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Author Topic: StormGain is a crypto trading platform for everyone.  (Read 103013 times)

Offline stormgain

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Re: StormGain is a crypto trading platform for everyone.
« Reply #315 on: February 06, 2023, 10:09:53 AM »
Most Decentralised Crypto List

Decentralisation is one of the core principles of the very idea of cryptocurrencies, but the level of decentralisation can vary greatly among different projects. In this article, we'll break down which cryptocurrencies can be considered decentralised and provide a list of the most decentralised crypto coins.

What is decentralisation in cryptocurrency?

Decentralisation in cryptocurrency means that transactions in that cryptocurrency network are not controlled by a single central authority but are recorded and verified by a network of users. This means that no single entity has the ability to manipulate or shut down the network. You can read more about the difference between decentralised and centralised cryptocurrencies in our previous article.

Which coins are decentralised?

By definition, a decentralised cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources. If a crypto can't be 51% attacked, it is permissioned and centralised. — Charlie Lee, creator of Litecoin

Decentralisation is a relative concept, and the level of decentralisation varies from one cryptocurrency to another. There are a number of criteria by which the decentralisation of a cryptocurrency is assessed:

- Decentralised network. The cryptocurrency's network should be decentralised with a large number of nodes that validate transactions and maintain the blockchain. The more nodes the network consists of, the more decentralised it is.
- Decentralised control. Network nodes should be controlled by a large number of different people and/or organisations.
- Decentralised coin issuance. New coins should be generated in a decentralised way by a network of nodes through mining or forging.
- Accessibility. The cryptocurrency can be used by anyone, no matter who they are or what country they are in.
- Transparency. The cryptocurrency's blockchain should be open and transparent, allowing anyone to view transactions.
- Decentralised governance. The cryptocurrency's development and decision-making should be decentralised and open to participation from users rather than being controlled by a central authority.
- Geographical decentralisation. Network nodes should be distributed across different countries. If most nodes are concentrated in one country, there is an increased risk of government interference with the network.
- Decentralised coin ownership. If the majority of a given cryptocurrency's coins are owned by a small number of individuals, there is an increased risk of market manipulation of the coin's price.
- No single point of failure. The network should not have any single point of failure, meaning that if one node or component fails, the network can still function.

Most decentralised cryptocurrencies

The number of different cryptocurrencies has now exceeded 20,000, and all of them have varying degrees of decentralisation. So, which of them are the most decentralised? Let's find out.

The most decentralised coins list

The degree of decentralisation of an individual cryptocurrency is not always easy to assess. Many cryptocurrencies that are widely considered highly decentralised are more centralised than is commonly thought because decentralisation can gradually erode over time as various factors conspire to concentrate power and control within the hands of a few actors. Nevertheless, we have compiled a list of crypto coins considered to be the most decentralised at the moment.

Bitcoin (BTC)



The first and best-known cryptocurrency, Bitcoin, is widely considered one of the most decentralised digital currencies, if not the most decentralised. The Bitcoin network is made up of more than 13,000 nodes spread across the world. Bitcoin is based on the Proof-of-Work consensus mechanism, which requires miners to compete to validate transactions and add new blocks to the blockchain. In theory, anyone can become a Bitcoin miner.

Furthermore, Bitcoin has a decentralised development community with a transparent process for making changes to the protocol. This ensures that decisions are made through consensus and are not subject to the influence of a single individual or group.

However, the intense competition among Bitcoin miners means that it's only worthwhile to mine it on special, rather expensive equipment, which increases the entry threshold into mining and reduces decentralisation. In addition, to receive consistent mining rewards, individual miners join together to form mining pools. This has led to the four largest mining pools now controlling more than 75% of Bitcoin's hashing power.



Ethereum (ETH)

The second most-popular cryptocurrency also has a fairly high degree of decentralisation. Its network consists of more than 10,000 nodes. However, more than half of them are located in one country, the US. Validators are distributed more evenly between pools than in the case of Bitcoin.

Ethereum's biggest weakness in terms of decentralisation is the centralised leadership represented by Vitalik Buterin, who has enormous influence over the network's development.



Monero (XMR)

One of the oldest and most popular anonymous cryptocurrencies, Monero also retains a high degree of decentralisation. Its network consists of more than 2,000 nodes located in dozens of countries around the world. Unlike Bitcoin, Monero does not require expensive equipment to mine, which lowers the entry threshold and increases decentralisation. However, Monero miners still have to join mining pools. And, as with Bitcoin, the four largest pools control more than 85% of the network's hashing power. Moreover, the Monero development community is more centralised than those of Bitcoin or Ethereum.



Litecoin (LTC)

One of the oldest cryptocurrencies, Litecoin launched in 2011. The Litecoin network currently has more than 1,000 nodes. As with other Proof-of-Work cryptocurrencies, a threat to Litecoin's decentralisation is the centralisation of mining pools. In addition, as with Ethereum, Litecoin's decentralisation is weakened by the fact that it has a strong leader, Charlie Lee.



Decentralised stablecoins list

Stablecoins (https://stormgain.com/blog/best-stablecoins-list) are digital assets whose price is pegged to the price of an underlying asset, usually fiat currency. Given the importance of stablecoins to the cryptocurrency industry, it is not surprising that, in addition to centralised stablecoins, an alternative in the form of decentralised ones has emerged.



The most popular decentralised stablecoins (as of 30/01/23)

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Re: StormGain is a crypto trading platform for everyone.
« Reply #315 on: February 06, 2023, 10:09:53 AM »

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Re: StormGain is a crypto trading platform for everyone.
« Reply #316 on: February 07, 2023, 10:08:04 AM »
SHIB outperforms DOGE in anticipation of Shibarium

In 2023, the meme cryptocurrency economy has risen by 40% and is now worth $22.6 billion. The segment's initial coin, Dogecoin (DOGE), is up 29%, while Shiba Inu (SHIB) has gained 75%. The significant overtaking is associated with the upcoming launch of the second-level (L2) blockchain Shibarium.



Dogecoin is a self-sustaining first-level blockchain, while Shiba Inu is an ERC-20 token on the Ethereum network. All 1 quadrillion Shiba Inu coins were issued at once by an anonymous user with the nickname Ryoshi. The developer's initial goal was to overtake DOGE in terms of market capitalisation, a goal that has already been achieved.

A lot of media attention is needed to promote and attract attention to DOGE clones, the number of which is approaching a hundred on CoinMarketCap alone. Whether intentionally or by accident, Elon Musk — nicknamed the Dogefather on social media — contributed to SHIB's success.



Two months later, the developers sent half of the created coins to Vitalik Buterin as a sign of gratitude for his contribution to the development of the crypto industry. At that time, the gift was worth $6.7 billion. The PR move could have greatly contributed to SHIB's growth, but Buterin simply burned 90% of the donated coins, asking not to do that again.

The cold shoulder from Buterin may have been driven in part by a desire to keep network costs from rising. SHIB's trading activity has skyrocketed, which has increased pressure on Ethereum and made it difficult to expand its own coin. In May, the average commission on some days exceeded $50.



Now, SHIB's developers want to reduce their dependence on Ethereum by running the Shibarium blockchain on top of the main network. This will allow them to reduce commission and increase transaction speeds.

On 15 January, the official Shiba Inu blog featured an entry about the imminent deployment of the L2 blockchain. The developers expect a significant increase in SHIB's use since the innovation will provide the ability to create NFTs, games, metaverses and other decentralised applications on Shibarium. Judging by SHIB's movement relative to DOGE, trades are definitely buying the rumour.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #317 on: February 08, 2023, 09:51:13 AM »
Coming soon: Bitcoin at $1.5 million

Bitcoin's 40% rise in January has renewed talk of the imminent end to the bear cycle. Some metrics hint at the cryptocurrency's return to its primary trend, and media investors are once again competing in their price forecasts.



The May fall that began with the collapse of the Terra project (LUNA) led to the ratio of realised profits against realised losses falling into the red zone. In other words, more market participants recorded losses from trading activity (N bought and sold BTC). The situation changed dramatically last month when Bitcoin rose above $20,000.



Another metric hinting at the end of the bear cycle is the net unrealised profit to unrealised loss ratio. The indicator shows the result moving to addresses for coins that were kept there (N bought but didn't sell BTC). The average holder was once again in the black.

If we look at cycles when the average holder went under water and splashed back up to the top, the current phase will be comparable to bearish markets from past years. The 2022 bottom took 166 days to pass, while the 2018 bottom took 134 days.



But not all metrics indicate that we've reached the turning point. And while short-term holders have entered profitable territory, long-term holders (those who've held coins for six months or longer) remain in the red zone. In the last bear phase, it took them 291 days to return to black, while the current one has been going for 265 days now.



At the same time, estimates of the cryptocurrency's prospects have improved significantly. In the past two weeks, institutional investors using exchange funds have invested $184 million in Bitcoin's growth. This is the best figure for the past six months.



Recently, analysts at Ark Invest shocked the world with their prediction that Bitcoin would continue to rise through 2030.



Their pessimistic scenario assumes a rise to $259,000, while their optimistic one suggests the cryptocurrency will reach $1.5 million per coin. When explaining their high estimate, CEO Cathie Wood called Bitcoin a "defence against wealth confiscation", hinting at rising inflation caused by regulators' unbridled monetary policy.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #318 on: February 09, 2023, 10:02:56 AM »
Avalanche's bull trap

In 2023, Avalanche (AVAX) doubled in value to reach $21, showing some of the best gains in the Top 20 biggest coins by market capitalisation. The driver behind this growth was news of a fully-fledged partnership with Amazon. However, the metrics paint a picture of premature optimism and suggest that investors risk falling into a bull trap.



On 12 January, we wrote about a partnership agreeement reached between Avalanche and AWS which would see Amazon's cloud services users granted access to new services based on blockchain solutions. As soon as the news was released, the coin shot up 66%.

Over the four days that followed, bears made severe losses as the total amount of funds liquidated exceeded $10 million.



The triggerring of a significant number of stop loss orders led to even greater price rises and the emergence of excessive optimistic sentiment. As of 24 January, the lending rate has been well and truly in positive territory. This would suggest that bulls outnumber bears in open futures contracts. As a result, a sudden dip in the coin's price below $18 will tip the scales in the opposite direction, meanings bulls will take significant losses from the subsequent liquidation of positions.



The absence of positive fundamentals would indicate that such a scenario is highly likely. Indeed, the total transaction volume has been in decline since Autumn 2022, while the number of active wallet addresses is close to an annual low.



There has also been a significant drop in demand for AVAX in the DeFi sector, where the volume of blocked funds has fallen 33% to 46.7 million coins this year alone. To put this into perspective, Tron has increased its TVL by 4% to 78.6 million coins over this same period.



The partnership with AWS proved an excellent marketing ploy, but the hard metrics simply didn't manage to generate a meaningful spike in demand for the Avalanche network. As a consequence, the current situation could easily turn into a bull trap for investors.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #319 on: February 10, 2023, 11:56:26 AM »
US investors may be banned from participating in ETH staking

On the day of Ethereum's move to the new protocol, Garry Gensler, chairman of the US SEC, promised to seek to label all coins on PoS blockchains as securities. This threat, along with the upcoming unlocking of 16.5 million ETH worth $27 billion in March, has already resulted in the altcoin lagging behind Bitcoin during the January rise.



Because of growing fears of ETH's collapse, open interest in futures in 2023 dropped by 29% on the CME. Meanwhile, interest in BTC contracts saw a 6% increase.



It seems as though the regulator is ready to take its first step towards tightening cryptocurrency regulation on PoS coins, starting with banning retail investors from participating in staking. Coinbase CEO Brian Armstrong shared the rumours, describing this twist as "a terrible path for the US…" and "a matter of national security". The SEC refused to comment on the speculations.



Banning staking in the US would lead to a natural outflow of capital to alternative jurisdictions. The restriction will primarily affect smaller investors, who will be forced to turn to liquidity aggregators because of the need to stake blocks of 32 ETH (~$52,000). The LDO management token of the Lido Finance platform has already reacted positively to the "terrible path", jumping 10% overnight.



Lido is the global leader in Ethereum staking with a 29.3% share, and if we consider liquidity pools alone, that share rises to 74%.



It's difficult to predict how far the SEC is willing to go in its crackdown on PoS coins, but the threat hanging over them will restrain investment flows coming from US investors. In the medium-term perspective, Ethereum is likely to keep lagging behind Bitcoin.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #320 on: February 13, 2023, 10:26:11 AM »
Winter is coming: the SEC strikes a blow to staking

The precedent has far-reaching implications for the cryptocurrency industry. The collapse of FTX (including its US division) exposed the regulator's inability to mitigate financial risks. The problem can be solved in two ways: by improving regulatory rules or by restricting citizens' access to cryptocurrencies. The SEC has chosen the latter.

Just yesterday, we shared Coinbase CEO Brian Armstrong's concerns about a possible ban on access to staking. And just a few hours later, the Kraken exchange announced that it was closing the service and paying a $30 million fine.

Proof-of-Stake (PoS) coins offer investors the opportunity to generate passive income from staking. This makes it possible to pass the Howey Test from 1946 to determine if an asset is a "security". The criteria include:

- Investing money
- In a common enterprise
- With a reasonable expectation of profits
- To be derived from the efforts of others

On the day of Ethereum's move to the new protocol, SEC Chairman Gary Gensler promised to apply the new status to all PoS coins. Because it is legally challenging to pull this off, the regulator has taken the easiest route: banning access to staking for US citizens.

Kraken was the first to receive a notice to this effect and a $30 million fine. The crypto exchange has been accused of failing to register a service to generate passive profits for investors. The irony of the situation is that the SEC hasn't developed or presented a mechanism for such registration. SEC Commissioner Hester Peirce has publicly criticised her employer, calling it lazy.



Coinbase is undergoing a similar inspection. It's likely to face a similar outcome: a fine and a ban on retail investors participating in staking.

Ethereum will be the first to be hit by the SEC's ban, as Kraken and Coinbase's joint share in the staking exceeds 20%. The altcoin lost 2% against Bitcoin overnight. The main pressure will come with the Shanghai hardfork (expected to take place around March) when US users will get their ETH back.



This tightening of the screws goes hand in hand with court cases and investigations into Tether, Ripple, and Paxos (which is responsible for USDP and BUSD liquidity), as well as the development of a law covering stablecoins. According to Bloomberg analyst Mike McGlone, cryptocurrencies could face "their first real recession".


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Re: StormGain is a crypto trading platform for everyone.
« Reply #321 on: February 14, 2023, 10:22:14 AM »
SEC prepares to hit Binance

FTX investors' multibillion-dollar losses have damaged the regulator's image. To justify poor oversight of the industry, the SEC is starting 2023 off with a crackdown. Key areas for tightening are PoS coins and stablecoins, with BUSD from Binance being in the middle of both.

PoS coins offer passive income opportunities, enabling them to be treated as securities. In such a case, the crypto exchange must have an appropriate licence, and stricter requirements are imposed on traders.

In making its claims against aggregators, the SEC ignores legal loopholes and the lack of a mechanism for registering staking services. A pre-trial settlement was reached with Kraken last week, in which the company was fined $30 million and had its access to passive income closed. Because the cryptocurrency's share of Ethereum staking is 9%, the altcoin has lost 3.6% against Bitcoin over the past four days.



Binance offers investors an opportunity to make passive income by staking BUSD, which is issued by Paxos Trust Company. Paxos was one of the first to obtain a BitLicense and is regulated by the NYDFS. In addition to BUSD, Paxos has also launched the USDP stablecoin and PAXG gold-linked token.

Yesterday, the WSJ published an article on the SEC's plans to sue Paxos for issuing BUSD as an unregistered security. In addition to pressure from the SEC, the NYDFS also initiated its investigation into Paxos.

Claims against Paxos cover more than just staking. Earlier this year, Bloomberg published an article on the security gap in BUSD's duplicate. The stablecoin from Paxos is an ERC-20 token. Binance is issuing its own BUSD in the form of a BEP-20 coin to expand its range of services. B-token supply has reportedly exceeded collateral by more than $1 billion in some periods.



The presence of systemic risk poses a threat to both issuers. Cryptocurrency exchange representatives acknowledged a management error after a while.

It's quite possible that as part of a pre-trial settlement, Paxos will terminate its business relationship with Binance and stop supporting BUSD. If that happens, the crypto exchange would remain the only guarantor of the stablecoin, which isn't good for its popularity.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #321 on: February 14, 2023, 10:22:14 AM »


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Re: StormGain is a crypto trading platform for everyone.
« Reply #322 on: February 15, 2023, 01:10:50 PM »
Ordinals leads to Bitcoin network record update

The Ordinals protocol numbers mined satoshis, recording the order in which they're placed. This makes it possible to attach random content to coins, be it graphics or other media files. In other words, the Bitcoin network now has the ability to coin and resell digital objects (similar to NFTs), which has caused anger among some and excitement among others.



The Ordinals protocol was launched in late January by Casey Rodarmor. Check out his blog for more details on the new protocol. In order for it to operate fully, a Taproot-enabled node must be deployed. Because of the high interest in Ordinals, Taproot adoption jumped by 9.4%, and usage rose by 4.2%.



The average transaction fee has doubled in the past 30 days to $1.80, while the average block size has increased from a steady 1.5-2.0 Mbytes to 3.0-3.5 Mbytes.



In less than a month, 80,000 ordinals were minted, and the number of Bitcoin addresses with a non-zero balance reached an all-time high of 44 million.



The new feature has received mixed reviews from the community. Most critics cite Satoshi Nakamoto's will, which saw Bitcoin being created solely for financial transactions. Rene Pickhardt, the lead developer of the Lightning Network, has called the situation "spamming", while radical members of the market are even calling for censorship.

On the other hand, supporters of Ordinals insist the network has progressed to a new quality that Nakamoto couldn't have foreseen. The rise in demand for block space will increase fees, resulting in higher miners' profits and increased decentralisation. This will become especially relevant after the last Bitcoin is mined.



So far, the invention of Ordinals hasn't affected Bitcoin's price that much. But the latest trends indicate a steady demand for a new way of storing and transferring digital objects.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #323 on: February 16, 2023, 11:08:32 AM »
Binance under siege, plus record outflows in 2023

Regulators began the new year with a massive strike against the cryptocurrency market. Kraken, which was (essentially) banned from providing staking services, was the first crypto exchange to suffer a blow. Paxos, which is responsible for issuing USDP, PAXG and the Binance BUSD stablecoin, was next up.

The SEC sent Paxos a Wells Notice (pre-enforcement action notification) despite regular audits and a licence from the New York Department of Financial Services (NYDFS), which has also initiated an investigation against the company. No details have been disclosed yet, but the claims are likely due to Paxos' partnership with Binance, a potential criminal case against the cryptocurrency exchange's management, the existence of an unsecured BUSD duplicate on the BEP-20 token standard and the possible recognition of stablecoin as a security.

Upon receiving the notice, Paxos announced that it would stop minting BUSD (an ERC-20 token) from 21 February. Support for existing coins will remain in place until at least February 2024. In other words, only one-way exchanges remain, and the stablecoins coming to Paxos will be burned.

It's worth noting that Binance independently issues BUSD in the form of the BEP-20 token since it is the token's sole guarantor. Meanwhile, in 2021, supply exceeded collateral by more than $1 billion, and client funds were sometimes mixed with reserves. In a warning to consumers, NYDFS directly pointed to the lack of connection of Paxos and regulators with the BEP-20 duplicate, thereby hinting at its attitude to what is happening.



Paxos ending support for BUSD led to a significant outflow of funds from the stablecoin. Users rushed to exchange BUSD for USDT, resulting in BUSD's capitalisation falling by 6% to $15.3 billion in two days.



Anticipating possible shocks and liquidity difficulties, some users rushed to leave the crypto exchange. In the previous 24 hours, the net outflows from Binance totalled $831 million, a record high since FTX's collapse.



The shocks impacted the value of the native coin, as well, with BNB down 6% to $297 in the same period.



According to Bloomberg, a complaint against Binance to the NYDFS about under-secured BUSD was filed by Circle last year. This is a continuation of the undeclared war between stablecoin issuers, which escalated with the introduction in September 2022 of the automatic conversion of some stablecoins, including USDC, to BUSD on Binance.

Tensions between companies don't justify lapses in financial management, and increased industry oversight threatens to lead to further claims against market participants.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #324 on: February 17, 2023, 02:09:35 PM »
Three reasons Bitcoin's price is rising

While old-school investors, including Warren Buffett and Charlie Munger, are fighting windmills, Bitcoin is testing a six-month high. And there are three reasons for that.



Ordinals

A tiny revolution in the crypto industry is still going unnoticed. Launched in late January, the Ordinals protocol allows digital objects to be transferred on the Bitcoin network. Before that, the leading cryptocurrency's scope of application had focused solely on financial transactions. Now, with the ability to number satoshis sequentially, users can share any digital object, be it audio, video or images.

Despite some restrictions, high costs and the absence (so far) of exchange platforms, the number of Ordinals has surpassed 100,000. CryptoPunks has already registered a sale worth 9.5 BTC (~$233,000).

The explosive interest in Ordinals has increased online activity, updating the record for the number of non-zero wallets to 44 million and higher commissions. Miners made $876,000 in extra income in less than a month.



Crypto regulation

In 2021, Bitcoin was heavily criticised for not being environmentally friendly, which led to the belief that PoS-based coins had a bright future. In 2023, the SEC and NYFDS ruined the party. PoS coins are under threat of being declared securities, and cryptocurrency-affiliated companies are forced to refuse the partnership. For example, Kraken agreed in a pre-trial settlement to stop providing staking services and pay a $30 million fine. For its part, Paxos will stop minting stablecoin for Binance from 21 February.

US regulators treat PoS coins as toxic assets because of the passive income from staking (profit expectations). Bitcoin, whose fate is still tied to miners' work, remains the favoured option. The network's hashrate continues to set records.



Oversold

In 2022, Bitcoin was oversold due to the bankruptcy of a number of crypto projects, and the average cost of mining fell below the market price. Most mining companies were forced to get rid of their reserves to keep their business afloat.

Bitcoin spent the second half of the year below its realised price, while Glassnode calculates its fair value (realised price including holdings) at $33,000.



In an op-ed in The Wall Street Journal entitled "Why America Should Ban Crypto", Charlie Munger referred to China's experience and called everyone who disagrees with his opinion idiots in an interview with CNBC on Wednesday. What the 99-year-old investor is missing is that Bitcoin isn't banned in China because its decentralised nature makes it invulnerable to repressive measures. A ban on cryptocurrencies similar to China's would only trigger capital outflows that US regulators are unlikely to allow.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #325 on: February 20, 2023, 09:57:53 AM »
Mining companies' arms race gains pace

Despite the poor financial situation and the need to sell off reserves at the lowest prices in 2022, major mining companies are once again competing to increase capacity. Even companies going through bankruptcy proceedings joined the race.

Last year dealt a serious blow to miners' financial health. Public companies, which have been increasing their capacity through loans and investment, were hurt the most. In the summer, the average cost of Bitcoin mining fell below the market price. The largest gap came in November when the cost was estimated at $23,000, while Bitcoin dropped to $16,000.



A lack of funds to support operating costs has forced mining companies to sell off Bitcoin reserves. Many had to turn to refinancing their loans. The industry leader in computing power, Core Scientific, has initiated Chapter 11 bankruptcy proceedings.

The situation would seem to have cooled miners' enthusiasm, but competition is heating up with new intensity. Almost all public miners have expanded their ASIC fleets, and even Core increased capacity by 1.3 EH/s in January compared to December.



Iris Energy is another shining example of this. In November, the company shut down some equipment because it defaulted on a loan due to the inability to generate sufficient cash flow to service its debt. This week, however, it announced the purchase of additional ASICs from Bitmain, which will increase its own (non-rental) performance from 2.0 EH/s to 5.5 EH/s.

The desire to increase market share at all costs is driving hashrates up, despite challenging circumstances for the industry. Since January 2022, the network's capacity and computational complexity have jumped by 61%.



Now, Bitcoin is testing the $25,000 level. One analyst at B. Riley calculates that Core Scientific generates the cash flow needed to service its debt at this cost and that bankruptcy proceedings are no longer necessary.



If 2022 has failed to stop public mining companies from expanding, then even a small rise in Bitcoin this year will boost them.


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« Reply #326 on: February 21, 2023, 10:49:22 AM »
BUSD's capitalisation fell by 42% in three months

Binance chief Changpeng Zhao's (CZ) attempt to make his stablecoin the market leader can be considered a failure. Due to regulatory pressure, Binance is considering completely cutting off its relationship with US projects.

CZ took an extraordinary step in September 2022 to increase BUSD's market share. The cryptocurrency exchange announced the mandatory conversion of a number of incoming stablecoins into BUSD, including Circle's USDC. Over the following six weeks, BUSD's capitalisation rose by 11%.



According to Bloomberg, Circle complained to NYDFS about Binance, which led to a chain of dramatic events for the cryptocurrency and a 42% drop in the stablecoin's capitalisation over the past three months.

BUSD is issued by Paxos, a US company licensed by NYDFS to conduct cryptocurrency transactions. BUSD is minted on the Ethereum blockchain, and the volume of reserves in bank accounts matches the volume of the issue, as confirmed by regular audits.

To maximise profits, Binance decided to release a BUSD clone on its own BSC blockchain. In doing so, the crypto exchange has made some management failures. During 2021, the volume of coins minted exceeded reserves by over $1 billion. The report of independent analytical agencies on cases of mixing client funds with reserves has added fuel to the fire.



US regulators didn't much like the systemic risks. The NYDFS launched an investigation into Paxos, and the SEC sent a pre-enforcement action notification to the company. From tomorrow, Paxos will stop issuing BUSD, and the stablecoin buyback may end as soon as a year from now.

At the same time, Binance (except the US division) is considering withdrawing from US projects altogether. Speaking on Twitter Spaces on 14 February, CZ said the crypto industry's interest shifted towards stablecoins backed by the euro, yen and the Singapore dollar. With such statements, CZ may be preparing the community for Binance's potential move away from US dollar-based stablecoins.

Due to ongoing events, the crypto exchange's coin, unlike Bitcoin, couldn't renew its six-month high. Assessing the rise in supply, analysts at Santiment warn of downside risk to BNB in the medium term.



The beneficiary of BUSD's pursuit by regulators isn't even Circle; it's Tether. Offshore registration gives investors hope that the restrictions won't affect USDT. The stablecoin's capitalisation jumped by 6% to $70.5 billion in the last month.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #327 on: February 22, 2023, 08:50:23 AM »
Bitcoin's price rises despite macro threats

Metrics suggest the coin's price will continue to rise despite the threat of a global recession and increased regulatory pressure on the cryptocurrency market. After hitting a six-month high, Bitcoin may soon test the $30,000 level.



In every bearish cycle, investors incur losses. Some of them leave the market. Historically, Bitcoin finds a bottom when the largest number of long-term holders (LTHs) give up their positions. This cycle was the most painful for LTHs, as their share of coins sold reached 58% at its peak.



Tell-tale changes are seen in how short-term holders (STH) behave. In a bearish market, they're more likely to get burned, and the coins don't stay in the wallet for long (red arrows). On the contrary, speculators try to maximise their profits by grabbing coins at the lowest prices in a rising market (blue arrows). The STH group considered Bitcoin to be oversold several months before returning to growth.



Ordinals have been the main driver for Bitcoin for the past month (we covered this new technology), of which over 150,000 have been minted so far. The increase in demand is clearly demonstrated by the Taproot update, which is needed to handle ordinals. Miners liked the innovation the most, as their additional income exceeded $1 million in less than a month.



The only group of participants who don't expect the bullish trend to continue in the medium term are institutional investors. The outflow from Bitcoin funds amounted to $35.6 million in the last two weeks.



Major investors' fears relate to the Fed's intention to continue tightening monetary policy as the regulator aims to push inflation down to 2%. Core inflation in the US is currently at 5.6%. A further key rate hike could lead to a recession in the US economy and increased capital outflow from risky assets.

Other indirect counterarguments include stricter crypto regulation forcing US crypto exchanges to refuse to provide staking services, the potential granting of security status to PoS coins, and the imminent arrival of the Stablecoin Trust Act.


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« Reply #328 on: February 27, 2023, 03:13:34 PM »
Will Dogecoin Survive? When will Dogecoin Go Back Up?

Dogecoin, the meme-inspired cryptocurrency that started as a joke, has become one of the largest cryptocurrencies by market capitalisation, which came as a surprise to many, including its creator. The future of this unusual crypto coin, which has spawned many imitators, is sparking keen interest in the cryptocurrency community. Many crypto enthusiasts have questions like "Why is Dogecoin falling?" and "Is Dogecoin going to go back up?" on their minds now. In this article, we will delve into the reasons behind Dogecoin's price fluctuations and whether it has the potential to recover and rise again in the future.

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren't financial experts or Silicon Valley technologists. That's why I decided to support Doge – it felt like the people's crypto. — Elon Musk.



Will Dogecoin ever go back up?

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer and has since had many ups and downs.



Why did it spike, and why did its value rise?

The Dogecoin was created as a joke, but it soon gained a dedicated following, with its Shiba Inu dog meme logo becoming iconic. In the early days of its existence, Dogecoin had a small but passionate community that used it for small online transactions and tipping content creators. During the 2017 bull run, its price experienced a fairly strong rise along with the rest of the crypto market, but the coin was still relatively unknown to the general public.

However, things changed drastically in early 2021 when the value of Dogecoin began to surge due to increased interest from the wider public, including celebrities such as Elon Musk and Snoop Dogg tweeting about it. The sudden interest from the public, combined with its low price and high supply, made Dogecoin accessible to a large number of people leading to a buying frenzy that resulted in a massive spike in its value.



Why does Dogecoin fall?

Dogecoin's fall in price is primarily due to the same reasons that caused its initial rise - the market cycle and public interest. The sudden increase in popularity brought in a lot of inexperienced investors who were looking to make quick profits. The inevitable correction that began after the sharp rise in price prompted many of them to sell the coin, which put additional pressure on the price. More experienced investors, on the other hand, expressed concerns about the long-term viability of the meme coin, which achieved popularity mainly due to hype, and pointed to the lack of real use cases and the absence of a clear development plan.

The crypto market's bearish trend that began in late 2022 led to the price drop of all cryptocurrencies, which further accelerated the decline of the DOGE that had already taken place.

When will Dogecoin rise again?

As with all investments, it's impossible to predict with certainty when Dogecoin's price will go back up. The cryptocurrency market is highly unpredictable and can be influenced by a multitude of factors. However, there is a chance that the bearish trend in the crypto market has come to an end. This means that, in the short term, the price of Dogecoin is also likely to rise. And if the overall crypto market continues to grow and mature, it can provide a positive environment for Dogecoin to grow, as well.

As for the long term, the future of Dogecoin will depend on its ability to evolve and adapt to the changing crypto industry and to build trust with the wider public. The popularity of the meme coin will only get you so far, and Dogecoin needs to evolve if it is to survive.

Top reasons Dogecoin can survive

Despite the challenges Dogecoin is facing, there are reasons why it can still survive and thrive in the future. Some of the top reasons why it can survive include:

- Strong community support. Dogecoin has a large and dedicated community of supporters who have been with the coin since its early days. This community has played a significant role in promoting Dogecoin and keeping it relevant, and its continued support can help Dogecoin to stay afloat in the future.
- Widespread use. Dogecoin has a strong following among internet communities and is widely used for small transactions, tipping content creators, and charitable donations. This widespread use of Dogecoin as a means of payment could help to maintain its relevance and stability in the future.
- Development: Despite the lack of a clear roadmap, Dogecoin's #DevelopmentTeam  is still working to improve the cryptocurrency's technology and ecosystem. This ongoing development can help to ensure Dogecoin's survival in the long term.
- Decentralisation. The community-driven development and high degree of mining decentralisation make Dogecoin a highly decentralised cryptocurrency. In the eyes of many crypto enthusiasts, it is a definite plus which increases the attractiveness of the coin.



Is Dogecoin a good investment in 2023?

As with any investment, there are no guarantees, and the future of Dogecoin is subject to a range of uncertainties. In addition, "good investment" has a different meaning for each investor and depends on many factors, such as terms of investment, risk appetite, etc.

Having said that, it is worth noting that if a new bullish trend starts in the cryptocurrency market in 2023, the price of DOGE is likely to rise with the rest of the crypto market. However, given Dogecoin's high market cap and the lack of use cases, it is unlikely that its price growth can outperform that of other cryptocurrencies.

It is also important to remember that investing in cryptocurrencies is risky and can lead to significant losses. It's, therefore, important to do your own research before investing and not invest more than you can afford to lose.

When is the best time to buy Dogecoin

The best time to buy Dogecoin (https://stormgain.com/ru/cryptocurrencies/dogecoin) is highly subjective and depends on a number of factors, the chief of which is the purpose of the purchase and, therefore, the length of time you are going to hold Dogecoin. The longer you plan to hold the coins you buy, the more carefully you need to choose when to buy them. If you buy it in order to use it immediately as a payment or for a money transfer, it doesn't make much difference when you buy it. But if you buy it for trading, you will have to apply technical analysis to choose a proper moment. And if you consider Dogecoin as a long-term investment, then fundamental analysis might be your best bet, even though it's frustratingly unreliable when it comes to cryptocurrencies.

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Re: StormGain is a crypto trading platform for everyone.
« Reply #329 on: February 28, 2023, 11:21:34 AM »
Seems like a tradition: Solana stopped due to another failure

For the failed 'Ethereum killer', technical problems leading to a network shutdown are already a tradition. Approximately every quarter, users encounter an inability to complete transactions. The network was down for 19 hours this time, the biggest shutdown in 12 months.



The failure occurred on 25 February after an attempt to upgrade to version 1.14. The chain has branched out, and the transaction processing speed has dropped from 5,000 TPS to 100 TPS. The validators decided to roll back to v.1.13 but miscalculated the restart point, making the problem even worse. As a result, the network was completely shut down, and a rollback to an older unit was carried out.

Chorus One, a network partner, tried to find a positive side to the story, highlighting Solana's decentralisation and the need for validators to vote with a set quorum on each decision. Because of this factor, it takes 8-10 hours for Solana instead of 1 for a highly centralised network to get back up and running.



Another user noted that it wasn't about decentralisation but rather inherently poor design: "Solana has proved for the 15th time that nodes are highly dependent on each other."

Operation was fully restored on 26 February, but the cause of the failure is still unknown. The #DevelopmentTeam  is now investigating, assuring that none of the confirmed user transactions was affected by the failure. It also had no effect on the coin's value.



Users and some developers have already come to terms with this network feature: occasional failures. However, Solana has a skeleton in the closet in the form of 35 million SOL (~$800 million) still held by FTX. At the end of the trial, the coins will be sold to cover the investors' losses. The surge in supply won't help capitalisation, and the very fact of a close business relationship with the collapsed crypto exchange has already led to the departure of two of Solana's biggest NFT projects.


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