Suppoman, Trevon James, and Craig Grant, the titans of cryptocurrency scams are back with a brand new way to take your money via “POWH3D”… don’t be a victim!

Trevon James and Craig Grant's Latest Scam
Trevon James and Craig Grant’s Latest Scam

Ahh, it feels good to be back from my latest ban, which happens way too often by the way, and now I have a new scam to report to you all, called Proof of Weak Hands:

First off, before I even start to break this blatant scam down, which even the developers themselves admit is a scam, below is a list of just 3 of the high profile peeps marketing this Proof of Weak Hands (POWH3D) Ponzi scheme right now:

Craig Grant
Trevon James
Suppoman
Now if that alone isn’t enough to prevent you from getting in on this blatant scam, well feel free to read on, and if you don’t recognize those names above, and you’re a noob, you may want to do some research on them first, before you get in on this scam and lose all your fucking hard-earned bread in the process.

To start with, I highly encourage that you to take a gander at the last part of Crypto Jedi’s Proof of Weak Hands review video Where you could clearly see, that the POWH3D developers actually named their smart contract… “PonziTokenV3”.

If that still isn’t enough to dissuade you, understand that there may be no hope for you, and maybe you just like losing your money, because if you don’t know what “V3” stands for, it means version 3, so the last 2 have clearly went bust already, and all these people have already lost all their money.

Finally, two of the names mentioned above are currently being sued due to the toppling of BitConnect, which as of this post was the largest exit scam in cryptocurrency history, and yet they are still stupid enough to promote this blatant scam, which if you go to the POWH3D website, the developers actually tell you it’s a scam for fuck sake.

Oh, and one last point, when, because it will go down, Proof of Weak Hands does exit scam, I fear the price of Ethereum is going to be destroyed in the process, because you can obviously tell already that the POWH3D smart contract is already killing the price. Now just imagine when the pot possibly grows to over a million Eth inside the contract, and then boom, the whole thing goes bust… what then will the price of Ethereum be?

Bonus: Trevon James and Craig Grant discussing their latest scam (POWH3D) on the telephone –

HaTTiP: https://creds.money/Trevon James and Craig Grant’s Latest Scam

What is Ethereum Gas: Step-By-Step Guide

Ethereum Gas – is the lifeblood of the Ethereum ecosystem, there is no other way of putting that. Gas is a unit that measures the amount of computational effort that it will take to execute certain operations.

Every single operation that takes part in Ethereum, be it a simple transaction, or a smart contract, or even an ICO takes some amount of gas. Gas is what is used to calculate the amount of fees that need to be paid to the network in order to execute an operation.

In this guide, we are going to understand how gas works. But before we do so, there are several concepts that we must learn. So, without further ado, let’s begin our deep dive on Ethereum Gas.

What is Ethereum Gas: Step-By-Step Guide

What is Ethereum Gas: Step-By-Step Guide

Bitcoin, Ethereum, and the Advent of Smart Contracts

Bitcoin was created because everyone was asking the same questions.

 

  • Will it be possible to create a form of money which can be transferred between two people without any middleman?

 

  • Will it be possible to create a decentralized money which can function on something like the blockchain?

 

Satoshi Nakamoto answered these questions when he created bitcoin. We finally had a decentralized monetary system which can transfer money from one person to another.

However, there was a problem with bitcoin which is a problem with all first generation blockchains. They only allowed for monetary transactions, there was no way to add conditions to those transactions.

Alice can send Bob 5 BTC, but she couldn’t impose conditions on those transactions. Eg. She couldn’t tell Bob that he will get the money only if he performed certain tasks.

These conditions would need extremely complicated scripting. Something was required to make the process more seamless.

 

…And that “something” was a smart contract.

 

What is a smart contract?

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

What is Ethereum Gas: Step-By-Step Guide

Vitalik Buterin’s Ethereum is easily the stalwart of this generation. They showed the world how the blockchain can evolve from a simple payment mechanism to something far more meaningful and powerful.

 

So, what are these “smart contracts” and what’s the big deal?

 

 

Smart contracts are automated contracts. They are self-executing with specific instructions written in its code which get executed when certain conditions are made.

What is Ethereum Gas: Step-By-Step Guide

You can learn more about smart contracts in our in-depth guide here.

Smart contracts are how things get done in the Ethereum ecosystem. When someone wants to get a particular task done in Ethereum they initiate a smart contract with one or more people.

Smart contracts are a series of instructions, written using the programming language “solidity”, which works on the basis of the IFTTT logic aka the IF-THIS-THEN-THAT logic. Basically, if the first set of instructions are done then execute the next function and after that the next and keep on repeating until you reach the end of the contract.

The best way to understand that is by imagining a vending machine. Each and every step that you take acts like a trigger for the next step to execute itself. It is kinda like the domino effect. So, let’s examine the steps that you will take while interacting with the vending machine:

 

  • Step 1: You give the vending machine some money.
  • Step 2: You punch in the button corresponding to the item that you want.
  • Step 3: The item comes out and you collect it.

 

Now look at all those steps and think about it. Will any of the steps work if the previous one wasn’t executed? Each and every one of those steps is directly related to the previous step. There is one more factor to think about, and it is an integral part of smart contracts. You see, in your entire interaction with the vending machine, you (the requestor) were solely working with the machine (the provider). There were absolutely no third parties involved.

 

So, now how would this transaction have looked like if it happened in the Ethereum network?

Suppose you just bought something from a vending machine in the Ethereum network, how will the steps look like then?

 

  • Step 1: You give the vending machine some money and this gets recorded by all the nodes in the Ethereum network and the transaction gets updated in the ledger.

 

  • Step 2: You punch in the button corresponding to the item that you want and record of that gets updated in the Ethereum network and ledger.

 

  • Step 3: The item comes out and you collect it and this gets recorded by all the nodes and the ledger.

 

Every transaction that you do through the smart contracts will get recorded and updated by the network. What this does is that it keeps everyone involved with the contract accountable for their actions. It takes away human malice by making every action taken visible to the entire network

 

What is the Ethereum Virtual Machine?

 

Before we understand what the Ethereum Virtual Machine (EVM) is, we must understand why a “Virtual Machine” is needed.

So let’s go back to smart contracts.

What are the desirable properties that we want in our smart contract?

Anything that runs on a blockchain needs to be immutable and must have the ability to run through multiple nodes without compromising on its integrity. As a result of which, smart contract functionality needs to be three things:

  • Deterministic.
  • Terminable.
  • Isolated.

 

Feature #1: Deterministic

A program is deterministic if it gives the same output to a given input every single time. Eg. If 3+1 = 4 then 3+1 will ALWAYS be 4 (assuming the same base). So when a program gives the same output to the same set of inputs in different computers, the program is called deterministic.

There are various moments when a program can act in an un-deterministic manner:

 

  • Calling un-deterministic system functions: When a programmer calls an un-deterministic function in their program.
  • Un-deterministic data resources: If a program acquires data during runtime and that data source is un-deterministic then the program becomes un-deterministic. Eg. Suppose a program that acquires the top 10 google searches of a particular query. The list may keep changing.
  • Dynamic Calls: When a program calls the second program it is called dynamic calling. Since the call target is determined only during execution, it is un-deterministic in nature.

Feature #2: Terminable

In mathematical logic, we have an error called “halting problem”. Basically, it states that there is an inability to know whether or not a given program can execute its function in a time limit. In 1936, Alan Turing deduced, using Cantor’s Diagonal Problem, that there is no way to know whether a given program can finish in a time limit or not.

This is obviously a problem with smart contracts because, contracts by definition, must be capable of termination in a given time limit. There are some measures taken to ensure that there is a way to externally “kill” the contract and to not enter into an endless loop which will drain resources:

 

  • Turing Incompleteness: A Turing Incomplete blockchain will have limited functionality and not be capable of making jumps and/or loops. Hence they can’t enter an endless loop.

 

  • Step and Fee Meter: A program can simply keep track of the number “steps” it has taken, i.e. the number of instructions it has executed, and then terminate once a particular step count has been executed.Another method is the Fee meter. Here the contracts are executed with a pre-paid fee. Every instruction execution requires a particular amount of fee. If the fee spent exceeds the pre-paid fee then the contract is terminated.

 

  • Timer: Here a pre-determined timer is kept. If the contract execution exceeds the time-limit then it is externally aborted.

Feature #3: Isolated

In a blockchain, anyone and everyone can upload a smart contract. However, because of this the contracts may, knowingly and unknowingly contain virus and bugs.

If the contract is not isolated, this may hamper the whole system. Hence, it is critical for a contract to be kept isolated in a sandbox to save the entire ecosystem from any negative effects.

Now that we have seen these features, it is important to know how they are executed. Usually, the smart contracts are run using one of the two systems:

 

  • Virtual Machines: Ethereum uses this.
  • Docker: Fabric uses this.

Let’s compare these two and determine which makes for a better ecosystem. For simplicity’s sake, we are going to compare Ethereum (Virtual Machine) to Fabric (Docker).

 

What is Ethereum Gas: Step-By-Step Guide

 

So, as can be seen, Virtual Machines provide better Deterministic, terminable and isolated environment for the Smart contracts. However, dockers have one distinct advantage. They provide coding language flexibility while in a Virtual Machine (VM) like Ethereum, one needs to learn a whole new language (solidity) to create smart contracts.

The EVM is the virtual machine in which all the smart contracts function in Ethereum. It is a simple yet powerful Turing Complete 256-bit virtual machine. Turing Complete means that given the resources and memory, any program executed in the EVM can solve any problem.

 

What is Ethereum Gas?

 

As explained in the introduction, Gas is a unit that measures the amount of computational effort that it will take to execute certain operations.

Note: Before we continue, huge shoutout to Joseph Chow for his amazing presentation on Ethereum Gas.

All the smart contracts that run in the EVM are coded using solidity (Ethereum is planning to move on to Viper from Solidity in the future.)  Each and every line of code in solidity requires a certain amount of gas to get computed.

The image below has been taken from the Ethereum Yellowpage and can be used to gain a rough idea of how much specific instructions cost gas-wise.

What is Ethereum Gas: Step-By-Step Guide

Image Courtesy: Ethereum Yellow Paper

 

To better understand how gas works in Ethereum, let’s use an analogy. Suppose you are going on a road trip. Before you do so you go through these steps:

 

  • You go to the gas station and specify how much gas you want to fill up in your car.
  • You get that gas filled up in your car.
  • You pay the gas station the amount of money you owe them for the gas.

 

Now, let’s draw parallels with Ethereum.

The car, is the operation that you want to execute, like a gas or a smart contract.

 

The gas is well….gas.

 

The gas station is your miner.

The money that you paid them is the miner fees.

All the operations that users want to execute in ethereum must provide gas for the following:

 

  • To cover its data aka intrinsic gas.
  • To cover its entire computation.

 

Now that we have covered the bare basics, you maybe asking the following question.

 

Why do we have this Gas system?

 

The answer is simple…incentivization.

Like any proof-of-work peer-to-peer system, Ethereum is heavily dependent on the hashrate of their miners. More the miners, more the hashrate, more secure and fast the system.

In order to attract more miners into the system, they need to make the system as profitable and alluring as possible for the miners. In Ethereum, there are two ways that miners can earn money:

 

  • By mining blocks and getting block rewards.
  • By becoming temporary dictators of their mined blocks.

 

Let’s explore the second point.

The miners are responsible for putting transactions inside their blocks. In order to do so, they must use their computational power to validate smart contracts. The gas system allows them to charge a certain fee for doing so.

This fee is known as the miner’s fee and it helps incentivize them enough to take part actively in the ecosystem.

So, how much fees can they charge? Before we can calculate that let’s understand how we measure gas.

The smallest unit of gas measurement is wei. So, if we spend 1 gas unit to during an operation, we call it 1 wei.

 

The units of measurements increase like this:

What is Ethereum Gas: Step-By-Step Guide

Image Credit: Steemit

 

So, how do we convert the gas into Ether?

 

There is no fixed price of conversion, it is completely up to miners to determine the conversion price, however, the average conversion rate is usually: 1 gas = 0.02 micro Ether.

 

The following chart shows you the average Ethereum gas price chart.

What is Ethereum Gas: Step-By-Step Guide

Image courtesy: Etherscan.

Before we go any further, it is important to know the concept of Gas Limit.

 

What is Ethereum Gas Limit?

In order to get an operation done in Ethereum, the operation generator (i.e. the person initiating the transaction or the smart contract creator) must specify a gas limit before they submit it to the miners. When a gas limit has been specified only then will the miners start executing the operation.

When submitting a gas limit, the following points must be considered:

 

  • Different operations will have different gas costs (as has been shown before).
  • The miners will stop executing the moment the gas runs out.
  • If there is any gas left over, it will be immediately refunded to the operation generator.

 

Let’s see this in operation in a hypothetical scenario.

Suppose, we are adding two numbers and for that the contract must do the following actions:

 

  • Storing 10 in a variable. Let’s say this operation costs 45 wei gas.
  • Adding two variables, let’s say this costs 10 wei gas.
  • Storing the result which again costs 45 wei gas.

 

Suppose the gas limit is 120 wei.

The total gas used by the miner is (45+10+45) 100 wei.

The fees that is owed to them assuming 1 wei costs 0.02 micro ETH is (100*0.02 micro ETH) = 0.000002 ETH.

 

Now, how much gas is left over?

 

120 – 100 = 20 wei.

The 20 wei is refunded back to the operation generator.

So, having specified that, there are two scenarios that one must consider:

 

  • The Gas Limit is too low.
  • The Gas Limit is too high.

Scenario #1: The Gas Limit is too low

If an operation runs out of gas, then it is reverted back to its original state like nothing actually happened, however, the operation generator must STILL pay the miners the fee for their computational costs and the operation gets added to the blockchain (even if it has not been executed).

Going back to our road trip analogy, if you haven’t filled up enough gas in your car, then you will not be able to reach your destination, but even then you paid the gas station the money for the fuel right?

Let’s see how this works in our hypothetical addition smart contract. The step was:

  • Storing 10 in a variable. Let’s say this operation costs 45 wei gas.
  • Adding two variables, let’s say this costs 10 wei gas.
  • Storing the result which again costs 45 wei gas.

 

However, this time, the gas limit is 90 wei.

 

Now, we know that the gas that will be required for fulfilling the contract is 100 wei, but we only have 90 wel limit.

In this scenario, the miner will do 90 wei worth of computation and then charge the operation generator fees for the 90 wei which turns out to be (90 * 0.02 micro ETH) 0.000018 ETH.

Also, the contract reverts back to its original state and is added to the blockchain.

Scenario #2: The Gas Limit is too high

 

So, what if we set the gas limit too high?

That would make sense to do right? After all whatever is leftover gets refunded to the operation generator right?

That sounds good on paper but it doesn’t really work that well in reality.

Miners are limited by a 6,700,000 gas limit per block. Each simple transaction in Ethereum usually has a gas limit of 21,000. Miners can only add operations which add up to be less than or equal to the block gas limit.

What is Ethereum Gas: Step-By-Step Guide

Image courtesy: Hackernoon

Suppose there is a transaction A which has a gas limit of 42,000 and two transactions B and C which have normal limits of 21,000.

Which will make more sense for a miner to put in their block?

  • Will they put in transaction A and refund back a huge amount of gas?
  • Or will they put transactions B and C and refund little to nothing back?

The second point makes more sense to them economically right?

This is precisely why having a bloated gas limit is not the sensible way to go.

The following is the average gas limit chart.

What is Ethereum Gas: Step-By-Step Guide

Image Courtesy: Hackernoon

 

High and Low Gas vs High and Low Fee

 

It should be clear to you so far that gas and ether are not the same things. Gas is the amount of computational power required while ether is the price aka the FEES that one must pay for that gas.

Now with the knowledge of everything we have obtained so far, let’s go through certain gas and fees scenarios.

If an operation has LOW gas, then the miners won’t even pick it up because it doesn’t have enough gas to finish computation.

If an operation has LOW fees, then it might have just enough gas to cover it but still, the miners won’t be chomping at the bits to pick it up because an operation with low fees isn’t economically viable for them.

If an operation has HIGH gas, then it means that the operation is bloated with a high gas limit and hence the miners will not pick it up.

If an operation has HIGH fees, then the miners know that they will make a lot of money from it and will be picking it up instantly.

The recommended gas prices for different transaction fees, according to ethgasstation are:

What is Ethereum Gas: Step-By-Step Guide

What Happens in Gas Refund Scenarios?

In solidity, there are two commands which ensure that you get some gas refund back.

  • SUICIDE: This basically kills the smart contract. Doing so will get you back 24000 gas.
  • SSTORE: Storage deletion, which gets you back 15,000.

 

So, if your contract is using up 14,000 gas and deletes a storage then you should get back (15000-14000) 1000 gas refunded to you right?

 

It isn’t that simple.

 

If that was the case, then miners will lose all incentive. After all, the miners shouldn’t pay you to do your computations right?

 

To avoid scenarios like these, a condition was put in.

The refund that has been accumulated cannot exceed half the gas used up during computation.

Let’s take an example to clear this up.

…Suppose we have a smart contract which uses up 14,000 gas.

The gas limit that we have set up is 20,000 gas.

The smart contract also includes an SSTORAGE command.

So, how much gas will the contract creator get back post computation?

Firstly, they will get back (20,000-14,000) 6,000 units of unused gas.

Now, the SSTORAGE command has also been used, so theoretically they should get back 15,000 gas more as well.

However, the amount of gas that has been used in the contract is 14,000 and since 15,000 > 14,000/2, the REFUND generated will be 14,000/2= 7000.

So the total gas that the creator is getting back in the end is 6000+7000 = 13,000.

 

Let’s take another example.

 

Suppose this time the contract uses up 70,000 gas and it includes a SUICIDE function.

A SUICIDE function should give you 24,000 gas back which is < 70,000/2.

In this situation, the gas refund will be 24,000 + unused gas.

 

Criticism of Ethereum Gas. Is it Justified?

 

Even though the gas system has gotten praise for presenting a smoothly running mechanism which incentivizes the miners pretty positively, it has come under criticism lately for being a tad too expensive for developers and smart contract creators.

Regarding this, Danny Ryan did some interesting studies in his Hackernoon article.

 

Consider the following scenario:

What is Ethereum Gas: Step-By-Step Guide

When two numbers are added a million times in Ethereum it costs ~$26.55 in fees.

Danny Ryan compared that to a standard AWS system. He said that he can add two numbers a million times using python in 0.04 seconds, which going by the $0.0059 hourly Amazon EC2 rate costs $0.000000066.

This means that computation in Ethereum is 400 million times more expensive!

Based on his studies, this is the conclusion he made:

 
“To be fair, adding two numbers together 1 million times is a bit contrived. A well written contract would likely move such computational complexity off-chain and deal more with updating state in the contract. Storing vast amounts of data to the blockchain is also not an ordinary task. Depending on the task, a user would likely store a cryptographic reference (a hash) of the data on-chain and keep the rest of the data off-chain.

 

That said, we as developers need to be aware of these costs, and design dApps accordingly. We need to find the balance between on-chain and off-chain complexity, while still leveraging the decentralized capabilities of the blockchain.”

 
 

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What is Ethereum Gas: Step-By-Step Guide

Ethereum Gas – is the lifeblood of the Ethereum ecosystem, there is no other way of putting that. Gas is a unit that measures the amount of computational effort that it will take to execute certain operations.

Every single operation that takes part in Ethereum, be it a simple transaction, or a smart contract, or even an ICO takes some amount of gas. Gas is what is used to calculate the amount of fees that need to be paid to the network in order to execute an operation.

In this guide, we are going to understand how gas works. But before we do so, there are several concepts that we must learn. So, without further ado, let’s begin our deep dive on Ethereum Gas.

What is Ethereum Gas: Step-By-Step Guide

What is Ethereum Gas: Step-By-Step Guide

Bitcoin, Ethereum, and the Advent of Smart Contracts

Bitcoin was created because everyone was asking the same questions.

 

  • Will it be possible to create a form of money which can be transferred between two people without any middleman?

 

  • Will it be possible to create a decentralized money which can function on something like the blockchain?

 

Satoshi Nakamoto answered these questions when he created bitcoin. We finally had a decentralized monetary system which can transfer money from one person to another.

However, there was a problem with bitcoin which is a problem with all first generation blockchains. They only allowed for monetary transactions, there was no way to add conditions to those transactions.

Alice can send Bob 5 BTC, but she couldn’t impose conditions on those transactions. Eg. She couldn’t tell Bob that he will get the money only if he performed certain tasks.

These conditions would need extremely complicated scripting. Something was required to make the process more seamless.

 

…And that “something” was a smart contract.

 

What is a smart contract?

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

What is Ethereum Gas: Step-By-Step Guide

Vitalik Buterin’s Ethereum is easily the stalwart of this generation. They showed the world how the blockchain can evolve from a simple payment mechanism to something far more meaningful and powerful.

 

So, what are these “smart contracts” and what’s the big deal?

 

 

Smart contracts are automated contracts. They are self-executing with specific instructions written in its code which get executed when certain conditions are made.

What is Ethereum Gas: Step-By-Step Guide

You can learn more about smart contracts in our in-depth guide here.

Smart contracts are how things get done in the Ethereum ecosystem. When someone wants to get a particular task done in Ethereum they initiate a smart contract with one or more people.

Smart contracts are a series of instructions, written using the programming language “solidity”, which works on the basis of the IFTTT logic aka the IF-THIS-THEN-THAT logic. Basically, if the first set of instructions are done then execute the next function and after that the next and keep on repeating until you reach the end of the contract.

The best way to understand that is by imagining a vending machine. Each and every step that you take acts like a trigger for the next step to execute itself. It is kinda like the domino effect. So, let’s examine the steps that you will take while interacting with the vending machine:

 

  • Step 1: You give the vending machine some money.
  • Step 2: You punch in the button corresponding to the item that you want.
  • Step 3: The item comes out and you collect it.

 

Now look at all those steps and think about it. Will any of the steps work if the previous one wasn’t executed? Each and every one of those steps is directly related to the previous step. There is one more factor to think about, and it is an integral part of smart contracts. You see, in your entire interaction with the vending machine, you (the requestor) were solely working with the machine (the provider). There were absolutely no third parties involved.

 

So, now how would this transaction have looked like if it happened in the Ethereum network?

Suppose you just bought something from a vending machine in the Ethereum network, how will the steps look like then?

 

  • Step 1: You give the vending machine some money and this gets recorded by all the nodes in the Ethereum network and the transaction gets updated in the ledger.

 

  • Step 2: You punch in the button corresponding to the item that you want and record of that gets updated in the Ethereum network and ledger.

 

  • Step 3: The item comes out and you collect it and this gets recorded by all the nodes and the ledger.

 

Every transaction that you do through the smart contracts will get recorded and updated by the network. What this does is that it keeps everyone involved with the contract accountable for their actions. It takes away human malice by making every action taken visible to the entire network

 

What is the Ethereum Virtual Machine?

 

Before we understand what the Ethereum Virtual Machine (EVM) is, we must understand why a “Virtual Machine” is needed.

So let’s go back to smart contracts.

What are the desirable properties that we want in our smart contract?

Anything that runs on a blockchain needs to be immutable and must have the ability to run through multiple nodes without compromising on its integrity. As a result of which, smart contract functionality needs to be three things:

  • Deterministic.
  • Terminable.
  • Isolated.

 

Feature #1: Deterministic

A program is deterministic if it gives the same output to a given input every single time. Eg. If 3+1 = 4 then 3+1 will ALWAYS be 4 (assuming the same base). So when a program gives the same output to the same set of inputs in different computers, the program is called deterministic.

There are various moments when a program can act in an un-deterministic manner:

 

  • Calling un-deterministic system functions: When a programmer calls an un-deterministic function in their program.
  • Un-deterministic data resources: If a program acquires data during runtime and that data source is un-deterministic then the program becomes un-deterministic. Eg. Suppose a program that acquires the top 10 google searches of a particular query. The list may keep changing.
  • Dynamic Calls: When a program calls the second program it is called dynamic calling. Since the call target is determined only during execution, it is un-deterministic in nature.

Feature #2: Terminable

In mathematical logic, we have an error called “halting problem”. Basically, it states that there is an inability to know whether or not a given program can execute its function in a time limit. In 1936, Alan Turing deduced, using Cantor’s Diagonal Problem, that there is no way to know whether a given program can finish in a time limit or not.

This is obviously a problem with smart contracts because, contracts by definition, must be capable of termination in a given time limit. There are some measures taken to ensure that there is a way to externally “kill” the contract and to not enter into an endless loop which will drain resources:

 

  • Turing Incompleteness: A Turing Incomplete blockchain will have limited functionality and not be capable of making jumps and/or loops. Hence they can’t enter an endless loop.

 

  • Step and Fee Meter: A program can simply keep track of the number “steps” it has taken, i.e. the number of instructions it has executed, and then terminate once a particular step count has been executed.Another method is the Fee meter. Here the contracts are executed with a pre-paid fee. Every instruction execution requires a particular amount of fee. If the fee spent exceeds the pre-paid fee then the contract is terminated.

 

  • Timer: Here a pre-determined timer is kept. If the contract execution exceeds the time-limit then it is externally aborted.

Feature #3: Isolated

In a blockchain, anyone and everyone can upload a smart contract. However, because of this the contracts may, knowingly and unknowingly contain virus and bugs.

If the contract is not isolated, this may hamper the whole system. Hence, it is critical for a contract to be kept isolated in a sandbox to save the entire ecosystem from any negative effects.

Now that we have seen these features, it is important to know how they are executed. Usually, the smart contracts are run using one of the two systems:

 

  • Virtual Machines: Ethereum uses this.
  • Docker: Fabric uses this.

Let’s compare these two and determine which makes for a better ecosystem. For simplicity’s sake, we are going to compare Ethereum (Virtual Machine) to Fabric (Docker).

 

What is Ethereum Gas: Step-By-Step Guide

 

So, as can be seen, Virtual Machines provide better Deterministic, terminable and isolated environment for the Smart contracts. However, dockers have one distinct advantage. They provide coding language flexibility while in a Virtual Machine (VM) like Ethereum, one needs to learn a whole new language (solidity) to create smart contracts.

The EVM is the virtual machine in which all the smart contracts function in Ethereum. It is a simple yet powerful Turing Complete 256-bit virtual machine. Turing Complete means that given the resources and memory, any program executed in the EVM can solve any problem.

 

What is Ethereum Gas?

 

As explained in the introduction, Gas is a unit that measures the amount of computational effort that it will take to execute certain operations.

Note: Before we continue, huge shoutout to Joseph Chow for his amazing presentation on Ethereum Gas.

All the smart contracts that run in the EVM are coded using solidity (Ethereum is planning to move on to Viper from Solidity in the future.)  Each and every line of code in solidity requires a certain amount of gas to get computed.

The image below has been taken from the Ethereum Yellowpage and can be used to gain a rough idea of how much specific instructions cost gas-wise.

What is Ethereum Gas: Step-By-Step Guide

Image Courtesy: Ethereum Yellow Paper

 

To better understand how gas works in Ethereum, let’s use an analogy. Suppose you are going on a road trip. Before you do so you go through these steps:

 

  • You go to the gas station and specify how much gas you want to fill up in your car.
  • You get that gas filled up in your car.
  • You pay the gas station the amount of money you owe them for the gas.

 

Now, let’s draw parallels with Ethereum.

The car, is the operation that you want to execute, like a gas or a smart contract.

 

The gas is well….gas.

 

The gas station is your miner.

The money that you paid them is the miner fees.

All the operations that users want to execute in ethereum must provide gas for the following:

 

  • To cover its data aka intrinsic gas.
  • To cover its entire computation.

 

Now that we have covered the bare basics, you maybe asking the following question.

 

Why do we have this Gas system?

 

The answer is simple…incentivization.

Like any proof-of-work peer-to-peer system, Ethereum is heavily dependent on the hashrate of their miners. More the miners, more the hashrate, more secure and fast the system.

In order to attract more miners into the system, they need to make the system as profitable and alluring as possible for the miners. In Ethereum, there are two ways that miners can earn money:

 

  • By mining blocks and getting block rewards.
  • By becoming temporary dictators of their mined blocks.

 

Let’s explore the second point.

The miners are responsible for putting transactions inside their blocks. In order to do so, they must use their computational power to validate smart contracts. The gas system allows them to charge a certain fee for doing so.

This fee is known as the miner’s fee and it helps incentivize them enough to take part actively in the ecosystem.

So, how much fees can they charge? Before we can calculate that let’s understand how we measure gas.

The smallest unit of gas measurement is wei. So, if we spend 1 gas unit to during an operation, we call it 1 wei.

 

The units of measurements increase like this:

What is Ethereum Gas: Step-By-Step Guide

Image Credit: Steemit

 

So, how do we convert the gas into Ether?

 

There is no fixed price of conversion, it is completely up to miners to determine the conversion price, however, the average conversion rate is usually: 1 gas = 0.02 micro Ether.

 

The following chart shows you the average Ethereum gas price chart.

What is Ethereum Gas: Step-By-Step Guide

Image courtesy: Etherscan.

Before we go any further, it is important to know the concept of Gas Limit.

 

What is Ethereum Gas Limit?

In order to get an operation done in Ethereum, the operation generator (i.e. the person initiating the transaction or the smart contract creator) must specify a gas limit before they submit it to the miners. When a gas limit has been specified only then will the miners start executing the operation.

When submitting a gas limit, the following points must be considered:

 

  • Different operations will have different gas costs (as has been shown before).
  • The miners will stop executing the moment the gas runs out.
  • If there is any gas left over, it will be immediately refunded to the operation generator.

 

Let’s see this in operation in a hypothetical scenario.

Suppose, we are adding two numbers and for that the contract must do the following actions:

 

  • Storing 10 in a variable. Let’s say this operation costs 45 wei gas.
  • Adding two variables, let’s say this costs 10 wei gas.
  • Storing the result which again costs 45 wei gas.

 

Suppose the gas limit is 120 wei.

The total gas used by the miner is (45+10+45) 100 wei.

The fees that is owed to them assuming 1 wei costs 0.02 micro ETH is (100*0.02 micro ETH) = 0.000002 ETH.

 

Now, how much gas is left over?

 

120 – 100 = 20 wei.

The 20 wei is refunded back to the operation generator.

So, having specified that, there are two scenarios that one must consider:

 

  • The Gas Limit is too low.
  • The Gas Limit is too high.

Scenario #1: The Gas Limit is too low

If an operation runs out of gas, then it is reverted back to its original state like nothing actually happened, however, the operation generator must STILL pay the miners the fee for their computational costs and the operation gets added to the blockchain (even if it has not been executed).

Going back to our road trip analogy, if you haven’t filled up enough gas in your car, then you will not be able to reach your destination, but even then you paid the gas station the money for the fuel right?

Let’s see how this works in our hypothetical addition smart contract. The step was:

  • Storing 10 in a variable. Let’s say this operation costs 45 wei gas.
  • Adding two variables, let’s say this costs 10 wei gas.
  • Storing the result which again costs 45 wei gas.

 

However, this time, the gas limit is 90 wei.

 

Now, we know that the gas that will be required for fulfilling the contract is 100 wei, but we only have 90 wel limit.

In this scenario, the miner will do 90 wei worth of computation and then charge the operation generator fees for the 90 wei which turns out to be (90 * 0.02 micro ETH) 0.000018 ETH.

Also, the contract reverts back to its original state and is added to the blockchain.

Scenario #2: The Gas Limit is too high

 

So, what if we set the gas limit too high?

That would make sense to do right? After all whatever is leftover gets refunded to the operation generator right?

That sounds good on paper but it doesn’t really work that well in reality.

Miners are limited by a 6,700,000 gas limit per block. Each simple transaction in Ethereum usually has a gas limit of 21,000. Miners can only add operations which add up to be less than or equal to the block gas limit.

What is Ethereum Gas: Step-By-Step Guide

Image courtesy: Hackernoon

Suppose there is a transaction A which has a gas limit of 42,000 and two transactions B and C which have normal limits of 21,000.

Which will make more sense for a miner to put in their block?

  • Will they put in transaction A and refund back a huge amount of gas?
  • Or will they put transactions B and C and refund little to nothing back?

The second point makes more sense to them economically right?

This is precisely why having a bloated gas limit is not the sensible way to go.

The following is the average gas limit chart.

What is Ethereum Gas: Step-By-Step Guide

Image Courtesy: Hackernoon

 

High and Low Gas vs High and Low Fee

 

It should be clear to you so far that gas and ether are not the same things. Gas is the amount of computational power required while ether is the price aka the FEES that one must pay for that gas.

Now with the knowledge of everything we have obtained so far, let’s go through certain gas and fees scenarios.

If an operation has LOW gas, then the miners won’t even pick it up because it doesn’t have enough gas to finish computation.

If an operation has LOW fees, then it might have just enough gas to cover it but still, the miners won’t be chomping at the bits to pick it up because an operation with low fees isn’t economically viable for them.

If an operation has HIGH gas, then it means that the operation is bloated with a high gas limit and hence the miners will not pick it up.

If an operation has HIGH fees, then the miners know that they will make a lot of money from it and will be picking it up instantly.

The recommended gas prices for different transaction fees, according to ethgasstation are:

What is Ethereum Gas: Step-By-Step Guide

What Happens in Gas Refund Scenarios?

In solidity, there are two commands which ensure that you get some gas refund back.

  • SUICIDE: This basically kills the smart contract. Doing so will get you back 24000 gas.
  • SSTORE: Storage deletion, which gets you back 15,000.

 

So, if your contract is using up 14,000 gas and deletes a storage then you should get back (15000-14000) 1000 gas refunded to you right?

 

It isn’t that simple.

 

If that was the case, then miners will lose all incentive. After all, the miners shouldn’t pay you to do your computations right?

 

To avoid scenarios like these, a condition was put in.

The refund that has been accumulated cannot exceed half the gas used up during computation.

Let’s take an example to clear this up.

…Suppose we have a smart contract which uses up 14,000 gas.

The gas limit that we have set up is 20,000 gas.

The smart contract also includes an SSTORAGE command.

So, how much gas will the contract creator get back post computation?

Firstly, they will get back (20,000-14,000) 6,000 units of unused gas.

Now, the SSTORAGE command has also been used, so theoretically they should get back 15,000 gas more as well.

However, the amount of gas that has been used in the contract is 14,000 and since 15,000 > 14,000/2, the REFUND generated will be 14,000/2= 7000.

So the total gas that the creator is getting back in the end is 6000+7000 = 13,000.

 

Let’s take another example.

 

Suppose this time the contract uses up 70,000 gas and it includes a SUICIDE function.

A SUICIDE function should give you 24,000 gas back which is < 70,000/2.

In this situation, the gas refund will be 24,000 + unused gas.

 

Criticism of Ethereum Gas. Is it Justified?

 

Even though the gas system has gotten praise for presenting a smoothly running mechanism which incentivizes the miners pretty positively, it has come under criticism lately for being a tad too expensive for developers and smart contract creators.

Regarding this, Danny Ryan did some interesting studies in his Hackernoon article.

 

Consider the following scenario:

What is Ethereum Gas: Step-By-Step Guide

When two numbers are added a million times in Ethereum it costs ~$26.55 in fees.

Danny Ryan compared that to a standard AWS system. He said that he can add two numbers a million times using python in 0.04 seconds, which going by the $0.0059 hourly Amazon EC2 rate costs $0.000000066.

This means that computation in Ethereum is 400 million times more expensive!

Based on his studies, this is the conclusion he made:

 
“To be fair, adding two numbers together 1 million times is a bit contrived. A well written contract would likely move such computational complexity off-chain and deal more with updating state in the contract. Storing vast amounts of data to the blockchain is also not an ordinary task. Depending on the task, a user would likely store a cryptographic reference (a hash) of the data on-chain and keep the rest of the data off-chain.

 

That said, we as developers need to be aware of these costs, and design dApps accordingly. We need to find the balance between on-chain and off-chain complexity, while still leveraging the decentralized capabilities of the blockchain.”

 
 

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JUROCK REAL ESTATE INSIDER IS PROUD TO PRESENT ITS COVETED REAL ESTATE CONFERENCE: LAND RUSH 2018

he best real estate forecasting conference... Land Rush 2018
The best real estate forecasting conference…
Land Rush 2018

JUROCK REAL ESTATE INSIDER IS PROUD TO PRESENT ITS COVETED REAL ESTATE
CONFERENCE:
LAND RUSH 2018

APRIL 7, 2018 – All day at the Pinnacle Harbourfront Hotel in #Vancouver

These are mad times – Is real estate still the best place to be in 2018?

Last year at the Land Rush conference Ozzie Jurock said:

Buy Surrey – (Surrey condos up between 42% and 60%)
Buy #Whistler
Buy #Victoria
Buy #Port Moody
Buy East Vancouver
Buy student housing
Buy downtown strata offices
Buy strata commercial
Buy pre-sale condos (Ozzie’s Real Estate Company sold 79 units in one
building where prices are already $100,000 higher before completion!)
His US predictions were eyebrow raising successes
PLUS 29 other predictions (that all came true!)

Attendee’s comments:

“Last year, I had to change plans to attend the Landrush – and it proved to
be one of the best decisions I made all year.”

“This is my 5th Landrush and every year I come away with specific buy
recommendations. I can’t afford to miss it.”

This year his well researched money making recommendations will take you
into a better future.

Vancouver Magazine called Ozzie Jurock one of the 45 brightest people in Vancouver.

Peter Newman called him a real estate Guru and President Donald Trump includes Ozzie in his book: ‘The Best Real Estate Advice I Ever Received’.

He’ll be talking about European and Asian buyer influences on Canadian real estate, focusing on the best deal cities in Canada and the United States,
cash flow in 2018 and of course he always exciting ‘Ozzie’s AstoundingPredictions’.

Visit http://www.landrushcanada.com for more information or call us at the
office at 604.683.1111

Hackers Stole $150,000 from Cryptocurrency Wallets Using CryptoShuffler Trojan

Hackers Stole $150,000 from Cryptocurrency Wallets Using CryptoShuffler Trojan

Popular cryptocurrency wallets are under threat currently as the notorious CryptoShuffler Trojan is stealing cryptocurrencies. According to the findings of Kaspersky Labs, which discovered the Trojan, mainstream cryptocurrencies including Dash, Monero, Ethereum, Bitcoin, and Zcash, etc., have been targeted by attackers so far using CryptoShuffler and hackers have stolen $150,000 (£113,250) worth of Bitcoins.

The Trojan attacks cryptocurrency wallets by modifying the original, legitimate address of the user with its own on the clipboard of the targeted device. As per the researchers at Kaspersky Lab, attacks that involve hijacking of clipboards are not unheard of as there are instances where attackers targeted online payment systems with this method but cases involving hijacking of cryptocurrency host address are quite rare.

“The malware described is a perfect example of a ‘rational’ gain. The scheme of its operation is simple and effective: no access to pools, no network interaction, and no suspicious processor load,” noted malware analyst at Kaspersky Lab, Sergey Yunakovsky.

Researchers also noted that the mechanism of CryptoShuffler is quite straightforward where user’s walled ID number which is widely used in transaction process by copy-pasting it as the Destination Address in the transaction software that is being used, is replaced with the one sent by the malware creator. All the Trojan has to do is monitor the clipboard to do the modification.

What happens later is that the wallet ID that user enters in the Destination Address line is not the original one and the money is transferred to the attacker. The entire process is completed within milliseconds since searching for wallet addresses is quite easy; most cryptocurrency wallet addresses bear similar beginning and an identifiable number of characters.

“Intruders can easily create regular codes to replace them,” wrote the researchers.

CryptoShuffler has been around since 2016 when it attacked Bitcoin wallet while the latest campaign was discovered in June 2017. Kaspersky researchers stated that the way this Trojan attempts to attack cryptocurrency wallets shows that an infected device may not necessarily display ransom note or slow down the device, but they work discreetly without getting detected.

“The longer they remain undetected, the more money they will make for their creators,” read the blog post from the security firm.

Cryptocurrency has become part of our daily life, but this very fact makes it vulnerable to targeted cyber-attacks. The more embedded it gets into our world, the higher is its tendency to be targeted by malicious cybercriminals.

“Lately, we’ve observed an increase in malware attacks targeted at different types of cryptocurrencies, and we expect this trend to continue. So, users considering cryptocurrency investments should think about protecting their investments carefully,” stated Yunakovsky.

If you want to keep your crypto savings protected from cybercriminals, you need to monitor transactions carefully and cross-check the wallet ID listed in the Destination Address line with the one you need to send money on. An invalid address and an incorrect address both different significantly since the system and transaction will instantly identify an invalid address will be halted whereas a wrong address will not be identified as such.
edinarcoin.com

Having the Blockchain on your computer could potentially be illegal worldwide.

Attention Associates :

The International Financial Cryptography Association  find Child porn embedded in Bitcoins Blockchain

First of I want to than associate member User ID: XXXX2790 from Germany, they have chosen to remain anonymous while bringing the work of The International Financial Cryptography Association to our attention for review and dissemination.

This is something that has been well known it seems to only those who have been the parties that have / do used Bitcoins blockchain for these purposes.  As most of us have never been on the darkweb or are even aware of it, and if they are how to get on it and use it and even fewer have illegal content to lock into and use bitcoin to distribute whatever. Bitcoin at todays value is makes the findings a costly process, back in the day on the darkweb it was cheap and efficient method to do such things.

Furthermore many “investors and crypto traders / hodlers do not know you can unitize the blockchain for more than just a unit of value.  Yes we read the white papers and we are told that this is their utility or that it’s use case is based on securing information immutably accounted for  (an encrypted distributed database = Store of information) with out giving much though as to what other hodlers  / users are putting on the blockchain.

Although many of us know that there are legitimate use cases for the blockchain for currency, records, contracts, distributed cloud storage etc. it is not likely to people think or are aware that the wallet  / node data that is held and share could make people who do so “guilty” of distributing illegal pornography or  any manner of contraband information that can be digitized.

This opens up a can of worms that the regulators could at any given time site and now seemingly prove the above scenarios and legally be embolden to make blockchain technology if not illegal then some how regulated. The threat being of you do not allow for inspection of your wallet data then it can be assumed that you have contraband material stored in it.  Even more troubling than potential disclosure regulations  is the outlawing of unregulated blockchains…

So much for the privacy that the blockchain is  / was  for.

I would like to say everyone who invests, hodls, or uses Bitcoin and / or any crypto currency is not guilty of the horrors the blockchain holds ie. child abuse pictures etc.  It would be like saying anyone who has fiat currency in hand that if tested for drug residue is guilty of being in possession of and trafficking controlled substances in my opinion.

I absolutly recommend if you are a blcokchain inverstor, user professioanl fan what ever that you read this paper. Here is the abstract.

Abstract

Blockchains primarily enable credible accounting of digital events, e.g., money transfers in cryptocurrencies. However, beyond this original purpose, blockchains also irrevocably record arbitrary data, ranging from short messages to pictures. This does not come without risk for users as each participant has to locally replicate the complete blockchain, particularly including potentially harmful content.

We provide the first systematic analysis of the benefits and threats of arbitrary blockchain content. Our analysis shows that certain content, e.g., illegal pornography, can render the mere possession of a blockchain illegal. Based on these insights, we conduct a thorough quantitative and qualitative analysis of unintended content on Bitcoin’s blockchain. Although most data originates from benign extensions to Bitcoin’s protocol, our analysis reveals
more than 1600 files on the blockchain, over 99 % of which are texts or images.

Among these files there is clearly objectionable content such as links to child pornography, which is distributed to all Bitcoin participants. With our analysis, we thus highlight the importance for future blockchain designs to address the possibility of unintended data insertion and protect blockchain users accordingly.

 

What you can find in the paper we reference. You can find that paper here:  https://fc18.ifca.ai/preproceedings/6.pdf

Data Insertion Methods for Bitcoin

Low-level Data Insertion Methods

Content Insertion Services

Benefits and Risks of Arbitrary Blockchain Content

Benefits of Arbitrary Blockchain Content

Risks of Arbitrary Blockchain Content

What is worrisome about the idea of Condemned Content not only being a premise to crack down on cryptocurrency’s for material such as child abuse, is the concept of what is considered “Condemned Content” e.g., Bibles in Islamist countries.  Clearly a label  that can be abused in the effort to curb religious freedoms.

Illegal and Condemned Content. Some categories of content are virtually universally condemned and prosecuted. Most notably, possession of child pornography is illegal at least in the 112 countries [64] that ratified an optional protocol to the Convention on the Rights of the Child [65]. Religious content such as certain symbols, prayers, or sacred texts can be objectionable in extremely religious countries that forbid other religions and under oppressive regimes that forbid religion in general. As an example, possession of items associated with an objected religion, e.g., Bibles in Islamist countries, or blasphemy have proven risky and were sometimes even punished by death [13,38].

Again please have a read of this paper.
HaTTiP to The International Financial Cryptography Association 

Credits.Energy – New Revolutionary Cryptocurrency with Mobile Mining App Aims to Support GREEN Energy

AS SEEN ON BITCOIN.COM

Credits.Energy – New Revolutionary Cryptocurrency with Mobile Mining App Aims to Support GREEN Energy
Credits.Energy – New Revolutionary Cryptocurrency with Mobile Mining App Aims to Support GREEN Energy

New Revolutionary Cryptocurrency With Mobile Mining App Aims to Support GREEN Energy

Cred is a new state of the art universal cryptocurrency with its own mobile app that is dedicated to support green energy and solve the pesky issues posed by Bitcoin.

Denver, CO. March 2018. A new unique cryptocurrency is all set to introduce a historic chapter in the digital currency space. For the first time, it will be not just about investment but “investment with a purpose.” Titled as “Cred” with CX as the ticker, the state of the art cryptocurrency has arrived with a mobile mining app with the futuristic mission to support GREEN energy.

The launch of Cred ushers in a new record in the cryptocurrency space by enabling the investors to invest not just to enhance their profile – but also to proactively contribute towards a greater good. The latest cryptocurrency is dedicated to support sustainable projects like solar and wind energy operations.

Cred is presently in its pre-ICO stage. The Pre-ICO price is: 200 Cred= 1 USD
The Credits Cryptocurrency and Platform App utilizes mobile mining technology. Users will have the facility to opt in or out as per their preferences while mining Cred. They can even choose the mining power such as “High”, “Medium” or “Low”. Moreover, the Credits App boasts of an intuitive interface to make sending, buying and receiving Cred easier than ever. Purchase and usage of Cred will support renewable energy & sustainable projects to support our planet Earth.

“I had been dealing with Bitcoin since its inception. Then, suddenly, one day it occurred to me that although the cryptocurrency world is expanding at a fast pace- yet we still don’t have a ‘crypto with a purpose’. With global warming raising serious issues today, we urgently need something to save the world. Such ethos inspired me to come up with a cryptocurrency that can support green energy and make the world a better place to live in. Additionally, I wanted something that will be more comprehensible as well as quicker and fun to share. Thus, Cred was born.”, stated Luke Ingraham, certified blockchain expert and founder of Credits.Energy.

Speaking further, Luke stressed that Credits.Energy is developed to solve a number of problems we notice today with Bitcoin:

· Slow speed- Bitcoin transactions can take 15 minutes up to 1 hour
· Confusing operation- Users are confused on how to send & receive bitcoins and when someone loses out on his bitcoin wallet address, it’s gone forever
· High volatility- Extreme fluctuation of prices make bitcoin scary for new investors
· Cashing out in bitcoin is confusing and also time-consuming
Credits.Energy solves all these issues with its unique design and features:
· Cred comes with its own dedicated network servers that assure lightning fast transactions.
· Cred relieves its users from memorizing complicated wallet address. You can send to users directly through the App via email address.
· Cred is specifically designed to lessen volatility by investing in green energy and sustainable projects which earn residual income to stimulate the Cred ecosystem
· Cred ensures easy intuitive cash out shortly after the ICO.

“Cred uses a decentralized blockchain which enables participants to keep tab on their cred transactions- without the worries of centralized monitoring. Moreover, for additional safety, we use the cutting edge CryptoNight algorithm that is extra anonymous outside of our platform for optimum security.”

The new cryptocurrency has already developed its app for Android users and an Apple app is in the making. Windows and Mac wallets are on the radar as well.

Interested investors can purchase Cred with Bitcoin, Ethereum and PayPal. For more information, please visit https://credits.energy

Contact Email Address
team@credits.energy
Supporting Link
http://www.credits.energy

EZBTC Fee Rebate Promo + 0.05 BTC Raffle (Open ASAP)

Fee Rebate Promo + 0.05 BTC Raffle (Open ASAP)
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PROMO: Reduced Fees and 0.05 XBT Giveaway
Running March 12th 6pm PDT to March 17th 11:59pm PDT
At the request of our members, we’ve designed the promo below.

Fund the following amounts by any fiat method:
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Fund within 48 hours of the promotional start time and receive double the raffle tickets.

For an additional ticket, or if you fund less than $1,000 during the promotional period, email promo@ezbtc.ca for a free entry.

One ticket will be drawn on Saturday March 17th and the member will be awarded 0.05 XBT to their account.
Note: The amounts above are per single transaction and not aggregate. Members must fund their account to be eligible for the promotion.
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Out of Twiiter Jail: Twitter CEO Promises to Crack Down on Cryptocurrency Scams

Some crypto news to be mindful of.

Some of you noticed our Twitter Account was suspended or wiped form the record. Have no fear we are abck from Twitter jail and we where placed on lock down to no fault of ours.

I have come to discover that Twitter sent apologizes to me about the lockdown. An over aggressive bot swept us up.  Kraken got hit as well so we are in then good company of the legitimate and innocent bystanders

This is part of the email sent to me by Twitter:
“…We’ve unsuspended your account; sorry for the inconvenience. Please note that it may take an hour or so for your follower and following numbers to return to normal.

Twitter has automated systems that find and remove multiple automated spam accounts in bulk. Unfortunately, it looks like your account got caught up in one of these spam groups by mistake…”

Twitter CEO Promises to Crack Down on Cryptocurrency Scams https://www.ccn.com/twitter-ceo-promises-crack-cryptocurrency-scams/

Twitter is suspending some users who solicit crypto http://tcrn.ch/2G4WH59 via @techcrunch

#Kraken Customer Support Closed in #Twitter Crackdown on Crypto-Scams https://www.icoexaminer.com/ico-news/kraken-customer-support-closed-twitter-crackdown-crypto-scams/ … via @icoexaminer

Others — including Coin Center communications director Neeraj Agrawal — reported that their accounts had been “shadow-banned” by the platform’s anti-spam algorithm, though it appears that such incidents have later been corrected.

Coinbase turned to the former CEO of LinkedIn for help

Coinbase turned to the former CEO of LinkedIn for help
Coinbase turned to the former CEO of LinkedIn for help

Coinbase turned to the former CEO of LinkedIn for help

Former CEO of LinkedIn will head the crypto-currency start-up Coinbase. According to the news, published on Monday, Emily Choi will take the post of vice president of the department for corporate and business development. Now, Choi faces the challenge of bringing Coinbase to new markets, focusing on the development of global relations. Before joining LinkedIn, Choi also worked for Warner Bros. Entertainment in the department of corporate development and digital business strategies. She also worked for Yahoo in the same position.

In its statements, Coinbase focuses on potential purchases and emphasizes Choi’s experience in this field: “In addition to the vast experience in building and expanding fast-growing companies, Emily also earned a reputation as a human rights defender at every stage of mergers and acquisitions, which is now very useful for Coinbase.”

Perhaps the work of Choi in Coinbase suggests that the exchange continues to create strong leadership. In late January, the company took a similar step, inviting former Tina Bhantnagar, the former head of Twitter, to co-operate, which took Coinbase’s position as a customer support team.

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Bittrex Lists TrueUSD to Compete With Tether’s USDT

Interesting things are happening in the cryptocurrency world. While most people have no love lost for Tether, it seems a competitor has emerged. Known as TrueUSD, it is another stablecoin pegged to the US Dollar. Surprisingly, this competing currency is now live on the Bittrex exchange.

Tether is a very interesting yet somewhat controversial company. Their USDT stablecoin has gotten a lot of criticism these past few months. As such, it is good to see competing stablecoins emerged. TrueUSD is also pegged to the US Dollar in a very similar manner. With a potential regulatory crackdown against Tether on the horizon, this alternative currency is more than welcome. Whether or not it will see its fair share of controversy, remains to be seen.

TrueUSD Brings Competition to Tether

What makes TrueUSD so intriguing is how it is now listed on the Bittrex exchange. Under the ticker TUSD, it will be traded against Bitcoin and a few other currencies. Considering how this stablecoin wasn’t on any major exchange besides Upbit, this addition is rather surprising. If this currency turns out to be problematic, it can easily disrupt Bittrex’ s reputation in a negative manner.

Having a competition between USDT and TUSD will be pretty interesting to watch. It is the first time these currencies will go head-to-hear don a non-Korean exchange. The big question is how legitimate TrueUSD turns out to be. More specifically, the currency is just a few weeks old and still has everything to prove at this point. Luckily, the parent company focuses on auditing, something Tether continues to neglect time after time.

With multiple USD-pegged stablecoins, things are bound to get interesting. Issuing a tokenized US Dollar can still get both Trust Token and Tether in major legal trouble. Trust Token is looking to move beyond the TrueUSD token as well. A Euro-based stablecoin is perhaps the next venture the company wants to explore. Slowly but surely, we may see USDT disappear into obscurity. That would not necessarily be a bad thing either. HaTTiP

QuadrigaCX please provide an update on the lawsuit against banks that was being discussed earlier posts? Will their be a lawsuit for closing bank accounts?

QuadrigaCX please provide an update on the lawsuit against banks that was being discussed earlier posts? Will their be a lawsuit for closing bank accounts? from r/QuadrigaCX

QuadrigaCXQuadrigaCX

Paragon Coin, Inc Investor Alert: Lawsuit Alleges False and Misleading Statements

A lawsuit was filed on behalf of investors in Paragon Coin, Inc over alleged securities laws violations. Deadline: April 2, 2018. Paragon Coin, Inc investors should contact the Shareholders Foundation.

 

San Diego, CA — (SBWIRE) — 02/13/2018 — The Shareholders Foundation announces that an investor in Paragon Coin, Inc filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Paragon Coin, Inc.

Those who invested a significant amount in Paragon Coin, Inc, have certain options and for certain investors are short and strict deadlines running. Deadline: April 2, 2018. Paragon Coin, Inc investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

According to the complaint the plaintiff alleges that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Paragon Coin, Inc violated Sections 12 and 15 of the Securities Act of 1933 by engaging in interstate commerce for the purposes of offering, selling, or delivering unregistered securities.

The plaintiff says that in connection with Paragon Initial Coin Offering (“ICO”), which ran from approximately August 15, 2017 through October 16, 2017, Defendants raised at least $70 million in digital cryptocurrencies by offering and selling unregistered securities in direct violation of the Securities Act.

Those who invested a significant amount in Paragon Coin, Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Lawsuit Filed Against Cannabis Cryptocurrency Paragon Coin For Violating Securities Law

A lawsuit was filed against cannabis cryptocurrency brand Paragon Coin and its owners Jessica VerSteeg and her husband Egor Lavrov for allegedly violating Securities law with regards to the Paragon Initial Coin Offering (ICO).

The lawsuit states that approximately between August 15, 2017, through October 16, 2017, the defendants raised at least $70 million in digital cryptocurrencies by offering and selling unregistered securities in direct violation of the Securities Act. It also stated that on November 2, 2017,  Paragon ICO investors received an email updating them that during the Paragon ICO “crowd sale” they had collected 533 BTC and 8,092 ETH— worth approximately $7.3 million and $10.2 million, respectively, as of January 12, 2018. Unfortunately, these amounts did not include any of the cryptocurrencies they collected during the Paragon ICO “presale.”

The plaintiff Astley Davy states that the offer of the ICO was an unregistered security and cites the use of words like investors and assets as evidence that the ICO was being portrayed as a securities product.

Jessica VerSteeg, CEO of Paragon said, “Paragon is dedicated to staying compliant with all applicable laws, and endeavored to do so throughout the entire ICO process. As U.S. Securities and Exchange Commission Chairman Jay Clayton recently stated, “there are cryptocurrencies that do not appear to be securities,” and whether an initial coin offering implicates the securities laws “depends on the facts.” We are confident that the ParagonCoin token is not a security and can prove so in a court of law. Paragon holds itself to a high standard of compliance with our token holders and will continue to do so as it moves forward.”

Securities And Exchange Commission

The lawsuit states “The SEC advised those using “distributed ledger or blockchain-enabled means for capital raising, to take appropriate steps to ensure compliance” with the federal securities laws, and stated that “[a]ll securities offered and sold in the United States must be registered with the Commission . . .” or qualify for an exemption from registration. On the same day, the SEC issued an investor bulletin urging caution when investing in ICOs and to be mindful that promoters and initial sellers that lead buyers of tokens to expect a return on their investment or participate in shared returns provided by the project may be offering a security for sale.”

Yet, on December 11, 2017, the SEC warned that “investors should understand that to date no initial coin offerings have been registered with the SEC.  The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies.[2]  If any person today tells you otherwise, be especially wary. ” This is the SEC’s bold-faced type.

Capital For Real Estate

The plaintiff was also upset that some of the money raised was being used to acquire real estate even though it was stated that would be a goal. Yet, in Paragon’s white paper it said, “[t]he lion’s share of the token crowdsale [sic] proceeds will be spent on real-estate acquisition.”

Repayment

The plaintiff expected that its investment would increase in value and now wants to be repaid what was invested. So, how much did Davy invest?

Plaintiff invested in the Paragon ICO on September 21, 2017, September 23, 2017,
September 28, 2017, September 30, 2017, October 3, 2017, and October 15, 2017, by transmitting
0.04095 BTC, 0.03975 BTC, 0.57855 ETH, 0.0231 BTC, 0.03495 BTC, and 0.04579484 BTC,
respectively, to Defendants.

It remains to be seen how much sympathy the judge will feel for the plaintiff losing their bitcoins in a case against fraudulent bitcoin.

PARAGON COIN INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Investing in the Paragon ICO To Contact The Firm

NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Paragon Coin (“PRG Tokens”) of the April 2, 2018 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against Paragon Coin, Inc. (the “Company”).

If you invested in PRG Tokens during the Paragon Coin ICO between August 15, 2017 and October 16, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/PRGThere is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com.

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who acquired PRG Tokens during the Paragon Coin ICO. The case, Davy v. Paragon Coin, Inc. et al., No. 4:18-cv-00671 was filed on January 30, 2018 and has been assigned to Judge Jeffrey Steven White.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by offering and selling unregistered securities during the Company’s ICO.

Specifically, from August 15, 2017 to September 15, 2017, the Company ran the Paragon ICO “presale,” during which time it sold approximately 70 million PRG Tokens at a price between $0.75 and $0.90 per PRG Token. Then, from September 15, 2017, to October 16, 2017, the Company conducted the Paragon ICO “crowd sale.” During the crowd sale, the Company offered PRG Tokens for sale at a price of $1 each on the first day, thereafter increasing the price by $0.05 each day until the end of the ICO. Ultimately, the Company raised an estimated $70 million from investors.

Since the Paragon ICO, the price of PRG Tokens has decreased substantially, causing harm to investors.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding the Paragon ICO to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contacts

FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

Statement made to the Japanese by Mr. Brad #Garlinghouse, CEO of #RIPPLE New “Leaked Video”

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Statement made to the Japanese by Mr. Brad #Garlinghouse, CEO of #RIPPLE , Re expectations for the partners of the joint exchange (internal and external) a #consortium of 61 #Japanese #banks