Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies

post-img

Read More

One of the worst things to happen to a proof-of-work cryptocurrency is a 51 percent attack. Such attacks undermine the immutability—and consequently the trust—in a blockchain. Satoshi Nakamoto summarized proof-of-work as “one-CPU-one-vote.” Since then, the cryptocurrency mining industry has advanced beyond CPU mining, which could compute the Bitcoin algorithm thousands of times per second, to…

Ongoing Minting and Dumping: RusGas (RGS) Allegedly Scamming Token Holders

post-img

Read More

On Nov. 28th, 2018, MonitorChain detected a potential scam: RusGas (RGS) is minting billions of tokens, diluting the value of investor’s tokens and driving the price down to nearly nothing. RusGas is a project using blockchain to “transform the gas industry.” According to ICO Bench, the company raised $2.2 million during its ICO. On Nov.…

Analysis: Bitcoin Costs $1.4 Billion to 51% Attack, Consumes as Much Electricity as Morocco

post-img

Read More

To successfully conduct a 51 percent attack on the Bitcoin network would cost an incredible $1.4 billion. This massive network supports over 5 million specialized ASIC mining computers, consuming a total of 29 Terahashes of electricity—as much as the entire country of Morocco. One of the underpinnings of the Bitcoin network is its security. The…

Humor: Vitalik and His Hands of Steel, Buterin HODLs Through $450 Million of Losses

post-img

Read More

Ethereum is getting gutted during this market downturn, losing 60 percent of its value in the last three months alone. Despite the nosedive, enigmatic Ethereum founder Vitalik Buterin has held steadfast. From all-time highs in January, Buterin has lost nearly $470 million in the value of his ETH holdings. That said, he has shown no…

Why It’s Overkill to Compare the Bitcoin Slowdown With History’s Biggest Bubble Bursts

post-img

Read More

Skeptics forecasted it saying the crypto crash was inevitable; die-hard crypto enthusiasts called it fear to monger with a tint of hidden agenda. Skeptics seem to be having the last laugh–for now, at least. Especially after the latest Bitcoin nosedive prompted investors to weigh the asset class with some of history’s most spectacular asset bubbles.…

Ripple’s Success: Why XRP Held Fast Amidst the Crypto Market Meltdown

post-img

Read More

XRP has proven a safe harbor during this week’s market downturn. Ripple’s strategic partnerships, technological advancements, and community enthusiasm have allowed the cryptocurrency to gain footing in the market, resulting in a stellar 2018 performance. In the last seven days, the markets have plunged by 18 percent. Yet, XRP has fallen a modest 3.2 percent.…

Bitcoin Miners Ruined by Downturn, “Selling Hardware by the Pound”; Giga Watt Files Bankruptcy

post-img

Read More

Miners have been decimated by the market downturn. In response, miners have started decommissioning hardware, mothballing rigs, and even selling hardware by the pound. Bitcoin and cryptocurrency proof-of-work (PoW) mining is a controversial topic. Mining is a process where computers continuously solve a difficult algorithm in exchange for cryptocurrency. This exchange consumes a massive amount…

Has Ethereum Bottomed Out? Report From Major Trading Firm Says So

post-img

Read More

According to Genesis Global Trading, a major cryptocurrency investment firm that targets institutional investors, short interest towards Ethereum (ETH) has declined substantially in the third quarter of 2018. Since March, the firm loaned out $553 million in digital assets including Bitcoin and Ethereum to hedge funds and alternative investment companies. Around 60 percent of the…

Analyst: Logarithmic Chart Shows Bitcoin is on Track, $50,000 by 2021

Analyst: Logarithmic Chart Shows Bitcoin is on Track, $50,000 by 2021

Read More

Prominent Bitcoin and cryptocurrency analyst Willy Woo recently shared a logarithmic price chart of Bitcoin created by technical analyst known as Awe and Wonder that suggests the dominant cryptocurrency is on track towards gradual recovery. The chart, which dates back to 2010, evaluates the logarithmic regression of Bitcoin, covering three 80 percent corrections the asset…