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Ethereum News

BitMEX CEO Calls Ethereum A ‘Sh*tcoin’, Predicts Sub-$100 Price Movements

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Arthur Hayes, the CEO of BitMEX, is certainly one of the most interesting people in the crypto space – mostly because of his (controversial) statements.

In the latest news, Hayes predicted that the Ethereum price is on track to plunge to double-digit price levels, illustrating the movements quite colorfully.

As he wrote in BitMEX’s “Crypto Trader Digest” which is the exchange’s newsletter, he argued that Ethereum is “a sh*tcoin” and that the ETH price has been buttressed by initial coin offerings (ICOs) since early 2017.

What’s interesting is the fact that the investments have been made by venture capitalists (VCs), which, according to him, will eventually capitulate to the bear market and dump their Ether and ERC-20 tokens at different price levels.

In his own words, Morehead wrote:

“The VC investor who has never suffered the vagaries of the market is as green as the noob who thinks he or she can go from 1 to 100 Bitcoin in a few trading days. They don’t have the mental strength to cut positions to limit further losses, or backup the truck and buy opportune dips even though they are down. More importantly, LPs can now see an objective last price for a particular token, and can’t be hoodwinked. They will attempt to be a Monday morning quarterback, and that only adds to the VC investors’ anxiety. At a certain point, they go ‘fuck it’, and dump everything they can.”

Ethereum has been one of the main headliners in the recent crypto bloodbath, trading as low as $249 on Monday and still being down 22% over the past week, despite the last recovery to about $280.

At this moment, Hayes is confident that “Ether goes from a 3-digit to a 2-digit sh*tcoin.”

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Ethereum News

ConsenSys Begins Using Ethereum, Supplying Electricity To Texas Residents

The blockchain startup Grid+, which is operated by ConsenSys, is in the headlines in our crypto news section for the official supply of electricity to its clients in Texas using the Ethereum solution. The announcement, posted by the startup, went viral on Twitter.https://twitter.com/gridplus_energy/status/1043145190322696192As the startup outlined, the use of a unique hardware gateway system and a blockchain solution will allow Grid+ to distribute renewable electricity such as solar and wind energy to consumers in Texas, and later throughout the US on the Ethereum mainnet.As the co-creator of Ethereum Joseph Lubin recently stated:
“Groundbreaking milestone. The tireless Grid+ team has begun supplying power to their first four customers.”
Meanwhile, Grid+ uses a specific hardware and software stack in order to process payments for electricity in real-time, allowing its customers to programmatically buy and sell electricity through a function known as 'Smart Agents'.For large scale agents, a significant amount of electricity can be produced on a daily basis within a short period of time. More importantly, these clients can purchase and use energy that they need without acquiring an abundant supply of it.
“Through this experience, ConsenSys identified the opportunity to form Grid+, which will build natively Ethereum-based utilities in deregulated markets. Grid+ will demonstrate production ready blockchain-based energy solutions at scale in competitive commercial environments in order to enable the transactive grid of the future and prove the advantages of Ethereum over incumbent technologies,” the Grid+ and ConsenSys team said.
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Ethereum News

Ethereum Can Scale To 500tx/s With Zcash’s Technology: Vitalik Buterin

The co-founder of Ethereum, Vitalik Buterin, is in the latest news surrounding the cryptocurrency. More specifically, Buterin revealed his plans to scale the Ethereum network and with that accommodate a nearly 3,200% increase in the transactions without the use of second-layer technologies such as Plasma.Buterin wrote a post on an ETH research forum which was published on Saturday. In it, the co-founder of ETH said that the altcoin can borrow a technological innovation from the privacy-centric cryptocurrency Zcash to "mass-validate" ETH transactions.The technology is named ZK-SNARKS, allows relaying nodes to “verify the correctness of computations without having to execute them” or “learn what was executed,” according to the post published on the Ethereum Foundation blog.As Buterin wrote:
“There are two classes of user: (i) transactor, and (ii) relayer. A relayer takes a set of operations from transactors, and combines them all into a transaction and makes a ZK-SNARK to prove the validity, and publishes the ZK-SNARK and the transaction data in a highly compressed form to the blockchain. A relayer gets rewarded for this by transaction fees from transactors.”
According to Vitalik Buterin, the integration and adoption of the ZK-SNARKS technology could allow Ethereum to process a maximum of around 500 transactions per second, from the current 15. This is not only a 3,200% increase but also a massive improvement from Plasma and other second-layer scaling solutions that increase the network capacity. 
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Ethereum News

Several Ethereum Miners Prepare Initiative To Block Ethereum ASICs

In the latest Ethereum news which is centered around mining, a couple of Ethereum miners and developers have come up with a plan to stop the specialized mining hardware from effectively operating the network.Even though the plan is prepared since April, the initiative is in its peak activity right now - aiming to break the controversy surrounding application-specific integrated circuits (known as ASICs) on Ethereum - which rose after the news that a new line of specialized mining hardware is apparently claiming to generate more than six times as much profit as the one of its main competitor, the mining giant Bitmain.As soon as the news spread, many developers and miners began finding ways to stop the growing use of ASICs on the network. According to them, if these continue to be pushed on the market, the smaller miners would be dumped. That is why some proponents even called for an all-out "strike" by GPU miners.As one GitHub user named "Mdaria510" wrote:
"The only plausible way forward for GPU miners is to 'go on strike' and commit to continuing to mine the existing chain and undermine the unity of ethereum and force compromise."
Another user also supported the initiative and said that requests from the Ethereum mining community to implement ASIC-resistant measures have been "blatantly ignored" and promised to join the revolt with their hash power.Some Ethereum developers have stated that they are preparing a code change that is targeted at the growing number of ASICs - which could be implemented as part of a system-wide network upgrade.
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Altcoin News

Bitcoin (BTC) Price Moves Closer To $7,000, Stellar (XLM) With A New Meteoric Rise

In the Sunday edition of our cryptocurrency expert analysis right here on DC Forecasts, we are seeing a lot of green on the crypto market, which is perfect considering the negative movement last week.Today, the altcoin which is in the spotlight is Stellar (XLM), which skyrocketed by 25% and reached a price of $0.297, securing the fifth position on the largest cryptocurrencies by market cap.Bitcoin, on the other hand, has established a short-term bullish trend for its continuous, yet slow rise over the past few days. The biggest cryptocurrency by market cap is now trading at $6,757 with no signs of stopping the slow-yet-bullish momentum.Among other altcoins which surged over the past few days are Ethereum, Ripple, Bitcoin Cash, Litecoin and Cardano - all of which rising in terms of their value.From the $6,110 support area which was initiated last week, Bitcoin is now with around $700 in the green, trading higher and breaking new margins every new day. However, a change of this scenario is still realistic, considering the low market volatility over the past month. 
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