Crypto Markets Update
Bitcoin has been showing incredible strength this week, managing to maintain its dollar value in an environment where most fiat currencies and stocks are trading down. The Crypto markets also looked pretty healthy these past few days, with some coins such as QNT and MKR going up quite substantially. All of this in a week were we got new inflation data from several European countries and it turned out to be quite high. To see the individual values for different countries you can check out the following report on inflation in Europe from Euronews:
Up until now, Bitcoin and other cryptocurrencies used to crash when inflation data turned up worse than expected. This is exactly the same that happens to the stock market and for the same reason: markets expect that central banks will reduce liquidity in order to bring inflation under control. Indeed, stock markets all over the world have had significant value losses this week. So why didn’t Bitcoin crash as well?
For a long time now Bitcoin has been advertised by many advocates as an inflation hedge, as well as a refuge asset. However, these past 2 years it hasn’t behaved like this at all, due to the fact that most big financial players treat it as a speculative risk asset. Its recent good performance against most fiat currencies could be a sign that things are finally changing. Recent trading volume surges in European countries could indicate that at least some people are taking refuge in Crypto to protect their wealth against inflation. It is still early to tell, but if the role of Crypto as an inflation hedge is finally realized, we should soon see a significant price recovery.
StakeCube in Numbers
For StakeCube the week was relatively flat, except for daily exchange volume that experienced a huge increase. Once again most of this volume seems to be coming from the SAPP/BTC trading pair.
This week we also passed the 149,000 user count, which puts us less than 1,000 users away from 150,000. If registrations continue at usual rates, we should reach this number in about 15 days. We’re also quite happy that the number of nodes on NodeCube is rapidly approaching 10,000:
- User Count: 149,083 +0.25%
- Pool Value: 638.98 BTC -2.41%
- SCC Price: $0.201 +1.01%
- SCC Market Cap: $2,183,000 +1.44%
- Daily Exchange Volume $527,421 +307.56%
- Daily SCP Transactions: 13 -31.58%
Top 5 Gainers
Many of our listed coins had a good performance this week, particularly GFN standing out with an almost 50% growth.
- GFN +47.2
- SAPP +21.9
- PIRATE +21.2%
- NEBL +18.8%
- NAV +11.6%
KTS Delisting Reminder
Just as we announced a few weeks ago, KTS will be delisted on the 15th of October. From then on, withdrawals of KTS will be impossible. There are still more than 500,000 KTS on StakeCube. We ask that you remove them as soon as possible.
To know more about the reasons for the delisting, you can read the announcement we published on this newsletter:
SCC Block Reward Change
In approximately 31 days, SCC will experience a block reward reduction. Blocks produced after number 500,000 will have a block reward of 7 SCC, of which 4.9 SCC will go to a masternode and 2.1 SCC to a miner. This is a reduction of 12.5% in the issuance of new coins, which could have an impact on prices. You can see SCC’s block reward schedule here:
SYS and PAC Added to NodeCube
This week we added two new masternodes to NodeCube, which are already available both for Cold Nodes and Hot Nodes. These are SYS and PAC. Here are a few stats regarding these masternodes:
- Collateral coins: 100,000
- ROI: 7.31%
- Masternode Value: $17,000
- Monthly Income: $103
- Collateral coins: 500,000
- ROI: 20.56%
- Masternode Value: $120
- Monthly Income: $1.98
Please remember that monthly income calculations always assume that prices will remain stable. Very often, masternodes of high ROI coins end up losing money due to this effect. Always take into account your expectations regarding the price of a cryptocurrency before making an investment.
This week, just like every other, MeaTec’s miners were down for maintenance for about 39 hours. This was their official communication:
The last two weeks we made huge progress on the core blockchain development. As announced a few weeks ago, we have decided to change the PoW algorithm from X11 to a GPU/ ASIC-resistant hashing. You can read more about this decision here:
We are at the moment testing the consensus change on Testnet within the team, but have also started inviting a handful of community members to help with the work. So far the results are exactly as intended, and we are happy to be able to schedule the release on mainnet for next month. This will be before the block reward change that we talked about before. PR will be opened and reviewed next week, with a final date following in the next newsletter.
A very special thanks to all of our community members that helped with the testing process.
Wallet Maintenance News
No wallet updates were necessary this week.
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://126.96.36.199/