The U.S. Consumer Price Index (CPI) experienced a higher increase than anticipated in March, climbing by 0.4% over the month to reach 3.5%. The Bureau of Labor Statistics reported that the rise was primarily fueled by increases in shelter and gasoline costs. This acceleration in the inflation rate has unsettled the financial markets, with many […]
Bitcoin News
Mad Money Host Jim Cramer Says ‘Bitcoin Is Topping Out’
Jim Cramer, the host of CNBC’s Mad Money show, says bitcoin is topping out. He recently said bitcoin cannot be killed, emphasizing that “It’s a technological marvel, and people have to start recognizing that it’s here to stay.” Cramer’s remarks followed a surge in the crypto market, with bitcoin surpassing ,000 on Monday, driven by growing optimism surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Jim Cramer Thinks Bitcoin Is Topping Out
Jim Cramer said during Mad Money’s Lightning Round on Monday that bitcoin is topping out. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Responding to a question by a caller asking about stocks like Riot Platforms (Nasdaq: RIOT) and Marathon Digital (Nasdaq: MARA), Cramer exclaimed:
Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin is topping out, by the way.
Many investors are opting to acquire stocks of companies associated with cryptocurrencies or possessing significant exposure to bitcoin, choosing this indirect approach over purchasing the digital coins directly. Besides Riot Platforms and Marathon Digital, popular choices include Microstrategy (Nasdaq: MSTR) and Coinbase (Nasdaq: COIN).
Bitcoin’s recent rally, exceeding ,000 on Monday, is fueled by growing anticipation of the U.S. Securities and Exchange Commission (SEC) granting approval for spot bitcoin exchange-traded funds (ETFs). The securities regulator to is expected to approve a handful of applicants on Wednesday.
Last week, the Mad Money host said you can’t kill bitcoin, adding that the late Charlie Munger, former Warren Buffett’s right-hand man, was blind to it. He stressed: “It’s a technological marvel, and people have to start recognizing that it’s here to stay.”
The “Cramer effect” has become a popular meme in the crypto world, with many observing that BTC often does the opposite of what Cramer predicts. If he’s bullish, expect a bearish swing, and vice versa. Following Cramer’s bitcoin topping-out comment, one X user said: “We’re going to the moon.” Another wrote: “So, bitcoin 0,000 is indeed coming.” Lawyer John Deaton wrote: “Glorious news. Literally, bought more bitcoin.”
Cramer was once a bitcoin supporter. After initially recommending a 5% portfolio allocation to BTC in March 2021, he divested his holdings due to ransomware concerns and China’s mining crackdown. Cramer later disclosed an investment in ether (ETH) but raised alarms about Binance, FTX, and Tether. By December 2022, he strongly advised investors to exit the crypto market, citing anticipated SEC actions against non-compliant crypto firms.
What do you think about Mad Money host Jim Cramer’s statement about bitcoin? Let us know in the comments section below.
SEC Issues ‘Fear of Missing Out’ Warning Ahead of Spot Bitcoin ETF Decision
The U.S. Securities and Exchange Commission (SEC) has warned investors about fear of missing out (FOMO). “Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you,” the SEC noted. “We’ve all seen the increased interest in online investing and the explosion of digital assets and meme stocks. Understanding these kinds of investments may seem overwhelming.”
SEC’s FOMO Warning
The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy issued a warning on social media platform X Saturday about the risks of fear of missing out (FOMO). This is the fifth piece of advice in a recent series from the agency.
“‘NO GO to FOMO’ (fear of missing out),” the Office wrote, explaining that seeing others invest in a particular investment doesn’t make it the right choice for you. The SEC then urged investors to find out which investments are right for them and their investing goals.
The SEC’s warning post references an article on the regulator’s website about FOMO. The securities watchdog wrote:
We’ve all seen the increased interest in online investing and the explosion of digital assets and meme stocks. Understanding these kinds of investments may seem overwhelming.
“Digital assets include cryptocurrencies, coins, and tokens like those offered in initial coin offerings (ICOs). Meme stocks may be based on internet popularity and social views, instead of a traditional stock value, such as a company’s performance. And, let’s not forget about NFTs (non-fungible tokens),” the SEC cautioned.
The securities regulator’s cautionary statement coincides with its imminent decision on spot bitcoin exchange-traded funds (ETFs). An announcement is anticipated early next week, potentially paving the way for trading of approved spot bitcoin ETFs starting on Jan. 11. Eleven applicants are optimistic about their funds receiving approval. Blackrock, the world’s largest asset manager, has reportedly lined up over billion for its spot bitcoin ETF launch.
What do you think about the SEC’s FOMO warning as investors anticipate spot bitcoin ETF approvals? Let us know in the comments section below.
The SEC Is ‘out of Their Mind and a Change of Regime Is Required’ — Former US Ambassador
Trevor Traina, the founder and CEO of Kresus, has said he foresees non-custodial mobile wallets “transforming into something more comprehensive than just tools for storing digital assets.” According to Traina, such a transformation is needed if non-custodial wallets are to become apps with “functionalities to cater to the diverse needs of the Web3 community.”
Non-Custodial Mobile Wallets vs Hardware Wallets
Traina, a serial entrepreneur and former U.S. Ambassador to Austria, said the transformation, which he sees as being inevitable, is “definitely going to lower the entry barriers to Web3 and make it more user-friendly for everyone.” According to Traina, it was this vision for an all-encompassing Web3 wallet which motivated him to venture into the blockchain and crypto world.
Meanwhile, in his written answers sent to Bitcoin.com News, Traina insisted that non-custodial wallets will soon match or even surpass hardware wallets “in terms of security and user trust.” The constant need to update or improve the security features of non-custodial wallets is one reason why they are set to become more secure than hardware wallets, Traina argued.
Commenting on the U.S. Securities and Exchange Commission (SEC)’s stance on cryptocurrencies, the diplomat said that the Gary Gensler-led regulator is out of its mind and needs new leadership. In his answers sent to Bitcoin.com News via Telegram, Traina lamented how the SEC’s approach has resulted in only two of the 20 largest blockchain projects being based in the U.S.
Below are the former U.S. Ambassador’s answers to the questions sent.
Bitcoin.com News (BCN): You were a diplomat and serial entrepreneur before venturing into crypto. What pulled you into the Web3 space?
Trevor Traina (TT): I have been building companies since the dawn of Web 1.0 and have not been as excited about a new platform since. When we think of blockchain, people immediately go to cryptocurrencies, but I see a more profound innovation which is the universal ledger. That combined with smart contracts is going to profoundly change everything.
The idea that events of any kind can become immutable and decentralized is in a sense a holy grail. From contracts to ticketing to loyalty points to many other things, the blockchain will underpin much of what we do in the future. While there are basic tools for a number of different chains no-one has thought holistically about building an app that will unlock all of this utility. That opportunity brought me into the category.
BCN: Could you talk about non-custodial mobile wallets and their likely evolvement in the near future? Also, are wallets, particularly the popular ones, going to evolve into super apps by integrating as many functionalities as possible?
TT: I see non-custodial mobile wallets transforming into something more comprehensive than just tools for storing digital assets. Why should they be limited to this single function when they can integrate a swathe of functionalities to cater to the diverse needs of the Web3 community? You know, gamers, traders, stakers, holders, casual everyday users, and the hardcore super users.
At Kresus, we believe the key to this evolution lies in the integration of multiple functionalities within a single seamless interface: it’s a wallet but it’s also so much more, because you can mint NFTs, trade, access educational materials, etc. This is where the industry is heading, and it’s definitely going to lower the entry barriers to Web3 and make it more user-friendly for everyone.
BCN: How does a super app unify and streamline the multiple account attributes across various chains, which is necessary for a streamlined user experience?
TT: A Web3 super app has to effectively unify and streamline multiple account attributes across various chains to provide a smooth UX. This is a complex challenge given the fragmented nature of the current blockchain ecosystem. At Kresus, we tackle it by leveraging advanced interoperability protocols and user-centric design principles. Our app is built to seamlessly interact with various networks, allowing users to manage their crypto across different chains from an intuitive interface.
Obviously, this helps to simplify UX but it also provides a comprehensive overview of one’s digital holdings. Moreover, we focus on abstracting the complexities of blockchain so anyone can interact with it. This approach is crucial for bringing the benefits of blockchain technology to a wider audience. As far as the user is concerned, they are not burdened with any of this. They simply see an interface where everything they need or want is stitched together perfectly. And everyone is given a free Web3 domain name, which operates like a shortcut. They can send and receive multiple currencies without having to understand Sub wallet, addresses, or cut and paste things. Mary can have everything sent to one Mary123.kresus address and there is zero brain damage! Even adding a friend is as simple as WhatsApp, where you see their picture and you know it is them.
BCN: It is said that your crypto wallet does not require passwords or key phrases. How then do users recover their access to their funds if say they lose control of their primary email?
TT: Private keys are great but they ask a lot of the user and come with their own risks. With our wallet, we’re not burdening users with the responsibility of safeguarding keys, instead, we use a wallet infrastructure and software development kit (SDK) called Magic and store the private key on an AWS Hardware Security Module (HSM) designed for highly sensitive data.
This key is fully encrypted, giving it the same level of security you’d expect from a hardware wallet. Instead of a password, users access their account by clicking on a link embedded in an email and there’s also 2FA to add an extra level of security. If you lose access to your primary email, you can still access your account, as the Kresus Vault use MPC and Account Abstraction to terminate the need to remember passphrases or fear getting locked out.
BCN: Can a non-custodial mobile wallet compete against hardware wallets, which are considered more secure and is it possible to minimize the risk of fraud and theft something that will see mobile wallets gain the same level of user trust as the hardware wallets?
TT: Although hardware wallets are often touted for their security, I firmly believe that non-custodial mobile wallets can compete with, and in some cases, surpass hardware wallets in terms of security and user trust. At Kresus, security is our top priority. We employ state-of-the-art encryption and security protocols to ensure that our users’ assets are protected at all times.
Additionally, we are constantly updating our security measures to stay ahead of potential threats. To minimize the risk of fraud and theft, we implement features such as multi-factor authentication, biometric security, and regular security audits. These measures are designed to provide a level of security that is on par with if not superior to, hardware wallets. What’s more, the convenience and accessibility of mobile wallets can often translate into superior security practices for users.
Unlike hardware wallets, which may be used infrequently and thus more susceptible to misplacement or outdated security measures, mobile wallets are used all the time and are more likely to be kept up-to-date with the latest security updates. By prioritizing security and user experience, non-custodial mobile wallets like ours are well-positioned to gain the same level of user trust as hardware wallets, while offering the added benefits of convenience and functionality.
BCN: Some people believe that the crypto industry needs regulatory clarity and stability to innovate and thrive. What are your thoughts on the US Security and Exchange (SEC)’s current stance on regulating crypto where it considers most cryptocurrencies to be securities rather than commodities?
TT: I think the SEC is out of their mind and that a change of regime is required. When we think about the Internet, almost all of the most important companies are based in the United States. It is a tremendous competitive advantage. However, with the blockchain 18 of the 20 largest projects are located outside of the US. The United States simply cannot afford to be so hostile and so unclear with regard to such a key technology of the future.
FBI Warns of North Korean Hackers’ Intent to ‘Cash Out’ $40M in Bitcoin
On August 22, 2023, the FBI issued an alert, cautioning about North Korean hackers possibly trying to cash out bitcoin valued at over million.
U.S. Intelligence Flags Potential M Bitcoin Liquidation by North Korean Hackers
The FBI is urging both public and private sectors to be vigilant regarding 1,580 bitcoins (BTC) acquired by North Korean hacking groups, namely Lazarus Group and APT38. As of August 23, 2023, this cache’s value sits slightly above million, based on current BTC exchange rates. To aid in this surveillance, the FBI disclosed six specific bitcoin (BTC) addresses linked to these funds:
- 3LU8wRu4ZnXP4UM8Yo6kkTiGHM9BubgyiG
- 39idqitN9tYNmq3wYanwg3MitFB5TZCjWu
- 3AAUBbKJorvNhEUFhKnep9YTwmZECxE4Nk
- 3PjNaSeP8GzLjGeu51JR19Q2Lu8W2Te9oc
- 3NbdrezMzAVVfXv5MTQJn4hWqKhYCTCJoB
- 34VXKa5upLWVYMXmgid6bFM4BaQXHxSUoL
Detailing their concerns, the FBI pointed out that the hacking factions from the Democratic People’s Republic of Korea (DPRK) were behind multiple crypto security breaches this year.
The agency specifically noted, “The DPRK Trader-Traitor-affiliated actors were responsible for several high-profile international cryptocurrency heists to include the million theft of virtual currency from Alphapo on June 22, 2023; the million theft of virtual currency from Coinspaid on June 22, 2023; and the 0 million theft of virtual currency from Atomic Wallet on June 2, 2023.”
Additionally, the FBI mentioned:
The FBI previously provided information on their attacks against Harmony’s Horizon bridge and Sky Mavis’ Ronin Bridge, and provided a Cybersecurity Advisory on Trader-Traitor.
This recent FBI advisory echoes the United Nations’ (UN) findings, which revealed an uptick in crypto-targeted activities by North Korean hackers in 2023. The cyber onslaught isn’t U.S.-centric either. Reports indicate that between 2017 and 2022, DPRK hackers pilfered 1 million in cryptocurrency from Japanese entities.
Concerning the latest DPRK bitcoin intel, the FBI emphasizes that private sector organizations should meticulously scrutinize the blockchain data connected to these addresses, fortifying their defenses against transactions that either directly involve or originate from these addresses.
What do you think about the FBI’s recent warning? Share your thoughts and opinions about this subject in the comments section below.
Warning: “Watch Out” For Bitcoin “Bulldozer” When Volume Expands
Volatility is finally increasing after a return to historical lows, but volume has yet to follow. When it does, however, one crypto trader says to “watch out” for the “bulldozer” that will be Bitcoin after a breakout supported by volume expansion.
Here’s a look at the last time volume contracted this much, and what to potentially expect across the coming crypto market price action when volume finally arrives.
Trader Joel Olszewicz Warns Bitcoin Bulldozer Is Coming
The cryptocurrency market is known for its extreme price volatility that makes holding a wild rollercoaster ride. One price gets going, it can act like a runaway freight train, or as crypto trader Joel Olszewicz says a “bulldozer” when supported by volume.
Related Reading | Analyst: The Next Bitcoin Break Will Set The Stage For Weeks To Come
Bitcoin is currently experiencing its second-largest volume contraction of the year, with the previous one resulting in an over 30% rise from ,000 to over ,000 at the local 2020 high.
Warning: Bitcoin Bulldozer Coming After Volume Breakout And Expansion | Source: BTCUSD on TradingView.com
From that move, Bitcoin has since retraced slightly and is gearing up for its next major, decision-making move. Whichever direction the cryptocurrency heads next, should set the trend for the rest of the year and into 2021.
Under Construction: Have Bulls Built A Foundation For Run To Begin?
The fact that volume isn’t following the latest breakout above ,000 is slightly alarming for bulls that could be being baited into a trap.
In this scenario, Bitcoin falls instead, and the “bulldozer” effect will give ,000 another, more powerful retest that bulls will need to hold.
Bulls are warned to potentially get out of the way and “watch out,” but the same is true if the top cryptocurrency continues higher.
Related Reading | Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At 0K
Another breakout with volume to support the price increase could push Bitcoin through ,000 and not stop until it sets a higher high above last year’s peak at ,800.
The higher high would be a significant buy signal and confirmation of a new uptrend, following the higher low set on Black Thursday. If that’s the case, the bull run could blossom from the dirt left behind from the bulldozer’s destructive path.
Featured image from Deposit Photos, Charts from TradingView
Tezos Needs to “Take Out” This Key Level to Avoid a Sharp Downturn
Tezos has seen some strong price action in recent weeks, with the cryptocurrency pushing as high as .40 earlier today before hitting some heavy resistance that slowed its ascent.
Despite this strength, the crypto may be in a precarious position due to its inability to take out its weekly pivot against its Bitcoin trading pair.
One trader is noting that a failure for the cryptocurrency to break above this crucial level and post a high time frame close above it could ultimately create some downwards momentum that invalidates its recent strength.
That being said, while looking towards its USD pair, its recent consolidation phase within a classic bull-favoring pattern seems to be drawing to a close, with analysts now eyeing massive upside.
This could help it gain against BTC, invalidating the weakness that it is currently facing.
Tezos Struggles to Take Out Key Bitcoin Level
At the time of writing, Tezos is trading down just under 4% at its current price of .08, marking a sharp decline from its daily highs of nearly .40.
XTZ has been caught within an unrelenting bout of sideways trading throughout the past week. This has led it to range between lows of .90 and highs of .50.
Its inability to rally alongside many of its peers seems to point to some underlying weakness, although it was able to incur some notable strength last week that led it from lows of .80 to highs of .50.
The stalling momentum seen by Tezos has led it to show signs of weakness against its Bitcoin trading pair.
While speaking about this, one analyst explained that the crypto has failed to take out its weekly pivot on the XTZ/BTC pair, with a failure for it to do so in the near-term potentially striking a blow to its strength.
“XTZ / Tezos – Need this to take out the weekly pivot ASAP or this starts to look bad (BTC pair),” he said while pointing to the below chart.
Image Courtesy of Calmly. Chart via TradingView.
This Pattern Suggests XTZ’s Consolidation Phase May Be Followed by a Sharp Upswing
While speaking about the crypto’s near-term outlook against USD, another analyst explained that he expects Tezos to rally higher.
To justify this outlook, he is pointing to the crypto’s consolidation phase within what appears to be an ascending triangle.
“After a few days of consolidation XTZ is eyeing higher,” he explained.
Image Courtesy of Jonny Moe. Chart via TradingView.
Where Tezos trends next may be somewhat dependent on the aggregated cryptocurrency market, but it must gain against USD to invalidate its BTC trading pair’s current weakness.
Featured image from Unsplash. Charts from TradingView.
Bitcoin Could “Wipe Out” Late Shorts Before Cratering to This Low Level
Bitcoin has once again found itself caught firmly within a bout of sideways trading in the lower-,000 region, which comes close on the heels of the benchmark cryptocurrency’s recent rally up to highs of ,900.
This consolidation is highly likely to result in a massive movement in the near-term, leading some prominent traders to note that it is probable that the cryptocurrency rallies higher as bulls wipe out late short positions.
The next rally may also be followed by massive downside movement, which could lead BTC to post some significant losses in the days and weeks ahead.
Bitcoin Consolidates Around ,000 as It Gears Up for a Big Move
At the time of writing, Bitcoin is trading down just over 2% at its current price of ,050, which marks a slight decline from daily highs of nearly ,400.
In the time following BTC’s rally up to highs of ,000, the cryptocurrency has been trading sideways within the lower-,000 region, which appears to signal that bulls and bears have reached an impasse.
This may mean that a massive movement is looming on the horizon, which is likely to favor sellers – according to one prominent analyst.
TraderXO, a highly respected analyst and trader, spoke about this in a recent tweet, explaining that he believes Bitcoin will “raid” ,500 in the near-term stopping out late shorts, before incurring significant selling pressure that leads it to decline towards its weekly open around ,000.
“BTC – Don’t be surprised if we see one more raid around 65s before a bigger drop – wiping out a large number of late shorts / tight stops. If it plays out – below is how I’m setting up,” he explained.
$BTC – Dont be surprised if we se one more raid around 65s before a bigger drop – wiping out a large number of late shorts / tight stops
If it plays out – below is how I'm setting up
p.s – Ive taken 50% profit at 6k from my earlier 6,4k short entry pic.twitter.com/XNeoQEEODa
— TraderXO (@TraderX0X0) March 22, 2020
Here’s Just How Low This Next Decline Could Lead BTC
TraderXO further goes on to explain that he believes the next selloff could extend far beyond the crypto’s weekly open, potentially leading it as low as the mid-,000 region.
“BTC – not sure how many more times 58 – 59s will hold up. It’s been tagged far too often now. Expecting price to roll over in the week to low 5s possibly mid 4s,” he said.
$BTC – not sure how many more times 58 – 59s will hold up.
It’s been tagged far too often now.
Expecting price to roll over in the week to low 5s possibly mid 4s
— TraderXO (@TraderX0X0) March 22, 2020
TraderXO isn’t the only analyst anticipating further downside in the days and weeks ahead, as TraderSZ – another prominent trader – said in a response to the above tweet that he thinks it will decline as far as ,100.
Featured image from Shutterstock.
NewsBTC
Analyst: Ethereum Constantinople Will Push Crypto Miners “Out Of Business”
In recent months, as Bitcoin (BTC) purportedly fell through its supposed break-even cost of mining not once, not twice, but three times, the economics of Proof of Work (PoW) have been questioned by wary skeptics. For instance, in an op-ed piece that became an industry hot topic in mere minutes, one MarketWatch contributor claimed that BTC, with its hashrate drought and the whole nine yards, was poised to enter into a death spiral. The piece, lauded as heresy by many crypto enthusiasts, has since begun debunked, and, unsurprisingly, this market’s flagship asset hasn’t crumbled to dust.
Yet, many still like to quip about cryptocurrency mining. And recently, a number of industry analysts have aimed their scopes at Ethereum (ETH) and its transaction processing scene. So after BTC was put on public display, it seems that now it is Ethereum’s turn.
Ethereum Mining Remains Profitable [For Some]
As reported by NewsBTC in mid-November, CNBC, citing data gathered by Susquehanna, a crypto-friendly quantitative trading group, claimed that small-scale mining operations are far from feasible. The Pennsylvania-based firm explained that the average Ether graphics card-powered miner has seen their monthly profits dwindle to zip, down from 0 high seen in May 2017. Susquehanna’s Christopher Rolland explained that even with Nvidia’s flagship processor (GPU), the GTX 1080, the return-on-investment (ROI) provided was dismal.
As such, it would be logical to assume that with current profitability trajectories, many miners, even those looking to accumulate ETH, may begin to flunk out of block processing entirely.
Yet, in an exposé piece published through DeCrypt Media, Tim Copeland, debunked Susquehanna’s data, claiming that “Ethereum miners are still running strong.” Deutsche journalist Peter Statsenko told Tim that the price of electricity needed for break-even Ether mining is approximately .15 per KWH. And, with kilowatt-hour rates remaining well below this figure in a number of countries, namely the powerhouses Venezuela, China, and Canada, there are likely abounding miners continuing to keep their rigs plugged in, letting them hash the night away.
It is important to note, however, that in a majority of nations where cheap electricity is scant, mining can be far from financially advantageous. According to OVOEnergy, Japan’s average electricity rate has surpassed .26 per KWH — far beyond the supposed level that would facilitate miners. And interestingly, the Ethereum Network’s hashrate statistics have reflected the flunking of some retail miners, with the figure falling by 33% since BTC began its most recent leg lower on November 14th.
Related Reading: Cryptocurrency Mining Hardware Maker Turns £1,000 into Over £1 Million in First Year
Yet, Constantinople May Throw Crypto Miners For A Loop
Prospects may already seem overly dismal for the backbone of Ethereum — miners — but commentators and analysts have accentuated that the onslaught is far from over. In a recent sequence of tweets breaking down this topic from the top-down, Alex Kruger, a crypto-friendly markets analyst, explained that the miners left standing aren’t in the clear. Per Kruger’s analysis, if miners currently paying .06 per KWH have an ETH mining “operational break-even [of] ,” currently (-35%) below Ether’s current value.
1/ $ETH mining operational breakeven, paying .06 $/kWh for electricity, currently stands around (estimates depend on operational costs other than electricity). For those buying 2nd hand RX580 GPUs and depreciating them in 1 year, breakeven after depreciation stands at 5
— Alex Krüger
(@Crypto_Macro) December 18, 2018
Many have ostensibly continued to hash above this stipulated level, yet Ethereum’s break-even is slated for a steep hike in just three week’s time, which may spell disaster for this pertinent subset of crypto.
For those who missed the memo, Ethereum, much like Bitcoin, Stellar, and other notable projects, has long been on a path towards scalability and protocol improvement. The next step in Ethereum’s development is Constantinople, the blockchain’s most decisive upgrade in over a year. The hard fork, which moves the so-called “world computer” one step closer to its Serenity phase (Ethereum 2.0) is set to drop on January 16th.
Although the Constantinople hard fork primarily consists of updates that improve Ethereum’s functionality and ability to move to a Proof of Stake (PoS) model, when the upgrade goes live, block rewards will fall from three ETH a block to two. As depicted by the chart below from Eric Conner, a zealous Ethereum proponent, the upgrade will cut the Ether inflation rate from ~6.8% to ~4.25%, dubbed a “huge step towards near 0% network issuances [with] PoS” by Conner.
Ethereum’s “Thirdening”, where block rewards will be cut from 3 to 2, is 181,580 blocks away. By my estimates it will activate on January 14th (PST).
This will be a huge step in the move towards near 0% network issuance in Proof of Stake. pic.twitter.com/1PT0FZqhqT
— Eric Conner (@econoar) December 16, 2018
Ethereum’s long-term believers may be over the moon about the inflation reduction, but miners will feel the crunch when the upgrade activates. Kruger, citing his aforementioned analysis and napkin math, explained that the break-even at .06 per KWH will rise to 1, “sending more marginal miners out of business” — a short-term bearish occurrence in his eyes. Yet, when it gets boiled down, this is currently logical guestimations at best. So for now, Ethereum miners will need to sit on their hands and await the rapidly-approaching advent of Constantinople.
Featured Image From Shutterstock
The post Analyst: Ethereum Constantinople Will Push Crypto Miners “Out Of Business” appeared first on NewsBTC.
ICE CEO Won’t ‘Rule Out’ Crypto Futures Launch
Intercontinental Exchange CEO Jeffrey Sprecher said cryptocurrency futures contracts may be offered in the future.
CoinDesk