Ethereum Miners unite with a #ShowofForce in collaboration with Ethereum Genesys Fork
IBC’s Khurram Shroff has joined the board of Ethereum Genesys Foundation as a show of commitment to preserve the decentralized nature of Blockchain. Ethereum has escalated ETH 2.0 merge, as Ethereum GENESYS plans a Mining Fork of Ethereum, in a move to save Miners from Quick Merge, and enable Defi and NFTs. Gregory Prekupec, Founder and Director of Ethereum Genesys, and noted Canadian Blockchain technology lawyer, has pledged support to the Ethereum Genesys Foundation. This multiple backing of Ethereum Genesys could turbo-charge the global use of ETG, and save Proof of Work Ethereum miners.
TORONTO, ON / ACCESSWIRE / March 22, 2021 / In a move to save the Proof of Work model of Blockchain, as well as Ethereum Miners globally, noted Canadian Blockchain technology lawyer, Gregory Prekupec, has pledged support to the Ethereum Genesys Foundation and Ethermine pool, to oppose EIP1559. An avid supporter of Ethereum 2.0, Gregory was instrumental in ETH 2.0 achieving its threshold. In light of these developments, Gregory has now switched sides to Ethereum Genesys to support the Ethereum Proof of Work Blockchain Maple Fork.
Last week, Michael Carter, author of Ethereum Improvement Proposal (EIP) 3368, called out the Ethereum Foundation on the YouTube channel “Bits Be Trippin”. EIP 3368 introduces the idea of increasing block rewards from two to three Ether, with a gradual decay to one Ether, over a period of two years. Carter is a prominent figurehead in the backlash against EIP 1559, which intends to reform Ethereum miners' fee structure, by burning the majority of fees. Its opponents point out that EIP 1559 will only take away tx fees going to miners, but will do nothing to reduce gas fees and block congestion.
The changes proposed by EIP 1559 will lead to a significant drop in miners' revenue, and eventual death upon the Quick Merge. Regardless of the opposition, EIP 1559 is scheduled to be rolled out in the London hard fork in July 2021.
Story continues
IBC Group was recently approached by Ethereum Genesys Founding team who wanted to save the Proof of Work Blockchain, for which the support was given in response to the ‘Quick Merge', and the Chairman of IBC Group Khurram Shroff joined the board of Ethereum Genesys, as a founder. Additionally, Toronto based Media Expert, Carmelia Ray has also joined as a Founder and the Official Spokesperson of the Ethereum Genesys Foundation.
The Proof of Stake model, which has characterized Ethereum 2.0 since its launch, is unlike the Proof of Work Blockchain traditionally associated with cryptocurrencies. While Proof of Stake Blockchain avoids the enormous energy consumption of the Proof of Work model, it introduces new challenges. Proof of Stake Validators have centralized power for securing and validating transactions in the hands of the Big 3 cloud computing providers - Amazon, Google, and Microsoft. Although the EF encourages stakers to Stake at home, in reality, many are discouraged by the potential loss of revenue because of downtime, due to loss of power or internet connectivity.
The existing Proof of Work Blockchain is secured in more than 150 countries, with a decentralized network of over 350,000 miners, and the centralization of power in the Proof of Stake model has been unpopular in several sections of the crypto community.
As per Ethereum miner Clifford Griffith, “It’s a slap in the face for all the miners and developers around the globe who have secured the Ethereum Proof of Work Blockchain to date”.
“There is a massive difference in the energy consumption required for Ethereum mining and Bitcoin mining”, Earl Mai, Founder Ethereum Genesys, pointed out. “The Hash rate and computing power, coupled with world-class hardware design have enabled unprecedented efficiency capabilities”.
“We are shocked at the subjective moral judgments of the Ethereum Foundation, and their decision to shard the Proof of Work Blockchain, upon the completion of Phase 2 of the Proof of Stake Blockchain, and now we hear talk of the Quick Merge”, added Imram Siddiqui, CEO of HeTH Data Centers.
Ethereum Genesys plans a hard fork of the Ethereum Blockchain in partnership with #ShowofForce, on April 15st, 2021 at 16:20 pm EST., with the sole purpose of saving the Proof of Work Blockchain. The roadmap for this move includes fixing neglected EIP Flaws, reducing gas fees to near zero, and enabling micropayments, through DEFI, Dapps, and NFTs.
“We are the people’s Blockchain and we do not want to put our trust in financial fatcats, to secure our blockchain”, said Dwain Pereira, Founder of the Ethereum Genesys project, underscoring the need to resist the move to shard the Proof of Work Blockchain. “The barrier of entry, to help secure the network via mining, is much smaller for average folk compared to Proof of Stake, which requires 32ETH”.
In a document titled “Quick merge via fork choice change”, Vitalik Buterin describes how Ethereum can perform a “quick merge”, by rapidly moving from Proof of Work to Proof of Stake, with limited changes required to Ethereum clients. In effect, this move would kill the Proof of Work Blockchain. The Ethereum mining community has responded with a commitment to the Show of Force, and the fork, planned by Ethereum Genesys.
Dissatisfaction, with the proposed shift to the Proof of Stake model, is being further exacerbated by a continued increase in Ethereum fees. The EIP-1559 fee overhaul has been scheduled for July 2021, and some estimates have miners losing as much as half their profits, as a result. In response, a group of Ethereum miners is now planning to come together for a 51-hour long show of force, on April 1, 2021. The miners will direct their hash rate to the 1559-opposed pool Ethermine, during this protest, hoping to harness more than 51% of the hash rate on Ethermine pool, which is publically opposed to EIP1559. This would be sufficient mining power to make changes to the network’s protocol.
“Centralizing power, in the hands of a few big fish, runs contrary to the ethos of crypto”, said Khurram Shroff. “The emergence of Big Tech giants, as the third party intermediaries that validate transactions, undermines the most exciting possibilities that Blockchain enables. Joining the board of the Ethereum Genesys Foundation is proof of our commitment to preserving the decentralized nature of Blockchain, which we see as the key to its identity”, he added.
About Gregory Prekupec
Founder of Ethereum Genesys, Gregory Prekupec’s practice is grounded on a strong corporate law foundation from which he has gained significant experience in blockchain. He advises his client corporations on in-depth contractual and transactional work, as well as taking care of his client’s corporate structuring and organizational needs as they grow and develop.
https://www.linkedin.com/in/gregorymprekupec/
About Khurram Shroff
Crypto Whale Khurram Shroff, whose IBC group holds investments in over 4000 blockchain projects, has been an ardent champion of Blockchain and was also instrumental in the recent Proof of Stake launch of Ethereum 2.0, through an investment of 100,000 Ether. He is the Chairman of IBC Group, which is a substantial Global Real Estate and Tech investment company, that recently transferred their headquarters to Toronto, Canada.
https://www.linkedin.com/in/khurramshroff/
About Ethermine Pool
Ethermine is the World’s highest performing Ethereum mining Pool, headquartered out of Austria. Recently a group of Ethereum miners planned to come together for a 51-hour long #ShowOfForce, on April 1, 2021. The miners will direct their hash rate to the 1559-opposed pool Ethermine, during this protest, to harness more than 51% of the hash rate. This would be sufficient mining power to make changes to the network’s protocol.
About Ethereum Genesys
Ethereum Genesys is “The People’s Blockchain”. ETG is on a mission to continue the Ethereum Proof of Work chain. Supporting over 350,000+ miners globally and on track to offer negligible fees to encourage native chain micropayments and smart contract interactions, to enable the world of DeFI, DaPPs, and NFTs. Ethereum Genesys plans a mining fork of the Ethereum in partnership with #ShowofForce on April 1st, 2021 at 4:20 pm E.T with the sole purpose to save the Proof of Work Blockchain and enable a platform for the future. https://www.ethereumgenesys.org/
About Carmelia Ray
Media Spokesperson - Ethereum Genesys
Mobile: 647-928-6824
Toll Free: 1-855-321-LOVE (5683)
Email: carmeliaray@gmail.com
For more information or interviews please contact:
Neha Kaul, Your Wordsmiths - Content & PR
0504507068
SOURCE: IBC Group
View source version on accesswire.com:
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 23rd, 2021
Ethereum
Ethereum slid by 5.78% on Monday. Following on from a 1.22% loss on Sunday, Ethereum ended the day at $1,681.02.
A bearish start to the day saw Ethereum slide to an early morning low $1,754.25 before finding support.
Steering clear of the first major support level at $1,749, Ethereum struck a late morning intraday high $1,806.39.
Falling short of the first major resistance level at $1,819, Ethereum tumbled to a late intraday low $1,657.17.
Ethereum fell through the first major support level at $1,749 and the second major support level at $1,713.
Steering clear of the third major support level at $1,643, Ethereum revisited $1,700 levels before ending the day at sub-$1,700.
At the time of writing, Ethereum was down by 0.18% to $1,678.04. A mixed start to the day saw Ethereum rise to an early morning high $1,686.26 before falling to a low $1,668.54.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the pivot level at $1,715 to support a run at the first major resistance level at $1,773.
Support from the broader market would be needed, however, for Ethereum to break out from $1,750 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $1,806.39 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,864.
Failure to move through the $1,715 pivot would bring the first major support level at $1,623 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579 and the second major support level at $1,566.
Looking at the Technical Indicators
First Major Support Level: $1,623
Pivot Level: $1,715
First Major Resistance Level: $1,773
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin slid by 5.07% on Monday. Following a 2.31% decline on Sunday, Litecoin ended the day at $185.70.
Story continues
A bearish start to the day saw Litecoin slide to an early morning low $190.12 before finding support.
The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $191.
Steering clear of sub-$190 levels, Litecoin struck an early afternoon intraday high $199.17 before hitting reverse.
Litecoin broke back through the 23.6% FIB and first major support level.
Falling short of the first major resistance level at $201, Litecoin tumbled to a late intraday low $185.00.
Litecoin fell back through the 23.6% FIB and the first major support level at $191. The extended sell-off also saw Litecoin fall through the second major support level at $187.
Steering clear of sub-$185, Litecoin briefly broke back through the second major support level before ending the day at $185 levels.
At the time of writing, Litecoin was up by 0.61% to $186.83. A mixed start to the day saw Litecoin fall to an early morning low $184.82 before rising to a high $186.83.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $190 pivot level to support a run at the 23.6% FIB and the first major resistance level at $195.
Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.
Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $205 before any pullback. The second major resistance level sits at $204.
Failure to move through the $190 pivot level would bring the first major support level at $181 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $176.
Looking at the Technical Indicators
First Major Support Level: $181
Pivot Level: $190
First Major Resistance Level: $195
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP rallied by 5.26% on Monday. Reversing a 1.73% loss from Sunday, Ripple’s XRP ended the day at $0.54441.
A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.50250 before making a move.
Steering clear of the first major support level at $0.4935, Ripple’s XRP rallied to a late afternoon intraday high $0.60000.
Ripple’s XRP broke through the first major resistance level at $0.5433 and the second major resistance level at $0.5694.
More significantly, Ripple’s XRP also broke back through the 23.6% FIB of $0.5320.
Coming up short of the third major resistance level at $0.6192, Ripple’s XRP slipped back to sub-$0.56 levels.
The late pullback saw Ripple’s XRP fall back through the second major resistance level at $0.5694 to end the day at sub-$0.55 levels.
Late in the day, the first major resistance level at $0.5433 delivered support to prevent a return to sub-$0.54 levels.
At the time of writing, Ripple’s XRP was up by 1.53% to $0.55273. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54240 before striking a high $0.55273.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall back through the $0.5452 pivot level to bring the first major resistance level at $0.5880 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.60000 would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 levels before any pullback. The second major resistance level sits at $0.6315.
Failure to avoid a fall back through the $0.5452 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5017 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4589.
Looking at the Technical Indicators
First Major Support Level: $0.5017
Pivot Level: $0.5452
First Major resistance Level: $0.5880
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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The Fiscal Times
Tax evasion among the wealthiest Americans is more substantial than previously estimated, according to a new paper published by the National Bureau of Economic Research. The analysis by a team of academic and federal researchers finds that the top 1% of taxpayers fail to report about 21% of their income to the IRS. This misreporting is largely by design, the product of sophisticated strategies by wealthy households to avoid paying taxes. For the richest 0.1%, the numbers are even more significant, with unreported incomes nearly twice as large as previous IRS estimates indicated. Two key strategies to avoid taxation involve the use of offshore accounts and pass-through businesses, both of which are “quantitatively important” to households at the top of the income ladder, the researchers said. Random audits by the IRS often fail to detect income hidden within those structures, and the problem appears only to be getting worse. Overall, the report estimates that unpaid income tax for in the top 1% totals at least $175 billion per year. “There is more revenue than you might have thought at the very top,” Daniel Reck of the London School of Economics, one of the paper’s five authors, told The Wall Street Journal. A taxing proposal: One major problem for the IRS is that the agency has no good way to verify business income. Wage earners receive W-2 forms from their employers, which capture more than 90% of wages paid and greatly reduce the ability to cheat, but there is no such system for businesses. Two years ago, the IRS estimated that more than half of all business income goes unreported, leaving billions in profits, rent and royalties untaxed each year. Those missing taxes form the biggest chunk of the $600 billion the IRS says goes unpaid every year. A potential solution to the problem is to create something like a W-2 system for businesses. The New York Times editorial board made the case for such an option, building on a proposal from Charles Rossotti, who led the IRS from 1997 to 2002. Rossotti argued that simply assigning more investigators to examine the tax returns of the wealthy is insufficient. Instead, he proposed that banks should send annual income statements for businesses to the IRS, similar to the 1099 forms sent to investors every year. Interestingly, such a system wouldn’t change the amount anyone owes in taxes. All it would do is create a system that makes it harder to cheat. “It would have the immediate benefit of scaring people into probity,” the Times said. By way of instructive comparison, the Times noted that starting in 1986, taxpayers for the first time were required to provide Social Security numbers for all those being claimed as dependents. As a result, about 7 million children disappeared from the nation’s tax returns in just one year. The Times also called for a big increase in funding for the IRS, which has faced crippling budget cuts over the last decade. An analysis published last fall by Rossotti and two co-authors, former Treasury Secretary Lawrence Summers and University of Pennsylvania law professor Natasha Sarin, argued that a $100 billion investment in the tax agency over 10 years would enable the IRS to collect $1.4 trillion in unpaid taxes over 10 years. “The logic of such an investment is overwhelming,” the Times said. “The government can crack down on crime, improve the equity of taxation — and raise some needed money in the bargain. There are many proposals to raise taxes on the rich. Let’s start by collecting what they already owe.” Growing interest in taxing the rich: In addition to closing loopholes and beefing up enforcement, President Joe Biden’s economic team has been pushing more aggressively to raise taxes on the wealthy, Bloomberg’s Nancy Cook reported Monday, spurred by data showing that those on the upper rungs of the economic ladder have done very well during the Covid-19 pandemic. The revenues raised by the new taxes will be used to help those in the middle and at the bottom who have been left behind, both during the coronavirus crisis and over a longer period stretching back decades. Biden has hired several advisers who have written extensively on how to go about taxing the rich, including New York University Law School professor David Kamin, who now serves as deputy director of the National Economic Council. Kamin told Bloomberg that the administration is currently considering a number of options, including a minimum tax for big businesses, raising the capital gains tax rate, and removing the “step-up basis” on estates that allows long-term capital gains to go untaxed when passed onto heirs. Passing these reforms “would be major accomplishments, which would pretty fundamentally shift how our tax system treats the richest Americans and the largest corporations so they can’t escape tax in the ways they now can,” Kamin said. Like what you’re reading? Sign up for our free newsletter.