Showing posts with label Vitalik Buterin. Show all posts
Showing posts with label Vitalik Buterin. Show all posts

Ethereum Loses 'Deflationary' Title - #2 Cryptocurrency Hit With INFLATION For First Time...

Ethereum inflation

Ethereum just lost one if it's biggest bragging points, and its transition from a deflationary to an inflationary asset marks a potentially pivotal moment in its trajectory. While the platform continues to be a dominant player in the decentralized finance (DeFi) space, these economic and market shifts warrant close observation by investors and stakeholders. 

What Happened?

Ethereum's shares the most common cause of currency inflation with governments around the world, specifically when they print too much money. There have been 68,000 new ETH issued, compared to its burning 38,000 ETH over the last 30 days - add this excess together with a bearish month, and the additional supply enters the ecosystem as inflation.

Ethereum has a system where a portion of the transaction fees (or "gas") is burned, reducing the overall supply of ETH, while another portion compensates validator nodes.

Typically this causes ETH to be deflationary - that is, when network activity is stronger, the amount of ETH burned can surpass the amount issued.

Some Perspective...

It's crucial to note that Ethereum's annual inflation rate remains relatively subdued at 0.3%, especially when compared to Bitcoin's 1.6% and certain fiat currencies, which hover around 3.7%.

Bitcoin has been categorized as inflationary due to its capped supply of 21 million coins and the halving of its block rewards approximately every four years, which restricts its issuance and, by extension, its inflationary potential. In contrast, fiat currencies, like the US dollar, can be issued without an upper limit, leading to inflation when the supply outpaces demand.

So, while 0.3% is an insignificant amount and there's no need for investors to modify their outlooks, yet, this is something worth keeping an eye on.  Unless hit with large downturn (which I haven't seen anyone predicting) Ethereum can re-take it's 'deflationary' title fairly easily. 

Plus, For the First Time in YEARS - Ethereum Users Didn't Pay the Most in Total Transaction Fees...

Another interesting thing stood out when reviewing Ethereum's previous month - a significant drop in total transaction fees. After 3+ years embarrassingly high, sometimes absurd fees - this is a good thing.

In the last 30 days, the Tron network generated $87.4 million in fees and $65.8 million in token incentives, resulting in net profits of $21.6 million. Ethereum, on the other hand, generated $82.2 million in fees but offered token incentives of $82.9 million, leading to losses of $20.6 million.

Other platforms including Lido Finance ($46.9 million), friend-tech ($30 million), Bitcoin ($27 million), Uniswap ($23 million), Aave ($8.8 million), and BNB Chain ($ 8 million), surpassed Ethereum in generating fees.

Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

*UPDATED* Ethereum Founder Vitalik Buterin's Reveals How His Twitter was Hacked, Leading to Nearly $700,000 in Stolen Crypto...

Vitalik twitter hack

Story Published Sept 10

Update Added Sept 16: Jump to update

In a shocking turn of events, Vitalik Buterin's official Twitter account was compromised by hackers on Saturday, September 9, 2023. The breach led to a loss of nearly $700,000 in cryptocurrencies, highlighting the vulnerabilities even high-profile figures face in the digital realm.

The Deceptive Tweet

The hackers, with just a single tweet, managed to deceive a significant number of Buterin's followers. The tweet announced a purported free NFT giveaway from Consensys, a renowned blockchain technology company.

This was supposedly in celebration of the release of proto-darksharding, a much-anticipated update to the Ethereum protocol. The update, as claimed, would reduce the costs associated with Ethereum sidechains, commonly referred to as rollups.

The 'Drainer' Exploit

Many followers, seeing the tweet from the official account of Ethereum's creator, were lured into a trap. The link provided in the tweet redirected users to a malicious website designed to exploit their trust.

This type of scam, known as a 'drainer' tricks users into connecting their cryptocurrency wallets to a seemingly legitimate website. Once connected, the hacker can then transfer all assets from the victim's wallet to their own.

High-Value NFTs Stolen

In addition to the stolen cryptocurrencies, the hackers made away with two high-value 'Crypto Punks' NFTs. These digital collectibles have gained immense popularity and value in recent years.

The stolen NFTs were priced at a staggering 153.62 ETH (approximately USD 250,000) and 58.18 ETH (USD 95,000) respectively.


We finally have a response from Vitalik, apparent a sim swap was the method used.


Considering this involves ;social engineering' AKA fooling an employee of the phone company in to switching a phone line from the legitimate customer to phone controlled by the hacker.

While the hacker is blame,, at least a little of the blame  must go to T-Mobile whos employees should be properly trained to spot a scam that is several years old.


Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

The Russian Government Wants A Piece Of Ethereum Creator Vitalik Buterin...

The Russian government has taken a hard turn from 'considering' banning crypto, to embracing it and aggressively attempting to solidify themselves as a global player in the market.  Part of that plan - get Ethereum's creator on board.

This segment aired earlier this year, but was just made available online.

Video Courtesy Of Vice On HBO

Ethereum creator Vitalik Buterin: Bitcoin does 1 thing well, like a calculator. But Ethereum is a smart phone - with endless possibilities via apps.....

Vitalik Buterin is the co-founder of Ethereum, the second largest cryptocurrency in the world. Buterin says that bitcoin does one thing and does one thing well. He compares it to a plot key calculator whereas he sees Ethereum as a smartphone. A smartphone can run a plot key calculator app, but it can also run other apps.

Do you agree with his compairson? Tweet us @GlobalCryptoDev!

Countdown to the big Ethereum update - Vitalik Buterin explains what's coming...

We've noticed many people still generally unaware it's even happening - so with the big day coming Jan 16th - now is the time to catch up and learn what to expect.

This video recorded at Ethereum's Devcon conference, features Vitalik Buterin explaining what this update includes.

To answer the most common question we've been seeing - if you own Ethereum, and don't mine it - you don't need to do anything.

Video courtesy of 'Crypto Trader' on CNBC South Africa...

Elon Musk comments on Ethereum scammers on Twitter - Vitalik responds...

Tesla CEO Elon Musk is among a long list of people targeted by Ethereum scammers on Twitter.

The scam works like this - Elon Musk makes a real tweet, then immediately following it, a profile designed to look exactly like his will respond with something like "By the way, i'm doing a giveway for our fans..."  this usually then involves some gimmick like "Send 0.5 ETH, and get 3 back!".

The bots are aggressive, and manage to usually be the first reply to a targets tweets, causing Musk to comment:

"I want to know who is running the Etherium scambots! Mad skillz …"

Which then got Ethereum's creator Vitalik Buterin to respond, sadly saying:

“I do wish @elonmusk's first tweet about ethereum was about the tech rather than the twitter scambots........”

The scammers do seem to have dozens if not hundreds of impostor accounts pushing their scams.  Even Global Crypto Press has been hit by them - so far we've reported two accounts impersonating our organization (The only real one is @GlobalCryptoDev) - to Twitter's credit both were removed within 24 hours.

Author: Mark Pippen
London News Desk

Ethereum creator Vitalik Buterin featured on HBO's VICE...

Michael Moynihan travels to Russia with Vitalik Buterin, inventor of the Ethereum blockchain, to get a front row seat to the geopolitical tug of war over Internet 3.0.

Bitcoin’s emergence as a global digital currency has been as revolutionary as it has been erratic. But while fledgling investors obsess over every fluctuation in the cryptocurrency market, nation states are more interested in the underlying blockchain technology and its ability to revolutionize how business is done on the internet and beyond.

Ethereum Foundation offering millions in grants to help solve scaling issues...

The Ethereum Foundation is a non-profit group that helps oversee, and develop the future of Ethereum.

In a blog post by Ethereum founder Vitalik Buterin, he stated why he's trying to help fuel innovation, stating:

"With the Ethereum blockchain reaching 1 million transactions per day, and both Ethereum and other blockchain projects frequently reaching their full transaction capacity, the need for scaling progress is becoming more and more clear and urgent."

So through a series of grants from $50,000 and up to $1 million - The Ethereum Foundation is trying to help bring solutions to these scaling issues, fast.

They invite anyone, any company, any development team, or even university to apply if they feel they can contribute.

You can get full details here.

Author: Oliver Redding
Seattle News Desk

Ethereum creator Vitalik Buterin calls Bitconnect a ponzi scheme...

File this article under "stating the obvious" but unfortunately, BitConnect's user base somehow keeps growing.

Ethereum's creator Vitalik Buterin responded to a tweet today from a Twitter user goes by the name "Ponzi crypto coins" who appearently prides himself in calling out scam coins, tweeted at him:

After telling Vitalik Bitconnect's promises of 1% daily returns, Vatalik stated (the obvious) - it's a ponzi scheme (AKA pyramid scheme).
The collapse is coming, eventually.

Author: Oliver Redding
Seattle News Desk

Ethereum creator Vitalik Buterin's bold idea: let people change their mind on ICO's and get their money back.

Ethereum creator Vitalik Buterin along with Jason Teutsch, creator of TrueBit published a whitepaper outlining a concept they're calling "interactive coin offerings".

It's purpose is to address the most complex issue in the world of cryptocurrency: price evaluations of a new coin.

This comes towards the end of a year when countless ICO's with completely worthless tokens sucked in millions of dollars with expensive marketing campaigns hyping up their new coin, simply to collapse weeks later.

The solution they propose comes in two parts.

First - no limits can be set on the amount of money an ICO raises. While at first that doesn't sound like a way to clamp down on someone using an ICO as a money-grab, it addresses a problem with human nature.  FOMA - fear of missing out.  One of the methods ICO's use to get lots of money fast is making people feel like their new coin is going to be huge, but once they've raised $50 million - the sale is going to be over - so you better act fast!

This concept addresses another issue as well, "Whales" (large investors) buying up a huge portion of the limited supply.

Second - the boldest idea - allowing people to pull out of an ICO and get their money back. “Potential buyers may enter and exit the crowd sale based on behaviors of other buyers, and in doing so tend the valuation towards a market equilibrium.”

This second step would require the first step to be implemented, as this would mean each ICO would have a date range to buy in, or pull out, instead of a market cap.  It's during this period people can buy in, or change their mind.

Obviously, once the new currency goes live you could no longer pull out.  This would not be a way to ditch a coin that's failing and get your original investment back.

You can read Buterin and Teutsch's full whitepaper here.

Author: Ross Davis
San Francisco News Desk

Ethereum creator Vitalik Buterin walks back TechCrunch misquote of "replacing Visa in a couple of years"...

Tech Crunch may have gone a bit too far in their excitement for Ethereum.  Following an interview with its creator Vitalik Buterin, Tech Crunch launched tweets and articles that caught some eyes.

The claim was: Vitalik made the bold prediction of Ethereum not just becoming a foe for Visa, but completely overthrowing it, or in their words, it would "replace visa".

Vitalik took to twitter, noticeably frustrated to clarify:

Tech Crunch has now issued a correction.


Author: Ross Davis
San Francisco News Desk