At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is up by nearly $20 and trading for about $474.
The currency’s previous decline below the $460 mark is being credited to a new Ponzi scheme that came in the form of a gamed called FOMO 3D, which stands for “fear of missed opportunity.” The game offers to buy a “key,” or token with a price that’s consistently growing. The key adds 30 seconds to a timer that’s limited by 24 hours. If the timer goes to zero, the user with the last purchased key receives the jackpot, which currently sits at approximately 28,000 ETH.
Originally, the price of a key was about 0.005 ETH, but it’s getting larger, and the chances of winning are beginning to shrink. One source says the only real reason to buy the key is for dividends, which makes the game very similar to a Ponzi scheme.
Concern was evident amongst Ethereum fans, with one Reddit user writing:
“I’m almost certain that all of these types of games will become exploited during a hard fork or some other network issue.”
FOMO 3D has generated about 25,000 individual transactions on the Ethereum network, which means it could be close to potentially spamming the network.
However, there’s a whole other side to the Ethereum space that users should be aware of, and that’s the one that hosts most of the industry’s stable coins. Approximately seven of the world’s largest stable coins are hosted on the Ethereum blockchain including Circle USD, Fragments, Stable USD, Maker DAO, True USD, Basis and nUSD, so while games like FOMO 3D tend to pop up here and there, many view the Ethereum network as one of the safest platforms in the crypto arena.
Overall, the price of ether has jumped up by about four percent since yesterday, though the bears still have marginal control, and Ethereum has not yet hit $480 as analysts had hoped. Still, big things are happening in the ether space like the release of MEW Connect, a beta iOS app from MyEtherWallet.com that allows users to access their wallets and financial data using their mobile phones. Private keys are no longer required to access one’s wallet, and the full launch is expected in September 2018.
CEO of MyEtherWallet.com Kosala Hemachandra explains:
“We want to provide our users with an instant and secure way to store and exchange ETH, and at the same time, facilitate wider cryptocurrency adoption. We believe MEW Connect is that missing link the community has been looking for. Our goal is to empower cryptocurrency users to interact directly with the blockchain while still remaining in full control of their private keys and funds.”
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