Dash, has earned the reputation of being one of the longest surviving crypto assets in the market. The project has developed specific standards to enable users to enjoy the best possible user experience. Experience is what will, in the end, drive user adoption, and Dash is paying close attention to this fact.
To keep standards high for its users, Dash has launched the FastPass initiative. Selected partners will essentially commit to meet certain standards set in cooperation with the early altcoin project. Here’s why this is a big deal for cryptocurrency investors and why markets are already responding.
Dash’s FastPass initiative acts as a seal of approval implying that users can expect the highest level of user experience when using the digital asset.
The “enhanced” experience is made possible through platforms that integrate ChainLocks or InstantSend, allowing users to access faster and more reliable transactions.
The current roster of companies with FastPass status is filled with major crypto industry powerhouses. It will eventually expand to include “top-tier exchanges and industry-leading cryptocurrency services that offer a wide array of tools to traders such as margin trading, derivatives, OTC, trading bots, analytics, lending, custody, and staking solutions.”
Current accredited partners include Coinbase, Coinbase Pro, Liquid, KuCoin, HitBTC, Hummingbot, Quadency, Bibox, WhiteBIT, Indodax, and many more. Using these platforms and Dash’s fast transactions, even bots won’t be held back thanks to the high-speed altcoin.
The trading portion of the network is now live, but the Dash Core Group is working closely with these same partners to provide education about all that Dash has to offer in a future update scheduled for early October.
Dash was already bullish ahead of the recent announcement, but after a reversal pattern, the FastPass news could cause a breakout of the bullish chart pattern in DASH/USD.
After the inverse head and shoulders pattern and an initial rise and throwback to support, an ascending triangle pattern has started forming, showing that bulls are buying up any drops back down to the ascending support line.
A breakout is imminent, and according to previous price targets, DASH USD could retest highs. The cryptocurrency along with other major crypto assets could set another new 2020 high if the current support levels can hold.
With the DASH BTC trading pair, a similar pattern has taken shape, but rather than an inverse head and shoulders, the bottom reversal pattern appears to resemble more of a triple bottom. The rise has formed a bull pennant that suggests that Dash is set to outperform the rest of the market – including Bitcoin – in the days ahead.
Is the bullish momentum a surge in interest surrounding Dash, or has this latest FastPass announcement brought yet another significant boost to the crypto asset’s price?
Author: By TeamMMG
DeFi Investor Turns $200 Into $250,000; SushiSwap Crash Sinks Ether
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Bitcoin stabilized following its near-20% crash at the beginning of September, and the market structure remains more bullish than it was when it plummeted 50% in March. Large whale order have set a possible floor at about $8,800, though the macro environment is far from certain, and bitcoin may still be partially dependent on the whims of the stock market.
Ether underperformed bitcoin this week, in part because of a SushiSwap crash that magnified the fragility of the DeFi bubble, which has boosted ether in recent months. SushiSwap, founded as a token to bootstrap liquidity on the uniswap decentralized exchange, lost more than 70% of its value after its anonymous creator Chef Nomi liquidated his wallet, netting nearly $12.5 million.
The ripple effects pushed ether down 30% last weekend, though it recovered those losses during the week. Chef Nomi transferred the keys to SushiSwap to crypto executive Sam Bankman-Fried, who was optimistic about DeFi’s future, but added that “you can imagine a scenario where it could flame out back into hibernation for a while.”
Source: Messari. Prices as of 4:00 p.m. on September 11, 2020.
Another DeFi cautionary tale this week came via a glitch in Soft Yearn Finance, a project meant to be artificially pegged to the Yearn Finance token. It overrides the token holder balances every 24 hours in a process called a rebase to return to its pegged price.
But when it was listed on the uniswap exchange, it spiked to $160 and then immediately plummeted back to less than a penny, but not before an investor initiated a sell transaction while the protocol was mishandling the rebase. The result: that investor turned $200 into $250,000 in a matter of minutes at the expense of misguided buyers.
Part of the Digital Taxonomy Act made it out of committee in the House of Representatives and will be considered by the full chamber, marking the farthest a bill addressing regulation for blockchain tokens has gotten in the 116th Congress. The portion of the bill, aimed at preventing crypto scams and crime, as well as part of the Blockchain Innovation Act were incorporated into the Energy and Commerce Committee’s Consumer Protection Safety Act.
The American Compete Act, which calls for the Department of Commerce and the Federal Trade Commission to conduct a study examining blockchain development to stay competitive with China, also made it out of the marathon committee session.
How China Is Closing In on Its Own Digital Currency [Bloomberg]
Hackers Are Trying To Break Into This Bitcoin Wallet Holding $690 Million [Vice]
How bitcoin met the real world in Africa [NBC News]
‘High’ Severity Bug in Bitcoin Software Revealed 2 Years After Fix [CoinDesk]
Author: Crypto Confidential
Upbots IEO Is Set to Launch on FTX Exchange
ZURICH, SWITZERLAND / ACCESSWIRE / September 13, 2020 / Upbots, the online trading platform enabling traders to trade Crypto, DeFi, Forex, and commodities, has received a strategic investment from Alameda Research. This makes the Upbots institutional and private sales of around 1.1 million USD in token sale funding. Upbots believes that Alameda Research will bring invaluable expertise that will help build the Upbots trading ecosystem. Having already entered into partnerships with a host of platforms in the DeFi, DEX, and CEX space, Upbots is also actively pursuing DEX and DeFi protocols. These partnerships will enable traders on the platform to trade seamlessly on a host of exchanges.
What is Alameda Research?
Alameda Research is one of the premier trading houses in the crypto space, and their expertise will be critical in helping Upbots to scale up their trading ecosystem. The investment aims to combine DEX and CEX, forming a trading system that integrates various DeFi protocols supporting mortgage and lending, and seamlessly switches between manual and robot transactions.
More details on the IEO
Upbots has also announced that their IEO will be taking place on the FTX exchange on the 14th of September 2020. The capital that will be raised through the IEO will be used to facilitate the development of the platform, business expansion, day to day operations, partners, legal advice, and reserve. Traders will get access to 6% of the UBXT tokens, the remaining having already been sold via the institutional and private sales.
The tokens’ distribution is as follows; a total of 500 million tokens, out of which 45% (225 million) have been allocated to the institutional and private sales and the upcoming IEO. Out of the 45% tokens allocated, 39% were sold at 0.01$ for 1 UBXT (22% institutional sale and 17% private sale). The remaining 6% will be made available during the upcoming FTX IEO sale. The 22% institutional sale has been completely sold out while the 17% allocated for the private sale has also been sold out.
The remainder of the tokens have been allocated in the following way –
- 25% allocated as reserve holdings
- 14% allocated to the UBXT development fund
- 10% allocated to the team
- 5% allocated to the advisors
- 1% allocated to Bug Bounty
What does the UBXT token do?
The UBXT token will be used to process all transactions on the Upbots platform. The UBXT token represents an ERC-20 token that has several use cases.
- Means of payment – The token can be leveraged to pay for user training, subscriptions, and other purchasable services.
- Copy Trading and Bot performance – Traders on the platform can mirror profitable transactions and rent bots to trade 24/7. The bot developers can get commissions.
- HODL-ing – Incentives like free trading tools, higher referral bonuses, free membership are given to traders to hold their UBXT tokens.
- Referral program – Traders who refer Upbots and bring new traders to the platform can claim a referral fee that can be paid through UBXT.
Bringing together services that were available only on standalone platforms, Upbots is lowering the threshold for new traders who are just starting out in cryptocurrency and Forex trading. The platform offers an advanced interface with a single point of control for experienced traders. By bringing together an easy to use interface along with the tools for effective portfolio management, Upbots hopes to become the preferred platform for both beginner and experienced traders.
The platform is feature-packed, giving you secure access through APIs to the largest exchanges, allowing traders to trade without worry. Upbots will also be integrating with exchanges that have significant liquidity, having announced that OKEx and ByBit will be added onto the platform along with BitMEX, Bittrex, CoinbasePro, Kraken, and Binance. A partnership with DEX.AG, an aggregator for decentralized exchanges, has also been announced. This partnership enables the Upbots dashboard to give traders instant access to atomic token swaps on exchanges supported by DEX.AG. Add to this, Upbots learning platform that enables traders to learn and improve their skills and a library of resources for the more seasoned trader, the platform has given traders all the tools needed to be successful.
T.I. fined $75,000 for role in cryptocurrency scheme
Rapper T.I. has been named in an investigation of a cryptocurrency scheme involving four others.
A Friday press release by the U.S. Securities and Exchange Commission (SEC) stated that the Grammy-winning rapper was promoting “unregistered and fraudulent initial coin offerings (ICOs)” led by an Atlanta film producer.
The film producer, Ryan Felton, had been receiving ICOs from people as investments for a streaming service he said he was creating for a company called FLiK, as a digital-asset trading program for a company called CoinSpark.
The SEC indicated that Felton misappropriated those invested funds by using them for personal items. Prosecutors say the items include a $180,000 Ferrari and a $1.5 million mansion, WSB-TV reports.
The SEC’s release state that he pocketed $2.2 million in total profits.
T.I., who’s real name is Clifford Harris, Jr., had been promoting FLiK coin offerings as well as selling ICO tokens via his social media. The SEC report also indicated T.I. falsely stated that he was a co-owner of the company.
T.I.’s social media manager, William Sparks, Jr., was also selling FLiK tokens, using the rapper’s social media accounts to do so. Two others, Atlanta residents Chance White and Owen Smith, were also promoting fraudulent tokens from CoinSpark.
None of the four had disclosed that they had each received compensation from promoting the tokens.
Felton faces criminal charges of “violating registration, antifraud, and anti-manipulation provisions of the federal securities laws,” according to a complaint filed in U.S. District Court for the Northern District of Georgia. WSB-TV reports his investigation is now being conducted by the FBI.
T.I. has been ordered to pay a civil monetary penalty of $75,000 and is barred from selling or participating in digital-asset securities for five years.
Sparks has been charged with violating registration provisions, while he and White have to pay $25,000 in fines.
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Author: Matthew Allen