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Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high.
The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network.
The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first.
How has the Ethereum network ground to a halt?
In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems.
Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln.
The total fee amount paid by cryptocurrency users over a week:
Historical Growth Chart for Ethereum Fees. Source
The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why.
Why have these problems emerged?
There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects.
Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users.
This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts.
Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems.
The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete.
2020 is the time for young innovative cryptocurrencies such as UMI.
UMI is the flagship of new-generation cryptocurrencies.
In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40.
But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments.
At the stage of network testing, an incredibly high capacity was achieved:
The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details
What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always.
A real-time speedometer displays the number of transactions processed by the UMI network per second. Link
Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time.
UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now!
Sincerely yours, UMI team
We are the Definity Labs. Decentralized Finance Leaders: We develop our own decentralized applications to better our community, while also keeping our community informed of the latest events happening in the DeFi ecosystem.submitted by Shudip_477 to DefinityLabs [link] [comments]
For our latest DAPP click on: INFINITY VEST
Ethereum’s Popularity Problem: Fees are SurgingBy Andy Boyan
There’s a common gripe among Ethereum users these days —gas is too damn high. Transaction fees are surging as Tether continues to move to the second-largest blockchain network.
Fees paid on the Ethereum network have surpassed 500 ETH every day since April 15, according to Etherscan. That’s the longest stretch since three months at the height of the latest crypto bubble, between December 2017 and March 2018. What’s more, total daily fees paid have breached 2,000 ETH three times in May, a level that’s been crossed a few dozen times in all of Ethereum’s five-year history. The average for the past week was at 1,700 ETH.
Image source: Etherscan
Tether (USDT) is the main culprit. Users have paid almost $1.4M in the past 30 days for using the stablecoin, according ETH Gas Station. Much of that activity is coming from exchange-to-exchange transfers, which signals arbitrage trading. There are also several ponzi scams that make up the top seven spots including noted pyramid scam MMM, which continues its long program of ponzi scheming.
Financial LayerWhile frustrating for end-users, higher fees are a sign the network is getting used as a financial settlement layer. Dexes and stablecoins account for about half of the top 25 projects.
Another positive: high fees are a sign Ethereum’s transition to proof-of-stake will be sustainable. Fees are higher than expected rewards for PoS validators, Vitalik Buterin said earlier this week. Building an attractive staking yield is critical to maintaining decentralized and robust network security, according to a March report by Delphi Digital.
Boost Miner is a fraudulent website due to the following reasons:-submitted by NewsOnlineIncome to u/NewsOnlineIncome [link] [comments]
# BoostMiner is a Ponzi scheme which is neither a legal nor a sustainable scheme. Legal authorities have already warned the general public to stay out of the Ponzi scheme due to its unsustainable nature. The majority of members will lose their money in Ponzi scheme and only a few ones who join the system at first will make some few bucks due to which you will find out few people who promote and support some Ponzi schemes.
# We can say Boost Miner is a Ponzi scheme because it doesn’t have any real source of income to pay profit to its members. It claims to pay up to 13% daily profit for 100 days (0.13 BTC per day for 1 BTC investment) on the investment amount of members by using the money of members in its so-called Bitcoin Mining Pool. But in reality, it is not mining any Bitcoin anywhere. It fails to provide the physical location and proof of its Bitcoin Mining Farm which proves it doesn’t have any real source of income and only can pay members by routing the money between the members which is not a sustainable business.
# All the Ponzi schemes like BoostMiner trick people by showing the real payment proofs because they pay few members at starting by routing the money between the members so that they can lure more people into their scheme by showing those payment proofs. However, it is practically not possible to pay all members in that way because when they pay one member, they need to use the money invested by other two members so that they can pay the principle and profit to that one member. But, whenever they pay members in that way, they will create a debt equal to the amount of profit that they use to pay the members. So, even Ponzi schemes like Boost Miner want to pay all members, they can’t because day by day the debt will be kept on increasing and they will not have enough fund to pay all members. That’s why Ponzi schemes like BoostMiner are illegal schemes.
BoostMiner also operates a Pyramid scheme which is another illegal scheme. If you want to know why is BoostMiner a Pyramid scheme, then you can check our detailed BoostMiner review by clicking this link:- https://de-reviews.com/boostmine
Boost Miner Review: BoostMiner fraud, not trustworthy
Bitcoinvester.biz, also known as Bitcoin Invester, is not a genuine website, instead, it is a fraudulent and untrustworthy website due to the following reasons:-submitted by NewsOnlineIncome to u/NewsOnlineIncome [link] [comments]
# Bitcoinvester is a Ponzi scheme which is neither a legal nor a sustainable scheme. Legal authorities have already warned the general public to stay out of the Ponzi scheme due to its unsustainable nature. The majority of members will lose their money in Ponzi scheme and only a few ones who join the system at first will make some few bucks due to which you will find out few people who promote and support some Ponzi schemes.
# We can say Bitcoinvester is a Ponzi scheme because it doesn’t have any real source of income to pay profit to its members. It claims to pay high profit like 30% profit hourly for 6 hours on the investment amount of members/affiliates by using the money of members in the cryptocurrency market. But, it fails to provide proof of the existence of its so-called investment in the cryptocurrency market, there’s no evidence on that. On top of that, none of the experts in the cryptocurrency market can guarantee to pay a 30% profit hourly. So, the business claim of Bitcoinvester doesn’t make any sense and proves itself to be a Ponzi scheme. This proves it doesn’t have any real source of income and only can pay members by routing the money between the members which is not a sustainable business.
# All the Ponzi schemes like Bitcoinvester trick people by showing the real payment proofs because they pay few members at starting by routing the money between the members so that they can lure more people into their scheme by showing those payment proofs. However, it is practically not possible to pay all members in that way because when they pay one member, they need to use the money invested by other two members so that they can pay the principle and profit to that one member. But, whenever they pay members in that way, they will create a debt equal to the amount of profit that they use to pay the members. So, even Ponzi schemes like Bitcoinvester want to pay all members they can’t because day by day the debt will be kept on increasing and they will not have enough fund to pay all members. That’s why Ponzi schemes like Bitcoinvester are illegal schemes.
# Bitcoinvester has tried to trick people by showing the company’s registration document registered from the UK Companies House in the name of BITCOIN INVESTMENT LTD. But, don’t fall for that trick. Lots of Ponzi schemes in the past had already turned into scams which were registered from the UK Companies House. Actually, it is very easy to register a company in the UK Companies House by providing the virtual address which you can rent from the virtual address provider services as well as by providing the third person identities. Even you can register a company in the UK Companies House without a big hassle. On top of that, such kind of registration is not the license to run an investment company like Bitcoinvester, but just a registration for the tax purpose. On the other hand, there is not any proof that proves BITCOIN INVESTMENT LTD is operating Bitcoinvester website.
Actually, Bitcoinvester is also a Pyramid scheme which is another illegal scheme. If you want to find out why is Bitcoinvester a Pyramid scheme, then you can check our detailed Bitcoinvester review by clicking this link:- https://de-reviews.com/bitcoinveste
Bitcoin Invester Review
I originally posted this here, and it was suggested that I make a separate text post for it.
The ponzicoins currently around (that I'm aware of) are:
- BCC Cash (note that this is different from Bitcoin Cash)
- Binary Coin
- Bitconnect X
- Bitglare Coin
- Falcon Coin
- Gold Reward Token
- Knox Coin
- Libra Coin
- Monetize Coin
- Secular Coin
- Stepium (actually a pyramid scheme)
- TEX Coin
- Thorn Coin
- Ucoin Cash
- Unix Coin
- USI Tech
- Western Coin
Note that the above coins are only ones that I think are ponzi schemes. There are many other scam coins out there, but I haven't included them here because many of them are controversial, so coming to a consensus on which are scams would be impossible, and because making this post was already a lot of work.
Below is a list of YouTubers (that I'm sure is far from comprehensive) who are/were promoting at least one of the above coins. Some of them have removed their videos since Bitconnect collapsed, and some continue to shill other coins listed above. The purpose of this list is to be aware of whose advice to be especially skeptical of, and ideally to avoid watching them altogether.
I'd also like to make a special shout out to coinmarketcap.com for advertising Bitconnect and possibly other coins listed above, and I'd like to thank the following Redditors for contributing to these lists:
- Aaron St. Hilaire
- Bit Junky
- Chiara Francica
- Craig Grant
- Crypto Chick
- Crypto Clover He was actually employed by bitconnect as a "national promoter."
- Crypto Collision
- Crypto Flower
- Crypto For The People
- Crypto Girl
- Crypto Gnome
- Crypto Jay
- Crypto Kirby
- Crypto Nick
- Daniil Dimitrov
- DJ Naydee
- Dr. Roy Murphy Channel1 and Channel2
- Electric Crypto
- ENGINEERED TRUTH
- Epic Bits
- Goose Tech
- Jeffrey Crypto
- Jeti Knight
- Jimi the Hobo
- Lenka Cryptogirl
- Matty Crypto
- Michael Crypto
- m0E TV
- PassiveIncome Cryptocurrency
- Rhyno M
- Ryan Berkness
- Ryan Hildreth
- sunny decree
- Tanner J Fox
- TEAM US CRYPTO BALLER
- The Bitcoin Party
- Trevon James
AllForTheGains, Antranik, arse_nal666, BamboozleVictim, Batman_MD, DemarcoFC, Furples, GuessParryGod, infinityplus0ne, jckwho, Kl4n, KnifeOfPi2, lailide, LordGriffiths, Miqote_Menstruation, mscohe01, omegaape, presstab, Seriously2much, Sitchu, sToRmRaDe, TheSuspiria, theyork2000, Too_Trill_To_Fail
More contributions are also welcome!
P.S. Somebody actually got a Bitconnect tattoo!
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