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XMR Surges 9% Despite Disclosure of Brutal, Patched Monero Bug

Developers Unveil Massive Monero Bug

Revealed on July 3rd by developers on HackerOne, Monero (XMR) was recently subject to a number of security vulnerabilities. One bug in question would have given attackers the ability to “create” XMR that didn’t really exist on the blockchain.

If used correctly, this exploit would have allowed the hacker to credit his own exchange accounts with XMR, trade said credit for “actual” cryptocurrency, then withdraw the asset, be it Bitcoin, Ethereum, or otherwise, from the victimized exchange. The developer that discovered this bug has been paid around $4,000 worth of XMR for the discovery of the potential exploit.

Interestingly, this glitch is very similar to one disclosed last year, which actually affected an exchange listing crypto assets based on Monero’s code. As reported by Ethereum World News previously, a lesser-known exchange named Altex revealed that “every CryptoNote-based coin” it had listed was under pressure from the attack and the bug.

The bug seemingly allowed users to manipulate the amount of cryptocurrency shown by certain XMR wallets, with each new line of copied code multiplying the Monero amount displayed.

While this bug doesn’t facilitate the materialization of XMR out of thin air, attackers could use this as a medium of attack against a cryptocurrency exchange. More specifically, malicious users could trick exchange support staff teams into crediting their account with Monero that doesn’t exist, with one coder noting that users could bluff a value of up to 8,000 times over their original transaction amount.

In spite of these constant bugs, XMR has been subject to a nice pump, caused by who knows what. In fact, according to Coin Market Cap, the popular privacy-centric altcoin is up around 9% in the past 24 hours, finding itself sitting at $96.5 — just shy of the $100 psychological price point.

monero price chart july 6th

This strong swing upside makes even less sense when you look at Bitcoin’s performance. Bitcoin, which has easily outperformed altcoins over the past few weeks, is up a mere 2% in the past 24 hours, making XMR’s move that much more notable.

Competitor ZCash Has Ambitions

This disclosure comes hot on the heels of news that the Electric Coin Company, the organization behind much of Monero rival ZCash’s development, has lofty ambitions.

Speaking at the Croatian event, Electric Coin Company executives and employees unveiled plans to involve “sharding” in its chain. For those unaware, sharding is a mechanism which splits information in a database across different servers. This, in the context of cryptocurrency, could allow for different groups of nodes in a blockchain to process different requests, allowing for a potentially dramatic increase in transaction times and data throughput.

Photo by Jantine Doornbos on Unsplash

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Weiss Ratings: EOS Downgraded Due to Centralization Issues

A number of ratings platforms have popped up over the past
year or two in the ever increasingly competitive world of crypto. Their
apparent aim is an attempt to compare tokens on various merits such as
adoption, technology and investment risk. Weiss is one of the more respected
ratings outlets and they have just dropped a bombshell on EOS.

EOS has had a bit of a rough ride recently. The Ethereum rivaling
token was pumped leading up to the highly
anticipated B1 event
last weekend. There was a lot of fomo in anticipation of
some big announcements when never really materialized. Since then EOS has
dumped over 20 percent to its current level.

Weiss Ratings has just added fuel to the fire with a recent
announcement stating that they were downgrading EOS due to
centralization issues;

“EOS DOWNGRADE: #EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score. It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.”

The tweet included a blatant pump for Cardano which has been
very slow getting off the ground in terms of development.

EOS Centralization Woes

The EOS centralization problem has been widely publicized. The system only has 21 nodes which check and validate transactions. Every 126 blocks 21 new nodes get elected by the stakeholders, this means that every round an elected node ‘mines’ 6 new blocks. It employs a Delegated Proof-of-Stake (DPOS) consensus model which means investors are rewarded with voting power and can decide who gets to mine the EOS blockchain.

The entire ecosystem is essentially built upon the EOS Core
Arbitration Forum (ECAF), which is effectively its ‘judicial branch,’ and the Block
Producers. The 21 elected block producers are rewarded with EOS tokens produced
by inflation, the constant voting process means that those BP candidates with
enough votes can replace current block producers.

It doesn’t end there. A recent report by blockchain
analytics firm AnChain suggests that most users associated with dApps are
actually bots. AnChain studied the top ten gambling apps on EOS and concluded
that they accounted for 65% of all transactions on the EOS blockchain.

According to Coingeek the results of the analysis show that
in the first quarter of this year bots comprised 51% of all unique accounts and
over 75% of all transactions. The firm added; “In other words, every day the
equivalence of $6 million USD in transaction volume is driven by bad bots.”

Since its 2019 high of $8.45 EOS has dumped 22% to its
current price of $6.57 despite a Coinbase listing. It has dropped down to sixth
spot being eclipsed by Litecoin which has surged
into fourth as halving fomo heats up
.

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Crypto Analyst: Buy The Dips, Bear Market Definitely Over

Traders and crypto analysts are constantly looking for
signals that the bear market is definitely over and a major trend reversal has occurred.
Markets were up an impressive 50 percent in May surging from $175 billion to
$265 billion by the end of it. More signals are indicating that a new bull
market has begun so any corrections now will be opportunities to buy the dips.

Following Friday’s $28 billion market rout, the weekend saw renewed buying pressure and things quickly started to recover. By late Sunday Bitcoin had already returned to $8,800 and many of the altcoins were doing even better. Another chance to correct dissipated as momentum returned to crypto markets and dip buying was clearly going on.

1 Week Super Guppy Goes Grey

Analyst and trader Josh Rager looked at the three day super
guppy last week when it flipped to green for the first time since 2016. A Guppy
is a multiple moving average technical indicator that identifies changing
trends, breakouts, and trading opportunities in price. It achieves this by
combining two groups of moving averages with different time periods.

To confirm the signal the one week guppy has now started to
turn grey which is a prelude to green.

“After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green. Now we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7k. Guppy is a lagging indicator but makes for strong confirmation IMO,”

Many are still expecting a sizeable pullback and the 30
percent figure has been bandied about recently. During the last uptrend Bitcoin
corrected by over 30 percent eight times yet still recovered to post new
all-time highs. When asked about buying dips, Rager added;

“People have questioned if “dips are buying”. And my answer is still a strong “yes, dips are for buying”. Even if we do see strong pullback lasting weeks, the correction will only serve to refuel a strong move up post-correction with past avg of 150% gain between 30% pullbacks,”

The other notion at the moment is an altcoin resurgence if
and when Bitcoin pulls back. So far this year, as in early 2017, altcoins have
been tethered to the movements of the bigger brother. During May Bitcoin gained
55 percent, Ethereum
60 percent
, BCH 60 percent and EOS made 60 percent. Momentum is all pretty
similar and the markets have not decoupled. This would have to occur for
altcoins to start eating into that 56 percent dominance than Bitcoin has held
for the past couple of months.

A major correction could signal the beginning of altseason,
but either way there will be plenty of opportunities to buy the dips as this
uptrend gains momentum.

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Bitcoin Pullback Fears Accelerate Crypto Market Losses, $28 Billion Dumped

Fears of a wider market correction have accelerated today as
traders dump altcoins en masse following another minor pullback by Bitcoin.

Cryptocurrency markets are sliding during Asian trading
today as altcoins bear the brunt of another Bitcoin bounce off resistance. BTC
finally topped $9,000 a few hours ago but instantly retreated following a huge
fake out. In what appeared to be a massive trading bot triggered event, prices plunged
over $1,000 in a matter of hours as BTC finally settled at just over $8,000.

Zerohedge
reported that fundamentals are still strong and institutional investment has
yet to gather momentum so this movement could be considered a minor blip. These
patterns are not unusual and have happened countless times in the volatile
world of crypto markets.

Altcoins Bleeding Again

As usual, a cascade effected rippled through altcoin markets
as they dumped even harder. Bitcoin seems to have recovered a little and is
only down 6 percent on the day according to Coinmarketcap.com. The
same cannot be said for the rest of them as the avalanche gathers momentum.

Ethereum has dumped 11 percent back to the $250 level.
Following recent
gains
ETH was also due a correction and this still proves how hopelessly
tied to Bitcoin it still is. If this is the beginning of an expected 30 percent
pullback, Ethereum will be back below $200 in no time.

XRP has fared no better dumping 9 percent back to $0.416
while Bitcoin Cash has been trounced 10 percent to $420. Even EOS did not escape
the purge and a Coinbase listing could not keep the token above the red tide.
Dropping a similar 9 percent, EOS is back to $7.30 today but hopes are that the
weekend
B1 event
and much hyped announcements can keep momentum going.

Following its scam induced pump yesterday, Bitcoin SV has slumped a whopping 20 percent falling back to $180. There is no escape and several are in double digit pain including Cardano, Tron, IOTA, and Tezos. The only altcoin surviving the bloodbath is Cosmos which is actually up 5 percent on the day.  

Total market cap 24 hours – coinmarketcap.com

The Friday correction has seen $28 billion exit the space as
total market capitalization dumped from a new ten month high of $286 billion
down to $258 billion where it currently sits. Daily volume has surged over $100
billion but it is all flowing outwards at the moment. Things are likely to
settle soon but further losses could be on the cards if the 30 percent
correction theory is accurate.

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IOTA Pumps 18% as Next Stage in Project Evolution is Announced

Yesterday it was EOS
that received the fomo
pumping 15 percent and today it is IOTA with a
bigger surge. The team behind the Tangle has just announced the next evolution
for the project which has sent the token skywards.

From a low of $0.420 IOTA took off to surge almost 18 percent reaching an intraday high of $0.495. Daily volume almost doubled jumping from $44 million to $85 million over the past 24 hours. The majority of that volume is currently being handled by Binance taking 40 percent.

IOTA price 24 hours – coinmarketcap.com

IOTA
has not been above $0.50 since early November last year. Like many altcoins, it
has been slow to recover while Bitcoin has raced away with all of the gains. The
last time it rallied by as much was in April following the Jaguar
Land Rover partnership
announcement. Things started to bubble up for IOTA
following this announcement a few hours ago:

The next step to maturity has been dubbed Coordicide: the
death of the Coordinator. Without extensive familiarity with the technology
behind the platform it is not easy to see what they are talking about. A video explains that in
its infancy IOTA’s underlying data structure, the Tangle, was secured by a
temporary component known as the Coordinator.

All Coordinator activity is validated by the nodes in the
network, so that funds cannot be lost or transactions reversed. This next step in
IOTA evolution is the planned removal of the Coordinator which the team has
been very vocal about. Co-founder of IOTA Foundation, David Sønstebø, said;

“We have been working towards the removal of the Coordinator since IOTA’s inception. Now with the maturity and growth of the protocol, and the quality of our research team, we are bringing that promise to fruition,” before adding “With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world.”

The video continues to add that the replacement is a new
security mechanism that allows IOTA to become fully decentralized and ‘geared
for the new internet’. One mechanism is a new voting based consensus model
using ‘pro-active communication’ called Shimmer. The company blog added;

“Removing the Coordinator from the IOTA network will realize a long sought after goal in the field of DLT: scalability without centralization. The solution itself is inherently modular, meaning that users will have ultimate freedom to tailor the system to their individual needs.”

At the time of writing IOTA was trading at $0.474, its
highest price for over six months.

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EOS FOMO Heats Up Pushing Crypto Markets to New Ten Month High

EOS Trading

Another day brings another new 2019 market capitalization
high for cryptocurrencies. There seems to be no stopping the bulls at the
moment as Bitcoin takes a breather just below $9k.

The altcoins are in the driving seat today and one in
particular is making big moves. EOS
has spiked 15 percent
today to flip Litecoin and take fifth spot on the
market cap charts. From $6.90 the Ethereum rivaling token surged to an intraday
high of $8.05 before pulling back slightly. Daily volume for EOS has pumped to
$5.2 billion and its market cap is now over $7 billion.

FOMO For EOS on B1 Hype

EOS is currently the top performing altcoin in the top one hundred and its performance has pushed total crypto market cap up to a new high for the year. The big Washington EOS event on June 1 appears to be driving momentum. The B1 event will include an updated roadmap, a yearly product release cycle, and updates on the B1 social media dApp. Additionally B1 have registered the trademarks MEOS and XEOS and big announcements are expected for the platform.

There is also recent news that Block.one purchased 3.3
million tokens worth of RAM on the mainnet in the run up to the event.

The Chinese have also given EOS a boost by ranking it above
both Tron and Ethereum though these ratings are highly subjective. The FOMO is
flying today as EOS reaches its highest price since July 2018.

Litecoin continues to climb adding another 2.5 percent today
to remain over $115 and it is very close in terms of market cap to EOS.

Tron
and BitTorrent token are also on a roll today climbing 10 and 13 percent
respectively. BTT has just been listed on KuCoin and the BT file system is
about to be launched which, according to the blurb, aims to be the number one
decentralized file storage plan for developers. Justin Sun has been promoting
the project leading up to its launch later this week and his two tokens are
getting their share of the daily FOMO;

A few hours ago total crypto market cap hit a new
2019 and ten month high
of $278 billion. It is currently up $5 billion, or
around 2 percent, from yesterday’s levels, largely driven by altcoin movements.
Bitcoin’s market dominance has fallen back below 57 percent but only just. That
could all change if BTC surges to $9,600 as analysts predict.

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Crypto Markets Surge $25 Billion as Bitcoin Hits New Highs

It has been another happy Monday on crypto markets as they
are surging again. All altcoins are in the green during the trading session in
Asia and Bitcoin has led them up as it pumps towards $9,000.

$25 Billion Inflow

Over $25 billion has been pumped back into digital assets
over the past day as markets reach a new 2019 market cap peak of $272 billion.
Crypto capitalization has not been that high since July 2018 when things were
on a downward slide.

Total market cap 12 months – coinmarketcap.com

Daily volume has also surged by 50 percent as it approaches
$90 billion. Around $100 billion has been injected back into crypto markets
since the same time last month. Since the beginning of the year market cap has
over doubled.

Several of the altcoins are trading in double digits today.
Litecoin is one of them as it adds a further 11 percent today on to the huge
gains LTC made
over the weekend. Litecoin is currently trading at $113 and
is likely to go higher as the halving in August draws nearer.

Bitcoin Cash is on the tail of its big brother making 9
percent today is BCH jumps to $438 and EOS has added a similar amount reaching
$6.90. Tron has shot up almost 15 percent, driven by another fomo
inducing tweet
from Justin Sun. TRX is currently trading at $0.031 and BTT
is also on a roll with a 33 percent spike today. Bitcoin SV is getting a big 17
percent boost at the moment reaching $106.

Bitcoin Approaches $9k

The momentum yet again has been driven by Bitcoin which took
off a few hours ago to reach a high of $8,850 according to Coinmarketcap.com. It surpassed
$8,900 on some exchanges which often trade with higher premiums. This is the
highest price Bitcoin has hit for about a year, the last time being early May
2018.

Crypto trader Josh Rager sees more gains ahead with BTC
pushing past $9k;

“Goodbye meme triangle, hello $9k+ targets. Some people were screaming triple top when the more obvious conclusion is retest after retest of resistance will finally lead to a break to the upside. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k”

 ‘CryptoFibonacci’ meanwhile
says that that shorts will
start taking effect
once Bitcoin hits $9,500 and it is very likely to return
to test the exponential moving averages.

There seems to be no stopping Bitcoin at the moment and,
pullback or not, it is definitely the bulls that are in charge right now.

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Litecoin (LTC) Leading in $10 Billion Crypto Market Surge

A crypto correction that started
a couple of days ago
was quickly quashed when Bitcoin found support and moved
back towards $8k once again. Since then the altcoins have been on fire with
some, such as Litecoin, surging ahead of the pack.

Another $10 Billion Back into Crypto

From a low of $243 billion yesterday crypto market
capitalization has pumped to a high of $254 billion before stabilizing at
around $250 billion where things currently sit. Daily volume has surpassed $80
billion once again which is extremely bullish. May has seen some of the highest
volumes on record and they have been maintained which has kept markets buoyant.

Total market cap 24 hours – coinmarketcap.com

Bitcoin has made it back over $8k one again, hitting an
intraday high of $8,140 according to Coinmarketcap.com. The
bullish sentiment has resulted in a further 2 percent gain from Bitcoin which
has yet to have any real pullback in this current rally. After spending the
majority of April at around $5,300 BTC has found a new resistance zone around
$8,000. Its market dominance is currently 56.6 percent and the altcoins are
leading the digital race today.

Litecoin Ignited in 20% Pump

Litecoin is one of the top performing altcoins at the time of writing. It has surged from $88 to $104 over the past day and reached its highest level for almost a year. There is massive resistance at $100 which LTC has already hit last week. A move above it could send the ‘silver of crypto’ surging in a parabolic pump mirroring that of December 2017. LTC has trounced EOS to take fifth spot with a market cap now exceeding $6.4 billion.

The halving
event in 73 days
is likely to be driving early momentum for LTC which is
bound to trade a lot higher as August approaches. Coin scarcity and increased
demand could push prices back to their all-time highs of $370.

Binance Coin is also trading well and has just made a new
all-time high at $34. A 7 percent surge on the day has been the result of the
world’s top exchange announcing margin trading features. Though it can’t catch
Litecoin at the moment, EOS
has made 8 percent and is up to $6.50 at the time of writing.

The momentum for crypto markets is holding and May is
shaping up to be another month of solid gains. Crypto market cap has doubled
since the beginning of the year indicating that things have finally lifted off
the bottom and the bulls are running the show now.

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Galaxy Digital Founder Michael Novogratz: One of the Social Media Cryptos Will Succeed

Novogratz suggested that one of the crypto assets created by social media giants will succeed.

Michael Novogratz, founder and CEO of cryptocurrency merchant bank Galaxy Digital, has suggested that one of the crypto assets created by social media giants will succeed. Novogratz made his remarks during an interview with CNBC published on May 24.

At the end of the interview, Novogratz noted:

“I think Facebook’s payment currency, I think Telegram’s gonna have one…You’re gonna see one of those payment coins work, and I think that has the chance to be a real currency.”

Earlier in the interview, Novogratz reiterated his stance that bitcoin (BTC) is a store of value, again comparing the coin to gold as he did in February. Still, he pointed out that while something like Facebook’s coin will probably be used for payments, bitcoin will be limited to being a store of value.

Novogratz also again stated that the “crypto winter is over,” which is in line with what he said at the beginning of the month,when he expressed the idea that cryptocurrencies are now in a bull market. When the interviewer asked Novogratz whether he believes the people who previously got “burned” by bitcoin won’t buy it again for many years, he said:

“I don’t think it’s the case. And a lot of institutions never got in, so they felt kinda smart and now all of them say, ‘Wait a minute, now there’s more cover.’ […] Retail will come and go, and a lot of the guys who got burned won’t come, but there’s seven and a half billion people on the planet, there’s plenty of retail customers to continue to come in. ”

Novogratz said that coins such as ethereum (ETH) and eos — which he refers to as web 3.0 coins — are interesting. Still, he explained that all those networks are fighting to become web 3.0, and that it is going to take two to five years to find the winner, since “it’s much more like a venture play than a currency play.” Such initiatives, he noted, need to get developers to build applications on their platforms and thus become useful.

As Cointelegraph reported this current month, Novogratz has previously stated that since bitcoin is just a store of value, it is not going to change the world, but web 3.0 could.

Yesterday, news broke that encrypted messaging service Telegram will purportedly launch its Telegram Open Network in the third quarter of 2019. Facebook’s secretive alleged cryptocurrency, now dubbed the Globalcoin, will also reportedly launch in 2020.

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EOS, BNB and TRON (TRX) Will Rise Over 400% By The End of 2019, Panel of Experts Predicts

2019 will be a bullish year and most analysts and experts in cryptocurrencies seem to agree. After presenting important indications of growth, many experts declared the beginning of Alt Season. This, of course, increased optimism and expectations of investors and crypto enthusiasts around the world.

A study by Finder contrasted the perceptions of a panel of 10 experts who analyzed the performance of 13 leading altcoins, in order to give their predictions.

While all altcoins appear to be bullish (Bitcoin too, read the full story here) the panel of experts believes that Tron (TRX), EOS and BNB will close the year with the most profits. The worst performers (although bullish) will be BSV, Monero (XMR) and XRP.

EOS Will be The most Bullish Crypto According to the Experts

The panel of experts was extremely bullish about EOS. On average, they expect the crypto to reach a price close to $18.7 which would represent an increase of 727% over the beginning of the year.

EOS could be the most bullish crypto according to experts

Binance Coin (BNB)

Binance’s native token will be the second most profitable cryptocurrency, with an expected growth of 450% by the end of December 2019. Experts predict that the token will go from 6.24 USD to approximately 34.9 USD.

Binance (BNB) Will remain strong

TRON (TRX)

The blockchain promoted by Justin Sun remains in third position, very close to the BNB. Experts say each token should reach about $0.15 for a growth of about 449%.

Tron (TRX) will be one of the best perdorming cryptos

XRP Will Perform Fine… Just Not That Fine

Ripple’s token is at the bottom of the list with a 49% increase. While it is well below the 727% obtained by EOS, it is also much stronger and more optimistic than the better forecast of other financial instruments such as the SP500 or the Nasdaq. Experts believe the token will close the year at least near $0.44 per token.

XRP will not be as bullish as its army expects

Monero (XMR)

The privacy coin seems to be a little underground since 2017. According to tech experts, after overcoming a bearish streak, the token will end the year with a value of 68.5 USD, which represents a 57% increase in its value.

Monero could increase its value by 57% according to the panel of experts

BSV

The token sponsored by Craig Wright (famous for his claims of being Satoshi Nakamoto) could rise above $605 which translates into a positive performance of 60%.

Bitcoin SV will have a poor (but bullish) performance according to the experts

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