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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