Crypto News Summarized: Ethereum Classic Gets 51% Attacked + Massive Short Squeeze Sends Chainlink Up 52% + Co-Founders of $100 Million USD Status Network ICO Disappears + List of 19 Coins Coinbase is Exploring to List on Their Exchange

over 3 years ago

I don't like to spend much time on mundane matters. Rest of the world on the other hand seems to be very much involved with the superficial fluff. As person who's entire portfolio is in cryptocurrency with not much net worth left other than some clothes and my devices while living under my parent's roof, I have bit of an incentive to keep an eye on the cryptocurrency markets and ecosystems. I come across important matters while browsing and I though of saving you some valuable time by summarizing few of the most important news I have come across.

Ethereum Classic Got 51% Attacked

Approximately $5.6 million worth ETC got double spent
17.5 Bitcoins were spent on renting hashpower Nicehash
That's about 2800% ROI from the attack
The attacker had no sunk cost as he rented instead of buying mining equipment
The attack was not detected for several days as a result of intricate planning and knowledge of the Ethereum Classic protocol
Bitquery believes that the wallet may be hosted on either OKEx or one of the exchange’s affiliated companies
ETC is still worth $651,851,641

Compare these numbers with what went down with STEEM DPoS blockchain. There is no way to attack the chain without having a significant sunk cost. You cannot simply lease some SP/HP and attack the chain. With the new changes to HIVE it is going to take 30 days after powering up for the HP to get counted for governance. ETC is ranked #28 and HIVE is ranked #102 in marketcap according to @coingecko

Massive Short Squeeze Prompts Chainlink (LINK) Price to Rally 52%

I have liked the Chainlink project since the early days. I was not betting on the project to be #6 in marketcap. Short squeezes are a powerful market force that can deliver massive gains or great calamity to your portfolio.

A short squeeze occurs when a stock or other asset jumps sharply higher, forcing traders who had bet that its price would fall, to buy it in order to forestall even greater losses. Their scramble to buy only adds to the upward pressure on the stock's price.

Investopedia

There was a massive number of traders shorting Chainlink
Even if there are reasons to short, it's not a wise move when the whole market could be going down anyways
Zeus Capital was a prominent short seller

Co-Founders of Status Network Disappears

The ICO raised $100 million
Status is a real project with a working product to show
The link to iOS app
The link to Android appwith over 100K downloads
They are being sued for selling an unregistered "security" even though the funds were raised callink SNT a “utility network token”
I consider this a moment where government bureaucracies are the problem
__If it wasn't for the lawsuits, the co-founders