Avalanche Launch Fumbles: ‘A Highly-Sophisticated DDoS Attack Derailed Token Sale’ | Bitcoin News

Avalanche Launch Fumbles: 'A Highly-Sophisticated DDoS Attack Derailed Token Sale' | Bitcoin News

Avalanche Launch Fumbles: 'A Highly-Sophisticated DDoS Attack Derailed Token Sale'

On July 8, 2020, some members of the cryptocurrency community were prepared to leverage the AVA Labs Avalanche (AVAX) token sale, in order to acquire some of the highly anticipated coin on Wednesday. However, due to “record-breaking demand” and a “highly-sophisticated DDOS attack” the Avalanche sale has been rescheduled for July 15, 2020.

For quite some time, since May 2018, a number of cryptocurrency enthusiasts have been interested in a protocol called “Avalanche.” The white paper was published by an anonymous group of developers called “Team Rocket.”

Essentially, the paper claims to go beyond Satoshi’s invention, often referred to as “Nakamoto Consensus,” as concepts like Avalanche introduce “a new family of leaderless Byzantine fault tolerance protocols, built on a metastable mechanism.”

Ever since the paper was released, the well known Hacking Distributed founder and Cornell professor, Emin Gün Sirer, initiated a team called AVA Labs in 2018. AVA Labs wholeheartedly believes that Avalanche will be a “next-generation” blockchain.

“Avalanche is the first next-generation blockchain using Proof-of-Stake (PoS) to deliver at the scale (decentralized finance) defi demands,” AVA Labs claims. “Enabled by the most advanced consensus technology, the Avalanche protocol, Avalanche achieves high-throughput in excess of 4500 TPS, fast finality at less than 3 seconds, and all with unprecedented decentralization.”

The development team’s “tech primer” continues by adding:

Built as a platform, Avalanche enables anyone to deploy subnets, private or public, and create custom execution environments to solve their network’s needs. With the ability to create and trade assets between chains and subnets, Avalanche services all industries as an infrastructural backbone for the internet of exchange.

The AVA Labs Avalanche (AVAX) token sale was supposed to happen on Tuesday, but according to Emin Gün Sirer, the launch had significant issues.

“Well, that’s not how we were hoping this would go,” Gün Sirer tweeted. “The AVAX sale saw record-breaking demand. Unfortunately, a coordinated and highly-sophisticated DDOS attack derailed Tokensoft’s systems that were handling the sale.”

The Cornell professor further added:

We’re preparing for the rescheduled AVAX sale for 10 a.m. ET next Wednesday, when we will bring an end to the wait for tokens. We’re very appreciative of our community’s patience and support.

The AVA Labs web portal shows that the sale has been rescheduled. “The token sale will run from July 15, 2020, at 10:00 a.m. ET (UTC – 4) until July 29, 2020 at 10:00 a.m. ET,” the website confirms. The minimum to participate in the Avalanche (AVAX) token sale is $100 USD. AVAX purchasers will be able to freely stake locked Avalanche tokens after the sale.

Prior to the sale, registration was open at the URL buy.avax.network, but now the web portal explains that registrations are closed. This means interested AVAX buyers will have to wait until July 15 to register. Of course, not everyone in the cryptocurrency community is a fan of the Avalanche project, and many crypto supporters detest PoS projects. Proof-of-Stake (PoS) has yet to be considered a viable alternative to Proof-of-Work (PoW).

In March, the delegated-Proof-of-Stake blockchain Steemit was exposed for significant vulnerabilities, as the DPoS system was “owned by a few huge exchanges,” according to Vitalik Buterin.

It seems AVAX fans and the Brooklyn-based AVA Labs believe Avalanche will be different from the failings of PoS projects in the past. The project will likely be a competitor to the Ethereum (ETH) project too, as AVA Labs boasts that the protocol will allow you to “build your own custom blockchains or digitize any assets with arbitrarily complex rulesets.”

“Avalanche enables the launching of smart assets or digital representations of real-world-assets that obey special parameters and trading restrictions — Better than any other platform,” AVA Labs says.

What do you think about AVA Labs postponing the AVAX token sale? Let us know what you think about this subject in the comments section below.

AVA Labs, Avalanche, AVAX, DDoS, Delegated Proof of Stake, Emin Gün Sirer, Ethereum, Postponed Sale, Proof of Stake (PoS), Proof-of-Work (PoW), Rescheduled Sale, Steemit, Team Rocket, Tokensoft, Vitalik Buterin

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: www.americancryptoassociation.com


Despite Covid-19 Negativity, Crypto Prediction Markets Say Trump Wins the 2020 Election | Bitcoin News

Despite Covid-19 Negativity, Crypto Prediction Markets Say Trump Wins the 2020 Election | Bitcoin News

According to a number of crypto prediction markets and futures, Trump will still win the election in 123 days, but his chances have lessened a great deal. No matter who wins, however, the large sums of money flowing into these wager platforms indicate that people love to bet on election outcomes.

It’s been roughly four months since the start of the coronavirus outbreak in the United States and it has shaken the country to its core. How the government dealt with the Covid-19 situation is an extremely controversial subject and many Americans have lost respect for U.S. President Donald Trump since the crisis.

American citizens always argue about politics and the two-party system and the 2020 election cycle is no different for many U.S. citizens. At the time of publication, the public knows that the incumbent President, Donald Trump, will presumptively be presented as the leader in 52 days.

The public is also aware that former Vice President for the Obama administration, Joe Biden, will also likely be presented as the Democrats leader at the national convention in 45 days. A lot of people think that the two choices from the Democrat and Republican parties are horrible this election cycle but many Americans are not aware of third-party candidates.

During the first week of February, news.Bitcoin.com reported on cryptocurrency futures and prediction markets which indicated at the time that Trump will win the U.S. 2020 presidential election. That week in February, a token called TRUMP was released in order to represent a futures agreement. Basically TRUMP is a futures contract on FTX,” the exchange FTX noted.

“[The token] expires to $1 if Donald Trump wins the 2020 US presidential general election, and $0 otherwise.” At that time, the trading platform FTX had shown the futures token was swapping for $0.62 per coin. That price per token means that Donald Trump had a 62% chance of winning the 2020 election.

Now, after the Covid-19 fiasco, the FTX futures token based on Donald Trump is trading for much less. At the time of publication, TRUMP is swapping for $0.40 per token which means traders think that Trump could lose the 2020 election. There is also a great number of people betting on the 2020 election via Betfair.

Betfair is a popular betting platform and users who want to leverage bitcoin (BTC) and other cryptocurrency payments need to use the Neteller option. Looking at the Betfair stats for the “USA – Presidential Election 2020 – Next President” wagers shows Trump has better odds than Biden. There’s roughly, $43,000+ in wagers on the Betfair website at the time of publication and Biden and Trump are the top two choices.

Data from the web portal predictions.global shows the prediction marketplace Augur and the future 2020 election outcome predictions stemming from that platform. During the last few weeks, people are still not sure that Joe Biden will be the Democratic party nominee. Despite the fact that Biden has 2,144 delegates people still think it is questionable.

The Augur prediction market thinks there’s a 25% chance it could be someone else other than the presumptive Democratic nominee. The same question is asked about Donald Trump being the Republican nominee and the wisdom of the crowd is 95% sure it will be Trump.

Similarly to our last report on cryptocurrency futures and prediction markets betting on the 2020 election, the Augur-based prediction market question called “Will Donald J. Trump be elected and inaugurated as President of the United States” is the same. Currently, 55% of Augur’s wisdom of the crowd says that Trump will win and be inaugurated.

Augur shows other questions that could make it difficult for Trump if the predictions come to fruition. One question asks if Trump will be impeached before the end of his first term and 50% of the answers think yes. Another question asks if the House of Representatives would impeach Trump and 44% think that the group could.

Augur stats also show that 29% of the prediction marketplace users think Kamala Harris could be the Democratic party nominee for President in the 2020 election.

What do you think about the cryptocurrency futures and prediction markets betting on the 2020 election? Let us know in the comments section below.

2020 election, American Election, Augur, Betfair, Betting, Bitcoin, Cryptocurrency, Democrats, Donald Trump, Election Cycle, FTX Exchange, Futures, Joe Biden, Prediction markets, Republicans, Wagers

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source: www.americancryptoassociation.com


Despite Covid-19 Negativity, Crypto Prediction Markets Say Trump Wins the 2020 Election | Bitcoin News

Fueling the Cannabis Industry: US Crypto Lending Service Files for Regulated Token Sale | Bitcoin News

Fueling the Cannabis Industry: US Crypto Lending Service Files for Regulated Token Sale

Chicago-based lending firm Ceres recently filed for a request to conduct a Reg. A sale in order to get approval from the U.S. Securities and Exchange Commission (SEC). Ceres wants to launch a token that will be used for garnering equity, while the company also wants to launch a coin that can be used to lend to cannabis startups in need of funding.

Cryptocurrencies and cannabis culture go hand in hand in the eyes of many, and the company Ceres seems to be a firm believer of this theory. On June 30, 2020, filed paperwork from the company, Ceres Coin LLC to the U.S. Securities and Exchange Commission (SEC), shows the firm wants to conduct a Reg. A offering. Basically, a Regulation A offering is an exemption from the traditional registration requirements. It means that after the SEC approves the filing, Ceres can immediately accept payment for the token sales.

Fueling the Cannabis Industry: US Crypto Lending Service Files for Regulated Token Sale

Essentially, Ceres’s business plan is to become a decentralized lending service for legal cannabis companies. Ceres will leverage two coins in order to harness equity and a coin that allows cannabis businesses to benefit from the funding. One coin will be a U.S. dollar-backed stablecoin, similar to the likes of tether (USDT). Ceres has asked the SEC to raise “up to $20,000,000 worth of its ‘coins’ and up to $30,000,000 worth of its ‘tokens.’”

The filing notes that token holders who obtain the equity version will be entitled to 80% of Ceres’s net revenues stemming from loans and 20% from the blockchain infrastructure. The filing also stresses that “payments for purchased tokens may be made in U.S. Dollars only.”

“It should also be noted that it is intended that the offer and sale of the coins will be deemed a “continuous offering” within the meaning of 17 CFR 230.251(d)(3) and that the offering of the coins will remain open for more than one (1) year,” the filing highlights in bold lettering.

The company also has a website called cerescoin.io and it gives a comprehensive description of what Ceres aims to accomplish. Ceres will follow the other regulated token offerings that were recently approved by the SEC. On July 10-11, 2019, two Reg. A token sales were approved by the SEC making history as the first two approvals.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

At the time, the SEC approved Blockstack PBC and the Props Project. Ceres stresses that the Reg. A filing approach is a more sustainable method than leveraging the unregulated initial coin offering (ICO) method.

“In 2017, at the peak of the ICO craze, the team at Ceres realized that SEC regulation had to enter the picture for cryptocurrencies to be sustainable,” the company website notes. “Taking the initiative to do the harder right thing over the easier wrong thing, Ceres opted to avoid the ICO mania and engage directly with the SEC to provide a qualified cryptocurrency offering for the cannabis market.”

Ceres claims that the blockchain network, if approved by the SEC, will help bolster the cannabis industry, as far as regulatory guidelines and financial transparency is concerned. Ceres noted that the company plans to focus on the state of Washington and Illinois. The Chicago-based lending firm has already started working in Washington State when it invoked a beta test in the region.

“[During the fourth quarter of 2018, Ceres engaged] with the top producer/processors and dispensaries in Washington St., [as] Ceres plans to launch a beta test proving the capabilities of Ceres as a transactional coin through the cannabis ecosystem,” the firm notes on the company web portal.

What do you think about Ceres applying for a Reg. A sale with the SEC to sell two types of crypto coins? Let us know what you think about this subject in the comments section below.

17 CFR, Bitcoin, Blockchain network, Blockstack PBC, BTC, cannabis, Ceres, COIN, ICO mania, ICOs, legal cannabis, marijuana, Props Project, Reefer, Reg. A offering, Stablecoin, The SEC, Token

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: www.americancryptoassociation.com


Satoshi Nakaboto: ‘Bitcoin stable, trading at around $9.5K for two months’

Satoshi Nakaboto: ‘Bitcoin stable, trading at around $9.5K for two months’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Kant used to say: If you love yourself, you won’t do drugs!

We closed the day, July 08 2020, at a price of $9,428. That’s a minor 1.89 percent increase in 24 hours, or $175. It was the highest closing price in fourteen days.

We’re still 53 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $173,738,543,115. It now commands 64 percent of the total crypto market.

Yesterday’s volume of $19,702,359,883 was the highest in fifteen days, 13 percent below last year’s average, and 73 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 338 tons of gold.

A total of 347,304 transactions were conducted yesterday, which is 8 percent above last year’s average and 23 percent below last year’s high.

Yesterday’s average transaction fee concerned $0.66. That’s $3.25 below last year’s high of $3.91.

As of now, there are 13,282 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.1 percent of the total supply, the top 100 14.3 percent, and the top 1000 34.8 percent.

With a market capitalization of $174 billion, AbbVie has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.8 percent behind being on track. Bitcoin‘s price should have been $427,435 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 61 terawatt hour of electricity. That’s the equivalent of Algeria’s energy consumption.

Yesterday 22,723 fresh tweets about Bitcoin were sent out into the world. That’s 14.9 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was one of yesterday’s most engaged tweets about Bitcoin:

My friend @theRealKiyosaki and I sat down to talk about Bitcoin on his Rich Dad, Poor Dad show.

Robert is the best selling personal finance author in history and he is now a proponent of the soundest money ever created.https://t.co/stdSSxa2O9

— Pomp 🌪 (@APompliano) July 9, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

It is time to add a bitcoin symbol to the default keyboard on android. from r/Bitcoin

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Source: thenextweb.com

Author: Satoshi Nakaboto


Bitcoin News Roundup for July 9, 2020

Bitcoin News Roundup for July 9, 2020

Disclosure

Source: cryptomoneyteam.co

Author: By TeamMMG


Kazakhstan Sets Eyes on Top-3 Spot for Global Bitcoin Mining

Kazakhstan Sets Eyes on Top-3 Spot for Global Bitcoin Mining

Kazakhstan is becoming an important destination for Bitcoin (BTC) miners seeking cheap electricity in the post-halving market driven by thinner margins. According to recent reports, the oil-rich Central Asian country expects the total amount of money invested in local crypto mining operations to double by the end of 2020 and attract $738 million over the next three years.

Unlike other countries in Central Asia, the Kazakh government has de facto legalized crypto mining, which makes the market more attractive for both local and foreign players. So, could this vast semidesert land become the new go-to spot for BTC miners?

Timeline of crypto events in Kazakhstan

The Kazakh government has adopted an overall friendly approach to crypto recently, although there is still little regulatory clarity on the subject. However, positive developments were preceded by regulatory turbulence, and at some point, its central bank went as far as to suggest a blanket ban on cryptocurrencies.

In early 2018, the chairman of the National Bank of Kazakhstan, Daniyar Akishev, declared that his agency was considering outlawing all cryptocurrencies. Just a few months later, Kazakhstan’s president, Nursultan Nazarbayev, called for global cooperation in crypto regulation but did not mention whether this regulation should encourage the sector’s growth or its containment.

Previously in 2017, Kazakhstan’s government-supported Astana International Finance Center signed a deal with Malta-based firm Exante to develop the Kazakh digital asset market, while the central bank announced it was considering using blockchain to sell short-term debt notes to investors.

Things started to look more concrete and positive for local crypto miners in 2019. In December of last year, local media reported that Kazakhstan’s lawmakers wouldn’t be taxing cryptocurrency mining until the mined assets are exchanged for fiat money, as crypto mining would not be treated as an entrepreneurial activity but rather a “purely technological process.” 

A recent bill, which was approved by the Kazakh Senate and signed into law by Nazarbayev earlier in June, essentially legalizes mining, saying that people involved in digital mining are obliged to inform the authorities about their activities. It also stresses that miners are the legal owners of the digital assets they produce.

Didar Bekbauov, founder of crypto mining marketplace Xive — a local company providing hosting services for large-scale international miners — and who previously worked at Hive Blockchain, told Cointelegraph that the current regulation is not strict, but stressed that the framework hasn’t been finalized yet: “The bill says miners need to report to [the] government about their activities. But nobody still knows how it will be in practice. Other than that no regulations.”

According to Bekbauov, the main mining players in Kazakhstan are foreign companies from China, Japan and “other Asian countries.” There is also Genesis Mining, an international cloud mining company with farms located across several countries, and Bitfury, another non-Chinese mining powerhouse headquartered in Amsterdam.

“They are miners with experience, some private funds, private investors,” Bekbauov said of the companies mining away in Kazakhstan. The Xive founder added that around 90% of their mining activities are performed on the Bitcoin blockchain, and he said that the arrival of foreign companies doesn’t make it harder for local mom-and-pop mining operations, as Kazakhstan “still has excess electricity generation.”

Therefore, the main attraction for miners is not the regulatory framework, which still remains ambiguous despite some positive developments, but rather the abnormally cheap electricity rates. As of December 2019, the price of electricity in Kazakhstan was $0.041 per kilowatt-hour for households and $0.049 for businesses. For comparison, the average electricity price in the United States is $0.14, although some states such as Texas seem to be offering competitive prices under certain conditions.

The price of electricity has always been one of the main factors when it comes to cryptocurrency mining, but it has become even more important after the Bitcoin halving took place back in May. The halved reward prompted miners to either sell their equipment or relocate to regions with cheaper electricity such as Kazakhstan, Russia, the Middle East and South America.

Along with the abundance of cheap electricity, Kazakhstan’s geographical position also makes it “a fast-growing hotbed for Bitcoin mining action,” according to Thomas Heller, global business director of F2Pool, who also told Cointelegraph:

“Kazakhstan is located in an optimal location for mining. The climate is cool, and is in close proximity to China. It’s becoming a popular location for Chinese miners to move old-gen machines from China to Kazakhstan to take advantage of cheaper electricity prices outside of the Sichuan Hydro Season.”

Bekbauov said that most local mining operations are located in regions with high electricity generation — such as Ekibastuz, Karagandy, Pavlodar and Taraz — while the country has an overall good climate for crypto mining throughout most of the year. Dmitrii Ushakov, chief commercial officer of BitRiver — a major co-location services provider for Bitcoin mining in the Commonwealth of Independent States region — confirmed that the cheap electricity prices in Kazakhstan are luring investors in, telling Cointelegraph: “Miners can currently find very attractive electricity prices for mining in Kazakhstan and some other former Soviet countries. This is the main reason for the current interest in mining in Kazakhstan.”

However, Ushakov added that there are “no natural prerequisites for cheap electricity in the country,” as it is mainly produced by coal-fired power plants. He elaborated, expanding on some other drawbacks of Kazakhstan-based mining, namely an overall unstable situation in the region and inadequate safety of local mining farms:

“This is risky because the markets and other factors affecting the price of such electricity within a nation can change quickly. Another aspect that should be considered here is the safety of these mining sites, which are often set up in a very short time by using pre-existing infrastructure that is old and unreliable.”

Last month, Kazakhstan’s minister of digital development, innovation and aerospace industry, Askar Zhumagaliyev, announced that the department is planning to attract 300 billion tenge, or $738 million, worth of investments by 2023 for activities related to cryptocurrency mining.

Kazakhstan’s ambitious mining plans might seem staggering at first, but the country has some statistics to back them up. According to Zhumagaliyev, there are currently 14 cryptocurrency mining farms that have already brought in approximately $201.7 million of investments combined.

Further, the Bitcoin Mining Map designed by the Cambridge Center for Alternative Finance at the Judge Business School of the University of Cambridge shows that the countries in the CIS region combined comprise the fourth largest region for crypto mining globally. In the second quarter of 2020, mining in Kazakhstan has reportedly made up about 6.17% of the average monthly Bitcoin hash rate, which is only slightly behind Russia (6.9%) and the United States (7.24%), while China remains the undisputed king (over 65%). Alejandro De La Torre, vice president of mining pool Poolin, agreed that under certain conditions, Kazakhstan could become third in the near future:

“With the abundance of cheap electrical prices, mild temperatures and the governments ’hands-off’ approach to mining, I do indeed foresee Kazakhstan becoming a top-3 crypto mining destination.”

Other experts are more skeptical. BitRiver’s Ushakov argued that although low electricity prices are a solid advantage for Kazakhstan in the mining race, the region itself isn’t stable enough to witness significant growth:

“Although low electricity prices make Kazakhstan a hot destination to mine, we believe that China, Russia and the USA will continue to be the top-3 mining destinations in the world because of increasing investments in mining, predictable energy policies and a more stable political as well as economic environment for mining.”

Kristy-Leigh Minehan, a mining consultant and former chief technology officer of Core Scientific, told Cointelegraph that she does not expect Kazakhstan to become a top-three destination anytime soon due to an apparent lack of interest from institutional players: “Bitcoin mining is becoming the destination of institutional investment that seeks an alternate asset base; many are still very shy with regards to Kazakhstan’s politics.”

Source: bitcoinrecent.com

Author: by admin


Avalanche Launch Fumbles: 'A Highly-Sophisticated DDoS Attack Derailed Token Sale' | Bitcoin News


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