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| October 22, 2018

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Frustrated with health insurance costs, some turn to religious plans instead

October 22, 2018 |

Sarah Barazza doesn’t have health insurance, but money was the last thing on her mind as she and her 15-month-old son raced to the hospital in an ambulance last year. The toddler’s airway had become swollen from croup, and he struggled to breathe.

“Wow, I’m so grateful I don’t have to worry about…


L.A. Times – Business

CNN

Volkswagen’s diesel scandal costs hit $33 billion with new Audi penalty

October 17, 2018 |

Volkswagen has been fined another €800 million ($ 926 million) over its diesel emissions scandal, this time because of failings at its Audi subsidiary.
CNN.com – RSS Channel – World

Federal Government’s Interest Costs Set to Triple in 10 Years

September 26, 2018 |

If, in the year 2028, the US needs to fix a bridge or combat a potential recession, Uncle Sam might have to dig around in the Treasury Department’s couch cushions. That’s because the US is on track to need much more money to pay off interest on its debt, meaning…
Newser

U.K. Will Face ‘Substantial Costs’ From No-Deal Brexit

September 17, 2018 |

The IMF said an abrupt break from the European Union would cause harm to the British economy, adding that the U.K. won’t be prepared for such an outcome when it leaves next March.
WSJ.com: What’s News Europe

Electric-powered planes are taking off amid rising fuel costs

August 16, 2018 |

Aviation pioneers are developing a new way to soar through skies using electric-powered planes as a way to battle rising jet fuel prices.
FOX News

Cops’ Infamous Coin Toss Costs Them Their Jobs

July 27, 2018 |

Heads, you get fired. Tails … you get fired. Two police officers seen using a coin-flip app to determine whether to arrest a woman pulled over for speeding in Georgia have lost their jobs. Courtney Brown and Kristee Wilson failed to perform at an “acceptable level” in engaging in conduct “which…
Newser

GM Posts Higher Profit, Lowers Outlook Amid Metals Costs

July 25, 2018 |

GM’s second-quarter net income rose amid strong results from its finance arm and China, but the auto maker lowered its outlook in the wake of U.S. steel and aluminum tariffs.
WSJ.com: US Business

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.


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

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