The developers of Monero (XMR) have just disclosed that they have discovered and patched a critical bug that affects all CryptoNote-based cryptocurrencies, and allows for the creation of an unlimited number of coins in a way that is undetectable to an observer unless they know about the fatal flaw and can search for it. This major bug has been patched a while ago and it has been confirmed that the Monero network was never affected by it. All other active and affected CryptoNote coins, including CryptoNote themselves, Bytecoin, Forknote, Boolberry, DashCoin, and DigitalNote have apparently been notified about the possible issue prior to the public disclosure of the problem.

Note that, at this time, only Monero (XMR), Aeon (AEON), Boolberry (XBB), and Forknote have updated. This means that there could be potential abuse, though it may not necessarily happen with coins that have not patched and fixed the bug. As a result caution is advised for anyone using, trading, exchanging, or running services involving the following currencies affected by this issue: Bytecoin (BCN), DashCoin (DSH), DigitalNote (XDN). Just to clarify a possible misunderstanding by some users – DashCoin (DSH) is not the same as DASH as DASH is not CryptoNote, but X11-based!

Check the official announcement from Monero about the major bug discovery and fix…

Do you remember the time when Bitcoin was advertised as a fast and easy way to transfer money all over the world with a minimal transaction fee. Well, these times are long gone now that we are seeing the 1MB blocks full with transactions, a backlog of almost 200000 unconfirmed transactions and over 100 BTC in fees alone with almost 100MB backlog (100 blocks behind with 1MB block size). As a result there are high transaction fees that start at more than a dollar and can go as high as a couple of dollars just to have your transaction included in a block in a reasonable time. Things are not looking good, unless a consensus for a solution (even temporary) to the small block size is found as with the increase of the price of Bitcoin. Services such as online Bitcoin wallets and such have started to increase the transaction fees already so, that there will be no extra delay for their customers, the problem is that these extra costs are usually covered by the users.

For example the online Bitcoin wallet and a Bitcoin-powered debit card issuer Xapo has recently informed its customers about their plans to actually have the transaction fees for withdraws paid by the users. Prior to that the service did not have users paying the fees for outgoing transactions, but the high fees associated with transfers on the Bitcoin blockchain have forced this change. With low transaction fees covering the extra cost is not a problem for some services, but with the constantly growing transaction fees you can even end up paying more for the actual transaction to be included in the blockchain than the amount you are transferring if it is just a couple of dollars.

Do you remember those promo images comparing Bitcoin to Western Union, PayPal and other popular payment services and talking about how BTC is better with the very low transaction fees cited as one of the key advantages. Well, if this trend continues and a solution is not found soon, then things might end up with Bitcoin transaction fees actually making transfers more expensive than to use a more established alternative payment method like the ones mentioned…

If you end up on a website claiming to be the relaunched KNC Miner trying to sell you a new Scrypt ASIC miner dubbed Titan 2.0, then you should know that this is not a website related in any way to the new owners of KNC Miner after last year the company went bankrupt prior to the last halving of Bitcoin (BTC). The KNC TITAN 2.0 miner promises to deliver 750 MHS Scrypt hashrate at 1300W power usage and a ready for mining kit including a power supply is being advertised with at price of $1499 USD, but it seems that this is not an actual product and just a convincingly looking SCAM trying to steal some of your hard earned coins (accepted payments are only in crypto – BTC, LTC, ETH, STEEM or XRP). So stay away and do not get mislead by the seemingly good offer, it is simply not real!

If you want to get an up to date specification wise Scrypt ASIC miner for mining Litecoin (LTC) or other crypto currencies, then you should go for either Innosilicon A4 Dominator or the more recently announced Bitmain AntMiner L3+. Both of these are confirmed actual products and work just fine for Scrypt mining, though you should still be careful where you buy your mining hardware if it is not directly from the manufacturer! The recent spike in the price of Litecoin (LTC) has sparkled more attention to the altcoin and as a result the number of people trying to profit at the expense of regular users have also increased, so it is advised to be careful what you do with your hard earned crypto coins.