Ep237: Bitcoin is 9 years old and a look back at Ethereum’s +9000% Year

Etherdelta has DNS hacked as the honeypot brings more sophisticated attacks. A look back at Ethereum in 2017. Bitcoin is 9 years old!

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Traditional Financial Markets Cryptocurrency Markets
Gold $1,313 Bitcoin SegWit (BSW) $15,131
Silver $17.11 Ethereum (ETH) $933
Oil $61.78 DASH $1,170
Dow Jones 24,922 points Litecoin (LTC) $244
30Y UST Yield 2.783% Bitcoin Cash (BCH) $2610

Etherdelta DNS hack highlights flaw with any amount of centralization

In a bold move hackers struck at the Etherdelta Domain Name Server and pointed it to a copy. The sophisticated effort included a recreation of the EtherDelta graphical user interface though the order books were fake. Users who interacted with this fake lost whatever tokens or ether they sent.

Etherdelta came forward on twitter after 308 ETH had been stolen. While this is bad news for etherdelta especially when they have an ICO going on, this attack highlights how the stakes are raising with the price of Ether. More effort is being put into hacking attempts now that the reward is so much greater.

2017: A Year in Review for the Ethereum Blockchain (ethnews.com)

Alliances Arose

The Enterprise Ethereum Alliance (EEA), which was formed in late February 2017, has swollen to encompass the collective efforts of nearly 300 companies that seek to bolster the Ethereum ecosystem’s ability to meet the demands of businesses. The work of EEA and similar groups continues to build a foundation upon which the future of blockchain-backed industries will rest.

ICOs Went Big

2017 was a landmark year for crowdfunding, presenting record-breaking figures from companies like BAT, Status, Gnosis, Aragon, Bancor, and Kik, all of whom successfully initiated token offerings that collected millions in capital, sometimes in a matter of seconds. Given the success of these efforts, 2017 may well be labeled “The Year of the Token Offerings.” Alongside crowdfunding, the market for Ether has exploded and has experienced nearly 9,000 percent growth.

The Good, The Bad, And The Hacky

While it had its peaks, 2017 also came with pitfalls.

One of the most notorious hacks of the year came with a silver lining when a quick-acting good Samaritan, along with other white hat hackers, rescued 377,000 Ether. A vulnerability discovered in a multi-signature Parity wallet had put funds at risk.

Parity suffered further woes later in the year when it failed to perform a critical update to fix an exploit that would ultimately result in the freezing of 513,774.16 Ether belonging to 573 users. No solution to this has been forthcoming.

The Tax Man Cometh

2017 also saw quite a few crypto-focused legal cases. One of the more prominent of these involved the IRS’s issuance of a John Doe Summons demanding that the Coinbase exchange turn over account records. After the summons was challenged, an order largely limited the scope of records Coinbase was required to produce from all their customers to just 14,000 who exchanged more than $20,000 in years 2014 & 2015..

The passage of the Tax Cuts and Jobs Act is projected to have implications for cryptocurrency, subjecting trades to capital gains tax. A wave of attention to crypto-gains seemed to spread over the globe, with regulators in India, Russia, the US and the EU all clamoring over the potential of undeclared capital gains from trading and mining.

Securities, Commodities, or Utilities?

Officials at the US Securities and Exchange Commission (SEC) have had their hands full in 2017 as cryptocurrency is proving to to be a bit of a regulatory oddity. In July this year, the SEC declared that at least some tokens are to be considered securities, though it remains unclear if others might be categorized as commodities or currencies.

The Ecosystem Levels Up

In 2017, the first Ethereum lite client was tested and released. In addition, the ecosystem was introduced to MetaMask, a useful Chrome plugin that allows for Ethereum blockchain interactivity with any Web 3.0 compatible site.

Perhaps among the greatest feats for the Ethereum blockchain was a transition through the Byzantium hard fork: a non-backward compatible protocol upgrade that adjusted block rewards, reduced the block size, and introduced numerous other fixes to various issues on the platform.

2018 and beyond

There is every indication that 2018 will be a blockbuster year for cryptocurrencies as more people become aware of crypto potential, more business launch working products, and more vehicles for traditional investments markets to invest in crypto become available.

Bitcoin Genesis block is 9 years old!

The 1st Bitcoin block, known as the genesis block was created on Jan 3rd 2009 making Bitcoin 9 years old today.  How much the financial world has changed in less than a decade!

Tips appreciated!
BTC Address: 1MmFwDeZPgxJ4GyzbfmZVLJv3aZcpxSfR5
ETH Address: 0xe4689EF88F239C6eed1Ff262876e2499495c1617
DASH Address: XtLEPo6DKeu45e2czdHLEb5EzJRVDz2aLZ
NXT Address: NXT-TT49-WV65-HZJA-5EJF9
BCH Address: 173ADKUvvRcSmb9tnKiYAMQAoB6RhsgQQd

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