Crypto News | Ethereum Hard Fork Ahead?

Late last week, at a meeting of top Ethereum developers, the discussion became so heated that it became apparent that the opinions supported by the two warring clans could not be reconciled. One side supported a controversial code proposal (EIP 999), while the others were so against it that they would rather initiate an Ethereum hard fork and defect to a new version of the code instead. EIP 999 would implement a technical fix to get rid of buggy contracts and reimburse $264 million that were lost over time because of them. Those against the change claim that editing the code after deployment compromises both the security and the integrity of the platform. Many believe that an Ethereum hard fork is imminent if EIP 999 goes through – which would lead to both ethereums losing value as the massive community gets divided in two.

Ripple, another top 3 crypto, currently trailing Ethereum, just got a famous new backer: Snoop Dog! Some 20 days from now, on May 15, Ripple will be hosting a VIP “invite-only” gathering to thank everyone who helped develop the XTP Ledger/xRapid platform and promote Ripple globally. The community night, obviously a light affair, will feature a performance by Snoop. Rappers and crypto have an interesting relationship – for example, there’s bit-hop, but let us not get into that right now. Some members of the community are skeptical after the Floyd Mayweather and DJ Khaled affair. But you can hardly get more legit than Ripple. Also, even though the SEC warned that ICOs endorsed by celebrities may be illegal, Ripple is far from the ICO stage, and Snoop Dog will likely be there only as an entertainer.

Meanwhile, in a lot of U.S. cities with large mining operations, particularly in northern New York, many residents have started to resent these facilities and the way they impact their electricity bills. For example, the mayor of Massena recently said that mining farms have a habit of taking resources and not creating any jobs or benefiting the community. It is precisely Massena where Coinmint plans to convert an old aluminum factory into a mining operation. Coinmint, which already has two facilities in Plattsburgh, will need 400 megawatts of electricity, enough to power 30,000 households. In Plattsburgh, Coinmint used 10% of the city’s electricity quota. The majority of these cities are now imposing moratoriums and will no longer allow new operations. To appease local authorities, mining companies will have to compromise.

In the end, however, it will all be decided at the local level. And in that department, Arizona has shown itself to be very progressive. The state’s House of Representatives has passed a bill allowing taxpayers to pay with cryptocurrencies. The bill still has to pass three readings and likely a number of revisions, but if it becomes law, it would set an important precedent that may shape the future of crypto taxation.

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Author: Max Rothstein

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