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  • Cointelegraph.com News - 9 December 2021, 2:01 am

    Reddit has launched a new website allowing mods and users to sign their subreddits up for the new ‘Community Points’ token rewards program. Reddit has launched a waitlist for the upcoming site-wide expansion of its Ethereum-based ‘Community Points’ token rewards program, as well as a dedicated website. The social media platform, which runs on upvotes that earn users’ karma scores, first dabbled in crypto token rewards in Dec 2019, when it launched Ethereum-based token rewards called “Donuts” in the r/Ethtrader subreddit. In May 2020, the platform expanded the reward program to the r/Cryptocurrency subreddit with “Moons,” and r/FortniteBR with “Bricks” on an Ethereum testnet. Now, the program will be rolled out as an opt-in feature for subreddits across the entire platform. Similar to karma, Redditors will be able to earn Community Points by making contributions to a subreddit, such as creating and uploading valuable content, or volunteering to moderate the community. While the points remain in their beta phase, Reddit has “strongly advised to exercise caution.” Selling, exchanging or trading the points are against the site’s rules. Reddit stated: “This kind of behavior is very risky while Points are on a testnet — Points can be lost or they may not be migrated over to the main Ethereum network.”The Community Points program is currently being run on the Rinkeby testnet version of the Ethereum blockchain, with plans to migrate to the Ethereum mainnet using Eth layer-2 scaling solution Arbitrum. Despite Reddit’s warnings, owners of the trial token rewards have been able to devise a convoluted plan to trade the tokens for fiat. Once the reward system moves to the mainnet, the tokens are likely to be able to be swapped, held or traded on crypto trading platforms like any other ERC-20 token. Both users and mods are able to sign up for the waitlist and request the Community Points feature to be added to their subreddit once the beta program goes live. Each subreddit that participates in the program will be able to create “Special Memberships,” which users can purchase with their points. These memberships unlock features like badges, GIFs and animated emojis. The program will also introduce a “weighted polls” feature, which will give a larger voice to users who have more Community Points, and therefore are active contributors in the subreddit. The new website explains: “Community Points are a measure of reputation in your community. In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd.”Tokens will be stored on-chain in their personal “Vault,” where they can view, send and use their community points within the Reddit app. Because the points are on the blockchain, users can take their “reputation” and embed it anywhere on the internet. Related: Reddit to reportedly tokenize karma points and onboard 500M new usersReddit held a “Scaling Bake-Off” competition to choose an Ethereum scaling solution for the program in Aug. 2020. Arbitrum was selected as the top pick the following July 2021.Reddit has not yet provided…Read More

  • Bitcoin News - 9 December 2021, 1:00 am

    The CEO of Ark Investment Management, Cathie Wood, says that the metaverse can become a multitrillion-dollar market. “It’s a big idea that will probably infiltrate … every sector in ways that we cannot even imagine right now,” she said. Cathie Wood Believes the Metaverse Will Be Multitrillion-Dollar Opportunity Ark Investment Management (Ark Invest) CEO Cathie […]Read More

  • Bitcoin News - 8 December 2021, 11:00 pm

    The firm Foundry Digital announced on Wednesday that the business has launched a bitcoin mining rig marketplace called Foundryx. According to Foundry, the company has access to more than 40,000 mining machines that are ready for resale. In addition to the marketplace launch, the company’s mining operation, Foundry USA, has become the world’s largest bitcoin […]Read More

  • Cointelegraph.com News - 8 December 2021, 10:45 pm

    In the last two weeks, DFI price bounced off its swing low and a number of data points suggest the project’s fundamentals will continue to improve. Decentralized finance (DeFi) offers one of the most widely applicable use-cases for distributed ledger technology and today it is one of the main avenues for the wider adoption of blockchain technology. Last week, as the wider crypto market corrected and Bitcoin (BTC) dropped by 22%, DeFiChain (DFI) bucked the trend and rallied 76% to establish a new high at $5.70 on Dec. 6 as its 24-hour trading volume surged from an average of $3.6 million to $24.3 million.DFI/USDT 4-hour chart. Source: TradingViewThree reasons for the price breakout for DFI include the launch of decentralized assets on the DFI mainnet, a surge in transactions and users on the network and an increase in the total value locked on the protocol. Traders pile into decentralized stocks and cryptocurrenciesThe biggest source of momentum for DFI in recent weeks has been the launch of decentralized assets on the DeFiChain network and staking options for holders.Users of the platform now have access to multiple pools that include large-cap cryptocurrencies like Bitcoin and Ether, as well as synthetic versions of popular stocks and indices, including pairs for Tesla (TSLA), Apple (APPL) and the S&P 500 (SPY). In addition to having exposure to these assets, stakers also benefit from the higher-than-average yields available on the platform.DeFiChain DEX pool pairs. Source: DeFi ScanOther d-asset options available to users include Gold (GLD), Silver (SLV), the ARK Innovation ETF (ARKK) and the iShares 20+ Year Treasury Bond ETF (TLT).Transaction volumes surgeAnother reason for the strong performance seen from DFI has been an increase in transactions on the network following the release of decentralized assets. Daily DeFiChain transaction count. Source: DeFiChain AnalyticsThe surge in network activity is largely the result of the new use cases made possible by the launch of decentralized assets, including the creation of assets, liquidity mining and arbitrage trading. The added features have also helped to attract new users to the DFiChain ecosystem, with the number of unique wallets holding DFI reaching a new record high of 42,555 on Dec. 8.Unique addresses holding DFI. Source: DeFiChain AnalyticsRelated: Nasdaq to provide price feeds for tokenized stock trades on DeFiChainTotal value locked hits a new all-time highDFI has also seen a steady increase in total value locked on the DeFiChain protocol, which is now at an all-time high of $1.83 billion according to data from Defi Llama. Total value locked on DeFiChain. Source: Defi LlamaThe spike in value locked coincides with the launch of decentralized assets on the network and it’s claer that users rushed to deposit funds to gain access to the high yield opportunities available to liquidity providers. Aside from the staking features offered on the DeFiChain DEX, larger DFI holders with at least 20,000 DFI also have the option of locking their DFI tokens up in order to run a masternode on the network and earn rewards in return for…Read More

  • Bitcoin News - 8 December 2021, 10:00 pm

    PRESS RELEASE. Label Foundation has recently announced its readiness to deploy on the Binance Smart Chain, utilizing the cross-chain bridge that they have developed in cooperation with the Tokyo-based blockchain development company, Curvegrid. The deployment of the bridge pinpoints to the initiation of the Label’s integration into the Binance Smart Chain’s ecosystem. Label may be […]Read More

  • Cointelegraph.com News - 8 December 2021, 9:55 pm

    “We are entering a significant moment for alternative governance models, and we think there’s an important opportunity to advance these efforts using the blockchain,” said Kickstarter CEO Aziz Hasan and co-founder Perry Chen. Crowdfunding platform Kickstarter will be launching a new company that will eventually see its website move to a blockchain-based system on Celo. In a Wednesday blog post, CEO Aziz Hasan and co-founder Perry Chen said Kickstarter would be developing an open-source protocol that will live on the Celo blockchain. The two execs cited the blockchain’s efforts in minimizing its environmental impact — being carbon negative — in addition to the fact it was open source.“We are entering a significant moment for alternative governance models, and we think there’s an important opportunity to advance these efforts using the blockchain,” said Chen and Hasan.Bloomberg reported that Kickstarter planned to transition its website to the blockchain platform in 2022, with the project announcing it would release a white paper “in the coming weeks.” Kickstarter reportedly said the migration will not affect any of the millions of users currently using the platform to crowdfund for projects including medical and fitness products, artwork, books, and movies. In addition, Kickstarter said it planned to establish a governance lab “overseeing the development of the protocol governance.” Purpose Foundation executive director and co-founder Camille Canon will be leading the effort.Related: A Community-Governed DeFi Platform Makes Crowdfunding DecentralizedWith the emerging crypto space, certain projects that might have received money through Kickstarter have shifted to distributed autonomous organizations. In November, a group called ConstitutionDAO attempted to purchase a first edition print copy of the U.S. Constitution, in which 17,437 backers were issued governance tokens called PEOPLE. Though the DAO failed to make the winning bid, its token price surged after the team behind the project allowed users to continue holding the tokens. First launched in 2009, Kickstarter reported 21 million people have pledged more than $6 billion to back 213,034 projects using the crowdfunding platform, including the Peloton bike and the 2014 movie Veronica Mars.Read More

  • Cointelegraph.com News - 8 December 2021, 9:25 pm

    BTC bulls are looking at a $300 million loss after last week’s 11.5% correction set them up as the losers of Dec. 10’s $1.1 billion options expiry. Bitcoin (BTC) bulls are still licking their wounds from the bloody Dec. 4 correction, which saw the price collapse from $57,000 all the way to $42,000. This 26.5% downside move caused $850 million in long BTC futures contracts to be liquidated, but more importantly, it shifted the “Fear and Greed index” to its lowest level since July 21.Bitcoin/USD price at FTX. Source: TradingViewIt is somehow strange to compare both events, as the July 21 sub-$30,000 low would have erased the entire gains in 2021. Meanwhile, the $42,000 low from Dec. 4 is still a 44% gain year-to-date. Compare this against the S&P 500, which is up 21% in 2021, and the WTI oil price, which has accrued a 41% gain.Bulls might be focused on the Bitcoin reserves held at exchanges, which continues to descend and currently sits at the lowest level in three years. According to data from CryptoQuant, there are now less than 2.27 million BTC deposited at exchanges and having fewer coins available for trading signals that investors are unwilling to sell in the short term. This is a dynamic that many investors consider to be bullish.Even with the apparent balance between call (buy) and put (sell) options on Friday’s $1.1 billion expiry, bears are better positioned after Bitcoin stabilized slightly above $50,000.Bitcoin options aggregate open interest for Oct. 10. Source: CoinGlassA broader view using the call-to-put ratio shows a modest 7% advantage to Bitcoin bulls because the $555 million call (buy) instruments have a larger open interest versus the $520 million put (sell) options. However, the 1.07 indicator is deceptive because the 11.5% price drop over the past week caused most bullish bets to become worthless.For example, if Bitcoin’s price remains below $52,000 at 8:00 am UTC on Dec. 10, only $50 million worth of those call (buy) options will be available. That effect happens because there is no value in the right to buy Bitcoin at $55,000 if it is trading below such price.The numbers suggest that bulls are set for a major lossBelow are the three most likely scenarios based on the current price action. The number of option contracts available on Dec. 10 for bulls (call) and bear (put) instruments vary depending on the expiry BTC price. The imbalance favoring each side constitutes the theoretical profit:Between $47,000 and $50,000: 400 calls vs. 6,600 puts. The net result is $300 million favoring the put (bear) instruments.Between $50,000 and $54,000: 1,700 calls vs. 4,700 puts. The net result is $160 million favoring the put (bear) instruments.Above $54,000: 2,400 calls vs. 2,900 puts. The net result favors the put (bear) options by $30 million.This crude estimate considers the call options being used in bullish bets and the put options that are exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.For instance, a trader could have sold…Read More

  • Cointelegraph.com News - 8 December 2021, 9:15 pm

    He clarified that it’s mostly fiat money stablecoins that bear the brunt of this regulatory scrutiny. Stablecoins, or crypto assets which peg their value to less volatile fiat money, are useful tools for a variety of reasons. They can be used to cash out crypto investments, send or receive stable money abroad, and to pay for everyday consumer transactions without fear of fluctuation. A recent estimate from the Bank for International Settlements, or BIS, put the total stablecoin supply at roughly $150 billion.But central banks, the issuers of traditional fiat money around the globe, do not seem to be big fans of stablecoins. A sharp increase in supply coupled with a lack of relevant regulations has led to concerns that these stable blockchain assets could threaten the current financial order. Fiat money stablecoins, such as those created by Circle (USDC) and Tether (USDT), may require banking licenses in the future to operate. Thus far however, regulators have not been keen to take aim on algorithmic stablecoins, which are governed by automated expansion and contraction of the monetary supply.In an exclusive interview with Cointelegraph, Sam Kazemian, the co-founder of the Frax stablecoin protocol, discussed the regulatory outlook for the sector and algorithmic stablecoins in detail.Growth in cryptocurrency activities | Source: BIS Cointelegraph: There are many algorithmic stablecoins out there, such as Terra USD, Ampleforth, etc. In your opinion, what makes Frax unique?Sam Kazemian: What makes Frax unique is that we have a system where our protocol expands and contracts supply in various places across blockchain protocols, and targets the exchange rates of the Frax stablecoin out in the open market. We like to compare it to a central bank. When it issues a currency, it never says ‘hey, you can come to redeem it for this amount of gold, or you can come and redeem it at the central bank for something dollar-pegged.’ They don’t say that anymore. And so, what a central bank does, is that it targets their currency in the open market’s exchange rate.If a central bank pegs their currency to gold, what they’ll do is look at the price of gold against their national currency. If it’s lower than what they want, they’ll buy some of the currency back. If the other side is higher than what they want, then they’ll print more of the currency. Frax takes this kind of approach. That’s how we developed our algorithmic stablecoin thesis, and it’s worked well. We’ve never broken our peg, even during [the major market crash in] May.Stablecoin market capitalization statistics | Source: U.S. Treasury Stablecoin ReportCT: Do you see a potential crackdown looming in stablecoin the sector? And what is Frax doing to comply with relevant stablecoin regulations?SK: There are two parts to this. I don’t know if I would call it a crackdown, but I do see a lot of regulation coming for at least the fiat coins, which have traditional financial assets that back them; like cash equivalents, or actual cash in depository accounts. I don’t know that this affects…Read More

  • Bitcoin News - 8 December 2021, 9:00 pm

    The government of Australia is preparing to comprehensively regulate the activities of cryptocurrency exchanges and custodians. The push is part of a major overhaul, aimed at preserving the country’s sovereignty over its payments system, which will also affect providers like Apple and Google. Payment Laws in Australia to Cover Crypto Business and Big Tech Authorities […]Read More

  • Bitcoin News - 8 December 2021, 7:00 pm

    The French video game manufacturer based in Montreuil, Ubisoft Entertainment SA, has announced the company has launched a blockchain-based platform called Ubisoft Quartz. According to the company, the platform will enhance specific games with playable and energy-efficient non-fungible token (NFT) assets. Ubisoft Quartz Revealed For quite some time, video game companies have shown strong interest […]Read More