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Source From https://news.bitcoin.com/eos-has-issues/
The EOS mainnet is less than a week old but already the much-vaunted blockchain has ran into a spate of issues ranging from the minor to the critical. Teething problems with new blockchains are to be expected, but the numeracy of these, coupled with a series of other anomalies, have had EOS critics scratching their heads and developers on the defensive.
There’s Never a Dull Day in EOS Land
The EOS soap opera has made for compelling viewing in recent weeks. The level of hype and funds invested in the project meant a soft launch was never going to be possible. Satoshi appears to have launched bitcoin alone, with zero fanfare and the world oblivious. EOS, on the other hand, has launched following a year-long $4 billion raise, having excited half of the crypto community and the alarmed the other half.
The most recent issue was a bug which caused block production to stop over the weekend, forcing a conference call between Block.one, EOS’ developers, and the 21 block producers tasked with running the network. The cause of the problem appears to have been an error in the latest build, obliging EOS to resort to an earlier version of the code. This raises the question of how much testing is being performed on new code; it looks like Block.one is issuing updates that have not been thoroughly tested, forcing them to fix problems as they occur on the mainnet.
Features, Bugs, and Anomalies
While unfortunate, bugs are to be expected when an entirely new blockchain launches, and bitcoin and ethereum weren’t without their issues in the early days either. But there are troublesome aspects of EOS that are there by design, and whose presence is harder to explain. There’s the high amount of tokens that must be staked by developers, for instance, in order to run EOS dapps. The amount payable ranges according to the amount of network resources the dapp requires. Had Crypto Kitties been running on EOS at the height of the dapp’s popularity, it’s been suggested that the amount of tokens required to operate it would have ran into the millions of dollars.
And then there’s the complexity of creating an EOS wallet. Creating an account calls for obtaining the assistance of an existing account-holder. Without their input, it’s impossible for any newcomer to join the EOS ecosystem. In time, EOS dapps should make account creation easier, but until then, the public blockchain operates more like a closed system, with participants reliant on the support of other EOS holders to get the ball rolling.
Attaining the 15% quorum of votes to launch the network also proved to be a sticking point. Token holders were required to vote via a process that included entering their private keys. Due to the risk of being tricked by fake EOS dapps, most token holders chose not to vote, leaving the voting process stuck for days at below the 15% threshold.
EOS Oddities Have Failed to Dampen Market Enthusiasm
Despite all the drama, glitches, and oddities of EOS, the market has remained bullish on Dan Larimer’s blockchain. With so many token holders invested in the project, the community is willing EOS to succeed no matter what, and no amount of negativity – or FUD as the acronym goes – will be allowed to prevail. Even when a major bug was discovered in EOS prior to launch, followed by the hasty creation of a bounty program and the discovery of several more bugs, the market shrugged the problems off.
The enthusiasm for all things EOS can partially be attributed to the need for a fast and scalable blockchain. Even the network’s most ardent supporters will concede that EOS isn’t perfect, but given the alternatives – a sluggish ethereum and a handful of untested and unused blockchains – there seems little choice but to pray Block.one can prevail. With each passing drama, the pro and anti EOS brigades become more firmly entrenched in their positions. No other blockchain in the history of cryptocurrency has proven to be so polarizing. Whatever the future holds for EOS, it certainly won’t be dull.
Do you think EOS can shrug off these early setbacks and overtake ethereum as the number one blockchain for dapps? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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Token swaps are becoming common, but what do they mean for users and investors? CoinDesk explores the evolving art of blockchain migrations.Continue Reading
The EOS blockchain went live this week, sparking debate and commentary from cryptocurrency’s avid social media users.Continue Reading
Within minutes of rumors spreading regarding the SEC’s classification of both bitcoin and ether, the entire crypto market breathed a sigh of relief as everyone enjoyed a nice bounce. Prior to the news, bitcoin saw several days when buyers began to disappear from the market. After bottoming in the low $6,100s, the SEC news spread and a modest rally on relatively low volume ensued:
Figure 1: BTC-USD, 1-Hour Candles, Weak Rally
Although the move was sudden, the overall volume behind the move was poor. You can see on the hourly candles that the volume barely made a noticeable blip on the radar. However, one noteworthy thing occurred during the rally: The price managed to break back into the macro trading range it has been bound by for the last 5-6 months:
Figure 2: BTC-USD, Daily Candles, Macro Trading Range
Part of our previous discussion centered around known support levels and their implications. The first line of support was outlined around the $6,450 values. As you can see, the price temporarily dipped below support on high volume and saw a short closing rally which pushed the price back into the TR. Now, at the time of this article, we are testing the support of the $6,450 range again. If we fail to hold support, we will undoubtedly test the support of the February low ($6,000).
Although we are trending down for now, there is an argument to be made from a macro perspective that we are actually witnessing supply absorption within the context of a large scale Accumulation Trading Range (TR). The volume trend suggests that there is potential supply absorption and we are now heading toward a potential shakeout (sometimes referred to as a “spring”):
Figure 3: BTC-USD, Daily Candles, Potential Accumulation TR
The low-volume, meandering price structure over the last several weeks is very representative of what is known as a “creek” within a TR. A creek is basically meant to grind down investors, bore them, and ultimately demoralize them prior to a shakeout. It’s designed to make the investor think “bitcoin is dead,” essentially.
Granted, the aforementioned accumulation TR argument should be taken with a HUGE grain of salt as this still has several tests it must pass before any degree of confidence can be placed on it.
First, we must see how support holds on the test of the $6,450 and $6,000 levels. Then, we must see how the price reacts to new lows in the event that we break to the downside of this TR. And, even then, it is still very difficult to identify a spring while you are in the middle of it.
So, just use caution when attempting to trade this TR because it is fraught with bull traps, bear traps and every other kind of trap you can think of. For now, we need to just play it day by day and look at the cards as they are dealt.
- Rumors of SEC categorization of bitcoin and ether preceded a modest rally on low volume.
- The low volume indicates that sellers are still reluctant to return to the market.
- We are currently in the process of testing important support levels and we need to keep a skeptical eye as monitor the market and gage the reaction to these new support tests.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
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Free book contest! June 15-22, 2018. The Tatiana Show is offering 1 free copy of Pamela Morgan’s new book, “Cryptoasset Inheritance Planning: A Simple Guide for Owners.” Just share, tweet, or retweet this episode on Facebook or Twitter, using the hashtag #freeCIPbook. We will pick a winner on Friday, June 22. Thanks for sharing!
— Setting up a secure inheritance plan of action
— S.U.R.E analysis
— User-friendly solutions to mitigate risk
— Death and taxes
About the Guests:
— Pamela Morgan is an educator, entrepreneur, author, and attorney who has been working exclusively with bitcoin & open blockchains since early 2014. Morgan is a widely respected authority on multi-signature governance and legal innovation in digital currencies. She spends much of her time traveling the world training lawyers about these technologies through her company, Empowered Law. Her book, Cryptoasset Inheritance Planning: A Simple Guide for Owners, provides a clear blueprint to inheritance planning for those holding cryptocurrency, tokens, crypto-collectibles, and other cryptoassets.
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For many, the experience of adding crypto coins to their financial portfolios has proven to be the thrill of a lifetime. As a new type of holding with a unique set of tools and rules, cryptocurrency is wealth with its own wow factor.
But at some point, the giddiness of fiscal discovery should be followed by a sobering reality: life is short. While established roadmaps have long existed for the orderly passing on of most worldly properties, titles, debts, rights and obligations upon a person’s death, the same can’t be said for cryptoassets.
Think ahead to the days right after your last days on earth. How qualified is your will’s executor to manage your balance sheet of bitcoin, ether, Ripple, ZenCash and Ada? Are your loved ones ready to receive your private keys and open your hardware wallet?
A recent episode of The Tatiana Show podcast tackled this inconvenient question when co-hosts Tatiana Moroz and Joshua Scigala interviewed Pamela Morgan, Esq., an attorney/educator/entrepreneur/author who’s been working exclusively with Bitcoin and open blockchains since 2014. The impetus for the appearance was the publication of her new book, Cryptoasset Inheritance Planning: A Simple Guide for Owners.
As is the case with most how-to tomes, the inspiration for Morgan’s came from a real-world problem she kept encountering. “I started asking annoying lawyer questions,” Morgan says of her cryptocurrency-holding clients. “Like, ‘If you have a bunch of cryptoassets, can your family access them?’ If you have people who depend on you financially, if you want to have other people in your life, or charities or political causes you like to support, to be able to take advantage of your bitcoin or your other cryptoassets, you have to do something. If you do nothing, [it’s] pretty sure that your assets will not go where you want them to go, if they end up anywhere at all.”
You Can Be SURE
One of the cores to this blueprint for bitcoin-beyond-the-grave is executing what Morgan calls a SURE analysis, which stands for Security, Usability, Resilience and Efficiency.
“Obviously we want your plan to be secure first,” she notes, “but not security at the expense of all of the other things there, because your plan has to be usable, and not by you. We have all this knowledge of cryptocurrency, we know how we’re holding our keys, and so there are these underlying assumptions. We don’t realize that people don’t have the same knowledge that we do.
“So when people try to write it down for their heirs it becomes gibberish,” she continues, “because they don’t know what a private key is. They don’t know what a hardware wallet is — they don’t even know how to plug it in. So the worst case scenario is what do they do? They don’t just sit there. They go to the local Meetup group, Reddit, Facebook, and who’s there to help them? Who’s the greeting committee then?”
One can only imagine the trolls who are already hard at work, cooking up a sinister new industry built on stealing from confused beneficiaries. “People are not going to say, ‘Yes! My loved one is gone, now is the time for me to learn all about bitcoin,’” says Morgan.
It’s an eye-opening point. Currently, cryptocurrency is not like the vast majority of inherited assets for which time-honored legal expertise abounds. Although that general knowledge gap may someday close, today’s reality is that cryptoasset holders need a specific plan to ensure their beneficiaries are sufficiently educated on at least the bare mechanics of those holdings. Beyond that, it’s their additional responsibility to connect them to trusted people and organizations that will help them, not hijack their inheritance.
Get It Together — Together
Morgan suggests that the aforementioned security audit can be undertaken by the will’s creator and a trusted significant other, such as a spouse, side-by-side with that person actually writing the letter of intent for them.
“That way they’re guaranteed they know how to access everything,” she says. “They’re kind of creating this project together.”
As Moroz points out at the podcast’s end, “You never know when it’s time to go.” Unless your own personal deal with the Devil has a precise expiration date, that’s a simple truth to act on immediately. Having cryptoassets requires heretofore unprecedented estate planning — handle it any other way, and that high-tech portfolio is just child’s play.
This article originally appeared on Bitcoin Magazine.Continue Reading