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After the collapse of FTX, some urged a return to the beginnings of decentralized bitcoin to protect financial assets

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During these difficult times, as rumors circulate about the value of cryptocurrency to follow Catastrophic collapse On the cryptocurrency exchange FTX and other important platforms, an important question has arisen: Who will keep your cryptocurrency safe?

As a result, some members of the cryptocurrency community are urging a return to its decentralized assets.

“Not your keys, not your coins” is one of the movement’s rallying cries. Or just believe in yourself.

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But in order to do so, people must manage their own cryptocurrency wallets, a more complex but more secure method that requires creating sophisticated passwords and sometimes buying real hardware to store funds rather than entrusting them to the exchange.

A company like FTX was meant to hold your money, but instead, they ended up loaning it out, said Tracy Wang, deputy managing editor at crypto news site CoinDesk. The traditional monetary system is based on this idea, which seems to contradict the basic principles of cryptocurrency. Wang compared decentralization to regaining control of his finances and power.

According to information from cryptocurrency association CoinGecko reported by Reuters, FTX was the world’s fifth-largest cryptocurrency exchange before its crash, processing $627 billion in trading volume since the start of the year.

As FTX navigates bankruptcy proceedings that its current supervisor previously described as unparalleled in its complexity, it remains uncertain whether anyone holding their money in the exchange will ever become a full-fledged. For those who were negatively affected by the company’s bankruptcy, it is also a painful wake-up call and a catalyst for a return to decentralization.

It then boils down to choosing between the possibility of someone stealing your money, even though the exchange makes it easy to buy, send, and keep it, and maintaining complete control over it at the cost of tedious accounting procedures.

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Not a simple process

But doing so is not easy. Generating a set of public and private keys — a string of randomly generated letters and numbers — and a backup seed phrase — consisting of 12 or 24 random phrases in case the seed set is lost — is essential to keeping cryptocurrencies offline from trading. It is also required to purchase a USB-like tool that will act as a piggy bank for your cryptocurrency.

When it comes to bitcoin, it used to be the norm. However, as the use of cryptocurrencies increased, companies and exchanges appeared that made it possible for anyone to buy cryptocurrency without taking these steps.

Platforms that today seem unaffected by the FTX crash, such as Coinbase, have made an effort to reassure their users that their assets are safe and, in some cases, not subject to lending.

But for some users, that may not be enough.

Founder and CEO of cryptocurrency firm Custodia Bank and blockchain advisor Caitlin Long announced, “The veterans of us have seen this game before. Since the FTX crash, there has been a huge wave, and we are trying to warn people; get your coins from the exchanges.”

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Over the past two weeks, more than 150,000 bitcoins worth about $2 billion have been removed from exchanges, according to a report published by Bitcoin Magazine on Friday.

But for some significant cryptocurrency players, going completely off the grid would be a mistake.

Instead, there are growing calls for stricter regulation that would force cryptocurrency exchanges to maintain a firewall of customer funds so that they cannot be used for other purposes.

According to Long, the concept is to treat customer deposits similarly to how a valet handles a car.

“You’re just transferring temporary custody of the storage. They can’t rent it to use for Uber, and if the garage files for bankruptcy, they can’t take your car away because it’s not a garage asset. This is very basic and boring, but important.

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Long used Wyoming as an illustration, claiming that the state’s cryptocurrency legislation already mandates that any exchange operating there treat consumer funds in this way.

Long said FTX would not have happened if the Wyoming system had been in place.

Sens. Cynthia Loomis, R-Wyo, and Kirsten Gillibrand, D-Den, are the lead sponsors of a bill similar to Wyoming’s that’s currently running in Congress.

However, this law and others advocating regulation of cryptocurrency businesses may face opposition. The chairman of the Senate Banking, Housing, and Urban Affairs Committee, Sen. Sherrod Brown of Ohio, stated last week that cryptocurrencies still do not offer “anything useful or useful.”

“The recent collapse of FTX is a loud wake-up call that cryptocurrencies can fail,” Brown said in a statement. “These failures could have a spillover effect on consumers and other sections of our financial system, as we witnessed with the over-the-counter derivatives that contributed to the financial crisis.”

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“Given the ongoing turmoil in the cryptocurrency market, we must carefully consider how we control cryptocurrencies and their place in our economy.”

DeFi protocols are preferred by users because centralized crypto exchanges see outflows of ether

Users can trade cryptocurrencies on a DEX (a decentralized exchange) in a non-custodial environment without the need for a middleman to handle money transfer and custody.

DEXs use blockchain-based smart contracts to replace traditional intermediaries, such as banks, brokers, payment processors, and other institutions, to enable the exchange of assets.

DEXs provide complete transparency into the movement of funds and the operations supporting the exchange, unlike typical financial transactions, which are opaque and executed through brokers who provide very little insight into their actions. DEX also reduces counterparty risk and can reduce systemic centralization problems in the Bitcoin ecosystem because user funds do not move through a third-party cryptocurrency wallet while trading.

Due to their potential for unauthorized combination, DEXs are essentially “LEGO money” on which more complex financial products can be built. DEXs are the cornerstone of decentralized finance (DeFi).

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How does DEX work?

There are many DEX architectures, each with advantages and disadvantages in terms of feature sets, scalability, and decentralization. The most common type is DEXs for order writers and automated market makers (AMMs). Another common type is DEX aggregators, which search across different DEXs on-chain to get the best price or lowest cost of gas for the user’s intended transaction.

The high level of determinism achieved through the use of immutable smart contracts and blockchain technology is one of the main advantages of DEXs. DEXs execute trades using smart contracts and cross-chain transactions rather than centralized exchanges (CEXs), such as Coinbase or Binance, which use their own matching engine to enable trading. DEXs also give clients the option to trade while maintaining complete custody of their funds in self-hosted wallets.

Network fees and trading fees are the two main types of expenses that DEX users are usually expected to pay. While trading fees are charged by the underlying protocol, liquidity providers, token holders, or a combination of such institutions as stated in the protocol design, the network fee refers to the gas cost of an on-chain transaction.

The use of decentralized finance (DeFi) technologies is increasing.

Decentralized finance (DeFi) protocols are becoming more popular as evidence mounts that major centralized cryptocurrency exchanges are losing ground.

In the seven days since FTX’s demise, most DeFi protocols, according to data analytics platform Nansen, have seen double-digit growth in users and transactions.

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One of the decentralized cryptocurrency exchanges on Cosmos’ blockchain ecosystem, dYdX, saw a 99% increase in users and a 136% increase in transactions.

Digital asset markets show growth: dYdX (DYDX) token price increased by 77% despite the fact that 88% of digital assets in the DeFi sector depreciated in the week leading up to Tuesday due to the effects. From the collapse of FTX.

According to CoinDesk Indices, the DYDX token is rated as part of the CLOB (Central Demand Limit Book) Industry under CoinDesk’s Digital Asset Classification Standard (DACS). This industry is the only one out of 36 that has a positive weekly return.

Decentralized lender Aave achieved a 70% increase in users and a 99% increase in transactions.

According to Walter Teng, Vice President of Digital Asset Strategy at Fundstrat Global Advisors, as consumers become more aware of the value of self-guarding and transparency that DeFi protocols provide, they are sending tweets to CoinDesk. For this reason, the metrics use of DeFi protocols has increased.

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Uniswap Independent Exchange

Uniswap, the largest decentralized cryptocurrency exchange, has seen a 19% increase in users and a 21% increase in transactions over the past 30 days, according to Nansen data, despite the fact that trust in centralized exchanges has dropped significantly after the collapse of FTX.

According to CoinGecko, Uniswap has a 24-hour trading volume of ether at $900 billion, which is more than Coinbase, OKX, and Gate.io combined.

In addition, Uniswap’s web application records 55,550 new transaction wallets per day, the highest level in 2022.

“There is a demand for self-preservation and transparency and consumers are flocking to what they know and trust,” Uniswap Labs wrote on Twitter.

Token flow value on centralized exchanges

Users choose to hold their bitcoins elsewhere, which has led to a massive flight of wealth from centralized exchanges.

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Binance had the largest net outflow (outflow less inflow) among centralized exchanges over the past week, amounting to more than $1.44 billion. Thus, users on Binance made $1.44 billion more in withdrawals than in deposits. (The Nansen token flow value by exchange only takes into account ETH and ERC-20 tokens based on Ethereum.)

With a negative net flow of $1.24 billion, OKX came in second. With a net inflow of $900 million, FTX ranks third among all companies, while Kraken lost $586 million.

FTX US, Kraken, KuCoin, Coinbase, Huobi, Gate.io, Gemini, Paxos and Crypto.com saw combined net inflows of $6.33 billion over the past seven days, according to Nansen; Users deposited $42.03 billion on those exchanges but withdrew $48.35 billion.

Large outflows most likely show that users lack confidence and trust in holding their funds on centralized exchanges.

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Ethereum Price Prediction – How High Is Ethereum Today?

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Ethereum has made a healthy recovery in the past week. As a result, the price of the second largest cryptocurrency is showing signs of a recovery. Ethereum recorded an increase of 1.67% today, and its market capitalization settled at $157,215,822,422.

This analysis will show you how far the price of Ethereum can go today.

Ethereum price analysis

resistance and support

ETH/USD daily chart showing resistance and support levels l Source: Tradingview.com

Ethereum is trading at $1,284, adding $16.60 to the price movement in 24 hours. The coin bounced off the support at $1,240.41 to continue its bullish run.

According to a leading analytics company EmotionA major gauge flashing a bullish signal for ETH.

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The nearest resistance you are likely to face is at the $1,370 level. With the current market momentum, this price level is likely to be exceeded. The current bullish trend is likely to continue its upward trend for the rest of 2022. Another factor that may push the price of Ethereum higher further is the Federal Reserve Chairman’s hint of less aggressive interest rate hikes.

Ethereum price forecast with technical indicators

Ethereum Price Prediction - How High Is Ethereum Today?
ETH/USD daily chart with indicators l Source: TradingView.com

Ethereum is trading around the 50 day simple moving average. If the asset can overcome key resistance levels, it will continue to rise. It is likely to trade above the 200 day simple moving average in the coming days.

MACD line crossing above signal line indicates bullish dominance in the market. The bulls are pushing Ethereum price revival towards the end of the year.

The RSI at 52.39 is slightly in overbought territory. This indicator shows neutral sentiment at the moment.

The formation of two green candles in quick succession on this chart indicates a possible bullish trend, and it is likely that Ethereum will maintain its rally.

The bulls are pushing Ethereum to touch the $1,300 mark today. Possible reversals will be minimal as the $1,259 support will keep the price from a free fall. However, ETH should maintain the bullish momentum to break above the $1,320 level.

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Ethereum-backed tokens are worth buying today

With the sharp rise in the price of Ethereum, investors are looking for the best ERC-20 tokens to buy. Some of the best projects available today are Dash 2 Trade, IMPT, and RobotEra.

  1. Dash 2 Trading It is an innovative and state-of-the-art crypto trading intelligence platform that provides users with analytics and social trading support. The pre-sale has raised over $6.94 million and counting. Currently, the pre-sale is in the third phase. When the nine pre-sale phases are completed, D2T will be listed on the Lbank and BitMart exchanges. Investors buy and hold this token as events unfold. The D2T tokens will give users access to the Dash 2 Trade platform and all its benefits.
  2. IMPT It’s also a smart buy. IMPT is a marketplace created for carbon credits running on the Ethereum blockchain. Users can earn and trade NFT carbon offsets on the platform after shopping with green brands. The goal is to support a greener earth by reducing carbon emissions. The pre-sale of IMPT is over $13.18 million.
  3. RobotEra is running a Sandbox-like metaverse on the Ethereum blockchain. Its alpha version is scheduled for release in the first quarter of 2023. Players in the metaverse will create and play as bots. In addition, they will be able to create a virtual world that includes; NFT land, constructions and much more. In the pre-sale stage – TARO – its native token was achieved above $198,000.

conclusion

Ethereum has also felt the pull of the prevailing bear market. However, the cryptocurrency asset is currently on an upward trend.

This price improvement can be attributed to the increased adoption of investors and utilities in sectors such as NFT and gaming. ETH will likely end 2022 on a high as it looks to consolidate further at higher price levels.

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Socios chief goal? To knock cryptocurrency out of the park – Cointelegraph Magazine

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What is the dream of a sports fan? To be the announcer at a match at AC Milan, in front of 75,000 raucous Rossoneri fans?

To play a football match on the sacred turf of your beloved FC Barcelona?

To take a tour of the F1 team’s garage before the race, then watch the Monza Grand Prix from the VIP box?

These are some of the biggest bonuses offered as incentives for joining Chiliz, or the CHZ-based fan token schemes on Socios.com. There are also lesser, but still desirable prizes, such as meeting your sports stars, choosing the music to play when your team scores a goal, or being voted on to design next year’s team bar.

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Socios.com has now partnered with over 170 sports clubs in 25 countries and 10 sports, including American football, soccer, basketball, cricket, esports, ice hockey, mixed martial arts, motorsports, tennis and rugby. Eighty of these organizations have already launched their official fan tokens on the Socios.com app, and have high-profile deals with giants, such as Manchester City, Barcelona and the Aston Martin F1 team.

Alex Dreyfuss talks to a magazine from his desk. Source: Julian Jackson

The team leader behind this is Socios CEO Alex Dreyfus. “I’m French, I’m 45 now. I’ve been an internet entrepreneur for 25 years. I left school before [I was] 18 years old. I created my first company in 1995 at the beginning of the internet. I am from the web 1.0 generation. So, for the past 25 years, my journey has always been to try to use technology to create something that doesn’t exist and try to embrace it before others.”

He began by developing a French city guide that covered first Paris, then 36 other French cities. As a serial entrepreneur, he moved into an online gaming venture, with sports betting and online poker. While there is less regulation in France, unlike the UK, there are no betting shops everywhere. He moved to Malta 17 years ago, and 10 years ago he cashed in his bookmaking ventures to raise capital for his next project.

Interestingly, he started out as a Bitcoin skeptic. Coming from the highly regulated world of online gambling, he had a hard time wrapping his thoughts around a decentralized system without a supervisory body.

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Bitcoin skeptic…at first

On their honeymoon in Iceland, Dreyfuss came across a shop that took bitcoins, which sparked something in his mind. When he got home, he found that the gaming space was full of cryptocurrency enthusiasts making money. “I saw my Twitter feeds – all my friends are trading cryptocurrency and talking about it.”

“And so, in 2017, I spent a lot of time educating myself.” Andreas Antonopoulos and some other crypto influencers followed.

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“As an entrepreneur, I am always trying to find new opportunities – not as an investment, but to develop. At the end of 2017, I started looking at cryptocurrencies from a mathematical angle.

An idea was creeping into his mind. Sport is global – an international language. This means that many, if not most, supporters do not live in the country of origin. According to one Exploratory studyThere are 253 million Manchester United football fans in China or nearly four times the total population of the UK!

Alex Dreyfuss
Alex Dreyfus dreamed up fan icons as a way to interact with the team’s global fan base.

Sports like F1 certainly travel the world with races in different countries, but to attend sports like American football, soccer, or the National Basketball Association, you usually need to be in the host country.

However, these fans around the world are also loyal to their teams, which is a huge base for the business.

Dreyfuss notes that the sport was ripe for confusion.

“The industry hasn’t crashed in the last 30 or 40 years, unlike most other industries in the world. Travel booking, dating, of course, taxis, banking — they’ve all crashed in one way or another. Sports are still the same as they were years ago. Management of these labels Global business can completely avoid risks.”

Fan Tokens are a way to create a new revenue stream for the many fans who live abroad.

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On January 6, 2018, I decided to come back to the office after Christmas and say, ‘Let’s do this. We’re launching our business in this area. And at that time, we were 10, maybe 12 employees. It was a leap of faith.’

“Fast-forward to today, we have 300 employees across nine offices worldwide. We are the largest company in the blockchain/sports sector, but we are also one of the largest mainstream blockchain products that are neither an exchange nor a wallet. We created the concept of Fan Tokens.”

Chiliz (CHZ) is basically the entry point, allowing fans to go to socios.com and buy tokens for their favorite National Basketball League, Formula 1, Rugby or any other sports team. It’s just like trading on any regular cryptocurrency exchange, except the token’s main tool is — in theory, at least — to allow fans to get more deeply involved with their favorite club. Utility tokens are primarily a social investment, not a financial one.

Meet and greet
Fans meet international football stars Rafa Marquez and Javier Zanetti. Source: Socios

Elevate the fan experience

Tokens enable fans to vote or participate in decisions about their team – for example, to choose what music to play when a goal is scored, what scarf designs or number a player will wear.

There is a certain similarity with DAOs: each person holding a token has input into the governance of decisions that matter to them. Dreyfuss describes this as part of governance, not ownership — a kind of mathematical influences. It makes the fan more a participant than a passive spectator. Their premier prize for football/soccer fans is Living the Dream, where fan token holders get to play football in their team’s colors on the home stadium with a star player, photographer and commentator – the complete works.

“If I had to define this experience in one word, it would be: amazing.” A symbolic holder for the Barcelona football fan to play on her team’s grounds with fellow fans and the best player in La Liga, Samuel Eto’o.

Just as Chili’s and Socios were starting to take off, COVID-19 hit, and clubs had to think about what their companies would do when stadiums were empty. So, the fan icons made more sense at that point.

Oddly enough, the first covid-19 and the current crypto winter have worked for Socios. Dreyfuss feels that the downturn in the cryptocurrency sector is removing some of the more impractical projects, but the fan tokens, with their global base in sports fans, will be able to continue to evolve without distraction.

However, the World Cup hasn’t worked out for them so far as many expected, and the token actually dropped in the first week.

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More of a marathon than a sprint

Dreyfus feels that the real goal for Socios (haha) right now is to appeal to non-crypto fans, to convince them that fan tokens have real value to them, as they will probably be a little skeptical at first. Currently, the Ethereum token, says there are plans to launch its own blockchain for the sports industry.

“The company is developing a Chili Chain 2.0 based on sports clubs, which is destined to be in the sports industry, with them in place as nodes and endorsements,” he says.

“The first iteration of this is planned for late this year, or early next. The idea is that there will be a whole ecosystem of sports clubs and fans (and Socios.com) interacting and trading with each other, generating revenue and rewards.”

Let’s give the last word to a fan: “To live a priceless experience with an idol – no comparison is possible.”

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Julian Jackson

Julian is a professional journalist and copywriter specializing in the environment, technology, and business. He has worked for the BBC, Channel 4, Reader’s Digest, NBC and Der Spiegel. https://julianj.journoportfolio.com

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IBATUSD price is in a potential buying opportunity

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Battle Infinity Price Forecast: IBATUSD Price at Possible Buying Opportunity (Dec 1)
In the event that the bulls defend the selling pressure, the increase in the momentum of the bulls may lead to a break of the resistance level at $0.002504 and this may lead to an increase IBATUSD The price has reached the higher upper trend line of $0.1000.

Key levels:
Resistance Levels: $0.002500, $0.002600, $0.002700
Support Levels: $0.002300, $0.002200, $0.002100

IBAT (USD) Long-Term Trend: Bullish (1 hour)
The IBATUSD The pair is still bullish on the higher timeframes. This is evident as we can see the price bar above EMA-9 approaching EMA-50.

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It is good to see a strong buy reaction from the price at the $0.002350 supply level as a lot of contracts pile up as the 1-hour session begins today.

If the coin price is currently exchanging at the $0.002440 support mark, and with sustained buying pressure, it is likely to retest the $0.002519 supply area which could result in daily gains for coin holders.

Thus, we have a bullish bias that the market value of Battle Infinity will rise further to the upside if the buying pressure increases. Currently, the coin price is making a correction, and there might be a possible further rally in the coin market price, and that could lead to a retest of the previous rally at the $0.002538 resistance value soon.

We can also see the Momentum indicator pointing up, which means that the cryptocurrency is likely to continue its bullish trend; Therefore, we expect the price distribution to reach the $0.1000 level soon in the long run.

IBAT (USD) Short-Term Trend: Bullish (15 minutes)
IBATUSD is moving with bullish momentum from its short-term point of view. The trend is going up and the price has not yet reached its target.

Battle Infinity Price Prediction for Today, December 1: IBATUSD Price in Possible Buying Opportunity
The coin price distribution has now moved to a high of $0.002364 which is above the moving average lines shortly after the 15-minute chart opened today, this indicates that the bulls are gradually gaining access to the market for the time being and possibly from Likely took sooner. Thus, staying above the resistance trend lines will make it able to push the currency price up further.

Similarly, a price indicator that is also bullish suggests that Battle Infinity price might remain in an uptrend, in which case the upper resistance sign at $0.1000 could be a target soon on the short-term time frame.

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Battle Infinity has huge potential for extraordinarily massive returns. Buy IBAT over here

In addition to, D2T The token is on offer previously and has generated close to $8 million. Dash 2 Trade (D2T) is a unified analytics platform with market-beating intelligence and features to take your trading experience to the next level. Additional team members included, and the pre-release dashboard beta will be launched soon.

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