Ethereum’s [ETH] Vitalik Buterin says ICO boom would have happened regardless of the platform

Vitalik Buterin, creator of the second largest cryptocurrency and leading smart contract platform, Ethereum [ETH], spoke about the end of the ICO boom, during an Unchained Live event with Laura Shin.
Buterin had previously stated that the next bull run, unlike the earlier one, was going to be built on the application of technology, instead of hype. During the event, Laura asked Vitalik about the end of ICO mania, considering the “fact that a large part” of Ethereum’s success was because of the ICO craze.
Buterin agreed that it was “definitely true” to an extent, adding that the ICO boom would have happened regardless of the platform. He further stated that projects such as Mastercoin were built on Bitcoin, before the launch of Ethereum. He said,
“There were all these other projects that were launching and they were using Bitcoin base that second layers dp. I feel like that boom would have happened regardless of what platform it ultimately would have happened on.”
This was followed by Buterin stating that it was a “complex situation,” due to factors associated with costs and benefits. Nonetheless, he added that one of the biggest benefits was that a lot of interesting projects were getting funded. He added,
“[…] and you know there’s a lot of big Ethereum projects that had token sales. There’s a lot of projects that did not have token sales, but had tokens that launched in other ways, Maker being one example. The fact that they have money for development is, I think, just a good and useful thing.”
He also spoke about the downside of the ICO market, and remarked that it was “definitely one of the biggest costs.” He said,
“Yeah there’s a bunch of stuff that I’m like apparently an advisor for and there are my 10,000 Instagram accounts.  They’re all scams there yeah and are very unfortunate things. If there were magical ones which could have like shut them all down, that probably would have been better, but the magic ones don’t exist.”
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Source: AMB Crypto

Ethereum [ETH/USD] Price Analysis: Coin sees trend reversal as bull returns to market

Ethereum [ETH], the second largest cryptocurrency by market cap, was seen glowing green on 21 March. This time around, the cryptocurrency was not the only coin pictured with the bull, as several other major coins joined in.
According to CoinMarketCap, Ethereum was trading at $140.34 with a market cap of $14.78 billion, at press time. The cryptocurrency had a trading volume of $4.7 billion, and witnessed a significant rise of over 5 percent over the past seven days.
1-hour
Ethereum [ETH] one-hour price chart | Source: TradingViewOn the one-day price chart, the downtrends for the cryptocurrency were recorded from $142.52 to $140.19, and further south till $138.92. The uptrend for the cryptocurrency was outlined from $131.40 to $135.55, and further north till $138.27.
The immediate resistance for the cryptocurrency was at $138.93, and strong resistance was at $140.21. The immediate support, on the contrary, was placed at $135.54, and strong support was at $132.29.
Bollinger Bands showed that the coin was moving towards a volatile market, as the bands were diverging in order to make room for more price movements.
MACD forecast a strong bullish weather for the cryptocurrency, as the moving average line deceived the signal line to move upwards.
RSI indicated that the buying pressure for the coin was equally met with the selling pressure, showing a nearly stabilized market.
1-day
Ethereum [ETH] one-day price chart | Source: TradingViewThe downtrends for the cryptocurrency were demonstrated from $247.76 to $157.56, and from $157.55 to $138.73. The uptrends for the coin were displayed from $83.74 to $103.21, and from $103.22 to $131.40.
The coin’s immediate resistance in the long-run was at $140.56, and strong resistance was at $157.62. The immediate support for the cryptocurrency found its resting ground at $125.11, and strong support was at $82.85.
Parabolic SAR pictured the cryptocurrency rejoicing in a bullish market, as the dotted lines were below the signal line.
Klinger Oscillator showed that the bear was closing in on the coin as the reading line was below the signal line.
Chaikin Money Flow showed money flowing into the market as the line was above the zero-mark, forecasting a strong bullish presence.
Conclusion
The coin joined the rest of the cryptocurrencies in greeting the bull. This move was supported by CMF and Parabolic SAR from the one-day chart, and MACD from the one-hour chart.
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Source: AMB Crypto

Bitcoin [BTC] and Bitcoin Cash [BCH] to be accepted as payment options by global technology solutions provider

Avent, a leading global technology solutions provider, announced that they would be accepting Bitcoin [BTC] and Bitcoin Cash [BCH] for their goods and services, as a mode of payment on their platform. The news comes after Switzerland’s largest e-commerce company, Digitec-Galaxus AG, announced the acceptance of Bitcoin, Ethereum [ETH], XRP and a few other altcoins for payments.
Like most platforms, Avent is enabling Bitcoin payments via BitPay, the largest Bitcoin payments service provider. Sunny Trinh, the Vice President of Demand Creation at Avent said,
“We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s Bitcoin or Bitcoin Cash, we can handle it”
The blog post stated that developers were “looking for flexibility,” when launching products in the market. It added that this particular announcement would give their customers “more convenient” options to complete their transactions.
The announcement further stated that when a customer chooses to check-out with Bitcoin or Bitcoin Cash as their payment option, Avent and BitPay would collaborate on verifying the funds, processing their order and completing transactions. In the future, they will also be able to enable cryptocurrency payment requests outside of the United States, on a country to country basis.
Sonny Singh, COO of BitPay said,
“As one of the largest global technology solution providers on the Fortune 500 list, Avent is truly an innovative company that listens to the needs of their customers, as demonstrated by their decision to accept bitcoin payments.”
He further stated,
“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing. I predict Avent will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”
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Source: AMB Crypto

Stellar’s McCaleb: You need a lot of participants to see benefits of open-network like Stellar

This week’s main headline was taken by Stellar Lumens [XLM], the eighth largest cryptocurrency by market cap, with news of its listing on Coinbase.com and its collaboration with IBM, a multinational information tech company. Stellar and IBM announced the launch of World Wire, which is going to focus on cross-border, real-time transaction settlement. The solution will be introduced in over 50 countries and will be supported by the Stellar protocol.
Jed McCaleb, the co-founder of Stellar.org, spoke about IBM World Wire in an interview session at the Money 20/20 conference. He also spoke about the impact it would have on the US markets in particular and his opinion on stablecoins.
On IBM World Wire, he stated that this product allows banks and financial institutions to issue digital assets on a common platform “that can be interchanged between each other”. He further stated that it allows users to send currency A, which can later be converted to currency B, enabling a “much more seamless” way than the traditional means around the globe.
McCaleb also spoke about the impact World Wire would have on the US market. He said:
“So, I mean, for a common person in the U.S, its not that impactful but for anyone that does a lot of international transfers, like maybe have a relative overseas, then it will matter a lot”
This was followed by McCaleb speaking about stablecoins, taking into consideration Facebook’s recent announcement of launching one. On this, McCaleb stated that he preferred the terms “fiat token” over “stable coin” as there were a lot of currencies involved, and “maybe they were not so stable”. He added,
“[…] the future will be this world where people are using digital representations of value whether its fiat currencies or gold […], it should all be kind of tokenized. […] [this] gives you all kind of the power benefits that cryptocurrencies has […] and everything is interoperable. So, its just a much better state-of-affairs than what we have today.”
Furthermore, McCaleb also spoke about the big challenge they faced and what he was “most concerned” about in the financial services for 2019. He stated that creating this [World Wire] network was their big challenge, adding that IBM was a great partner in this regard. He said,
“What they [IBM] are doing is bringing a whole collision of people together in one swoop rather than trying to do it just one-off because none of these attempts really work if you just have one or two players, you really need a lot of participants to start to see the benefits of an open-network like Stellar.”
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Source: AMB Crypto

Cardinal RAT malware strikes two cryptocurrency firms in Israel

One of the main concerns of the cryptocurrency space has always been hacking and malware. Recently, a research division of Palo Alto networks, Unit 42, detected a malicious malware targeting two Israeli fintech and cryptocurrency trading software companies. The malware in question was Cardinal RAT malware aka Remote Access Trojan, which was initially discovered in 2017.
The report by Unit 42 read,
“This malware family had remained undetected for over two years and was delivered via a unique downloader named Carp Downloader.”
It reported that the research division continued to keep tabs on the malware since it was first discovered. This was the main reason why they were able to discover “a series of attacks using an updated version of Cardinal RAT.” The report further stated that that there were a “series of modifications” in the RAT, which could have been made in order to “evade detection,” and also hinder the analysis.
The report added,
“We witnessed attacks targeting the financial technology [FinTech] sector, primarily focused on organizations based in Israel. While researching these attacks, we discovered a possible relationship between Cardinal RAT and another malware family named EVILNUM […] a JavaScript-based malware”
With this malware, the attacker can gain access to the victim’s personal information, capture screenshots, clean cookies from browser, uninstall itself from the victims device, execute command, recover passwords, download and execute new files, and update settings.
Even though the details pertaining to the two companies that build software for the Forex and cryptocurrency trading firms have not been disclosed, the implications of this malware attack could be disastrous. This entirely depends on the platform’s main operations, such as whether they had information of customers stored in their devices.
In a statement to thenextweb, Unit 42 stated “that the malicious files find their way onto machines through lure documents attached to spam messages that were sent to individuals thought to operate as Forex and cryptocurrency traders.”
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Source: AMB Crypto

Ethereum [ETH/USD] Price Analysis: Coin cheers for bear as bulls accept defeat

Days after a price rush, a portion of the cryptocurrency market seems to have calmed down. This includes Ethereum [ETH], the second largest cryptocurrency by market cap.
According to CoinMarketCap, at press time, the coin was trading at $139.35 with a market cap of $14.67 billion. The trading volume of the cryptocurrency was $4.37 billion and the coin recorded a significant rise of over 4% over the past week.
1-hour
Ethereum one-hour price chart | Source: Trading View
The downtrends for the cryptocurrency on the one-hour chart were outlined from $142.52 to $140.19, and from $140.19 to $138.15. The uptrends for the cryptocurrency was recorded from $131.23 to $136.54.
The coin’s immediate resistances were at $138.15 and $140.20. A strong resistance found its stronghold at $142.54. The immediate support for the cryptocurrency was at $136.10 and the strong support was at $135.08.
MACD showed the moving average line below the signal line after a crossover and indicated a blood-red market for the cryptocurrency.
Bollinger Band predicted a less volatile market as the bands were closing on each other, giving little space for price movement.
Chaikin Money Flow indicated a win for the bear as the line was below the zero-line, indicating that money was flowing out of the market.
1-day
Ethereum one-day price chart | Source: Trading View
On the one-day chart, the downtrends for the cryptocurrency were traced from $218.66 to $157.56 and from $157.55 to $140.49. The uptrends for the coin were spotted from $82.82 to $103.22 and from $103.22 to $131.40.
The immediate resistance of the cryptocurrency was pictured at $140.52 and the strong resistance was at $157.62. The immediate support was found at $125.05 and the strong support was at $82.70
Klinger Oscillator forecasted that the bear would win the war for market dominance as the reading line moved below the signal line after a crossover.
Parabolic SAR, on the contrary, showed a bullish market as the dotted lines were below the candlesticks.
RSI showed an even buying pressure and selling pressure for the cryptocurrency.
Conclusion
The coin showed that Klinger Oscillator from the one-day chart, and MACD, and CMF from the one-hour chart, were cheering for the bear’s win. However, Parabolic SAR from the one-day chart stood by the bull.
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Source: AMB Crypto

IBM VP of Blockchain & Digital Currencies: ‘We’re here to help change the landscape of payments and financial services’

Jesse Lund, VP of Blockchain & Digital Currencies at IBM, spoke about the company’s launch of IBM Blockchain World Wire in 72 countries and in 47 currencies, during the Money 20/20 summit. At the event, he spoke about what the development meant for financial services, and also IBM’s future trends.
The World Wire broke out yesterday, with a majority of people paying close attention to Stellar Lumens [XLM], the eighth largest cryptocurrency. This was because the cryptocurrency will soon be used for real-time transaction settlement, along with the US dollar.
Jesse Lund said,
“What it means is that IBM is open for business when it comes to payments. And I think as an industry that means you have an 108 year old company that really knows how to run systems with presence in 170 countries around the world. So, we’re here to help change the landscape of payments and financial services.”
This was followed by Lund discussing whether he was bullish on the impact of blockchain technology on the financial services industry. He stated that he was “very bullish,” adding that this was just the beginning. He further stated that the industry was “at the tipping point” of a total transformation of financial services.
“We’ve seen disruption in other industries, retail for example. This is just a beginning of disruption in the most positive sense for banking and for an financial services”
Furthermore, he also spoke about future trends for IBM, in terms of disruption. He stated that banking and financial services are IBM’s largest client segment around the world. He added that this is the firm’s biggest revenue portion, which sums up to around 40 percent globally. He said,
“what we want to do is not compete with our clients but help them to actually make that transformation into the future. And we think the future is focused on the digitization of real-world assets the ability to make money move without friction to make money move as fast as information like as fast as emails move today and so we’re just at that very beginning point”
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Source: AMB Crypto

Stellar Lumens [XLM]: Payments depend really heavily on network effects, says Jed McCaleb

Stellar Lumens [XLM], the eighth largest cryptocurrency by market cap, and Stellar.org, has made headlines over the past couple of days.
Additionally, the cryptocurrency is going to be used for cross-border, near-instant transactions as part of the IBM Blockchain World Wire. The payments solution is going to be used in more than 50 countries, with the support of the Stellar protocol.
Jed McCaleb, the CTO of Stellar.org and Jesse Lund, the Head of Blockchain and Digital Currencies at IBM, spoke about cryptocurrency enabling financial inclusion, during the Money 20/20 conference. They also spoke about the progress cryptocurrencies have made in the payments sector.
Jesse Lund spoke about how this new step would have a positive impact in terms of financial inclusion, and how it would help banks and money transmitters make faster and cheaper transactions. Lund stated that digital currencies would definitely have a positive impact on financial inclusion, adding that it is one of their focus areas.
He further stated that there are around 2 billion adults across the globe, with no access to financial services or bank accounts. However, over a billion have access to smartphones capable of storing digital value, he added. Jesse Lund said,
“That’s the whole point. I mean we can actually bring money further and farther than it could ever go before even if there’s not you know a tangible banking presence in some of these emerging economies.”
He further stated that this factor is the reason for the growth of the payments industry. He added,
“It’s not just taking revenue or market share away from somebody else some of the incumbents. There’s actually new business being born because there’s 2 billion people in the world that can now be part of this global financial economy”
This was followed by Jed McCaleb speaking about the progress of cryptocurrency adoption in the payments industry. McCaleb stated that several people in the cryptocurrency space “underestimated” the time it would take for cryptocurrency adoption in payments, adding that he has been working in this sector for over eight years now.
“[…] the reason why is that payments depends really heavily on network effects and that’s just not there yet and and the only way that it can kind of be achieved is by bringing like a consortium like a whole group of people together that are willing to adopt one common thing at the same time and that’s exactly what World Wire is doing or so I think”
This was followed by McCaleb stating that even though there has not been much progress, there is a lot of interest for such an endeavour.
“So being able to bring them all at once we should see like the snowballing effect and things really got get rolling now so I’m not that interested in the last six months but the next six months in the next year is things where things are going to really start to heat up”
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Source: AMB Crypto

Japan gets in the ring with margin trading exchanges

Japan, one of the countries at the forefront of cryptocurrency regulation, took another step towards regulation. The regulation in question was passed on to all crypto exchanges providing margin trading services to its customers.
According to a local news portal, Nikkei, “Japanese financial authorities will expand on already pioneering rules for cryptocurrency trading to bring further order to one of the world’s biggest virtual currency marketplaces.”
The report further stated that Japan’s cabinet gave a green light to a draft amendment for the Financial Instruments and Payment Services Law, on Friday. This amendment will not allow cryptocurrency exchanges to provide leverage of up to 2 to 4 times on initial cap and will come into effect from April 2020 onwards.
Simply put, margin trading is a trading service that enables users to participate in cryptocurrency trading activities with borrowed money/leverage. Here, lenders will lend their coins to traders in exchange for some interest on the borrowed cryptocurrency.
Further, in a practice similar to that of foreign exchange trading, all the exchanges involved in leveraging will be required to re-register with the regulatory authorities of Japan, including top brokerage firms. This action would not only allow financial bodies to take anti-money laundering measures but would also ensure investor protection.
The 18-month timeframe for the implementation of the new rules also present an opportunity to the Financial Services Agency, the regulatory body of Japan, to crack down on unregistered cryptocurrency exchanges, reported Nikkei. Additionally, virtual currency operators would be divided into categories, including exchanges involved in margin trading and exchanges involved in initial coin offerings.
This marks a significant development as previous reports suggested that the total cryptocurrency margin trading in Japan was much more than cash transactions. The sum of cash transactions in Japan, towards the end of December, was around 777.4 billion JPY, according to Japan Virtual Currency Exchange. The sum of margin trading was noted to be 8.42 trillion JPY, around $75.6 billion, almost 11 times more than that of cash transactions.
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Source: AMB Crypto

Ethereum [ETH/USD] Price Analysis: Coin chooses bull as short-term companion

Ethereum [ETH], the second largest cryptocurrency by market cap, continued to show healthy movement in the coin market. According to CoinMarketCap, at press time, Ethereum was trading $139.34, with a market cap of $14.67 billion. The trading volume of the cryptocurrency was $4.12 billion, with a rise of over 4% in the past seven days.
1-hour
Ethereum one-hour price chart | Source: TradingView
The one-hour chart of the cryptocurrency recorded downtrends from $142.52 to $140.19, and from $140.19 to $138.07. The uptrends for the coin were from $129.29 to $130.18, and from $131.40 to $136.75.
The coin’s immediate resistance was set at $138.07, and $140.20. Strong resistance for the cryptocurrency was seen at $142.53. The immediate support layers were placed at $136.09, and $130.69. Strong support for the cryptocurrency was at $129.27.
Parabolic SAR had its dotted markers below the candlesticks, indicating a bullish run for the coin.
Klinger Oscillator, on the contrary, showed that the reading line had crossed below the signal line, indicating the bear’s victory.
RSI showed that the buying and selling pressures for the coin were equally met in the market.
1-day
Ethereum one-day price chart | Source: TradingView
The one-day chart outlined downtrends from $218.66 to $157.56, and from $157.55 to $140.49 for the cryptocurrency. The uptrends were from $82.92 to $103.22, and from $103.22 to $131.40.
The immediate resistance for the coin was at $140.53 and the strong resistance was at $157.73. On the contrary, the immediate support was at $125.14, and the strong support was at $82.77.
Bollinger Bands forecast a reduced volatility as the bands were reuniting in the market after an explosion.
MACD showed that the moving average line placed itself below the signal line right after a crossover.
Chaikin Money Flow also supported the bear’s cause in the market as money was flowing out of the market in the long term.
Conclusion
Even though the coin was showing signs of a healthy market, long-term indicators forecast a market painted in red for the cryptocurrency.
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Source: AMB Crypto

Coincheck to sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen

Earlier today, Coincheck, a digital asset exchange platform based in Japan, announced that they will be selling the BSV generated via the hard fork, which took place in November 2018, for fiat.
According to the recent announcement, users of the platform were made aware of this step a day after the hard fork, i.e., November 16, 2018. All eligible users who owned BSV in their accounts following the hard fork, will now have Japanese Yen in their trading accounts. The fiat so issued will be in accordance with the BCH held by the user.
The exchange stated that only users with BCH in their “Trading account” and “Lending virtual currency account” will not be granted with Japanese Yen. It also added that the fiat so sent to customers could be lower than the market price of the coin, and that there would be a withdrawal fee charged for JPY.
Further, the platform stated that they won’t be releasing information pertaining to the date and time of the sale, as it could affect the market price of the currency. The exchange also clarified that such action was being taken only for BSV, and not any other token.
PaidSockPuppet, a Redditor, said,
“So, they’re either selling the BSV on the market and then giving the customers fiat, which means the exchange is deciding when and how to sell their customer’s property, or they are buying up their customer’s BSV with no chance for the customers to choose. Either way, it sounds like a pretty shitty deal for the customers. They should get to choose.”
Mitsuki Yoshizawa, a Twitterati, said,
“I feel that there is no credibility of Coincheck anywhere to dispose of human property.”
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Source: AMB Crypto

Gemini is going to be as successful as Amazon in 10 years, says Bitcoin billionaire

Cameron Winklevoss and Tyler Winklevoss, aka the Bitcoin billionaire brothers, spoke about their start in the cryptocurrency space and Gemini’s future, in an interview with The Daily Telegraph. The Winklevoss brothers also spoke about Facebook Coin, the cryptocurrency that will be launched by Facebook.
Cameron Winklevoss had stated that they were first made aware of cryptocurrency in 2012, during their holiday in Ibiza, reported uToday. The report further stated that the brothers were asked whether they knew about “secretive virtual money”, which was traded only by a few over the Internet. Post this, the brothers decided to invest the money they had made via Facebook after they realized that crypto could be a make-or-break-it investment.
Furthermore, the brothers spoke about the looming Bitcoin bear market, which slashed the valuation of BTC by over 80%. On this, Tyler stated that they do not keep tabs on Bitcoin’s price on a daily basis. They added that they are “still doing better”, taking into consideration that they had invested in the largest-cryptocurrency when it was trading at around $18.
This was followed by Cameron suggesting that investors who cannot deal with the price movements should rather stay away from investing. He also stated that the exchange launched Gemini “would be as successsful as Amazon in ten years”, reported uToday.
When asked about Facebook’s move in the cryptocurrency space, Tyler stated that it is “cool”. Whereas Cameron stated that this would be “a really positive thing” for the cryptocurrency space.
On the same subject, the brothers had previously stated:
“Money is the oldest social network and arguably the strongest and crypto is potentially one of the strongest networks of value ever in the world and will continue to do so. So, hopefully, pioneers in that space to some extent.”
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Source: AMB Crypto

Ethereum [ETH] takes another step towards Istanbul hard fork

During the recent Ethereum core dev meeting, the first topic of discussion was the Istanbul hard fork roadmap. Istanbul is the final hard fork before Ethereum steps into the Serenity phase.
At the meeting, it was clarified that the team would move ahead with the roadmap created by Afri, a former member of the Ethereum Foundation. According to Ethereum wiki, the Istanbul upgrade is likely to go live in October 2019.
The first step would be the CoreDev meeting, which is supposed to take place in Berlin in April 17, 2019. The deadline for the acceptance of all the proposals for the Istanbul hard fork will close within a month of the meeting. July 19 would be the approximate soft deadline for major client implementations, and August would see the hard fork go live on Ethereum’s testnets, Ropsten, Gorli, or ad-hoc testnet.
Source: ETH Magicians
Hudson said,
“All that being said, let’s start getting some EIPs together to propose before may, we only have about a month and a half until we close down the proposal period and start making decisions on which EIPs are going in. So anyone who had EIPs that they really wanted to go into the last fork, this is a great opportunity to get them into this fork.”
The official Istanbul hard fork metadata was noted to be EIP 1679. This “allows folks to signal the EIPs they want to include in the upcoming Istanbul hard fork. To signal an EIP, an individual can open a pull request against the hard fork meta EIP”, reported ETHNews.
Fredrick Harryson, a core developer, said,
“Propose EIPs that requires a hard fork, they can propose non-hard fork EOPs anytime they want.”
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Source: AMB Crypto

Ethereum [ETH]: ProgPow would probably not go through first part of auditing, benchmarking

During the 57th Ethereum Core Dev Meetings, one of the topics discussed was ProgPow, or Programmatic Proof-of-Work implementation. The protocol proposed by IfDefElse is essentially a “GPU-tuned extension of Ethash that minimizes the gap available to fixed-function hardware”.
Owing to previous meetings, ProgPow was up for an audit concentrating on two factors and there were also discussions about including it in the Istanbul hard fork. Hudson Jameson began the discussion on the topic by giving a brief-introduction of the audit.
He stated that there are two components to the ProgPow audit, Benchmarking and an efficiency check of ProgPow. He said, “looking at how efficient a ProgPow ASIC would be compared to a graphics card and what their efficiency gains would be.”
Hudson further stated,
“So the Cat herders are looking at both the proposals and we’re basically going to evaluate them and make a decision next week, which one we want to basically try to get funding for.”
This was followed by Martin Swende asking about the progress of the audit. To this, Hudson stated that “there has been no work done” on the audit. Furthermore, Hudson spoke about the questions the second audit would answer. He said that it would give an overview on the constraints of ProgPow in terms of its efficiency as there were claims that “it wouldn’t get that much of an increase and that would deter people from building a ProgPow ASISC in the first place”.
Hudson added,
“There would be an analysis on the proposed ASIC architecture, manufacturing assessment, which includes expert interviews. That’s something else that is in the deliverables for the first proposal we’ve received and potentially an economic analysis on the impact that ProgPow would have on economics of the Ethereum protocol.”
He added that they would not be able to fulfill all of these because of budget restraints. However, they were definitely looking forward to it, he said. This was followed by him speaking about benchmarking. He said,
“I’ve talked to Whiteblock and they are on the fence about what the next steps are because they haven’t secured funding for the audit. What might happen is we might not do the benchmarking part at all because that is the less important part of the two pieces of the audit. And we may only try to pursue funding for the second piece.”
Furthermore, it was said that ProgPow would go on Istanbul (update) unless there were problems that would eliminate the reasons why the team decided to implement it in the first place. Martin Swende said,
“Kind of consider ProgPow to be accepted, but then obviously, if the audit turns out to be some horribly wrong, we can remove it.”
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Source: AMB Crypto

Mark Karpeles is responsible for failing to protect funds, says Bitcoin Cash’s Roger Ver

Roger Ver, the CEO of Bitcoin.com and a well-known Bitcoin Cash proponent, recently spoke about Mark Karpeles. Karpeles, the former CEO of Mt. Gox – the infamous Bitcoin exchange, made headlines this week after he received a suspended sentence from the Tokyo District Court.
Karpeles was found guilty of altering numbers in the firm’s financial records and was acquitted of all other charges, including embezzlement of funds. The verdict came as a relief for the CEO as he would have faced up to ten years in prison if the alleged embezzlement charges had been proven. He was charged with the embezzlement of around $3 million in customer funds.
The Tokyo District Court ruled that “he had acted without ill intent,” reported Bloomberg. Additionally, he was given a two-and-a-half year suspended sentence, which he will have to serve if he committed another crime within the next four years.
The court also stated,
“The charge of electronic record tampering is true and deserves punishment, but there’s no criminal evidence of embezzlement […] there is no excuse for the defendant, who is an engineer with expert knowledge, to abuse his status and authority to perform clever criminal acts.”
Roger Ver, in an interview with Decrypt, stated that Karpeles was “responsible for not doing a good job protecting the funds from the hackers”. Nevertheless, the Bitcoin Cash proponent also clarified that he held the hackers responsible for stealing the funds.
Mt. Gox was once the biggest Bitcoin exchange platform in the world, controlling over 70% of all BTC transactions. However, the exchange fell victim to a hack, and subsequently lost control of over 7% of all Bitcoins in circulation. This resulted in the platform shutting down its operations and declaring bankruptcy.
Presently, Mt. Gox is undergoing a civil rehabilitation program under which victims of the platform will be repaid their losses with the Bitcoins that were discovered by Karpeles in cold wallets. Ver is noted to be one of these victims, holding “life-changing amounts of Bitcoins” on the exchange, reported Decrypt.
Further, with respect to Karpeles’s suspended prison sentence, Ver said that it was only for “those who are physically dangerous towards others”. He also suggested that people should be punished after they were convicted, not before, in light of Karpeles being interrogated for 50 days in a row.
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Source: AMB Crypto