October 9, 2018
QUOTE OF THE DAY
"If privacy is outlawed, only outlaws will have privacy."
- Phil Zimmerman
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| COIN | PRICE | 24H |
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| BTC | $6,638.978849 | +1.04% |
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| ETH | $228.399487 | +2.21% |
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| XRP | $0.492586 | +3.37% |
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| BCH | $524.280181 | +2.67% |
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| EOS | $5.85103 | +3.11% |
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*Information as of 9:30 AM EST
September Slaps Retail Miners into the Negative
Little guys bite the dust
Yesterday, Diar released research that found September was a painful month for retail Bitcoin miners.
This finding comes as no surprise since the Bitcoin network hash rate has been a steady uphill ride for miners in 2018. While an increasing hash rate could be a bullish sign that more miners are joining the Bitcoin network, it also means each Bitcoin is getting more difficult to mine.
Because of this increased difficulty, for the first time this year, miners paying retail electricity prices were unprofitable in September:
Big guys hurt too
Even though the big miners in the space can continue to operate and generate sufficient mining profits during this time, the biggest miner isn't particularly happy about this.
That's because Bitmain, the world's largest mining company that runs the world's two largest mining pools, generated 95% of its revenues from the sale of mining equipment to investors this year - not from profitable mining operations.
Which means when retail miners are doing well, Bitmain is doing well.
Revenues up, forecast down
Despite this year's endlessly rising hash rate, mining revenues have already outpaced 2017 numbers by over $1.4 billion with a majority of that figure coming in the first half of 2018.
Now, however, increased mining difficulty is keeping retail players at bay and this could mean a downturn for Bitmain's mining equipment sales.
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Canadian Court Orders ETH Sent to Wrong Address to be Returned
The mistake that everyone fears
Recently, the Supreme Court of British Columbia ruled that ETH funds mistakenly sent to the wrong address be returned to the original owner.
Every person who has ever sent crypto has felt the anxiety of the unknown when you are waiting for funds to transfer between wallets. Even if you use copy and paste or a QR code to fill in the wallet address, always make sure to double or even triple check the address before sending.
How it went down...
In this particular instance, an investor was attempting to purchase 530 Copytrack tokens in an initial coin offering. But, instead of sending the investor Copytrack tokens, the startup accidentally sent the investor 530 ETH.
The investor, named Brian Wall, did not comply immediately and said that he would not return the ETH. Eventually though, he obeyed and said that he would return the mistaken ETH to Copytrack. However, before Wall could return the ETH, he was hacked and lost the ETH.
Even as the tokens have not been retrieved from the hacker, the Supreme Court of British Columbia ruled that Copytrack is the rightful owner of the tokens.
Justice Skolrood who ruled over the case stated:
"Further, regardless of the characterization of the Ether Tokens, it is undisputed that they were the property of Copytrack, they were sent to Wall in error, they were not returned when demand was made and Wall has no proprietary claim to them. While the evidence of what has happened to the Ether Tokens since is somewhat murky, this does not detract from the point that they should rightfully be returned to Copytrack."
Setting the legal precedent
This story is especially notable, beyond this individual instance. Because the court ruled in favor of the party who accidentally sent the funds to the wrong address, it sets the precedent in future cases. If someone is to send funds to a wrong address, they will be able to take the situation to court and the judge will rule in their favor.
However, the tricky part with crypto is receiving the mistaken funds. They could be sent to an address that no one controls or to someone that the court has no jurisdiciton over.
Still, it's also possible that courts take a narrow interpretation of this ruling and only allow reversal of transaction when the wrong coin or value of coins was sent.
Hacker Promises to Livestream a 51% Altcoin Attack
Prepare for war Einsteinium
In an attempt to educate the crypto community, an anonymous hacker, known by the Twitter username @geocold51, will perform a 51% attack against the altcoin Einsteinium on a livestream scheduled for October 13th at 3:00 CDT.
This type of attack means the hacker will take control of Einsteinium by securing over 50% of the network's mining hash rate, or computing power.
If successful, the hacker will be able to use this advantage to decide which transactions get approved, meaning the hacker could double spend their own coins or prevent others from transacting.
Easier than you may think
Recently, since the market has punished many altcoins, miners have left the networks behind and this has only made attacks easier.
According to Crypto51, it only costs $18 to control 51% of Einsteinium's network and the hacker is already investing $50 of his or her own money to fund the event.
Bitcoin Price Volatility Drops to 15-Month Low
Bitcoin's not so wild ride
Bitcoin's volatility over the past week is at its lowest value since the beginning of July 2017. This volatility measure is calculated by the difference between the weekly high and low. This past week, Bitcoin traded between $6,741 and $6,424, for a weekly volatility of $317, according to Bitfinex data.
You can visualize the low volatility in CoinDesk's chart below:
Breakout incoming?
Low volatility is sometimes a sign of an impending breakout. Low volatility occurs when many buyers and sellers value the asset at a similar price. Eventually, the market will run out of either buyers and sellers, causing the price to break the stagnation and make a move in the corresponding direction.
But wait, there's more...
- Coinfloor, the oldest bitcoin exchange in the U.K., will lay off most of its 40 employees.
- Oasis Labs, a startup backed by a16z, Binance, Pantera Capital, and more, is launching an incubator program for startups focused on privacy applications of blockchain.
- Crypto ICO funding dropped in September to its lowest in 17 months after startups only netted $300 million.
Binance Coin (BNB)
From the ICO, Binance issued its own token called the Binance Coin, with BNB as the symbol. Each quarter Binance plans to use 20% of our profits to buyback and burn BNB, until 50% of the total BNB supply (100 million) is burned. The coin can be used in a number of ways but is most commonly accepted as an advance loyalty program since it offers trading discounts for Binance customers.
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