2021-12-05 21:20:13
COIN BUREAU NEWSFLASH! – (5/12/21)
Here are some of today’s most important headlines:
Bad actors have made off with nearly $200 million worth of cryptocurrency stolen from crypto exchange, Bitmart.
Blockchain security company, Peckshield, were the first to expose the attack. Initially, they identified a transfer of approximately $100 million made over the Ethereum network. After further digging, an additional $96 million had been trafficked.
The hack related to around 20 different cryptocurrencies including Safemoon, BNB and Floki Inu.
At times like these, it’s important to remember that cryptocurrency and blockchain technology is still in its infancy and the risks associated with holding/trading cryptocurrency can sometimes extend beyond mere volatility.
Holding cryptocurrency in exchanges can be useful for providing liquidity and the ability to act quickly. However, such exchanges are most vulnerable to attack, being processed and held by a centralised entity
This is why I always say that you should take custody of your own keys in a cold wallet. I will have video coming this week that gives you an overview of how I securely hold my crypto.
https://twitter.com/peckshield/status/1467310381073047552
The chief artist behind the Bored Ape Yacht Club craze has just released a new collection of NFT art pieces. The anonymous artist goes by the name of All Seeing Seneca, in an homage to classical history.
The BAYC franchise has generated more than $1 billion in revenue, including MAYC and the kennel club.
Seneca’s new collection was minted on Ethereum but is hosted on ICP!
The new pieces seem surrealist in nature and have names like ‘Delirium’ and ‘SleepParalyzed’. In my opinion, they’re far more impressive to look at than the BAYC artworks. That said, if you follow my newsletter you will have seen that I have purchased a few of my own Mutant Apes. I have even put one on the wall at Coin Bureau HQ!
Given the fame associated with the Bored Ape series and the interesting nature of the artwork, I'm surprised at the current bids on the collection.
https://decrypt.co/87599/bored-ape-yacht-club-seneca-nft-ethereum-dfinity
The problem of scalability and extortionate gas fees is largely associated with the Ethereum network. Users can often be forced to pay gas fees measured in the hundreds of dollars or simply withhold their transaction in the hope of lower fees in the future.
Indeed, this is seen as the key problem for Ethereum and is the reasoning behind the massive undertaking that is Ethereum 2.0.
However, such problems are not exclusive to Ethereum. Networks like Avalanche and Solana are regularly discussed as providing a solution for the above problems. They claim to offer Ethereum’s smart contract capabilities, without the gas fee horror.
However, they are not immune to scalability troubles either. Whilst it’s true that fees on AVAX or SOL are much lower than those on ETH, they do not see anywhere near as much activity as the Ethereum network does, at present.
People are already voicing concerns over a nearly $2 fee for a small transaction on AVAX and these figures will only grow as adoption does.
Ultimately, scalability solutions will prove make or break for such networks – and these are well underway. Whilst Ethereum uses ‘side chains’, Avalanche uses ‘sub-nets’.
We’re going to have to wait and see whether developments made on these layer 1s will be able to effectively accommodate the rise in adoption we expect to witness over the next few years
https://decrypt.co/87532/ethereum-gas-fees-avalanche-solana
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