Ethereum founder, Vitalik Buterin hits our coming altcoin news again this time for expressing interest in Monero’s privacy features in order to incorporate them in his cryptocurrency.
Buterin is partial to the ZK-SNARKS technology which is the technology used for the Zcash privacy coin. However, his senses appear to be keener on the development of privacy protocols. This became very clear when the research paper under the name ‘’FloodXMR: Low-cost transaction flooding attack with Monero’s bulletproof protocol’’ was published.
The ethereum founder wants to research what they call a ‘’flooding attack with Monero’s bulletproof protocol.’’ This means that an attacker will flood the network with their own transactions and eliminate the ‘’ mixins’’ from the transaction inputs in order to trace about 50 percent of inputs with a cost less than $2,000. The lead Developer at Monero Riccardo ‘’Fluffypony’’ Spagni, was in New York for the crypto conference where he discussed the FloodXMR report.
There are people that pointed out that Monero is not the only crypto projects with many challenges to overcome. One Twitter uses replied to Buterin by saying:
“Ethereum has its obstacles, so does Monero. I’m sure some very bright minds will take care of it. Both are legit projects.”
The ethereum founder clarified:
“I hope Monero overcomes its obstacles by switching to privacy schemes that make the anonymity set for each transaction be the set of all Monero users! The above wasn’t even intended to be against Monero in any way. I’m following this debate between different privacy tech mainly with an eye to seeing what privacy schemes to help support as layer 2’s for Ethereum.”
During the weekend, the Ethereal Summit is also taking place in New York as reported in the best cryptocurrency news sites. This is a ConsenSys event that was dubbed as the ‘’SXSW of blockchain.’’ However, Buterin managed to weigh in on Monero’s privacy protocol despite the busy week. At the conference, there were discussions on topics such as Ethereum 2.0 and the proof-of-stake protocol. The CEO of Messari Ryan Selkis forecasted that a shift to the POS protocol is years away.
Buterin, on the other hand, has privacy features on his mind a long time ago and even told the Tesla CEO Elon Musk about what can be built on Ethereum.
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“Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
“Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
“$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
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“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
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“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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