Ethereum Miners Revolt Over EIP 1559, How Will ETH Price React?
In a show of force against the implementation of Ethereum Improvement Proposal (EIP) 1559, on April 1, Ethereum miners plan to direct their hashing power to the Ethermine mining pool, which opposes the proposal.
The coordinated action will last 51 hours, signifying their intent to harness more than 51% of the network’s hash rate. During this time, the activists plan to analyze what will happen to the Ethereum network under the guise of “educational purposes.”
For educational purposes, let’s collectively move our hash to https://t.co/6osh2Op6yl April 1st for 51 hours. @etherchain_org @BitsBeTrippin @SonOfATech @maxvoltage @SavageMine @VoskCoin @Nemisist2 @notyournormalm1 @BrandonCoin1 @GuntisVitolins #eip1559 #stopeip1559 #Ethereum
EIP 1559 refers to a fee market reform proposal to bring wholesale changes to miners fees, wallet UX, plus the addition of a deflationary burn mechanism. Its purpose is to address high gas fees, but crucially, its implementation won’t necessarily mean lower gas prices for users.
Ethereum miners generally oppose this because it will swap the current bid-based system for a set fee, BASEFEE, model, plus a small tip for miner compensation. The result is likely a cut in revenue for miners.
The last core devs meeting revealed that EIP 1559 would be packaged with the London hard fork this July. Making a showdown between miners and devs inevitable at this point.
Michael D. Carter, the host of the Bits Be Trippin YouTube channel, explained the movement’s motives by saying they want to demonstrate that miners can coordinate their actions.
Carter points out that the purpose of this is to run an experiment on the Ethereun network, showing what could happen if miners concentrated their hashing power.
Under this scenario, Carter says an incentive structure is now in place for a would-be attacker to exploit the reduced hash power.
Reddit user DCinvestor slammed the actions of Ethereum miners planning to participate in the April 1 action. He accused them of having “an extractive mindset” that cares for nothing but getting paid. Adding, their actions will hurt all stakeholders in the near and long term.
DCinvestor makes the point that miners’ willingness to let a network attack happen already isolates them from those previously sympathetic to their cause.
Ethereum investors have a bumpy road ahead.
This post was originally published on www.newsbtc.com
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South Korea Regulator Cracks Down On Crypto Money Laundering
March 11, 2021March 11, 2021
The rules are not in effect yet but the South Korea regulator says that they are already affecting the crypto market. The leading financial regulatory introduced penalties for crypto exchanges that don’t implement anti-money laundering laws and the FSC announced that starting April 20, all crypto exchanges and other crypto-related companies which facilitate crypto transactions will face fines of $26,000 to $52,000 which is more than 40% of the legal penalties.
The companies will have to pay fines if they don’t report suspicious transactions and will have to keep data on all of the transactions while maintaining a log of customer transactions and the smaller companies will have to pay smaller fines as well. The introduction of the regulation will be able to explain why Bithumb which is one of South Korea’s largest crypto exchanges restricted crypto accounts in countries that haven’t yet implemented anti-money laundering measures.
The Financial Action Task Force identified 21 such countries like South Korea’s neighbor as one Bithumb official noted:
“The company will continue improving its system to protect investors, and enhancing transparency in the crypto market.”
South Korea will not be the first country to crack down on anti-money laundering as the FATF introduced a recommendation like the member countries to implement stringent AML policies but while not legally binding, FATF will blacklist other members that ignore these recommendations. These include the so-called Travel Rule which requires crypto companies to share personal information with other companies when someone sends more than $3000 and crypto companies will have to think of a way how to perform this before FATF makes the countries get their act together.
The FATF also said that South Korea has a decent legal framework to prevent these types of activities but that the country has to do more to “stop government and public officials from laundering the proceeds of corruption.
As recently reported, With cryptocurrencies picking up steam and bringing in features of regular asset classes, South Korea’s government levies taxes on capital gains from digital currency. The country is the latest in the row to adopt this initiative as its Ministry of Economy and Finance said it will levy taxes on crypto starting from 2022. The government is going ahead with the proposed tax on crypto returns after a few reconsiderations.
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