Saturday, August 28, 2021

Ethereum Faces Chain Split as Node Operators Fail to Update Geth Hotfix

 Ethereum is experiencing a chain split due a number of network validators, also called nodes, failing to upgrade their software.

On Aug. 24, the developer team behind the popular Ethereum software client Geth released an emergency hotfix to a security vulnerability in its code that would have prevented certain users from producing blocks.


The Go Ethereum team had disclosed a vulnerability on Aug. 18, saying they would release a patch, but did not specify the exact nature of the vulnerability in an effort to prevent an attack:


“The exact attack vector will be provided at a later date to give node operators and dependent downstream projects time to update their nodes and software,” wrote Ethereum team lead Péter Szilágyi in Aug. 24 GitHub patch notes.

However, it would seem some users identified the exploit that was hotfixed by the Geth team and are currently exploiting older versions of the Geth software.

Though the Geth team emphasized that all users should upgrade their software immediately, only about 30% of users have upgraded to the latest version, according to data from ethernodes.org.

As background, Geth is the most relied-upon software to connect to the Ethereum blockchain, being run by roughly 75% of the users.

A matter of time

In an interview with CoinDesk, Go Ethereum developer Marius Van Der Wijden, who noted he was speaking in a personal capacity and not as a representative of the Ethereum Foundation or Go Ethereum, said that after the disclosure an exploit was inevitable.

“I knew that someone would eventually find the bug,” he said. “I just hoped that more people would have updated in time.”



Square’s Jack Dorsey Plans to Build Decentralized Bitcoin Exchange

 

The Square and Twitter CEO first announced plans to create an “open developer platform” in July.





Square and Twitter CEO Jack Dorsey, tweeted on Friday that TBD, payment giant Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange.

  • “Help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey tweeted.
  • Mike Brock, who was named to lead the initiative, tweeted separately that “this is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize[d] exchange for fiat.”
  • “We’d love for this to be Bitcoin-native, top to bottom,” Brock wrote. He also noted that the platform would “be entirely developed in public, open-source, open-protocol,” and that any wallet would be able to use it.
  • Brock noted “gaps around cost and scalability,” and that TBD needed “a solve for exchange infrastructure between digital assets, like stablecoins.”
  • In July, Dorsey wrote in a series of tweets that Square would launch the new business to make it easier to offer non-custodial, decentralized financial services.

Friday, August 27, 2021

DeFi Regulation Could Hit Prices of Hottest Ethereum Tokens: eToro CEO

 

While the entire appeal of the DeFi (decentralized finance) space is the ideal of projects and protocols with no one company or person in charge, which adherents say should make them harder to regulate than centralized businesses like Coinbase, there is a sense that regulation is coming to the space nonetheless.

And Yoni Assia, CEO of brokerage eToro, believes that regulation could throw cold water on the recent price rides of the hottest DeFi tokens.

“The risks of regulation in DeFi might impact more the price of the tokens that right now are very much based on the token economics of those DeFi ecosystems which are completely open,” Assia told Decrypt

EToro already supports trading of multiple DeFi tokens. In April, it listed Chainlink (LINK) and Uniswap (UNI). “Both LINK and UNI have interesting use cases and remind us that not all cryptos are designed to be currencies,” said eToro's VP of business solutions Doron Rosenblum at the time.

The platform has also added DeFi tokens like Yearn.finance (YFI), Compound (COMP), and Maker (MKR). All of this of course means that eToro will be affected by any regulatory headwinds that hit the DeFi industry. 

“It is a part of our due diligence to make sure that we sell digital tokens that are not deemed securities, but obviously, this changes from one sort of regulation or geography to another,” Assia says. 

From Aave to Yearn: These Are DeFi's Blue-Chip Tokens

Growth and outlook for eToro 

The brokerage, which is still privately held but plans to go public by the end of Q3 via SPAC deal, shared its Q2 results with Decrypt this week, and the numbers show the platform has garnered a lot of new attention since it listed more DeFi mainstays in April. 

Since the start of Q2, eToro registered approximately 2.6 million new users to its platform, representing a 121% increase compared to the same period in 2020. What’s more, the platform saw $362 million in total commissions, an increase of 125% from the same period in 2020. 

Also in Q2, eToro listed Dogecoin, which currently sits 13th among all cryptocurrencies by 24-hour trading volume—higher than both Uniswap and Chainlink, so the platform’s healthy user growth is certainly not only thanks to embracing popular DeFi tokens.

As Assia frames it, eToro’s increasing numbers are a byproduct of macroeconomic trends across the globe, as well as of the rise of millennial investors.

“Purchasing power diminishing over time of fiat currency, alongside huge amounts of money printing all around the world, whether it’s Europe or the infrastructure bill in the U.S., people are realizing that governments have their hands on the trigger," Assia says when asked about the factors boosting his brokerage. "For us, it’s very exciting to see our long term vision of opening the global markets for everyone to trade and invest in a simple and transparent way."

Regulation risks still looming

Despite eToro's healthy Q2 figures, that same wave of millennial investors might be on a collision course with the world’s financial services regulators. 

“There’s no doubt that we’ll see more regulators looking at this industry and, in the name of consumer protection, trying to create rules and regulations to prevent problems in areas such as fraud,” Assia says.

Poly Network to Pay Back Users Who Lost Money in $610 Million Hack

If newly minted SEC Chair Gary Gensler's recent comments are an indication, Assia is hardly going out on a limb. Earlier this month, Gensler said that in his view, cryptocurrencies often act as a medium of exchange—but not always legally. “To the extent that it is used as such, it’s often to skirt our laws with respect to anti-money laundering, sanctions, and tax collection,” Gensler said in a recent address at the Aspen Security Forum. 

He also added that he believes many DeFi tokens are unregistered securities, news that was likely alarming to DeFi bulls. “Decentralized finance platforms not only can implicate the securities laws—some platforms also can implicate the commodities laws and the banking laws,” he says. 

If, as Assia claims, eToro aims to see its Q2 results “accelerate over time,” the trading platform will have to wrestle with any new regulations that may impact the crypto industry—and DeFi in particular—in the years to come. 

“DeFi works on the blockchain without necessarily the control of the individuals that build it, so it is a very interesting open question that we’ll see keeps on being debated over the next couple of years,” Assia adds.

As far as Assia is concerned, when it comes to crypto, Bitcoin is still king. The flagship cryptocurrency leads the way, making up 17% of his own personal eToro portfolio

Monday, April 19, 2021

stake.com review

 In this 2021 Stake.com review, I’m going to share with you what I’ve learned after hours of researching and interacting with the site.

You will find all the features, pros and cons, and many screenshots.

Most importantly, you’ll discover my honest opinion on Stake.

Feel free to skip directly to the sections that interest you.

Let’s go!

Click Here to Start Enjoying https://stake.com/?c=37b1bf39

1. Key Takeaways

I understand you may not have enough time to read my full Stake review, so here is an actionable summary to help you.
 

Pros of Stake

Great reputation.
 
Perfect player reviews across the internet and forums
Stay anonymous.
 
Just verify your email before making withdrawals
Two-factor authentication.
 
Use this rare feature to keep your account secure
Provably fair games.
 
Verify the results of some of their games
Great customer service.
 
The support will resolve your issues promptly and in many languages
Large crypto variety.
 
Deposit with more than 130+ cryptocurrencies
Lots of betting odds.
 
Bet on more than 100 different outcomes on major events
Casino games for everyone.
 
1,021 games available, including 16 exclusive to Stake.com
Active community.
 
Players are interacting with each other in 8 languages. You won’t feel alone!
High return to player.
 
RTP reaches 99% for some games
Awesome promotions.
 
Frequent and attractive promotions, including a chance to win a Lamborghini Huracan Evo

 

Cons of Stake

Sports betting odds.
 
Other sportsbooks may offer better odds on major events
Limited information.
 
Restrictions, fees and payout details hard to find
No welcome bonus.
 
But this is how they manage to provide instant payouts and awesome promotions

 

2. Background

Year founded: 
2017

Owner: 
Medium Rare N.V.

Licence(s): 
Curacao Gambling Authority

Cryptocurrencies: 
BTC
BCH
ETH
+5

Languages: 
English
Spanish
French
+9


3. Reputation10.0/10

Stake.com License(s)

Stake holds an official Curaçao eGaming License, which is the standard amongst gambling sites that specialize in cryptocurrency gaming, like Stake. 

Although this license won’t offer you the best guarantees as a player, it’s difficult or impossible to find comparable websites with better licenses.

Better than no license at all!
 

Security features

According to my research, Stake has adequate overall security, with no reported issues to date.

More importantly, Stake offers the 2FA feature to protect your account. 

Although 2FA is a standard feature in the cryptocurrency industry, it’s not yet the case in the crypto gambling industry.

Stake is a verified member of the Crypto Gambling Foundation. This guarantees that all the provably games on the platform (Stake originals) are provably fair.

Bets can be verified on the platform or through third-party websites with an open-source verification procedure.
 

Reputation of owners

Stake was developed by the team behind Primedice, one of the oldest and most popular dice gambling sites, founded in 2013.

The owners are well-known and have a great reputation.
 

Complaints received

At the time of writing, the Stake TrustPilot page has a 4.1 reputation, which is a great rating for a crypto casino. 

In addition, the majority of the 13% 1-star reviews are addressed by Stake.com’s staff, which is a sign they care about user satisfaction.

Stake also has an excellent reputation on forums like BitcoinTalk where players heavily recommend the website to other players.

 

4. Prohibited Countries

Before I move forward with the essence of my Stake.com review, note that you won’t be allowed to play on the platform if you reside in one of the following countries: