8 November 2017 – News in Review, Ethereum Vulnerability, Verge Team Issues

8 November 2017 – News in Review, Ethereum Vulnerability, Verge Team Issues

November 8, 2017 1 By Ray

News in Review

So much has been happening leading up to the fork, with Alt-Coins going a little crazy and people hedging bets as to where to position their cryptocurrency investments. Holding BTC up until the fork, dumping for cheap Alts, or the reverse seem to be two common stand points.

As you are well aware I’m sure, the cryptocurrency landscape shifts and moves in minutes. Here is the last few days of import run down.

  1. Bloomberg – ‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase
  2. Fortune – People Are Now Searching How to Buy Bitcoin More Than How to Buy Gold
  3. The Next Web – Protecting Bitcoin from replay attacks
  4. NYT – Hedge Funds Push the Price of Bitcoin to New Highs
  5. Reuters.com – Saudi banks freeze more than 1,200 accounts in probe, number still rising: sources
  6. Business Insider – Bitcoin is skyrocketing because 2 of the biggest exchange groups in the world are launching bitcoin futures — here’s what that means
  7. CoinJournal – Central Bank of Swaziland: It’s Not Wise to Dismiss Cryptocurrencies
  8. CryptoCoinsNews – Bittrex on SegWit2x: Bitcoin Will Remain as BTC, Market Will Decide
  9. CME Group – Bitcoin Futures
  10. Bitsonline – Bitcoin 32nd most used currency worldwide
  11. CNBC – Japan made Bitcoin a legal currency
  12. Poloniex Targeted By Fake Google Play Apps Which Steal Users Accounts
  13. Reuters – CME’s Melamed sees bitcoin becoming new asset class
  14. Bitcoin Analyst Predicts $11,000 for Bitcoin in 2018
  15. Bloomberg – Bitcoin ETFs Are Likely to Follow Futures, Cboe President Says
  16. TheNextWeb – Segwit2X is the biggest attack on Bitcoin so far
  17. VERY IMPORTANT TechCrunch – A major vulnerability has frozen hundreds of millions of dollars of Ethereum
  18. The Merkle – Monero Price Rises to $100 Again in Wake of Multisignature News
  19. Medium – Emerging Blockchain Based News Network is Holding Everyone Accountable
  20. Medium – Datawallet Joins The Bancor Liquidity Network
  21. Reddit AMA – Hi, I’m Michael Dowling, Group CTO and Chief Architect for Blockchain Financial Services at IBM. Ask me anything about the recently announced Universal Payment Solution developed with Stellar!
  22. The Merkle – Total Crypto Market Cap Surpasses $200B for the First Time
  23. Mobius connects blockchain ecosystem through universal API
  24. Hodor’s XRP Blog – XRP: The Digital Asset for Banks
  25. Profit Confidential – Ripple Price Forecast – XRP to BTC Posts Second Straight Day of Gains
  26. Coindesk – Price of Success? Bitcoin Faces New Pressure in a Multi-Coin World
  27. BitGuru – Can Ethereum Really Overtake Bitcoin?
  28. Consensys – Breaking Up the “Central Banks” of Online Poker using Ethereum Smart Contracts on Virtue Poker
  29. Medium – SingularX is Here! The Decentralized Exchange for Intellectual Property


Further, I have decided to pull my trading money from Verge XVG – and instead invest in other currencies.  I have a bit of Verge in a wallet that I’ll leave and HODL long term on the off chance they recover.

In the last 24-48 hours this is a high level synopsis of what has happened:

  1. I’ve completed more research into Verge Github and checked to how many changes have been running.
  2. Wraith – Despite being marked as completed – it was not completed
  3. Wraith didn’t get released; and later compiled as beta – https://twitter.com/justinvendetta/status/927861121406599168
  4. “confirmed” rumours and accusations of Internal team leaks and pump and dump groups

  5. Poor handling of this entire delay event, and subsequent finding out about lack of team cohension, lack of communication etc.

The Verge Team could recover, but for now it’s an issue of trust, communication, disclosure and resilience. It’s becoming obvious that Sunerok is XVG; if something happens to him the project is over. The marketing team needs to stop commiting the development team to things that cannot be delivered on time. The team should work far harder to be more forthcoming with changes, delays and updates. There are now rumours that some of the team are drug addicts and were removed, there are reports of leaking to whale groups for pump and dumps – all of which doesn’t promote resounding confidence in the community. It’s such a shame because I thought this project had a great use case. We will have to monitor and see if they recover.

Ethereum Fallout – Noobie pushes red button

It’s not been a good 24 hours for Ethereum either; with this exploit reported by TechCrunch – A major vulnerability has frozen hundreds of millions of dollars of Ethereum.  The actual alert for the affected wallet is here: https://paritytech.io/blog/security-alert.html

It’s an almost (literal) unbelievable story of someone pressing the red button:

The market has responded:

Additional Reading:

  1. https://github.com/paritytech/parity/issues/6995
  2. Medium – Picture of Parity Multisig wallets security alert: A random story of a newbie accidentally pushing a red button.

Is now the time to buy cheap Ethereum and HODL for the recovery? Let us know in the comments below.