The Ethereum network burned more than 710,000 ETH, equivalent to more than USD 2.5 billion, thus heading towards deflation. The burn of Ether until October 31^st amounted to 702,886, but it started on August 5^th when the London hard fork update occurred.

The Ethereum network implemented the London hard fork update nearly three months ago. After that, the burn of more than 710,000 ETH, equivalent to more than USD 2.5 billion, has occurred.

On October 31^st, journalist Wu Blockchain said via Twitter that the burn amounted to 697,591 ETH, more than USD 3 billion.

A report from OKlink indicates that the current burning rate on the Ethereum network is around 5 ETH/min. Meanwhile, the average burning value of a single block remains above 1.1 ETH.

Besides, the current annual supply of Ether is 5 million units, so the current burning rate involves more than 50% of the new amount available. If ETH 1.0 and ETH 2.0 merge successfully, the cryptocurrency will move towards deflation.

According to Dune Analytics, the Burn Amounts to More Than 710,000 ETH

Data from Dune Analytics indicates that the burn of Ether until October 31^st amounted to 702,886. However, the burning had started on August 5^th, when the Ethereum network implemented the London hard fork update and the EIP-1559.

At the time, the London hard fork included five different changes, of which the most transformative were the EIP-1559 and the EIP-3554.

The main burner is OpenSea’s NTF (non-fungible token) market, which burned more than 91,865 ETH. However, the third-largest is Uniswap V2, which destroyed 53,133 ETH.

The Ethereum Network Implements the New Altair Update

Ethereum recently implemented the Altair update to smooth the consensus process from Proof of Work (PoW) to Proof of Stake (PoS).

The Ethereum 2.0 Altair Beacon Chain started with the update of 98.7% of its nodes at the time. That event marked a step towards the merger between ETH 1.0 and ETH 2.0.

Tim Beiko, a developer of Ethereum, said the network is on its way to becoming a much faster, safer, more efficient, and more ecological blockchain. Besides, the Altair update is a crucial part of that transformation and evolution process.

He stated that Altair would allow developers to test new functions on the network. In that way, they would contribute to ensuring the merger between Ethereum 1.0 and Ethereum 2.0.

The Price of Ether Will Continue Rising, Experts Say

The predictions about the price of Ether usually depend on the staking of ETH 2.0 and the reduction of available supply. For that reason, many users of the cryptocurrency consider that its price at USD 5,000 is programmed.

Ethereum traders have expressed optimism about the cryptocurrency, which has not weakened even after the 9.5% correction it recently suffered.

A recent report from Finder reveals that 50 experts in financial technology expect the price of Ether to reach USD 5,114 in late 2021. They predict that the value of the second-largest cryptocurrency on the market will hit USD 50,788 at the end of 2030.

The price of Ether recently reached a new all-time high above USD 4,500, after rising by 4.01% in 24 hours. The cryptocurrency is trading at around USD 4,505 and has accumulated a 2.2% profit in the last week, according to CoinGecko.

By Alexander Salazar

An organized criminal gang stole millions of euros worth of Bitcoin from the founder of Tuenti. The attack included torturing the businessman until he handed over the password to his wallet.

An organized criminal gang recently robbed Zaryn Dentzel, founder of the Spanish social network Tuenti, at his house in Spain. The men stole millions of euros worth of Bitcoin from the businessman. The victim, who kept part of his fortune in that cryptocurrency, reported the theft to the Federal Police after suffering torture for hours.

The criminal act, which occurred in early November, not only consisted of the multi-million-euro robbery. Dentzel also testified before the police that the gangsters also attempted kidnapping him. After several violent events, the attackers managed to get him to give them the password to his Bitcoin wallet.

Besides Dentzel’s Bitcoin, the criminals also stole several laptops, a cell phone, and a tablet that he had with him. All that happened inside the apartment that the entrepreneur has in downtown Madrid.

The Gangsters Torture Him Until He Hands Over His Bitcoin Holdings

Zaryn Dentzel was at home with a friend and a maintenance worker when the doorbell rang. Once he opened the door, four masked people violently entered his apartment and immediately covered the security cameras.

Then, they began torturing him so that he would hand over his Bitcoin fortune, said Dentzel. They hit him and gave him electric shocks with a laser gun, among other types of cruelty. As he refused to give up his money, they even scratched his chest, which the Federal Police could verify.

After the criminals had tortured and threatened him for some hours, the businessman gave them the password to his Bitcoin wallet. Immediately after, they fled with some of his technological equipment.

A neighbor alerted the police after having heard some screams coming from inside Dentzel’s apartment. However, the officers did not arrive until the gangsters had already escaped. While making the complaint, several neighbors stated that they saw a group of masked men run away.

The founder of Tuenti described the criminals as Eastern Europeans, according to the Federal Police of Spain. They are still investigating that cryptocurrency-related armed robbery.

There Is Another Cryptocurrency-Related Armed Robbery in Spain

Another cryptocurrency-related case of armed robbery had occurred in Barcelona, Spain. On that occasion, a politician pretended to be a policeman to steal money from some Bitcoin users.

Eduard Beltrán, a Spanish counselor, went to jail after committing a fraud related to cryptocurrencies at gunpoint. Although the official did not hurt anyone, the police could verify that the weapon was loaded. The attack, still under investigation, also involved the theft of cash, three cell phones, and a vehicle.

The police force did not want to provide further details until the investigation ended, but a local media outlet could gather information about the accused and the events. The criminal act draws media attention since a political member of the Party of Socialists of Catalonia (PSC) performed it.

By Alexander Salazar

Snowden said he agreed with people buying garbage but was concerned about those who mortgage the farm to buy SHIB. He stated that people should not invest their money in a clone of dog money because a meme said they could become rich.

Edward Joseph Snowden, a former CIA informant, and employee, recently expressed his opinion about Shiba Inu (SHIB). He said he agreed with people buying garbage but was concerned about those who could mortgage the farm to buy the meme cryptocurrency.

However, Snowden praised Bitcoin, saying that he is happy with El Salvador’s decision to recognize the cryptocurrency as legal tender. He stated that there is now pressure on competing nations to acquire Bitcoin even as a store-of-value asset. He also explained that its design massively incentivized early adoption, for which those arriving late might regret doubting.

Anonymous developer Ryoshi was in charge of creating Shiba Inu in August 2020. He wrote in its White Paper that SHIB was an experiment in building a decentralized spontaneous community. He noted that it was an ERC20 token based on Ethereum.

The value of Shiba Inu recently increased by more than 850%, thus reaching a market capitalization close to USD 38.5 billion. In that way, it occupies the 9^th position in the cryptocurrency ranking preceding Dogecoin.

Relevant Facts about Edward Snowden

Former analyst of the Central Intelligence Agency (CIA) and the National Security Agency (NSA), Snowden, was born on June 21^st, 1983. The American justice is pursuing him because he revealed espionage programs of national and global scope. For that reason, the former official decided to look for asylum in Russia.

In June 2013, Snowden published documents about various NSA programs classified as top secret via The Guardian and The Washington Post newspapers.

The Former CIA Analyst Speaks Against Shiba Inu

Snowden expressed on Twitter his concern about Shiba Inu, stating that people should not invest their money in a clone of dog money. He said they should not risk their savings on a new dog because a meme said they could become rich.

He warned people to carefully consider their chances of outsmarting a market that sells for them. He highlighted that it is not even dog money but a CLONE of dog money.

Edward Snowden joined the critics who have raised the alarm about Shiba Inu. They included renowned investor Anthony Pompliano, who labeled Shiba Inu as dog poop, stating it was a scam.

Pompliano expressed that there is absolutely no reason why someone should have Shiba Inu. He said the only exception would be that its price can rise when other people buy it. He said there was no development activity or underlying value, restating that it was dog poop.

The Shiba Community Is Not Happy about Snowden

Shiba Inu holders quickly responded to Edward Snowden, expressing their disagreement with his opinion about the token.

The leader of the Shiba project, Shyoshi Kusama, expressed that he never trusted him since the NSA is not far from Snowden Parkway. Another follower commented that Snowden is angry because those US dollars did not go to BTC.

There are more similar comments that state that he is just jealous. Others described him as a Bitcoin maximalist that wants the investments in cryptocurrencies to flow into BTC.

To conclude, Snowden told them that they might need to reduce the size of their positions if they were angry about his tweet.

By Alexander Salazar

The agency has allowed ETPs and ETFs based on Bitcoin and Ethereum and expects to include more cryptocurrencies. Jane Hume highlighted that the Australian government has no problem with crypto assets, but she warned about the risks of that volatile market.

The Australian Securities and Investments Commission (ASIC) recently responded to many inquiries about cryptocurrency-based exchange-traded products (ETPs). The Australian regulatory institution released the regulatory requirements for those funds wanting to offer cryptocurrency ETPs and ETFs.

The official guide indicates that the ASIC has allowed ETPs and ETFs based on cryptocurrencies such as Bitcoin and Ethereum. That agency expects more cryptocurrency-linked digital assets to serve as a foundation for new ETPs and ETFs.

According to the ASIC, Bitcoin and Ethereum will meet five factors to determine the appropriate underlying assets for an ETP and ETF in October.

The guide states that crypto assets must receive a high level of institutional support to become a suitable foundation for an ETF. It also mentions that they need a robust spot market, a regulated futures market, reputable and experienced service providers, and transparent price mechanisms.

Licensed exchanges must assess whether the issuer of an application for a cryptocurrency ETF can meet its obligations concerning the product. These would include providing safe and secure custody, as well as the ownership of relevant licenses.

Australian traditional ETF provider BetaShares is preparing to launch a cryptocurrency ETF. The BetaShares cryptocurrency ETF will go public on the Australian Stock Exchange under the code CRYP.

The Adoption of Bitcoin and Other Cryptocurrencies in Australia

Not long before that, Australian fund manager Cosmos Asset Management debuted with an ETF linked to cryptocurrency mining. The Cosmos Global Digital Miners Access ETF began trading under the name DIGA.

In January, the Australian Senator and Minister for Financial Services, Jane Hume, has highlighted that the Australian government has no problem with people investing in cryptocurrencies. She also shared an optimistic view on crypto assets such as Bitcoin, but she warned about the risks of that volatile market.

Australia currently has the third-largest volume of cryptocurrencies, with 17.8% of the total market. Twenty percent of Australians own a cryptocurrency, of which the most popular is Bitcoin.

The Wave of ETFs Is Just Starting in the United States

VanEck recently announced the launch of the third ETF of the United States but postponed it until November 5th. However, they recently confirmed that it would take place next week.

The launch of ETFs in the United States is just starting, and there are about 19 applications with the SEC waiting for approval.

There have been more than 40 new Bitcoin ETF applications with the SEC so far. Therefore, the fourth quarter could set a record for a significant addition of Bitcoin to traditional finance.

On August 3rd, the president of the SEC, Gary Gensler, made a statement that led to proposals for ETFs based on Bitcoin futures. He said that they could approve Bitcoin ETF associated with futures contracts but under strict mutual fund rules.

By Alexander Salazar

Thirteen years after the appearance of the Bitcoin white paper, its technology seems more invulnerable. Hacking Bitcoin could take 30,000 years or a cost of USD 2.2 million per hour.

The Bitcoin white paper teaches how difficult it would be to scam the network still valid thirteen years after its appearance. Besides, the network of Bitcoin miners grows every day, which makes the simple idea of hacking the system increasingly absurd.

Satoshi Nakamoto did not rule out the possibility of attackers wanting to scam the system. He stated that there is always someone greedy who wants most of the cake.

In 2009, when Bitcoin was only worth a few pennies, the network only connected a handful of computers. When the Bitcoin consensus rules were in the writing process, a computer sneeze from a hacker could have caused problems.

However, those rules contributed to making people use their effort and computers to achieve a common goal. The Bitcoin network has become more secure as its cryptocurrency has increased in value.

Rules of the Bitcoin Game Shatter the Hopes of Attackers

A scam or a transaction exchange would not allow a greedy hacker to make more money than honestly mining Bitcoin. It would be too costly – USD 2.2 million per hour – to secretly remake the blockchain through proof of work (PoW).

The cybercriminal would need many computers or Bitcoin mining devices to fool most miners working on the network. For example, the attacker would have to resort to a 51% attack to censor others’ transactions or reverse his transactions, thus creating double spending.

The Odds Are Against a Hack on Bitcoin

The growth in the block history above the transactions hackers want to modify reduces the chances of cheating the network of miners. Furthermore, a hacker could only change his latest operations secretly. The other nodes would never accept a history of new transactions not matching the one in his record.

That is so unlikely that Satoshi Nakamoto compared that delusional expectation to the statistical concept of gambler’s ruin. Someone who persists in playing a game with a deficit will eventually go broke even though he has unlimited credit.

Regardless of how hard a cybercriminal tries, the chances of succeeding using the Bitcoin software are slim. He will unlikely manage to secretly replicate a blockchain and replace it with a public one.

The Bitcoin white paper mathematically demonstrates the progressively declining fortune of those attempting to hack Bitcoin. In other words, the document that Satoshi Nakamoto wrote shows no compassion for anyone, without exception.

Nothing Is Random on the Bitcoin Network

Some hypothetical conditions might not fall into the definition of hacking. However, Bitcoin is prepared to prevent someone from trying to take advantage of it. For example, if two miners add blocks to the chain with identical transactions, those spread in a shorter time will be the only valid ones.

Most nodes would start to discard repeated transactions before mining the next block. Bitcoin chooses the longest chain or the one with the most proof of work as the true one, thus avoiding any double spending.

Each hacking attempt has a high economic cost, many odds against them, and complex cryptographic processes. Those factors, among others, should serve to deter hackers, as the rigorous Bitcoin white paper indicates.

By Alexander Salazar