Day: March 11, 2023

How to host a decentralized website

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Decentralized websites rely on decentralized networks rather than centralized servers to preserve and verify the data’s integrity. Decentralized websites offer a more private, secure and censorship-resistant alternative to standard websites by utilizing peer-to-peer (P2P) networking, cryptography and blockchain. This article will explain how to host a decentralized website, and the benefits and challenges of decentralized hosting. What is decentralized web hosting? A web server distributes the website’s files to its clients in a standard network setup for hosting websites. This allows larger organizations or governments to decide what content is…

Crypto whales suffer huge losses due to USDC depeg, SVB collapse

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In response to the extraordinary depegging event of the USD Coin stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flight to protect assets. Du Jun, co-founder of cryptocurrency exchange Huobi Global, posted:  “[I] dodged, LUNA, dodged 3AC, even dodged FTX [and their collapse], but I couldn’t avoid Silvergate, nor SVB and USDC. Asked a few crypto veterans; losses amounted to >$1 billion in stock and deposits, myself included. I’m very…

USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity – Bitcoin News

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On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) trading sessions on Saturday. Major Crypto Exchanges Suspend USDC Trades as Concerns Mount On March 11, 2023, stablecoin assets are having a rough day after Circle Financial announced that $3.3 billion of the cash backing…

BlockFi warned over $227m stuck in Silicon Valley Bank

BlockFi, a cryptocurrency lending platform, has been warned by the bankruptcy trustee that the $227m the company has in Silicon Valley Bank (SVB) may go against bankruptcy laws.  This is because these funds are allegedly not protected by the Federal Deposit Insurance Corporation’s (FDIC) deposit insurance. It is because this amount is invested in a money market mutual fund, which may be illegal per bankruptcy laws. BlockFi faces scrutiny over lack of FDIC insurance BlockFi had previously filed for bankruptcy in November last year following FTX’s collapse. According to paperwork…

Banks down? That is why Bitcoin was created, crypto community says

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Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.  It’s truly amazing how many people are scared that a couple banks went down. Someone tell these people WHY BITCOIN WAS CREATED. — Toby Cunningham (@sircryptotips) March 11, 2023 “There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin.…

I doubled my money in Argentina with a ‘black market’ exchange rate

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The author in Argentinian Patagonia in February 2023. Here, the Spegazzini Glacier cascades into Lago Argentino, the third largest lake in South America. A legal exchange rate influenced by the black market A worker lays out 500 Argentine peso note sheets on Aug. 14, 2020 in Buenos Aires. To cope with one of the world’s highest inflation rates, Argentina produces money 24 hours a day. Ricardo Ceppi | Getty Images News | Getty Images In Argentina, waiting for a cash transfer isn’t strange at all. In fact, it’s custom —…

Aavegotchi bonding curve closes on exact day of DAI depeg

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According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi on Mar. 11, the entity closed the bonding curve defining the exchange rate between its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The same day, the DAI stablecoin depegged as part of the ongoing USD Coin destabilization, which was, in turn, caused by $3.3 billion in stuck stablecoin collateral deposits owed to its issuer Circle by now-defunct Silicon Valley Bank.  GHST is described as an “entry ticket” into Aavegotchi, where users can use the token to purchase NFT portals,…

SOL Rebounds From 2-Month Low to Start the Weekend – Market Updates Bitcoin News

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Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday. Solana (SOL) Solana was back in the green to start the weekend, as bulls reappeared following Friday’s red wave. Following a low of $16.19 in yesterday’s session, SOL/USD moved to an intraday peak of $18.85 on Saturday. The move…