Cryptocurrency Price Analysis for the week February 25 to March 2

Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
Bitcoin (BTC)
Bitcoin saw some mixed sentimental moves this week but maintained to stay in green this week with a rise of over 1%. As of now, Bitcoin sits over USD 3700 maintaining an upward trajectory since last week. The prices hit a high point of USD 4210.64 and the lowest point of USD 3787.06 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (7.30%), CoinBene (4.20%) and OEX (3.11%)
Among prominent news around Bitcoin, Twitter co-founder and CEO Jack Dorsey have recently shown off a recently received Bitcoin Lightning Network full node he got from Casa, further showing the entrepreneur’s commitment to the flagship cryptocurrency and its layer-two scaling solution.
Chart Source: Coin360.com
Ethereum (ETH)
Ethereum continues its hold on second place and looks a little distant from the number 3 XRP for some time now. On the top, this week was at USD 165.55  and was at lows of USD 131.60. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Exchange (3.46%), EXX (3.40%), and OEX (3.02%)
Among news around Ethereum Constantinople, an upgrade to Ethereum’s network has gone live. The upgrade marks the end of a month-long wait due to the discovery of potentially hazardous security vulnerabilities in the upgrade’s underlying code.
Ripple (XRP)
XRP continues to hold the number 3 position. On the top, this week the prices of XRP were at USD 0.341581 and towards the bottom, it quoted USD 0.299331. The exchanges that were more active, in volumes, with XRP across various pairs this week were, Bitmax(23.26%) ZBG (6.92%)  and ZB.conm (5.62%)
For XRP this week, with Coinbase listing this week, Ripple, the parent company behind the XRP coin, has had to deal with several accusations that the company paid for the currency to be listed on the exchange. Clarifying the same, Ripple’s Head of Markets Miguel Vias heard the allegations against his company and responded promptly. In a twitter exchange with U.K.-based investor Alistair Milne, who promoted the accusation of Ripple paying for XRP on Coinbase, Vias responded that his company had nothing to do with the listing. Instead, Vias claimed that the addition of XRP was an independent decision by Coinbase, stating
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on March 03 at 11:35 pm IST) were
Movers

Snapcoin [SNPC] – Showing a rise of 232.97%
ABBC [ABBC] – Showing a rise of 182.92%
Morpheus Labs [MITX] – Showing a rise of 181.97%

Shakers

S4FE [S4F]- Showing a drop of 59.11%
Ailink Token [ALI]- Showing a drop of 55.69%
Spendcoin [SPND] – Showing a drop of 52.74%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Cryptocurrency Price Analysis for the week February 25 to March 2 appeared first on Coingape.
Source: CoinGape

Ethereum Constantinople Fork: Does it Present a Bullish Case for Ether?

The wait is over. After over a month-long delay, the Ethereum blockchain finally forked and activated Constantinople.
These are exciting times for the Ethereum community. The Constantinople upgrade proposes to remove significant technical roadblocks that – till date – hampered the project’s growth. First, the Hard Fork paves the way for Ethereum’s broadly delayed scaling roadmap. And second, it improves Ethereum’s network efficiency and fee structure.

Ethereum's Constantinople and St. Petersburg network upgrades are less than a week away! Click this post for more info and what you need to do to prepare #Constantinople #StPetersburg #Ethereum https://t.co/ZMuHjgiGWj
— Ethereum (@ethereum) February 23, 2019

Atop that, the blockchain upgrade tends to revamp Ethereum’s underlying economic policies and the obstruction of the “difficulty bomb,” a part of the code which slows the creation of blocks on Ethereum chain to a complete halt, eventually activating what the community calls an “ice age.” In general, the new economic policy could turn into a fee-cutter for Ethereum miners. Nevertheless, the core development team believes that the new financial framework would be well-received by all in the long term.
Understanding Ethereum Economic Policy
Per the proposed EIP 1234, a part of five significant upgrades attached with Constantinople activation, Ethereum removes the difficulty bomb, as explained above. It means that miners would be able to mine Ethereum blocks at a faster rate. It will lead to a reduction of reward per block from 3 ETH to 2 ETH.
The purpose of EIP 1234 is to decrease ether issuance. Ethereum so far had enjoyed an uncapped inflation model – the project practically was without an economic policy.
Afri Schoeden, the author of EIP 1234, said that the upgrade would allow Ethereum to stabilize its ether supply rate. At the same time, it would delay the difficulty bomb. Still, critics argued that thinner profit margins for miners would push them out of business. They also added that big miners, equipped with expensive ASIC machines, would gain a monopoly over the Ethereum network and would make it more centralized than before.
But, according to crypto-economist Alex Kruger, the fork will not be painful to many.
“After Constantinople, assuming ETH around $155, only pro miners with electricity above $0.075 would be operating at a loss. Meanwhile, hobbyist miners don’t care as much about operating at a profit or loss.”

1/ $ETH mining operational breakeven, paying $0.06 $/kWh for electricity, currently stands around $67 (estimates depend on operational costs other than electricity). For those buying 2nd hand RX580 GPUs and depreciating them in 1 year, breakeven after depreciation stands at $165
— Alex Krüger (@krugermacro) December 18, 2018

A More Bullish Ether
For those who speculate on the value of Ether tokens, Constantinople is a piece of good news from an economic point of view.
Based on the classic demand-vs-supply theory, Ethereum’s native token Ether could be due for a big push towards the upside. At least, in the near-term, speculation would run higher on Ethereum’s capability of solving scaling problems. Atop that, a “supply bleeding” killer solution in EIP 1234 would assert ether holders with its long-term investment potential.
The Constantinople activation expects to increase $67 breakeven costs for miners to $101. While it would push some small miners out of business, which could lead to a short-term downtrend as marginalized miners would sell their rewards for fiat, the ether rate could normalize after a post-fork adjustment period.
“The increase in breakevens is not bullish on itself. Price does not follow breakevens, and in crypto, breakevens do not represent a floor,” stated Kruger. “However, once mining is past the initial (painful) adjustment period, less mining supply mined by fewer miners will be decidedly bullish.”
The ETH/USD rate at the time of the press was 135.18.
Disclaimer: The author holds Ether in his cryptocurrency portfolio.
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Constantinople Will Improve Ethereum But Will ETH Dump?

Ethereum prices bearish, strong liquidation at $170
Constantinople in progress
Transaction volumes increase in last weeks but will accumulation trigger bulls

After previous attempts flopped, we expect the ongoing Constantinople upgrade to be a success. Whether that will rouse price action, we don’t know, but for bulls to be firmly in control, prices must rally above $170 or Dec 2018 highs.
Ethereum Price Analysis
Fundamentals
As you read this, Constantinople software upgrade may be in progress and the second stage of the Metropolis could see Ethereum trudge closer to proof of stake in Serenity.
In a two-way fork—a separate upgrade in St. Petersburg because of vulnerabilities presented in the last update, Ethereum will implement all their EIPs ensuring that the network is efficient, delaying the difficulty bomb by another year and reduce ETH rewards for miners from three to two in “thirdening.”
However, a source of controversy is the implementation of CREATE 2, a proposal forwarded by Vitalik Buterin. There are concerns from the developer’s fraternity that interaction with smart contracts outside of Ethereum will create loopholes that would leave the blockchain open to attacks.
Unlike other contentious hard forks, coin holders need not worry about their stash unless otherwise notified by the foundation:
“If you use an exchange (such as Coinbase, Kraken, or Binance), a web wallet service (such as Metamask, MyCrypto, or MyEtherWallet), a mobile wallet service (such as Coinbase Wallet, Status.im, or Trust Wallet), or a hardware wallet (such as Ledger, Trezor, or KeepKey) you do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.”
Candlestick Arrangements

Like most coins, ETH is in an uptrend, but prices are trending in tight trade ranges. The second most valuable coin is down 8.5 percent from last week’s close and trading inside the bear bar of Feb 24. In an effort versus result point of view, sellers have the upper hand.
Regardless, ETH/USD is within a bull breakout pattern thanks to Feb 18-19 upswings that saw prices rally and conclusively close above $135. Therefore, considering this price action alignment, we shall consider Feb 24 draw down a retest, and for risk-off traders, every low should be a buying opportunity.
Meanwhile, risk-averse and conservative type of traders can only ramp up once prices rally above $170—our main resistance level and Dec 2018 highs.
Technical Indicators
Our anchor bar is Feb 24 because it has high transaction volumes—880k versus 415k according to BitFinex data streams. Bulls are in control but for trend continuation, a bar that will cause a sharp reversal of trend must have high trade volumes exceeding recent averages of 365k or 900k above those of Feb 24.
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Binance Announces Its Support For Upcoming Ethereum’s Constantinople/St. Petersburg Upgrade

The largest cryptocurrency exchange, Binance has announced to support the upcoming Ethereum’s Constantinople/St. Petersburg Upgrade which is set to occur this week. This time, the upgrade is scheduled for the same block height 7,280, 000 and will be expected to take place tomorrow on Feb 28, as per the official Ethereum blog post.
Following the update, Binance early on Feb 27 announced to support for Constantinople/St. Petersburg Upgrade and informed to undertake the technical requirements to fellow Binancians who are holding ETH on its platform. The note from the announcement goes as follows;
Binance would like to again confirm support for the upcoming Ethereum Constantinople/St. Petersburg Upgrade. Please leave sufficient time for deposits to be processed in full prior to the block height shown below. We will handle all technical requirements involved for all users holding Ether in their Binance accounts.
Following the initial announcement by official Ethereum blog, published on Feb 22, this upgrade focuses on fixing the issues existed on various Ethereum test networks. However, the blog reads that the upgrade may fluctuate 1 or 2 days before or after the scheduled date due to the predictable nature of mining.

Ethereum's Constantinople and St. Petersburg network upgrades are less than a week away! Click this post for more info and what you need to do to prepare #Constantinople #StPetersburg #Ethereum https://t.co/ZMuHjgiGWj
— Ethereum (@ethereum) February 23, 2019

However, to note, the upgrade is basically combined with two names – Constantinople and St. Petersburg which is aimed to remove EIP 1283 security vulnerabilities from its all test networks. Since, the previous Constantinople upgrade got delayed on Jan 15, 2019, due to security issue – and this 2nd network upgrade will reverse the original Constantinople changes respectively. Additionally, the upcoming upgrade will be on the same block number as the previous one.
Ethereum at press time records the growth rate of 1.48 percent over the past 24 hours. Moreover, it sits comfortably on the second largest position on Coinmarketcap with average trading volume $14,700,472,972.

What’s your stake on possible Ethereum’s price move following the upcoming upgrade? Do you think it can surge further or disturb the market position? Share your opinion with us
The post Binance Announces Its Support For Upcoming Ethereum’s Constantinople/St. Petersburg Upgrade appeared first on Coingape.
Source: CoinGape

Analyst Claims Ethereum (ETH) is Likely to See Increased Volatility as Constantinople Hard Fork Approaches

Ethereum, like most major cryptocurrencies, has seen increased levels of volatility over the past week, but has failed to make any lasting upwards moves that resulted in sustained higher highs. Analysts now expect ETH to increased levels of volatility as its Constantinople hard fork approaches later this week.
Although this hard fork event is widely seen as being bullish in the long-term, analysts believe that Ethereum is currently expressing increased levels of technical weakness, which could mean further losses are in store for the cryptocurrency in the near-future.
Ethereum (ETH) Currently Looks Technically Weak to Analysts
At the time of writing, Ethereum is trading down nearly 3% at its current price of $137. This past weekend, ETH surged to highs of $165 before swiftly being rejected and falling to lows of $135, from which is has only climbed slightly.
Ethereum’s inability to post any decent recovery after dropping to $135 has led analysts to view the cryptocurrency as technically bearish.
Hsaka, a popular cryptocurrency trader on Twitter, recently discussed ETH’s price action, noting that it will likely retest its range lows around $130 in the near-future, which are becoming increasingly weak.
“$ETH Update… Good old reaction without any follow through… Mid range support also has served as an area of bounces, but didn’t witness any follow through… Looks like this is about to test the range lows again.”

$ETH Update
Good old reaction without any follow through.
Mid range support also has served as an area of bounces, but didn't witness any follow through.
Looks like this is about to test the range lows again pic.twitter.com/VgUNu9H7cf
— Hsaka (@HsakaTrades) February 26, 2019

Constantinople Hard Fork Likely to Lead to Greater ETH Volatility
Although Ethereum is looking technically weak to analysts presently, its upcoming Constantinople hard fork – which is set to occur on or around February 28th – is likely to lead to increased levels of volatility.
Chonis Trading, another popular cryptocurrency analyst on Twitter, spoke about the potential effects of this hard fork, noting that although ETH’s price is currently holding above its lower Bollinger Band, the imminent hard fork will likely lead to increased volatility.
“$ETH – maintaining lower BB closing candle support on a very tight 1hr chart. Still wide on higher time frames. With the #Constantinople fork ‘currently’ scheduled for this week I will be watching #ethereum reaction to this news driven event.”

$ETH – maintaining lower BB closing candle support on a very tight 1hr chart. Still wide on higher time frames. With the #Constantinople fork “currently” scheduled for this week I will be watching #ethereum reaction to this news driven event.. #100xleverage #bybit pic.twitter.com/Ha3RsL3QOY
— Chonis Trading (@BigChonis) February 26, 2019

A few days ago, Alex Krüger, an economist who focuses primarily on cryptocurrencies, noted that cryptocurrencies typically crash into notable fork events.
“Last time $ETH longs/shorts ratio was this high was before the November 60% crash. Constantinople comes Feb/25. Cryptos often raise in anticipation of a fork -long the narrative- reach a local top days before, and crash into the fork. Mind the current crypto pump was ETH driven.”

Last time $ETH longs/shorts ratio was this high was before the November 60% crash. Constantinople comes Feb/25. Cryptos often raise in anticipation of a fork -long the narrative- reach a local top days before, and crash into the fork. Mind the current crypto pump was ETH driven. https://t.co/jc4hLoWifb
— Alex Krüger (@krugermacro) February 22, 2019

Despite this, it remains unclear as to whether or not Ethereum’s recent drop constitutes a “pre-hard fork” crash, or if further losses are in store for the cryptocurrency.
Featured image from Shutterstock.
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Ethereum [ETH] Constantinople hard fork scheduled to take place in ten days

Ethereum [ETH], the second largest cryptocurrency by market cap and leading smart contract platform, rose to claim the throne of the biggest gainer earlier today. Additionally, most of the coins in the market seem to have gained their momentum from the second largest cryptocurrency in the market.
According to CoinMarketCap, at press time, ETH was trading at $139.24 with a market cap of $14.6 billion. The coin showed a trading volume of $4.84 billion and recorded a rise of over 14% in the past seven days.
More so, ETH is also making strides in terms of development. The project is currently focused on its upcoming upgrade, Constantinople, which is also one of the most awaited hard forks of the year. This hard fork is the second phase of Metropolis – The upcoming phase, the third stage of Ethereum. The first two stages of Ethereum were Frontier and Homestead, and the next stage after Metropolis is Serenity, the stage that introduces Proof-of-Stake [Beacon and Casper] and Plasma on Ethereum.
Constantinople hard fork was initially set to take place towards the end of 2018. However, due to issues that were discovered in the Rinkeby Testnet, the hard fork was pushed ahead to take place in the month of January 2019. The block that was supposed to upgrade the entire network was #7080000, but this was cancelled on the eve of the scheduled date.
This time, one of the bug bounty teams of Ethereum, ChainSecurity discovered that one of the Ethereum Improvement Protocols’ [EIP] would make some smart contracts vulnerable to Reentrancy attacks after the hard fork occurs, resulting in the key stakeholders of Ethereum deciding that the best solution would be to delay the fork again.
In order to solve this problem, Ethereum developers came to a consensus that there would be two forks that would be taking place on the same block, Constantinople and Petersburg. The first fork would implement all the five Ethereum Improvement Protocols and the second fork would disable the protocol that enables Reentrancy attacks or allows them to downgrade.
According to the recent announcement, the hard fork is estimated to take place on 28 February, 2019, ten days from now. The fork will occur on block #7,280,000 around 6:07:41 PM UTC. The data presented by Amerdata shows that at press time, there are around 43,950 blocks remaining before the fork takes place.
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Source: AMB Crypto

What Has Caused Ethereum to Surge and How Far Will it Go?

Crypto markets have started the week on a positive note with a $5 billion rally that has resulted in most tokens posting solid gains. The top performer at the moment however is Ethereum has it surges 12% and increases its lead over XRP in third.
Ethereum Beating Bitcoin on Recovery
Currently outperforming every crypto asset in the top 25, Ethereum has pumped 12% over the past few hours to take it to $138. Conversely XRP has not enjoyed much attention in this current rally so the market cap gap between the two of them has now widened to almost $2 billion.

Daily trade volume for Ethereum has also jumped from $2.8 billion to $4.7 billion after spending the past week hovering just above $120. Since its low for 2019 on February 6 of $103 Ethereum has made 34%. Bitcoin in the same period has only managed to gain 10% to its current levels.
Ethereum momentum is likely to be driven by the approaching Constantinople hard fork which introduces a number of network improvements. The estimated date now is March 1 according to this countdown timer to block 7280000. There will be two events taking place, Constantinople introducing several Ethereum Improvement Proposals, and Petersberg to remove one buggy EIP.
Some have speculated that the hard fork is actually bearish for Ether as postponing the difficulty bomb will result in a diminished supply reduction. The block reward adjustment buys a little more time until Proof of Stake is implemented with the Casper upgrade. At the moment though ETH is getting a solid boost as it heads towards $150.
Ethereum Futures Revisited
ErisX boss, Thomas Chippas, has recently revived interest in long awaited Ethereum futures by filing a letter to the US Commodity Futures Trading Commission (CFTC) outlining their importance for market health. The company, a designated contract market and pending derivatives clearing organization, has close ties to fintech industry giants such as Nasdaq, ConsenSys and TD Ameritrade and has largely been seen as a rival to Bakkt.
“ErisX believes that the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market for Ether, as well as the Ethereum Network more broadly,” the letter stated.
Chippas added that the CFTC has previously approved of Bitcoin related products and Ethereum is built upon some of the architectural principles of Bitcoin to extend its functionality. The letter continues to laud the benefits of Ethereum and how a regulated investment vehicle based upon it would ‘promote responsible innovation and development in the derivatives market.’
Ethereum is showing the love today at least as it outperforms the top twenty five crypto assets by a clear margin.
Image from Shutterstock
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Ethereum [ETH] rises again in the wake of Constantinople and Petersburg hard fork

Ethereum [ETH], the second largest cryptocurrency by market cap, is rallying again with the support of the Constantinople hard fork. The hard fork is scheduled to take place towards the end of this month and this is the second time the cryptocurrency has surged in light of the impending hard fork.
According to CoinMarketCap, at press time, Ethereum was trading at $136.85 with a market cap of $14.35 billion. The cryptocurrency recorded a trading volume of $4.89 billion and has surged by over 10% in the past 24 hours and 12% in the past seven days.
Ethereum price chart | Source: TradingView
The highest trading volume for the cryptocurrency is pouring in from OEX via the ETH/ BTC pair which has a trading volume of over $200 million. The second highest trading volume for the coin is recorded on DOBI exchange, with around $197 million. The other three exchanges in the top five are ZBG, Coineal, and BW.
Moreover, Ethereum is not the only coin to gain momentum in the market. Even though the coin holds the title of the biggest gainer overall, the second coin in the top ten trying to match up to the coin is EOS, the fifth largest cryptocurrency in the market. The cryptocurrency is currently showing a rise of over 5% in the past seven days.
In the top 20 coins, Maker, the sixteenth largest cryptocurrency has has seen a rise of over 19% in the past seven days and 8% in the past 24 hours. At press time, Maker was trading at $556.74 with a market cap of $556.74 million and has a trading volume of $1.09 million.
Ethereum was in the news recently after it was reported that it faced a significant drop in terms of transactions per block since the beginning of 2018. The report showed that the coin’s transactions per block has dropped by a whopping 94%, showing the massive impact the bear has had on the coin.
The post Ethereum [ETH] rises again in the wake of Constantinople and Petersburg hard fork appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum Continues to Climb, Flips XRP For Second Place

There have been a number of clear victors over the weekend as crypto markets pumped by $10 billion. Litecoin has been the obvious one with a surge of almost 40% since Friday but Ethereum has also make a strong enough comeback to retake second spot from XRP.
Ethereum Back in Second Place
Ethereum has been battered and bruised in recent weeks hitting a new 2019 low Wednesday last week of $103. The $100 level is a key support zone both technically and psychologically and a fall below this would spell a tough recovery period for Ethereum.
During the recent crypto market pump late Friday Ethereum surged over 14% from $105 to $120 by Saturday. This alone has not been enough for it to usurp XRP which also climbed during the rally. However over the past 24 hours Ethereum has continued climbing to reach an intraday and weekly high of $125. ETH has since pulled back a little and is currently trading at $121, but still up 1.5% on the day at the time of writing.

Daily volume is up from $2.7 to $3.2 billion and this has been enough to push Ethereum’s market capitalization above XRP according to Coinmarketcap.com. At the time of writing ETH market cap was $12.7 billion and it was in second place. Ripple’s token conversely only managed to make 8% during the weekend rally taking it to a weekly high of $0.315.
Since the Saturday high XRP has slid back to $0.305 marking a 1.5% decline on the day. Market cap has shrunk to $12.5 billion as it drops back behind Ethereum and into third spot again. The two are very close and a re-flippening could easily occur if Ethereum weakens more than XRP over the coming week.
The lack of momentum for XRP is perplexing since new partners are continually being onboarded into RippleNet. At the end of last month Japan’s SBI financial group released a report recognizing Ripple’s importance for cross border transactions. The SWIFT and R3 partnership announced last month could also been good news for Ripple but none of this has been reflected in XRP price.
Ethereum has been further weakened by the Constantinople hard fork delay but a rescheduling to late February could spell more bullish momentum for ETH. The new fork which will address previously discovered security flaws will take place at block 7,280,000 or around February 27.
At the moment though Ethereum is back as the world’s second largest crypto asset.
Image from Shutterstock
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Ethereum [ETH] Ropsten Constantinople hard fork failure discussed by Foundation’s Hudson Jameson

Hudson Jameson, a member of the Ethereum Foundation, recently spoke about the major issues faced during Ethereum Ropsten Testnet Constantinople hard fork, during a discussion with EthHub.
According to the latest announcement, the Constantinople hard fork is scheduled to take place on block #7,280,000 around February 27, 2019. The initial hard fork, which was scheduled to take place around January 16, 2019, was delayed due to issues with one of the five proposed Ethereum Improvement Protocols.
EIP 1283: the net gas metering for SSTORE without dirty maps had potential of enabling a Reentrancy attack on smart contract after Constantinople hard fork. This lead to the Foundation concluding that it would be best to postpone the upgrade until a solution is found.
Notably, this is not the first time Constantinople hit the pause button. The hard fork was initially scheduled to take place towards the end of 2018. However, the team encountered issues during the Ropsten Testnet hard fork launch. According to the post-mortem report of the Ropsten Constantinople Testnet, there was a bug identified in the Parity implementation of Ethereum. In addition, there were problems encountered with difference between Parity and Geth consensus.
On this, Hudson Jameson stated that the Testnet split because of the issues between Geth and Parity, and that the fork occurred during the weekend, which was contrary to their planning. He stated that they timed it incorrectly as block times “can be tricky to nail down.” This, in turn, resulted in a delay in fixing the Testnet.
According to him, one of the main reasons it failed was the lack of preparation. The absence of miners ready to mine the new chain was also one of the problems encountered during the fork, Hudson stated;
“The circumstances around it and if you just go to the really deepest level of why things are the way they are and why there are so many inefficiencies, it’s because a lot of us are very developer heavy, within the core developer ecosystem and we don’t have a lot of people with traditional or enterprise management experience”
He further stated:
“But then once you start to plan things, we have other tasks that we’re dealing with than our respective foundation or respective jobs. So that makes it more difficult for us to go in and have the right skill set to actually organize appropriate hard fork. We don’t have project management experience in a traditional sense.”
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Source: AMB Crypto

Ethereum [ETH] Constantinople delay post-mortem: Vulnerability could have been discovered earlier

Earlier this week, Charles St. Louis, a member of Ethereum Cat Herders, published the post mortem report of the Constantinople hard fork postponement, on his official Medium page. The report outlines the process of the decision taken by the community during the timeframe, and the measure that could have been taken to prevent the postponement.
Constantinople hard fork is part of the third stage of Ethereum, Metropolis. Apart from the upcoming hard fork, Byzantium hard fork, which occurred in October 2017, is also a part of the third phase. Prior to Metropolis, the two phases of Ethereum were Frontier and Homestead. The next and the final phase ‘Serenity’ introduces major updates to the network, with Proof-of-Stake – Beacon and Casper, Plasma, Zero-knowledge proofs being the key-upgrades.
The hard fork that was supposed to take place earlier this month proposed five Ethereum Improvement Protocols [EIP]’s, with the main light on EIP 1234, written by Afri Schoedon. This EIP proposed the delay of the difficulty bomb for another 12 months and the thirdening – reduction of the block reward from 3 ETH to 2 ETH.
Among the five improvement proposals, the one that led to the delay of the hard fork is EIP 1283: Net gas metering for SSTORE without dirty map. On the eve of the hard fork, ChainSecurity, an audit platform for smart contracts, announced that their team has discovered a potential vulnerability in the implementation of the protocol. The team discovered that the implementation would result in smart contracts being vulnerable to a Reentrancy attack, which would have been enabled while using address.transfer[…] or address.send[…], after the hard fork.
According to the post-mortem report, there were five major factors that were involved in the hard fork postponement decision. This included: deciding whether the issue could be fixed or not, the potential risk of delaying the hard fork and not delaying the hard fork, emergency call with Ethereum stakeholders/developers, the community’s sentiment and discussion of trading security for efficiency. Furthermore, the report states that the issue could have been discovered earlier.
“ChainSecurity utilizes Truffle/Ganache for security analysis however the first Constantinople-ready Ganache version came out only six days before the hard fork […] There are reports that other security researchers in the ecosystem suspected this vulnerability but did not prepare an official bug bounty or report it because they assumed it was already known.”
Source: Github
Here, it has been concluded that developer tools in the ecosystem should be incentivized more and that developer tool readiness should be taken into account during the hard fork schedule discussion. It also states that there should either be new documentation or an update of the existing documentation on how to disclose vulnerabilities or suspected vulnerabilities.
“Include extensive resources for reporting or discussing potential issues — not just official bug bounties. These should include key bug bounties across the ecosystem (not just the official EF bug bounty program), relevant chat rooms, encouraging people to comment on EIPs, pointing people to Github issues, security, bugs, PGP, support email, forums, security Telegram channels, etc.”
According to the recent decision, the hard fork is scheduled to occur on block #7,280,000, which would take place around February 27, 2019. This time, there will be two hard forks that will occur on the same block. The first hard fork will include all the proposed EIPs except for EIP 1283 and the second hard fork will allow test networks and private networks an option to undo the Constantinople changes, especially the networks that are already forked. The post-mortem stated:
“Individual testnets and private networks that already implemented the original Constantinople will trigger the two forks on different blocks at their discretion”
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Source: AMB Crypto

Ethereum Constantinople Hard Fork Scheduled for Late February Following Recent Delay

Earlier this week, the highly-anticipated Ethereum (ETH) hard fork event – dubbed Constantinople – was delayed just one day before its scheduled event time due to the discovery of a significant security vulnerability that, if it were to have been implemented, would have allowed nefarious actors to steal user’s funds.
On a conference call this Friday with Ethereum’s lead developers, it was announced that the hard fork is now scheduled to occur on, or around, February 27th on block number 7,280,000.
Security Flaws Lead to Ethereum (ETH) Constantinople Delay
Ethereum saw some decent price gains earlier this month that many analysts attributed to the Constantinople upgrade, which will reduce the new supply of ETH by 33%. Over the long run, analysts speculated that this supply reduction would lead ETH to see greater price stability and gradual gains.
Prior to the hard fork being delayed, Michael Moro, the CEO of Genesis Global Trading, spoke about the importance of the supply reduction feature, saying that it could be bullish for ETH’s price.
“Being that the inflation rate will drop by a third, it could potentially reduce selling pressure that could come from the miners’ reward,” he said.
Mati Greenspan, the senior market analyst at eToro, also spoke about the event in an email, saying that Constantinople will lead to a new version of Ethereum that is “faster, cheaper, and has 33% less inflation.”
Although the security flaw, which was discovered this past Tuesday by ChainSecurity – a smart contract security audit firm – did lead to a delay of the event, the supply reduction feature that analysts deemed as being bullish will still be implemented when the upgrade occurs next month.
Although it is hard to tell how much of Ethereum’s January price surge is directly the result of investors anticipation of Constantinople, its price did drop nearly 8% after the delay and security flaw were announced earlier this week.
Constantinople Security Flaws to Be Solved in Subsequent Hard Fork
Originally, Constantinople featured five Ethereum Improvement Proposals (EIPs) that were intended to be incorporated all at once. Now, the one EIP that contained the security flaw has been removed from the February hard fork, and will be incorporated at a later time after more thorough testing can be done.
Péter Szilágyi, an Ethereum developer, spoke about the new hard fork plan in a recent tweet, saying:
“Seems we’re going with block 7.28M for the #Ethereum Constantinople refork scheduled for the 27th of February! Will be a single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network.”
As the new upgrade date nears, investors and traders trying to profit from the event will likely exercise increased caution, as it is possible that there will be further delays if more issues are discovered.
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Ethereum [ETH] Constantinople hard fork could take place in the next 2 to 6 weeks

Earlier this week, the Ethereum Foundation announced that the key stakeholders of the community have decided to postpone the Constantinople hard fork because of the discovery of a security attack of the smart contracts after the hard fork. This announcement was made hours before the network upgrade, resulting in the Parity and Geth team releasing an emergency upgrade to avoid revert the upgrade.
The foundation stated that all node operators, miners, and exchanges were required to upgrade to the new version or downgrade to the previous version. This announcement was rather an unexpected one by the community as the Rinkeby Testnet, which took place on January 9, 2019, was stated to be successful, unlike the Ropsten Testnet, which resulted in a three-way fork.
This time, the vulnerability was detected by ChainSecurity, wherein the team revealed that the smart contracts are vulnerable only after the Constantinople hard fork and not before. The upgrade of the network would enable Reentrancy attack, which is currently not possible because of the high gas limit. However, it would be possible after the upgrade because EIP 1283 proposes the reduction of gas required for SStore operations.
The delay in the fork has also resulted in some of the members of the community appreciating the quick measure taken by the Foundation members to avoid the fork within a short-span, whereas others were either unhappy about the fact that the team took notice of the vulnerability hours before the upgrade or concluded that the community was centralized.
To add on, if it weren’t for the Reentrancy attack, the upgrade would have taken place earlier today on block #7080000. At present, the details pertaining to the next schedule of the hard fork and the block it would occur on would be decided during the next Ethereum dev core meeting, which would be taking place towards the end of the week.
There is speculation related to the hard fork doing its rounds in the market. Some in the community believe that the hard fork would be taking place on January 21, 2019, on Monday. However, one of the core developers of Ethereum, Afro Schoedon has stated that the next hard fork would take much longer time.
He said on Twitter:
“It’s not happening on Monday. I don’t know who was seeding this. It’s more like 2-6 weeks.”
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Source: AMB Crypto

Ethereum: Analysts Believe Upcoming Constantinople Fork Will be Bullish Despite Delay

Although Ethereum is currently seeing a price drop due to its highly-anticipated Constantinople hard fork being delayed, it will still likely prove to be a positive event for the cryptocurrency’s price once the security flaws are smoothed out and it is implemented. Investors will not know until Friday when the new scheduled date for the hard fork is.
The term “hard fork” is typically seen as being a negative event for cryptocurrencies, and this is in part due to previous forks that have badly burned investors, like the recent Bitcoin Cash hard fork that split the community and led the cryptocurrency’s price to plunge.
Despite this, prominent analysts seem to agree that Constantinople may have bullish implications for Ethereum in the long run, mainly due to its network improvements and its supply reducing upgrade that will reduce the new supply of ETH by 33%.
Ethereum Hard Fork Unlikely to Burn Investors Long-Term
One of the greatest risks posed by hard forks is when they split the cryptocurrency into two versions. This can greatly impact the crypto’s price action, and it can split the community while driving fearful investors out of their positions. It is important to note that this is not the case with the upcoming Constantinople fork, which will not be splitting ETH and should offer some great benefits to the network.
Mati Greenspan, the senior market analyst at eToro, discussed the contentions hard forks can cause in a recent email, saying:
“Sometimes, when there is a disagreement among the community about the upgrade, some members will choose to keep the old version of the blockchain alive and we see a split. The most famous cases of this was when Bitcoin Cash split off of Bitcoin on August 1st 2017 and when Ethereum split with Ethereum Classic back in 2016,” he explained.
Ethereum core developer Lane Rettig spoke to Bloomberg earlier today about the upcoming fork, noting that it is one of the least eventful the network has seen in its history.
“I really can’t imagine a less contentious hard fork, to be honest… Of all the hard forks in the history of Ethereum, it’s probably the least eventful one,” Rettig said.
Now, however, the fork is seeing increased drama and scrutiny due to the recently discovered security flaw that, if it had been implemented, would have allowed nefarious actors to exploit a loophole in the coding that would have essentially allowed them to continuously withdraw innocent user’s funds.
Analysts Believe Constantinople is Bullish for ETH Price
In addition to offering some simple improvements to the network, analysts do believe that ETH investors will see benefits incurred from the hard fork, specifically due to the block rewards reduction that will reduce the supply of new Ether output, possibly offering the crypto more stable growth in the long-run.
Greenspan bullishly concluded that once the fork is completed, the markets will have a new Ethereum that is “faster, cheaper, and has 33% less inflation.”
Michael Moro, the chief executive officer of Genesis Global Trading, also spoke optimistically about the fork, specifically citing how the reduction of supply will reduce selling pressure.
“Being that the inflation rate will drop by a third, it could potentially reduce selling pressure that could come from the miners’ reward,” he explained.
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Ethereum: ETH Price Plunges as Constantinople Fork is Delayed Due to Security Flaw

Over the past several weeks, Ethereum has seen consistent price gains that can be largely attributed to investors anticipating its Constantinople hard fork. This fork was widely viewed as being bullish due to it reducing the future supply of ETH by 33%.
Now, Ethereum’s price is plunging due to Constantinople being delayed as a result of a security vulnerability that, if it were to be implemented, could result in a loophole that provides attackers with the ability to exploit the code and steal user’s funds.
Ethereum Constantinople Hard Fork Delayed
Earlier today, news broke that smart contract security audit firm, ChainSecurity, noticed a flaw within one of the proposed improvement upgrades included in the hard fork, which could allow funds to be easily stolen by nefarious actors.
In a conference call, Ethereum’s lead developers discussed the flaw, noting that the hard fork will be delayed for an unforeseeable amount of time while they fix the issue. The new date for when Constantinople will be implemented will be released in another conference call this Friday.
ChainSecurity discussed the fork’s vulnerability in a recent Medium post, calling it a reentrancy attack that allows bad actors to reenter the same function multiple times without the network updating to account for the actions they took, essentially allowing them to continuously withdraw funds.
“The upcoming Constantinople Upgrade for the ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer(…) or address.send(…) in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer,” ChainSecurity explained.
ETH Price Drops on News of Delay 
Ethereum’s price plunged on news of the Constantinople delay, and it is trading down 6% at its current price of $121. ETH is presently trading just above its weekly low of $116, which was set this past weekend when the overall crypto markets dipped.
Ethereum has seen a relatively consistent price rise since it set its 2018 lows of $80 in mid-December, rising to highs of nearly $160 before dropping to its current price levels. It is unclear as to how much of this price rise is the result of expectations regarding Constantinople, as the entire crypto market has posted a decent recovery from its mid-December lows.
Although ETH dropped on the news of the delay, The Crypto Dog, a popular cryptocurrency analyst on Twitter, said that he is buying the relatively minor price dip, which he sees as being the result of an “emotional reaction.”
“Reasonings for buying this: It was at support, easy invalidation if I’m wrong… ETH is leading, dumping due to Constantinople delay – this is an emotional reaction that may be quite shortlived [sic],” he explained.
How Ethereum’s price responds to the fresh news regarding the delay in the coming hours and days will gage how important traders see Constantinople being for ETH’s price.
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