The Ethereum Constantinople hard fork is expected soon. The hard fork will take place in four stages. There are the Frontier, Homestead, Metropolis, and Serenity. The Constantinople hard fork should have taken place around August 2018. However, it was postponed to January 2019 after various errors were found in the program during testing. The hard fork is now expected to take place between January 14-18 when block number 7080000 has been mined.
The Exact Date
The exact date of the hard fork has not been decided. However, it is most likely that it will occur on January 16. The average block time now stands at 15 seconds. At the current block 7035939, it means there are 44,061 blocks lefts. When calculations are done, it shows there are about five days left.
Exchanges That Will Support It
Thus far, 19 exchanges globally have announced they will support the fork. Huobi and OKEx were amongst the first to announce they would support it. The management team and OKEx noted that the exchange would take snapshots of all accounts starting on block 7,080,000. Huobi has also asked its traders to deposit ETH tokens in the platforms since it will help to manage any technical issues that arise.
CEOX.IO, based in London, announced that the company was adjusting its system to support the hard fork. Just before the upgrade, the exchange will not allow any withdrawals or deposits in ETH. This will ensure that funds are secure. After the upgrade, all ETH holders can resume trade. Bittrex, based in the US, has announced similar measures.
Benefits Of The Upgrade
The upcoming hard fork has received a lot of praise for achieving consensus in the Ethereum community. However, there might also be other hard forks that developers and other members of the community might wish to make unique upgrades. In case this happens, Binance has requested developers to contact them.
Other Exchanges Offering Support
OKCoin has also said they will support the upgrade. This is also true on IDAX, which has asked users to deposit coins into IDAX. Koinex an Indian exchange stated that they would support the hard fork via a tweet.
Bitmart also confirmed they would support the hard fork. Users will need to deposit their ETH with them. Cryptopia, based in New Zealand, will also support this fork. Many other exchanges have announced their support for the upgrade.
The other exchanges that will support the upgrade are Bibox and Hotbit based in China, EtherFlyer, a decentralized exchange, BitForex, WazirX, based in India, and the Exodus Wallet. Others are the Singapore exchange ABCC, Thai-based TOK, Indodax, based in India, and Catex, the mining platform.
In December 2018, ETH was the third biggest coin by market cap. This was after it was edged out by Ripple’s XRP. This was also a time of intense bear market conditions. ETH was trading at $83 around December 15. However, it has since recovered and is trading at $134.84.
Inner Mongolia to Shutter ‘Illegal’ Bitcoin Miners by October as China Cracks Down on Industry
China’s Inner Mongolia autonomous region is carrying out an inspection to eliminate “illegal” bitcoin mining operations by October, a government spokesman told CoinDesk, confirming a local report.
The official document detailing the inspection plan was leaked to Chinese media which published photos of the decree from the Inner Mongolian regional authority.
“The inspection is directed by the central government, rather than a standalone plan initiated by the local government,” according to an industry executive involved in the planning process.
“The move reflects the nationwide phase-out plan on the bitcoin mining,” the source added. The government’s plan is to drive out the digital currency mining industry from China by 2021..
According to the 10-page document, data centers that provide facilities for bitcoin miners and unregistered bitcoin mining businesses will be closed.
The local authorities leading the raids will target any bitcoin mining operation that tries to get preferential electricity prices and tax breaks by pretending to be a sanctioned user, such as a big data company or cloud computing host.
Existing bitcoin mining businesses that pass the inspection will be categorized as “limited companies” that should pay the official electricity rate and not negotiate with power stations directly. They will still be expected to shut down their mining operating by 2021.
The region-wide inspection is being rolled out in two phases.
The municipalities are carrying out the inspections from Sept. 3 to Sept. 25 and then.reporting their findings to the regional government, which will form a team to investigate the findings from each jurisdiction from Oct. 10 to Oct. 20..
Inner Mongolia, in northern China, is among the most suitable areas to operate bitcoin mining businesses thanks to its cheap electricity supply, low land prices, cold weather and a small population.
Such conditions help miners by reducing their biggest cost – electricity – cooling equipment more quickly and avoiding densely populated areas that would be bothered by noisy operating machines. Bitmain, one of the largest bitcoin mining companies, has had operations in the region.
China started to crackdown on bitcoin mining operations before the formal announcement in April by the National Development and Reform Commission, the primary government agency for economic planning.
The NDRC’s position indicated that the mining industry should be phased out of China as it does not fit in the future economic development plan of the country. Trading and possessing cryptocurrencies is illegal in China as part of broader currency controls, but crypto use is prevalent on the black market.n-miners-by-october-as-china-phases-out-indust
JP MORGAN IN METALS RACKETEERING SOUP; BITCOIN STILL A FRAUD?
WHO IS THE FRAUD NOW?
JP Morgan Chase boss Jamie Dimon once called bitcoin a fraud. Two years ago he said ‘If you’re stupid enough to buy it, you’ll pay the price for it one day.’ Now it turns out that his bank has been the fraudulent one as the DOJ flexes its muscles against JP Morgan’s trading desk.
According to the Financial Times, three metal traders for the Wall Street bank have been charged for market manipulation in what the prosecutors described as a
“Massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”
JP Morgan’s head of precious metals trading, Michael Nowak, was charged on Monday along with two colleagues, Gregg Smith, and Christopher Jordan. The federal racketeering charges handed out are normally used to take down organized crime syndicates.
Effectively JP Morgan can be considered a crime syndicate following this scandal and RT anchor Max Keiser tends to agree.
“Yep. We called every dirty, Silver manipulation of @jpmorgan
#FinancialTerrorist, human tapeworm Jamie Dimon made $1 bn on this.”
The indictment alleges that between May 2008 and August 2016, the defendants engaged in widespread spoofing, market manipulation and fraud for gold, silver, platinum and palladium futures contracts while working on the precious metals desk at the bank.
JP Morgan along with HSBC dominates global flows of gold and silver trading. The charges added that the traders placed orders that they intended to cancel before execution in order to create liquidity and drive prices toward orders they wanted to execute on the opposite side of the market.
SHORT THE BANKERS, LONG BITCOIN
It has been a long time coming but it is likely the case will increase scrutiny over the world’s precious metals markets and the dominance of large banks such as JP Morgan. Prosecutors indicated that more senior executives and other banks were under investigation.
In the past decade alone global banks have been fined more than the entire market capitalization for all crypto assets for a range of nefarious activities. Just last week banks in the UK were hit with billions of dollars in fines for an insurance scam that defrauded millions of citizens.
For once we can say with confidence, yes, bitcoin solves this.
Should Jamie Dimon take back his ‘bitcoin is fraud’ statement? Let us know what you think.
BITCOIN AND BLOCKCHAIN BOOSTING LAW INTENDED TO CREATE JOBS
BLOCKCHAIN TO GET THE JOBS ACT RIGHT
The Jumpstart Our Business Startups Act, colloquially known as the JOBS Act, is a law intended to create jobs in the United States. The concept behind it is to encourage funding of small businesses by easing various securities regulations.
President Barack Obama signed JOBS into law in April 2012. Before the enactment this law, authorities allowed companies to raise money only from accredited investors holding a net worth of at least $1 million.
Then, under the JOBS Act, new rules and proposed amendments were designed to assist smaller companies with capital formation, providing investors with additional protections.
Thus, on October 30, 2015, the U.S. Stock Exchange Commission (SEC) adopted the rules to allow companies to offer and sell securities through crowdfunding. Specifically, Title III of the JOBS Act provided a federal exemption under the securities laws so that investor can use crowdfunding to trade securities.
However, according to Forbes, the law failed to materialize the number of jobs expected, forcing former vice-chairman of NASDAQ David Weild IV, one of the main supporters of the law, to call “for a JOBS Act 2.0 that would be built using blockchain, a shared distributed ledger.”
Now the law it seems is starting to fulfill its promise. For example, on August 19, 2019, INX Ltd. filed with the SEC the initial public offering (IPO) petition to raise $130 million by selling security tokens. The minimum investment amount to participate in the IPO is $1,000. Moreover, Forbes reports,
“Weild, who sits on the board of INX, says he now has 14 blockchain and cryptocurrency clients waiting in the rafters to bring the best of blockchain to the best of traditional exchanges, and perhaps, finally get the JOBS Act right.”
BITCOIN ADDS JOBS TO THE DIGITAL ECONOMY
Bitcoin is also streaming jobs into the economy directly. Job sites such as Monster.com, Simplyhired.com, and Indeed.com continuously post a variety of jobs related to BTC.
Additionally, sites specialized in freelance job opportunities often post jobs that pay in BTC. Cointastical published a long list of freelancing platforms that offer payments in Bitcoin.
So, thanks to Bitcoin’s technology and the Internet of Things (IoT), the digital economy continues to provide us with more jobs and opportunities.