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Everything posted by richie

  1. Why do you think trading in a range is so difficult? In most scenarios, a range is built after a period of volatility and assets get hooked up in a range bound area of the chart after coming off a pump or a huge selloff. Why does this occur? Imagine the market is energy that requires electricity to move markets up and down. Like all other things, markets want to return to the equilibrium state. So this range bound area signifies the equilibrium or consolidation state. Crypto Trading Tips You have to take this as an emotional sport and see the need to manage your emotions. Below are some suggestions: Establish the range: On the top and bottom, you should find multiple horizontal touches What type of indicators functions well in a ranging market? Make use of Bollinger bands + Community Channel Index to identify overbought + oversold conditions. Having good understanding of the markets can range from long to short term periods. So there’s need for you to plan on where to place stops; this will help you maximize moves to either the upside or the downside. Draw possible paths on your chart using Fibonacci levels on what a realistic breakout will look like either to the upside or downside. Check the history to know how the asset moved out of a range and then plot it in the future. Ranging market will fill everywhere with dead bodies. People will get the timing wrong, will get wrong-footed and will get stopped out for losses. This is because, people refuse to listen to what they are being told by their indicators, rather they feed into the market’s psychology and rather than trade objectively, they do so emotionally. Avoid trading emotionally, most especially in a ranging market. During these consolidation periods, you hear twitter experts calling for a doomsday while others request a huge breakout. This period is characterized by volatility and lesser volumes so traders get impatient. This period you need to make use of the Jedi mentality and then place your trust on your indicators. You should only buy or sell when things get overbought or oversold and trust the indicators as well as the top and lower bound of the ranges. When the asset breaks out of this range, this tells you the target on when to trade.
  2. Recently, Binance coin (BNB) reached an all-time high (ATH) against Bitcoin (BTC) in the crypto markets. BNB's new ATH is valued at 0.0036626 BTC. Looking further into the USD value, BNB peaked at $15 and presently risen 20% in 24hours. Investors who purchased the dip on 15th December 2018 at $4.50 are now making about 300% in profits. Why BNB is ahead of others Late in November 2018, Ethereum World News gave some factors that could lead BNB to achieve market gains in 2019. Due to recent developments, a few have now been included in the list. Changpeng Zhao (CZ) has become one of the crypto exchange CEOs that interacts most. There is a discount when you pay your trading fees with BNB. 50% during the first year of operation, 25% in the second year (current discount), the third year, 12.5%; 6.25% in the fourth; and after that zero discounts. Using BNB to pay for goods and services. Creation of Binance chain, which will let BNB migrate from an ERC 20 token to the new blockchain. Incentives given to users to hold more BNB like increase in referral bonuses with more BNB held. Binance DEX testnet launch and a trading competition with prizes worth $100,000 slated to commence today (7th of March). Quarterly token burn to cut down the total supply to 100 million BNB from the 200 million distributed after the Binance ICO of 2017. The Blockchain Charity Foundation focused at making the giving process more transparent. SAFU – Secure Assets Funds for Users that will protect clients from glitches at the exchange, that might lead to financial damage. BNB used to support and invest in new projects on the Binance Launchpad. Fetch and BitTorrent have been successful after both sold out in less than 30 seconds. CZ’s recent AMA Expanding the points in the list above, CZ in a livestream on Periscope and Twitter answered countless questions directed at him by fans and investors. A good number of these questions were focused on the exchange's plans for the future. Below is a summary of CZ's responses. Made promises of regular AMA (Ask Me Anything) sessions with users. Delisting the tokens which is vital to keep the exchange's standards. Good projects has made the Binance Launchpad a success. The exchange will respond to 99% of customer trouble tickets in one day. Founders can create tokens on the Binance Chain Platform without stress. The decentralized nature of the Binance community that spans throughout the globe. BNB seen as the best ERC20 token outside prominent stablecoins. CZ, the Binance team, as well as Binance angels (volunteers) will be highly engaged with the community. Despite the bear market, the Binance team keeps building. Once the launch of the Mainnet takes place, 8 ERC20 tokens will migrate to the Binance Chain. Automatically, all projects will become Binance Partners, which means that all the exchange’s capabilities will be utilized. Advancement of the Trust Wallet which will definitely support all tokens launched on the Binance Chain.
  3. richie

    Confidential Transaction

    Confidential Transaction (in short CT) is a type of protocol that conceals both the amount of Litecoin you send and the LTC address of the recipient. Despite Litecoin's pseudonymous nature, it doesn't offer much privacy. With Chain analysis, Litecoin transactions as well as where previously spent, can be tracked as a result of its blockchain public nature. Litecoin's lack of privacy reduces its fungibility, potential and restrains its ability of being a censorship resistant exchange medium. Confidential Transaction helps look into issues found in the public blockchains. Confidential Transactions function by using a new address and a format. This format is made up of ecdh nonce, Pederson commitment and a scriptPubKey. The ecdh nonce is the key that opens the complete CT. It is used in communicating encrypted data to the recipient of the transaction so that they can get some knowledge about the blinding factor of the CT as well as the LTC transaction output. The Pederson commitment is the hash of the total output of LTC plus a binding key, Finally, the scriptPubKey is made up of the Confidential Transaction Address (CTA) and a mathematical condition that the LTC can only be spent if there is a proof with signature to the ownership of the address' private key. The CTA is the hash of a blinding key in addition to a regular LTC address. This blinding key conceals from the public blockchain, both the LTC amount and address. How does this work? Let's take for instance, Josephine has 2LTC in her address and intends sending 1LTC to Joe. She then takes Joe's LTC address, creates a blinding key and then hashes both together. This creates a Confidential Address. Although this will be reflected on the public ledger, just Josephine and Joe know about the CTA being tied to Joe's Litecoin address. Josephine then creates the CT and a Pederson commitment making use of the same blinding key and the 1LTC output, to conceal the amount of LTC she's sending to Joe. Just the both of them involved in the transaction can view the amount because they possess the public blinding key. Alice has it, simply because she created the key while Bob can access it with his LTC address' private key. Next, Josephine creates a scriptPubKey using the self-created CTA which she did using Joe's LTC address including a mathematical condition that the 1LTC can be spent if Joe can provide the exact signature to the address’ private key. Keeping Zero balance sums One of the major principles in Litecoin is that it addresses must keep a zero (0) balance sum. This means that the amount of LTC leaving an address must be the same as that sent to the address. However, due to the fact that CTs muddles amounts, it brings up two issues: First, it will be impossible to calculate the traditional way mining fee through subtraction and secondly, if the output from an address is the same as the input, it will be impossible to know the clients involved. The first issue is easily solved by the public sharing of the mining fee while the second is somehow more complicated, but can also be solved through Pederson commitments. Pederson Commitments Pederson commitment is homomorphic in nature, because it has a unique mathematical property. Homomorphism has to do with a structure preserving map between two algebraic structures. This works well with cryptography because it helps in hashing data and in the usage of basic algebra. With this, you can provide the information and still conceal the data used. CTs utilize Pederson Commitments' homomorphic property to make sure that LTC addresses keep the Zero balance sum.
  4. richie

    Lightning Network progress

    Current state of the network 6 months later: Channels multiplied to 20k+, Nodes at 5.5k+, and estimated at $2M.
  5. Maybe it's because of the fork but ETH has been oversold for a long time. Even bellow $200 is still a good deal. There is a lot of development going on recently, fork, preparation for ETH 2.0, and so on.
  6. We've witnessed low volatility over past couple of months and now here it is. Not so happy about it right? Bitcoin fell bellow 5k for the first time since last year and may be heading down some more. Some are speculating that bottom is the top of previous bubble others have other predictions. Where are we heading? Any price predictions, rumors,... anything that can help during this bear trend?
  7. Days after Ethereum's foundation co-founder, Vitalik Buterin talked about the "Serenity Protocol," in the presence of Devcon4's crowd of thousands, unveiled a draft whitepaper pertaining to CBC (Correct -By-Construction) Casper, which is aimed at solving the scalability issues of Ethereum through Proof of Stake (PoS). Although, this technical document is still in its infant stages, a good number of people see this progress as a great move towards the above mentioned project's ideology, which is to create a scalable, decentralized and efficient "world computer.” Ethereum launched officially in 2015, and initially it was seen as a open-source, decentralized and public platform that will make data processing and on-blockchain computing possible and for this reason, gained a lot of recognition from all areas of the cryptocurrency industry. Testifying to its quick rise to wide recognition, the Ethereum ecosystem's native asset, Ether quickly surpassed a good number of altcoins, situating itself firmly among the top 10 in the crypto market. But as Ethereum's ecosystem swelled, seeing a rapid increase of active users and daily transactions, it became so obvious that the proof of work (PoW) consensus mechanism of Ethereum wouldn't stand the test of time. The project's most dedicated contributors foresaw this looming issue which led some researchers and crypto-centric developers to dedicate some time to solve the network's greatest concern, which is scalability As discussions surrounding Ethereum’s blockchain scalability issues becomes more serious, leading researcher at the Ethereum Foundation, Vlad Zamfir, with three of his peers released a technical paper titled Introducing the Minimal CBC Casper Family of Consensus Protocols. The documents highlights a decentralized consensus mechanism and protocol called Casper Correct-By-Construction (CBC), which will make possible the implementation of efficient PoS system on the Ethereum network, which has been one of the project's main goals from the onset. NewsBTC reported some days ago that, Vitalik Buterin took to the Devcon4 stage to highlight serenity. According to Buterin, Serenity is a true realization of Casper, and at the end of the day move away from the to-be-implemented PoW/PoS hybrid model to a pure PoS mechanism. The protocol may end up facilitating pure PoS consensus, faster times to synchronous confirmation (8-16 seconds), economic finality (10-20 minutes),” and most importantly, a 1000x scalability upside which will most likely put an end to most short and mid-term scaling shortcomings of Ethereum.
  8. richie

    Coindesk market visualiser tool

    This tool Coindesk created for visualising specific cryptocurrency interest. https://www.coindesk.com/data
  9. richie

    List of ICOs scheduled for early 2019

    Me neither. Wait for SEC to shut down those that are currently "barely operating".
  10. richie

    What is your best financial quote?

    "The three big ones in life are wealth, health, and happiness. We pursue them in that order but their importance is in the reverse." - Naval
  11. Use this not as financial advice. After 10 years of rising stock prices we also need to take a look at how we can benefit from a bear market. We can all learn from it. A decline in the market should be a great financial gift if you can keep saving as well as investing. Either by reinvesting dividends or adding new savings, a bear market permits you to invest at lower prices. If you could pick from three possible stock market instances: In the first, the stock market rises steadily in a straight line for three decades. In the second instance, you face periodic bear markets over the three decades. In the third, for many years stocks remain in a specific position and then rallies strongly close to the end of the 30 year period. In the three instances stated above, the market averages ends at the same level, with the path taken to get there as the only difference. The best scenario out of all three is the third, because it gives you the opportunity to purchase stocks at lower prices, on average. The first scenario is the worst, while the second is somewhere in between. Buying stocks continuously and refusing to sell, will enable you to have more bear markets during your saving years, and the higher the probability of retiring with a larger nest egg. Our true risk tolerance can only be learnt by living through bear markets The celebrated 1940 book about Wall Street titled: "Where are the customer's yacht?" and written by Fred Schwed. In this book, he gave this passage to remember: "Like all of life's rich emotional experiences, the full flavor of losing important money cannot be conveyed by literature. You cannot convey to an inexperienced girl what it is truly like to be a wife and mother. There are certain things that cannot be adequately explained to a virgin by words or pictures." It’s difficult to tell before hand how you’ll feel and behave if you lose a large sum of money in the stock market. Your returns on investments made is largely dependent on your asset allocation. Taking more risks and allocating more to stocks, in the long run it will be transformed into greater returns. While investing, one important thing to note is to understand yourself, because we are our own worst enemy. The only way to discover the mix of stocks and bonds we are able to live with, is to live through a bear market. Bear markets puts an end to bull market foolishness. Asides higher stock prices that makes investing riskier, the euphoria that results sucks more people and more money into the market at a very wrong time. Perhaps, the only sure thing in investing is the market’s cyclical nature and human psychology. Optimism spreads like a disease. You may feel your decisions are made independently, but when the economy runs well and optimism is rampant, then it’s difficult to resist the herd mentality. This is exactly how we get wired. Your portfolio in the short run will definitely be dented by a bear market, but in the long run might save you even more – if only you are prevented from being a victim of future market euphoria and the risky behavior that occurs frequently.
  12. richie

    Cryptocurrency trusts that trade like stocks

    Why would they put such a new cryptocurrency like ETC in a trust? Plus it's a fork.
  13. richie

    Lightning Network progress

    Lightning network is worth little more than 110 BTC (that's more than $800k) on 10k channels.
  14. Holders of Litecoin will be very happy, after hearing that payments through the digital currency would be facilitated by LitePay. Litecoin Foundation secured a new strategic partnership along with TokenPay and both have reached an agreement to have a joint possession of German WEG Bank AB. Due to recent developments that saw 9.9% of WEG Bank acquired by the firm, TokenPay has become a popular name. The remaining 90% of the bank may yet be purchased by the firm immediately after regulatory approval. This new purchase will be in exchange for aid with marketing and development. Charlie Lee (Litecoin founder) will work with TokenPay to “implement many new additions to TokenPay’s suite of built-in product offerings”. He also said in an official release that: As regards the deal, Matthais von Hauff (CEO of WEG Bank) said that: Litecoin holders have embraced this news after being left burned by the sudden shutdown of LitePay earlier this year. The launch of this venture was tailored towards offering a debit card as well as a dedicated cryptocurrency wallet, which would have made it possible for customers to concert Litecoin to US dollars.
  15. richie

    Binance hack today - buying overpriced SYS

    Did he get his money back?
  16. richie

    HODL or SODL

    I think we might see sub $5000 as some people are tempting to buy there (therefore they might bring price down with themself, media, laws,...), one even at $3000. I would be happy to see BTC at $3000, because that's where the panic is exhausted.
  17. richie

    Someone Poisoned John McAfee

    Looks like a crypto jackass to me 😂 but I wish him best.
  18. In April, Bitcoin’s price rallied 33%, which led some investors to find their way. Bitcoin peaked in December 2017, at about $20,000 and its 70% crash that followed and the sustained bear market in cryptos led to the impatience of several. Investors especially those that bought when the price rallied six months ago. This has led crypto enthusiasts to advise each other to hold when markets sell-offs happen. Since December, when Bitcoin price peaked at $20,000, withdrawals from Coinbase has been on the rise when compared to deposits. According to data from Chime, customers of Coinbase have cashed out from the company more than they deposited in April. This happens to be the only month this has occurred, whereby withdrawals exceeds deposits. During this month, for every dollar deposited, $1.37 was withdrawn. In May, there was a slight change however, with deposits outweighing redemptions. This was analysed based on attitudes of over 500,000 active customers of Chime, most of which fell within the ages of 25 and 35 years, and therefore this sample cannot give a reliable estimate of the activity of Coinbase’s over 20 million users, but still the data has revealed that investors of this age group had a negative sentiment in April, a month when there was a rise in crypto price in contrast to selling in fear when the market plunges. This pattern also reveals how some crypto investors seek quick profits & who are not used to Bitcoin’s price swings. Chad Cascarilla (Paxos cofounder and CEO) said: While CEO of Coinbase, Brian Armstrong, in a tweet agreed that some investors have given up on cryptocurrencies due to the prolonged downturn, He said: However, we still have sellers who invested all their savings into Bitcoin, because they believed in it, and now are feeling the squeeze. The chain analysis study revealed that an additional $15 billion was sold to spectators by long-term holders in the first quarter of 2018. In retrospect, crypto investors who wanted to leave when the bounce in April happened, have become predictors. Bitcoin that traded at about $9,240 during the end of that month, has now dropped by 37%, to about $5,850, early Friday. Still, Chris Britt (CEO of Chime) noted that the overall money flow pattern explains the poor timing of investor’s market. He said:
  19. richie

    How to safeguard your bitcoins

    ...and encrypted? That's the best you can do aotm!
  20. richie

    Metamask masking window

    BTC Manager and Games Workshop were affected by this scam and if you see a fake MetaMask window on the page asking for user's seed phrases. Be careful if you see this window! More info: https://medium.com/metamask/new-phishing-strategy-becoming-common-1b1123837168
  21. Crypto facilities (a U.K based crypto futures exchange) launched on Friday 22nd June, Litecoin (LTC) derivatives contracts. Both short and long trading terms are offered by the new U.S dollar denominated contracts with weekly, monthly and quarterly maturities. Most importantly, as their underlying collateral, contracts are using Litecoin. Timo Schlaefer (CEO of Crypto Facilities) said that a decision regarding "strong client demand" has been made by the trading platform: LTC futures launch comes just a month after Crypto Facilities started offering to investors, Ethereum futures contracts coupled with its existing crypto derivatives based on Bitcoin and Ripple. Chris Concannon (President of CBOE Global Markets), earlier this month revealed that soon its platform could offer Ethereum futures, after a senior official at the U.S SEC gave positive news that under the U.S Law, Ethereum will not be regulated as a security.
  22. I didn't know there are so many in production already, but I'm sure there will be many more upgrades to the Ethereum in the future as it progress. Excellent explanation!
  23. On May 30th, OmiseGO (OMG) organized a holiday special AMA featuring Vitalik Buterin (Ethereum’s founder). He played GO game with OMG members and the entire session had lots of insights, but the aspect that stole the day was Buterin’s idea on Plasma and Sharding. Two great improvements (also described here) in the Ethereum blockchain that are presently being developed. According to Buterin, Presently, Ethereum’s blockchain can carry out 15 transactions every second. Noting the inefficiency and insufficiency of this, Buterin explained that, great efforts have been put in place by the Ethereum team, to solve what could be termed as a major setback to the further growth of Ethereum. Layer One - Sharding According to Vitalik Buterin, Sharding is a layer one scalability solution, developed to improve the existing Blockchain directly, thereby making it work more effectively. Presently, each node must process all transactions carried out on the Ethereum network. While this confirmation offers a high protection, this also tells that the blockchain itself can only be as quick as individual nodes-ignoring the combination of their components. On the other hand, Sharding explains a blockchain’s state, where there is a split in its network into smaller portions known as shards, with each possessing its own transaction history. Here, each node will only carry out transactions for certain shards, thereby permitting a greater total transactional throughput as all the work won’t be assigned to a single node. Layer Two - Plasma On the other hand, Plasma is designed to function as a layer two scalability solution, which on its own, doesn’t improve the blockchain. Instead, it creates a special construction already connected to an existing blockchain, thereby, providing a much greater throughput. Generally, Plasma functions as a solution that carries out off-chain transactions and depends on Ethereum’s underlying blockchain to ensure its security. Plasma can also be referred to as a “child-chain” which can run whole applications that features thousands of users with very little interaction between it and Ethereum’s main-chain. However, this “child-chain” will also have the ability to create its own personal “child-chains”, thereby creating countless branched blockchains that are all linked to the main-chain. Sub-chain operations can be carried out faster coupled with a reduced transaction fee because these operations won’t have to replicate across the whole main network. The idea of Plasma is to permit the handling of smart contracts by the Ethereum blockchain and broadcasting only transactions that have been completed. Both Layers are complimentary Vitalik Buterin also explained that the layer one and two solutions scalability improvements will end up multiplying each other. He then gave an illustration whereby Sharding led to a scalability increase in Ethereum by 100 and added that, it can even be greater than this. Buterin then explained that, when plasma is added on top of that, the network will do 100 times the number of exits, entrances and speed resolutions, which eventually leads to an improved number of users which can be handled by the system. Buterin playfully said: He was captured by a question asked by a user: “Will the OMG Network scale up to a million transactions even without sharding?” To this, Buterin replied confidently: “If it does, Sharding will scale it up to one hundred million.” As expected, a question arose whether or not it could be scaled up to a billion. Buterin replied that, provided all technological improvements are incorporated, physical barriers that could limit the number of transactions handled by Ethereum, will be very few.
  24. Making comparisons between various cryptocurrencies and internet’s growth are invariably drawn (including cryptocurrencies’ Netscape moment. However, there’s a need to test this comparison so we see exactly how far we’ve gone. What makes this comparison difficult? It is unrealistic to tell how many people make use of cryptocurrencies and how frequent they use it because: For people who are contended with their cryptocurrencies: They could make use of several wallets for different cryptocurrencies. For those who makes use of exchanges to secure their cryptocurrencies: 1 wallet address does not correspond to 1 user on the exchange. It’s also usual for exchanges to create a wallet address for each transaction. Therefore, the only way to have an idea of the number of people making use of cryptocurrencies is by approximations although measuring cryptocurrency user growth is critical for determining the cryptocurrency stage we currently are. In total, there are more than 25M Bitcoin wallet addresses. This doesn’t mean there are 25M Bitcoin users because one person can possess more than one wallet address. Asides looking at the number of wallets, we can also examine the number of active addresses daily. To smooth out this chart, the median value of active addresses each month was measured, and then plotted on a log scale: The highest number of active addresses we’ve seen daily was approximately 1.1M addresses — this is an approximation of active users making use of the Bitcoin network daily either by trading or anything else. On the other hand we have Ethereum which is a smart contract platform and there is a total of 35M Ethereum addresses with an approximate 1.3M daily active addresses on the Ethereum network. Usage should be much higher on Ethereum than on Bitcoin because Ethereum is not created with intention of a pure store of value. Also, users of both Bitcoin and Ethereum are not mutually exclusive; therefore one should assume a high correlation between the two cryptos. One way to estimate the growth of crypto users is to check through the exchanges themselves (both fiat-crypto and crypto-crypto exchanges). We know that number of users exponentially grew in 2017 by 5 fold. All trading volume went up from previous bubble at the end of 2013 from $100M up to almost $8B in January 2018. In addition, considering all exchanges with known trading volume and user counts, we can estimate each user’s trading volume. With this estimate, we can predict across all trading volume the estimated number of crypto users as a whole as 20.2M users. We can see this as the lower bound on the number of crypto users based on the number of people who trade & buy cryptos across all types of exchanges. With calculations we assume number of cryptocurrency users are around 30M worldwide. Comparison between the growth of internet users and cryptocurrency users The growth of the internet can be estimated, now that there is an evaluation on the number of cryptocurrency users in the world. It is actually getting quite close with the early days of the internet. A similar analysis comparing the number of crypto projects in the space to the number of websites in the early day internet. Taking into consideration all the DApps + the total number of cryptocurrencies & tokens. The growth trajectory of the number of websites is explained below. If we draw back to 1991-1995 in the growth of websites compared to 2014-2017 in the growth of crypto assets, we are at year 1994 on this comparison. We are still in 1994, even if there is a great increase in the numbers of cryptocurrencies, tokens and dApps users. If the core use-cases of cryptocurrencies is viewed as a new asset class then it would not be needed to assume cryptocurrencies to follow the same trajectory as the internet. If the core use-cases of cryptocurrencies is viewed as a platform for decentralized applications, then the dApps and users would be compared to the growth of internet users. The greatest analysis of the dApp future, which is the App usage, has not kept pace with the number of dApps being developed. From our view, we can see the use case of cryptocurrencies as an asset class has measurable user adoption and more proof points. The future of dApps is still too early to be measured, as a matter of fact websites grew slowly before 1995 and became exponential in the early 2000 just like dApps did the past year. We will see how big this market will become in the near future.
  25. richie

    51% attack

    Explanation 51% Attack is a special kind of hack that occurs when the blockchain’s authority of a given crypto is being controlled by a group of malicious miners. This form of online theft only takes place on a blockchain. To carry out a 51% attack, hackers need to take possession of more than half of the total hashrate in mining the network i.e. taking hold of a large percentage of user’s computing power that could be executed on a blockchain at any point in time. If successful, the hacker will have the authority to censor recorded data on the blockchain as well as enforce the blockchain to permit fraudulent blocks. After gaining 51% of authority of a particular crypto’s blockchain, hackers can then interfere with user’s payments, refusing to confirm their transactions as successful. A “double spend attack” is one form of a 51% attack. This means that, after interfering with transactions, these hackers will reverse transactions that were carried out initially by the user and then move the funds from those transactions to their personal wallets, leading to a double spending of coins from the initially planned account to the pocket of the hacker. Hackers, during the period of the attack, makes use of a large portion of the network’s computing power referred to as hashpower. This is done so as to be able to develop a new fork of the blockchain for the cryptocurrency in question. There will be a rapid increase of this newly created fork than that verified by the network giving them a passage way into utilizing the “double spend” technique. Since the hacker has now gained the blockchain’s authority, they transfer the funds into their personal accounts, forcing the blockchain to accept a new fork which they have created. There will be a disappearance of funds to the user’s intended account and then appearing in the hacker’s wallet, making it look like it was officially authorized. How to prevent it? Unfortunately, it is very easy to carry out a 51% attack against networks of cryptocurrencies, since “cloud mining” firms hires out hashpower and hackers can pay to be able to control a very high proportion of the blockchain. To avoid a 51% attack, all you need is to prevent it, and the only viable way to avoid such malicious attempts by hackers is to ensure resistance to high-end mining rigs coupled with ensuring a decentralized and varied base of miners. Recent findings have revealed that, contrary to our beliefs, cryptocurrency networks can be easily hacked.