The Weekly Spin, 7th August 2023

This edition of the Weekly Spin is published on-chain via Mirror.xyz and can be collected at:
https://mirror.xyz/rukawin.eth/jagdQ1nYVyk9dc8fiZvClOihKjHNsALzbP8tt-UbA0c

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The Weekly Spin. Thirteenth Edition. An exciting week for science and politics, with the new superconductive material LK-99 being buzzed around the world as a potential solution to abundance, and of course Trump getting indicted on 4 felony charges promises to spice things up for 2024. The crypto industry also saw a lot of action, from the much-anticipated launch of the BASE L2 blockchain to over 12 filings last week to the SEC for a spot Ethereum ETF. Decisions on the BTC ETF applications, including the spotlight on BlackRock, are due to be announced this week.

We are in the midst of some rattling market shake ups, yet Bitcoin long-term holders and price support remains strong at the $29k level. The shake ups include major events such as the aftermath of the Curve Finance exploit, KuCoin suspending Bitcoin and Litecoin mining pools, and Tether’s allegations of price manipulation by Binance. On the competitive side, Verse 3.0 launches unified CEX-DEX trading, the first of its kind; OKex launches “account abstraction” enabled smart contract wallets; Bitrock sidechain was launched as an alternative to the Lightning Network; Binance re-enters the Japanese market with 34 listings; and QuickNode is now available on AWS services. On the regulatory side, crypto staking is now taxable in the United States as they try to strap down on rules and bills proposed in Congress; meanwhile, the UK’s BoE releases a paper on XRP use cases. Gary Gensler turns his attention to AI, and HSBC launches Bitcoin and Ethereum ETFs in Hong Kong… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

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Ongoings at Coinweb

The Coinweb Monthly Spin, our round-up of Coinweb-related events, updates, and news from the Web3 industry – July Edition
https://coinweb.beehiiv.com/

CryptoBanter’s Miles Deutscher Releases Video of Deep Dive on Coinweb
Join Miles Deutscher in this special edition of Crypto Banter DeFi for a deep dive into Coinweb and a chance for early access & a $1000 Giveaway!
https://youtu.be/uAB1kW-nkjk

Coinweb’s InChain Architecture
What is InChain data?
https://www.medium.com/@Coinweb.io/coinwebs-inchain-architecture-577344971114

Toby Gilbert featured on “Bridged Podcast” – A Green Thru Series: ep. 46
Join us as we uncover the secrets behind Coinweb's groundbreaking architecture as we speak with Toby, CEO at Coinweb, a protocol that connects and unifies self-sovereign blockchains through a common currency, enabling seamless communication, cross-chain transactions, and empowering the future of decentralised finance.
https://greenthru.org/episodes/202306210930-podcast-46-tobygilbert-gml5p-k77ds-2hdb5-4tzhs-6m7lt-sl9jm-fx73y-aae5g-kh9z7-wb3gw-d8ewn-zfjah

A Thread on the Coinweb “Token Shield” and How It Works
https://twitter.com/CoinwebOfficial/status/1667167179287011330?s=20

Venture Alpha Podcast by Contango: Episode 7
Making Blockchain Accessible with a Revolutionary Cross-Chain Ecosystem
https://open.spotify.com/episode/3QW9iSHaVsMRIGlRo5msyS?si=jBV58G5kQUOhVDrbFyLg0A&nd=1

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On the Radar

BASE Layer 2 Release to Public, Aug 9 (Ethereum)
Web3Conf India, Aug 11-14 (Goa)
SEC Bitcoin ETF Decision, Aug 13 (Washington D.C.)
ETH Toronto, Aug 13-16 (Toronto)
Coinfest Asia by Coinvestasi, Aug 24-25 (Bali)\*
ETH Warsaw, Aug 30-Sep 3 (Warsaw)
Starknet Summit, Aug 31 (San Francisco)

Korea Blockchain Week, Sep 4-9 (Seoul)
Nordic Blockchain Conference 2023, Sep 6-7 (Copenhagen)
Near APAC, Sep 8-12 (Ho Chi Minh City)
Ethereum Singapore, Sep 10-12 (Singapore)
DappCON23, Sep 11-13 (Berlin)
TOKEN2049, Sep 13-14 (Singapore)\*
Metaverse Summit, Sep 21-22 (Paris)
ETHGlobal New York Hackathon, Sep 22-24 (New York City)
Stellar Meridian 2023, Sep 26-28 (Madrid)
Fintech Festival Asia, Sep 27-28 (Bangkok)\*

Blockchain Economy Summit, Oct 4-5 (Dubai)
Zebu Live, Oct 4-5 (London)
ETHGlobal Online Hackathon, Oct 6-25 (Virtual)
ETH Miami 2023, Oct 27-29 (Miami)
ETH Vietnam, Oct 27-29 (Hanoi)
Solana BreakPoint 2023, Oct 30-Nov 3 (Amsterdam)

Blockchain Events curated by CryptoNomad
https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

Web3 Events by NFTTech
https://www.nfttech.com/events

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On the Block(chain)

Coinbase to release Base layer-2 for public access
https://crypto.news/coinbase-to-release-base-layer-2-for-public-access/

Biggest Base DEX LeetSwap pauses trading amid exploit concerns
https://crypto.news/biggest-base-dex-leetswap-pauses-trading-amid-exploit-concerns/

Consensys debuts automated smart contract security solution Fuzzing
https://crypto.news/consensys-debuts-automated-smart-contract-security-solution-fuzzing/

Long-term Bitcoin holder supply posts new ATH, undeterred by price
https://cryptoslate.com/long-term-holder-btc-supply-posts-new-ath/

Non-profit Glo launches stablecoin leveraging yields to alleviate extreme poverty
https://cryptoslate.com/exclusive-non-profit-glo-launches-stablecoin-leveraging-yields-to-alleviate-extreme-poverty/

Curve’s founder sells 7.5 million CRV, settles $3 million debt on Aave
https://crypto.news/curves-founder-sells-7-5-million-crv-settles-3-million-debt-on-aave/

KuCoin suspends Bitcoin and Litecoin mining pools
https://crypto.news/kucoin-suspends-bitcoin-and-litecoin-mining-pools/

Tether CTO claims USDT price being manipulated, some suggest Binance involvement
https://crypto.news/tether-cto-claims-usdt-price-being-manipulated-some-suggest-binance-involvement/

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Competitive Landscape

3.0 Verse Launches Unified Marketplace for CeFi and DeFi Trading
https://cryptoslate.com/press-releases/3-0-verse-launches-unified-marketplace-for-cefi-and-defi-trading/

OKX wallet launches account abstraction-powered ‘smart account’ feature
https://crypto.news/okx-wallet-launches-account-abstraction-powered-smart-account-feature/

Binance re-enters Japan with 34 tokens listed
https://crypto.news/binance-re-enters-japan-with-34-tokens-listed/

Etihad Airways to launch web3 loyalty program with NFTs
https://crypto.news/etihad-airways-to-launch-web3-loyalty-program-with-nfts/

QuickNode Now Available in AWS Marketplace
https://cryptoslate.com/press-releases/quicknode-now-available-in-aws-marketplace/

TRON ecosystem grows amid increasing DeFi activity
https://cryptoslate.com/tron-ecosystem-grows-amid-increasing-defi-activity/

ChainAware.ai aims to revolutionize crypto security
https://crypto.news/chainaware-ai-aims-to-revolutionize-crypto-security/

Bitrock sidechain launched, offers low fees, speed, and high security
https://crypto.news/bitrock-sidechain-launched-offers-low-fees-speed-and-high-security/

Binance remains the biggest exchange, Upbit outperforms Coinbase, OKX in July: report
https://crypto.news/binance-remains-the-biggest-exchange-upbit-outperforms-coinbase-okx-in-july-report/

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US. Coordinated Regulation Failures

SEC chair Gary Gensler pivots agency’s attention to AI: “We can get to crypto later”
https://cryptoslate.com/sec-chair-gary-gensler-pivots-agencys-attention-to-ai-we-can-get-to-crypto-later/

IRS clarifies rules on crypto staking rewards
https://cryptoslate.com/irs-clarifies-rules-on-crypto-staking-rewards/

Staking rewards are now taxable, says IRS
https://crypto.news/staking-rewards-are-now-taxable-says-irs/

Ripple legal chief says Terra ruling does not change XRP’s status
https://cryptoslate.com/ripple-legal-chief-says-terra-ruling-doesnt-change-xrps-status/

Elizabeth Warren pressures Treasury, IRS for swift action on $50B crypto tax loophole
https://cryptoslate.com/elizabeth-warren-pressures-treasury-irs-for-swift-action-on-50b-crypto-tax-loophole/

Hex loses $500M in market cap after SEC lawsuit; token removed from MetaMask, Uniswap
https://cryptoslate.com/hex-market-cap-drops-nearly-500m-after-sec-lawsuit-while-pulsechain-sees-boosted-trading-volume/

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World

Bank of England releases new paper on Ripple use cases
https://crypto.news/bank-of-england-releases-new-paper-on-ripple-use-cases/

Dubai expands crypto licenses, granting approval to Nomura
https://cryptoslate.com/dubai-expands-crypto-licenses-granting-approval-to-nomura/

Meta’s AI chatbots could go live by September
https://cryptoslate.com/metas-ai-chatbots-could-go-live-by-september/

KX drives web3 adoption with crypto startup investments
https://crypto.news/kx-drives-web3-adoption-with-crypto-startup-investments/

Kenya suspends Worldcoin operations over security and data concerns
https://crypto.news/kenya-suspends-worldcoin-operations-over-security-and-data-concerns/

Bitnovo reveals Spain’s rapidly increasing crypto adoption
https://crypto.news/bitnovo-reveals-spains-rapidly-increasing-crypto-adoption/

Ukraine claims $81m tax gap from unregulated crypto exchanges
https://crypto.news/ukraine-claims-81m-tax-gap-from-unregulated-crypto-exchanges/

HSBC unveils bitcoin and ethereum ETF in Hong Kong
https://crypto.news/hsbc-unveils-bitcoin-and-ethereum-etf-in-hong-kong/

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Thought Leadership

Worldcoin plans to open-source design of iris-scanning orbs
https://crypto.news/worldcoin-plans-to-open-source-design-of-iris-scanning-orbs/

Twitter user unveils possible mastermind behind BALD rug pull
https://crypto.news/twitter-user-unveils-possible-mastermind-behind-bald-rug-pull/

Web3×LLM On-Chain Contract Analysis Tool “DeCipher” Sparks Excitement Among Developers and Researchers
https://cryptoslate.com/press-releases/web3xllm-on-chain-contract-analysis-tool-decipher-sparks-excitement-among-developers-and-researchers/

U.S. debt ceiling hike: A gateway to exponential borrowing
https://cryptoslate.com/insights/u-s-debt-ceiling-hike-a-gateway-to-exponential-borrowing/

​

https://preview.redd.it/1xhz06p6dmgb1.png?width=757&format=png&auto=webp&s=ec6d06721caf50e9b440fc2825f65258170f625d

CKB Monthly Update July 2023

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https://preview.redd.it/4nrm9w5i9kgb1.jpg?width=1080&format=pjpg&auto=webp&s=71b503c9bfecf5f96a34d2e39da736312114c9ce

Hey Nervos Community!

Welcome to the CKB Monthly Update, where we bring you all the latest news and developments from the Nervos ecosystem. This newsletter is curated by CKBFans Chinese Community, and we love your feedback. Remember to subscribe to stay updated!

1. Insights

1.1 ForceBridge

Forcebridge is an open-source cross-chain protocol on Nervos CKB that supports multi-chain. It currently supports two-way cross-chain between Nervos CKB and Ethereum and BSC.Force Bridge 2.0 is under development.

As of this newsletter's publication, the Total Value Locked (TVL) on ForceBridge has reached $4,534,488（-1.98%）.

https://preview.redd.it/sfxdewll9kgb1.png?width=1314&format=png&auto=webp&s=619372b3115cce2f23265ce3f660da20068ab400

Total Volume Locked on ForceBridge:

• Ethereum ：$ 4,130,998
• BSC ：$ 403,490

More Info:

👉 ForceBridge on Etherscan
👉 ForceBridge on Bscscan ：

1.2 Godwoken - Layer 2

Godwoken is a Layer2 solution that combines Polyjuice's EVM compatibility layer with Roll-up expansion.This Layer 2 solution offers high throughput and security. With its support for the Ethereum Virtual Machine (EVM), Godwoken enables developers to use Ethereum contracts while maintaining scalability, speed, and low transaction costs.

https://preview.redd.it/rfj4cx0o9kgb1.png?width=1238&format=png&auto=webp&s=16f8861cb7042569f1c846d82d670be1221132f1

📅 30.07.2023
⏮ #TVL last period: $7,957,103
🆕 #TVL this period: $7,478,635
📉 30-day growth: -6.01%

More Info:
👉 Godwoken v1 data on Geckoterminal
👉 Godwoken v0 data on defillama

1.3 Hashrate

Hashrate measures the computing power used by a network to process transactions, and it helps investors assess a cryptocurrency's network health and security. A higher hashrate means a more decentralized and secure network that is more resistant to potential attacks.

The overall hash-rate trend in the last 15 days:

https://preview.redd.it/1hejm8pt9kgb1.png?width=1282&format=png&auto=webp&s=abb10341b28ea11adbc009bce8f3f5da9da66b90

📅 30.07.2023
🔨 30-day average hashrate: 158.15 P
📉 30-day average growth rate: -5.81%
💰 CKB per T: approx. 73 CKB

1.4 Developer Activity

Developer Rank takes into account commits, code additions, and deletions from 210 Nervos Network repositories.

https://preview.redd.it/wimixs4w9kgb1.png?width=1770&format=png&auto=webp&s=3a77d6eed5d21d7180c439ffee71559a3bdaa72f

Commits vs. The Market

• Past 4 weeks: 597 commits vs. an average of 1
• Past 12 weeks: 1,693 commits vs. an average of 10
• Past year: 7,759 commits vs. an average of 252

Our developers are on fire！

1.5 .bit (Formerly DAS)

.bit is the DID (Decentralized Identity) on Nervos.

*data source：das.la 30th July 2023

2.Development Progress Update

2.1 💻 CKB Dev Update

⚡️ CKB Dev Log #4080

• ckb-auth now supports Solana
• Added API implementation for the load_extension syscall (CKB2023) in the ckb-std & ckb-c-stdlib standard libraries
• ckb-debugger now decodes single RISC-V instructions

⚡️ CKB Dev Log #4065

• Implemented calc_data_hash in ckb-std
• Enhanced Debugging for spawn and exec in ckb-debugger

Stay updated with CKB Dev

2.2 🦾 Axon Dev Update

⚡️ Axon Development Updates 07/26/2023 #1284

• Successfully executed and resolved delegate #SMT tx, withdraw tx, checkpoint tx, and more.

Stay updated with Axon_Web3

3. Monthly Ecological Progress & Highlights

3.1 🎉 Nervos Celebrates 5th Anniversary

https://preview.redd.it/kig2f789akgb1.png?width=1200&format=png&auto=webp&s=4cae5a854f1e55154447ed4d47a01f27c41a6b5c

On July 2, 2018, JanXie published Introducing Nervos Network on Medium, officially announcing the launch of Nervos.

This year, Nervos celebrates its 5th anniversary with great excitement and gratitude. Check out here

3.2 🏆 CKBull Signer API Online Hackathon

Join the CKBull Signer API online hackathon from August 21st to September 3rd to build innovative projects on the Nervos CKB blockchain. Throughout the event, receive professional guidance and support from the CKBull team and the Nervos community. Register now

3.3 🚀 NFTNation NFT Trading Platform Launched

NFTNation is a community-oriented NFT marketplace, built on Godwoken, a Layer 2 blockchain in the Nervos Network ecosystem.

On this platform, users can mint, buy, sell, and auction NFTs, benefitting from quick transaction times and low fees. Backed by the Nervos Nation community, NFTnation aims to become one of the main NFT platforms on Nervos Network, reflecting the vast array of talents that exist within the community. Explore the platform through this tutorial

3.4 🎮 HuningNFT $HNFT Listed on YokaiSwap

HuntingNFT V2.0 is now live on Nervos L2 Godwoken, and its native token $HNFT was listed on YokaiSwap. Participants who participated in the game's alpha and beta testing will receive $HNFT rewards. For more information, visit:

👉 Website
👉 Twitter
👉 Defi on YokaiSwap
👉 NFT trade on YokaiDojo

3.5 🥚 Eggslys NFT Goes Live on YokaiSwap

Eggsly is now available on the YokaiDojo NFT marketplace. Additionally, it is eligible for liquidity mining in the YokaiSwap Community Farms. Stay tuned for the Version 1.0 upgrade on the Eggsly.fun website. For more information, check out:

Website
Twitter(x)
Telegram

3.6 🎤 Kevin Wang AMA :Introducing Khalani Protocol

Khalani is a groundbreaking universal liquidity protocol built on Axon that aims to connect blockchains, enabling seamless liquidity and composable multi-chain applications, fostering a more interconnected DeFi ecosystem.

On July 24th, Nervos invited Nervos co-founder KevinWang to participate in an AMA on the Reddit community to discuss the Khalani protocol. 👉 KevinWang AMA

3.7 📹 Nervos Hashing it Out 14

In this episode of Hashing it Out, Kevin Wang discusses interoperability and introduces Nervos' next big innovation Khalani. Watch the episode Hashing it Out 14

3.8 🚀 Bitmain and Nervos Jointly Hosted a Twitter Space Event on the Antminer K7

Bitmain's Antminer K7, equipped with the fifth-generation BM1397 ASIC chip, was discussed in a dedicated Twitter Space event co-hosted by Bitmain's Marketing Manager @MargieFengLOL and Nervos Foundation Executive Director @Matt on July 14th. Check out the K7 Homecoming talk.

3.9 👕 Nervos Community Store Goes Live

Nervos community has launched a Community Store on W3W platform, enabling the purchase of custom Nervos T-shirts, hats, and other merchandise using cryptocurrencies. Visit the Merch Store to get your favorite Nervos swag!

3.10 📃 Updates on Perun Payment Channels Integration on UTXO by Polycrypt Team

Polycrypt shares a technical article detailing the integration progress of Perun payment channels on UTXO ecosystems. Learn more :Perun Channels on UTXO Ecosystems

4.Get Involved with Nervos

4.1 💻 Learn CKB Development from Scratch

Eager to dive into CKB development or curious about Nervos but don't know where to begin? Our comprehensive CKB tutorial is tailored for beginners with no coding experience.

Immerse yourself in hands-on experiments on the Nervos test net and start your journey now:
Learn CKB From 0️⃣ at CKB Academy.

4.2 Run a CKB Node

Passionate about blockchain? Dive deeper into the ecosystem and shape the future of blockchain through geographic decentralization.

🚀 Set up CKB full node and contribute to network health and #decentralization.

Learn more:

👉 CKB NodeNation
👉 Step-by-step guide
👉 NodeCKB Related Links

4.3 🤝 Connect with the Nervos Community

Join the Nervos community on Discord

Stay updated with the latest Nervos ecosystem and technology news on Telegram.

Stay informed on the latest CKB market updates on Telegram: https://t.me/NervosNation

That's all for this issue of the CKB Monthly Update. Stay tuned for more updates and developments.

Thank you for your continued support of Nervos. Subscribe now to receive future newsletters and stay up-to-date with our work.

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Hair Today, Gone Tomorrow

The News From Planet Ruby—Friday, August 4, 2023

The apes are once again turning on each other, with the ruling classes charging a former Ape-in-Chief for trying to stay Ape-in-Chief by non-standard means. We believe this is all part of a complex game, the aim of which is to accumulate the largest amount of paper. Our analysts are working night and day to understand the rules, but they appear to keep changing.

Japan Plays Monopoly

The Bank of Japan decided to flip the card table over at the beginning of the week, realizing that its policy of buying just about every financial asset in the country, from bonds to ETFs, was unsustainable. Unfortunately, its adjustments to yield curve control culminated in an "unscheduled bond buying operation", aka "Oh sh—brb..."

This has big implications for the rest of the world, as Japanese investors have a reason to yank money out of foreign assets and bring those trillions home.

Watch it here: https://twitter.com/profstonge/status/1685991198815600640

https://preview.redd.it/zfiq16tv0jgb1.png?width=540&format=png&auto=webp&s=12d231a339aae6f297283f2b2165b523732122e9

As bond prices fall further due to this selling pressure, more banks may have to admit they have a problem. Last week, PacWest Bancorp finally succumbed to the inevitable and agreed a merger with Banc of California, sending its shares bouncing like a penny stock.

Another source of volatility came from the perceived stability of the US economy, as ratings agency Fitch downgraded America's credit rating from AAA to AA+ in a surprise move, prompted by concerns about its debt burden.

Crypto Keeps Traders On Their Toes

Bitcoin's price declined as low as $28,700 on Tuesday, before briefly pushing back above $30k on news that Michael Saylor was backing the truck up again. It's currently sitting at $29,200.

The Fear and Greed index is neutral, with the RSI at 44 on the daily—still plenty of room to go lower. Having dropped back towards the bottom of that $28-30k support zone, the price action is somewhat bearish; falling below $28,000 will likely open the way for further declines.

Not everyone is pessimistic, though. After all, when bearish sentiment is high enough, there's no one left to sell.

https://twitter.com/BobLoukas/status/1685996849000280064

Clown Hair Vs Bald

There's plenty of major news in the crypto space this week, not much of it good.

See if you can spot some of the key players this week on this handy chart.

​

One positive story is that US presidential hopeful Ron De Santis has promised to bring an end to Biden's "War on Bitcoin". "We are going to allow Americans to invest in things like bitcoin and cryptocurrency," he said at a campaign event on Monday. "No one is forcing you to do it, if you want to do it, you can do it.”

"War against Bitcoin" isn't hyperbole, at least not on the part of De Santis. Remember, this Elizabeth Warren has stated she is building an "anti-crypto army" as part of her campaign.

There was the BALD P&D, which saw a scammer launch and rug a memecoin on Coinbase's L2, netting themselves almost $6 million in the process. It's not a great look for an organization that's fighting the SEC in court. Conspiracy theories abounded on Twitter/X, with rumors that Sam Bankman-Fried was responsible, despite being under house arrest. Critics were quick to point out that he has little access to the internet, but the evidence doesn't exactly put him in the clear.

https://twitter.com/adamscochran/status/1686130077723996160

Speaking of Coinbase, the exchanges lawyers will file to dismiss the SEC's case against it entirely later today. Fingers crossed...

Curve lost $1.5 billion in TVL after tens of millions of dollars were stolen from its pools courtesy of a malfunctioning reentrancy lock. Meanwhile, the SEC continues to wage its own war against crypto, this time going after HEX and its founder.

https://twitter.com/SECGov/status/1686042971190272000

Finally, bookending the summary some (arguably) better news, Microstrategy picked up an additional 467 BTC for $14.4 million in July and now holds 152,800 BTC. The company has plans to sell more stock to raise a further $750 million for, among other things, yet more bitcoin purchases.

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What's New In The SKALEVERSE?

DCA trading has launched on Ruby! Check out our guide on How To DCA On Ruby, and our in-depth research, What DCA Interval Is Best?

That's all for this week!

Join us on Discord and Twitter, and subscribe to the Ruby blog for regular updates.

Regarding Recent 1337x Controversy

Hi r/reddit,

This is post regarding Clearing our stance on https://www.reddit.com/r/Piracy/comments/15itrip/1337x_admins_allowing_bg3_torrent_with_bitcoin/

As everyone knows, we draw content from various trusted sources, RSS feeds, etc., and 1337x is one of them. Therefore, it makes sense to question our content as well.

Given the recent events and the response from the 1337x mod, we are giving them the benefit of the doubt and standing on the side of 1337x for now. Their response is as follows:

1337x Mod Reply

"As mods, we are providing a helping hand for the community without any financial gain. We volunteer our time despite having busy lives and daily work commitments.

Sometimes there may be delays in our response due to the inevitable challenges of life. Many of the people bashing the 1337x mod have never created any torrents or shared any posts themselves, which makes their criticism somewhat unfounded. In real life, people generally don't complain about receiving something free, so why should this situation be any different?, They are trying to moderate your FREE CONTENT! without any compensation.

We encourage you to trust but verify. Everyone here is here to help, but please understand that being wrong is part of being human."

Let's keep an open mind and continue supporting the community. If there are any issues, we can address them constructively and move forward together. Thank you for your understanding.

Regards

https://therarbg.com

Vitalik Buterin’s creativity never ceases

Colour me ashamed but I just recently realised that u/vbuterin initially conceptualised ETH to be built as a Layer 2 on top of Bitcoin. And he immersed himself in a project called Coloured Coins which was like a simplified ERC-20 token. Although the BTC community wasn’t receptive to his idea, he held on to it and eventually made his ETH idea come alive with a team of like-minded people like Gavin Wood. To say that smart contracts were revolutionary is not an understatement. Vitalik’s idea was ahead of its time, and he doggedly got down to work and made it work.

To be fair, not all his ideas found flavour with the crowd. His Soulbound tokens were a fine example. People didn’t seem to like the name as well as the purpose it was designed to fulfill. But if he was affected by the backlash, he sure didn’t let it get to him. He subsequently proposed another idea: account abstraction. During the recent Ethereum Community Conference (EthCC) event, he shared that account abstraction would allow users to pay with whatever coins they are transferring rather than use ETH. Account abstraction also enhances security as it helps you call upon several contacts to act as your guardians. Thus, you don’t have to worry about your portfolio evaporating into thin air should you lose your seed phrase.

I’m so impressed by how his mind works. It’s a relentless flow of ideas in quick succession. I wonder where he gets these wacky ideas from?

Which one of Vitalik’s ideas bowled you over? What is his most creative idea in your opinion?

Here's some mindblowing BTC data that might drive the price the next days [Serious]

Introduction

With this post I want to provide you with some interesting trading Data and an unbiased potentially outlook where this could lead to in the next days / weeks.

As many of you know Bitcoin has been very slow recently barely moving up nor down in a smaller range. In the last almost 5 days BTC moved entirely in a ~2% range with a little sell off before a short squeeze towards 30k ahead of it.

https://preview.redd.it/srvuy8l7shgb1.png?width=2318&format=png&auto=webp&s=c9b95756432c0fe32fc4dae357bc9cd9bada7ac0

This sideway movement and lack of volatility leads to a lot of positions being added overtime all with the same liquidation & stop loss levels. Especially high leveraged positions aren't getting wiped out but instead, more and more being added.

​

Trading Data

https://preview.redd.it/vhmu5raoshgb1.png?width=2498&format=png&auto=webp&s=ea862f8869bb7042b7f5ac07020f7a29c7da829c

Taking a look at the chart above we can see a heavy decline in the SPOT CVD with a fading open interest the last days and incredible low volume. This suggest a low interest to trade due the lack of volatility. This has been going on for weeks now except the few spikes & plunges we had in between.

Liquidation Data - 11 Billion stacked in a close range

https://preview.redd.it/77gdnfpwshgb1.png?width=2430&format=png&auto=webp&s=57c198882edcc54af17afe27b09143dbfe274818

This is what I've meant. Look at the huge amount of liquidation levels stacked around the current price. There is ~$3.2bn worth of Liquidations sitting at $28,800. That's in less than a 1% range from current prices. Because of the lack of volatility it all stacked up right there over the last days.

Overall there's currently almost $8Bn worth of Liquidations just between $28,000 & $29,000. That still only takes a ~3.5% plunge from current price to get triggered.

Additionally, there's also a outstanding high amount of shorts liquidations sitting ~$30,100 currenlty worth over $4Bn!

This is exactly why you sometimes see quick rallies but also larger red selling cascades on no news. The amount of liquidations can move the price brutally up or down.

What this means

derivative liquidations are usually fueling price action short term. As you can see during the short squeeze ripping through the levels in the chart below :

https://preview.redd.it/ad6kcjdythgb1.png?width=962&format=png&auto=webp&s=af0692ec9f0392a09c0a0814d9b28cc0a62f94d6

it fueled the climb from $28,700 -> $30,000 within a couple hours. ( yellow circle = shorts liquidations )

https://preview.redd.it/gf4gv0mguhgb1.png?width=2509&format=png&auto=webp&s=1e0f20eec7acabb07077dcda650fdf870690deaf

Conclusion:

You can expect high volatility coming soon with chances for liquidation plunges but potentially also spikes. The longer we crab and stay around 29,000, the more positions are added that will eventually fuel high volatility. Any news will most likely trigger such an event.

For the long term accumulators this could mean there might be a nice chance to grab some cheap BTC in a heavy sell off cascade but also for traders it could mean we'll see a short squeeze rally ripping through $30,100 towards $30,500

Crash Warning for Altcoins! The value of Ethereum (ETH) is expected to fall by 50%.

https://cmnnews.live/altcoins-the-value-of-ethereum-fall-50/ ‎

https://preview.redd.it/2jvtoxcaihgb1.png?width=1080&format=png&auto=webp&s=44520b27f171bddacaa986f43ee42a05b875ec8a

Simplify crypto management: BingX's solution

The nature of cryptocurrencies can frequently leave users perplexed; for example, switching between platforms to store various coins can be exceedingly time-consuming and irritate users. A cryptocurrency exchange called BingX has introduced its Multiple Deposit Addresses feature as a response to this.

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BingX

Users of BingX can get up to 100 deposit addresses for a single network by using Multiple Deposit Addresses. As a result, they can manage their deposits on the trading platform with more simplicity and freedom. Each new deposit address can now have customized notes attached to it thanks to this capability. Customers can then distinguish between transactions and track them all in one location thanks to this.

"BingX continues to lead the way in bitcoin sector innovation. To give our global user base a seamless and secure trading environment, we are constantly growing our offerings. Elvisco Carrington, PR and communications director of BingX, stated that the Multiple Deposit Addresses and Address Book feature "reaffirms BingX's commitment to equipping consumers with the tools they need to manage their digital assets effectively.

Users can quickly choose addresses from a dropdown menu or from their address book during the deposit procedure, expediting the process. All of this attempts to increase customer access to a wider range of features while enhancing user security and privacy.

Additionally, BingX enables token queries and displays all addresses linked to the chosen blockchain, providing full visibility of users' assets. Users can export their address book and create a local document to further improve accessibility. Linea and zkSync Era(V2) are two blockchain projects that BingX now supports. Long-term support for more blockchains like StarkNet and LayerZero will be provided.

BingX's commitment to addressing customers' demands and improving their interactions with cryptocurrencies is demonstrated by the launch of Multiple Deposit Addresses and Address Book. This function advances BingX's continuous efforts to improve the user-friendliness of crypto trading.