

The head of the project said that US residents are likely to come from the American version purses Libra, which will be implemented the necessary protective mechanisms. The Association of Libra also intends to educate users on how to avoid fraud. At the same time Senator Kirsten Sinema said that low-income users, which will be oriented Libra, as a rule, do not have sufficient knowledge and will be especially vulnerable to hackers.

Senator Robert Menendez asked whether the Association of Libra to block the assets, if it turns out that they are associated with terrorists. Marcus replied that Calibra and other wallets custodian that holds the assets of users on its side, can do it, and the adjustable channels can impair the conversion of Libra in Fiat. This response, however, does not exclude the possibility that the Association of Libra will not be able to stop the transfer of terrorist organizations between neostalinism wallets, especially if the authorities of the countries where there are such organizations will refuse to intervene.

Overall, the hearing was surprisingly orderly, TechCrunch notes. Many senators have demonstrated in-depth knowledge of the principles of functioning of Libra and asking the right questions. Marcus was ready to give answers to most of them, except for those investment in Facebook Libra and protection of user data for transactions outside the social network. A number of key concerns relating to, for example, money-laundering and the financing of terrorism, are relevant to all technologies and cannot be resolved even with strict rules Libra.



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Network cryptocurrencies Beam will be the first hardwork

The first hardwork anonymous cryptocurrency Beam will be on the block 321321. This is expected to happen August 15, 2019, writes «RBC-Crypto».

Users are recommended to update your wallets to version 3.0, as after hard forks older versions will stop working. The miners will also need to use the software Clear Cathode 3.0, which supports the PoW Hash algorithm Beam II.

Beam emphasized that hardwork will take place without user intervention. Binary Node and the Desktop Wallet will release on 17 July 2019, they will be updated to a new version every 30 days. The company has announced the release of mobile wallets for Android and iOS, but did not give the date.



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Again about the main thing: the pitfalls of cryptotrading

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Recently, web service and social network for traders, TradingView was discovered a serious bug related to incorrect display of trading indicators in the analysis of graphs in the theory of Elliott. Later it turned out that the indicators were not correctly displayed only on a logarithmic scale, but, nevertheless, as a result of this error, the traders could suffer losses. This news once again demonstrates how great the risk of cryptotrading and how difficult it is to consistently earn on it. DeCenter considered the basic strategy of earnings on cryptotrading and the dangers that will lie in wait for the traders when trying to get significant income.

In traditional Finance it is believed that a real professional trader is able to profit in any market situation, however, cryptotrading it is not so. If in 2017 cryptotrading was synonymous with wealth and success, in 2018 a crypto-funds and traders went bankrupt.

Technical and fundamental analysis

When deciding to capturadora better to be guided by the results of technical and fundamental analysis. Technical analysis a method of forecasting future price of financial assets on the basis of their value in the past on the charts.

The use of technical analysis in the field of cryptotrading very different from traditional due to the large volume and volatility, and also due to the manipulation rate of the crypto currency, technical analysis may fail and the «false breakout» level to enter capturadora misleading.

As for fundamental analysis, it is based on market and financial indicators that affect the price of the underlying asset. The stock market is primarily the price of bitcoin and other top cryptocurrencies, and also consider myself a crypto-asset and its analogues. For example, taking a decision on buying these anonymous cryptocurrencies as zcash for, Dash and Monero, it is better to analyze the demand for each of them and then make a decision on entering a position. DeCenter previously talked about the features and differences of these approaches.

An unfortunate choice of cripture

Even with a winning strategy and psychology of a successful trader, you can lose all money if we translate and keep them on the exchanges. Moreover, we should always remember that none of the market today are not immune from hackers, and whether it will be ready after the attack to return the lost funds — is unclear.

According to The Wall Street Journal, 2011-2018 years on the crypto currency exchange with ICO was committed 56 attacks that claimed more than $1.6 billion, almost a billion ($473 million and $533 million, respectively) was removed during two major attacks on the exchange Mt.Gox and Coincheck. However, only from January to July last year, hackers stole more than $800 million with a five kryptomere, higher than in any other year.

Also, when storage of all crypto-asset on one exchange there is a risk of losing them in the bankruptcy, as recently happened with the stock exchanges Quadriga and Cryptopia. Thus, the user of the forum Bitcointalk nickname natakirta said that as a result of hacking your account on Bittrex and bankruptcy Cryptopia, she lost more than 1.5 BTC.

The user of the forum Bitcointalk talked about their losses due to hacking of exchanges Bittrex and Cryptopia.

Therefore, large amounts are best stored in cold wallets, to exchanges froze the funds that the trader holds on them, please pass KYC and all other required procedures for verification of the user.

As already mentioned DeCenter, the best option for storage is to use two different wallets — hot and cold. So make the most of the large companies that work with cryptocurrency.

Participate in pump and dump schemes

Pump and dump — it is a common scheme of manipulating the price of the asset that was first used on the us stock market long before the advent of cryptocurrencies. Pump artificial price-fixing of cryptocurrency due to its buying up on the exchange. Usually, the organizers of this scheme are working with little-known coins on exchanges such as Yobit. Participants Pampa at a certain point, buy is assigned to the organizer of the coin, expect growth of the price in 1.5−3 times, and then sell. But usually by the time when the participant joins the Pampa, he had been buying a coin at an inflated price by the organizer and likely will not have time to sell it, which means losing funds.

This scheme is very dangerous, and definitely earns her only the organizer. Unlike the unregulated stock market, traditional exchanges, this practice is illegal, and the use of pump and dump schemes are strictly regulated by the financial authorities of different countries.

The organization «big pampow» known John McAfee: after accolades about the coins in his Twitter account has been a sharp growth (and then collapse) courses such coins as Verge, Electroneum, and Burst.

Arbitration

The simplest arbitration based on the difference in prices of cryptocurrencies on the different trading platforms which allows the trader to buy crypto-asset is cheaper on one exchange and sell higher on the other. A more complicated strategy here is to play on the price difference between multiple cryptocurrencies. Unfortunately, the Tribunal only looks like a win-win trading strategy as there is a large risk of losing money in arbitration.

First, the crypto currency exchange is not like arbitration specialists and create problems for them in the transaction of the coins between the exchanges. Second, the arbitration takes a lot of time and favorable price difference remains not for long: it means that a trade deal that could bring an 8% profit 20 minutes ago, now will provide the trader with a loss of 5% of the amount.

Talking about it, and users of Bitcointalk. One of them, normal.80, believes that to capitalize on the arbitrage is still possible, but it makes sense only if the trader has at least 50 esters, and the trade would take quite a large amount of time.

Indeed, the exchange block users: user Cryptoman writes that he had an amount of more than 50 esters, and the market has locked them in one of the week. So, although the arbitration and can earn better to do it using special software in the form of trading bots and invest a small amount.

Margin trading

This trading mode allows traders to trade on borrowed money in proportion to his own, and the loan is usually taken from the crypto currency exchange, it charges interest for the use of them.

The greatest leverage with the ratio of equity to debt of 1 to 100 gives exchange BitMex. However, the shoulder 3-5 times provided by the trader has a large amount of trading risk and new traders generally do not use margin trading. Otherwise they can expect a sad ending.

So, an anonymous Reddit user (now deleted their account) a year ago told how he consistently earned the cryptotrading during the year and turned 3 BTC into 200 BTC, but then lost everything due to margin trading.

Buying signals and training courses

Today in the Telegram and other social networks there are many groups and channels who publish trading signals and recommendations. Many of them create a private chat with paid access. However, the quality of published there signals is often poor. This applies to learning content.

For example, the user Energy_Coin in a special topic on Bitcointalk says that lost three of their Deposit after passing the training courses.

The best advice you can give to aspiring capturadora to enjoy the first free content and expert advice that are published in open access and paid content be purchased only if it is really valuable and has real good reviews.

Psychology

The damages and losses incurred by traders are not only with the wrong choice of positions, but also with the emotions that prevent traders focus on, is the greed and fear of loss. For fear of the traders out of positions ahead of time, fixing minimum profit with a small increase in the price of crypto-asset or loss when it is falling, but just had to wait.

Greed and the desire to earn millions in one day forced traders to go on excessively risky combination. They are based on the syndrome of loss of profits (FOMO) or fear of losing everything (FUD).

DeCenter wrote instructive story of a Reddit user under the nickname SuperDuperDerp. He invested in bitcoin back in 2012 and $400 bought 100 BTC. He believed that bitcoin will grow strongly, but growth was very slow, and when he needed money, he decided to sell the coins at $8, hoping that the exchange rate will collapse, and he will be able to re-enter at a low price. However, this did not happen. SuperDuperDerp writes: «I watched the growing bitcoin exchange rate, and when it has reached the level of $100, again I have invested, but now at 8 BTC. In 2013, I several times went on about their emotions and panic sold and bought back bitcoin. At some point, I needed money so I sold almost all of their cryptocurrency. Now I still have 2 BTC, that in any case, in comparison with 2012, better. I want to believe that if my financial situation allowed me, in 2012 I would have invested in more bitcoin for the long term and wouldn’t sell them so swiftly. But who knew? To make money, need money».

Crypto regulation

And, of course, traders need to follow the law in the country of residence and in the jurisdiction in which the act of exchange, exchangers and other shopping services they use.

For example, recently the Tax office of Sweden demanded from capturadora Linux Dunker to pay 300% tax (just under $1 million) from cryptotrading. Probably after the legislation of Russia, Ukraine, Kazakhstan and other CIS countries will be established the procedure of taxation of transactions with cryptocurrencies, speaking capturadora also have to pay their taxes.

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Statistical analysis did not reveal a connection release Tether with the growth of bitcoin prices — #DeCenterDaily

News

Top 10 cryptocurrencies by market capitalization in January, 2014 – 2018

The government of Singapore against the ban on the cryptocurrency exchanges of the USA for discussion at the Federal level.

In response to the proposal of the Parliament of Singapore to ban cryptocurrency exchanges, Deputy Prime Minister Tharman Shanmugaratnam announced that the government is not going to go to such measures. According to the official, «at the moment there is no serious reason to prohibit cryptocurrency trading in Singapore» before you can talk about the results of «cryptocurrency» experiment, «Even if some cryptocurrencies are successful, it will take time to fully assess the effects». Shanmugaratnam noted that the Monetary authority of Singapore (MAS) monitors the development of the crypto-region and related risks. The U.S. position against cryptocurrency exchanges was announced yesterday, during the hearings in the Senate. The Chairman of the Commission on securities and exchange Commission (SEC) J. Clayton said that the SEC is open for regulation of cryptocurrency exchanges at the Federal level, jointly with the Commission on commodity futures trading (CFTC) and Congress. Now the American stock exchange fall under the requirements for «services of money transfers» and are regulated at the state level. But in his speech, Clayton noted the similarity of cryptocurrency trading platforms with the «exchanges securities, commodities and currencies,» which govern SEC and CFTC, and stated that «the legal framework now applicable in respect of the cryptocurrency trading, it does not fit».

The CFTC has warned about the risks of cryptocurrency retirement accounts.

In a document dated 2 February Commission on trade in commodity futures U.S. (CFTC) encourages citizens to «be careful» with projects that propose to create retirement savings in cryptocurrencies, especially if it is alleged that the tax authorities in the U.S. are familiar with the product or approved it. CFTC stressed that the IRS (IRS) «did not approve and did not consider investment in individual retirement accounts.» In its statement, the CFTC called cryptocurrency «highly volatile» and said that the crooks can get your business new customers with «false promises or understating the risks»: «the Guardians and Trustees of self-directed retirement accounts can have limited liability to investors and, as a rule, does not evaluate the quality or legitimacy of the investment.» The latest progress of the CFTC in the cryptocurrency field was the announcement of stricter regulations for bitcoin market futures.

Cryptopia closes account linked to the new Zealand dollar, the banks of Australia yet allow the purchase of cryptocurrency.

Cryptocurrency exchange Cryptopia announced the forced closing of Bank accounts: «unfortunately, our current Bank has notified us that it intends to close our USD account 9 February,» the company said in the official press release. Simultaneously, the stock exchange announced «an immediate stop to deposits in new Zealand dollars» and asked customers not to send new Zealand dollars to NZDT account. In the Twitter exchange appeared information that the Bank was allowed to withdraw funds from current accounts to 31 March, and currently Cryptopia «working on several options for the resumption of deposits». While the partnership with another Bank is not concluded, the exchange offers to holders NZDT-accounts to transfer funds into bitcoin at a competitive rate. Australian banks currently do not support a restrictive policy. National broadcasting Corporation, the ABC Australia got in touch with the largest banks of the country, asking them about the policy concerning the purchase of a cryptocurrency. The fourth largest Bank Australia, Australia and New Zealand Banking Group (ANZ) not working with crypto-currency «issuers, brokers or exchanges» because of the lack of regulations, but does not impose restrictions on their customers. According to the speaker, the Bank «does not prohibit buying cryptocurrencies or accept them as means of payment». The representative of Westpac, the second largest Bank in the country, also said that the company «currently has no restrictions on the use of credit cards for buying cryptocurrencies». National Australia Bank noted that may restrict «some transaction» with the use of credit cards in order to «protect customers». Commonwealth Bank has not yet responded to the request of ABC.

The new York city government has allocated 15,000 kilowatts of power for the mining pool.

The power authority of the state of new York authorized the transfer of 15,000 kW of hydropower to the new data center (NCDC) mining company Coinmint. Currently Coinmint run the business in Plattsburgh is in the same state, and plans to increase capacity. The launch of the second pool involves an investment of $165 million and will create 150 jobs. Local TV reports that the area is known for cheap and stable electricity, and the power authority of new York believes that hydropower will contribute to the growth of the economy of the state. Under the construction given to the former premises of Metalworking plant in Massena, where for two years running 180,000 units for bitcoin mining. A new branch Coinmint plans to capture 15% of the cryptocurrency business.

The release of a new Tether did not affect the value of bitcoin.

Not so long ago it became known that on December 6, Tether released-third of all currently in circulation USDT tokens, and anonymous analysis «Tether Report» claims that 48.8% of the cases, the bull market in the period from March 29, 2017 January 4, 2018 occurred in the first two hours after the release of the new USDT. However, the last «statistical analysis», produced a research fellow of the University of Groningen by Oleksandr Ivanov, shows that the connection release USDT with the pump of bitcoin tends to zero. In their study, Oleksandr Ivanov comes from the assertion that «if the expected Tether strategy is correct, we should observe a positive correlation between the change in the number of Tether tokens and bitcoin prices in a certain time frame». Ivanov made the calculations based on price indices Coinmarketcap and the number of Tether tokens in 2017, to determine the daily percentage change in the price of bitcoin and a daily change in the amount of Tether. Using these data, scientists have built a chart: values concentrated around zero, the Pearson correlation coefficient amounted to -0.17168, which means negative correlation. According to Ivanov, when considering longer-term periods of «dependency in any case is reduced to zero». The researcher emphasized that statistical analysis cannot completely refute the manipulation of the Tether, and said that «transparent public audit will shed light on this issue.»

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The Tor browser has launched a crowdfunding campaign with the support of the bitcoin processing BTCPay Server

In solidarity with the developers of open source code is popular in the bitcoin community processing service BTCPay Server supported the campaign to raise funds for a privacy-oriented browser users Tor, reports Bitcoin Magazine.

As they say on the campaign page, the funds raised through project #BitcoinForTor, will be used to support unpaid labor of people committed to protecting human rights.

«Every day we, the participants of the Tor Project, defending the rights of people to universal and private access to the uncensorable Internet. Tor has become the world’s most powerful tool in the fight for network privacy and freedom», — stated in the project description.

The campaign has softcap in the amount of $10,000 and is designed for 14 days, but for the first day attracted nearly $8 000.

Also on the project page it says that the funds are stored on customized hardware wallet Ledger Nano’s, decorated with the famous onion, the Tor logo. The donations can be made as with ordinary onchain transactions, and using the Lightning Network, there is an alternative onion-link.

BTCPay Server was started as a project offering an alternative processing service BitPay. Its Creator Nicolas Dorier implemented fork BitPay in 2017, giving users the ability to place the processing on their servers and thus to take control of their commercial activity.

«As a free project with open source, we own the own experience, the challenges associated support sustainability of such projects. BTCPay supports people who are working on solutions in the area of personal sovereignty, security and privacy», said Pavlenex, a contributor to BTCPay Server.

Framework BTCPay Server also has a built-in accounting system and sometimes turns to be very useful for crowdfunding projects that, for example, showed the case with the collection of funds for legal expenses for the user Hodlonaut in its confrontation with the self-proclaimed Creator of bitcoin by Craig Wright.

We also recall that in the summer of 2018 BTCPay Server suggested solution to use for payment processing of bitcoin full nodes.


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Hardwork and disputes in the community: Ethereum in his element

Article

Smart contracts are not the only «smart» mechanisms in the Ethereum blockchain. «Bomb of complexity» — another feature of the network, which will help very elegant (but not painlessly) to support software hard forks Ethereum all members of the network.

We already explode?

Since hardwork, unlike softforce and velvet forks, involves such changes, after which the new network version will be incompatible with the old, that the blockchain was kept whole, with the new rules must be agreed to (almost) all users. If the proportion of dissenters will be significant, it may be sufficient for the development of parallel networks, which will operate under the old rules. And this story is already familiar to the Ethereum blockchain: due to disagreement in the community regarding the refund of The DAO in the summer of 2016 Ethereum split into two networks. The «updated» version was the main Ethereum, and the old («classical») rules supports Ethereum Classic.

However, the «bomb» was founded in Ethereum for the other planned hard forks that will allow the blockchain to move coordinately with the current algorithm consensus Proof-of-Work to Proof-of-Stake. The mechanism of «the bomb of complexity» was introduced September 7, 2015 (200,000 unit), shortly after the start of the main blockchain. It is programmed in an exponential increase in complexity of the network. «In the end [the network] will reach the so-called «Ice age»: the difficulty will simply become too high to be able to get the block. This will allow us to establish Proof-of-Stake, possibly through Casper,» — said at the time, chief commercial officer Ethereum Stephan Tual.

In the beginning of 2016 acne Buterin explained that for some time the bomb is «ticking» very slowly «At 3,500,000 unit (a year) we will have the same time production units, 25 seconds for 100 blocks (about 1 month), then 35 seconds for the next 100 blocks (about 1.4 months), then ~55 seconds for a ~2.2 months, then ~95 seconds for a ~3.8 a month and so on up to ~655 seconds for ~26 months (slightly more than bitcoin)… the Final demolition will occur around 2021 when the network is almost frozen.»

Thus, as the difficulty will increase, the time of production of the unit will rise and the economic incentive for miners to weaken. While the ultimate goal is a transition to Proof-of-Stake — will change the very nature of mining: unlike Proof-of-Work, in which miners compete for the championship in the extraction unit using their computing power, while «proof of stake» — Proof-of-Stake — validators are rewarded in proportion to air, which they keep. With this arrangement, the network as such, «mining» does not already exist — the process of confirming the transaction is called «forging».

On the way to Constantinople

In the roadmap Ethereum, presented in 2015, it indicated 4 stages of network development: Frontier, Homestead, Madrid and Serenity. Subsequently, however, the Metropolis was divided into two stages: Byzantium, activated last year, and Constantinople, the release of which should take place roughly 30 Oct. It is designed to improve network performance and reduce the fee to prepare your network for greater scalability improvements to sharding and Casper.

In late July, the developers reported that 4 proposals for improvement Ethereum (EIP) have already been approved and are under implementation. Roughly, this stage was completed on 13 August, after which the code will be tested, including special test Ethereum network under Constantinople.

Among the already adopted include EIP: EIP 210 (reorganizes storage method of block hashes), EIP 145 (increases the speed of computing EVM), EIP 1014 (adding state channels — channels state) and EIP 1052 (a new opcode that increases the interaction of smart contracts and their rate of validation). «Most of the EIP is implemented,» said Peter Szilagyi, a leading developer of core Ethereum client Geth, at the July meeting developers.

However, several EIP are still under discussion, including the ability to postpone the «bomb of complexity», as well as reducing the rewards to miners. The division of opinion on these issues it became apparent last Friday, when the developers have arranged a videoconference to discuss the code changes together with key representatives of the community. «We are seeing greater community engagement in the forks. It is strange to hear that people watch and participate in the discussions held every two weeks videoconferences core developers,» said Hudson Jameson, communications specialist Ethereum Foundation. Africa Sedan, communications specialist Parity Technologies, also said that Constantinople attracted plenty of attention and gave an opportunity for the community to take part in an important and controversial changes to the Protocol: «Previously controversial proposals are either immediately accepted or permanently failed».

«Close-knit» community

However, compromise joint discussion brought. On Monday Brian Ventura, CTO of a startup Crypto mining Atlantic, shared the results of the meeting on Medium and allocated EIP 1295, as one of the controversial proposals, which do not reduce safety. «The security of Ethereum is not something that can be compromised,» writes Ventura.

1295 EIP does not limit the production of new esters (which form part of the reward miners), but reduces the reward for uncle-blocks — blocks that were not included in the core network and are in a parallel chain, at the same height, and valid blocks. Despite the fact that they have not helped in the processing transaction and has not produced new coins, Ethereum encourages the creators of these blocks, because they promote decentralization and network security.

Miners share the opinion that an excessive reduction in income will reduce the security of the network and force them to support other cryptocurrencies (this is especially true for users of less powerful hardware — GPU). «If you reduce the reward for the block you are making ineffective a huge piece of equipment,» — said Ventura in conversation with CoinDesk.

Although the miners naturally oppose emission reduction (and, consequently, their profits), ordinary users, noting a significant drop in prices (over the summer, the air fell by more than 2 times), see a way to limit the issuance of new coins. «We agree that the number of the produced esters can be too high, but we also believe that his «pulling up» under the current market conditions will lead to unnecessary risks for the security of the system,» said Ventura in the discussion on GitHub.

Not only Buterin against

Trader Eric Conner opposes EIP 1295 and protects the benefits of EIP 1234 — proposal, which reduces the reward per block to 2 esters and, respectively, reduces the reward for uncle-blocks (today’s «core» award in 3 of ether (before adding commissions) and 0.625−2.625 ether for uncle-units established after the previous update Protocol Byzantium).

«Glance at the ratio of the market capitalization of bitcoin and ether, and the ratio of the daily incentive for the miner of ether and bitcoins (the reward for block + uncle-block + Commission), we see that historically overcharged Ethereum miners compared to bitcoin. We can also compare these ratios directly and see what the current level of overpayment is 1.5−2 times. If we look at EIP 1234 and reduction [awards] 2 esters, we see that these ratios leveled off,» wrote Conner in his Twitter. In his opinion, the decrease in awards was necessary to preserve the value of the network.

At a recent meeting of developers in support of the EIP 1234 said the developer Casper Danny Ryan, saying that reducing the rewards to 2 esters seems «reasonable compromise» between the interests of traders and miners.

Criticism EIP 1295 was also made by the investor Spencer Noonan: «I am completely against EIP 1295 and I question the motives of its author (Atlantic Crypto Corp). ACC — mining company, run by former employees of hedge funds. It has nothing to do with network security — reducing the rewards per block will hit their revenues,» wrote the nun in his Twitter.

A few posts on Reddit repeating this rhetoric. In response, the mining company withdrew its offer, but insists that the issue of new coins coming as a reward to the miner, should not fall below the current level 3 of ether.

Well, a weighty word of Baterina also not in favor of EIP 1295. «It scares me. With the current percentage uncle-blocks — about 20% — which continues to significantly vary from ~8% to ~40%, there is a significant danger of centralization, if the difference in premiums between these pools will worsen. Currently Ethermine and Nanopool differ by about 20% for the share of uncle blocks (0.7 to 0.9); at the current level of rewards that leads to ~3-5% difference in income, but offer [EIP 1295] they can easily go up to ~15-18%», — he wrote on GitHub.

Today, August 31, the developers can make a final decision on the controversial EIP during a video conference, and these proposals will be included in the updated Protocol. «At the moment we are moving with rapid steps to the solution,» said Sedon in conversation with CoinDesk.

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Coinfirm: Hackers who stole bitcoins with Binance, could begin their transfer to Fiat

According to a new report of the analytical company Coinfirm, malefactors, who stole with hot wallets of exchanges Binance 7 000 BTC in early may, continue to move caught them with assets between locations.

In the latest report, however, Coinfirm indicates signs of a possible early transfer of the stolen funds in Fiat currency through the exchange of cryptocurrencies.

«Analysis one of the main networks used by the hacker to distribute the stolen funds, says that he was able to eliminate at least 1,8087 BTC (21 000 USD) on the following exchanges:

  • Bitfinex: BTC 0,7934
  • Binance: 0,4294 BTC
  • Bitmex: 0,0022 BTC
  • KuCoin: 0,0713 BTC
  • Kuna: 0,2482 BTC
  • Bitmarket: 0,2560 BTC
  • Crypterra: 0,0072 BTC
  • Bitcoin.de: 0,0007 BTC
  • WazirX: 0,0003 BTC».

As noted by CoinDesk, the assets were liquidated on exchanges or remain there to this day.

Earlier Binance announced the creation of a system to counter fraud, which can be used by smaller exchanges to identify questionable transactions, including those associated with the movement of stolen from other sites means.



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Former US Congressman Ron Paul expressed support for the cryptocurrency

Former Congressman and candidate for U.S. President Ron Paul supports the development of blockchain and cryptocurrency, because he likes the competition between currencies. He stated this in an interview with CNBC.

According to Paul, cryptocurrency — «it’s a great idea», and the role of the state in their regulation should be only in the prevention of fraud in this area.

«I am in favour of minimal regulation… I Have only one rule: no fraud. Especially if you want to compete with the government. Because the government is not terribly fond of competition,» said Paul.

In this regard, the politician compared cryptocurrencies with gold in their unspoken competition with Fiat money.

«Government always had monopoly control over money and credit. That’s why we have the Federal reserve, not the market», — he added.

It should be noted, Ron Paul has repeatedly spoken out in support of cryptocurrencies. In his book «End the Fed», he said that a huge number of wars that began during this century, directly connected with the active development of Central banks and their growing role in the economy. According to him, cryptocurrency and gold unable to cope with the current «money monopoly».

Recall that in 2017, Ron Paul appeared in a commercial bitcoin retirement Fund Coin IRA on the national channel FOX Business.


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