Why Monero miners prefer hacking computers than mining it like Bitcoin?

Source : Why Monero miners prefer hacking computers than mining it like Bitcoin? Many have considered Bitcoin and Monero a token with the same fundamentals. The usage and mining difference between Bitcoin and Monero has split the community into two with both tokens having hardcore supporters. Monero is meant to be more discrete, secretive and anonymous than Bitcoin and is the preferred token for payment on the dark web. With Monero no one will be able to tell your balance looking at your address on the blockchain. Mining: CPU mining in Bitcoin is absolutely useless, with the current Bitcoin price and difficulty, hardware costs, electricity costs and with a 100 TH/s of SHA-256 mining power you could probably be earning around $100 a day. This is an average earning, it would vary based on the electricity costs, cost of hardware acquisition and the pools you mine with. Cloud mining boomed in December last year and January this year with the rising Bitcoin prices but tumbled to a 7-month-low when Bitcoin crashed down to under $6000 earlier this month. Monero mining, on the other hand, can still be mined with the processing power of your home desktops. Monero has a 2 minute block time while Bitcoin’s block time takes an average of 10 minutes with around 6 blocks being generated in an hour. Monero’s mining algorithm was made in such a way that Bitcoin’s ASIC hash power won’t make much of a difference in mining Monero. This meant that mining Monero was meant to be more of a casual mining activity using up your spare computing power of your home desktop giving you an added financial advantage. Recent Cases: Australian government were momentarily hacked by Monero miners by embedding a malware that mined Monero using the computing power of the systems. An analyst had later revealed that the total amount of Monero mined during the hack that lasted only a short time would have been only worth a 100 dollars. Home automation threats with systems like Alexa and other home automation devices showing vulnerability in their security protocols which could have been manipulated to mine Monero. Kaspersky Lab had earlier said that they found a malicious software that used Telegram was used to mine Monero. Home computers in South America and all over Europe started seeing suspicious activity out of their home computers which were apparently software that were embedded with certain malware to mine Monero. The most recent case of Microsoft Word and Explorer’s weak security update which left it vulnerable to attackers that wanted to use their computing power to mine Monero. Vadim Benkov, a security expert at Maison Labs in Scottsdale says, “We know only of so many cases that people bring up and which reaches the media. There would be so many computers right now all over the world which are mining Monero for hackers and people don’t even know it” Ranjan Shah, an SEO expert and a cryptocurrency investor from Indore says, “When computers and systems in the developed world …

Plus…Why Monero miners prefer hacking computers than mining it like Bitcoin?

Why Monero miners prefer hacking computers than mining it like Bitcoin?

Source : Why Monero miners prefer hacking computers than mining it like Bitcoin? Many have considered Bitcoin and Monero a token with the same fundamentals. The usage and mining difference between Bitcoin and Monero has split the community into two with both tokens having hardcore supporters. Monero is meant to be more discrete, secretive and anonymous than Bitcoin and is the preferred token for payment on the dark web. With Monero no one will be able to tell your balance looking at your address on the blockchain. Mining: CPU mining in Bitcoin is absolutely useless, with the current Bitcoin price and difficulty, hardware costs, electricity costs and with a 100 TH/s of SHA-256 mining power you could probably be earning around $100 a day. This is an average earning, it would vary based on the electricity costs, cost of hardware acquisition and the pools you mine with. Cloud mining boomed in December last year and January this year with the rising Bitcoin prices but tumbled to a 7-month-low when Bitcoin crashed down to under $6000 earlier this month. Monero mining, on the other hand, can still be mined with the processing power of your home desktops. Monero has a 2 minute block time while Bitcoin’s block time takes an average of 10 minutes with around 6 blocks being generated in an hour. Monero’s mining algorithm was made in such a way that Bitcoin’s ASIC hash power won’t make much of a difference in mining Monero. This meant that mining Monero was meant to be more of a casual mining activity using up your spare computing power of your home desktop giving you an added financial advantage. Recent Cases: Australian government were momentarily hacked by Monero miners by embedding a malware that mined Monero using the computing power of the systems. An analyst had later revealed that the total amount of Monero mined during the hack that lasted only a short time would have been only worth a 100 dollars. Home automation threats with systems like Alexa and other home automation devices showing vulnerability in their security protocols which could have been manipulated to mine Monero. Kaspersky Lab had earlier said that they found a malicious software that used Telegram was used to mine Monero. Home computers in South America and all over Europe started seeing suspicious activity out of their home computers which were apparently software that were embedded with certain malware to mine Monero. The most recent case of Microsoft Word and Explorer’s weak security update which left it vulnerable to attackers that wanted to use their computing power to mine Monero. Vadim Benkov, a security expert at Maison Labs in Scottsdale says, “We know only of so many cases that people bring up and which reaches the media. There would be so many computers right now all over the world which are mining Monero for hackers and people don’t even know it” Ranjan Shah, an SEO expert and a cryptocurrency investor from Indore says, “When computers and systems in the developed world …

Plus…Why Monero miners prefer hacking computers than mining it like Bitcoin?

ETC Price Expected To Rise As Hard Fork Callisto (CLO) Take Place Next Week

Source : ETC Price Expected To Rise As Hard Fork Callisto (CLO) Take Place Next Week The development team of ETC announced the ethereum classic hard fork called Callisto (CLO) that will be available to the ETC holders in the ratio of 1:1 of CLO coins. Callisto will have an exact copy as of ETC chain but only until 5,50,000 blocks, that are expected to be launched approximately 5 March, 2018. Story behind hard forked Callisto (CLO) coins Ethereum classic is an ethereum hard fork that was not only the first one but also a high profile blockchain split. This hard fork was of 1,920,000 blocks that were distributed in the ratio of 1:1. The fork was the result of ethereum community’s rejection to take out an ETH application, DAO. Now, a snapshot fork called Callisto is going to be the latest one. Callisto is a blockchain technology that runs on ethereum classic protocol. The Callisto fork is not going to be like the ETH hard fork, rather would be similar to the bitcoin gold and bitcoin diamond. Callisto is going to be a new blockchain with its own native currency called CLO whose purpose is to test the experimental protocols, solve blockchain scaling problems and setting up a governance system. This Callisto Network Project will have an airdrop in the ratio of 1:1 that most likely will also result in a good surge in the ethereum prices. Free Callisto coins for ETC coin holders The CLO coin will have the same history as of the ETC chain but from the 5,500,000 block, the network will start creating its own. This fork is expected somewhere around March 5, 2018. The accounts with balances of ethereum classic at block 5,500,000 at the time of launch will receive 1 Callisto token (CLO) for every ETC they hold. Due to the reason that CLO developers believe there are certain issues with the smart contract design of ETC, there would be a snapshot of CLO. As per the whitepaper of CLO, because of the sustainability of ETC’s smart contract to hacks, the CLO developers are planning to create an official smart contract auditing department of CLO and ETC. The CLO white paper explains that: “The main goal of Callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment.” Will the hard fork affect ETC price? As for the exchanges where it will be listed, there is no official word on it yet. When it comes to the prices of ETC, this cryptocurrency has been stable than the others and it is expected that this fork will bring a good news for ethereum classic holders. What are your views on Callisto hardfork and what do you think will be its effect on the prices of ETC? Let us know your thoughts in the comment section below! The post ETC Price Expected To Rise As Hard Fork Callisto (CLO) Take Place Next Week appeared first on Coingape.

New York Lawmakers Are Open to Revisiting the BitLicense

Source : New York Lawmakers Are Open to Revisiting the BitLicense “Anyone in the crowd that does not think the BitLicense needs to be reformed?” Not a word from the audience. Then, a few seconds later, laughter at the awkward silence. But the question itself, posed by New York state senator Jesse Hamilton at a roundtable Friday, hinted that the controversial 2015 regulation may soon be revisited. A bill to reform the regulation could be introduced “very soon,” State Senator David Carlucci told CoinDesk. “That’s why we wanted to do this hearing, to get some views before we propose legislation.” Speaking after the two-hour event, Carlucci said that a report will be prepared cataloguing the problems identified during the roundtable he hosted with Hamilton, as well as some of the solutions that were proposed. Carlucci added: “We want to put that out there, circulate it and really figure out how we can make this license in New York state something that works for the residents of New York state and the state economy.” And while the hearing didn’t produce any guarantees of reform, both senators expressed an openness to continue the dialogue, with more events of this kind planned for the coming weeks. “We’re going to do this again in a month, month and a half from now,” Hamilton said. But what is likely to remain is the animosity toward the BitLicense, as evidenced by the small but dedicated protest gathering outside just before the roundtable began, not to mention the grievances aired by the two dozen or so attendees. Threatening to leave “Abolish the BitLicense!” That was Theo Chino, who has waged a years-long campaign against the regulatory framework, at the outset of Friday’s roundtable. His sentiment – while perhaps not stated in the same terms – was nonetheless shared by the group of witnesses brought together to discuss the BitLicense, which was crafted by the Department of Financial Services under former superintendent Benjamin Lawsky, and the subject of regulation of cryptocurrencies in the Empire State more broadly. Among those taking a negative tack toward the BitLicense during his testimony was Will Martino, one of the co-founders of distributed ledger startup Kadena. He suggested that because of the particulars of the BitLicense, his company faces challenges that might eventually drive it out of the state altogether. “We don’t transmit or exchange real digital currencies for our customers,” he remarked. “Kadena is a tech startup company. We’re not a financial institution. We don’t do [anything with money]. Because of the BitLicense, we might leave New York.” Indeed, the argument that the BitLicense is overly burdensome for small companies including those with limited access to capital and legal resources – that want to work with the tech. “For large [firms], the costs are coffee money, for a small business the costs are crazy,” said software developer Steve B. “The requirements are not practical.” Lower the burdens, attendees say Gilles Gade, chief executive of the New Jersey-based Cross River Bank, called for a kind …

Plus…New York Lawmakers Are Open to Revisiting the BitLicense

New York Lawmakers Are Open to Revisiting the BitLicense

Source : New York Lawmakers Are Open to Revisiting the BitLicense “Anyone in the crowd that does not think the BitLicense needs to be reformed?” Not a word from the audience. Then, a few seconds later, laughter at the awkward silence. But the question itself, posed by New York state senator Jesse Hamilton at a roundtable Friday, hinted that the controversial 2015 regulation may soon be revisited. A bill to reform the regulation could be introduced “very soon,” State Senator David Carlucci told CoinDesk. “That’s why we wanted to do this hearing, to get some views before we propose legislation.” Speaking after the two-hour event, Carlucci said that a report will be prepared cataloguing the problems identified during the roundtable he hosted with Hamilton, as well as some of the solutions that were proposed. Carlucci added: “We want to put that out there, circulate it and really figure out how we can make this license in New York state something that works for the residents of New York state and the state economy.” And while the hearing didn’t produce any guarantees of reform, both senators expressed an openness to continue the dialogue, with more events of this kind planned for the coming weeks. “We’re going to do this again in a month, month and a half from now,” Hamilton said. But what is likely to remain is the animosity toward the BitLicense, as evidenced by the small but dedicated protest gathering outside just before the roundtable began, not to mention the grievances aired by the two dozen or so attendees. Threatening to leave “Abolish the BitLicense!” That was Theo Chino, who has waged a years-long campaign against the regulatory framework, at the outset of Friday’s roundtable. His sentiment – while perhaps not stated in the same terms – was nonetheless shared by the group of witnesses brought together to discuss the BitLicense, which was crafted by the Department of Financial Services under former superintendent Benjamin Lawsky, and the subject of regulation of cryptocurrencies in the Empire State more broadly. Among those taking a negative tack toward the BitLicense during his testimony was Will Martino, one of the co-founders of distributed ledger startup Kadena. He suggested that because of the particulars of the BitLicense, his company faces challenges that might eventually drive it out of the state altogether. “We don’t transmit or exchange real digital currencies for our customers,” he remarked. “Kadena is a tech startup company. We’re not a financial institution. We don’t do [anything with money]. Because of the BitLicense, we might leave New York.” Indeed, the argument that the BitLicense is overly burdensome for small companies including those with limited access to capital and legal resources – that want to work with the tech. “For large [firms], the costs are coffee money, for a small business the costs are crazy,” said software developer Steve B. “The requirements are not practical.” Lower the burdens, attendees say Gilles Gade, chief executive of the New Jersey-based Cross River Bank, called for a kind …

Plus…New York Lawmakers Are Open to Revisiting the BitLicense

GDAX Announce Full SegWit Support, Network Fees Continue to Fall

Source : GDAX Announce Full SegWit Support, Network Fees Continue to Fall GDAX, the trading arm of cryptocurrency brokerage Coinbase, announced today that they will implement full SegWit support for Bitcoin transactions in the coming days. The protocol upgrade aims to make transactions quicker and cheaper for users of BTC. GDAX Joins Coinbase and Bitfinex GDAX are the latest of the cryptocurrency industry’s major players to offer support for SegWit. They follow their parent-company Coinbase and Hong Kong-based exchange Bitfinex in rolling out the upgrade. GDAX made the announcement earlier today via their blog: “We are excited to announce that GDAX now supports Segregated Witness (SegWit) transactions on the Bitcoin network. Over the coming days, full support for SegWit transactions will be rolling out to 100% of our customers. SegWit is a critical step forward in the development of Bitcoin and we are thrilled to support it on GDAX.” The post went on to explain how the SegWit (or Segregated Witness) upgrade works. Put simply, the transaction data is split using SegWit. This makes it possible to only store necessary transaction data on the blockchain. With transactions requiring less information be included on-chain, more of them can fit into each block. This, in turn, reduces the need for users to increase their transaction fees. Previously, when the blockchain was full, users would be required to use a large fee if they wanted the network to validate their transaction before others also waiting. This forced users to continually increase their fees until they reached the point where some declared the network as “broken“. Later in GDAX’s post, they state that the address format that they will use will be compatible with all existing BTC addresses. All withdrawals from GDAX will, therefore, be sent using SegWit. The company are careful to point out that the new format will no longer be the same as Bitcoin Cash (BCH) addresses, however. This means that if BCH is sent to GDAX’s BTC address, the funds will be lost forever. To reduce the likelihood of this occurring, an additional warning will be displayed when making deposits to the exchange. It will read: “Only send Bitcoin (BTC) to this address. Sending any other digital asset including Bitcoin Cash (BCH) or Tether will result in permanent loss of funds.” GDAX go on to state their commitment to providing customers with the latest Bitcoin upgrades. They claim to be currently working on additional scalability improvements to help further reduce fees and increase the network’s capacity. These include “transaction batching and UTXO management.” Finally, GDAX are appealing to anyone interested in working on scalability protocols such as the Lightning Network to contact them. They are currently hiring staff in New York, London, and San Francisco. Since the announcement earlier this week that both Coinbase and Bitfinex have also implemented SegWit transactions, transaction fees on the Bitcoin network have fallen to historic lows. We’ve reached a major milestone! $BTC tx fees are now at an ALL TIME LOW. We are now …

Plus…GDAX Announce Full SegWit Support, Network Fees Continue to Fall

An Ethereum Classic Fork Snapshot Is Coming Next Week – Bitcoin News (press release)

Source : An Ethereum Classic Fork Snapshot Is Coming Next Week – Bitcoin News (press release) This post was originally published on source Bitcoin News (press release) An Ethereum Classic Fork Snapshot Is Coming Next WeekBitcoin News (press release)An Ethereum Classic Fork Snapshot Is Coming Next Week The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a […] The post An Ethereum Classic Fork Snapshot Is Coming Next Week – Bitcoin News (press release) appeared first on The Bitcoin News – Leading Bitcoin and Cryptocurrency News since 2012.

An Ethereum Classic Fork Snapshot Is Coming Next Week

Source : An Ethereum Classic Fork Snapshot Is Coming Next Week Next week the ethereum classic (ETC) community is expecting to receive coins from a ‘snapshot’ fork called ‘callisto’ (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins. Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media The First High Profile Hard Fork Is About to Get Forked The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to ‘bail out’ the DAO, an ETH application that lost $150Mn that year. Some individuals firmly believe that ETC is the ‘one true’ Ethereum network. Callisto, however, is not quite like the ETC hard fork as it’s a snapshot much like bitcoin gold, bitcoin diamond, and the other clones that appeared over the past year. Callisto Developers Believe CLO Will Have Better Smart Contract Security Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETC’s smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a “Official Smart-contract Auditing Department of CLO & ETC,” so one could assume the snapshot may be considered an extension of the ETC community.     “The main goal of callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment,” explains the CLO white paper.   Callisto aims to establish a secure and contribution-friendly environment for further protocol development and improvements. It will rely on a built-in system of smart-contracts to achieve this goal. ETC holders will receive a 1:1 ratio of CLO coins after ETC reaches block 5500000.Cold Staking and a Developer Called Dexaran There’s little information on the creators of the ETC clone other than the Github page that describes the callisto network project in more detail. The developer working on the project goes by the name Dexaran, and he also has worked on an ICO called ‘DEX.’ Another aspect of the project is the introduction of ‘Cold Staking’ which acts similarly to the Proof of Stake consensus system that rewards currency holders.    “It should be noted that the ETC does not have any incentives for coin holders — The whole emission is completely controlled by miners, and their influence grows with the growth of the network. Callisto introduces a Cold staking protocol that rewards coin holders for being network participants,” explains the callisto team.  Cold staking …

Plus…An Ethereum Classic Fork Snapshot Is Coming Next Week

MaxData MXD ICO: Matchmaking Service Economy Blockchain?

Source : MaxData MXD ICO: Matchmaking Service Economy Blockchain? It is a pretty well known fact that digital giants such as Google, Yahoo track our internet activity on a day to day basis. Not only that, but even the overall cost of the internet service economy has risen quite substantially within the past decade. MaxData is an all new crypto platform that has been designed specifically for the purpose of ‘automating the service economy’, and presenting consumers with pertinent services that can help bring down unnecessary advertising and marketing costs. From a functional standpoint we can see that MaxData helps its users acquire a wide array of services such as Broadband Internet Connections Utility Payment Tools Insurance Policies Financial Plans All of the aforementioned services are delivered at the lowest possible price with the simple click of a button. More About MaxData MXD MaxData provides users with a platform that allows customers to directly connect with businesses without the use of any middlemen. Some of the other key aspects of the service include: (i) Market Research: Users are able to access a wide array of market research data when they sign up for this platform. (ii) Reduced Marketing Costs: Since there is a “direct link” established between the customer and the seller, unwanted costs related to marketing, processing fees can be completely eliminated. (iii) Safety: Though the use of encrypted walls and other useful security protocols, Max Data is able to protect its users from third party infringers and data trackers. (iv) Reduced Cost of Living: By streamlining access to a wide array of daily services, Max Data can help reduce regular living expenses for the common man. How Does This All Work? To start off with, a user is required to supply a host of pertinent information indicating their service needs and conditions. All of this information is encrypted and stored in the form of digital blocks within the crypto network. Once all of the the pertinent data has been inputted into the system, the Max Data Matchmaking system starts the process of finding the products that are best suited for us. It is also important to mention that all of this data is on the blockchain (albeit anonymously). The platform then pushes all of the processed data-sets to service providers and then uses an algorithm to find us the perfect SP as per our needs. Token Details The Max Data ecosystem makes use of a currency called MXD to facilitate all internal transactions. In terms of their pricing structure, we can see that 1 MXD = $0.10 USD. MaxData MXD ICO Token Allocation Scheme: 50% of all MXD coins are available to potential investors for purchase. 20% of the tokens will be reserved on behalf of the company itself. The remaining 30% of MXD will be split between Max Data team members and the founders. MaxData MXD Budget Allocation: 37% of all raised revenue will be used to promote the Max Data platform to a larger audience, especially …

Plus…MaxData MXD ICO: Matchmaking Service Economy Blockchain?

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