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Ethereum developers have proposed a hard fork, named Muir Glacier, that should address the impending Ice Age, which could cause a significant slowdown on the Ethereum mainnet.

In an Ethereum improvement proposal at the end of November, Ethereum developer James Hancock wrote that the proposed Ethereum Muir Glacier hard fork would push back the mechanism, known as Ice Age.

Ice Age is unnecessarily complex and confusing

Ethereum’s Ice Age, also known as Difficulty Bomb, refers to the increasing hashing difficulty in the mining algorithm used to reward miners with Ether (ETH) on its blockchain. This piece of coding artificially slows down the production of blocks on Ethereum’s blockchain and therefore functions as a deterrent for miners who might choose to continue with proof of work (PoW) even after Ethereum has transitioned to proof of stake (PoS). 

However, according to Hancock the existing implementation of Ice Age is unnecessarily complex and confusing to communicate to the community. He adds that any updates to the design should be able to model the effect on the network in a straightforward way that is easy to predict when it occurs. Currently, Hancock does not believe this is the case.

Hancock further points out that Ethereum’s upcoming hard fork would push back the mechanism “as far as is reasonable,” to give developers the time to decide whether to update Ice Age so that its behavior becomes predictable or to remove it entirely. He added:

“This fork would give us time to address the community to understand their priorities better as far as the intentions of the Ice Age, and give time for proposals for better mechanisms to achieve those goals.”

ETH block propagation at least twice as fast

In November, blockchain advisory and product development firm Akomba Labs conducted a test on the Ethereum network that showed it could make block propagation at least twice as fast. Test findings showed that the average block propagation performance dropped from 360 milliseconds without running BloXroute’s Blockchain Distribution Network to 172 milliseconds with it.

Cointelegraph By Joeri Cant , 2019-12-04 05:21:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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