Tezos surpasses EOS for first time in crypto history
For the first time in crypto’s short, fraught history, Tezos (XTZ)—a cryptocurrency that occupies the number 10 spot on the crypto industry’s list of top 20 tokens—has surpassed EOS, number eight, in volume, price, and value locked in staking.
At the time of writing, Tezos is also trading for $2.75, while EOS is going for $2.73. XTZ’s trading volume yesterday surged to $95 million—a jump of more than 31 percent compared to the previous day. By contrast, EOS’s volume was $34 million, a spike of just over four percent.
The price surge marks Tezos’s highest price in well over a month. XTZ last traded for this amount on March 8 and 9, when it slid between $2.60 and $2.90.
Tezos also now boasts a considerably larger staking network than EOS. Messari lists the coin in third place behind Cosmos (ATOM) and Synthetix (SNX). The currency has an annual staking yield of nearly 7%. (Of course, annual price fluctuations are often far greater than 7%).
EOS, however, still boasts the larger market cap of the two. Its market cap is $2.5 billion, while XTZ’s is closer to $2 billion. Still, today’s news is a huge step forward for Tezos, considering last week Tezos’s cap was roughly $500 million less.
The good news surrounding Tezos follows reports that the cryptocurrency’s blockchain outranks Bitcoin, according to Weiss Crypto Ratings, a financial agency that rates cryptocurrencies.
The bad news is that the last two days were a wild ride for investors of most of the industry’s leading cryptocurrencies. Bitcoin—after a lengthy period of dithering between $6,700 and $7,000—spiked beyond $7,400 on April 23. Ethereum also rose to $190 for the first time in over a month, constituting a 24-hour gain of roughly $20.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Author: Decrypt / Nicholas Marinoff
This way you get 10% interest on Litecoin (LTC).
To some extent, trading cryptocurrencies like Bitcoin [BTC], Litecoin [LTC], Ethereum [ETH] and XRP can be particularly difficult in a bear market for people unfamiliar with this environment. One technique used by traders is to reverse their charts in Tradingview to mimic the traditional bull market cycle. By reversing the chart, traders can analyze it as a well-known bull market trend.
However, when this becomes problematic, some traders usually convert their holdings into stable coins like Tether [USDT] and wait for favorable bullish conditions. Holders are the only option for long-term holders, and now they can earn substantial substantial interest from unused funds.
Earn 10% with Litecoin [LTC] on MyCred
A method for investors to get Litecoin [LTC] annualized interest rates through the MyCred platform. The Litecoin Foundation informed the LTC community about this new feature through the following tweets.
With @ihavecred's new daily compound interest calculation feature, making money with #crypto has never been easier. Click here to use your assets: https://t.co/HkmxKXHcwm pic.twitter.com/ItQQGrZWnG
– Litecoin Fund [@LTCFoundation], April 13, 2020
Upon further review of the MyCred platform, we found that regardless of market direction, users can earn up to 10% of their digital assets annually. The user chooses cryptocurrency or stablecoin to pay interest every month.
Cred is a global financial services platform whose vision is to enable everyone to benefit from fairer and more comprehensive financial services. The assets associated with the aforementioned investment services are used to provide loans to various clients such as retail investors and financial planners.
Other methods of storing cryptocurrencies by exchanging cryptocurrencies
The concept of cryptocurrency savings is also accepted by well-known exchanges like Binance, which offer various savings options such as fixed and flexible savings. For holders who promise to hold for a long time, a blocked savings account can offer the best Binance return. Further information can be found on the "Savings" page of the stock exchange.
Disclaimer: This article is not intended as financial advice. All other views in this article are solely those of the author and are not those of Ethereum World News or any other author. Before you invest in many available cryptocurrencies, please do your own research. Thank you.
Information source: compiled from 0x information from ETHEREUMWORLDNEWS. The copyright lies with the author and may not be reproduced without permission
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New Crypto Bridge Will Make Tether Transactions Cheaper, CTO Says
Paolo Ardoino. Credit: Ingrid Weel, courtesy of Bitfinex
Tether’s CTO hopes a new EOS-Bitcoin interoperability bridge could one day make tether cheaper and faster because users will be able to make transactions on less-congested blockchains.
Launching Friday, the company will initially support a bitcoin wrapper on the EOS mainnet – pBTC. Essentially, a user will be able to deposit funds in one network, say Bitcoin, and pToken will issue the user the equivalent amount of “wrapped” tokens on the new network. The company hopes to support a bridge between litecoin and EOS, as well as EOS and ethereum.
A key benefit of interoperability is users can better leverage the different characteristics of different blockchains, Ardoino said. One of the initial reasons Tether created an ERC20 version in 2017 was so it could sidestep the congested Bitcoin network.
“Omni was costing a lot of money, up to $500, Ethereum wasn’t so saturated, so the fees were cheap. Every trader would have preferred to move the funds onto the Ethereum blockchain because it was cheaper and faster,” Ardoino said.
Ethereum speeds slowed due to network congestion by the end of 2017, however. Creating an interoperability bridge between it and EOS – which has higher throughput and much less chain activity – essentially provides users with a “backup” option, so they can continue to trade with minimal fees and quick settlement times, he claimed.
Many crypto exchanges, including Bitfinex, already offer users two different types of tether, so the ability to swap between protocols already exists in some form. However, interoperability bridges make it easier for users themselves to move between the different protocols.
Ardoino foresees Bitfinex and Tether will continue to perform chain swaps. Major exchanges looking to swap $10 million worth of tether between two chains will always be able to organize it with them directly, he said.
But, he added, greater interoperability will allow retail investors with smaller amounts of tether to also shift freely between the different blockchains.
Ardoino hopes his involvement with pTokens might encourage other developers to build bridges to other protocols, creating greater connections between all the different chains. Enhancing interoperability may one day act as the bridge for tether to launch on many other new protocols, he added.
Author: Omkar Godbole
How to Mine Bitcoin: Complete Guide For Beginners
Bitcoin pioneered mining when it first went live in 2008, and it’s still one of the most popular coins among crypto miners.
Mining serves various essential purposes: it provides security for the Bitcoin network and it processes transactions. Moreover, it provides a way for participants to earn BTC as a reward.
In order to mine a block, participants must solve cryptographic hash problems. This is referred to as “hashing.”
Bitcoin relies on a specific hash function called SHA-256. This is only important insofar as the nature of SHA-256 has led to an arms race of increasingly efficient computer chips purpose-built for Bitcoin mining.
It is no longer possible to mine Bitcoin at a profit using commercially available computer hardware, like a GPU or CPU. In order to compete, miners must use a device called an ASIC (application-specific integrated circuit), which is capable of solving SHA-256 problems very quickly. One of the most popular ASIC lines is Bitmain’s Antminer.
Bitcoin could abandon SHA-256 and adopt an alternative in order to resist ASIC dominance, but it is unlikely to do so. Critics such as Cobra and BTC POW Upgrade have advocated changes to Bitcoin’s mining protocol, but they have failed to gain traction.
There are several different models of ASIC mining devices on the market. The most profitable ASICs have a high hashrate in terahashes (TH/s) and low energy consumption in watts (W). Keep in mind hashrate and energy efficiency change quickly as newer, more efficient ASICs are released.
These are some of the most profitable ASICs, according to F2Pool:
- Antminer S19 Pro, 110 TH/s, 3250 W, selling for $2,900
- Whatsminer M30S++, 112TH/s, 3472 W, selling for $1,800
- Hummer Miner H9 Pro, 84TH/s, 3360 W, selling for $1,600
- Canaan Avalon 1166, 68 TH/s, 3196 W, price unknown
- INNOSILICON T3+, 67 TH/s, 3300 W, selling for $2,000
There are also consumer devices like the the Coinmine One. Though, these “plug-and-play” mining devices are unlikely to turn a profit.
As of April 2020, the Antminer S19 Pro generates roughly $9 worth of profit per day, while the INNOSILICON T3+ brings in about $4 of profit per day. Exact profits are subject to change depending on personal electricity costs and BTC market prices.
Though it is clearly possible to mine BTC at a profit, ASICs are an expensive investment. The ASICs listed above cost $2,000-$3,000, and it could take over a year to recover the upfront costs.
Unfortunately, ASIC devices become obsolete fairly quickly. Though stories of ASIC devices being dumped and sold for scrap metal may be sensational, ASICs only last a few years—and it is not a good idea to buy a past-generation ASIC just before its lifespan expires.
Bitcoin mining is highly competitive, and the blockchain’s overall hashrate has risen sharply over the past several years.
This growth is partially due to the rise of large-scale mining farms. Though it is not clear how heavily Bitcoin mining farms dominate mining, one firm (Layer 1) has suggested that it controls 2% of the total Bitcoin hashrate. Larger farms may have even greater dominance.
However, the dominance of mining farms should not be overblown. Bitmain, which likely controls a large percentage of the Bitcoin hashrate, has achieved such a large market share by selling ASICs to independent customers—not just by operating its own mining farms.
In any case, it is still possible for individuals to compete with mining farms. Rising hashrates simply render older ASIC devices obsolete.
Bitcoin undergoes a “halving” every four years, which cuts its block reward (the reward for mining one block) in half.
Though this reduces mining profits in the short-term, halvings also reduce inflation. In theory, this ensures that Bitcoin maintains a reasonably high value in the long term.
There is plenty of debate over whether halvings actually impact prices, or whether they are “priced in” beforehand. Bitcoin’s 2012 halving caused its price to rise from $11 to $1,100 (97x) over one year. Bitcoin’s 2016 halving caused prices to increase from $268 to $2,500 (10x) over the course of a year.
The next Bitcoin halving is scheduled for May 18, 2020—but there is no guarantee that the price trends following this halving will resemble previous trends, either in the short-term or long-term.
Incidentally, Bitcoin Cash and Bitcoin SV underwent their own halvings in 2020 without significant changes to market value. Those trends should not be generalized to Bitcoin.
It is no longer practical to “solo mine” BTC. Instead, those looking to mine will need to join a pool. Pools share rewards across miners in exchange for a small fee. This allows miners to earn block rewards on a regular, consistent basis.
Bitcoin mining pools are known for being fairly centralized. Bitmain owns two of the largest pools: Antpool and BTC.com. Two other large pools, F2Pool and Poolin, are independently operated.
Generally, it is not necessary to compare pools too closely. Any pool that offers 1%-3% fees and minimum withdrawal amounts of 0.001-0.005 BTC ($10-$50) is reasonable. Most mining pools listed on the chart above are a good choice for most miners.
Each pool’s website will provide instructions on how to configure key mining software as well. Popular mining apps include CGMiner, BFGMiner, and EasyMiner. The Bitcoin Wiki provides a comparison of each application.
Mining pools should not be confused with cloud mining services, which demand payment upfront and mine on behalf of users who half no mining equipment. These services are not always reliable and usually produce losses for buyers.
Apart from Bitcoin, many coins rely on the SHA-256 hash function. This means that ASICs intended for BTC mining can be used to mine some forks of Bitcoin, such as Bitcoin Cash, as well as distantly related coins such as Digibyte and Peercoin.
Though BTC is generally among the most profitable SHA-256 coins, it may be more profitable to mine these altcoins at certain times:
Conversely, some Bitcoin forks do not use SHA-256 at all. Litecoin and Dogecoin use Scrypt, while Bitcoin Gold uses Equihash. Bitcoin ASICs cannot mine these coins efficiently.
Though this article focuses mainly on profitability, Bitcoin mining also provides an important part of Bitcoin’s security.
Because every mining node competes against one another, no single actor can perform a 51% attack. That is, an attacker cannot control a majority of Bitcoin’s hashrate, make fraudulent transactions (double-spend), or prevent transactions from being approved.
Though smaller blockchains have suffered brief 51% attacks, Bitcoin’s high hashrate means that a 51% attack would be very expensive. The cost of such an attack would run into the tens of millions. Furthermore, the attacker would need to directly control many ASICs—not just have the money to do so.
In theory, mining pools or cloud mining services could collude and exert control in this way. However, miners can move between services that they disagree with, so those services are unlikely to abuse their power and perform a 51% attack.
Though Bitcoin mining is highly competitive, it is a go-to option for many new miners. There are a few advantages:
- Bitcoin pioneered mining and leads the crypto market
- Major changes to Bitcoin’s mining protocol are unlikely
- Several Bitcoin forks can be mined with Bitcoin ASICs
- BTC profits are high compared to other SHA-256 coins
There are also some disadvantages:
- Bitcoin ASICs are expensive and become quickly obsolete
- There is little discussion around mining improvements
- Mining is very competitive and hashrates are high
- BTC profits are low compared to other coins in general
But, there is more to mining than profitability. It’s also a fun way to support and better understand the Bitcoin blockchain. In all, mining hobbyists may find themselves rewarded with more than just satoshis.
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Author: by Mike Dalton
Oil Crashes, Satoshi Speculations, and Earth Angel Scams: Bad Crypto News of the Week
It’s been a good week for Bitcoin. After languishing at around $6,700, the cryptocoin is up more than 6 percent over the last week to take it above $7,000. And the next halving is now less than three weeks away.
Changpeng Zhao is looking further ahead. He predicts that in a few months, as governments implement quantitative easing measures to stabilize coronavirus-hit economies, Bitcoin will rise. “Mathematics works, he told BlockDown 2020, a two-day virtual conference. “If you increase supply of the fiat currency and Bitcoin is a limited asset, mathematics will eventually work.” For crypto-ATM services like DigitalMint and LibertyX, that’s good news. They’ve been expanding their spread of Bitcoin cash machines. The movement of digital coins certainly looks better than that of oil. As a barrel of crude fell into negative territory for the first time, Bitcoin barely moved.
Not all the old stuff being dug up is worthless though. A 21-year-old post on the Cypherpunks mailing list has led to speculation that it was written by a young Satoshi Nakamoto. The post describes a form of e-cash, and mentions many of the issues that came to define Bitcoin.
There may be good news for anyone who lost money on their crypto trades this year. It’s complicated stuff but IRS virus relief might now mean that it’s easier to offset losses. And the virus could create new blockchain opportunities in its birthplace. A report on the response of China’s blockchain industry to COVID-19 suggests that monetary policies will push people towards digital coins.
In the US, a federal judge has issued warrants for the arrest of David Schmidt and Robert Dunlap. Schmidt is a former Republican state senator in Washington. He and Dunlop are alleged to have sold Meta 1 tokens that they claimed were backed by $1 billion in fine art or $2 billion of gold. The SEC froze the cryptocurrency’s assets and charged the firm’s operators with fraud on the grounds that there were no tokens. The defendants, together with Nicole Bowdler, who claims to be “an Earth Angel” in touch with the angel Metatron, were charged with fraud.
Libra is hoping that the government will be more lenient towards its plans. The association has revised its white paper in an attempt to meet the demands of US regulators. At least two members of the House Financial Services Committee are not impressed. Outside the US, Facebook remains bullish on its digital coin. It’s looking for 50 new workers to add to its team of 5,000 to work on Calibra.
In Japan, one of the country’s largest advertising companies is planning to use the blockchain to reward people who comment on manga, even though those comments may include copyrighted material. And in Malaysia, police have arrested fourteen Chinese men for their involvement in an alleged Bitcoin scam. The men are said to have impersonated wealthy investors.
And finally, some good news. Enterprise blockchain, Hyperledger Fabric, is bringing trust to difficult but vital markets, like aerospace parts. A survey has found that it’s not all drugs on the crypto markets. Fifteen percent of digital spending goes on clothes and 14 percent is spent on food. All that clothes shopping must be giving people the munchies. And players of Upland spent $1,236 on Tier 3 Easter egg properties to raise money for NYC’s battle against the coronavirus. Uplandme, Inc. matched that spend to donate $2,500 to the NYC COVID-19 Response & Impact Fund.
Check out the audio version here:
Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Author: Joel Comm