Barry Silbert posts can rise red flag to regulators

According to the securities lawyers, social media posts of Grayscale Investments Head can be considereded as attempts to manipulate the market
26 December 2017   1019

Experts on US stock market legislation are convinced that some tweets of the head of the investment fund Grayscale Investments Barry Silbert about the prospects for the Ethereum Classic course can be defined by financial regulators as attempts to manipulate the market. This is reported by Reuters.

It is risky. I think if I were advising Mr. Silbert, I would suggest that he is better off as a cryptocurrency expert at large rather than making specific comments on one particular cryptocurrency in which he has a heavy concentration of holding. If you have a fund that is issuing a security and the value of the security rises and falls with the price of a cryptocurrency and you are telling people to close their shorts in that cryptocurrency, that is a problem.

Trace Schmeltz 

Partner, Barnes & Thornburg law firm.

In addition, a partner of the law firm Bell Nunnally and a former high-ranking lawyer of the Securities and Exchange Commission of the United States (SEC) is convinced that the US Futures Trading Commission can take the necessary measures to stop the manipulation of the crypto currency market that the department considers to be goods.

It is worth noting that recently, on the eve of the Ethereum Classic conference, in the Discord social network, Barry Silbert publicly advised an ordinary trader to close short positions on ETC, hinting at a potential price increase.

Ethereum Classic to perform a hard fork

ECIP 1041 will be implemented in the coming ETC hard fork on May 29 to remove the Difficulty Bomb
24 May 2018   133

Ethereum Classic has announced to perform a hard fork on May 29. Difficulty Bomb is going to be addressed with the fork. The Difficulty Bomb is an artificial increase of mining difficulty of Ethereum blockchain. It was introduced to incentivize developers to migrate to Proof-of-Stake consensus algorithm. Initially, EIP-2 introduced it into Ethereum Homestead.

As Ethereum Classic Mainnet is not going to migrate to PoS in the near future, it was decided to remove the feature for good. The actual removal is a simple task, but being a part of consensus rules makes it to be a Hard Fork. All the existing ETC peer implementations need to be updated along with providing time to allow miners, exchanges and the likes to upgrade.

Thus the Hard Fork boundaries are as follows:

  • earliest block is 5,700,000 in April, 2018;
  • latest block is 6,100,000 in June, 2018.

Block 5,900,000 shall mark the start of the Hard Fork. At the moment of publication, Ethereum Classic market characteristics are as follows:

Average price 15.14 USD
Market cap 1,541,672,706 USD
Volume (24H) 188,177,000 USD