ETH connected with MLM while Bitcoin losing on marketcap share
As per the latest figure on coinmarketcap, the total market capitalization of all cryptocurrency reaches 26 billion USD this morning. Dash sets all time high against btc and takes the 3rd position on the market cap board. On the other hand, bitcoin market dominance dropped to a record low at around 77%.
Is this another classic pump and dump trick? Probably not.
ETH could have been utilized by pyramid scheme, according to the latest statement from Yunbi. They will freeze any suspicious account linked to MLM address for up to 30 days. The statement reads:
Recently, some of the platform use ETH to do pyramid schemes. In order to comply with the AML policy of PBoC, Yunbi will reinforce ETH withdrawal inspection. Yunbi has the responsibility to freeze the suspicious users account and report the materials to the regulation administration.
YUNBI will strictly comply with the AML policy and work with regulation department to strike the illegal assets using the blockchain to escape oversea.
It’s not the first time that ETH has been linked to pyramid schemes, but it ‘s the first time that exchanges halted ETH withdrawal using this as excuse. Some evidence could be found here, subforum of Yunbi on 8btc.
Meanwhile, the size of mempool of bitcoin is slowly dropping while a top-upvoted reddit post on Ethereum :
Coinbase will no longer pay for miner fees. People will soon find out how expensive it is to use bitcoin instead of eth!
Bitcoin is still haunted by the war between CORE and BU. All of the meetups, debates and political mediation seems to be of no effect. With the recent malleability attack launched by bitclub pool, the divergence now escalates to a new level with the latest statement from Jihan Wu, CEO of Bitmain.
As disclosed by Jihan Wu , the malleability attack launched by Bitclub was actually the work of a member of CORE devs.
“Bitclub launched malleability attack on the network. It’s learned that the owner of Bitclub neither was informed nor authorized prior to the attack. Bitclub is managed by one of the core devs. The filthy attack will be a very important event in the defeat of the totalitarian group who are supportintg small blocks. “
Jihan Wu comments on bitclub malleability attack (weibo screenshot)
The next day, Jihan expressed firm support on BU and implied hardfork to implement onchain scaling.
“Antpool express support to on-chain scaling by switching to Bitcoin Unlimited but is still open to other scaling solutions. Meanwhile, even most of hashrate switches to BU, hardfork is not going to happen within a short while. The hardfork requires intensive coordination between miners and the whole ecosystem.”
The statement was reposted by Wu Gang, founder of Haobtc, with the following comment:
“Bitcoin is the blockchain with the most hashrate. The network is secured by the majority of hashrate. It doesn’t matter what clients we are using.”
As some 8btc user puts , the “BU party” faces criticism from the node crash and should review the code quality. The slow progress of bitcoin scaling has pushed the transaction fee to an unprecedented 1 USD/tx on average.