Ethereum Classic (ETC) 51% offense test that shitcoins have no hope of success?


January 7thth, the story broke off on Ethereum
Classic, the least popular result of the much publicized post-DAO-hacker Ethereum
hard fork, suffering a 51% attack. After over 200 thousand ETCs are over
be stolen through double-expense attacks and reverse transactions, ETC
The development team reacted and promised to look for a solution to what appears
be a private mining pool that controls more than half of the network's mining

Sources suggest that the team is examining ProgPoW
algorithm as a potential solution. ProgPoW is a consensus mechanism that helps
equal to the "playing field" between the ASIC and GPU miners and had some success
in the stabilization of hash mining rates of various networks.

This mechanism is still an idea that is simply to be
discussed, as is Ethereum Classic apparently yet
experiencing inversions of network transactions.

Since the weakness of the ETC
the network became public, commentators began to accumulate and share them
thoughts on the topic. Saifedean Ammous, associate professor of economics at
The Lebanese American university and a self-proclaimed Maximalist of Bitcoin was a lot
concise with its initial reaction:

He also explained how there are a couple of lessons to be done
learned from the ETC fiasco. One of these lessons is linked to the price of ETC;
currency valuation has barely shifted since the news was interrupted, which implies
that the demand for these shitcoins "has nothing to do with their function,
security, or security. "Ammous claims that this lack of price movement prices shows
how the parameter is entirely driven by speculation on trade.

The second thing he noticed was the fact that it took more than one
day for ETC fans, investors and even developers to take flight from the problem,
implying that none of them even had a complete active node running on the network
at the time of the 51% attack.

Explain how the bear market is ideal for these types of attacks
(since the unused hash rate is abundant to exploit and direct to the network
acquisitions), Ammous wondered to the end of the list (at the time of the attack,
ETC was 17 years oldth we must say the most valuable project on the market
a project is safe from similar exploitation. Finish your thoughts on the subject,
presented a rather gloomy outlook on the future of the market:

"Bitcoin could fail, but
has a zero chance of success. Shitcoin, on the other hand, has no hope
to succeed in anything except to enrich their creators "
He concludes.

  • Ripplenet
    now has more than 200 customers worldwide

Popular and controversial XRP cross-border payment solution
It depends on using an incubator called Ripplenet to expand its adoption and
utilities all over the world. This incubator has grown slowly over the years e
has recently been expanded with 13 new financial institutions. Thanks to these
latest news, Ripplenet currently offers over 200 customers in over 40
countries on six continents.

These latest additions include Euro Exim Bank, SendFriend,
JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT,
WorldCom Finance, Olympia Trust Company, Pontual / USEND and Performance. JNFX,
SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage digital assets
XRP to find cash on demand when sending payments on behalf of their own
customers. Institutions like CIMB or Olympia Trust Company will not be used
XRP for liquidity, but rather for immediate liquidation procedures.

Brad Garlingohouse, CEO of Ripple, has expressed his own
satisfaction with the way the incubator has evolved over time, reiterating the company
desire to grow the thing and help customers in the future:

"In 2018, almost 100
financial institutions have joined RippleNet and we are signing two at times
three new customers a week. Also last year we recorded an increase of 350%
customers send payments in real time and we are starting to see more customers
switch and leverage XRP for on-demand liquidity. At the end of the day, ours
the goal is to ensure that our customers can provide an excellent and efficient cross-border service
payment experiences for their customers, wherever they are in the world. "

  • Google Play
    The store force Samourai Wallet to disable various features

The popular cryptocurrency portfolio solution Samourai Wallet has
he recently heard the heavy banhammer of the great Silicon Valley companies like them
they were forced to remove several important features from their product. the wallet
was strongly armed to temporarily disable stealth mode, remote SMS and SIM
Switch to defense features due to restrictive Google Play Store policies.

A blog post published by the project went into more detail explaining
the next changes:

"Is fantastic
sadness that we are disabling the following features inside Samourai Wallet as
version 0.99.04 – which will be released tomorrow – due to the new extremely
Restrictive policies Google has decided to introduce in their efforts to become
more than one "walled garden" experience:

  • Invisible
  • SIM switch
  • Remote SMS
    commands "

The characteristics have been a pillar of the absolute product
since 2015 and has helped to define the Samourai portfolio as one of the most quality
portfolio solutions on the market. Provide a unique user experience and the
the security features mentioned above made the wallet stand out, but now they are
forced to remove them to stay in the store.

"We have applied for one
exemption with Google months ago, which was rejected days ago, despite ours
argument that removing this feature could cause users who rely on these features
characteristics to be less secure and more exposed. We have also provided evidence of the
The SIM Switch Defense feature alerts users countless times when trying to exchange the SIM
attacks on their SIM cards. It made us very proud that our little feature was
protect users from the horrible OpSec of the network operators that allow the SIM
Swap attacks to occur. Google does not care about everything, however, e
Samourai Wallet would have been removed from the Google Play Store if we had not done so
respected this dictation. "

At present, the wallet will soon be updated to have the
disputed functionality removed. In the following months the project plans to expand
their distribution model to self-hosted APK downloads and is currently being reviewed
offer the product on the open source F-Droid app store to circumvent the
problems with Google. These
all versions will include the stealth mode, remote SMS and the protection of the SIM switches

  • BitPay
    merchants are now able to receive multi-cryptocurrency settlements

Bitcoin BitPay payment service provider has had good news
for its users who have introduced a new feature that should increase overall
crypt adoption and utility. Traders who use this service can now receive
their BitPay settlements in up to five of these cryptocurrencies simultaneously, in
In addition to their local currency supported.

The service has added several cryptocurrencies to its roster in
2018, thus allowing its traders to settle in Bitcoin (BTC), Bitcoin Cash
(BCH) and three stablecoins (GUSD, USDC and PAX). While it was previously
You can accept payments in one of these cryptocurrencies, the last one
the improvement will help those traders who want to settle in more than one
cryptocurrency on offer here.

"We are thrilled to provide additional options and to give ours
traders more flexibility with their settlements. We hope to continue adding
valuable options for our merchants and their customers, "explained the project.
They also created a short guide on how to set up multi-cryptocurrency
settlements for BitPay payments that can be found here.

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The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.
The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of

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