by Tyler Durden While Bitcoin, and recent Chinese and Korean momentum favorite, Litecoin, have been relatively stable for much of the day, Ethereum suffered dramatic losses on Wednesday, sliding from $360 to $260 before rebounding, in the process experiencing what may have been its first flash crash, when it plunged by 96% from $315 to $13 on massive volume, before rebounding.The crash appears to have been catalyzed by seller submitting a market order to dump roughly $30 million worth of ETH (96.1k) in one go, which obliterated the order book.As tends to happen without fail during volatile crypto-periods, the crash almost immediately took the Coinbase offline.Over the past 24 hours, there were several warnings about "unstable operation" in the Ethereum Network, such as this one from the BTC-E exchange.Due to the unstable operation of the Ethereum network due to the network load, the ETH withdrawals is temporarily unavailable #btce — BTC-E (@btcecom) June 21, 2017 What catalyzed today's crash?

According to one explanation posted on the Ethereum reddit, the reason was an ICO, or initial coin offering, gone very wrong.As user emansipater explained around noon, or shortly before the selling onslaught began, the catalyst for the selling was the "badly designed" Status ICO.Here are the detail: I assume that (unlike all the price discussion here which is totally offtopic) you are referring to the transaction issues which have led several exchanges to pause ETH withdrawals.Here is what happened: The badly designed Status ICO clogged up the network yesterday with a huge number of high gas fee transactions, most of which are failing but still filling up the blocks and preventing normal tx's from getting in.In addition, dwarfpool and perhaps others have set bad defaults on their client software that both actually cost themselves money and also prevent the network from automatically adapting to larger gas volumes the way it's supposed to.Furthermore, evidence is accumulating that f2pool was actively manipulating transactions bound for the Status ICO, which they participated in themselves, exacerbating the problem.

Experts explained weeks ago that bad ICO designs are vulnerable to such attacks, but this appears to be the first time it was actually executed in the wild.So now, even though the Status ICO is over, there are still a huge number of transactions clogging up the network and the only way to get transactions in is to pay huge fees (which most of the exchanges probably don't want to do).ice vault bitcoinUntil it clears out, people are going to be missing ENS auctions, unable to withdraw from many wallets and exchanges, etc. etc. etc. Or, as he summarized "badly designed ICOs, plus selfish and foolish miners = major delays and maybe even substantial losses for everyone else."double your bitcoin torJudging by the ensuing flash crash, this was an accurate assessment.bitcoin atm brazil

The good news for ETH fans is that once the backlog of transactions clears up, the crypto should resume its previous ways.Finally, here is a vivid example why one should never use stop sell orders in fragmented and unstable markets, from another reddit user.GDAX just sold a good chunk of my ether at 10 cents each!So I had a stop order at 316, when GDAX went down (for whatever reason) all my ether was sold at the highest (at the time) price available.litecoin badWhen I logged in I saw a small USD amount, I though it was a hiccup.bitcoin executive arrestedChecked the fills and indeed it was sold at 10 cents.ethereum price 2030There is no way this will be reversed right?dogecoin cryptoIf that's the case I believe I will be leaving the crypto market at least until it stabilizes.bitcoin to sterling conversion

Just lost 3k in the blink of an eye.And another similar, if unconfirmed report:Venezuelans rebel as Maduro grabs power.Onecoin ponzi scheme members arrested in India.South Korean Bitcoin Exchange Yapizon Hacked for 3816 BTC.TokenCard ICO both went well and had some bugs.We also discuss the potential that a crypto backed coin could have.German energy giant uses the Ethereum blockchain to charge cars.mine litecoin or dogecoinUnited Nations World Food Program uses the Ethereum blockchain to distribute food assistance.After talking about the Proof of Stake platforms NXT and Ardor we discuss the criticisms of such a consensus method.Ethereum is being searched a lot more on Google lately.JP Morgan Chase leaves the R3 Consortium, remains in Ethereum Enterprise Alliance.All this and more on the Neocash Radio podcast, episode 205 — Wednesday, May 3rd, 2017!We’ve written out short overviews of the topics discussed on today’s show below!

Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Pedro!or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep205 Subscribe to the Neocash Radio podcast on iTunes/ Soundcloud/ Stitcher/ YouTube/ Google Play & iHeartRadio!We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!Much like Hugo Chavez did in 1999, Venezuelan President Nicolas Maduro has announced the creation of a new super-body of government called a “constituent assembly”.This new super-body would be able to radically alter or dissolve the current government structures and even rewrite the constitution itself.National Assembly President Julio Borges has called on the people of Venezuela to rebel.Remember back in episode 177 where we mentioned Onecoin was a scam?Police in Mumbai, India figured it out and have so far arrest 18 people involved in the Onecoin Ponzi scheme.Associated bank accounts held nearly $3 million worth of Indian rupees.

This may not be the end of the arrests as police are unsure just how many people were involved.On Saturday April 22nd, South Korean Bitcoin exchange Yapizon had its systems breached by a hacker.At the time Yapizon had more than 36% of their funds in hot wallets — the hacker was able to access these wallets and made off with more than 5.5 Million in BTC.The exchange plans to hand the situation similar to how Bitfinex handed their loss in 2016 by socializing the lost BTC and issuing “Fei” tokens.Monolith Ventures TokenCard launched their initial coin offering on Tuesday and it was all over in about 22 minutes with about $12.5 Million raised mostly through contributions of Ether.There have been a couple bugs, one which caused the tokens to not be issued to the contributor and another that issued too many tokens.Certain tokens would receive a bonus amount of TKN if contributed during the event.One of these was SNGLs from SingularDTV.One crafty trader found this error and capitalized on it with two contributions of SNGLs worth a total of $432,000.

In turn he was issued nearly 6.2 Million TKN!One speculator suggests that the SNGLs were mispriced with a simple decimal point error.Instead of being priced at 10 cents, they were priced at $1.Do you love Neocash Radio as much as we do?Help us continue to grow by leaving a review on iTunes, Google Play, etc!And one of the most valuable currencies on Earth is a word-of-mouth referral; please tell all your smart friends to check out our podcast!A subsidiary of RWE, one of Germany’s biggest energy and gas provider with 30 million customers and billions of revenue, has launched 100s of (EV) charging stations all over Germany, connected to ethereum’s public blockchain.10,000 people in Jordan will receive aid through the UN’s World Food Program.The procedure requires users use an Iris scanner for identity and then the vendor uses a cryptographically unique coupon to pay for the food they sell to that individual.This is a test run but plans involve scaling it up to service all 80 countries currently aided by the UN’s World Food Program.