Crypto Markets Update
As we wrote about last week, the return of inflation fears has caused yet another Crypto market crash. This time it was the PPI (Producer Price Index) in Germany that caused the alarm. As it seems, the recent energy crisis has caused prices for producers to rise 37.2% year over year, which is the highest value since the beginning of the time series in 1949. PPI increases can indicate that inflation is getting worse, as producers will likely need to increase the price of their products in order to cover the additional costs. With inflation on the rise, it is expected that central banks will turn hawkish and withdraw liquidity from the markets, especially affecting high risk investments. Since Bitcoin and other cryptocurrencies are perceived as risk assets, markets have reacted with panic, causing millions in long liquidations:
However, at least in the case of Europe this logic is questionable. In order to fight inflation, the European Central Bank would have to drastically reduce the asset purchasing programs they are currently running. The problem is, they cannot afford to do that. Countries in Europe have become very reliant on the ECB buying their sovereign debt, and they would face very severe solvency issues if those purchasing programs were to stop. For that reason and due to the energy crisis Europe is facing at the moment, high inflation is probably going to continue being a problem for quite some time. Bitcoin’s scarce supply is designed to be a tool against inflation. It stands to reason that it should perform well at least in the long run.
StakeCube in Numbers
This week’s indicators reflect how StakeCube was also affected by the general Crypto crash. Both SCC and our Pool Value lost some of the gains of the past months. Meanwhile SCP transactions have experienced an uptick following the success of Derek’s “Stake or Die” NFT collection. Hit him up on Twitter, Discord or Telegram if you still don’t have one!
The Crypto crash
- User Count: 146,854 +0.20%
- Pool Value: 683.07 BTC -4.15%
- SCC Price: $0.258 -21.34%
- SCC Market Cap: $2,877,000 -19.03%
- Daily Exchange Volume $29,858 -41.71%
- Daily SCP Transactions: 25 +19.05%
Top 5 Gainers
This week all of our listed coins ended the week in the red, due to the general Crypto crash. Hopefully next week we have a top 5 gainers to show you!
VSX to SLX Swap
The swap from Vsync (VSX) to Stelix (SLX) has concluded. We congratulate the SLX team for a successful swap and welcome them to the SCP ecosystem. We are looking forward to our future cooperation with both the SLX team and community. These are some numbers regarding the swap:
- Swapped coins: 90,750,167.1 VSX
- In exchange for SLX coins: 18,150,033.4 SLX
- Total received: 19,887,619.8 SLX
- Burned / Not swapped: 1,730,000.0 SLX (in block 447412)
- Block: 447,412
- Percentage of supply swapped: 91.25%
MeaTec Downtime and News
We got two communications from MeaTec this week. The first one is the usual one regarding a downtime of 15 hours due to power maintenance issues. The second one announces a switch to mining ETC (Ethereum Classic) for some of the ETH miners. You can see both announcements here:
CTSC Delisting Final Steps
Continuing with the CTSC delisting process, next Sunday the 21st of August we will uninstall all CTSC masternodes currently running with NodeCube and the Earn system. Please take any measure you think is necessary before this deadline.
Wallets in Maintenance
This is the status of all wallets currently in maintenance:
- BLTG: Forking issues.
- DAPS: Won’t sync.
- LUX: Currently Syncing.
- XLR: Swap ongoing.
- TUP: Forking issues.
We were hoping to have LUX online this week, but unfortunately ran into some more problems. We will continue to try to get it back online as soon as possible.
StakeCube V3 Screenshots
These will be the last screenshots we make public, as we don’t want to leak everything about StakeCube V3 yet. However, we are in the final stages of development, with only a few minor pages pending before going into the final testing phase. In the coming weeks, we will announce the official release date for StakeCube V3, so make sure to follow our newsletter and social media!
The first screenshot shows the masternode hosting page. Here, users will be able to see all coins for which StakeCube will offer hosting, with some simple statistics about them. By clicking on the different icons, users will have access to the available options regarding the hosting of masternodes of these coins.
The second screenshot shows the referral system page. On this page, users will be able to obtain their referral links, and view some statistics regarding the contributions they are earning from their affiliates. On StakeCube V3, accounts will be able to use up to 10 different referral links, in order to track the origin of their affiliates. For example, you could use one link to get affiliates from Youtube, and another one to get them from Twitter. This way you will be able to see which of your referral efforts is more successful.
More work has gone into optimising SCP wallet, fixing UX issues and also adding additional well-needed features into the app! Here’s some of the latest goodies this week:
- Multi-account support: You can now generate and swap between unlimited ‘accounts’ within a single SCP wallet, similar to Metamask functionality.
- Unencrypted key support: The app now supports unencrypted keys in the GUI, which will now skip the ‘Unlock Wallet’ screen if your last-used wallet is not encrypted. (aka: does not have a password set).
- In addition to these useful features are a handful of bugfixes:
- Fixed ‘Claim All’ from attempting to claim tokens that have hit max supply.
- Fixed ‘Claim All’ button displaying under incorrect conditions, i.e. when no tokens were actually claimable.
- Removed backwards-compatibility for v1.1.3 wallets to lighten the codebase. (Note: if you still have a v1.1.3 wallet, then upgrade to v1.1.4, then update to the latest afterwards!).
Wallet Maintenance News
We updated the following wallets:
Previous version: 17.0.3
New version: 18.0.1
This was a mandatory update, first major release for version 18. Sentinel updates were required but masternode restarts were not necessary.
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/