Crypto Markets Update
Friday brought an important crash to several different financial markets, following the announcement of slower than expected job destruction in the US. As it seems, markets were hoping that terrible unemployment data would put pressure on the Fed to abandon their current contractionary monetary policy. However, the data show that although the economy is indeed suffering and probably heading into a recession, it is not going to happen quickly. Therefore we can expect the money printer to still take a while to come back, at least in the United States. In Europe, Japan and other places, the pressure put on their sovereign bond markets due to the strength of the dollar has already forced central banks to resume their purchasing programs and inject liquidity into the markets.
Perhaps this is why the news have not had a drastic effect on the Crypto markets. In fact, at the moment Bitcoin is trading more or less at the same price as it was last Friday. This disproportionally small reaction would seem to confirm what we discussed here a few weeks ago, which is that future rate hikes by the Fed are already priced in. At least at the moment it doesn’t seem like central bank policies have as much impact on Crypto prices as they did some time ago. As for the “Crypto as an inflation hedge” story, it is probably prudent to wait for next big inflation data announcement, and observe how prices react. Though it seems that Crypto buying volume has continue to increaase in the countries with highest inflation, it is still early to be sure that Crypto will outperform other markets in a rising inflation environment.
Meanwhile the Crypto Fear & Greed Index is still in “Extreme Fear” levels, but seems to have stabilized. Optimism could be returning to the Crypto markets very soon.
StakeCube in Numbers
The week was pretty much flat for StakeCube as well, with small gains for SCC and SCP transactions. Exchange volume returned to normal after last week’s spike, and user count continues approaching 150,000. With typical weekly growth, we should get there next Friday/Saturday.
- User Count: 149,517 +0.29%
- Pool Value: 632.87 BTC -0.96%
- SCC Price: $0.205 +1.99%
- SCC Market Cap: $2,224,000 +1.88%
- Daily Exchange Volume $138,198 -73.80%
- Daily SCP Transactions: 19 +46.15%
Top 5 Gainers
No big outliers in the top 5 listed coins this week, with just a few coins managing to stay in the green.
- RDD +10.2
- NEBL +8.0
- DIVI +7.4%
- PAC +6.8%
- DOGE +2.3%
SCC CoinmarketCal Event
As we mentioned last week, there will be soon a block reward change for the SCC blockchain. You can read more about it here:
We have now added this event to Coinmarketcal. Coinmarketcal is a website that tracks the date for big Crypto events. We ask you to go vote for our event there in order to improve our confidence score and give us some visibility. You’ll find it here:
A big thanks to the 83 of you that already voted!
GBX Added to NodeCube
This week we added GBX to NodeCube. You can now host both Cold and Hot nodes of GBX with StakeCube. Find the option to do this here:
GBX is one of the most affordable masternodes in NodeCube. These are some stats for the GBX masternode:
- Collateral coins: 1,000
- ROI: 70.03%
- Masternode Value: $8
- Monthly Income: $0.49
24th DASH Masternode Filled
This week we filled the 24th Shared Dash masternode, with the 25th already collecting. You will find it here:
With this and at current prices, our Dash holdings are worth more than $1 million, and our Dash masternodes generate our users more than $5,000 a month in masternode rewards!
This and next week, RVG will be hosting a new trading competition on the SCC/BTC pair. To participate, simply buy 50 SCC and post a screenshot of the trade together with your username as a reply to the announcement tweet for a chance to win an extra 50 SCC! That’s right, if you win, we double your SCC buy! The competition starts today and will be running until next Friday the 14th at 5 am UTC.
This is the announcement tweet:
BNB/BSC20 Tokens Hard-Fork
Today we had to update the BNB/BSC20 wallet due to a hard fork that took place on the BNB blockchain. You can read more about what happened here:
The update was successful and the wallet is back online.
SCC POW Algorithm Change
As we announced a few months ago, we are planning to change the POW algorithm for SCC from X11 to a GPU-based one. You can read more about these plans here:
In the end we have decided for ProgPOW. The transition will take place in two stages:
- At block 490,000, all clients that have not updated yet to the new version will be disconnected from the network.
- At timestamp 1666350000 (Fri Oct 21 2022 11:00:00 GMT+0000), we will perform the switch to the ProgPOW algorithm
Though this is currently the plan, it could be subject to change if we find it necessary. PR to follow shortly. Precompiled versions will be released after final review by a minimum of two core developers, and merged to the main branch probably around mid to end of next week.
Wallet Maintenance News
We updated the following wallets:
Previous version: 1.1.11
New version: 1.1.15
This was done because of a hard fork.
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/