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Former lead maintainer of Monero Riccardo Spagni, aka Fluffypony, has been arrested in the U.S. and is now waiting for his extradition to South Africa where he will stand trial for fraud. Spagni described the case as “an old matter, which I have continuously been trying to resolve since 2011.” Fluffypony Arrested, Waiting for Extradition […]
Press Release: Rocket Launchpad is launching a Tezos-based IDO platform, allowing users to invest in the latest Tezos-based projects. Tortola, British Virgin Islands – Recently, the Tezos ecosystem has seen several high-profile partnerships, including collaborations with McLaren and Red Bull Racing. Since its launch, the number of projects currently using Tezos has grown to a […]
Kirobo–a blockchain technology company that aims to be the enabler of DeFi, granting people control over their cryptocurrencies–has launched a smart contracts-powered ‘P2P Swap Button’, per a press release on July 27. The P2P Swap Button The button allows for direct peer-to-peer swapping of tokens without the need for a middleman. Typically, the intermediary is an exchange or an external asset custodian. Furthermore, Kirobo has said that the P2P Swap Button allows users to set their preferred token prices avoiding slippage. Usually, cryptocurrency exchanges adjust token prices depending on several factors, like existing liquidity and traders’ order sizes. Large order sizes in an exchange with thin liquidity leads to high slippage, unfavorable to the trader. The P2P Swap Button provides a means of linking parties in a decentralized manner. Using the tool, transactors will swap tokens at better rates, without having to exchange at a discount. Traders also have the liberty to choose when to trade for the best prices and swap with relatively low gas fees. Disrupting the Token Swapping Market Besides eliminating price risks, security is enhanced since all swaps are non-custodial. Funds won’t leave the custody of either party until there is confirmation and approval of the transfer effected using a verifying password. Asaf Naim, the co-founder and CEO of Kirobo, said the tool could disrupt the token swapping market. “Our P2P Swap Button is exactly the tool needed to disrupt the token swap market. Until now, people had to use an exchange if they wanted to swap, but they’ll never get the best deal there because venues adjust prices according to how much you’re selling. We’re allowing people to trade directly with their peers for pre-agreed prices and complete safety,” he said. To level the field, the CTO of Kirobo, Tal Asa, said the tool would also be freely available to its users. This way, Asa explains, traders will make more lucrative swaps with confidence that the operation is completely secure. The P2P Swap Button secures transactions using an authentication key whose component parts are split three ways – between the smart contract, the transaction initiator, and the Kirobo server. By employing a multi-signature, multi-transaction mechanism, Kirobo, as per the press release, removes the risk of fraud and errors. A Tool to Eliminate Human Error in Immutable Crypto Transfers Kirobo has also launched an ‘Undo Button’, allowing users to reverse Ethereum, UNI, LINK, SUSHI, USDT, and KIRO transactions sent in error. The tool obligates the sender to create a passcode which is then sent to the recipient. If the funds fail to reach the recipient, the transaction can be canceled and reversed using the passcode. The tool shields users against human errors, which have resulted in millions of dollars of lost funds. Unlike in legacy finance systems, cryptocurrency transactions are immutable. All transactions sent to the wrong address are permanently lost because a blockchain cannot be rolled back. A New York Times report indicates that over 20 percent of all Bitcoin in circulation are inaccessible, trapped behind complex encryptions, and declared lost due to forgotten passwords. Undo Button Has Retrieved over $6 Million of Crypto Assets Kirobon has been audited by several blockchain security firms and the Israel Innovation Authority. The agency also extended Kirobo two grants, helping the firm launch its solutions. With the increasing popularity of cryptocurrencies and DeFi, the Undo Button has processed $1.5 billion of cryptocurrencies, retrieving over $6 million of transfers through canceled transactions.
Internet giant Google’s new ad policy has gone into effect. The company now allows certain cryptocurrency ads, such as those promoting cryptocurrency exchanges and wallets. Advertisers must meet certain requirements and be certified by Google. Google Now Allows Some Crypto Ads Google’s new ad policy for financial products and services, announced in June, has gone […]
It’s the calm before the storm. What to do when the Fear and Greed index turns grey? Warren Buffett already told us to be greedy when others are fearful. We already know that we should be fearful when others are greedy. What should we do when the market it’s at a rare state of balance and expectations are high? We should probably take a page for those Bitcoin maximalists and… wait for it… HODL! One of the main criticisms that the Fear and Greed Index gets is that it encourages traders and investors to try to time the market instead of holding strong. Bad things happen to those who try to time the market. Yet, we try to do it. The temptation is too strong. Bad things happen to those who trade emotionally. Yet, some fall for that trap over and over again. In fact, it could be argued that the Bitcoin and cryptocurrencies markets are even more emotional than the traditional ones. And that’s saying a lot. In any case, before making any rash decisions, we should remember what we’re talking about here. The Fear & Greed Index goes into neutral territory | Source: Arcane Research What Exactly Is The Fear And Greed Index? We at NewsBTC deal with this constantly. Even though the Fear and Greed Index is a criticized and questionable indicator, there’s an undeniable connection to the market that’s obvious even to the casual observer. When we found a bizarre correlation between the Fear & Greed Index and UTXO data, we prefaced it with: “As a speculative asset, nothing else quite behaves like Bitcoin. Shifts in sentiment take price action to the extreme. As a result, tools have been developed to monitor the fear or greed in the market.” The website Alternative.me calculates the main Fear And Greed Index for cryptocurrency markets, they explain its reason to be as: The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreactions. There are two simple assumptions: Extreme fear can be a sign that investors are too worried. That could be a buying opportunity. When Investors are getting too greedy, that means the market is due for a correction. We, very simply, explained why when we described how the Fear And Greed Index can be used as a trigger indicator: “Financial market sentiment can almost always be used as a contrarian indicator. But in a speculation driven industry where hype and buzz matter more than fundamentals, this is even more true.” BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com What Does It Mean When The Sentiment Turns Neutral After what seemed like years of coldness and extreme fear, the market sentiment started improving as early as a week ago. And, even though it doesn’t feel that way, this advance into neutral territory is a huge improvement. As Arcane Research said in their “The Weekly Update” report: “The Fear & Greed Index has climbed rapidly since late July and touched neutral levels for the first time since May. Despite the slight decline in the last couple of days, the market is certainly getting more bullish. This bullishness is also evident in the futures market.” So, what should you do now that the sentiment turned neutral? Not much. Keep your finger on the trigger, though. Things are about to get interesting. Featured Image by Kristopher Roller on Unsplash – Charts by TradingView