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Move Over Bitcoin And Dogecoin, Elon Musk Is Tweeting About Ethereum

bitcoin, bitcoin price, ethereum, Elon Musk, dogecoin, image

Elon Musk, the playful Tesla and SpaceX chief executive who has set the world of bitcoin and cryptocurrency on fire in the past, has again caused a stir by tweeting about cryptocurrencies—this time it’s the turn of decentralized app network ethereum.

Bitcoin and the broader cryptocurrency market has been trading sideways since leaping higher at the beginning of this month, with ethereum now only 7% up on its late March price per ethereum token.

Now, Musk, who earlier this month revealed his favorite cryptocurrency, has tweeted the word “ethereum” before replying to ethereum’s creator Vitalik Buterin invitation to attend the ethereum developer conference in October.

Musk tweeted the word “ethereum” then followed it up by tweeting “jk”—perhaps an attempt at preventing Twitter from suspending his account, which has previously been locked after tweeting about cryptocurrencies due to his long association with bitcoin and cryptocurrency give-away scams.

Musk then told ethereum’s Buterin to “stop giving away ETH.”

Musk has recently been embroiled in a row with the U.S. Securities and Exchange Commission (SEC) after he tweeted about his plans to take Tesla private last year, with the SEC then claiming that Musk violated an agreement by tweeting information Musk said had already been correctly relayed to investors.

On Friday, Musk and the SEC filed their amended settlement, which lists specific topics that Musk needs legal approval to tweet about. It does not contain anything about bitcoin or cryptocurrencies.

Following the agreement, Bloomberg’s Matt Levine wrote:

“If I were the SEC I would probably have pushed to add a requirement in the amended settlement to the effect of, if Musk is going to tweet a joke about Tesla, he has to add a smiley face or a “j/k” or a “lol” to the end of it. Again, this is an absolutely terrible rule for life, or comedy; it really kills the joke. And I can see why Musk would be concerned with the aesthetics of his Twitter comedy. But the SEC probably shouldn’t be!”

Musk’s latest cryptocurrency comments via Twitter could be a low-key dig at the SEC’s pursuit of him while scammers continue to plague Twitter with misleading impersonations of public figures.

bitcoin, bitcoin price, ethereum, Elon Musk, dogecoin, twitter image

Musk tweeted the word “etherum” without context.

Twitter / @elonmusk

The bitcoin price, which has been trapped in a long-running bear market over the last few months following a sudden sell-off in early November, exploded out the gates on at the beginning of April after slowly gathering pace throughout Marchconfirming much speculative data that a bitcoin bull run was imminent.

Musk surprised bitcoin and cryptocurrency watchers earlier this month by saying that the meme-based dogecoin is his “fav” cryptocurrency, even ahead of original cryptocurrency bitcoin, which he’s heaped praise on previously.

Musk, who has become known for his meme-ing Twitter account while running three major U.S. technology and engineering companies, was at this time responding to (another) tongue-in-cheek Twitter poll that found him to be the favorite to take on the mantle of dogecoin CEO, with 49% of the vote.

Musk beat off competition from ethereum co-founder and widely respected crypto developer Buterin, litecoin founder Charlie Lee, and Marshall Hayner, the chief executive of bitcoin and cryptocurrency blockchain payments processor Metal.

Earlier this year the bitcoin and cryptocurrency markets were enlivened by comments from two of the most closely-watched figures in the tech world: Tesla’s Musk and Twitter’s CEO Jack Dorsey.

bitcoin, bitcoin price, ethereum, elon musk, doge, chart

Despite a recent rally, the bitcoin price remains well under where it was most of last year.

CoinDesk

The bitcoin price failed to rally following Musk’s and Dorsey’s light praise of bitcoin and how cryptocurrencies will change the future of money—despite crypto media celebrating wholeheartedly.

While Jack Dorsey and Elon Musk have faintly suggested they see cryptocurrencies, and specifically bitcoin, as exciting new technologies that will likely change the world, neither seem particularly keen to lead the charge.

Musk, who last year got everyone fired up that he might be getting into bitcoin, has called bitcoin’s structure “quite brilliant”, adding “it bypasses currency controls … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

Speaking on the Ark Invest podcast in February, Musk said it’s “very energy intensive to create bitcoin at this point” and it may not be “a good use of Tesla’s resources to get involved in crypto.”

You can follow me on Twitter @billybambrough and read my other Forbes posts here

Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Move Over Bitcoin And Dogecoin, Elon Musk Is Tweeting About Ethereum

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Ethereum Surges 13% Overnight: is the Crypto Market En Route For a Strong Recovery?

The optimistic price movements of major crypto assets in the likes of Ethereum, EOS, Bitcoin Cash, and Binance Coin have come during a period in which the sentiment in the near-term performance of the crypto market has become noticeably gloomy. Full-Fledged Crypto Recovery a Possibility? On February 17, prior to the recent rally of the crypto market, a cryptocurrency trader with an online alias “Mayne” stated that investors cannot remain bear-biased solely based on the past performance of the market………

Source: Ethereum Surges 13% Overnight: is the Crypto Market En Route For a Strong Recovery?

Crypto Leaders at Ripple, Litecoin and Dogecoin React to Ongoing 51% Attack on Ethereum Classic | The Daily Hodl

The Ethereum Classic (ETC) blockchain is currently under a 51% attack.Coinbase says it has detected double spends that amount to 88,500 ETC, worth about $460,000. “On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Subsequent to this event, we detected 8 additional reorganizations that included double spends, totaling 88,500 ETC (~$460,000)”

Source: Crypto Leaders at Ripple, Litecoin and Dogecoin React to Ongoing 51% Attack on Ethereum Classic | The Daily Hodl

Ethereum Price Analysis: ETH Nosedived, More Declines Likely | NewsBTC

Yesterday, we saw a solid support near the $144-146 zone for ETH price against the US Dollar. The ETH/USD pair recently failed to break the $150-151 zone and a bearish trend line. It resulted in a sharp bearish reaction and the price declined below the $146 and $144 supports. Sellers gained control and pushed the price below the $130 level. There was even a close below the $130 level and the 100 hourly simple moving average. A low was formed near $122 and later the price started consolidating losses

Source: Ethereum Price Analysis: ETH Nosedived, More Declines Likely | NewsBTC

Ethereum Blockchain Processes Nearly 1,000 Digital Marriage Certificates for Nevada

The state of Nevada is turning to blockchain technology to help organize their records. Some counties in the northern part of the state are using the technology to store digital copies of birth certificates and marriage licenses. The Reno Gazette Journal reports that Washoe County has digitally processed and transmitted 950 marriage certificates to home computers and smartphones from April to December of 2018. Elko County is trying a similar technique with birth certificates.

Source: Ethereum Blockchain Processes Nearly 1,000 Digital Marriage Certificates for Nevada | The Daily Hodl

Report: Mining Ethereum with GPU Becomes Unprofitable – Julie Williams

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Mining cryptocurrencies, especially Ethereum (ETH), using a graphics processing unit (GPU) has been confirmed to yield little to no gain. This is according to a new report by CNBC on the 13th of November.

The slump in cryptocurrency mining is a resultant effect of the drastic fall in the price of Bitcoin in 2018. According to some estimates, Bitcoin also dropped to a point where it was not profitable to mine it anymore. Mining of Bitcoin or other altcoins such as Ethereum refers to a method through which a certain kind of blockchain rewards participants to maintain it by paying miners in coins generated from the blockchain. These cryptocurrencies are created through an energy-intensive process otherwise known as mining which utilities high computing power to solve complex mathematical equations. If the cost of producing these digital coins exceeds the reward, miners run at a loss. Also, mining equipment needs to be replaced regularly. This accounts for more than half the cost of mining.

There has been a decrease in profits from the mining of digital coins because of the protracted slump in crypto markets and declining network hashrates. According to an analysis by Susquehanna, the profit per month for mining Ethereum using GPU-based setups is now $0, down from almost $150 in July 2017. The analysis blames it on the fall in the price of Ethereum. Ethereum is currently trading at around $200, down from $1,350 in mid-January 2018.

Another issue is the declining hashrate of Ethereum. A lower hashrate translates to reduced opportunities for Ethereum miners to win block reward. Ethereum’s hashrate fell substantially in 2018.

The non-profitability of mining Ethereum is not just felt by miners, Nvidia, the maker of GPU is also affected. Nvidia has experienced a steady decline in sales as miners are no longer actively using GPU for cryptocurrency mining. CNBC reported that the chipmaker Nvidia’s revenue from the sale of GPU is down to $100 million and there is no sign that it will increase by the next quarter’s report.

Nvidia profited tremendously from the cryptocurrency boom late last year. This is because most miners relied on their graphics cards to mine cryptocurrency as it was a lucrative business at the time with the price of Bitcoin rising to about $20,000 last year and Ethereum rising by over 8,000 percent.

In addition to Ethereum mining losing its profitability, Bitcoin’s hashrate has plummeted this week. This is actually not a surprise as the hashrate of Bitcoin has plateaued for weeks. Earlier this year, Bitcoin had 61 exahashes per second, which is a record it set in August. Since then, it has dropped by 30% to 43 exahashes.

Cryptocurrency prices are going down. Bitcoin is now at its lowest price since October 2017 and other cryptocurrencies are also suffering a similar fate.

 

 

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