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Whale Alert: 30000 ETH moved for selling

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30,000 ETH have just been moved to WrappedEther from an unknown wallet probably some Initial Coin Offering wanting to sell their Ethereum holding.

Ethereum Market Crash

Ethereum has been on a downfall since the cryptocurrency market crash with ETH price falling down from around $200 to $100. A whooping downfall has led to panic selling across the market.

30,000 ETH have just been moved to WrappedEther from an unknown wallet probably some Initial Coin Offering wanting to sell their Ethereum holding after being a HODLER for a long time. The transaction was made with 60 GWEI and a transactional cost of $0.18. Here are the transaction details:

https://etherscan.io/tx/0x3d8c08de1ccc6688e9a1430b788efaf61654e64084fe5bb592436e5b32823c36

 

Ethereum likely to fall up to $60

 

ETHUSD 24 hour chart

ETHUSD 24 hour chart

 

The major support of $120 was broken recently with price sliding down to less than $110. Now the only support left for ETH is at $100 and after that, the major support lies at $60. Analysts predict that ETH will start to correct only after reaching to this major support level. Also, a lot of major ICO sell-off is predicted below the $100 range as most Initial Coin Offerings have been accepting Ethereum for their sale of tokens and now its high time for them to start selling off before the situation gets even worse.

What do you feel about the current market situation and the future of Ethereum? Tell us in the comments section below.

#Ethereum

Ethereum is not a Security: SEC Chairman confirms Commission Staff Analysis

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Jay Clayton, the Chairman of the SEC and an American attorney gave confirmation on the Commission Staff’s Analysis that said that cryptocurrencies such as Ethereum are not securities.

 

Ethereum like tokens are not securities:

The SEC chairman has responded to a letter signed which was signed by Tedd Budd and several other colleagues after asking that whether the policy that would put forward last year by William Hinman, the director of the Divison of Corporate Finance should be regarded as the policy of the SEC or just a judgment of the Securities and Exchange Commission’s staff.

Jay Clayton responded to the letter by stating that he agrees to the statements of William Hinman that was made during the June 2018 speech that concern the digital tokens or cryptocurrencies. He said that he agrees that if a digital token is offered as security is not fixed (static). It might be offered first as security as it might meet the definition of an instrument contract, however, the position might change over time if the digital token is offered in a manner that does not represent that definition anymore. He agreed with William Hinman’s clarification about how the digital token might not represent the definition of an instrument contract.

 

The response letter by SEC Chairman Jay Clayton:

jay-clayton-response-1

jay-clayton-response-2

 

jay-clayton-response-3

 

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#Ethereum

2100 Ethereum accidentally sent as fee: Mining Pool returns half

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A user had accidentally sent 2100 Ethereum as a transaction fee which was verified by Sparkpool. Sparkpool asked the user to verify himself.

A user had accidentally sent 2100 Ethereum as a transaction fee which was verified by Sparkpool. According to Sparkpool, they on 25th February, they received an email claiming that the user had mistakenly sent 2100 Ethereum as mining fee on 19th February which was more than $300,000.

 

What happened next?

Sparkpool was generous enough to reply to the email asking the user to verify himself as the owner of the ethereum account from which the transaction was made. Sparkpool asked the user to send 0.022517 ETH on the mining pool’s ethereum address from the same address (0x587ecf600d304f831201c30ea0845118dd57516e) from which the transaction was made.

According to what Sparkpool asked him to do, the user sent the same amount of ETH (0.022517) to Sparkpool’s address on the same day to confirm his identity as the owner of the address. After confirmation, Sparkpool negotiated on the term that they are going to keep half of the amount of ETH i.e. 1050 ETH for the pool miners and the rest half they are going to return to the user.

The user sent another transaction to Sparkpool’s address to confirm the negotiation made by Sparkpool. This transaction was worth 0.666 ETH and also contained a coded paragraph in which the user thanked Sparkpool and their miners for helping them and that they are willing to share 1050 ETH with the miners after which Sparkpool returned 1050 ETH to the user.

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Fall of Ethereum Mining Rewards: What has Constantinople hard fork changed?

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Ethereum went through the long-awaited Constantinople Hard Fork which increased the energy efficiency and reduced the Ethereum mining reward.

After continuous delays, Ethereum, at last, went through the long-awaited Constantinople Hard Fork which apart from increasing the energy efficiency of Ethereum mining, also reduced the Ethereum mining reward from 3 ETH to 2 ETH.

Ethereum Difficulty Bomb:

Ethereum network currently runs by Ethereum mining which involves a lot of miners approving the transactions on the blockchain. However, the future motive of Ethereum is to shift from the current Proof-of-work model to a Proof-of-stake model which does not involve mining. In order to stop the miners from backing out in case of a fork, Ethereum has included a ‘difficulty bomb’ which is a tool that will allow the ethereum mining difficulty to rise massively and discourage the miners so that they automatically shift over to the new Proof-of-stake model.

 

Are Miners interested in Proof-of-stake model?

It is quite obvious that ethereum miners are not interested in the proof-of-stake. However, the investors have been patiently waiting for ethereum to turn into a Proof-of-stake model from a long time as this would lead to the reduction in the inflation rate of Ethereum and eventually the price might rise.

Let’s look at the charts and see how the difficulty, block time and hashrate has been affected by Ethereum’s Constantinople hard fork:

 

Average Ethereum Mining Difficulty:

Ethereum-Difficulty-Chart-and-Difficulty-History-Chart-CoinWarz

Source: Coinwarz.com

The average Ethereum mining difficulty chart shows that due to the hardfork that happened on the 1st of March, the difficulty has tremendously decreased which indicates that the decrease in ethereum mining rewards is in relation to the ethereum mining difficulty.

 

Average Block Time of the Ethereum Network:

Average-block-time

Source: Etherscan.io

After the Constantinople hard fork, the block time of the ethereum network was also reduced from more than 19 seconds before the hard fork to around 13 seconds after the hard fork which is around 30% decrease. The chart shows that the reduction in the ethereum mining rewards also lowered down the block time apart from lowering the ethereum mining difficulty. As both the ethereum mining rewards as well as the block time has decreased, the Constantinople hard fork has not affected the ethereum miners much because as the ethereum mining rewards have decreased so the miners are paid less per block, however, the block time has also decreased which means that the miners can now mine more blocks in less time which compensates their mining rewards.

 

Average Hashrate of the Ethereum Network:

average-hash-rate

Source: Etherscan.io

The chart shows that after the Constantinople hard fork, The Ethereum Network hashrate hasn’t changed. However, this is not what was being expected by everyone. As the mining difficulty and block time would drop after the hard fork, it was expected that the hashrate would increase drastically as because the performance should be more in case the ethereum mining difficulty is less.

 

Why the Hashrate remained unchanged?

One of the reasons for the unchanged hashrate could be the increase in the price of Ethereum after the Constantinople hard fork. This led to the miners having bullish predictions about the price of ethereum although the mining rewards decreased.

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