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Ethereum Classic

Ethereum Classic Attacked: Not Secure. ETC Dead?

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According to Coinbase, they detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend on 5th January.

According to Coinbase, they detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend on 5th January. Although, it’s interesting that they waited for a couple of days to make this announcement after having discovered it on the 5th. Regardless, the exchange has halted deposits and withdrawals of Ethereum Classic. They went on to say that they have seen eight different reorganizations of episodes that included double spends totaling around half a million US Dollars worth of Ethereum Classic that was double spent.

The markets have not been very favorable to this. We have seen Ethereum Classic taking a bit of a dip. Today people don’t like these kinds of situations when the blockchain doesn’t seem to be very secure anymore and that is exactly what has happened. Ethereum Classic was not secure.

 

What exactly happened:

There was a 51% takeover of the Ethereum Classic blockchain which is quite devastating for Ethereum Classic. This is not being called a 51% attack but a chain reorganization. The chain reorganization isn’t so much an attempt to control the network as it is to take temporary advantage of low hash power in double spend before hashing power returns to normal levels. Essentially, a chain reorganization is a situation where a single miner or a single pool has more resources than the rest of the network and the dominant miner can then define a new transaction history on network picking an arbitrary previous block from which to extend an alternative block history.

The team at Ethereum Classic has come out saying that they have a pretty good idea of who they suspect might be behind taking over the network apparently an ASIC manufacturer called Linzhi is currently testing out 1400 Megahash ETHhash mining machines which could have easily seen them taking over the network. They are saying that it is most likely a selfish mining attack, not a 51% attack. Ethereum Classic are saying that double spends have not been detected but Coinbase has a different story. It is very problematic if it only takes one company to come in and start testing their machines and easily dominate the network, it really speaks to the low-security overall of Ethereum Classic.

Some has even gone as far as to put around the theory that its no coincidence that only 3 days ago that Okex opened up the possibility to short Ethereum Classic and essentially someone could have very easily gone, purchased that power or done it intentionally whether it was Linzhi or someone else could have very easily attacked Ethereum Classic knowing that it will push the price down so that their short orders would get filled, thus making truckloads of money. It seems like a possible theory when it comes to big money players and how easy it can be to attack some of these blockchains.

 

Tough Time for Ethereum Classic

It has been a tough couple of months behead the death of the ETC dev team, one of the many teams working on Ethereum Classic which caused a lot of FUD that Ethereum Classic is dead. Although we still have other teams like the ETC cooperative and the ETC labs working on developing Ethereum Classic.

Another devastating situation did happen for Ethereum Classic that IOHK, the development firm behind Cardano has announced that they are ending support for ETC Mantis. Charles Hoskinson came out and said that the team has numerous roadmap updates that could be implemented in Ethereum Classic but doing so would take time, money and effort and thus would be currently unsustainable as the ecosystem stands. He said that the challenge for him is that he is spending his own money building this and they have never got a revenue source for the construction of this client so at the moment they have made nothing for participating in Ethereum Classic and at some point as the CEO of a company he does have to take a decision of when and where they do stop spending money and when and where they do stop contributing resources for something that doesn’t contribute back.

What do you think about the future of Ethereum Classic? Tell us in the comments section below.

#Ethereum

In-Depth: Can Ethereum Go To Zero?

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Ethereum eth price is heading back to below $200, after reaching a short-time high of $217 and reporting at $206.51. A sign of another sell off?

Ethereum is the world’s second largest cryptocurrency in terms of market capitalization.
Ethereum is loved by crypto exchanges and is listed with most crypto pairs, more than any other coin, but Bitcoin, and as it rocketed up to nearly 1, 400 dollars in the same December period – when Bitcoin reached a peak of more than 20, 000 dollars, it is considered a valuable store.
As Ethereum is fundamentally different in terms of market value than Bitcoin, it is difficult to determine the exact future price.
Ethereum’s co-creator told CNBC that he expects the coin to succeed in 2019, based on the capital of development that is being introduced into the Ethereum ecosystem.

 

It’s Ethereum vs Bitcoin

Ethereum is performing better than Bitcoin, according to ConsenSys, the Alliance of Ethereum, smart contracts and ICOs.
Even Ethereum has developed with the fastest and most ad-free explorer EnjinX, which would undoubtedly make ETH more accessible to the general market.
Vitalik Buterin talked about the future of Ethereum scaling at his event TechCrunch Sessions Blockchain in Switzerland’s “crypto valley,” saying that the demand for the use of public block chains is high and that stability must be achieved.

 

ICOs, DApps on the Ethereum Network

The new blockchain units released after network changes do not contradict the old blocks of information and can interact with them in a single mechanism.
Vitalik Buterin’s team had a hard fork to reset the system, pull out smart ICO – related contracts and return the stolen money to depositors.
Ether Zero is an ethereal fork designed to interact with the DApps every day.
The developers began talking about the new Ethereum hard fork date version in December 2017.
Ethereum’s price reached its absolute minimum on 14 June, when the value of a coin fell to 1.91 USD.

 

Ethereum Classic and Ethereum

Ethereum Classic is a cryptocurrency created because of disagreement with how the original Ethereum was conducted.
Today, the ETH price is much higher and is generally what is known as the “real” Ethereum in the cryptocurrency community.
As Ethereum becomes more popular, it seems that Ethereum is gaining momentum and price appreciation.
However, as always, cryptocurrencies are a very risky investment and things can change in the blink of an eye ( as evidenced by the huge price decline of Ethereum in 2018 ).

Cryptocurrency writer and market watchman Reed also fix Ethereum as a safer long – term bet than Bitcoin.
Ethereum, on the other hand, has been created with expenditures as almost a rethinking issue, the Ethereum issue is what powers the Ethereum ecosystem, which has a potentially much greater scope than Bitcoin.
Similarly, it is difficult to treat Ethereum as another currency on the market.

The Dao is run by programming code, on a collection of intelligent contracts written on the Ethereum blockchain.
Over the last two years, ICOs has raised billions of dollars on the Ethereum platform, and one of the world’s most valuable cryptocurrencies, EOS, is a currency of the ERC20.
Ethereum has recently created a new standard called ERC721 long – term protection for tracking unique digital assets.
Ethereum is based on blockchain technology, where all transactions are to be irreversible and unchangeable.

Joseph Raczynski, founder of JoeTechnologist.com, and a key influencer of the blockchain with a Twitter of 153, 000, expects the value of Ethereum to reach USD 1, 200 in the fourth quarter of 2019.
Jeff Reed, the author of cryptocurrency and market observer, points to Ethereum as a more secure long – term bet than Bitcoin.
You can trade anything with Ethereum, but it is not the strength of Ethereum compared to other cryptocurrencies – they can all do so.
You can trade anything with Ethereum, but it is not the strength of Ethereum compared to other cryptocurrencies – they can all do so.

 

Block Rewards in Ethereum

Ethereum’s block awards are paid in Ether, and such block awards are essential for the liveliness of the network, if the Ether reached 0. 00 hrs, then there would be no miners and no transaction.
In fact, why to spend every asset that could be worth more in the future, Stablecoins ( many of which are built on Ethereum ) solve the problem as users look to spend crypto with a dollar-denominated value.
Ethereum, on the other hand, is likely to have millions of transactions every day, as users interact with a multitude of dapps on the blockchain.

One thing that makes Ethereum very different, however, is the fact that it has more amortized than Ripple, Bitcoin Cash, Litecoin, Bitcoin and Stellar ( its main counterpart ).
Months ago, Vitalik Buterin assured investors that it was Ethereum’s long – term plan to ensure the scalability of Ethereum by creating a series of PoS.
In particular, on Ethereum, there have been many people like Charles Hoskinson who have invested in the development of the project, who have now started other activities.
Ethereum Classic is and has been the first example of such a gap in the community and developers regarding the future direction and philosophy of the chain.

For example, if bitcoin were a bubble and exploded, investors would also question the viability of Ethereum.
One way would be to engineer the creation of a new crypt that could be used to disrupt and ultimately become obsolete.
Ethereum does not seem to be at a higher risk of disappearing.

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#Ethereum

Vitalik Buterin is quitting Ethereum: Get ready for an ETH crisis

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Ethereum Price Downfall

From as high as $1347 in January 2018 to $187 in September 2018, Ethereum price could reach $53 soon.

The Ethereum network has been falling, as many heated discussions are being carried on in the name of development. The separation of Ethereum Classic from Ethereum was one of the major incidents which broke the backbone of the network.

 

The current price of the Ether is $225.24. Let's understand the background details of the price, since December 2017. Price history of Ethereum

 

Various inabilities of Ethereum

As the Ethereum network is slow, the decentralized applications which need faster transactional capabilities, would opt for the EOS blockchain platform and also the existing decentralized applications would quickly switch to EOS. Even the number of hacks and frauds have been increasing, in the Ethereum community. Most recently, a fake Instagram account of Vitalik Buterin, illicitly scammed few of its followers to send 37 ETH. Effective decentralization is unachievable, as Ethereum is inherently a Centralised one.

 

Do we have any value proposition for Ether?

As previously discussed that there is no requirement of ETH for Ethereum. The users and investors seem to be dropping down the usage of Ethereum these days, as better alternatives have been provided. The EOS is one of the best competitors for Ethereum,

 

The Captain (Vitalik Buterin) is leaving the Ship (Ethereum)

 

The discussion began as a component of an online argument in which individuals wound up blaming Vitalik Buterin for pumping Ethereum. He asserted that the Ethereum system could do well on itself and that it would have a future regardless of whether he was not able to keep on adding to it.

As you may know, Vitalik Buterin has a considerable amount of Ethereum. He was blamed for “pumping” his ETH property, which was to a great extent pre-mined and when inquired as to whether he was intending to take a secondary lounge later on of the benefit, he answered this was at that point in advancement and that the system would necessarily do well without him.

 

Vitalik Buterin says Ethereum Sucks

Responding to the article from Techncrunch that said “The collapse of ETH is inevitable”, Vitalik agreed on his post on Reddit on aspects of this article.

Vitalik even said that the days of Cryptocurrency markets (in short Ethereum) are now history.

 

Ethereum price declined as of late against the US Dollar and bitcoin. ETH/USD may maybe keep on declining towards the $180 level in the close term.

 

Buy ETH at $53

What we suggest is buy ETH at the range of $45 – $55, when it tests its $53 level.

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#Daily Price Analysis

bad days for ETC? Ethereum Classic Price Analysis 27 Sep

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Ethereum classic price is amending lower. ETC/USD is probably going to discover offers close to the $10.80 and $10.70 levels.

Ethereum Classic Price Key Features

  • Ethereum classic price began a drawback revision from the $11.80 swing high against the US dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $11.10 on the hourly outline of the ETC/USD pair (Information feed through Kraken).
  • The pair could keep on moving down towards the $10.80 and $10.70 support levels in the close term.

Ethereum classic price is amending lower against the US Dollar and Bitcoin. ETC/USD is probably going to discover offers close to the $10.80 and $10.70 levels.

 

Ethereum Classic Price Supports

After a better than average upward move, Ethereum classic price discovered resistance close to the $11.80 level against the US dollar. The ETC/USD pair began a drawback adjustment and moved beneath the $11.50 and $11.00 support levels. It exchanged near the $10.40 support and later ricocheted back. ETC price tried the $11.40 level and is as of now amending lower. It is exchanging underneath the $11.20 level and the 100 hourly basic moving normal.

Ethereum Classic merchants as of late pushed Ethereum classic price towards the half Lie retracement level of the last wave from the $10.38 low to $11.36 high. Be that as it may, misfortunes were contained beneath the $10.80 support. Beneath this, the following significant support is near $10.75. It agrees with the 61.8% Lie retracement level of the last wave from the $10.38 low to $11.36 high. In the event that there is a break beneath $10.70, the price could retest $10.40. Then again, a break over the $11.10 level and the pattern line will probably drive ETC price towards $11.50.

 

ETCUSD Price Chart 27 September

ETCUSD Price Chart 27 September

 

The graph proposes that Ethereum classic price stays supported close $10.80 and $10.70. On the upside, purchasers need to pick up energy above $11.10 for a broadened upward move towards $11.50 or 11.70. The most vital resistance on the topside is close to the $11.80 level, which counteracted gains on numerous events.

Hourly MACD – The MACD for ETC/USD is set in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving lower towards the 40 level.

Real Support Level – $10.70

Real Resistance Level – $11.10

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