From a first glance on the altcoin news today, it seems like everyone is bearish on Ethereum as well as its Ether (ETH) token except for one partner at Placeholder named Chris Burniske. As he noted earlier this week, Ethereum is in a bear market but it is also a great long-term investment.
1/ $ETH is enduring its 1st mainstream bear market, just as $BTC did in 2014/15.
In retrospect, 2014/15 was the best risk/reward period for investors to get BTC exposure.— Chris Burniske (@cburniske) August 20, 2019
Burniske believes that the oft-cited narrative leading Ether losing its use case is nothing but a speculation. He said that this is not entirely accurate. Instead, he posits that Ether is going through its “first mainstream bear market, just as Bitcoin did in 2014 and 2015.” This is what many best cryptocurrency news sites featured.
Hindsight always provides one with clearer picture of the general trend. Despite the fact that Ethereum is in a bear market, Burniske pointed out that 2014 and 2015 was the optimal risk-reward period for investors who seeked Bitcoin exposure. While all of this may sound encouraging to some, the analyst said that his optimism is much against the grain of current investor consensus and the plethora of bearish signs exhibited on multiple time frames.
Meanwhile, Ethereum and Litecoin both turned bullish in September 2018 and foreshadowed what was to come from Bitcoin. At the time, BTC was locked at $6,500 and Ethereum’s bull run then came right in time with Bitcoin recording gains. At press time, the coming altcoin news show that Ethereum is in a bear market and that its bull run is over.
Some of the factors that could indicate a new run for ETH include the selling volume which is outpacing the buying volume on the weekly timeframe and the ETH/USD pair is fast approaching a weekly support at $170. Below this is a drop to $100 and then $80, both of which would be unappetising for investors.
It is clear that while Ethereum is in a bear market, traders are placing their long-term bets on Bitcoin (instead of Ether). In the past, however, Bitcoin consolidation after strong rallies also led to traders transitioning into altcoins. Now, it seems like these investors are choosing to take shelter in stablecoins instead the Bitcoin price going south.
All in all, the ETH supporters are not losing hope – and Chris Burniske is definitely one of them. Ether is teetering on the precipice of uncertainty with a bearish bias – but that may not be for long.
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
‘’E3 is related to eth algorithm, and DDR capacity is up to the upper limit, so E3 will not be able to continue mining (...) the meaning is E3 only can mine to January 2020, then will not mine again.’’2Miners calculated that Ethereum (ETH) mining will be terminated in about five weeks as it is a few epochs later than the older version. Among the first speakers within the crypto community that discussed the story was the author of Ethereum’s mining algorithm Kristy-Leigh Minehan who considered that this could lead to the launch of more capable miners. Bitmain is more focused on Bitcoin mining solutions and Mrs. Minehan suggested waiting for the release of the main competitors Canaan and Innoscilion. As per the previous reports, The hashrate is one of the metrics that can assess how healthy a network is. The higher the hashrate, the more secure a network will become and it also becomes much expensive to mine the cryptocurrency. Ethereum Classic saw its hashrate explode previously during a sign of growing strength so the ETC network is arguable now more secure than ever before.
Ethereum Core Developers Move Forward With ProgPOW Update
“I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator.’’Ethereum split once before with the ‘’DAO’’ which was the first attempt to a so called decentralized autonomous organization where more than 3.6 million ETH was exploited. Core developers decided to refund the affected users and the dissenters later formed Ethereum Classic in response. At least two projects were opposed to ProgPOW including SpanChain and the Gnosis projects. The executives of the projects were invited to voice their concerns about the next core developer meeting but this will likely won’t change the decision of the team: “There will be plenty of time for open dissent that won’t really change the decision, necessarily, because we’ve already gone back and forth and approved it twice.” ASIC resistance was a core consideration for Ethereum and the first version of the whitepaper explained how the distribution process of Ethereum will be performed through easily-accessible computer hardware which was more favorable for the community and the decentralization of the token. The leading mining hardware firm Bitmain developed an Ethereum ASIC in 2018 and in 2019 Canaan released an ASIC that was 5 times more efficient than comparable consumer hardware.
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Enjin Goes Live On The Ethereum Mainnet: Report
“Simple, great user experience is one of the core product design philosophies at Enjin, and we made damn sure that the Web Panel is minimal, straightforward, and clean.’’The process of creating a new blockchain project is not so complex and it can be done in four steps. The process doesn’t require any coding knowledge but while the Enjin platform web panel enables the codeless creation and management of the blockchain assets, the developers will have to employ Enjin platform API and SDKs when the time will come to integrate those assets with games and apps. The platform API is graphQL based while the Platform SDKs include Java, NODEJS, Godot and Unity. According to the company, the Enjin platform will be powered by Enjin Coin and will serve as the ultimate minting resource and used to back the value of the issued blockchain assets. While the Enjin platform is a relatively new platform, the company was present in the crypto space for more than 10 years. Enjin’s huge ecosystem is preferred among gamers and with partnerships with major companies such as Unity, Samsung, and PC Gamer, the platform has a strong presence in the gaming industry. When it comes to future plans, the company said to be working on a new way to distribute blockchain assets via QR codes.
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