##Bitcoin Breaks Above $12,000 After David Portnoy and MicroStrategy Venture into BTC

 

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According to the chart from TradingView, Bitcoin has now gone above the $12,000 mark. Bulls have made it after dominating the market recently, but there have been a few major factors that may have pushed Bitcoin above this line.

Bitcoin goes up after Portnoy and MicroStrategy bet on it

As covered by U.Today recently, Barstool Sports founder and internet celebrity, David Portnoy, invited the Winklevoss twins to his place to let them tell him what Bitcoin (and crypto in general) is and how it works.

The twins, Bitcoin billionaires, pitched BTC to Portnoy successfully, as he immediately opened his laptop and acquired both BTC and Chainlink. Among the arguments that he heard was that Bitcoin is superior to gold, since Elon Musk and NASA plan on mining gold and other precious metals in space from asteroids.

Thus, Bitcoin, according to Cameron and Tyler Winklevoss, is the most scarce asset in the galaxy and gold’s supply is likely to be infinite.

MicroStrategy lays hands on Bitcoin

Another likely reason for Bitcoin's surge above $12,000 is that, last week, a major publicly-listed Nasdaq company—software giant Microstrategy—announced that it had got hold of $250,000,000 worth of Bitcoin.

The company decided to allocate this amount of cash to a safe haven asset and decided that Bitcoin can definitely be that, thus acknowledging BTC as a legitimate inflation hedge.

##How the Ethereum Classic hacker stole $5.6 million from OKEx

 

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OKEx explains how the person who attacked the Ethereum Classic network managed to steal millions of dollars from its exchange.

In brief

OKEx explains how the recent 51% attack on Ethereum Classic was used to steal $5.6 million in crypto.

The hacker allegedly confused the community into switching from ETC mainnet to a "shadow chain."

The alternative transaction history was modified to redirect over 800,000 ETC from OKEx to the hacker's addresses.

Crypto exchange OKEx published a new report on Saturday, detailing how the perpetrator of the recent 51% attacks on Ethereum Classic (ETC) managed to steal $5.6 million of cryptocurrency using its platform.

As Decrypt reported, Ethereum Classic’s blockchain was recently hit by two consecutive 51% attacks on August 1 and August 6. Gaining control over 51% or more of the network’s hash power, the hacker—or a group—snatched around $5.6 million worth of cryptocurrencies during the first strike. Here’s how it went down.

Preparing for the attack

According to OKEx, the hacker began preparing for the attacks as far back as June 26, creating five phony accounts on the platform. Notably, all of them also passed the second and third levels of know-your-customer (KYC) procedures and got their withdrawal limits increased

Starting on July 30, these accounts deposited around 68,230 ZEC privacy coins on OKEx combined. Simultaneously, the hacker had been building a “shadow chain” of the ETC blockchain—an alternative record of transaction history hidden from other miners.

On July 31, the attacker’s accounts traded all of their ZEC for ETC, receiving a total of 807,260 coins that were worth around $5.6 million at the time. ETC were then transferred to the hacker’s external addresses.

The hacker starts the attack

Later that day, the hacker launched a 51% attack on Ethereum Classic, initiating his shadow chain. At this point, both the legit and malicious transaction histories contained the records of 807,260 ETC being transferred from OKEx to the hacker’s external addresses.

During the attack, the hacker sent all of the previously received Ethereum Classic coins back to OKEx and traded them for around 78,900 ZEC, which he immediately withdrew.

Because over 51% of the blockchain’s hash power was under the hacker’s control at this point, he was able to mine new blocks faster than other nodes, making the shadow chain longer than the original ETC history. Combined with inefficient communication between exchanges, wallets and miners, this confused the Ethereum community and prompted nodes to start mining the malicious shadow chain from now on.

However, the hacker had manipulated his version of the transaction history—which now became the main one. In it, the 807,260 ETC were recorded as being sent not to OKEx, but to the attacker’s other addresses, making it so that the coins were never sent back to the exchange.

This way, the hacker had convinced OKEx that it had deposited funds—before making it so that the funds were never deposited in the first place. This is how OKEx lost its money.

OKEx blacklisted the addresses that were allegedly used by the hacker and suspended his five accounts. In the future, the platform also plans to increase confirmation times for ETC deposits and withdrawals. And, if the network can’t become more secure, the exchange might even delist it altogether.

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#$217M Invested In Crypto As Grayscale Marks Its Best Week Following Nationwide Commercial Launch

 

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Grayscale Investments marked its best fundraising week, with over $200 million investments after launching a nationwide commercial educating the masses about digital assets.

The leading cryptocurrency asset management company – Grayscale Investments – has recorded its most significant fundraising week in its 7-year history.

Interestingly, the massive spike followed a nationwide advertising campaign the company ran in the U.S.

Grayscale Commercial Worked

As CryptoPotato reported a week ago, the digital asset manager planned to run a widespread advertising campaign in the United States to promote its Investment Trust and highlight the merits of investing in Bitcoin and other cryptocurrencies.

Although the initial message didn’t disclose extensive details, the campaign went live on Monday, August 10th.

The campaign is a quick 30-second commercial containing a brief history of the money, developments in the financial sector, and, naturally, the emerging digital assets trend and how people could invest through Grayscale.

Founder and CEO of Grayscale, Barry Silbert, asserted yesterday that Grayscale had marked its “largest fundraising week EVER” with $217 million invested into the different Grayscale funds. He attributed the impressive results to the success of the advertising campaign by saying, “guess you liked the commercial!”

Thus, the company’s net Assets Under Management (AUM) continue growing with massive steps this year, even after the impressive Q1 and Q2 results.

As of this week, Grayscale has increased the AUM to nearly $6 billion. Somewhat expectedly, the Bitcoin Trust represents the majority of all holdings with $4.9 billion, while the Ethereum Trust follows with $863 million.

Grayscale Launches An Educational Tool

The cryptocurrency management firm recently launched an educational resource for financial advisors and wealth managers. Dubbed “The Digital Currency Toolkit for Financial Advisors,” it’s a free resource aimed to provide advisors with comprehensive data regarding cryptocurrencies and how they can apply it to counsel clients accurately on the matter.

The company noted that as the cryptocurrency field keeps growing, more people outside of the space are attempting to receive credible information. However, Grayscale admitted that there are many misconceptions and even blatant lies circulating that confuse and repel traditional investors.

With the toolkit, though, advisors can educate curious investors about Bitcoin’s history and past performance, mainstream acceptance and adoption, and how they can enter the field.

“Having been in this space since 2013, Grayscale Investments is committed to educating financial advisors and providing them with the tools they need to consider and decide how digital currencies may fit into their clients’ portfolios and investment strategies.

Given the uncertainty in today’s environment, investors are increasingly turning to assets like Bitcoin. Now is the time for advisors to better understand this asset class.” – commented Grayscale Managing Director Michael Sonnenshein.

#Coinbase to allow Americans to take cash loans with Bitcoin collateral

          

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US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options

The Lending and Borrowing News Category was brought to you by the CryptoSlate and Cred Partnership.

US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

“More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options.

Prominent crypto entrepreneurs like Barry Silbert of Digital Currency Group commented MicroStrategy was now a “publicly-traded Bitcoin play.” His comments weren’t unfounded — the firm’s stock rose over 10% on the announcement.

MicroStrategy joined the ranks of hedge fund legends like Paul Tudor Jones in terms of choosing Bitcoin to protect against a grim economic outlook.

And that might just turn out a great decision.

#Crypto.com will sell Bitcoin at “50% off” in September, here’s why

 

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Hong Kong-based crypto exchange and card provider Crypto.com is launching an attractive competition for Bitcoin fanatics in September, ahead of its “public beta” exit.

Bitcoin at 50% off on Crypto.com

The Crypto.com Exchange will exit its public beta on September 8, 2020, almost a year after launching in private beta and opening the floodgates to the public. Millions of dollars in transactions and trades later, the exchange is rolling out its launch in all markets where the Crypto.com App is available.

Hong Kong-based crypto exchange and card provider Crypto.com is launching an attractive competition for Bitcoin fanatics in September, ahead of its “public beta” exit.

Bitcoin at 50% off on Crypto.com

The Crypto.com Exchange will exit its public beta on September 8, 2020, almost a year after launching in private beta and opening the floodgates to the public. Millions of dollars in transactions and trades later, the exchange is rolling out its launch in all markets where the Crypto.com App is available.

As a token of appreciation, Crypto.com is presenting a Bitcoin Syndicate Special, featuring BTC at 50% off with USD$2M allocation, it shared in a release with CryptoSlate. 

This event will commence on Tuesday, 8 September 2020 at 6 AM UTC on the Crypto.com Exchange. Users can stake a minimum of 5,000 CRO on the Exchange and trade at least $5,000 USD worth of volume in the past 30 days on the Exchange to subscribe.

The total sale amount & subscription price is as follows:

Total BTC Supply: $2,000,000 USD worth of BTC

Discount rate: 50%

Syndicate Allocation: Each participant’s maximum amount of CRO that can be applied towards the event will depend on the amount of CRO Staked on the Crypto.com Exchange.

As a note — the maximum allocation in CRO stated in the table above is indicative and for reference only. A final maximum allocation will be made available on Crypto.com on September 8.

Syndicate Allocation Subscription

Crypto.com Exchange users will be able to subscribe for BTC by contributing an amount of CRO  not exceeding their respective maximum allocation. Staked CRO may not be used to subscribe for BTC in this event, the firm said.

Crypto.com Exchange users will need to trade at least $5,000 USD worth of volume in the past 30 days on the Crypto.com Exchange in order to be eligible to subscribe.

The release said that “the past 30-day trading volume is calculated every day at 00:50:00 UTC; thus, the volume calculated as of 8 September 2020 00:50:00 UTC will be used to determine one’s eligibility.”

Event participants are expected to receive their finalized BTC allocation at Distribution Time. If the total contributed amount for the event is above the total discounted allocation, each individual participant’s final BTC coin allocation will be calculated as follows:

##Ethereum Fees Race Towards $10 Per Transaction

 

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The ethereum blockchain has become very expensive with network fees reaching all time high and by far, giving miners some $7 million a day, 7x more than for bitcoin miners.

Average transaction fees are now nearly double that of the very peak in January 2018, standing at $5.67 per transaction on average.

That was for yesterday, today they’ve increased further from 200 gwei to 300 gwei per simple transaction.

Ethereum fees all time high, Aug 2020

While simple transactions may still be cheap at $3 or $4, contract transactions are becoming very expensive with an etherean claiming he was asked to pay $600 in eth fees.

4Chan has a screenshot, which unfortunately we didn’t save, of being asked to pay 0.3 eth in gas fees, about $120

When we tried to testrun Yam, we were asked to pay about $9 just to give the contract permission.

We didn’t go ahead with it because by the time we got to the deposit stage, all the test-run funds would have run out, so considering what happened after with Yam, there may well be some small benefits to these high fees.

This used to be just 20 gwei but defi has now taken over with Uniswap being the top gas users.

That’s an onchain permissionless broker where all sorts of tokens are traded with its volumes skyrocketing.

Uniswap trading volumes, Aug 2020

Because of this froth, plenty are seemingly happy to pay these high fees because of all the token giveaways in the hope they make a profit anyway.

However, some claim it now costs $40 even to enter a second layer, like Loopring, with it unclear what miners plan to do.

Miners gas vote, Aug 2020

They seemingly want to increase it maybe to 15 million as uncle rates are still very low, but last time they got shouted at by the Geth maintainer.

So the pressure is primarily on dapp developers to get second layers, but that takes time, skill and effort.

Meaning miners could increase capacity a bit as ethereum is not even running at 2MB per ten minutes like bitcoin, but that would be just buying time which is just what we need as we wait for ethereum to go Proof of Stake by being merged with eth2 hopefully next summer according to Danny Ryan, the ethereum 2.0 coordinator.