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| July 16, 2018

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A Spray Form of Ambien Now Costs Over 800% More

July 15, 2018 |

A small Colorado drugmaker recently raised the price for a spray form of sleep aid Ambien by as much as 843%, the latest example of how some firms are increasing prices despite mounting pressure.
WSJ.com: What’s News Asia

Rising fuel costs help drive inflation to highest rate in six years

July 12, 2018 |

Consumer prices rose in June at the fastest pace in more than six years, lifted by more expensive gas, car insurance and higher rent.

The Labor Department said Thursday that inflation jumped 2.9% from a year earlier, the largest annual gain since February 2012. Core prices, which exclude the volatile…


L.A. Times – Business

Rogue App Wreaks Havoc –Transaction Costs Soar as the Ethereum Network Slows

July 4, 2018 |

Transactions Costs Soar as the Ethereum Network Slows

Another month, another almighty congestion on the Ethereum network. Gas prices have soared this week, passing 500 gwai at one stage, before settling on a still-pretty-substantial 56 gwai. As a result, the average transaction cost is $ 0.49, making it more expensive to send crypto on Ethereum than on other major blockchains such as BTC or BCH. A rogue app, as usual, seems to have been the culprit.

Also read: Paul Krugman Trolls Ripple, Accidentally Making a Case for Bitcoin Cash

Ethereum Backlog Causes a Network Slowdown

Transactions Costs Soar as the Ethereum Network SlowsAnyone trying to deposit or withdraw ERC20 tokens from a cryptocurrency exchange yesterday will likely have encountered a major delay. Gas prices have been unusually high for days, requiring an average of 50 gwai to push a transaction through. An application called Fcoin GPM Listing is being blamed. It forces all candidate projects to use massive gas fees to airdrop to FCoin accounts to create a ‘deposit vote number’. Each day the top five projects are listed on that exchange based on the cumulative deposit number, before the cycle repeats.

The site, which appears to originate in China, is a new addition to the cryptocurrency scene, and an unwelcome one for anyone who’s been trying to use the Ethereum network. This isn’t the first time Ethereum has been crippled by a single application of course; previous culprits have included Crypto Kitties and a group of shrimp farming games. Eth Gas Station estimated prices of up to 500 gwei at one stage on Monday, and yesterday a record 44.4 billion gas was used on the network.

It’s a Gas, Gas, Gas World

Popular Ethereum client-side interface Mycrypto launched into a Twitter rant on Tuesday about the selfishness of Fcoin GPM Listing, accusing it of using a “mind-numbingly despicable voting mechanism that, quite literally, incentivizes Sybil attacks”.

Gas Prices Soar as the Ethereum Network Slows

One of the worst, but less documented, side-effects of blockchains being commandeered by selfish apps is that they deter people from transacting on-chain. When a trader fears they won’t be able to move tokens from their hardware wallet in time to capitalize on a market movement, they will be more inclined to leave their coins on a centralized exchange, thereby losing their financial sovereignty.

In addition to harebrained schemes such as that conceived by the dubious Fcoin GPM Listing, certain Ethereum smart contracts are badly designed so as to use more gas than is necessary. To incentivize more efficient gas usage, a Solidity Gas Golfing Competition was recently held “to produce the most gas-efficient code…for a series of straightforward challenges”. Optimizing gas usage is something that all Ethereum developers can aid. But they’re powerless, like the rest of the community, to halt spammy or scammy apps that make unnecessary use of the blockchain, impeding service for everyone.

Have you suffered from slow and expensive Ethereum transactions this week? Let us know in the comments section below.


Images courtesy of Shutterstock, Eth Gas Station, and Twitter.


Need to calculate your bitcoin holdings? Check our tools section.

The post Rogue App Wreaks Havoc –Transaction Costs Soar as the Ethereum Network Slows appeared first on Bitcoin News.

Bitcoin News

Statue of Liberty Goof Costs the USPS $3.5M

July 3, 2018 |

The United States Postal Service’s money woes just got $ 3.5 million worse, and the Statue of Liberty is to blame. A judge ruled last week that the agency did commit copyright infringement when it used an image of Robert S. Davidson’s Statue of Liberty on a stamp it issued…
Newser

The future is bleak for charitable deductions, early retirees’ healthcare costs

July 1, 2018 |

Dear Liz: When I sat down with my accountant in March to do my 2017 taxes, he said next year I will take the standard deduction. Are my contributions to charity still deductible if I take the standard deduction?

Answer: No. Charitable contributions are an itemized deduction. If you don’t itemize…


L.A. Times – Business

Tweet About MAGA Hat Costs Reporter His Job

June 30, 2018 |

While many people were left seeing red over yet another mass shooting following the massacre in the Capital Gazette newsroom , one journalist reported on a different kind of red favored by supporters of President Trump—and now he’s resigned because of it. Fox News reports that after the Annapolis shooting…
Newser

The boss wants you to give up your desk, and it’s probably to cut costs

May 17, 2018 |

Like fax machines and desktop telephones, your individual office workspace may be headed for extinction.

More than half of corporate executives say they plan to switch to unassigned worker seating for all or some of their employees during the next three years. Instead of having their own desks,…


L.A. Times – Business

If your job reimburses you for education costs, can you still get a tax deduction?

May 6, 2018 |

Dear Liz: I established a Coverdell Education Savings Account for my son about 20 years ago. My son has since graduated, and there is still about $ 12,000 left in that account. He has worked a few years and now is going to graduate school while still being employed. His employer will do education…


L.A. Times – Business

High housing costs are driving out lower-income Californians, reports say

May 3, 2018 |

California lost lower-income residents to other states over a recent 11-year period, while gaining wealthier households from elsewhere in the U.S. The disparity reflects the state’s sky-high rents and home prices, according to several reports released Thursday.

The studies, produced by Beacon Economics…


L.A. Times – Business

Elon Musk’s ‘Surreal’ Call Costs Him a Lot of Money

May 3, 2018 |

Leave it to Elon Musk to turn what’s normally a dry affair—a conference call with analysts—into a controversial one . The Tesla CEO’s brushoff of questions he didn’t like on Wednesday continues to take a toll, with the company’s stock down 7% as of Thursday morning, reports Reuters . It…
Newser