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BTC and LTC Halving ‘Shock’ May Be Mitigated by Merged Mining: Report

Block reward halving “shock” at Bitcoin and Litecoin could be mitigated by merged mining, according to Binance Research.

The effect of block reward halvings for both Bitcoin (BTC) and Litecoin (BTC) mining could be mitigated by merged mining, according to a report by a research arm of major crypto exchange Binance released on July 12.

Following Charlie Lee’s prediction that some miners may shut down Litecoin mining after the halving, which is expected to take place on Aug. 5, 2019, Binance Research analyzed the potential of so-called merged mining to retain incentives for crypto miners.

Merged mining is a practice of using the work done for one blockchain, or parent blockchain, on other smaller child blockchains by implementing Auxiliary Proof of Work (AuxPoW). To date, there are three major examples of merged mining, including Bitcoin blockchain-parented Namecoin (NMC), Litecoin-merged Dogecoin (DOGE), and Myriadcoin (XMY) which is merged with both LTC and BTC.

In the new report, Binance Research concluded that merged mining could “potentially provide and opportunity” to increase mining rewards in the light of future block reward halving scheduled for both Litecoin and Bitcoin. Alongside, other smaller chains could also potentially move to AuxPoW in order to support a higher level of network security while reducing the need for a separate mining set, the firm added.

At the same time, Binance Research warned about the potential shortcomings of merged mining from both a miner’s and a project team’s perspectives. Miners may not be incentivized to support child blockchains due to a significant level of operations costs as well as a potential decline in the given coin’s market price.

From the perspective of a project team working on a PoW crypto-asset, risks include dependency on the parent blockchain and new potential attack vectors.

In the report, Binance Research also considered Dogecoin, which has been operating for about six years to date, as the most successful example of merged mining. After Dogecoin adopted the merged mining model in August 2014, the coin’s mining hashrate increased by 1,500% while also showing correlation with Litecoin’s hash rate. According to the report, almost 90% of Dogecoin’s total hash rate derives from large Litecoin mining pools as of July 2019.

On July 5, Binance exchange listed Dogecoin on its crypto trading platform. On the same day, the exchange released its “2019 Q2 Crypto-Correlations Review,” stating that Dogecoin has become less correlated with other cryptos in Q2 2019, alongside with Bitcoin. However, the coin has continued to be significantly correlated with Litecoin, mostly due to the shared mining of two coins, the firm wrote.

On July 9, mining difficulty of bitcoin has reached a new all-time high by hitting a 9.06 trillion at an average hash rate of 64.85 quintillions per second (EH/s).

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Is Elon Musk and Vitalik Buterin The Reason For Dogecoin’s Listing At Binance? DOGE Soars

Dogecoin (DOGE) Binance

Dogecoin,
the “joke” cryptocurrency, has become a shocking digital currency success
story. Right now, it has some of the most influential crypto fans on the globe
rooting for it. Chief amongst them is Elon Musk, Vitalik Buterin, and John
McAfee.

Elon Musk has, for instance, tweeted in praise of token saying:

“Dogecoin might be my fav cryptocurrency. It’s pretty cool”.

The Tesla CEO was also the tongue in cheek CEO of Dogecoin as voted by the community. Musk did change his title to Dogecoin CEO for a while before updating it to “former CEO.”

Furthermore, Vitalik Buterin, the Ethereum’s co-founder, has been a Dogecoin fan for years. In 2016, he, for example, tweeted that:

 “1. I’ve sold 0 DOGE 2. I’ve bought and am buying more 3. I do not intend to sell until Dog Sled Saga becomes more popular than Neko Atsume.”

As
a matter of fact, in his most recent tweet, he said he was “very
pro-Dogecoin
.”

Binance Lists Dogecoin

The coin is on a roll, and with all the positive affirmations coming it’s way, it’s gotten its listing at Binance. The Malta-based crypto exchange’s CEO Changpeng Zhao praised the token’s large user community. He also playfully mentions Dogecoin’s famed “ex-CEO”, read Elon Musk as a good listing influence. Following the listing at Binance, the tokens price spiked by 32 percent in minutes. 

The massive growth of Dogecoin is, of course, a good thing for the investors. Its two founders, nonetheless, have perhaps become more disillusioned than ever. Jackson Palmer, the originator of the idea, left the helm of the digital asset at its peak, saying that it lost its initial spirit. Additionally, Palmer had become very uncomfortable at the coin’s investors who were pumping massive amounts of cash at the crypto for “for sillies” asset. 

He
said that the coin was not created as an investment vehicle but rather a force
for good. After clashing with the community over his ideals, Palmer dropped the
fortune saying he was not going to lead a cult. Billy Markus, the coder, and
co-founder of the token, also bailed on it later on.  

The Future of Cryptocurrency Lies with
Dogecoin

Markus and Palmer do not have much Dogecoin because they did not pre-mine large amounts of it before launch. Being a parody token, all Markus mined is $10,000 worth of Dogecoin, which he split equally with Palmer. Apparently, this is all of the asset that these two co-founders have ever owned.

The network’s fabric is sourced mainly from Bitcoin’s with a few core elements changes done by Markus. He, however, created 100 billion coins to ensure that they are easy to mine. Due to its popularity, most of the coins have been mined or dug in community lingua. As a result, this simplicity of use of the fun cryptocurrency is perhaps the feature that endears it to its users. 

Because of its ease of use, the coin is popular in retail and online gambling. Besides, it has an infinite supply of tokens, which considerably lowers its transaction fees. Besides, Dogecoin’s transactions speeds are faster than those of many other platforms such as Litecoin. It is therefore proper to conclude that perhaps Markus and Palmer accidentally invented the token of the future. It is accessible, affordable, easy to use, and has a user-friendly interface that could rule the pack in the future.

The post Is Elon Musk and Vitalik Buterin The Reason For Dogecoin’s Listing At Binance? DOGE Soars appeared first on Ethereum World News.

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Binance Report: Bitcoin Decorrelated with Other Cryptos in Q2 2019

New Binance report says that BTC’s correlation with other cryptos declined in Q2, while other cryptos’ correlation rates have remained quite high.

Bitcoin’s (BTC) has become less correlated with other cryptos in Q2 2019 due to a potential “flight-to-quality” in the recent bull run, according to a Binance report on crypto correlations released on July 5.

In its “2019 Q2 Crypto-Correlations Review,” Binance specified that average correlation between Bitcoin and all other major crypto assets declined to 0.61 from 0.73 in Q1 2019.

Correlation rate is a statistical measure that indicates the degree of the relationship between assets, with the values ranging between -1.0 and 1.0. As such, assets with a correlation above 0.5 are considered to have positive correlations, while those below -0.5 are considered to have negative ones.

According to the new report, general correlation among major cryptocurrencies has remained “quite high” in Q2 2019, while Bitcoin’s correlation dropped.

At the same time, some crypto assets have seen significant increases in correlation over the past three months, with Tezos (XTZ), Ontology (ONT) and Tron (TRX) accounting for the largest growth in average correlation with other cryptos.

In contrast, Bitcoin SV (BSV) has seen the greatest decline in average correlation, which was likely caused by delistings from Kraken and Binance exchanges, the report notes.

Dogecoin (DOGE), which was listed on Binance today, has also seen a significant decorrelation against other crypto assets in Q2, the review reads. However, the cryptocurrency has maintained a notable correlation with Litecoin (LTC), which accounts for 0.55. According to Binance, DOGE/LTC positive price correlation is likely to be due to the merge mining of the two coins.

In the review, Binance outlined a “Binance effect,” which envisions that coins that are not listed on Binance have demonstrated lower average correlations than cryptocurrencies listed on the exchange. Following listing on Binance, DOGE has seen the biggest growth among major cryptos, with its price having spiked 31% over a 24-hour period earlier today.

In their Q1 2019 crypto correlation report, Binance found that price correlations among major crypto assets increased against the United States dollar (USD), but dropped in Bitcoin terms.

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Dogecoin Finally Listed on Binance — DOGE Price Up 30%

Major cryptocurrency exchange Binance announced that today it will list one of the oldest cryptocurrencies dogecoin.

Major cryptocurrency exchange Binance announced that today it will list dogecoin (DOGE) in a post on its website on July 5.

Starting at noon UTC today, the following dogecoin pairs will start being traded on the exchange: DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX, and DOGE/USDC. Furthermore, users can already deposit their dogecoin on the exchange in preparation for the trading.

As of press time, it looks like the coin in question reacted by reporting significant gains. DOGE is up about 31% over the last 24 hours, and most of the gains have been registered in about 30 minutes.

Dogecoin one-day chart

Dogecoin one-day chart | Courtesy of Coin360

According to Finder, Dogecoin has started as a joke currency, when Billy Markus from Portland, Oregon, created it and named it after “doge,” a meme representing a dog of the Shiba Inu breed. The coin is currently the 26the cryptocurrency by market cap and the total value of the network is over $503 million.

As Cointelegraph reported earlier this week, Binance Labs, the blockchain incubation initiative run by Binance, has provided the blockchain-based customer relationship management (CRM) Cere Network with strategic funding.

In May, American major cryptocurrency exchange Coinbase has added support for Dogecoin to its crypto wallet service Coinbase Wallet.

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Breaking: Binance Lists Meme Crypto Dogecoin (DOGE) at Long Last

Dogecoin Gets Nod from Binance

Welp, Binance has finally done it. Announced early Friday morning, Dogecoin (DOGE) will soon be added to the top crypto exchange, which has registered over $2.2 billion worth of volume in the past 24 hours.

According to a blog post on the subject matter, Binance will be listing Dogecoin against Binance Coin, Bitcoin, Tether, Paxos, and USD Coin starting on the fifth, which is just about now. Funnily enough, the listing fee for the project is “0 BNB”, presumably due to the fact that there was no paid, concerted effort to get the popular meme crypto asset listed on the exchange.

Upon the release of this news, some of crypto’s top analysts lauded Binance for its step to accept DOGE, which has been widely regarded as a joke of a digital asset. Crypto Bitlord infused a reply with some rocket ship emojis; Squeezy posted a classic Shiba Inu meme.

As a result of this news, the value of Dogecoin has absolutely surged, meaning that the so-called “Binance Effect” is clearly in action as of the time of writing this. As you can see below, the minute the announcement was unveiled, the crypto asset gained around 20%. Nice.

It isn’t clear exactly why Binance decided to take the plunge into the world of meme cryptocurrencies. But notably, both Vitalk Buterin and John McAfee, the founder of Ethereum and a prominent cybersecurity guru-turned-crypto promoter, respectively, have mentioned and lauded Dogecoin in the past few days. And, who could forget pro-crypto technologist Elon Musk’s short stint “working” for DOGE.

On April 1st, stakeholders of the cryptocurrency industry were more than happy to participate in April Fools’ Day. What flew under the radar, however, was the official Dogecoin Twitter handle’s joke vote to choose a new chief executive of the decentralized project.

While Buterin and two other industry executives were named, Elon Musk was thrown into the poll as a wildcard. The wildcard won.

Musk received the most votes of the other ‘candidates’ for the stint, and he the Tesla visionary was sure he wouldn’t be remiss to miss his mystery lap. In response to the poll, Musk claimed that Dogecoin, a long-standing digital asset for fun-loving, meme-centric netizens, might actually be his favorite cryptocurrency.

In the hours that followed, Musk took the mantle as the first (and last) ‘CEO’ of Dogecoin. The entrepreneur quickly replaced his Twitter biography with a short “CEO of Dogecoin.”

Photo by Andrew Leu on Unsplash

The post Breaking: Binance Lists Meme Crypto Dogecoin (DOGE) at Long Last appeared first on Ethereum World News.

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New Malware Campaign Spreads Trojans Through Clone Crypto Trading Website

A new website spreads crypto-stealing malware by imitating the website Cryptohopper, a legitimate website where users can program tools for automatic trading.

Twitter user and malware researcher Fumik0_ has discovered a new website that spreads cryptocurrency malware, according to a report by Bleeping Computer on June 5.

According to the report, the host for transmitting these viruses is a website that imitates the website for Cryptohopper, a website where users can program tools to perform automatic cryptocurrency trading.

When the scam site is visited, it reportedly automatically downloads a setup.exe installer, which will infect the computer once it runs. The setup panel will also display the logo of Cryptohopper in another attempt to trick the user.

Running the installer is said to install the Vidar information-stealing Trojan, which further installs two Qulab trojans for mining and clipboard hijacking. The clipper and miners are then deployed once every minute in order to continuously collect data.

The Vidar information-stealing trojan itself will attempt to scrape user data such as browser cookies, browser history, browser payment information, saved login credentials, and cryptocurrency wallets. The information is periodically compiled and sent to a remote server, after which the compilation is deleted.

The Qulab clipboard hijacker will attempt to substitute its own addresses in the clipboard when it recognizes that a user has copied a string that looks like a wallet address. This allows cryptocurrency transactions initiated by the user to get redirected to the attacker’s address instead.

This hijacker has address substitutions available for ether (ETH), bitcoin (BTC), bitcoin cash (BCH), dogecoin (DOGE), dash (DASH), litecoin (LTC), zcash (ZEC), bitcoin gold (BTG), xrp, and qtum.

One wallet reportedly associated with the clipper has received 33 BTC, or $258,335 at press time, via the substitution address ‘1FFRitFm5rP5oY5aeTeDikpQiWRz278L45,’ although this may not all have come from the Cryptohopper scam.

As previously reported by Cointelegraph, a YouTube-based crypto scam campaign was discovered in May, luring in victims with the promise of a free BTC generator. After users ran the alleged BTC generator, which was automatically downloaded by visiting the associated website, they would be infected with a Qulab trojan. Then, the Qulab trojan would attempt to steal user information and run a clipboard hijacker for crypto addresses.

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Coinbase Wallet Adds Support for Dogecoin to Wallet App

Major American cryptocurrency exchange and wallet service provider Coinbase has added support for DOGE to its Coinbase Wallet

American major cryptocurrency exchange Coinbase has added support for Dogecoin (DOGE) to its crypto wallet service Coinbase Wallet, according to an announcement published on May 1.

The announcement states that users can now store DOGE directly in the Coinbase Wallet app. The coin thus joined other digital currencies —  bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), ethereum classic (ETC), Ripple (XRP), Stellar Lumens (XLM) —  already supported by the wallet. The wallet also supports the DOGE Testnet.

DOGE was initially invented in 2013 as a joke currency, the logo of which features the likeness of a shiba inu dog from the “doge” meme. It’s inventor Jackson Palmer purportedly invented the token to poke fun at the hype surrounding cryptocurrencies in Silicon Valley at the time.

Last September, CEO of SpaceX and Tesla Elon Musk asked Palmer to help him combat “annoying” cryptocurrency scammers on Twitter. In reply, Palmer sent Musk a script that he purported could help combat the problem.

At press time, DOGE is the 27th largest cryptocurrency on CoinMarketCap by market capitalization. The coin is currently trading at $0.002, having gained 3.2% over the past 24 hours. DOGE’s market capitalization is around $309 million, while its daily trading volume is around $33.8 million.

In March, Coinbase introduced a service to link users’ accounts on its main platform to Coinbase Wallet app. The wallet can now be connected to accounts on its main platform for quick transfers from the main account to the wallet.

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Active addresses on Bitcoin Coin Cash Network is Less Than 33% of Dogecoin, Median Transaction Value Below $0.01

Bitcoin Cash BCH

Bitcoin Cash is currently the fourth largest cryptocurrency, well ahead of Litecoin and Dogecoin. However, the number of active addresses on the BCH network is less than 50 percent that of Litecoin and less than 33 percent of Dogecoin at 26,030 in the last 24 hours. Dogecoin has 78,641 while Litecoin has 54, 225 public addresses. Worse, the median transactional value on the network is meager at 0.000038 BCH ($0.0096), according to data from BitInfoCharts.

Bitcoin Cash BCH

These statistics did flare up debate amongst some cryptocurrency analysts and enthusiasts. According to a Twitter user, Melik Manukyan, a network engineer, Bitcoin Cash and Bitcoin SV are notorious for conducting network “stress tests.” He tweets that the two cryptocurrencies periodically spam their systems with bursts of millions of meaningless, small transactions.

The low number of Bitcoin Cash active
addresses may lead to conclusions that the network has low usage. A level
deeper and this reveals that instead of their demand for big blocks, on-chain
blocks are small, averaging 95kb at the time of press. That is almost half of
normal averages of 177kb revealing that despite the clamor, the network make
use of less than 2 percent of the total block size of 8 MB it had proposed as a
way of scaling the network. With these, there are claims now that the coin survives on marketing,
misinformation, & noobs that give it a platform.

According to Dr. Hash, a
cryptocurrency enthusiast and coder, the statistics behind Bitcoin Cash is
worse than they expect. He tweeted
that the median value of BCH being below a cent shows that nobody is using it
despite the high number of payments the network claims to record.

Asides the transaction value being small, the Bitcoin Cash network also has a very low hash rate. At the moment, the network hash rate of BCH is 2.449 EH/s. This is relatively low compared to the 46.952 EH/s recorded on the Bitcoin network. The low hash rate of the Bitcoin Cash network means that some medium-sized Bitcoin miners launch a successful majority attack on the network, reversing transactions and causing havoc.

Bitcoin Cash BCH

Recently, the President of SBI
Holdings revealed that he had plans to promote Bitcoin Cash but didn’t proceed
with the idea following the hard fork that led to the creation of Bitcoin SV.
The SBI president maintains that a cryptocurrency that frequently undergoes a
hard fork is “ridiculous”.

“Coins that frequently hard fork are ridiculous. I was going to promote BCH, but Jihan and Craig ended up fighting, and ABC and SV were born. Jihan side won and inherited the name BCH, but I decided to quit both. This caused the market cap for both coins to fall.”

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Dogecoin Creator Abandons All His Social Media

Jackson Palmer, creator of Dogecoin has unexpectedly decided
to disappear from social networks and eliminate any possibility of interaction
with the community.

Dogecoin Inspiration

The well-known coder and designer of the meme-inspired
cryptocurrency not only turned his Twitter private but also removed an
important number of his YouTube videos. These two social networks were Mr.
Palmer’s main channels of communication.

Mr. Palmer did not explain or warn his followers, however, in Dogecoin’s official subreddit, one user clarified that the decision to “disappear” from Twitter was probably due to the recent number of negative comments he received as a result of his opinions on certain controversial topics:

On Twitter, he had a skeptic – analytic position about cryptocurrency and blockchain and it was always refreshing to many, myself included, to listen to his opinion and for that he had many followers and he managed to produce a lot of quality conversation. But more recently he focused more on other issues like identity politics for which he got a lot of negative replies as one would expect. That probably influenced in his decision to delete Twitter as well as the prevalent tribal mentality in many cryptocurrency communities.

Another user, however, explains that perhaps
Palmer felt “saturated” by social networks pointing out that he has done this
in previous occasions:

Pumpkin has nuked his social media platforms a few times over the years generally when the space gets too much, too close or too aggressive with him. He killed his reddit account months before his twitter, his facebook before that, he has killed his twitter account three times before. (A previous time sent the original Dogecoin tweet into the void)

He just wanted a break and time away from the whole space. He is well, he is good just taking a break from everything crypto.

Regarding Youtube, Palmer himself explained in his Twitter account (now private) that he took that decision to prevent incessant user comments demanding that he do something about the scammers impersonating him. He also commented that his public videos will be oriented to technology in general to avoid negative reviews.

“Because a few people have asked: yes, I’ve made all the crypto videos on my YouTube channel private. Thread as to why…

Every few days, I get contacted by someone saying I’m being impersonated on Telegram, WhatsApp or via email spoofing offering ‘promoted’ videos for money. In some cases, I sense hostility from these people towards me and they say ‘you should do something about it!’

It’s not my job or responsibility to spend time reporting fake accounts on instant messaging services that I don’t even use, and I don’t have the spare energy to deal with people asking me about this stuff on the regular. It’s made my hobby tedious, tiring and un-fun.

In addition to this, a large chunk of the comments on my videos were akin to ‘this guy talks funny and is dumb, this coin is actually amazing because I have bags of it myself so it must be great’. I turned off notifications, but it’s still not compelling feedback to receive.

So my YouTube channel from here on out is just going to be about general tech and I’ll post when I feel like it. It’s my hobby, after all. Also, scammers are less likely to impersonate me if my channel is just mechanical keyboard reviews. Thanks all for understanding.”

So far, Palmer hasn’t had contact with his fans or reopened his social networks. Some of his videos are now available on his official website https://ummjackson.com/crypto-explained

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