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| January 22, 2019

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As the housing market slows, builders are offering buyer discounts

January 11, 2019 |

As the housing market has downshifted, more builders are offering sweeteners to close the deal.

Companies large and small are paying closing costs, buying down mortgage rates and trimming square footage to offer a cheaper abode. Some are countering the high cost of a mortgage with a more direct…


L.A. Times – Business

Uber sales growth slows as quarterly loss surges to $1.1 billion

November 15, 2018 |

Uber’s sales growth is dramatically slowing even as the ride-hailing company is spending more to fuel global growth, particularly in its food-delivery business.

Revenue growth reached only 38% in the third quarter, not even half of what it was six months earlier, when the company was negotiating…


L.A. Times – Business

Foreign Buying of Chinese Bonds Slows as Yuan Falls

November 13, 2018 |

A weaker currency and a narrowing premium over U.S. interest rates have dented global investors’ enthusiasm for China’s roughly $ 12 trillion bond market.
WSJ.com: What’s News Asia

China’s economic growth slows to its lowest pace since early 2009

October 20, 2018 |

China’s economy is growing at the slowest pace since the depths of the financial crisis in early 2009, according to newly released official data that heightens pressure on the leaders in Beijing navigating a trade dispute with the United States.

China’s National Bureau of Statistics said Friday…


L.A. Times – Business

Stocks climb as inflation slows; tech shares rebound

September 13, 2018 |

U.S. stocks were climbing Thursday after the Labor Department said inflation slowed a bit in August. Technology companies such as Apple and Microsoft made some of the largest gains after a recent bout of uncertainty, and chip maker Qualcomm jumped after it announced it was proceeding with a big…


L.A. Times – Business

Wells Fargo is cutting 600-plus mortgage jobs as that business slows

August 27, 2018 |

Wells Fargo & Co. is cutting 638 mortgage employees, including 190 in California, as the nation’s largest home lender contends with a slowdown in the business.

“After carefully evaluating market conditions and consumer needs, we are reducing to better align with current volumes,” Wells Fargo spokesman…


L.A. Times – Business

Eurozone Economy Slows Further as Exports Sputter

July 31, 2018 |

The eurozone’s economy slowed further in the three months through June, as exports sputtered and business confidence weakened on worries over future relations with the currency area’s largest trading partners.
WSJ.com: What’s News Europe

China Growth Slows Slightly Ahead of Effects From U.S. Trade Fight

July 17, 2018 |

China’s economic expansion slowed a notch in the second quarter, as a top-priority government debt cleanup took its toll even before growth takes an expected hit from a trade fight with the U.S.
WSJ.com: What’s News Asia

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.

Bitcoin News

Solo Slows Down Over Second Weekend

June 3, 2018 |

Solo: A Star Wars Story is losing momentum quickly at the box office, the AP reports. After an underwhelming launch , the space saga fell 65% in weekend two with $ 29.3 million from North American theaters, according to studio estimates on Sunday. Solo has now earned $ 148.9 million domestically….
Newser