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EOS Users Concerned About Potential RAM Collapse

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  • Vladislav Sopov
    📰 News

    Something smells rotten in the EOS state. Dan Larimer hardly reassured EOSians about the new CPU contract idea when discussing the RAM collapse.

EOS Users Concerned About Potential RAM Collapse
Cover image via 123rf.com
Contents

Participants in the EOS community expressed their concerns about the new airdrop. Its organizers ask EOSians to "mine" their token by sending some EOS to their contract. However, the thing about this token is that each coin occupies 1KB of RAM of the sender's EOS account. Therefore, the project attempts to tokenize the EOS RAM in a similar manner to the one that was recently tried with the CPU.

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Simple but Shady Scheme

The scheme looks quite ingenious. Those who are interested in the airdrop send some fractals of EOS to the project's "mining address". This address then sends the participants some project tokens that occupy 1 KB of RAM of the sender's account. The organizers warn the following:

Make sure you have enough memory on your account, 

One account can participate up to 100 times, or just let the project lend 0.1 MB.

In the next stage of the scheme, the EOS account holder sends tokens to the project's address in numerous iterations. During this process, new tokens are to be mined, in which some of them will be destroyed to bootstrap this process. In short, boosting the RAM price by rapid demand growth is the economic basis of the model.

Could the Consequences be Disastrous?

Despite the fact that the interest in this airdrop is not there, some EOS users and analysts warn of the possible formidable effects on the network. The following was said:

One of the most common things to do in EOS is to airdop tokens. (...) But if the price of RAM were to go up dramatically, this will make airdrops prohibitively expensive. Users would have have to fork out EOS to purchase additional RAM. 

Half a year ago, the EOS community managed to address the issue of RAM manipulations very quickly. During the recent and infamous CPU congestion, some users suggested dumping the price of the airdropped token in order to undermine its tokenomics.

At the time, the documentation of new "RAM-speculation" project contains only one GitHub repository developed by one contributor with a newbie account. The token is only traded on the EOS-based DEX with statistics unknown to CoinMarketCap.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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BTC, LTC, XTZ, TRX Price Prediction - Can Bulls Fix the Ongoing Growth?

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  • Denys Serhiichuk
    📈 Price Predictions

    Has the bearish trend finally come to the end?

BTC, LTC, XTZ, TRX Price Prediction - Can Bulls Fix the Ongoing Growth?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The bears are continuing to apply pressure on the main cryptocurrencies. However, the altcoins are testing their support levels. If the bulls manage to maintain these levels, then one should expect a good rebound ticking upwards.

Top 10 coins by Coinstats

Below is key information for Bitcoin (BTC), Litecoin (LTC), TRON (TRX), and Tezos (XTZ):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$136,870,530,589

$7,566.87

$17,335,699,425

2.67%

Litecoin

LTC

$2,935,607,698

$46.02

$2,553,535,223

3.02%

TRON

TRX

$981,336,616

$0.014717

$970,524,056

0.18%

Tezos

XTZ

$926,823,387

$1.40

$50,581,767

8.84%

BTC/USD 

Yesterday's symmetrical triangle was broken up. There was solid growth, but the sellers did not step aside. This is evidenced by the candles' long shadows. Buyers are able to maintain the price at $7,500 but are unable to break through the $7,650 mark. So far, nothing is clear as to furthering the priority of movements in the market.

BTC/USD chart by TradingView

On one hand, the candles' large shadows and small volumes of growth indicate seller dominance. BTC may trend downwards to $7,300. If it breaks through that level, then BTC will go to $6,900-$7,100. 

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On the other hand, the price has broken the aforementioned trend line, which has held the cryptocurrency's rate back since October. In general, BTC is expected to drop to $7,300, but if the cryptocurrency is fixed above $7,650, then BTC will move to $7,800.

At press time, BTC is trading at $7,544.

LTC/USD 

LTC is trading in accordance to our recent forecast between the $42-$52 range. Its rate has increased by 2.68% since yesterday.

LTC/USD chart by TradingView

Looking at the 4H chart, LTC touched the local bottom at $42. In terms of its nearest price scenario, the bulls are dominating over the bears. The Moving Average Convergence/Divergence (MACD) is bullish, and the closest mark that LTC might reach is $50. If the current forecast comes true, then the quotes will move based on the curve pattern as outlined on the chart.

At press time, LTC is trading at $45.73.

TRX/USD 

TRX has also followed our previous scenario as the its price of $0.014 has been retested.

TRX/USD chart by TradingView

Looking at the 1D chart, the bearish trend remains even on a short-term basis. TRX has currently formed a head and shoulders pattern and is likely to move downwards due to the low trading volume. The relative strength index (RSI) line is also going down, with the nearest price target being at $0.135.

At press time, TRX is trading at $0.0147.

XTZ/USD 

XTZ has had the biggest gains today. Its rate has rocketed up by 8.46% in the last 24 hours.

XTZ/USD chart by TradingView

Despite the sharp growth, this altcoin cannot be considered the start of a bullish trend. XTZ is about to roll back to its nearest support level of $1.35. Moreover, the RSI is located on the edge of the oversold area, suggesting an upcoming decline.

At press time, XTZ is trading at $1.3978.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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