Connect with us

crypto-

Proof of Work Coins on High Alert Following Spate of 51% Attacks

Published

on

First it happened to verge. $1.8m of cryptocurrency swiped in a matter of hours. Then to bitcoin gold, plundered in an $18m double spend attack. Then to verge again, this time to the tune of $1.7 million. Along the way, monacoin is also believed to have been hit. Someone is methodically working their way through Proof of Work coins, controlling their hashrate, and then launching 51% attacks. Other PoW teams are now on high alert for signs that their coin could be next.

Following a Spate of Attacks, PoW Teams Batten Down the Hatches

Verge Struck By Second PoW Attack in as Many Months51% attacks, in which a malevolent miner controls the majority of the network hashrate and then uses it to force through fraudulent transactions, are commonly discussed but rarely encountered. That all changed on April 4 when verge was hit by a 51% attack. At the time, the incident was put down to the general fog of incompetence that surrounds verge; the exploit was quickly patched and everyone moved on. Then, just over a month later, verge was hit again along with bitcoin gold and possibly monacoin too. The spate of attacks has caused a crisis of confidence in Proof of Work coins and forced their development teams on the defensive.

Although called a 51% attack, in reality it’s often possible to control the network with a much lower hashrate. Because verge uses five different hashing algorithms, for example, the attacker was able to reduce the mining difficulty for just one algorithm and focus all their firepower on that, armed with just one fifth of the hashpower they would otherwise have needed. The second time around, they modified their attack slightly and targeted verge with a dual blast using two different algorithms. Bitcoin gold, meanwhile, was targeted due to its equihash algorithm, the same one used by such coins as zcash and komodo.

The Cost of Staging a 51% Attack

Following the run of 51% attacks, teams have rushed out updates to reassure the community that their coin is safe, and to deter would-be attackers. The cost of attacking ethereum classic has been estimated at $70m, for example, and estimates have been made for doing the same with the top 10 PoW coins. BTC is priced at $2.2 billion to attack, whereas zcash comes in at $87m. In his blog post, Husam Abboud claims that “If a zCash miner with +8% of Nethash [switches] to mine Bitcoin Gold, he is +51% BTG nethash, that brings the cost of 51% attack on BTG to 580 ZEC/day ~$200k”.

Because bitcoin gold has a much lower hashrate than coins such as zcash, it is a far easier target to pick off. Now that the feasibility of double spending a recognized PoW coin has been proven, aspiring attackers are calculating the costs of renting hashing power from a provider such as Nicehash and using it to take over a target of their choosing. This is one of the dangers with an altcoin using an existing algorithm: it’s easy for an attacker to switch from mining one to another at the flick of a switch, leaving low hashrate PoW coins vulnerable to hostile takeover without warning.

Proof of Work Coins on High Alert Following Spate of 51% Attacks

There’s a Storm Brewing

PoW teams are hitting back, and have enacted various measures to thwart future attacks. On request, Binance has upped the number of confirmations required to deposit equihash-based coins onto the exchange. The more confirmations that are required, in theory, the more likelihood there is of detecting and thwarting a 51% attack. Maidsafe, meanwhile, has proposed a new consensus mechanism called PARSEC, though some believe it may be vulnerable to other threats such as Sybil attacks, which are a recurring theme with staking algorithms.For the coins that are committed to remaining with Proof of Work, most of which descended from Bitcoin at some point in time, it’s a case of remaining on high alert for possible signs of foul play. One PoW altcoin team has set up a script to constantly monitor their hashrate. In the event of a spike of over 10%, they will be automatically notified. Should the newly added hashrate emanate from an unknown pool, or be in danger of tipping an existing pool over 50%, they have a large quantity BTC on standby with Nicehash ready to purchase their own firepower to counter the attack. It’s a high stakes game and PoW teams can’t leave anything to chance. No one wants to be the next bitcoin gold.

crypto-

Crypto Market Cap And Bitcoin Holding Support: BCH, BNB, EOS, TRX Analysis

Published

on

  • The total crypto market cap is currently holding the key $210.0B support area.
  • Bitcoin price is also trading just above the $8,250 and $8,200 support levels.
  • EOS price is showing positive signs above the $3.050 and $3.000 support levels.
  • Binance Coin (BNB) is up more than 2% and it is trading nicely above the $18.00 resistance.
  • BCH price is holding the $220 support and it could rise above the $235 resistance area.
  • Tron (TRX) price is up around 4% and it is gaining pace above the $0.0162 resistance.

The crypto market cap and bitcoin (BTC) are holding important supports. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS might climb higher.

Bitcoin Cash Price Analysis

In the past few hours, there were mostly range moves in BCH price above the $215 support against the US Dollar. The BCH/USD pair is slowly rising and it is trading near the $225 level. On the upside, a clear break above the $235 and $240 resistance levels is needed for more upsides in the near term.

Conversely, a downside break below the $215 support area might push the price towards the $205 support area or the $200 pivot level.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price is trading nicely above the $3.050 and $3.000 support levels. The price is showing positive signs above $3.100 and it could soon test the $3.200 and $3.250 levels. The main resistance on the upside for the bulls is near the $3.300 level.

Tron price remained in a positive zone and it recently settled above the $0.0160 resistance level. TRX price is currently up around 4% and it is trading nicely above the $0.0162 level. The next key resistance on the upside is near the $0.0165 level.

Tron price remained in a positive zone and it recently settled above the $0.0160 resistance level. TRX price is currently up around 4% and it is trading nicely above the $0.0162 level. The next key resistance on the upside is near the $0.0165 level.

Binance coin (BNB) performed really well in the past two days and broke a few important resistances near the $7.50 level. BNB price even broke the $18.00 level and it is currently trading near the $18.20 level. On the upside, an immediate resistance is near the $18.50 level, above which it could test the $18.75 and $18.80 resistances.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Looking at the total cryptocurrency market cap 4-hours chart, there was a spike towards the $230.0B level. It seems like the market cap failed to gain pace above the $225.0B resistance area. It is currently correcting lower below $220.0B, but holding an important support near the $210.0B level and the 100 SMA. If there is a downside break, the market cap could revisit the $200.0B support. If not, there could be a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.

Source:newsbtc

Continue Reading

crypto-

UNICEF’s crypto fund shows Bitcoin is accepted as financial asset

Published

on

Bitcoin, the king coin with a market share of 66.8 percent, continues to be the market mover as it attracts more sectors. This time around, the news broke from UNICEF as the agency announced that it would be accepting the largest cryptocurrency along with Ethereum for donation with the launch of UNICEF Cryptocurrency Fund. Moreover, the agency will not be converting the crypto donations to fiat, rather will be held and distributed in crypto.

The announcement read,

“In a first for United Nations organizations, UNICEF will use cryptocurrecy fund open source technology benefiting children and young people around the world.”

Michael Novogratz, founder and CEO of Galaxy Digital, spoke about the United Nations agency accepting cryptocurrency, in an interview with CNN. He stated that this shows that more people have started to accept “Bitcoin as a financial asset.” The Bitcoin proponent also pointed that contrary to UNICEF’s crypto fund, there were some charities that accepted Bitcoin, but would later see it for fiat mainly because “they’re more conservative.”

Subsequently, Novogratz also brought up Yale’s venture into the cryptocurrency space toward the end of 2018. The second-largest endowment in higher education backed a multi-million dollar crypto-fund, Paradigm by helping it raise $400 million. He said,

“[…] usually where Yale goes all the rest of the endowments follow. They’ve made investments in Bitcoin. Yale, Harvard and Standford have all invested and ventured funds that own bitcoin and venture properties in the space.”

This was followed by Novogratz speaking about the diversity of the cryptocurrency market and communities, and the on-and-off brawl between communities on social media platforms. To him, Bitcoin is the only cryptocurrency that has “a store of value lane.” He went on to say that Gold, which has a $9 trillion market cap, has value because “we say it’s valuable,” whereas the rest of the elements in the periodic table has value because of its use-case. He said,

“I think Bitcoin is going to be valuable just because we say it’s valuable but the rest of the cryptocurrencies are going to need to be used and it’s going to take a while for those economies to develop right? We had a bubble they all went up because they were all the next bitcoin in fact they are all not the next Bitcoin.”

Novogratz added,

“It doesn’t mean the Ethereum project isn’t an awesome project. In three or four or five years, it could be a spectacular project. It might have a huge amount of value but it’s not going to get the value the same Bitcoin does “

Source:ambcrypto

Continue Reading

crypto-

Fidelty quite cautious about offering crypto says exec

Published

on

American firm Fidelity Investments has voiced the strict regulatory plans implied to cryptocurrencies in order to support the protection of its clients. Kathleen Murphy, an executive, stated about the measures taken against what to offer on the network. Fidelity is expected to roll out Bitcoin trading for institutional clients in May of 2020.

The personal investing president of American financial services company Fidelity Investments, Kathleen Murphy, has stated that the firm does not offer cryptocurrencies on retail trading platforms to ensure the protection of its clients. Murphy asserted this viewpoint during an interview with CNBC published on Oct. 11. After the interviewer asked when she expects users to trade cryptocurrency “in a meaningful way” on Fidelity’s platform, Murphy replied: “You know, we’re really careful about that. So we embrace crypto in terms of trying to understand it and be innovative and thoughtful. We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors […] don’t make a mistake with cryptocurrency.”

The firm is geared up to commence Bitcoin Trading for institutional clients in May 2020. Currently, it holds a total of $7.4 trillion worth of customer assets under its management.

Disclaimer: Coinnounce’s views are not necessarily reflected in the articles published, and they are the sole representation of the author’s opinions. Article’s information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Source:coinnounce

Continue Reading