Crypto Markets Update
In case any of you were living under a rock and didn’t notice, the Crypto markets collapsed once again and what a crash it has been. Unfortunately this crash was not caused by market sentiment or some random macro event. Instead it was the oldest story in Crypto, an insolvent exchange halting withdrawals. As you definitely must have heard by now, the FTX exchange, one of the largest and with most media presence, has declared bankruptcy. As it seems, user deposits were not fully backed and in fact had been used for different trade deals between FTX, the Alameda Research fund, and others.
Now there is an $8 billion hole to pluck, and it isn’t clear where the money is going to come from for that. Sam Bankman Fried, the CEO of FTX has said that he will be looking for funding sources, but with regulators getting involved and given the size of the bailout needed, it will be difficult to get back the funds for all affected users. One possibility could be Justin Sun, the founder of the Tron cryptocurrency, who has manifested his intention to help FTX users get their funds back. This was his tweet:
After a 20% weekly crash for most Cryptos, including Bitcoin, I guess the question in everyone’s mind is “What happens now?”. Hard to say, but this event has certainly caused a lot of damage in more than one sense. First, trust in the Crypto markets has been eroded, and many uninformed people will now look at the entire industry with suspicion. Second, regulators are going to use this as an excuse to crack down on Crypto. For years now, they have been trying to limit its usage, pushing for CBDCs to be used instead. Now, with the excuse of consumer protection, they might be able to get away with many restrictive laws and other general measures.
The Domino Effect
Last, but not least, there is the domino effect. Apparently, and for reasons that elude me, many other Crypto platforms were using FTX to hold user funds. BlockFi is an example of this. They halted withdrawals a few hours ago, with rumors saying that this is due to the fact that most of their assets were being held on FTX. There are also many investment firms that will have to cash out their Crypto positions, as they get liquidated due to the crash or just loss of funds. All of this has the potential to crash Crypto prices even lower. Nevertheless the acute phase of this disaster seems to be mostly over, and all we can hope now is that the markets calm down and reach some form of balance again soon enough.
StakeCube in Numbers
Although SCC lost a lot of market capitalization in dollars (it actually went up in BTC), the week wasn’t too terrible for StakeCube. Our user growth was spectacular, with more than 750 new users joining this week. This is almost twice as much as on a normal week. Pool value also grew, at least as measured in BTC.
- User Count: 151,873 +0.50%
- Pool Value: 646.60 BTC +2.19%
- SCC Price: $0.205 -17.00%
- SCC Market Cap: $2,405,000 -15.52%
- Daily Exchange Volume $36,131 +20.59%
- Daily SCP Transactions: 17 +30.77%
Top 5 Gainers
Due to the crash, all listed coins ended the week with loses. I’m afraid there will be no top 5 gainers this week. Come back next week!
The FTX Debacle and Proof of Funds
We feel obligated to reassure you that StakeCube has no exposure to FTX whatsoever, nor to any of their tokens or Alameda Research. In fact, StakeCube has no exposure to any centralized entity, so we will remain unaffected even if all other exchanges and investment funds go bankrupt.
Nevertheless, events like this make evident the need for a Proof of Funds feature on our platform. This is something that we were already developing for StakeCube V3 anyway, as you can see in this screenshot posted three months ago.
With this new feature, users will be able to see all of our on-chain addresses in real time. This includes all nodes, cold wallets, PoS, masternode and interest rewards, all will be fully traceable on-chain while deposits and withdrawals are also posted on their respective Discord channels.
On top of all that, we are in the process of claiming all private keys on Coinexplorer.net to prove our ownership of the addresses, as well as display the signing message so that everyone can confirm this externally. This is better than all other methods, since without further proof it is impossible to verify that the addresses from the address list are actually owned by the exchanges.
Shardex is not a Listed Coin
We have had several tickets from users who made a deposit of SHARDEX token into their Shard wallet on StakeCube. We found on Youtube many videos promoting this token:
However, we do not have this token listed on StakeCube. Also, the videos look a bit suspicious, so we would advise caution to any potential investors. Either way, please remember that StakeCube only supports deposits of Shard token, not Shardex. All Shardex deposits made to your StakeCube wallet will be lost and impossible to recover.
Here is the address of the real SHARD contract: https://bscscan.com/address/0xd8a1734945b9ba38eb19a291b475e31f49e59877
And here is the contract address of the SHARDEX token: https://bscscan.com/address/0x59743bcadfaa0e9f2d17202d516f5176ff5401b4
StakeCube Article Writing Competition
Our support agents have written and updated several guides that you’ll find in the #articles channel of our Discord server. We invite you to read them, as well as to create your own and share them with the community on that same channel.
Community members that write the most useful or interesting articles will be rewarded. To give you the opportunity to vote, please place a 👍 reaction under the articles you like. The ones with the most votes will earn a reward.
For now, there is no timeframe for the duration of this competition. However, we will gauge how much interest there is in this contest and give you more information when necessary.
These are some of the articles:
SCC Masternode: Migration from VPS to NodeCube:
SCC Masternode: How to repair POSE BANNED Node:
StakeCube Earn system explained:
How to mine SCC (StakeCubeCoin):
How to run a HotNode on StakeCube:
Merch Shop Update
This week in our StakeCube Merch Shop we bring you two new women’s t-shirt models:
StakeCube women’s black classic crewneck T-shirt:
Buy it here:
StakeCube women’s white classic crewneck T-shirt:
Buy it here:
These are available in 5 different sizes and cost $18 a piece.
If you missed our Twitter Spaces with Blind Knowledge, Ghost and Stakecube, you can still listen to the recording:
The conversation was quite interesting, as it took place while the worst of the current crash was taking place. They also talked for a while about John McAfee, as he was involved in the Ghost project. Don’t miss it!
This week we added a new listed coin to our platform: BitcoinPlus (XBC). XBC won the coin vote a few months ago, but we had the listing pending due to all the work we are doing on StakeCube V3. Deposits, withdrawals and staking rewards for XBC are already active. There are also two trading pairs on the exchange:
This was our official announcement:
Go give it a like!
We welcome the XBC community to the StakeCube family and wish you happy staking!
25th Dash Shared Masternode Full
This week we celebrate the installation of our 25th Dash shared masternode. With this, our holdings of Dash in shared masternodes reach 25,000 coins, which is worth around $900,000. We’re not that far from reaching 1% of the total number of Dash masternodes. We only need 37 for that, which should not take more than a few months at this rate.
DashD Collateral Change
We have been informed that DashD and BIR masternodes will change their collateral. In the case of DashD the collateral will change from 20,000 to 25,000 and in the case of BIR from 20,000 to 30,000. This change will also affect masternode and staking rewards for these coins. These are the new values for collateral, masternode rewards and staking rewards for these coins:
- Collateral: 25,000
- Masternode Reward: 247 DASHD
- Staking Reward: 133 DASHD
- Collateral: 30,000
- Masternode Reward: 104 BIR
- Staking Reward: 56 BIR
All users with NodeCube hot nodes will need to destroy them and ensure they have sufficient coins before creating them again. Cold node holders will need to sort their own collateral out.
SCE Tournament Winners
These were the winners of our weekly Thetan Arena and Axie tournaments:
Congratulations to them and enjoy your prizes! Well played!
For the Thetan tournament on Tuesday we had 27 teams of 3 players each competing. The Axie tournament took place on Thursday, with 90 players registering for it. Unfortunately we only had 32 spots ready, so we will have to consider organizing a 64 player bracket next time.
Thursday Game Night
Thursday night, StakeCube eSports hosted a game night in order to select a team of 5 to represent us in an upcoming Double Jump tournament. The results are in, and this is the team that we have chosen:
Khal, Trippy-Staminapls, Robux, LogiCC and Francesca.
Thank you to all that participated, and to our selected team, bring us a victory!
Wednesday EV.io Game
This Wednesday we joined Good Game Hunters for a game night of EV.io. We played several different game modes and had a great time with this fun new game. We also made some interesting connections with other organizations and players. If you want to join any of these gaming events in the future, just join our eSports Discord and follow the instructions there:
MeaTec and FTX
This week MeaTec posted a message explaining that they had to stop payouts from miners due to the fact that their hot wallet was hosted on the FTX platform. Either way, as you know, our miners are not profitable at the moment, and we wouldn’t have received any rewards in any case. This was the full message:
Since we always work with a lot of transparency towards you, we would like to inform you about a current situation.
We are very shocked and saddened by the news about FTX and Alameda.
We would not have believed that an exchange that is subject to regulation by Cysec (Eurpean investment licence) as well as the SEC would be in such a predicament.
There were no indications of this beforehand, so we only learned about it through Twitter, as you did.
We use FTX as a hot wallet, where we have stored values on it for payouts of mining revenues as well as electricity costs.
Due to the payout stop of FTX we now have no possibility to access the resources. So we have to lock dashboard balances till today day, but as we are operating positively, we will be able to compensate for this loss with some delay.
❗️ The offered interest and the payouts, are not affected, as we do not use FTX for this purpose ❗️
The operational business regarding mining will continue unchanged.” -MeaTec
SCC Core Updates
This week’s updates to the SCC Core Wallet include:
- Improving sync speed
- Improving resource consumption
- Getting Close to 0.18.0 Dash codebase
- Qt fixes for sizing/text compression
- Removing BIP70 payment request from GUI
- Updates to coinjoin stability
- Compressed headers sync introduction
Our work to bring Coinexplorer up to date has continued this week. As we talked about last week, our intention is to add all listed coins to the explorer so that it can be used by our community to track transactions etc. This should be an additional incentive for projects to get listed on StakeCube.net As you can see, there are already a few more coins there:
Wallet Maintenance News
Wallets in Maintenance
This is the status of all wallets currently in maintenance:
- BLTG: The blockchain remains stuck, but we hope that it will start moving again soon.
- DAPS: Sync problems.
- LUX: Sync problems.
Some of you may have noticed a few of the wallets going into maintenance for a short period, or a bit longer in some cases. This was necessary due to the work we are doing to prepare them for integration with Coinexplorer.net. These maintenance periods will either way be temporary and will be kept as short as possible. We apologize for any inconvenience caused.
This week we didn’t need to update any of our wallets.
Please read the following information regarding the security of your account and funds:
The StakeCube.net team will:
- Never contact you first
- Never ask you to send them or move coins to some other address
- Never ask you for remote access or to install any third party software
- Never ask you for your password or 2FA codes
- Never provide support using direct messages
If you observe any of these listed behaviors, someone is trying to steal money from you. This applies to all of our social media channels. Our team will post official messages in the appropriate channels, and we only offer support through our ticket system on our support email:
Please, also take into account the following measures to keep your account secure:
- Enable 2FA in the account settings
- Enable IP verification in the account settings
- Use a strong password
- Change the password regularly
- Never share your password with others
- Never allow remote access to your devices
- If you require assistance, use only the official channels
- Download software only from verified sources
SCP Wallet is now signed with JSKitty’s public PGP key. This allows users to verify that the wallet has been cryptographically signed and approved by him. Even if our GitHub is compromised, the downloads are still safe as long as the PGP verification confirms that the files have not been tampered with. If you download SCP, please verify the binary against our developer’s public key:
Social Media and Other Important Links:
- Discord: https://discord.gg/RTJKjdwEsY
- Telegram: https://t.me/Stakecube
- Facebook Group: https://www.facebook.com/groups/964396784312480
- Facebook Fan Page: https://www.facebook.com/StakeCubeEcosystem
- Twitter: https://mobile.twitter.com/stakecube
- Instagram: https://www.instagram.com/stakecube/
- SCPScan: https://scpscan.net/
- SCC Explorer: http://220.127.116.11/