A hacker removed $50 million in Ether from the Decentralized Autonomous Organization, plunging investors into a panic, however some argue that no theft has occurred.
Ether, the digital money that has been billed as the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw in the Decentralized Autonomous Organization (DAO), delivering roughly the same as $50 million Ether into the ether and the cryptocurrency investment community into a panic.
If this seems bewildering, we will try to explain.
Ether may be the currency supported by the Ethereum blockchain, a platform designed to give greater flexibility for decentralized currencies that are peer-to-peer-traded tasks developed on the top of the bitcoin protocol. Ethereum permits the creation of ‘smart contracts,’ which enables all kinds of business deals and perhaps not just currency transfers.
The DAO is an organization that is completely leaderless on the Ethereum platform and run entirely on computer code. It uses these smart agreements to build a venture capital fund devoted to sponsoring cryptocurrency that is new. All DAO choices are taken with a vote of its users who utilize electronic tokens, purchased with Ether, to register their vote. This way, DAO had raised $162 million to help fund fledgling jobs.
But DAO members watched in horror, in real-time, on Friday, as a hacker exposed a computer software flaw t Continue reading article →
The Trump Taj Mahal is approximately to become the fifth Atlantic City casino to shut its doorways for good in 3 years. Its closure will signal end towards the Trump casino brand forever.
Union members protest outside the Trump Taj Mahal, which will shut its doorways on September 4, 2016. Icahn Enterprises says it has lost $100 million on the venture.
In the middle of industrial action by members of the Unite Here Local 54 Union, who’ve been picketing the Taj for months, investor Carl Icahn has given up on the casino that is stricken will shutter it permanently on September 4.
That closure date strikes right in the center of Labor Day, that will be a coincidence that is wild or it may be a deliberate and final insult to the union, which Icahn blames for derailing his last-ditch try to save the Taj.
Icahn stepped in to rescue the casino in 2014, when its previous owners, Trump Entertainment, declared bankruptcy. The billionaire raider that is corporate the majority of its $286 million debt, which he ended up being ready to convert into equity.
Icahn additionally said he was ready to invest $100 million into the home, if, and only if, he had been granted concessions that are certain the town. These included the cessation that is temporary of pension and healthcare advantages, that have become the focus of the squabble between Icahn Enterprises plus the casino employees’ union.
Out $100 Milli Continue reading article →
An musicians’ rendering of Crown’s towering Crown Sydney Hotel Resort, which was green-lit this week
James Packer’s Crown Resorts has received approval to transform the skyline of Sydney, Australia, because of the creation of a skyscraping $1.1 billion casino resort.
The 72-story Crown Sydney Hotel Resort project has cleared the hurdle that is final finalized off on Monday by the New South Wales Planning Assessment Commission, and now awaits the formality of a green light through the state government for construction to begin. Crown ended up being also awarded a gambling license that is 99-year.
The casino resort complex, which will be Sydney’s second, after Star Casino, will tower above Barangaroo on the edge that is northwestern of’s central business district and will aim to attract high-rolling gamblers from Asia.
Crown Resorts recently announced it would offer $800 million of its shares in Macau-based Melco-Crown, reducing its stake from 34 percent to 27 per cent, reigning in its expansion in Asia in order to focus on projects closer to home.
Like the Sydney casino, Crown has expensive new developments earmarked for Melbourne and Perth and, as Macau’s fortunes tumble, they evidently decided that it’s safer to lure Asian high-rollers to Australia.
The Crown Sydney will boast a 300-room hotel with apartments, restaurants, pubs, shops, conference facilities and VIP video gaming rooms. Crow Continue reading article →