Story - Ethereum Community Reject Hard Fork To Recover 500,000 Ether
https://themerkle.com/parity-will-not-pursue-hard-fork-to-unfreeze-500000-ether/
So just a quick back story to get everyone on the same page.
Parity technologies created a multi signature Ethereum wallet based on some code that the Ethereum foundation wrote and the community checked.
Parity made some further developments to it in their own version which turned out to have some bugs and security flaws.
As the story goes some ‘amateaur’ programmer managed to accidentally run a kill function that caused the smart contract to delete some of its own code.
Some of the code that was deleted was the feature that allows Ether to be withdrawn from these multi signature wallets.
Several ICOs including Iconomi now collectively have 500,000 Ether in these multi signature wallets with no way to withdraw or move the funds.
At today’s price of approx $800 that’s $400m.
The update today is that unlike when Ethereum hard forked to restore the funds stolen from The DAO, this time the Ethereum community has rejected the idea of doing a hard fork to forcibly re-insert the deleted withdrawal code and store the functionality to the multi sig wallet.
One of the most appealing features about a blockchain is it’s immutability, once data is saved it’s permanent and you can trust it 100%.
When Ethereum hard forked and basically re-wrote history to fix The DAO issue, it caused so much controversy that it gave birth to Ethereum Classic, which maintains the original version of history unchanged.
The bottom line is that this 500,000 Ether is still locked inside this smart contract with no way to get it out.
I’m glad that the Ethereum community has decided not to hard fork this time, however with Ethereum averaging 1m transactions per day now, it’s almost impossible to change history again.
There’s too much activity on the network now.
What do you think? How would you suggest they fix this? Is Parity Technologies even obligated to fix this? Let me know in the comments.
Story - Central Banks Will Add Bitcoin To Their Core Asset Holding In 2018
https://cointelegraph.com/news/blockchaininfo-ceo-central-banks-will-hold-crypto-in-reserve-in-2018
This is accord to PEter Smith the CEO of Blockchain.info.
He said this in an interview on CNBC.
He said that in 2018 we will see central banks starting to hold digital currencies on their balance sheet alongside existing holdings of gold and various fiat currencies.
Those purchases will no doubt be done over the counter so they won’t show up on any exchange.
Peter also said following the acquisition of Bitcoin on central banking balance sheets he expects central banks to start issuing their own digital assets.
To my mind, the only real way to guarantee people will use the central bank tokens is to make it a legal requirement and then ban the alternatives.
So we’ll see what happens.
I think banning decentralised cryptocurrencies will just cause tons of people to run to private coins like Monero.
Story - Japanese Car Dealers Surge Ahead With Bitcoin Adoption
https://news.bitcoin.com/major-japanese-automotive-group-and-dealerships-embracing-bitcoin/
While it seems to be nothing but regulation and resistance to crypto in Europe and America, Japan is busy getting on with boost Bitcoins fundamentals.
Japan’s largest BTC exchange by volume, BitFlyer has just been appointed by Idom Inc to enable Bitcoin payments at its car dealerships across Japan.
They are starting with 26 dealerships and then rolling it out the their other 550 locations across the country.
The company has been around since 1994 and also owns a majority stake in an Australian car dealership Buick Holdings.
I reported on Japanese company GMO Internet starting to pay it’s employees in Bitcoin up to a limit of about $880…
Well this car dealership is going to accept payments of up to 100 million yen which is approx $888,000.
These stories are important because real world adoption is the only way to really secure the Bitcoin bubble from bursting and causing a significant crash in the price.
It’s just a question on whether adoption will happen fast enough and whether the Bitcoin network can handle the transaction volume.
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Hard forks have their place in the world, but not to re-write history. I think there is value to have a glass box filled with 500,000 of any crypto that is frozen and not able to go anywhere. It will serve as a living digital testament to building this security into your product/blockchain up front.
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Great post
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Smart move by Japan. The rest of the world better get on board. Cryptos are the future. Looks like Central banks are doing a complete turn on cryptos. I remember when they used to bash BTC and state it would never amount to anything, and now they want it in their portfolio. It just shows you how far we have come along
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Less Supply, More demand = Yes please ;) Sucks for those people that had their coins there but honestly hard lesson learned that almost all of us went through when having BTC on exchanges. Keep control of your own wallets!
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Bitcoin (soft) forks again:
https://steemit.com/blockchain/@rockwellontherun/bitcoin-soft-forks-again-prior-to-lightning-protocol
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Congratulations @marketingmonk, this post is the fifth most rewarded post (based on pending payouts) in the last 12 hours written by a Hero account holder (accounts that hold between 10 and 100 Mega Vests). The total number of posts by Hero account holders during this period was 384 and the total pending payments to posts in this category was $7777.01. To see the full list of highest paid posts across all accounts categories, click here.
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500,000 less ETH on the market, no wonder it is pumping like hell!
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Thanks for the great info! Im looking forward to seeing more of your posts!
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I would by car if i hade 5-7 bitcoins :D
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I think Ethereum will reach soon 1K end of this year. I hope I can buy my Mercedes next year.
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I think Ethereum shouldn't make Hard Fork every time they make a mistake. Otherwise they'll end up looking like a nice bunch of amateurs. I don't like Ethereum at all, the only thing that forces me to detain is people who act like sheep and don't realize that there is much better in the world of cryptocurrencies.
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Might end up like Bitcoin Original being sold out for Bitcoin Clone, like rats leaving a sinking ship? BCH has been going down by thousands recently but Bitcoin Clone has been rising to record highs seemingly overnight.
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That seems to have reversed itself tonight with BCH 50+% up in value and BTC -15%.
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You were right for correcting me, sorry I had the acronym wrong, should have been BTC not BCH.
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I think adoption is inevitable. But besides btc, ltc or eth, one should also focus on tokens that are actually solving the smart contract issues between banks and their clients. These tokens are the ones that will be as valuable as coins.
Btw if you like playing indie video games, feel free to check out my blog and also upvote for support if you like the content. Cheers!
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That a lil shout out to OMG in there? lol. I think OMG has a really solid foundation for success, especially if they move to their own chain
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time to get myself a nice import van from japan with bitcoin then eh? :)
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Blockchain Vs. Hashgraph Vs. Tangle Vs. You - Plus How Bitcoin is quickly replacing Gold
https://steemit.com/blockchain/@josearteaga/video-blockchain-vs-hashgraph-vs-tangle-vs-you-plus-how-bitcoin-is-quickly-replacing-gold
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This is important.These stories are important because real world adoption is the only way to really secure the Bitcoin bubble from bursting and causing a significant crash in the price.
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Central banks would likely buy #Bitcoin and #Ethereum as part of their reserves. Central banks hold gold and foreign currency reserves to allow them to act if there are any market shocks."
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Wait...Why do we need Central banks again??
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This s what happens when you dont leave well enough alone. Imagine $400m gone like that because of what that programmer called a prank. So unfair.
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Now I am not so sure of big banks buying BTC. Bitcoin Cash seems to be a beter alternative to normal Bitcoin.
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Good Information......
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Why aren't they buying Ripple? A coin created by banks imo
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Keep rising Ethereum! #future #invest #wallet #eth #money
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What? Bitcoin can be a means of payment in Japan? That’s awesome! I hope other countries will follow as it is starting to become the next big thing.
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thanks!! very interesting
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It helps thank you again
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Picture cute! I like it! Look in my post <3
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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 227.12 SBD, based on the pending payout at the time the data was extracted.
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Another hard fork for ethereum after another mistake by ethereum would have been ridiculous
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Fascinating to see some pioneering, real-world usage of cryptocurrencies. This is what the crypto space need, to really ramp up the currency as a payment method for the everyday; beyond just being an 'investment'. Currencies are not intended to be investments, they are simply intended to be a vehicle of commerce and transactions.
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The Japanese are always ahead.
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Ah I heard of this. Interesting that this is the decision now for this incident. But I think its the right thing to do. As u already stated: The network has now such a high activity and so many firms now rely on it that doing hard forks is not really an easy task.
But things like this shows us that we definitely need some ways to prevent such human errors in the future. There must be a strict quality insurance process for production-ready blockchain code.
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Brilliant analysis
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wooooo...
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I live in Japan. "Story - Japanese Car Dealers Surge Ahead With Bitcoin Adoption" because many young people get big money by cryptocurrency.
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Your post is awesome, and very informative. I follow and upvote.
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Good post very nice job
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Great post! Btw, You can actually buy houses with Bitcoin in Israel.
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Well he definitely knows the cryptocurrency train is a coming. Get ready, in around 5 years we'll ALL be using it. And that dude has just secured himself 40 bitcoin that in 5 years will be worth at least 500k to 1 million per coin.
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Honestly, until basically all transactions are done through the Lightning network, we're not going anywhere with Bitcoin
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Looks like my analysis about the Bitcoin battle was right so far:
https://steemit.com/bitcoin/@the.privatier/12-important-things-you-need-to-know-when-deciding-about-investing-in-bitcoin-cash-or-bitcoin
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Congratulations @marketingmonk!
Your post was mentioned in the hit parade in the following category:
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This is a proof of work “fraud” from Coinbase! Make sure you use your calculator before you make any transaction on this platform. Not only the calculated fee is higher than the displayed fee, in addition to that an entirely hidden charge will be revealed on top of all charges, if you are smart enough to spot it.
Leave your comment below, I am in search of a transparent place to buy cryptos and will share my experience with you guys so you can avoid these so-called trusted websites!
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@Resteemed
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Bence bitcoin güzel bir yatırımyeridir
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