David Dinkins

Ethereum Community Turning Against Fund Recovery Proposal Following Senior Developer’s Resignation

The resignation of a key Ethereum developer has called greater attention, most of it negative, to a proposal to enable recovery of stolen funds on the Ethereum Blockchain.
Ethereum Community Turning Against Fund Recovery Proposal Following Senior Developer’s Resignation

The Ethereum community, for now, appears to be overwhelmingly rejecting a proposal to allow the recovery of hacked funds. Ethereum Improvement Proposal (EIP) 867 proposes a mechanism to do “state changes” on the Ethereum network, which is essentially a method of altering past transaction history. EIP 867 is being championed by an ICO, Musiconomi, which lost over 16,000 Ether in the Parity wallet hack last year.

What’s an EIP?

An Ethereum Improvement Proposal is an idea to improve some aspect of the Ethereum network or software. EIP-1 outlines the process for acceptance of an EIP. First, somebody must come up with an idea for an improvement to Ethereum, present the idea to the community and find a champion. The champion will create a formal EIP which complies with the formatting guidelines set out in EIP-1. The proposed EIP will be submitted using a pull request on GitHub.

Once the community has had a chance to comment on the proposal, the EIP Editor can either accept, reject or defer the proposed EIP. If accepted, the implementation code must be written and once that’s done, if it still seems like a good idea, the code will be merged into Ethereum.

Not the right way?

Ethereum’s senior developers have been reluctant to get behind the idea of EIP 867 without significantly more input from the community. One of them, Vlad Zamfir, said:

These proposals, especially proposals that do set important precedents, that impact the relation of the community and the platform, I think need to be subject to a public debate that I'm not actually sure the EIP process is designed to handle.

Ethereum’s community manager Hudson Jameson believes the EIP should be debated on social media to give time for a consensus to emerge. Another developer is calling for a video debate between advocates of the proposal and its detractors.

Key resignation

Last week, one of the six developers with the rights to merge code into Ethereum, resigned in opposition to EIP 867. Yoichi Hirai, who has contributed more than 5,000 code changes to Ethereum in the last year, resigned following his rejection of EIP 867. Hirai rejected the EIP as being “at odds with the Ethereum philosophy.”

Upon further consideration, Hirai came to the conclusion that EIP 867 would violate a Japanese law called “Unauthorized Creation of Electromagnetic Records.” Hirai wrote on GitHub:

Reading legislation and performing something is already beyond my capacities. I didn't realize that the EIP editorship requires this ability. Now I suspect it does, and that's not what I can offer. Some EIP editors look nonchalant about legal consequences of this draft, but I have warned them, and I have no capacities to do anything more than warn them...I resign from the post of an EIP editor.

Community outrage

Following Hirai’s resignation, the tide in Ethereum’s community seems to have turned against EIP 867. Users have submitted dozens of comments in the last 24 hours, most of which vehemently decry the rollback proposal as being antithetical to Ethereum’s philosophy.

One user writes:

100% opposed to this EIP it's very damaging to the future of Ethereum.

Another commented:

I can't believe this is even getting considered. This is a complete disgrace to the Ethereum community, and Blockchain as a whole.

📈 Pricewise Daniel Osten

Bitcoin, Ethereum, Ripple Suffer From Hangover, Cardano Recovers Faster

Bitcoin bounces back after sharp fall, but the seller’s swan song may not be sung yet
Bitcoin, Ethereum, Ripple Suffer From Hangover, Cardano Recovers Faster

Last week of June started with a recovery after another sharp fall of the market during the previous days and Tuesday continues this tendency. Although the buyers are still very careful (not without reason) the sellers seem to be extremely exhausted as we see that each new downward movement is shorter and less dramatic than a previous one.

Another sign that the bears may soon run out of luck is that Bitcoin’s breakdown through the psychologically important $6,000 mark didn’t cause further panic sales as it could be expected. A cherry on the pie is issuing of 250 mln fresh USDT tokens by Tether which previously acted as a catalyst for market growth.

Despite all the positive symptoms the reversal is yet to be confirmed. Total market capitalization reached $238 bln in the course of the weekend which is the year’s minimum. It’s a high time for the bulls to reveal themselves and save investors’ holdings before the community start losing faith in crypto. Notwithstanding the sellers may still sing their swan’s song, the catharsis in near. And we know a good recipe for making crypto prices great again. Check it in our review!

Bitcoin’s J-turn encourages buyers but the bears are still here

During past 24 hours, Bitcoin price hardly changed with one percent gain, the father of crypto is trading at $6,200. This, however, is perfectly normal after sharp rebound from $5,800. Nothing happens quickly on the market nowadays, bulls and bears are week and gathering forces before a further move.


Bitcoin (BTC/USD) Price analysis, May 25

The important things to note on the four-hour chart is the following: first of all, BTC is still in descending channel, the last attempt of the bulls to break through it resulted in $800 decline on the weekend. Secondly, each new fall/rebound cycle was weaker than the previous one. Thirdly, we see a so-called J-turn from $5,800 which is frequently a sign of a trend reversal if supported by trading volumes.

Summarizing the aforesaid we presume that the bears still have chances to drag the price even lower, to support zone at $5,400-$5,600, however the end of the downtrend is near. The nearest bulls’ targets coincide with important resistance zones at $6,350, $6,620 and $7,000. The last target rests on the long-term ascending trend and 0.618 value of the relevant Fibonacci extension therefore only its overcoming will confirm the change in market’s current logic.

Ethereum is craving for a joy ride to $630

Despite positive outlook on the chart, Ethereum was closely following the whole market’s and in particular Bitcoin’s moves. Top 10 coins don’t show any independence so it’s hard to predict further destination looking at altcoins’ charts although bulls and bears targets can be predicted with high degree of accuracy.



The global bull wedge is almost completed and considering some margin of safety it will be extremely difficult for the bears to destroy the pattern. If activated (which implies breaking through $500), we may see a rally towards $580 (0.382 Fibonacci retracement level) and then 630 (coinciding with 0.5 retracement of the same grid). The prospective target of $680-700 is visible, but its achievement in mid-term may be difficult. We would also like to draw reader’s attention at curve mirror level which goes through our targets confirming them.

As for a decline scenario, we may see a double bottom at $420 and a very strong support in the range of $360-$400. With careful stop-losses, Ethereum may be considered for growing long positions already now.

Ripple having hard times to please investors

At first sight Ripple’s chart looks very similar to Ethereum’s one although there are a very important differences which completely change the picture. We see the same bull’s wedge but with no support below the minimum of $0.44 that was reached on the weekend. This simply means that in case of bears’ victory in the fight for Bitcoin the prices may go to very dangerous levels unseen since 2017.



The other difference from Ethereum chart is low trading volumes that reflect the lack of investors’ interest in the altcoin. The big whale’s splash can of course assist Ripple to reach the set of targets defined by technical analysis which are $0.55 and $0.68–$0.75 respectively, but at the moment we don’t see crazy profits from Ripple trading on the horizon.

In case of further decline, a skillful trader may try his luck catching Ripple at $0.44 with obligatory stop loss somewhere nearby but we would better seek more safe investment ideas.

Cardano is cheap and promising

And again we see a familiar Ethereum and Ripple look-a-like chart. Cardano recovered approximately three percent in the past 24 hours doing even better than Bitcoin, but we can’t definitely say that worst is over. What we can say for sure– that Cardano is cheap enough to engage for decent profits in mid- and long-term.



During the latest decline altcoin’s bottom was established at $0.12 and in principle nothing prevents bears to test this achievement once again. We, however, expect an increase in buyers’ activity in the region of $0.10 – $0,125 where a limit buy order can be placed. The good sing is that the price is pinned to the upper boundary of the wedge, however as it can be notice on the chart, one false breakthrough has already taken place.

In case of general positive mood on the market we expect bulls race to $0.173 and then probably to $0.2 to the intersection of the mirror and resistance levels. Fibonacci grid is of more relevance in ADA/USD pair but may also provide some hints in case of active growth.    

📈 Pricewise
🤷 Opinions Evgeny Konstantinov

From You Commodity to U°Community: How Crypto Community Leads the Charge

Joining a community, you may become a commodity. U°Community is a way to decommoditize yourself
From You Commodity to U°Community: How Crypto Community Leads the Charge

If you look up a definition of the word "community", there are so many, and none of them reflects what a community is today.

The two broad definitions that the Oxford English Dictionary gives are (in this very order):

  1. A group of people living in the same place or having a particular characteristic in common.
  2. The condition of sharing or having certain attitudes and interests in common


Passive communities

Both definitions, while playing catch-up to the latest developments in the world, are invariably passive.

Let me expand on this. When the world was much less mobile, a community used to be something that people were born into, something that was defined by a geographical location and the day-to-day physical proximity of individuals to each other.

Also, people may have a particular characteristic in common, although it does not immediately make people a community. If they share certain attitudes and interests, they might constitute a community, but as with the previous definitions, this community is essentially passive.

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Community going active

But today in 2018, the notion of community is vastly different from what it used to be and the fundamental change is that it’s transcending from passive to active.

The world is increasingly digital and joining a community is as easy as going online.

There's a multitude of communities today globally, and the process of picking a community to join and joining it has become the one of self-discovery.

You are no longer born into a community or become a part of a community for having a particular characteristic. Instead, you actively discover various groups (or start your own), exchange your thoughts and ideas, and imbibe the information shared in the group.

When you do this, you understand whether you agree with certain things and attitudes or not, and you discover yourself this way, the process shapes your identity. You join and leave and join communities, and each iteration makes you a tighter person. And because the world is very very digital, you do this mostly online, on your device connected to the Internet.

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A community essentially is an active process of self-discovery.

It's innate for people to work in groups, so the explosion of communities is no surprise in the connected world. It's natural.

But something else along this process has crept in. While your digital identity traverses the Internet and joins communities, it becomes the commodity. You become the digital commodity that someone else takes profit on.

The content that you generate is sold for profit. The user data that you share is sold for profit. The moment you go online to communicate with other people, work with them, share your ideas and interests, is the moment you are profited on. You are the commodity.

And while your self-discovery through communities is a natural process, the commoditization of you is not.

Communities in the past had to live, and many still do, on platforms that are not transparent in how they operate and the commoditization is obfuscated. The platforms are not transparent because they are centralized.

Decentralization and the Blockchain technology change that. Blockchain transparency is what will shoot communities to the next level. The essence of the immutable ledger is that your every action is always yours. The Blockchain is for you, the individual. This forms trust. And trust is the ultimate catalyst for any community.

There are projects like U°Community that build a transparent community platform with dynamic reputation. Use the platform to create content, interact with people, run your communities, run your business, and even build dApps without having to leave the ecosystem.

Oh, and while you do that, get the Brave Browser too. If someone is profiting on you while you browse the web, you might as well get paid for it.

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🤷 Opinions
🤷 Opinions David Dinkins

Let Them Regulate Cryptocurrencies: Soon It Won’t Matter Anyway

Governments have taken even greater interest in regulating cryptocurrencies in recent month. That’s okay because eventually, they won’t be able to anymore.
Let Them Regulate Cryptocurrencies: Soon It Won’t Matter Anyway

Regulation of cryptocurrency has been in the news a great deal over the past month. As the price of digital currencies has dropped since their peak, some officials are beginning to worry about investor losses. Others are bringing up the age-old bugaboos of money laundering, terrorist financing and drug dealing. Still, others are talking nonsense about how cryptocurrency may undermine the economy one day.


But wait...what if that’s not nonsense after all? I have a theory, and I’ll start by saying this: let them regulate crypto as much as they want. Let them tax our gains. Let them enforce their anti-money laundering (AML) and know your customer (KYC) laws. Let them warn about volatility, let them regulate ICOs. Let them do their best.

Why? Because the government cannot regulate cryptocurrency.

I’ll say it again: the government is incapable of regulating digital currency.

Border zone

What the government can regulate is fiat money, meaning they can regulate the transition area between crypto and fiat. Governments can require exchanges to follow AML/KYC laws, and they can make banks file suspicious activity reports. Governments can make you pay taxes on your gains and send you to jail if you don’t. These are the laws they can actually enforce.

However, authorities can’t do anything about your favorite crypto. No central authority can tell you what you can or cannot do on the Bitcoin network. Nobody can force you to file paperwork or pay taxes on crypto-only transactions. The network is uncensorable, and particularly if you use a privacy-centric currency, is untraceable.

Technically, the government can require you to pay taxes on capital gains whenever you exchange crypto for an item of value. Whether these laws are enforceable or not depends in part on what you’re buying. There’s no way the authorities will know if you bought some coffee with crypto, but they may figure it out if you pay for a house that way.

Of course, I don’t condone lawbreaking in any form, but I’m merely pointing out that in a totally crypto-based economy, regulation is nearly impossible.

Tale of two stages

Crypto adoption will come in two stages. The first is where we are now- investors generally realize gains on their digital currencies when converting to dollars. Not enough merchants accept crypto for day-to-day purchases, meaning that conversion to a more widely-accepted fiat currency is necessary.

However, one day this will no longer be the case. I’m reminded of a gentleman on Reddit who was asked at what price he would sell his Bitcoins. He replied that when it came time to “cash out,” fiat would be irrelevant and he’d spend his coins directly. Purists dream of an era where crypto is totally untouchable by governments. It will come.

Until then, let them regulate. Soon, it won’t matter.


🤷 Opinions
Wikicoin Katya Michaels

WikiCoin: How to Calculate Mining Profitability

📚 Wikicoin
Bitcoin mining can be exciting and not too difficult to set up, but it’s important to make sure you are making the best use of your resources.
WikiCoin: How to Calculate Mining Profitability

Getting started with Bitcoin mining is not too complicated and can be a great way to participate in the crypto community network. However, as with any business undertaking, before diving in it’s essential to consider the actual profitability of the enterprise. Here are some tips for figuring out the best setup for you.

Which cryptocurrency do you want to mine?

Cryptocurrency mining requires proof of work, and there are two main hashing algorithms that compute the necessary calculations: SHA-256 and Scrypt. Bitcoin uses SHA-256, which favors pure processing power. The escalating difficulty of Bitcoin mining has created a hardware arms race, making the most powerful processors obsolete very quickly. Most altcoins, on the other hand, use Scrypt. This algorithm relies on RAM memory use along with processing ability. Since memory can be expensive, the difficulty level and power consumption of of altcoin mining has not scaled up as rapidly as that of Bitcoin mining.

What kind of rig is best suited for the purpose?

Depending on how much you want to invest and what currency you want to mine, there are two options: you can build your own GPU-based rig with as many graphics cards as you can afford, or purchase an ASIC miner — specialized equipment that is more expensive, but also more powerful. Again, the exponential increase in Bitcoin mining complexity means that choosing to mine Bitcoin as opposed to other currencies will require more processing power.

Keeping track of electricity use

Mining is infamous for consuming large amounts of electricity. When setting up your own rig, you need to determine the power requirements of all components and the efficiency of the PSU (power supply unit). ASIC miners are specialized machines, so they are designed to do more operations with less power, and come with their own power adapter, taking some uncertainty out of the equation.

In any case, mining efficiency is calculated by number of hashes per second divided by power consumption: Hashing speed / power consumption = mining efficiency. If the electricity bill ends up being more than you earn through mining — clearly, it’s not profitable.

Minding the details

Aside from hardware and electricity expenses, there can be additional concerns, like cooling costs, avoiding rig downtime and cryptocurrency price volatility. You can also use online profitability calculators, but keep in mind that they can produce quite a wide range of estimations given the same data.

Crypto Gags Heewon Jang

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