Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Why Phemex Is One of The Most Secure Exchanges in The Crypto Space

The history of cryptocurrencies started with innovation, passion, and determination. The launch of Bitcoin in 2009 marked a pivotal point for the world economy. However, this story also began with disappointment and one of the most important theft in its early tale. In 2014, when Bitcoin had just surpassed the $1 price, a group of hackers stole over $400 million or 700,000 BTC from crypto exchange Mt. Goxx and caused the platform to file for bankruptcy. Users were the most affected, most still waiting to receive compensation from the failed platform. The crypto industry has seen hundreds of hacks similar to Mt. Goxx, such as the Plus Token Scam which took millions in Bitcoin, Ethereum, and other tokens from their crypto wallets. Most recently, crypto exchange AscendEX, formerly known as BitMax, was hacked and lost over $70 million from its users. Per the company’s report, bad actors transferred the funds from the exchange’s hot wallet which contained funds on Ethereum, Polygon, and Binance Smart Chain. The exchange has around one million clients, some of which are major institutions. Thus, choosing a trustworthy exchange remains one of the most important points for crypto adopters. This metric has been on a constant rise and seems poised to only continue to increase. Amongst crypto exchanges in the industry, Phemex has a leading spot due to its security mechanism. The platform has never been hacked and has been able to keep its users’ funds safe with an innovative security system. Why Phemex Is Better Than The Competition Phemex uses a Hierarchical Deterministic Cold Wallet System. This allows each user to have their own cold wallet deposit addresses separated from the rest of the people on the exchange. In addition, the platform collects all deposits recorded, and via offline signature, the funds are sent to a cold wallet protected with multi-signature. The exchange was founded by a team with experience on Wall Street. Thus, they have set up a system that protects the users by scrutinizing and reviewing every transaction on the platform. Withdrawal requests are processed three times each day and both founders and operators must approve them, according to Phemex’s official website. In that way, any malicious actor or threat is immediately neutralized. Even after a withdrawal request was approved, the funds will be sent via offline signature from the exchange’s cold wallet. Other exchanges could have a security system in place but lack Phemex’s guarantees and its team experience. Hot wallets have been one of the most vulnerable single points of failure in a crypto exchange. Thus, Phemex has eliminated its use on the platform and claims all operations that take place within its system are conducted offline. In combination with Phemex’s Trading Engine Safety, which protects users’ funds in any market condition, and the User Account Safety, which includes a two-factor authentication mechanism and a high-end bookkeeping system, this platform meets the crypto and could meet any industry’s standards in consumer protection and security. Bitcoin alone could have over one billion users in the next five years, Ethereum many more due to the variety of use cases, and other blockchains similar or bigger numbers. Crypto and its underlying technology continue to gain relevance as potential tools to improve the current financial system or disrupt industries worth billions. Therefore, crypto exchange platforms with high-security standards, such as Phemex, will only grow in relevance as more people jump into the crypto space. Phemex could have one of the most robust security systems in the crypto industry, one required to onboard the crypto users of today and tomorrow and protect them from all the bad actors looking to prey on any platform’s weakness.   Image: Pixabay

The ratio has shifted

The ratio of unknowledgable people to knowledgable people in /rcc has shifted to a degree that both posts and comments are flooded by those who have surface knowledge at best. In economics there is a saying that bad money is driving good money out of the system, and the same seems to be the case…
Read more

Cheapest way to DCA ETH

Title says it. I'd like to buy $50 of ETH every day. Using Binance.US at the moment. Costs me a quarter every time, and Binance charges a fortune in withdrawal fees. Would love to try something else. I have accounts with Gemini, FTX, Crypto.com, and Coinbase. All have high transaction and withdrawal fees. I use…
Read more

Stablecoin Flippening: UST Becomes the Biggest Decentralized Stablecoin By Market Cap

UST, one of the stablecoins of the Terra project, has become the largest stablecoin by market capitalization today, after having surpassed its Ethereum-based rival, DAI. UST is now the largest decentralized stablecoin in the market, closing a year of growth for the Terra ecosystem, which is now among the most valuable top ten cryptocurrency projects […]

Do Senator Lummis & Toomey’s Bitcoin Holdings Pose Ethical Concerns? Let’s Argue

It’s completely legal for U.S Senators Cynthia Lummis and Pat Toomey to own Bitcoin or crypto-related investments. They just have to disclose it. Does this pose an ethical dilemma? Senators are on the frontlines of policymaking, and the rules around cryptocurrencies are still being written. On the other hand, it’s illogical to think that Senators can’t handle money or have investments. And that’s what cryptocurrencies are. Is there a conflict of interest here? Let’s argue. As a basis, we’ll use and analyze this article, based on the “Wall Street Journal review of public financial disclosures.” How Much Bitcoin Do Lummis And Toomey Have? Senator Cynthia Lummis is on the frontlines of the battle for better legislation around Bitcoin and cryptocurrencies in general. However, we’re centering our discussion around her and Pat Toomey because they’re literally the only Senators that disclosed crypto-related investments. An incredible stat that shows just how early we are. But enough about that, let’s go to the numbers. Reportedly, Cynthia Lummis owns 5 whole BTC. Or, as the WSJ puts it: “Ms. Lummis’s roughly $250,000 of bitcoin makes her the most heavily invested U.S. lawmaker in the digital asset.” For his part, Pat Toomey went for Bitcoin and Ethereum exposure via Grayscale: “In mid-June, Mr. Toomey bought $2,000 to $30,000 of stock in Grayscale Bitcoin Trust and Grayscale Ethereum Trust, investment vehicles that seek to track the coins’ prices. He said the holdings are part of a diverse portfolio.” So far, so good. However… What Ethical Concerns Are There? Recently, via Instagram stories, Alexandria Ocasio-Cortez revealed that she’s not exposed to cryptocurrencies in any way. “I don’t think members of Congress should own / trade individual stocks and I choose not to own any so that I can remain impartial in policymaking,” she said. And later added, “I want to do my job in the most ethical and impartial manner possible.” Does she have a point? Back to the article, let’s quote Lee Reiners, “executive director of the Global Financial Markets Center at Duke University and a former official at the Federal Reserve Bank of New York.” “These two senators are the most vocal when it comes to favorable cryptocurrency regulation. It’s not to say they are motivated by personal financial interest, but it’s fair to question their advocacy. It’s problematic given their holdings.” But, is it problematic, though? Let’s give the Senators the right to reply.  BTC price chart for 12/21/2021 on Bitstamp | Source: BTC/USD on TradingView.com How Do Lummis And Toomey Respond? In a recent interview, Toomey said, “Following that logic, then I guess no one in the Senate can invest in anything. That would be ridiculous.” Plus, let’s remember, it’s completely legal for them to do so. In Lummis’ case, take into account that “her bitcoin is part of a broad portfolio that includes her family’s cattle ranches.” The WSJ quotes her: “Somebody said, ‘She should sell her bitcoin.’ It’s like, well, OK, it’s a commodity. Should I also sell my cows? Should I sell my mutual funds? Should I sell my retirement fund, just because it might be invested in something that is a great store of value?” There’s another factor, and this is crucial. The Senators also “say their experience with cryptocurrency gives them expertise on a subject that few on Capitol Hill have studied.” Can you understand Bitcoin if you’ve never used it? Don’t you need to be experienced in something to be able to make informed decisions? If all of the other Senators don’t have cryptocurrency exposure or any experience with this novel technology, how can they be trusted to dictate policy?  It’s scary to think that the people deciding over what could become the new paradigm, the evolution of money, have never used the technology and solutions it provides. And that’s the other side of this debate. Featured Image: jensjunge on Pixabay | Charts by TradingView

TA: Ethereum Breaks Key Hurdle, Why There Could Be a Strong Rally

Ethereum is gaining pace above the $3,950 zone against the US Dollar. ETH price is showing positive signs and the bulls might aim a larger increase above $4,100 Ethereum started a fresh increase and even climbed above the $4,000 resistance zone. The price is trading above $4,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $3,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate higher above the $4,050 and $4,080 resistance levels. Ethereum Price Gains Pace Ethereum started a steady recovery wave above the $3,850 and $3,880 resistance levels. ETH even climbed above the $4,000 level and the 100 hourly simple moving average. During the increase, the price cleared the 76.4% % Fib retracement level of the downward move from the $4,035 swing high to $3,750 low. Besides, there was a break above a major bearish trend line with resistance near $3,960 on the hourly chart of ETH/USD. The pair is now trading near the $4,035 swing high. It is trading above $4,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $4,050 level. The next major resistance is near the $4,100 level. It is near the 1.236 Fib extension level of the downward move from the $4,035 swing high to $3,750 low. Source: ETHUSD on TradingView.com A clear move above the $4,100 level could push the price further higher in the near term. The next stop for the bulls could be $4,250. A close above the $4,250 level may possibly spark a move towards the $4,350 level. Fresh Drop in ETH? If ethereum fails to start a fresh increase above the $4,050 level, it could start a fresh decline. An initial support on the downside is near the $3,960 level. The first key support is now forming near the $3,920 level and the 100 hourly simple moving average. If there is a clear break below the $3,920 support, the price could extend losses. The next major support is $3,850, below which there is a risk of a move towards the $3,750 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,920 Major Resistance Level – $4,100

Yes I am this Old LMAO

Jinkies Scooby! I FINALLY found my old paper wallet I was mining to at the time. What a beautiful piece of art lol https://preview.redd.it/jjib55ottt681.jpg?width=750&format=pjpg&auto=webp&s=a5358cf404eabf6fe50bebf63a4e5a1f347dc119 Now how do I check what is inside and if I am a Millionaire or not? I dont remember if I ever transferred the coins pre algo KawPaw switch. ​ Am…
Read more

UNISWAP is migrating to MATIC

Does this mean I can invest in projects started on ethereum and listed on uniswap by using matic? ​ I understand matic is a layer 2 solution but it serves no purpose to the investor if he can not invest on eth small caps. ​ Is there any solution I can buy eth small caps…
Read more