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EOS MainNet Still Not Live and All the Reasons Why

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EOS gained special attention once it managed to push Litecoin down to the sixth spot on the global coin ranking list while taking over its originally long-held place as the fifth-best coin in accordance with its market capitalization that now counts over 9.6 billion dollars. However, what came with even radical anticipation is the launching of the EOS mainnet.

The network encountered several problems during the initial launching and prior to the launching of its main net, starting from troubles revolving around voting for the release of the main net to having EOS holders not being enough tech-oriented to be able to follow up with the entire token transition without having the appropriate tools for voting block producers either. All in all, it seems that the past couple of days came as chaotic for EOS.

The most chaotic moment maybe belongs to the case where many holders are not sure about the reason why EOS main net still didn’t go live. In that spirit, here are all the reasons, technical and circumstantial, for not having the EOS mainnet live at this point.

EOS MainNet Launch: Dead, but Alive?

Although it may sound like a Walking Dead episode, many EOS holders might have the feeling that EOS mainnet is quite dead although alive, which is a completely wrong impression.

The fact is that the main net is still not going live for its users, but it is also the case that the main net was successfully launched two days ago, on June 10th. After the third voting session successfully took place, EOS holders voted EOS main net launch to happen on the mentioned date, as it was eventually at 13:00 UTC.

However, due to the fact that the block producers are still waiting to be voted, EOS main net won’t be able to go live until that happens.

That means that the holders first need to vote their block producers while choosing 21 block producer that would make an essential addition to the operational power of the EOS network.

The block producers that are yet to be voted in order to officially take their places on the EOS network are all presented to their voters, however, some developers that remained faithful to EOS, making contribution to the chain prior to being chosen as candidates for block producers, are not sure who some of the top block producer candidates are, stating that there seem to be a case of making favorites while presenting developers unknown to the EOS community as potential block producers.

In the opinion of some of the candidates, some EOS holders might be disappointed in this case so they are hesitating with staking their tokens in order to vote, which additionally postpones the moment when the network will go live.

EOS Network Not to Go Live until Block Producers are Chosen

The fact is that the newly launched main net won’t go live until the block producers are voted.

All EOS holders have the right to vote, and their right is powered up by the number of tokens that they chose to stake in the voting hub. The greater the amount of tokens is staked by a single holder, the greater voting power that voter will have.

It has been stated by the EOS team that there need to be 150 million tokes staked in order for the voting to be completed and announced as valid, which means that EOS is ”only ” 150 million tokens away from being marked as live and ready to use.

However, it seems that the voters have only staked around 30 million tokens, with the first 10 million being staked during the first day of the main net launching. The reason why the network needs 150 million tokens in order to vote who the block producers would be, is because there need to be 15% of the tokens staked in the voting hub.

The importance of this voting is massive since the chosen block producers will operate the same way the block miners do, so their job would be crucial for efficiency and effectiveness of the new EOS main net.

There is a problem with this voting as well, which prevents the main net to be launched as soon as possible.

EOS Holders Are Not Sure How to Vote

What might be the biggest problem besides the fact that EOS needs five times more the amount of EOS they currently have is the fact that those holders that can be categorized as non-technical users or not particularly tech savvy are not sure how to vote.

Apparently, at the beginning when the voting for block producers have been announced as the ultimate goal that needs to be completed in order for the main net to go live, EOS voters could only vote by directly using the command line, which was pretty hard for the part of the voters that is not particularly tech-oriented.

Although there are a couple of tools for voting that appeared after the voting was announced, there are still a lot of voters waiting to have these tools confirmed and approved by the EOS team, while also probably waiting for more precise directions on how to vote.

EOS’ Performance

While the market seems to be greatly divided at this moment with one part dropping and the other part of the cryptos going up with different growth rates, EOS seems to be in the team “red”.

After the latest change that took place in the last 24 hours, EOS has gone down by -1.69% against the dollar, which means that EOS can be traded at the price of 10.82$ per one unit.

EOS tokens are currently in the transition between the previous chain and the new main net, while also waiting for EOS holders to stake their tokens towards fulfilling the goal of 150 million EOS units staked for the voting of block producers.

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Mexican narcos use bitcoin to ‘clean up’ revenue

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Mexico City.- Criminal organizations such as the Jalisco Nueva Generación Cartel (CJNG) or the Beltrán Leyva launches illicit proceeds in the United States and the rest of the world through virtual currencies such as bitcoin, the Drug Enforcement Administration assures (DEA , for its acronym in English).

According to the report National Evaluation of Drug Threat 2017, China is a fixed center for money laundering through large shipments of products manufactured in that country, where cryptocurrency is very popular.

‘In previous years, the preferred methods were money transfer systems (…) Today bitcoin and other virtual currencies allow cartels to transfer illicit profits on an international scale,’ the document said.

Last Wednesday the Attorney General’s Office (PGR) and the DEA created a joint team to combat the financial networks of drug trafficking.

That same day, Alfonso Durazo, future secretary of Public Security, reported that the anti-crime strategy of the next government will prioritize combating the economic resources of drug trafficking over the capture of gang leaders.

The narco prefers bitcoin to wash

According to the DEA, for a couple of years the Mexican cartels have been buying virtual currencies, which they use to purchase products in China that they sell later in Latin America.

For a couple of years cryptocurrency, mainly bitcoin, has become one of the most effective digital platforms to launder drug money, and the Drug Enforcement Administration (DEA) of the United States is looking for ways to stop this problem that grows every year.

According to the document National Evaluation of Drug Threat 2017, of which Excelsior has a copy, the transnational criminal organizations, where the Mexican women stand out as the Pacific cartel, the Beltrán-Leyva and the Jalisco Nueva Generación Cartel, are being well advised by brokers in the so-called deep web to use virtual currencies and launder illicit profits in the United States and other parts of the world.

‘In previous years, the preferred methods for moving and laundering illicit profits, that is, the smuggling of bulk money, was to use money transfer systems, money laundering based on commerce and the formal banking sector. Today the bitcoin and other virtual currencies allow the cartels to transfer, easily, illicit gains on an international scale, ‘said the document, which is signed by Chuck Rosenberg, who until the end of September 2017 headed the DEA, and then resigned due to friction with the President Donald Trump.

The data shown by the DEA for 2017 show that drug sales in the United States represent around 64 billion dollars, or 21% of the 300 billion dollars in illicit profits generated, currently, by all forms of crime in the United States. this country.

‘Drug trafficking is a very intensive cash enterprise, in dollars, so criminal organizations must overcome several obstacles to successfully launder and spend illicit profits,’ said the report declassified by the authority of that country.

For 2016, according to the analysis of the DEA, California, Georgia and Texas, three of the states with the largest seizures of dollars in bulk to drug trafficking reported seizures of 94.2 million dollars. This amount decreased significantly, by more than 50%, compared to the previous two years.

‘The decrease in seizures is indicative of the use of other more discrete methods of moving illicit money,’ he said.

According to the study Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies ?, published in January of this year, cryptocurrencies are among the largest unregulated markets in the world.

‘We found that approximately a quarter of the bitcoin users and half of the bitcoin transactions are associated with illegal drug trafficking activities. About 72 billion dollars of illegal activities per year involve bitcoin, which is close to the scale of the illegal drug markets in the United States and Europe. ‘

The changes

In 2016, the US authorities reported more than 2,800 incidents of bulk cash confiscation for drug trafficking issues totaling more than 336 million dollars. This meant a decrease of 27% compared to the 464.2 million dollars of the previous year in reported cash seizures.

Since 2010 there has been a steady decrease in the gross amount of bulk cash seizures throughout the United States. ‘This low could be indicative of the use of other more discrete methods to move illicit money such as cryptocurrencies, and could even explain the boom bitcoin has had in recent years,’ several analysts have suggested to the DEA.

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Bitcoin

Bitcoin: New way to launder income of Mexican cartels

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Mexico City.- Some of Mexico’s main criminal organizations laundered their profits globally through the use of virtual currencies such as Bitcoin. The above according to the report National Evaluation of Drug Threat 2017, prepared by the Drug Control Administration (DEA).

In this regard, the institution noted that China has become a major center of money laundering, for which large shipments are used from the Asian country, where cryptocurrencies have become very popular currencies.

In previous years, the preferred methods were money transfer systems. Today bitcoin and other virtual currencies allow cartels to transfer illicit profits on an international scale, ‘the report says.
For this reason, the PGR and the DEA decided on Wednesday to form a joint team to combat the financial networks of drug trafficking, a strategy that promises to be more effective than capturing the leaders of criminal gangs.

In previous years, the preferred methods for moving and laundering illicit profits, ie the smuggling of bulk money, was to use money transfer systems, money laundering based on commerce and the formal banking sector. Today, bitcoin and other virtual currencies allow cartels to easily transfer illicit profits on an international scale, ‘the DEA informed.
He added that for 2017 the sale of drugs in the US, represented profits of 64 billion dollars, 21 percent of all illicit money generated in that country at present.

Meanwhile, a second study noted that currently half of the bitcoin transactions are linked to drug trafficking, which means a total of 72 billion dollars. This goes hand in hand with a decrease of 27 percent in cases of confiscation of cash money by drug trafficking.

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Bitcoin

Vault Coin (VLTC) Cryptocurrency Daily Volume at $1 as Price Down to $0.000064

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The cryptocurrency market took a massive tumble in the week following the SEC’s announcement that it would postpone its ruling on whether to allow the listing of the Cboe VanEck/SolidX ETF backed by Bitcoin (BTC) to September 30. When all was said and done, the total market capitalization dropped to as low as $189 billion, levels not seen since November of last year.

However, since hitting that low on Tuesday, the market experienced a fairly sizeable altcoin bounce that brought back more than $35 billion in total capitalization. The relief rally intensified late in the week as major blockchain projects announced significant exchange listings, technological milestones, and system updates.

As we head into the next week, investors will likely be keeping their eye on the price action of BTC, as it has been denied by the $6,500-$6,600 range multiple times and currently sits at around 51% market dominance. How BTC acts here will likely be indicative to the next major movement.

Here’s the rest of the week in review:

Binance LCX, a joint venture between Binance and LCX, has announced the launch of an upcoming fiat-to-cryptocurrency exchange. Binance is set to provide and maintain the platform, while Binance LCX manages customer support, due diligence, legal requirements, KYC, AML and government communications. Binance LCX plans to build a team of roughly 10-15 individuals to fulfill the venture in their Lichtenstein office.

Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, aren’t overly fazed by the recent SEC decision. Instead, while they wait for Wall Street and the SEC to get on board with crypto, the company will focus on expanding its product offering focused on retail investors.

Toshi, the Ethereum mobile wallet, has recently been rebranded as Coinbase Wallet. The Coinbase-developed app has been revitalized with a new name as the service merges into a larger effort to invest in products set to define the future of the decentralized web.

Bitmain, a leading ASIC chip maker and crypto mining hardware manufacturer, has more than $570 million in Bitcoin Cash (BCH) holdings, according to a pre-IPO investor deck. According to the documents, Bitmain has 1,021,316 BCH, which it purchased at an average price of $869. While this represented a total holding of around $887 million at the time of the statement, BCH has since fallen in value to $573, which means that Bitmain has suffered a ~$317 million loss in a little over a quarter.

This week’s market recovery was primarily driven by gains in VeChain (VET), Ontology (ONT), and NANO (NANO). The AltDex 100 Index (ALT100), a benchmark index for the industry’s leading cryptocurrencies and tokens, finished flat this week and currently sits at 79.40.

AltDex 100
Other cryptocurrency categories were relatively mixed over the last week. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, fell over 7% while the AltDex Privacy Coin Index (ALTPRV), which tracks tokens focused on privacy or security, is up around 2%. The new AltDex Masternode Index (ALTMSN), which tracks major masternode cryptocurrencies, dropped over 4%.

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