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Miner’s Jackpot! User Pays $560,000 Premium Fee for ETH 0.17

Miner's Jackpot! A User Pays Premium Fees of 3,990 ETH For 0.17 ETH Transaction

Over half a million dollars (ETH 3,990 worth over USD 590,000) was spent as a transaction fee in sending approximately ETH 0.17 ETH – a mere USD 25 worth as at press time.

The transactions did take place in a series of 5 transfers from a currently unknown wallet address to 3 different wallet addresses, each with exorbitant transaction fees considering the amount of Ether that was being transferred.

The first transaction was a transfer of 0.01ETH, with a fee of 210 ETH;

The second transaction was a transfer of 0.02 ETH with a fee of 420 ETH;

The third transaction was a transfer of 0.1 ETH with a fee of 2,100 ETH;

The fourth transaction was a transfer of 0.02 ETH with a fee of 420 ETH;

The fifth transaction was a transfer of 0.02 ETH with a fee of 840 ETH.  

The blockchain space is conversant with transaction fees peaking at different points in time, much more frequent on the Bitcoin network. Besides, a recent report suggested that Bitcoin transactions are healthy over the network as fees touched 2014 lows again.

Nonetheless, this anomaly doesn’t seem to be a general problem on the Ethereum network as only this account was reportedly affected. Besides, so far, the highest network fees recorded to date on the Ethereum network is USD 5.

While so many blanks are yet to be filled, however, the wallet seems to have had over 17,690 transactions logged as at press time and has been running for close to 3 months. More so, this anomaly occurred only today throughout its history. Could it be a network or software glitch or a developer’s error, probably while executing a program on Ethereum’s mainnet?

It remains to be known what may have caused the abnormal fees sent.

 

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Chinese University to Launch Shanghai Blockchain Research Center

Chinese University to Launch Shanghai Blockchain Research Center

Fudan University in China has decided to setup a blockchain research center in Shanghai. The said university is one of the top-ranked institutes in the country.

According to the announcement, Shanghai Zhongren Information Technology Co, Ltd and Zhongan Online Property Insurance Co, Ltd will collaborate with Fudan University in order to establish the Shanghai Blockchain Engineering Technology Research Center.

The main goal of this initiative is to carry out fundamental level research on blockchain technology. Moreover, the center will provide essential talent training in demonstrating the utility of using blockchain technology in both existing and new systems. It is expected that the center will contribute towards the development of Shanghai economy and help in maintaining sustainable growth and development of the crypto sector there.

In order to promote research in crypto sector, other Chinese universities are offering special scholarships. Recently, the Blockchain Technology Research Scholarship Program (BRSP) was announced by the Institute for Fintech Research at Beijing’s Tsinghua University (THUIFR) in collaboration with Ripple. The program will allow top-notch Chinese graduate students to conduct research regarding international blockchain regulations and its impact on industrial development.

Furthermore, Ripple’s global University Blockchain Research Initiative (UBRI) was joined by the Chinese Institute for Fintech Research (Tsinghua University) earlier in February. Ripple launched the initiative back in June 2018. The aim of this initiative is to promote innovation, academic research and technical advancement in the crypto sector.

 

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BitcoinNews.com Bitcoin Market Analysis 19th February 2019

BitcoinNews.com Bitcoin Market Analysis 19th February 2019

Buyers finally managed to start their game.

Yesterday, on relatively large volumes, buyers broke through the upper trend line of sellers, which kept the price from 24 December. Now, buyers are trying to fix themselves over the price zone of $3,830-3,930. At the moment, finally, we can imagine and draw a new channel of price movement — the growth channel:

As you can see, the price is located near the middle line of the channel. Last time, on 19 January, buyers failed to break through this line and the fall continued:

Even so, volumes are beginning to appear now and if buyers will keep themselves above the price zone of $3,830-3,930, then the global target of this growth in the price of $4,740:

However, on the way to this target, buyers will have another problem – it is the price range of $4,120-4,175. First of all, in this price zone, there is good liquidity which we see in horizontal volumes. If we analyze the placement of volumes on the chart, then we will see that after this price zone, sellers will have the opportunity to fight for their targets from $6,200. The range from $4,175 to $6,200 is practically without liquidity:

Therefore, we believe that the main test of buyers’ durability is still ahead. However, increasing volumes and large green candles are already a success.

Margin buyers’ positions began to decrease sharply. Buyers either fix profits or get out of bad positions in which they were from 24 December, when BTC rose from S3,830 to 4,180:

However, pay attention that the price at the same time is in a small consolidation and does not respond to closing the positions of buyers.

Sellers also close their positions. Most sellers who came in the position from 20 December will feel good, while buyers did not break the price zone of $3,830-3,930.

According to the wave analysis, the price of S4,125 is also a critical point. If a whole growth, which began on 17 December, is to be considered as a correction after the fall, then at a price of S4,125, this correction may end completely:

Buyers have already gone past the first critical point in the price of $3,867.

If you look at the chart locally, then the current growth corrected the fall from 7 January by 61.8%. At the price of $4,175, sellers have the last chance to stop the buyer’s initiative.

As you can see, all the facts indicate us that $4,125-4,175 is an important critical point which defines the scenario on the medium-term price movement. We expect to break through this price zone upwards but first, we want to see the confirmation from buyers about fixing over the price zone $3,830-3,930. Finally, some movement began and people are waking up. Maybe this is due to the coming spring? In any case, the price has been consolidating for a long time and it is time for the trend movement.

 

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About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

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Germany Asks Industries for Blockchain Development Recommendations

Germany Asks Industries for Blockchain Development Recommendations

Germany has recently consulted leading industrial groups and companies to become stakeholders in the country’s blockchain development projects.

Reuters reported that some industry groups and companies have been requested to submit recommendations regarding blockchain technology in the upcoming weeks. The names of these companies have not been revealed yet. Reuters maintained that although the government is seeking concrete results, it is still uncertain whether these recommendations will be translated into regulations or not.

Nearly 170 startups are currently dealing with cryptocurrencies or distributed ledger technology in Berlin. Startup leaders have repeatedly mentioned that due to the lack of a legal framework, they are facing “high entrance hurdles”.

In January, national media reported that Deutsche Börse, a major global securities marketplace in Germany, had made significant progress on its lending platform based on blockchain technology. Deutsche Börse is working in collaboration with HQLAx (blockchain liquidity management platform based in Luxembourg) for the said project.

In December 2018, Deutsche Bahn AG, Europe’s largest railway operator, decided to examine the possibility of integrating blockchain technology into its system. For the said project, Deutsche Bahn AG will collaborate with Unibright. In the same month, reports emerged of the development of a joint cryptocurrency exchange by Stuttgart Exchange Group and SolarisBank, Germany’s second-largest bank.

 

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Rakuten May Soon Accept Crypto Payments

Japan’s Amazon-analog Rakuten, in its last earnings report, has announced that it will be releasing new features on its pay mobile app which may supposedly allow its users make use of cryptocurrency transactions through the gateway in the near future.

Rakuten didn’t directly say that it would accept cryptocurrencies, however, it did give a hint that all payment options will be accepted and since it already owns a subsidiary that offers cryptocurrency service, hence the possibility of it accepting crypto payments on its app when the upgraded features are released in March.

Rakuten’s involvement in crypto was established when it acquired local crypto exchange Everybody’s Bitcoin last year and was of the opinion that cryptocurrency-based payments will revolutionize the e-commerce industry.

Cryptocurrency payments on e-commerce platforms are thought to be one of the revolutionary hallmarks of cryptocurrency that may usher it into mainstream usage. Up until recently, only a few stores accepted crypto payments and most of these were sponsored by enthusiasts themselves.

As for mainstream stores, it remains to be known what’s keeping them from accepting cryptocurrency payments. More so, a sample survey showed how an average of 3% of Americans used Bitcoin for purchases. Perhaps it has something to do with volatility and the fact that in most jurisdictions, crypto regulatory status is either uncertain or outright banned. However, for Japanese crypto enthusiasts, the possibility of this development by Rakuten may have a positive impact on the industry.

E-commerce shoppers continue to show enthusiasm towards cryptocurrency adoption, although it might take a while before the industry has fully permeated the e-commerce niche. More so, a recent survey showed that 12.7% of Amazon customers would like to see the marketplace selling cryptocurrency products or services.

 

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Anarcho Capitalist Smart City in Norway Announces Native Cryptocurrency

Anarcho Capitalist Smart City in Norway Announces Native Cryptocurrency

A privately promoted city in Norway going by the ideals of Anarcho Capitalism has announced the development of its native cryptocurrency for local transactions. The city already has a blockchain-powered smart city platform facilitating its citizens and now its native cryptocurrency is also launched for good measure.

Liberstad, the anarcho-capitalist utopian project in Norway is a privately run smart city project by the non-profit Liberstad Drift Organization that aims to implement the principles of total free-market economy and lack of government interference with a special focus on abolishing taxation.

According to John Toralf Holmesland, the head of Liberstad Drift AS:

“We want a society where people decide over themselves and can live together without government authorities. We want a society without government coercion, blackmail, surveillance or unnecessary violence.”

The first of the city’s freehold plots for the utopian exercise were sold mostly through Bitcoin and Norwegian Krone back in 2017. Around 100 new residents have joined the project and by April 2018.

The new native cryptocurrency called City Coin will be used within the closed market of Liberstad itself only. Within this area, national fiat currencies are completely banned and the currency itself will be used within the town’s blockchain-based smart platform called City Chain. The platform and cryptocurrency together will allow citizens and private entities to offer communal services “on a private, internal and voluntary basis” to eliminate the requirement of government existence in the area.

The residents will also use a new app called City Hub for municipal functions. The app will allow a variety of civic functions that are allowed in an anarcho-capitalist doctrine including identity management, creating and voting on city-wide initiatives, registering property, contract insurance, and more.

The town is one of the first attempts to create a free market-backed government-less existence in the world.

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Hyundai to Integrate Blockchain into Financial System with IBM’s Help

Hyundai

Hyundai Commercial has announced a partnership with IBM for the development of a blockchain-based financial system. IBM also announced the news regarding the partnership during its recent IBM Think 2019 event.

Hyundai Commercial is South Korea’s leading automobile manufacturer’s finance company. It provides financial and leasing services to Hyundai for construction equipment and commercial vehicles.

In the said partnership, a new supply chain financing ecosystem will be created for Hyundai Commercial. IBM is expected to use open source Hyperledger Fabric blockchain technology in order to achieve this goal.

After successful implementation of the blockchain-based financing ecosystem, manual processing will be replaced with automatic processing, thereby enhancing the efficiency. Moreover, a real-time view of all transactions on blockchain will be available to all network participants including manufacturers, dealers and distributors.  It will also ensure efficient and secure distribution of this data.

Furthermore, Hyundai Card (a separate Hyundai financial services subsidiary) has asked IBM to develop a chatbot for its customer services utilizing artificial intelligence. IBM will use its machine learning technology for the said project.

Recently, IBM declared to utilize its blockchain technology along with the Internet of Things (IoT) to develop a sensory system for real-time groundwater tracking in California. On the other hand, in order to promote fintech startups in Busan, HyundaiPay signed a Memorandum of Understanding (MoU) in the previous week. It is expected that as blockchain regulations become lucid, more and more industrial investors will join the sector.

 

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Vitalik Buterin Dismisses Constantinople Security Rumors

Ethereum

Vitalik Buterin has said that the upcoming Ethereum Constantinople hard fork will not have any negative security implications. The co-founder, along with other core developers, dismissed any such rumors during a recent core developer call.

Ethereum is set to release its latest smart contract feature, with the main criticism centered on a new feature named as Create2. The feature has been designated as Ethereum Improvement Proposal (EIP 1014) and is expected to allow integrations with a contract which is still non-existent on the blockchain.

Many developers have raised questions regarding the addition of a potential attack vector to the network due to the implementation of Create2. After being deployed, smart contracts can be coded to change their address. One expert suggested that after implementation of Constantinople, any contract with a self-destruct feature will be more vulnerable than before.

During the discussion, developer Jeff Coleman highlighted the point regarding the counterintuitive nature of Create2. He maintained that it is possible, in theory, that redeployments can alter the contract byte code as the address is just a commitment to the init code. However, the public should be conscious of the fact that init codes are a part of auditing whereas the problem is caused by non-deterministic init codes.

In addition, Buterin maintained that Create2 is a part of the platform’s long-term plans. He believed that when thinking about deletion and rents, one should keep in mind a futuristic approach. One needs not to solve these issues in the next few days. However, keeping these issues in mind will help once ETH 2.0 is sharded to a VM spec in near future, he added.

 

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Breach Leaves 450,000 Users of Cryptocurrency Exchange Coinmama Vulnerable

Breach Leaves 450,000 Users of Cryptocurrency Exchange Coinmama Vulnerable

A large scale hack affecting 30 companies and a breach of 841 million records inclusive of 450,000 records from cryptocurrency brokerage firm Coinmama were posted on a dark web registry, in a security report on its blog last Friday.

The hacker had reportedly published the hacked users’ data from the previous heist on the dark web’s marketplace and had eight of the recently hacked websites put up for sale at 2.6 bitcoins, or about USD 9,350. The perpetrator may be interested in selling the other data for Bitcoins as with other leaked data.

In the official statement released by the exchange, it said: “We believe the intrusion is limited to about 450,000 email addresses and hashed passwords of users who registered until 5 August 2017.” As at press time on Friday, the exchange said there had been no evidence of the data being used by the perpetrator.

Coinmama currently serves about 1.3 million users as a cryptocurrency brokerage firm that allows users to use their Credit or Master Card to purchase a range of 7 cryptocurrencies to include Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, and Qtum.

While reports from cybersecurity firms looking into the matter show basic speculations about the hack, the crypto exchange has said that it has taken measures to understand the scope of the hack and has reached out to users who were affected in the breach to update their account security, whilst protecting their funds and data.

Security breaches continue to be a major concern in the crypto industry as bad actors plaguing the industry constitute bad labels. Despite crypto processes involving complex cryptographic algorithms and supposedly airtight security measures being put in place by service providers, users are still tasked with the responsibility of ensuring the security of their data and possibly offline security measures.

Earlier this year, New Zealand cryptocurrency exchange had been hacked and had significant losses, though, a few days back it was given the green light to resume operation. Recently, a cryptocurrency exchange in Istanbul reportedly lost USD 2.4 million to hackers. Although about USD 256,000 had been recovered, still the blight of such occurrences still has its damning effects on the industry.

One of the major concerns of the US Securities and Exchange Commission (SEC) with regards to cryptocurrency is custody infrastructure. This has been a core deterrent in approving Bitcoin exchange-traded fund (ETF) applications which if approved could steer the industry in the direction of institutional investors.

Cryptocurrency is yet to gain its footing in the mainstream market and while this data heist was done across other non-related ventures, however, for a cryptocurrency-related venture to be caught in the web, further slights the emerging economics of cryptocurrency.

 

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