Vitalik Buterin Hopes Decentralized Crypto Exchanges Will Burn in Hell

Hell Fire

Vitalik Buterin, the founder of Ethereum, shared his views on centralization and decentralization in an interview with Tech Crunch during the blockchain event TechCrunch Sessions. Vitalik believes this is one of the most important problems that stands in the way of introducing innovations.

vitalik buterin
Photo by: https://techcrunch.com 

In his opinion, the situation in 2013, when GHash controlled 51% of hash capacities, and many were frightened by it, is now happening again. Buterin hinted at the dominance of Bitmain these days. He believes that the concentration of power of the Chinese equipment giant and software for miners poses a threat of a “51% attacks” on the BTC network.

Also, while covering this topic, Vitalik touched upon the issue of the transition of Ethereum from the PoW protocol to the PoS protocol. Changes in the principle of the network have long been the subject of discussion among the members of the Ethereum network. There is an opinion that the new protocol will negatively affect the “former miners”, and only the rich will grow rich. According to him, the PoW principle is PoS squared.

The goal of Ethereum’s founder is the maximum decentralization of his cryptocurrency. In the midst of an active discussion of the issue of centralized and decentralized exchanges, Vitalik openly expressed this opinion:

I definitely hope centralized exchanges go burn in hell as much as possible,” – he said.

He justified his statement by the fact that centralization and the initial idea of blockchain are not comparable. Vitalik Buterin believes that centralized exchanges exist only because they are in the role of the original bridge that connects the sphere of fiat currencies and the cryptocurrency world.

According to Buterin, digital currencies will be globalized, then the need for such exchanges will simply disappear.

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SEC Regulations and SEC Vision Are Two Completely Different Things: What Does It Mean for Ethereum?

sec and eth

The Securities and Exchanges Commission is the most influential organization in the US when it comes for crypto. If the SEC officially disapproves a project, this project is doomed. Crypto exchanges, crypto companies, ICO startups all comply with the mighty SEC.

However, it is important to distinguish when the SEC comes out with an official statement and when the SEC representatives declare their thoughts and opinions on a particular issue.

This is what the report published by Jay Clayton on the official website of the SEC is about:

Statements issued by SEC staff frequently include a disclaimer underscoring the important distinction between the Commission’s rules and regulations, on the one hand, and staff views on the other.”

This leads us to another thought. So far the crypto community was sure the SEC did not consider Ethereum a security on the official level. However, now it turns out that it was just the point of view of the abovementioned Jay Clayton.

Thus, Ethereum might still be a security after all. Hopefully, it will boost its exchange rate a little, since it hasn’t been particularly high these couple of weeks.

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McAfee Birthday Collection: Top-5 Eccentric Statements, Promises, Innovations and Scandals

john mcafee birthday compilation

The editorial board of The Coin Shark wishes happy birthday to the most unconventional crypto personality John McAfee and hopes he will thrive and please the crypto community for many more years.

For this occasion we decided to compile the loudest things that McAfee has said or done this year.

1. There is no doubt that the wildest promise of John McAfee remains his infamous claim about the price of Bitcoin in 2020. The interesting part is, of course, related to the physical tortures that McAfee is ready to face if his predictions turn out to be wrong.

2. Another loud claim of McAfee was his firm intention to run for presidency during the next election. Given the low levels of popularity that the current US President is coping with, we believe that anything might happen at this point. Politics aside, no doubt that the crypto world will be thrilled to have such a president.  

3. We could not leave out the epic with McAfee’s crypto wallet Bitfi. Was it really hacked? Was McAfee planning to give such a pricy award? We don’t know. However, what we do know is that the story brought a whole lot of attention to the wallet, so maybe it was an ultimate goal in the first place.

4. The CoinMarketCap should beware, because John McAfee is on its toes. His own site with market capitalization and cryptocurrency exchange rates is already functioning.

5. Last, but certainly not least comes the McAfee crypto challenge. Brilliant minds with innovative crypto solutions can join his team to improve and develop the crypto world together.

Anyway, even if John McAfee does not eat any parts of his body or loses the run for presidency, he will always remain one of the brightest stars of the crypto universe. Happy birthday, John!

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A Bitcoin Challenge Started Out in China: 21 Days With 0.21 BTC. Why Was It Stopped After Just 3 Days?

bitcoin challenge in china

We all have seen these shows where a person needs to survive a certain period of time with a limited amount of money in different locations. The Chinese TV decided to take it even further and add a new twist to the story.

A girl named He You Bing took up a challenge, during which she had to survive 3 weeks only having 0.21 BTC (approximately 1300 USD). That was all the money she had for food, dwelling and satisfying basic needs.

Considering the prices in China and also the fact that He You Bing carried out the challenge in megalopolises like Shanghai and Shenzhen (which are even pricier), it would seem quite an impossible task to complete.

However, if we think of the situation with cryptocurrency in China, here came another trouble for the girl, which was way more serious than the little amount of money.

He You Bing simply couldn’t find establishments that accepted BTC as a means of payment. She went from place to place, but most of the times very few people even knew about Bitcoin and cryptocurrencies in general, let alone accepted it. As a result, she had to eat wild fruits from the trees, free samples from shops and sleep in 24/7 cafes.

By the end of the 3rd day the challenge had to be stopped, and He You Bing had to be taken to the hospital due to starvation symptoms – the girl was on the verge of losing consciousness.

However, she reached ones of her goal – the challenge attracted attention of the public, thus, raising cryptocurrency awareness in China. Hopefully, next time the girl will choose less radical methods to do so.

We remind you:

McAfee Cryptocurrency Challenge Is Going Live

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Why Did Ethereum Face a Record Fall And What Should Investors Do?

In 2015, after the launch of the Ethereum blockchain, the cryptocurrency industry was transformed beyond recognition. In this article, we will talk about why Ethereum is such a unique product, how to mine it, and we will definitely  touch upon the urgent topic of the rapid fall of its price.

Content:
(please, click the topic to scroll down to it)

  1. Features of the second most popular cryptocurrency
  2. More about the Ethereum mining
  3. Why has the Ethereum price recently dropped so much?
  4. Conclusion

1. Features of the second most popular cryptocurrency

Ethereum project is not just a digital coin, it is also a full-fledged platform based on which you can create your own decentralized applications. Another feature of the project is the support of smart contracts, which can potentially be implemented in any sphere of life. Thanks to Ethereum, a number of new decentralized projects began to appear on the market, that, in turn, accelerated the development of the entire cryptocurrency industry.

Ethereum is much more innovative than Bitcoin, it is often called cryptocurrency 2.0. Some of the largest banks in the world are already starting to work with the Ethereum platform, as they see the capacity of it, for example, Sberbank of Russia. Ethereum is almost the main popularizer of the blockchain technology for various types of business. It is also worth noting that transactions in the Ethereum network take an average of 20-30 seconds, whereas in the industry leader (BTC) this rate is approximately 10 minutes.

2. More about the Ethereum mining

The Ethereum blockchain works on the PoW algorithm, so the coin can be mined by the usual way for most users, by installing computing equipment or by using the services of data centers. Despite the fact that the coin is very popular, the complexity of its network is not too great yet, in order to start mining it at home.

  • The block size of the Ethereum varies from 20 to 30KBytes;
  • The average time between blocks is 14.4 seconds;
  • Reward for the new block is 3ETH;
  • The complexity of the network is 3129P.

The coin can be mined either independently or by joining a mining pool. It should be said that the second option is much more profitable and useful unless you have hundreds of thousands of dollars of initial investments. Another option for the mining of the Ethereum is cloud mining. It certainly eliminates many worries associated with servicing the farm, but results in profit which is much lower.

3. Why has the Ethereum price recently dropped so much?

Due to the great popularity and unlimited emission of the Ethereum tokens, the project has an inflation rate of about 10% per year. Vitalik Buterin, on behalf of the entire development team, said about the sharding of the network and the transition to Proof-of-Stake (Casper) protocols, which will reduce inflation by almost 20 times.

According to the graph of CoinMarketCap, the Ethereum price has grown from $8.33 to $1 378 over the past year, which gives 16 500% of rise. Unfortunately, this year we see a reverse picture of what is happening. At the time of writing, the rate of the second most popular coin fell to a psychological mark of $200 per coin. There are a number of reasons for such a precipitous fall, which we will discuss further:

  • General correction of the market. All 2018 the bears rules on the market, so all the coins lost from 60% to 90% of their peak values.
  • Forced sale of the Ethereum. The ICO market is developing rapidly over the past years. New blockchain startups, which created their products on the Ethereum blockchain, collected investments in ETH. After a successful ICO, developers need to cash out some of these investments in order to develop their project. Mass sale of an asset entails a decrease in its value.
  • Competitors. The market is beginning to appear quite promising projects, which, potentially, can solve all the problems of their older brother, such as EOS, NEO, Tezos, Cardano, etc. Of course, they are still far from the brainchild of Vitalik Buterin, but this is a very fast-moving industry, where changes occur at the speed of light.

4. Conclusion

Ethereum is an innovative locomotive of the cryptocurrency industry. Almost anyone can create smart contracts and their own decentralized projects with its help. The coin certainly has a certain number of problems that hinder its further development. The development team is actively engaged in their solution.

The coin rate has fallen dramatically, but this is not a reason to panic and sell off your coins. Fundamentally, nothing has changed, the project is still one of the most innovative in the market, so with a high degree of probability, it will have a bright future. And the temporary fluctuations of the exchange rate can be nothing more than market manipulation of the bears.

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Do Not Sell Ethereum: Top Original Clothes Prints in Support of Cryptocurrency

Due to the latest changes in the cryptocurrency market and the news that Ethereum is dying, Vitalik Buterin is trying hard to support cryptocurrency. The Coin Shark editorial board also decided not to stay away and cheer the fans of ETH, as well as all holders of other coins. We present a selection of original things and accessories that we found on the web.

1. The Holy Vitalik

Vitalik Buterin, no doubt, has achieved incredible success in the field of cryptocurrency. Therefore, we completely agree with this image of Ethereum’s founder.


Source: https://www.redbubble.com

2. Almost Nike: JUST HODL IT

The famous slogan of the world-famous sportswear and footwear manufacturer Nike, suits the situation on the crypto market perfectly: just hodl ETH.

Source: https://www.redbubble.com

3. Do not let ETH go
It is sad to watch those selling cryptocurrency, and then, in the future, not only it restores its positions, but also grows in price. A girl with a balloon symbolizes a lost dream or, in this case, an Ethereum coin.


Source: https://www.redbubble.com

4. Time to buy Ethereum

These watches always show the right time. It’s time to buy cryptocurrency.


Source: https://www.cryptoclothe.com

5. Keep calm and hodl ETH

As you know, hodler is the slang name of an investor who buys cryptocurrencies and does not sell them, regardless of the situation on the market. This is what the well-known print reminds us of.

Source: https://www.cryptoclothe.com

Besides the images of Ethereum, various accessories, clothing and decorative objects are also produced in support of both Bitcoin and other digital coins.


Source: https://allthingsdecentral.com

 


Source: https://www.redbubble.com

 


Source: https://www.redbubble.com

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Cryptocurrency Prices for the 8th of September: ETH Is Falling Drastically

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices today, September 8

According to the online platform Coin360, Bitcоin (BTC) added 0.67% over the past 24 hours. The price at the time of writing is $6518 per coin.

Cryptocurrencies remain in the green zone for the most part:

Bitcoin Cash lost 0.80% in the past 24 hours and costs $506 per coin;

Ripple added 0.87% and has a price of $0.29;

EOS grew by 1.55%, and its price is $5.16;

Litecoin increased by 1.51%, and its value is $57;

Cardano lost 0.40% and is worth $0.085;

Stellar became more expensive by 1.65% and costs $0.21;

IOTA added 2.78%, and its value is $0.59;

Dash gained 11.01, and its price is $196;

Monero grew by 0.46% and is worth $114.5.

Ethereum lost another 1.98% in the past 24 hours. The cost of the coin is $219.

The total market capitalization is $205 billion. Bitcoin accounts for 54.8% of the total volume. It is $112.5 billion in monetary terms.

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