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Interest in Bitcoin “double-spending” grew after recent news that the Bitcoin network processed the same bitcoin (BTC) in two transactions – the very “double-spending” scenario Bitcoin was specifically designed to prevent.
Except the double-spend didn’t happen, at least not in the traditional sense.
“The bitcoin ‘double-spend’ media headline has certainly spooked investors, but it’s a misunderstanding of how the Bitcoin network operates. In this case, a chain re-organization of one block occurred, which is a fairly common occurrence,” Jason Lau, COO of OKCoin exchange, told CoinDesk.
Put another way, no bitcoin was “double-spent” because no new coins were added to Bitcoin’s supply. Instead, the same coins from the same wallet were registered in two different blocks during a typical split in Bitcoin’s blockchain.
Here's what actually happened
It went down like this: Someone sent 0.00062063 BTC to this address but set the lowest fee possible (1 satoshi per byte, or less than a fraction of a cent, per byte of transaction data).
Since the fee was so low, the transaction took a while to confirm, so the sender tried to outpace it by sending what’s called a “replace by fee transaction” (RBF).
Instead of the RBF replacing the slow transaction as intended, however, the lower fee transaction cleared first and made it into the block that was mined onto the longest chain.
- The CEO of Tether's offshore bank Deltec has refuted recent claims that USDT stablecoins are not actually backed by US dollars.
- Deltec's deputy CEO Gregory Pepin stated that Tether's reserve "is fully backed and more than what is in circulation."
- He also said that neither crypto exchange Bitfinex nor Tether own any shares in the bank.
Recently, a Medium post titled “The Bit Short: Inside Crypto’s Doomsday Machine” and published by a pseudonymous user called “Crypto Anonymous,” raised several concerns in regard to crypto firm Tether and its USDT stablecoin.
However, most of the allegations listed there are unsubstantiated, Gregory Pepin, deputy CEO of Bahamas-based Deltec Bank & Trust—Tether’s offshore banking partner—stated during the latest episode of the “Unchained Podcast” published today.
With the Bitcoin (BTC) price dipping below a $29,000 threshold, the investor mood is worsening and the Crypto Fear and Greed index has plunged to October 2020 levels.
On Jan. 22, the Crypto Fear and Greed index sharply dropped to a value of 40, moving the market sentiment from “Extreme Greed” to “Fear.” The index dropped to this low for the first time since Oct. 3, 2020, when Bitcoin was trading at around $10,500.
Similar to the fear and greed indexes in the traditional markets, the Crypto Fear and Greed index is a tool that measures two of the primary emotions that influence how much investors are willing to buy crypto like Bitcoin.
According to Alternative.me, the extreme fear level can be a sign that investors are too worried, which could mean a good buying opportunity. In contrast, when investors are getting too greedy, it could be a sign that the market is due for a correction.
Ethereum miners have formed a cartel of sorts to thwart the implementation of a now contentious proposal – one they say cuts into their bottom line unfairly.
Eight Ethereum mining pools amounting to around 30% of the network’s hash power have cast their support behind tiny mining pool Flexpool’s stance against Ethereum Improvement Proposal (EIP) 1559.
The small pool – which only mined 10 blocks among 48 miners in December – is now calling on Ethereum miners to jump ship from major mining pools that support the update such as Sparkpool (24% network hash power) and F2Pool (11%).
First proposed in April 2019 by Vitalik Buterin, EIP 1559 flips the traditional mining payment scheme on its head by burning most of the transaction fees typically given to miners in a bid to address transaction fee volatility and improve the blockchain’s woeful user interface. (Here’s a short description from Ethereum developer Tim Beiko).
It’s understandable why Ethereum miners would want EIP 1559 to never be implemented, or at the very least delayed.
Miners have been a big winner from an uptick of on-chain activity sparked by the emergence of decentralized finance (DeFi). Indeed, mining profitability is reaching near three-year highs as on-chain congestion pushed transaction fees to record highs in 2020, according to data collected by BitInfoCharts.
🗞 Daily Crypto Calendar, January, 22nd💰
- TomoChain (TOMO)
"#TomoChain would like to announce the release of the new mainnet version, the Zorro Upgrade, a major #DeFi enabler"
- Shopping.io (SPI)
"January 22nd, Shopping.io and TrustSwap will have a push notification to 1.2 million users of 'The crypto app'."
- Wabi (WABI)
Wabi masternodes rewards distribution.
- Cosmos (ATOM), Kava.io (KAVA)
- Apollo (APL)
"Gold Secured Currency (GSX) leasing airdrop will take place on Jan. 22. Get info and rules @ t.me/ApolloLeasing"
- 🗞 Daily Crypto News & Video, January, 21st💰
- 🗞 Daily Crypto News & Video, January, 20th💰
- 🗞 Daily Crypto News & Video, January, 19th💰
- 🗞 Daily Crypto News & Video, January, 18th💰
- 🗞 Daily Crypto News & Video, January, 17th💰
- 🗞 Daily Crypto News & Video, January, 16th💰
- 🗞 Daily Crypto News & Video, January, 14th💰
- 🗞 Daily Crypto News & Video, January, 13th💰
- 🗞 Daily Crypto News & Video, January, 12th💰
- 🗞 Daily Crypto News & Video, January, 11th💰
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