Day: August 10, 2020

PSF Token Invokes the First Coin-Age Staking Protocol on Bitcoin Cash

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During the last six months, the Simple Ledger Protocol has grown immensely and there’s been 9,604 SLP tokens created since the infrastructure launched. Just recently news.Bitcoin.com reported on mistcoin, the mineable SLP token that can be mined with a CPU. Now software developer Chris Troutner has invoked tokens called PSF, which are the first SLP tokens that leverage UTXO coin-age for staking on Bitcoin Cash. During the first week of July, news.Bitcoin.com reported on the Permissionless Software Foundation (PSF), an organization that aims to “foster the growth of open-source software…

Ethereum Classic’s Leadership Says They Don’t Need Charles Hoskinson’s Bailout

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Cardano (ADA) founder Charles Hoskinson recently offered to help the troubled Ethereum Classic (ETC) community, but it came with a major condition. The community would first have to institute a decentralized treasury system, similar to Hoskinson’s Cardano and many other blockchain projects. If the community did not accept his terms, Hoskinson felt like his help would have been a waste of time and money: “It’s not worth my company’s time or our strategies to pivot for a grant or a one off payment to go and bail us out. If…

DeFi Tokens BAND, LINK, Outpace Bitcoin Price by Gaining 100% in 10 Days

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This week Bitcoin (BTC) price is making waves as the digital asset finally pushed above the $12K mark, but prior to this move, altcoins have been strongly outpeforming BTC for weeks.  Two of the most notable performers are Band Protocol (BAND) and Chainlink (LINK) as both surged by 348% and 88% in the past ten days. Each functions as an oracle blockchain network that supplies data to Decentralized Finance (DeFi) applications. Since the start of August, BAND price rose from $3.9 to as high as $17.78 and in the same…

IOTA Revs Its Engines for Mainnet Upgrade Launch

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The IOTA network is preparing to launch the first phase of Chrysalis, also known as IOTA 1.5, on its mainnet sometime next week. According to a tweet published by the IOTA Foundation, the upgrade will allow the network to process 1,000 transactions per second, and will institute 10-second confirmation times. In June, the foundation also released the latest version of its node software, Hornet. This paved the way for IOTA 1.5 following a community-driven stress test, which resulted in a stable network with more than 150 nodes. Testing showed that…

XRP Could Start a “Moon Mission” if it Holds One Crucial Level

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XRP has seen some mixed price action in recent weeks. After incurring an explosive rally that sent its price surging up towards $0.33 last week, it has been consolidation below its $0.30 support, struggling to garner further strength. Analysts are noting that this ongoing consolidation phase may simply be the calm before the storm. One trader is pointing to a plethora of different factors that suggest XRP could be on the cusp of starting its first “moon mission” seen in ages. Some of these factors include its ability to bounce…

Compound Gets Ready to Deploy Decentralized Oracle

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The Compound protocol is set to introduce Open Price Feed — a decentralized oracle whose crypto market prices will allow the project’s lending system to function. The Open Price Feed is currently being tested on a variety of networks. It has operated for almost two weeks on the Ethereum (ETH) Kovan and Ropsten testnet for almost two weeks, and its price feeds have been available for 10 days on mainnet. On Ropsten, a proposal to use the new price feed locked in on Aug. 6. Compound developers are calling the…

Market Wrap: Bitcoin Tests $12K; DeFi Debt Outstanding Hits Record

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Bitcoin hit $12,000 but then fell as long derivatives traders were wiped out. Meanwhile, DeFi lending continues to grow.  Bitcoin (BTC) trading around $11,884 as of 20:00 UTC (4 p.m. ET). Gaining 1.8% over the previous 24 hours. Bitcoin’s 24-hour range: $11,468-$12,084 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since Aug. 8.Source: TradingView Bitcoin was able to hit as high as $12,084 on spot exchanges such as Coinbase only to quickly drop 4.5% a few hours later. Leverage may…

Mining Stocks Are Beating Bitcoin in a Bullish Cryptocurrency Market

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Betting against bitcoin has been a losing battle for months amid gaining more than 200% since its March lows. Benefiting from this rally, moreover, cryptocurrency mining stocks trading on U.S. markets are significantly outperforming the benchmark cryptocurrency. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Original

Federal Reserve’s Expected Inflation Ramp-Up Drives Institutional Investors to Hedge With Bitcoin

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The U.S. Federal Reserve is expected to ramp up inflation by keeping interest rates low. As the U.S. dollar falls sharply and gold’s price soars, institutional investors are moving their money into alternative investments, including bitcoin. Fed Policies Drive Demand for Bitcoin The Federal Reserve is completing a year-long policy review and “is expected to make a major commitment to ramping up inflation soon,” CNBC reported last week. Investors have been making heavy bets accordingly as evidenced by record-high gold prices, the falling U.S. dollar, and increased demand for Treasury…

Mobile Crypto Scam Targets Wealthy Indian Investors

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A new cryptocurrency scam in India is targeting wealthy individuals using a fake mobile app. According to India TV News, cybercriminals are targeting high income individuals across India. Victims receive messages through social media groups asking them to sell and buy Bitcoin through a mobile app. This app, which supposedly acts as a crypto exchange, is actually entirely fraudulent. Once a user’s Bitcoin is deposited on the fake exchange, the scammers stop responding to queries from the victim and disappear. Manan Shah, founder and CEO of Avalance Global Solutions, said…