Reddit Founder Talks Crypto Winter and Ongoing Innovation in the Space

The founder of the social news discussion website Reddit has once again commented on his belief in the future of crypto. Alexis Ohanian has long been a believer in the fintech innovation and states that the bear market has driven many speculators from the space, allowing developers to concentrate on building out much-needed infrastructure.

Despite his optimism for the industry, Ohanian did not give any price predictions for any digital assets. He was famously proved spectacularly wrong with a call he made last year for Ether’s end of 2018 price.

Alexis Ohanian: All That is Left in Crypto is the True Believers

The founder of Reddit and software venture fund Initialized Capital appeared on Yahoo! Finance’s “Influencers with Andy Serwer” show earlier today. Alexis Ohanian was asked by Serwer to comment on a variety of topics, ranging from the history of Reddit, his interest in paid annual leave for employees, and whether social media could use regulation to help prevent harassment of users.

After these topics, the conversation turned to crypto. Serwer asked Ohanian if he was still confident in the future of digital assets. To this, the Reddit and Initialized Capital executive responded that he was indeed optimistic. He added:

“So, this is the crypto winter, no doubt. But a friend of mine – Brian Armstrong, who is the CEO of Coinbase – said, ‘This is the spring of crypto innovation.’”

Ohanian then elaborated on this point, stating that many of the mindless speculators that fuelled the impressive bull run of 2017 had left the space now and that those remaining were fuelled by passion for the technology, rather than trying to make a quick buck:

“The people who are now building on crypto are true believers, and they’re actually builders. They’re actually building the infrastructure that it’s going to take to really make this happen.”

He continued, stating that some of the brightest minds he knew were working on creating new products, services, and companies to take cryptocurrency and blockchain mainstream.

Next, Ohanian addressed the recent announcement by JP Morgan to create the JPM Coin. Although not particularly innovative in terms of its design, the fact that the bank headed by one of crypto’s biggest naysayers is even exploring such an idea is evidence for the Reddit co-founder that digital assets are here to stay.

Finally, Ohanian commented on investor expectations in the crypto market. He stated that investing in digital assets, and any other sector for that matter, should always be a long game:

“It’s a painful thing for a lot of people to see those accounts but if you were investing in it in the first place, you really should have been thinking long-term.”

One thing absent from Ohanian’s interview with Serwer was discussion of any particular digital assets or their specific price performances. Previously, the former Reddit exec has had proverbial egg on his face thanks to his Ether price predication last year. Seemingly defying all logic, Ohanian stated that he believed that the price of a single ETH coin would reach highs of more than $15,000. Clearly, this particular call never came true and prices of almost all digital currencies continued to slump throughout 2018.


Source
Author: Rick D.
Image Credit

Dash Cryptocurrency: Single Wallet Owner Possesses 51% of Hashrate

The NicheHash crypto mining marketplace contains the majority of the hashpower on the Dash network. A concerned Reddit user raised the alarm today.

Single Miner Mining More Than 50% of All Dash Blocks

Dash has a total of almost 1,900 Terrhashes per second at time of writing. Meanwhile, NiceHash is responsible for more than 1,000 TH/s across over 25,000 miners.

Over $2.2 Million Earned by Single Miner

Analysis by the concerned Reddit user found that three of the top addresses over the last few thousand Dash blocks are controlled by the same entity. They write:

This particular transaction has three of the four top addresses as inputs meaning one entity controls all three. These three alone gather 53% and more. You can also see this started 6 months ago/around September last year, and I think the fourth unknown pool also belongs to this entity yet it is seperated on the blockchain. It started to gather a lot of hash at the same time.

The addresses in question are:

Combined, these addresses have mined 26,665 Dash to date, at time of writing. That is a total of 573 BTC or $2.2 million at current prices. Yet, the financial aspect is the least of anyone’s worries.

51% attacks create significant security liabilities in decentralized blockchain networks. Charlie Lee recently said that networks must be vulnerable to 51% attacks for decentralization. Miner centralization threatens networks as well, however.

51% Attack Possible Before Chainlocks

nicehash crypto mining marketplace

The Reddit user Flenst concludes his post:

So it is possible someone could try to perform a 51% before DASH implements their chainlocks. The actor could start right away. Anyone offering a service with DASH must keep an eye on the chain as long as this doesn’t change and be very careful.

He is referring to a recent announcement by the Dash development team that they are working on something called “Chainlocks.” In November, Dash said they are introducing the new feature in order to combat 51% attacks. Such attacks are in the news again with recent issues surrounding Ethereum Classic. Chainlocks also deals with block reorganizations and modifies the “longest-chain” rules that Dash inherits from Bitcoin. From Dash Improvement Proposal 8:

When a node encounters multiple valid chains, it sets the local “active” chain by selecting the one that has the most accumulated work. This is generally known as the “longest-chain” rule as in most cases it is equivalent to choosing the chain with the most blocks.

If both chains have the same amount of accumulated work (and in most cases the same block count), a decision can’t be made solely based on the longest-chain rule. […] If another block is then received which extends the non-active chain so that it has the most accumulated work, it becomes the active one. For example, even if a chain is currently 6 blocks longer than any other chain, it’s still possible that a shorter chain becomes longer and thus the active one. This is generally known as a chain reorganization.

What’s clear is that someone has invested a massive amount of money into mining Dash with ASICs. Dash’s X11 algorithm once thwarted ASIC development. ASIC developers found that by adding memory to the miners, they were able to handle the X11 algorithm. When this happened with Monero, developers decided to fork away to a modified algorithm.


Source
Author: P. H. Madore
Image Credit
Image Credit
Image Credit

Bitcoin SubReddit Hits 1 Million Subscribers

One might think that the discussion around cryptocurrency markets would quiet because of how bearish 2018 has been on cryptocurrency markets, but we have seen that the community is more alive than ever, thanks to the fact that certain projects such as Stellar and Ripple have made significant partnerships in the space. For example, Stellar has teamed up with tech giant IBM, and Ripple has partnered with banks from all around the world, from U.S. bank PNC to Malaysian banking group CIMB.

In further proof that the cryptocurrency community has refused to let 2018 hinder their expansion, the official Bitcoin subreddit has officially hit 1 million subscribers. The subreddit is now the 121st most popular community on the website.

bitcoin reddit

Reddit remains one of the most popular websites in the world, and it is ranked #18 globally in terms of visitors. The company is now valued in the billions, and has recently caught up with Twitter in terms of users, boasting over 300 million monthly active users. The website serves several functions, and is described most commonly as a “social news aggregator”, although it also is a discussion website, as well.

The subreddit more than doubled since last year. In November 2017, the subreddit had only 400,000 users – meaning that the subreddit gained 600,000 users in the past year alone. The second most popular subreddit is r/cryptocurrency, which is creeping up on 800,000 subscribers.

The subreddit does have several rules with regards to discussion. The first three rules include “no malicious content”, “no trolling”, and “no begging”. Other rules include “The primary topic is Bitcoin”, and “Do not promote altcoins”.


Source
Author: Neil Mathew
Image Credit

Tron app now on Ledger, another tech-thrill for Tronix!

On 13th July, the subreddit forum of Tron community, Tronix, announced the launch of Tron App on Ledger. It further said that Tron can now be managed from Ledger Nano S through this app using the Tronscan desktop. Both of these Tron protocols are built and run by the community.



Tronscan is the native desktop client of Tron, built exclusively for the community to find all Tron-related information on a single platform.

There are three prerequisites essential to the usage of Tron on the Ledger. They are:
Ledger Nano S Wallet: It is a hardware wallet by Ledger for storing cryptographic assets and making secure digital payments.

Firmware version 1.4.2: Recently, the wallet firmware was updated to its latest version. A firmware is an inbuilt protocol in read-only memory devices. The main improvements were made in security and user experience.

Twitter and Reddit users have also expressed their doubts, regarding the app. To these queries, Ledger has replied guiding them to its support blog where they have displayed a step-by-step guide on how to use TRX on Ledger.

On Reddit, users are addressing minor issues, which are being clarified within the Tronix community.
diddilydangdoodle, on Reddit, asked:
“I’m clicking on “open wallet” and it says I should have an option to click on ledger but no option is up. Anyone else?”
To this, TyNoPwNs, replied:
“Click on open wallet again (very top of menu) , it’ll bring you to a new screen”
On another subreddit that carried the same news, a user raised a doubt on the security of Ledger. The user stated that the Ledger apps are not built by Ledger, which is a considerable security concern.
To this, another user, fbsobreira, replied by saying that:
“All code is opensource, ledger review the code, do all possible tests, compile on their end and then they post on the store with their key signature. That’s how you know it’s safe”
pmarinel, another supporter of Ledger commented:
“Most of the ledger apps are not made by ledger, they are made by Third-parties. This is nothing new.”

Also, several platforms also completed their TRX migration and became eligible to vote for the Tron Super Representatives. TRX token is again available for deposit and withdrawal on Bit-Z Exchange, Bittrex, Bitpie Wallet and HitBTC.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: MaxPositives
Image Credit

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Hacker Claims He Made USD 120,000 in a Week Thanks to EOS Bugs

Security issues can bring down even the biggest platforms, despite them being valued at billions of dollars. That’s why EOS, a blockchain project that raised USD 4 billion, offered a bounty of USD 10,000 for anyone finding a bug in their code described as “a unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts.” One such person claims he managed to earn USD 120,000 in merely a week.


Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions.


Dutch ethical hacker* Guido Vranken found several bugs, at first claimed to be only eight in a tweet by another ethical hacker Jon Bottarini, who was later corrected by Vranken himself, saying he found 12 – for a total of USD 120,000, but he adds that he lost count and that it took him about a week. Vranken has also previously reported bugs to Ethereum, Ripple, and Stellar.

Vranken even said on a Reddit thread about his work that EOS had offered him a job shortly after he reported his discovery. The company, Block.one, was reported to have “a series of epic vulnerabilities” discovered on its platform by China-based security firm Qihoo 360.

Qihoo 360 said that Block.One has promised to hold off EOS mainnet launch until the vulnerabilities are eliminated, but the company went ahead with the launch anyway stating that all the bugs will be fixed by the time of the launch. Some reports indicate that the EOS blockchain is still not fully up and running. It is still not known whether the bugs Vranken found have been fixed.
______
* – According to EC-Council, Ethical Hacker is a skilled professional who understands and knows how to look for weaknesses and vulnerabilities in target systems and uses the same knowledge and tools as a malicious hacker, but in a lawful and legitimate manner to assess the security posture of a target system(s)


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Sead Fadilpasic
Image Credit


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Reddit to Reinstate Bitcoin Payments, Plans to Add Litecoin and Ethereum

 

 

The social media has given a boost to the crypto community, and brings back the old days of crypto payments available.

Reddit, one of the most widely used social media by crypto enthusiasts, will soon return Bitcoin as a payment option. Other coins, those supported by Coinbase – Litecoin (LTC) and Ethereum (ETH), may follow soon afterwards.

Reddit was known for having a Dogecoin tipping system for a long time, before abuses were found.

Reddit stopped Bitcoin payments in March due to technological incompatibility with Coinbase, the chief service used for handling crypto payments. But after a redesign, the option would reappear soon. Bitcoin payments were available until recently for the Reddit Gold membership program.

“We just didn’t have time to upgrade our current API integration, and once the redesign…is landing … I think we’ll see crypto payments come back,” said Chris Slowe, chief technology officer for Reddit.

It is somewhat encouraging that Reddit finally admitted technical difficulties were the issue.

Don’t forget to join our Telegram channel for daily Crypto, Business and Technolgy news

The dropping of Bitcoin came at a time when the asset struggled to keep its price, and a bear market was expected to continue. Alexis Ohanian, co-founder of Reddit, was bullish on Ethereum, seeing it go to $1,500 by year end.

The news coincided with a small bump in BTC, LTC, and ETH prices. BTC rose to $9,602.27, while LTC seems headed to go above $160, while ETH continues to gain at $770.

In the earlier years of crypto coins, social media and crypto went together. But since then, increasing prices, scams and scandals and a move to other communication channels lowered the use of tipping. The Bitcoin network also saw lowered levels of use as fees rose.

One of the few digital assets still used for social media was ReddCoin (RDD), which recently saw a boost based on a John McAfee tweet. RDD was one of the strongest performers in the past month, nearly tripling its price, growing by 7% overnight to $0.011. The RDD digital asset is not officially adopted by Reddit, but is often used in tipping informally.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source

Author Christine Masters

Image Credit