Daily Management Review

Ethereum encounters a problem


One of the largest crypto-exchange exchanges - Bitfinex - has suspended the withdrawal of the Etherium. The reason is a protracted failure in the Etherium system.

BTC Keychain via flickr
BTC Keychain via flickr
The problems started on Tuesday, when the Singapore startup Status began to accept the Ethers as part of the initial coin offering (ICO). In just a few minutes, unconfirmed transactions collected more than 500 thousand Ethers. After a day, the failure was not eliminated. It should be added, the BTC also reported the same problem a bit earlier. According to incoming reports, problems with the withdrawal of Ethers are observed at a number of other popular crypto-exchange exchanges. It is not surprising that Ether’s rate has seriously decreased.

It cost almost $ 380 at its maximum. Then the quotes dropped to the area of $ 290 after a while. Moreover, it was possible to observe the so-called flash crash, when the quotes collapsed to $ 13, that is, by 96%, in a few moments.

The Etherium is widely recognized in Asia and the US, especially in China, and in general, until yesterday, the Etherium was the fifth largest in the world for crypto currency.

It is worth mentioning that startups are now increasingly attracting money through ICO, that is, they are financed in crypto-currencies. This is one of the new trends in raising funds for high-tech projects.

The process, called Initial Coin Offering (ICO), helped start-ups collect more than $ 440 million in the last two years. Most of them are developing block projects and have their own "monetary units", which exchange rates are expected to grow with time. Thus, crypto-currencies replace traditional shares or their analogs to some extent.

source: bloomberg.com, forbes.com

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