Crypto Markets Update
Both volatility and trading volume seem to be very low lately for most Cryptos, as prices continue their sideways trajectory. In a way this is a positive development, as Bitcoin can now boast of being a stable store of value, at least for the last few weeks. We’re used to tracking prices for cryptocurrencies in dollars, but given the recent performance of the dollar we should also notice how Bitcoin is actually outperforming other fiat currencies such as the Euro and the Pound Sterling over the last three months. Moreover, volatility has fallen so much that now Bitcoin price is more stable than most stocks. With this in mind, perhaps some of the biggest investors who are only investing in Bitcoin as a form of very high risk bet might start reconsidering their position. We certainly need such a change, if Bitcoin is to become a good inflation hedge.
However, we can’t forget that on many other occasions when the Crypto markets were going sideways with very little volatility, a big crash has followed. We saw an example of that in 2018 when it seemed like Bitcoin was going to be worth $6,000 forever, until it suddenly plummeted to $3,000. Those days we were also seeing mining hashrate increase very rapidly, just the same as today. With this in mind, it is probably a good idea to remain conservative and avoid taking huge risks at the moment. The Crypto markets remain somewhat correlated to the stock markets, and there is a lot of trouble brewing for our economy right now.
StakeCube in Numbers
No spectacular exchanges except for the falling exchange volume. This probably has something to do with the issues with Decenomy currencies last week.
- User Count: 150,328 +0.24%
- Pool Value: 558.76 BTC -2.25%
- SCC Price: $0.205 +0.49%
- SCC Market Cap: $2,218,000 +0.36%
- Daily Exchange Volume $16,653 -64.85%
- Daily SCP Transactions: 24 +26.32%
Top 5 Gainers
DASHD leads the top 5 this week, with a very significant bounce after last week’s 80% crash. Most other listed coins remained flat, following the general market trend.
- DASHD +32.9
- NEBL +25.9
- KMD +5.1%
- LTC +4.6%
- SMART +4.1%
Problems with the 5th Graphene airdrop for Phore holders persist, still making it impossible to credit the correct amount to our users. We will now ask the Phore team to manually credit it, and if this also fails we will be forced to close this chapter with only 5 out of 6 airdrops supported.
Meanwhile we have claimed the 6th Graphene airdrop. A total of 548,544 GFN have been claimed and distributed. You can see the transactions here:
We would like to remind you that although we try to publish the newsletter every week on Fridays, this might not always be possible for reasons of time availability. So far we have almost every time published it on Friday but this has never been any sort of fixed rule and we reserve the right to publish the newsletter whenever is more convenient to do so. Keep in mind that the newsletter is just a voluntary additional perk we provide, and we use it to keep you updated on our progress and recent events.
The MineCube Situation
Some people have asked about an update regarding the situation with our miners at MeaTec. So far we have considered it unnecessary because nothing at all has changed. Our latest update summarizes the situation perfectly, but nevertheless let us go over it once more.
As you can read on our latest update:
We decided to pause our plans to move our miners to a new provider, due to the fact that mining would be unprofitable. This is the case because of the recent high energy costs and Crypto price crashes. Keep in mind that the only factors that could make mining profitable again are Crypto price increases, mining difficulty reductions and possibly energy price reductions. When we last informed you of the situation, Bitcoin was trading at $24,000 while mining difficulty was 28.17T. Today Bitcoin is trading under $20,000 while mining difficulty is 36.79T. As you can see, the situation has become even worse, so there is no reason to reconsider our decision at the moment.
For as long as difficulty remains this high with such low prices, we will not be able to move forward with our plans. Therefore, expect an update from us only when conditions are once again favorable.
New SCC Wallet Version
Last week we released a new version of the SCC wallet to change the mining algorithm to ProgPoW. However, we had to introduce a patch due to the fact that the previous version required some additional configuration to make blocks acceptable by mining pools. The new SCC Core v3.3.1 is a mandatory patch release for all services, masternodes and block producers.
- Fasttrack ProgPoW hash full -> light
You can download the latest release from our official GitHub page:
Other than this latest patch which mining pools required, the algorithm switch has been a complete success. The initial difficulty setting of 40 GH has worked perfectly well, with linear difficulty adjustments successfully achieving the block space target of 2 minutes.
We would like to give a special thanks to Coinminerz.com for supporting our algorithm change, as well as we welcome all mining pools and individual miners to join in the fun and mine SCC as well.
If you want guidance on how to mine SCC after the newest release, you can consult this guide from Firo, which also uses a ProgPoW algorithm:
In the future we will write our own guide for SCC, but for the moment you can use this one as reference.
Wallet Maintenance News
This week we updated the following wallets:
Previous version: 184.108.40.206
New version: 220.127.116.11
Previous version: 0.7.2.b2
New version: 0.7.2.b3
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://18.104.22.168/