The significant downfall in the hashrate of Monero [XMR] made headlines in the crypto world. After the hard fork, the hashrate has experienced a conspicuous fall, Bitinfocharts reported. Monero [XMR], which happens to be a privacy coin, is in the tenth position in the list of all cryptocurrencies. Meanwhile, the downfall made the Monero community members get excited. One of the crypto enthusiasts has commented on this event, “Monero has won its first battle with ASICs”. The underlying reason that prompted the hard fork was the concern among the community members regarding the upcoming centralization of the token. See also: Coinhive generates around $240,000 worth of Monero [xmr] each month On April 6, 2018, Monero [XMR] saw its division into Monero Classic [XMC], Monero Original [XMO] and Monero V [XMV]. For the purpose of mining Monero [XMR], Bitmain has launched its new product called Antminer X3. The former company is known to be the biggest in terms of Bitcoin mining and the largest producer of ASIC chip.
Comment of Riccardo Spagni, the Monero creator
The development caused fear among the members of the community that in case the product experiences a mass adoption, then certainly, Monero [XMR] would be centralized. Thus, the founder of Monero, Riccardo Spagni, would go to any extent and “do everything in his power” just to oppose the proliferation. In April 2018, 50-60 percent of hashrate of Monero [XMR] has experienced an upsurge. For this rise in hashrate, Bitmain was held responsible for carrying out mining activities, secretly. However, most of the people echoed the same tune that the secret mining activities were done by Botnets and that the manufacturers cannot be associated with such acts. See also: Symantec’s dramatic step mining Monero establishes the needless expense of crypto mining The creators of crypto botnets can generate millions by attacking and infecting the devices secretly all over the world. The prevention to such resistance is undertaken by Monero’s execution of new strategy. The newly framed strategy is known as Anti-ASIC Hard Fork or AAHF that alters the mining algorithm present on the blockchain such that the old fails to conduct mining, effectively.
Denmark’s biggest bank has revealed in an internal investigation report that the vast majority of €200 billion ($234 billion) worth of transactions were “suspicious.” Danske Bank does not further clarify,…
The Money Makers Club now has 6 of 15 available seats. Learn more here! Advancements on the Ethereum blockchain could see bitcoin lose half its market share over the next five years, according to technology analyst Ian McLeod. Bitcoin vs. Ethereum Despite falling to 16-month lows, the Ethereum blockchain is poised for a strong rebound […]
Litecoin creator, Charlie Lee, took to Twitter, complaining about recent efforts to “suppress Litecoin price” with FUD spreading by those “shorting LTC Litecoin creator, Charlie Lee, took to Twitter, complaining about recent efforts to “suppress Litecoin price” with FUD.
If you were to look at the DasCoin roadmap, known as DasRoadmap, in late July 2018 and again in August 2018, you would notice some significant updates. CEO Michael Mathias announced on the 9th August 2018 that the DasRoadmap had significant updates and the latest version was now available on the project’s website. The updated…
The swift increase of mobile payment services such as Alipay and WeChat Pay has empowered China’s largest cities to transmogrify into cashless communities, allowing consumers to use their smartphones to pay for many goods and services ranging from all sorts of transport and meals to foot massages and movie tickets.
Australia’s financial watchdog is conducting a thorough investigation on initial coin offerings (ICOs) and other crypto funds that offer services to retail investors. The regulatory body, the Australian Securities and Investments Commission (ASIC) has cited “continuous problems” and hence aims to verify the operations and eventually shut down several ICOs that maliciously extract funds from retail investors. ICOs operate freely in Australia, there is currently no law either banning them or restricting their conduct, but there remains ambiguity about their workings. However, the ASIC has listed three main problems with the ICOs, the utilisations or statements that are “misleading or deceptive” for the purpose of selling and marketing, conducting operations under an “illegal unregistered managed investment scheme”, and not procuring a domestic financial services license. The ASIC goes on to say that the above points, “involves significant risks for investors.” John Price, ASIC’s Commissioner said, ”If you raise money from the public, you have important legal obligations. It is the legal substance of your offer – not what it is called – that matters. You should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public and you should always ensure disclosure about your offer is complete and accurate.” This is not the first time that Australian ICOs have had a run-in with the regulator body. In April 2018, the ASIC prevented ICOs from raising funds if they failed to comply with the necessary investor protection protocols. The ICOs, in this case, have been on an indefinite hold, following restructuring they will be subject to adhering to the legal requirements. The ASIC has issued several warnings to the Australian investors with reference to the “highly speculative investments” of the ICOs and have advised them to consult with their financial guide, Moneysmart. Moneysmart has a warning about ICOs in which it tells the investors to do their due diligence regarding the coins and the ICOs before pledging their money, adding, “you could lose a lot of money if you buy into an ICO without doing your research first.” “ICOs are speculative, high-risk investments. Many ICOs are for projects that are experimental, are at a very early stage of development or may not have even started yet. As a result, some projects may take years before they become commercially viable, if at all. A large number of ICOs fail or do not increase in value” added ASIC’s financial guide Moneysmart. In 2017, the ASIC configured guidelines on ICO’s raising of funds to once again remind them about their obligations prior to any token issuances. ASIC said at the time, “ASIC recognizes that ICOs have the potential to make an important contribution to the options available to businesses to raise funds and to investment options available to investors.” Back in April, the commissioner John Price said that ICO operates in a “key space” in the crypto-market and hence falls within the paradigm of the regulatory body. He further added that they will keep an “open mind” when it comes to innovations in the financial world, but “basic consumer protection” is something that they strive for and will be their foremost priority. See also: KuCoin sails to new market; helps Bitcoin Australia in global expansionSee also: Australian blockchain start-ups attend trade mission in China