Fintech Daily: $13: Ether Prices Plunge in GDAX Exchange Flash Crash; Are Your Chats Really Private?
$13: Ether Prices Plunge in GDAX Exchange Flash Crash
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In yet another instance of just how volatile the cryptocurrency markets can be, the price of ether plummeted to $13 today on cryptocurrency exchange GDAX.
The steep decline, observed at roughly 20:30 UTC, had an outsized effect on the market for the digital token that powers the world's second-largest blockchain. Overall, the value of ether fell to this price after trading at as much as $365.79 earlier in the session, according to GDAX data.
As a result, the flash crash represented a more than 96% decline from the daily high.
The move was so severe that Coinbase, the US-based operator of the exchange, opted to disable trading of the ETH/USD pair and block withdrawals of ether.
Further, the price of ether suffered this loss amid signs that the ethereum network has been struggling to cope with the demands of its rising use. Data provided by Etherscan reveals that more than 300,000 ether transactions were broadcast on 20th June, an all-time high for the two-year-old network.
As such, it remains unclear whether the decline and network congestion will be enough to stem enthusiasm, as until recently, many market observers were so bullish on the asset's potential they believed it was on track to bypass bitcoin as the market leader.
At press time, ether was trading at roughly $300 across global exchanges.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
Correction: An original version of this article miscalculated ether's decline. This has been corrected.
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Are Your Chats Really Private? Reasons to Switch to Blockchain-Based Messenger
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To not read other people’s mail is a basic courtesy and, of course, good manners. It is also the right thing to do and we teach it to young children all the time. However, when it comes to online communications, almost all governments want to read your email and look into your chats.
The vulnerabilities are worrying
The right to privacy, which should not be debatable, is now a topic of discussion in the media. How did we end up from living in a society where our private correspondence was sacrosanct to becoming a world filled with peeping toms?
It is not only the government that wants to look into your communications but also peddlers of wares, advertisers, con-artists and, perhaps, even your employers and loved ones. In this day and age when we are so vulnerable, perhaps we need to take control of our own privacy.
In our everyday lives, we use instant messengers and mobile applications to talk to loved ones, discuss work and even conclude important financial transactions. Many cryptocurrency enthusiasts might even carry out business and trade using messaging software on the Internet.
Popular messaging applications like WhatsApp, Telegram, Facebook Messenger, Skype and others are prone to security vulnerabilities. Even though messengers like WhatsApp and Telegram have implemented end-to-end encryption, they are still prone to man-in-the-middle attacks or attacks at the device level. Some messengers may even have left backdoors for governments to carry out an interception.
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IBM Announces Blockchain Truck-Tracking Solution
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IBM has struck yet another notable deal in Latin America.
Announced today, a partnership between IBM and AOS, a Colombian provider of logistics solutions, finds the two firms developing a new blockchain and Internet of Things (IoT) solution for the logistics business.
Being built with IBM Blockchain and IBM Watson to track the provenance and status of trucks and their goods, the solution records the handling of transactions and information on cargoes to create greater transparency in the delivery process, according to AOS's director of innovation, Ricardo Buitrago."Having the right hardware, software and cloud environment is what gives our clients the protection to ensure blockchain is secure. We’re thinking about the whole spectrum, how we can secure as much as possible and how we can do it with the most integrity," explained Jorge Vergara, CTO of IBM Colombia.
So how does it work?
Trucks are equipped with RFID tags that contain data on the vehicle, the name of the driver and details of its load, according to Buitrago. IoT sensors would track the journey of the shipm
ent, as well as the availability of free space on a truck, and record this data on the blockchain for all relevant parties to access. According to IBM and AOS, this process is usually done manually, and is slower and prone to error.
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