DigiByte Founder Quits Project: “After 9 Years, I Have $500 in DGB”

Marina Meza
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DigiByte Founder Quits Project: “After 9 Years, I Have $500 in DGB”

DigiByte founder Jared Tate says he invested around $500,000 and more than 10,000 hours of his time developing the project. Tate called on the DigiByte community to take a more active role as he announced his retirement after 9 years.

According to various reports, DigiByte founder Jared Tate quit the project after his investment of around $500,000 turned into $500. Tate started the project in 2014 as a fork of Litecoin.

However, the DigiByte founder recently tweeted about his financial woes after spending nearly a decade of his life developing the project.

DigiByte Founder Walks Away After Nearly a Decade

Tate revealed that he contributed around $500,000 of his own cash to the creation, promotion and prototyping of DigiByte. After putting more than 10,000 hours into the project, he said he has been working four side jobs to support his home.

Tate acknowledged that despite his enormous contributions, he only has 500 in DigiByte (DGB) now. At the same time, he acknowledged his responsibility for the situation in one of his tweets:

“I don’t blame anyone but myself for getting myself into this situation. I trusted the wrong people, made some bad trades, and had the wrong priorities for the job.”

He expressed his determination to bounce back from this setback, while urging the DigiByte community to step up and become more involved in moving the project forward.

He informed the community that he still believes in DigiByte’s long-term potential and vowed to never give up, even as he indicated that he would be taking a substantial break from working on it.

However, he stressed that others need to shoulder more of the burden and actively participate in moving the project forward.

Jared Tate’s decision to step back from his extensive involvement with DigiByte stems from his financial situation, but he also expressed frustration at the lack of support.

“I can no longer afford to spend endless days or weeks [doing] things, only to be ridiculed/attacked and not compensated in the process.”

DGB Price Plummets 95% in 2 Years

DigiByte, an altcoin that shares a codebase with Bitcoin, is a fork of Litecoin. It is a Proof-of-Work cryptocurrency that focuses on high performance over decentralization.

His goal is to reach a speed of 280,000 TPS by 2035, but this will be difficult to achieve without a proper team of developers.

With no funding rounds conducted after its initial seed round, DGB tokenomics remain straightforward. It has a fixed supply of 21 billion coins. It is important to note that 105 million pre-mined DGB tokens were allocated to reserves for development purposes.

Right now, DigiByte’s circulating supply is 16.3 billion, its market capitalization is valued at just over $140 million, and it has lost 95% of its value in two years.

The current price of DigiByte (DGB) on CoinGecko is $0.00859. Its current all-time high was $0.1781, set in May 2021.

The token has seen a 7% increase in the last 24 hours and a 6.54% increase in the last seven days.

By Marina Meza

Increase in Ransomware Attacks with Cryptocurrencies in 2023

Audy Castañeda
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Increase in Ransomware Attacks with Cryptocurrencies in 2023

Below are the details of the Chainalysis report, which highlights the rise in cryptocurrency ransomware attacks in 2023.

The first half of 2023 has seen an alarming increase in ransomware attacks involving cryptocurrency, according to a report by Chainalysis. Cybercriminals are increasingly exploiting cryptocurrencies to carry out their illicit activities due to their decentralized and anonymous nature.

Phishing scams, in which fraudsters pose as law enforcement officers or other authority figures to extort money from victims, have seen a 23% drop in receipts so far in 2023, compared to with 77% of scams overall.

While this decline is encouraging, the data reveals that the number of individual transfers to phishing scam addresses increased by 49% year over year. This suggests that while fewer people are falling for these types of scams, more individuals have fallen victim to them by 2023. Clearly, therefore, law enforcement and cryptocurrency compliance teams cannot lower the guard bar.

Role of Cryptocurrencies in Ransomware Attacks

Ransonware attackers are on track for their second most successful year, having extorted at least $449.1 million as of June. If this trend continues, ransomware attackers could extort as much as $898.6 million from victims by 2023, trailing only $939.9 million in 2021.

Cryptocurrencies, especially Bitcoin, have become the preferred payment method in ransomware attacks due to their ease of use, speed of transactions, and most importantly, their ability to keep attackers anonymous.

According to Chainalysis, ransomware attacks involving cryptocurrency have increased significantly in the first half of 2023. This increase in cryptocurrency ransomware attacks has led to increased financial losses, affecting companies of all sizes and industries.

The report reads: “If the current trend continues, ransomware attackers will have their second best year in terms of revenue.”

The Need for Greater Safety and Awareness

The rise in cryptocurrency ransomware attacks underscores the need for greater security and awareness. Businesses need to take steps to protect themselves against these attacks, and individuals need to be more informed about how cryptocurrencies work and how they can be exploited by cybercriminals.

Tips for Protection against Ransomware Attacks

  • Keep systems and software up to date.
  • Use reputable antivirus software.
  • Back up your data regularly.
  • Use a virtual private network (VPN) on a public network.
  • Avoid clicking on links or download suspicious email attachments.

Prevention is the best defense against ransomware. It is important to keep systems safe and learn all about cyber security threats to minimize the risk of a ransomware attack.

In conclusion, except for ransomware, cryptocrime as a whole shows a decline in 2023. These data reflect the efforts of the public and private sectors to fight criminal activity, as well as the measures implemented by cryptocurrency companies to protect users. and avoid hacks.

However, the persistent ransomware problem underscores the importance of staying vigilant and continuing to strengthen cybersecurity and data backup procedures for further protection.

By Audy Castaneda

What is the Maximum Extractable Value (MEV)? What Blockchain Miners Need to Know

Audy Castañeda
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What is the Maximum Extractable Value (MEV)? What Blockchain Miners Need to Know

Below is an explanation of what exactly MEV is, how it works, and what are some of its possible impacts on cryptographic ecosystems.

One of the hot spots for cryptominers and validators in recent months has been MEV, or “maximum mineable value” (the term can also mean “mining mineable value”). MEV is sometimes referred to as the “invisible tax” that miners collect from participants in a cryptoeconomy by reordering and manipulating transactions in the validation process.

Benefit in Handling Transactions

In a cryptocurrency system, regardless of the type of consensus mechanism used to confirm transactions, pending transactions are held in what is known as a “mempool,” a holding area that is visible to the public. The miners or validators in the system then select the transactions, order them, and create a block, which is then validated and added to the blockchain.

In 2014, an algorithmic trader using the Pmcgoohan identifier predicted that miners could manipulate transactions in a mempool to make a profit. They wrote that “miners can see all the contract code they execute…and the order in which transactions are executed depends on individual miners…what should stop a miner in any marketplace implementation?”

How Does MEV Extraction Work?

In theory, network miners or validators should receive the entire MEV available for a given transaction. However, these days, bots have been increasingly used by independent members of the network known as “seekers” to spot MEV opportunities and automate the mining process. This is not entirely a negative for miners, who tend to receive gas fees from prospectors eager to have their transactions included in a block for validation.

Some Techniques Used to Extract MEV

Settlement: ​​In a DeFi lending space, users must deposit cryptocurrency to use as collateral. If a user is unable to repay their loans, the protocols often allow other participants to liquidate the collateral and obtain a liquidation fee from the borrower. Those looking for MEV opportunities can compete to find payoff-ready borrowers so they can get the payoff fee for themselves.

Running front: A bot known as a “general favorite top” can search the mempool for transactions that could be profitable for a finder. Upon discovering a candidate, the bot replicates the original transaction but with a higher gas price, leading miners to choose that transaction over the first.

DEX arbitrage: Decentralized exchanges may list different prices for the same tokens as a result of different levels of demand. A large price discrepancy can be an opportunity for MEV mining. Bots can exploit these situations by buying tokens at a lower price on one exchange, turning around, and selling them on a second exchange at a higher rate.

Sandwich attack: This is a technique that involves a seeker, who finds a large trade pending on a DEX may try to “wall” that trade among their own. Meanwhile, the finder increases the token price for the unwitting trader, who ends up paying a higher rate, and then sells tokens in the pool at that higher price to make a profit on the difference.

In short, mining MEV can be a complicated process that has an equally complex impact on the broader crypto market. MEV mining can obstruct the validation process for other users and force users to pay higher prices on transactions, but it can also help to even out token price discrepancies on decentralized exchanges.

By Audy Castaneda

Why XRP’s Historic Victory Against The SEC Could Open The Crypto Floodgates

Audy Castañeda
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Why XRP’s Historic Victory Against The SEC Could Open The Crypto Floodgates

A victory for Ripple and the entire crypto market, as the judge declares that XRP is not a security. XRP and the market reacted with a burst of bullish activity.

The Ripple-SEC lawsuit that has been going on since 2020 has just reached a long-awaited and important milestone. The judge presiding over the case has just ruled that XRP is not a security.

In a staggeringly positive turn of events for the digital currency ecosystem, the judge in charge of the legal case between Ripple and the US Securities and Exchange Commission (SEC), Analisa Torres, ruled Thursday in favor of the company. of Blockchain solutions.

The SEC’s lawsuit sought to force Ripple to stop offering its XRP token on the premise that XRP was a security. Ripple is not entirely out of trouble yet, as today’s ruling means there will still be another trial. Torres partially granted both sides’ motions for summary judgment, leaving the case open until a jury can rule or an agreement is reached.

“For the above reasons, the SEC’s motion for summary judgment as to the Institutional Sales is GRANTED, and otherwise DENIED,” the judge ordered. “Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, Other Distributions, and the Larsen and Garlinghouse sales, and DENIED as to the Institutional Sales.”

The Dawn of a New Day for the Crypto Market?

The crypto market reacted positively to the news that Ripple’s XRP was not a security. The impact of the ruling was clearly evident in the subsequent price action. XRP just achieved its biggest single day price increase, indicating an overwhelming buildup.

XRP was hovering around its YTD ascending support level prior to news of the court ruling. It traded as low as $0.469 in the last 24 hours and peaked at $0.94 less than five hours after the announcement was made. In short, he was more than 100% recovered in a matter of hours.

XRP’s impressive price action certainly puts the magnitude of the court ruling into perspective. The announcement triggered a wave of demand that was preceded by a massive surge in the social domain. An increase in on-chain volumes quickly followed.

The historic ruling represented a huge step forward not only for XRP or Ripple, but for the entire crypto market in general. This is because it sets a precedent for future decisions related to cryptocurrency and blockchain projects. In other words, it will pave the way for regulatory clarity and thus potentially increase confidence in the cryptocurrency investment landscape.

The abovementioned explains why the announcement not only triggered bullish activity in XRP, but also in most major cryptocurrencies. Ripple’s big win may also open up more opportunities. The lawsuit has curbed many potential partnerships for the company due to regulatory uncertainty.

This has particularly been the case when it comes to potential partners in the banking industry. The ruling may open up new opportunities in that regard.

Is Ripple’s Victory a Sign that the Next Bull Market Has Started?

The market reaction to Ripple’s legal victory was already evidence of the importance of the ruling. More importantly, it is the latest white swan event to grace the market during a period of directional uncertainty.

XRP’s victory has already generated solid volumes, but will it be sustainable? The market now shifts its focus to spotting ETFs currently awaiting regulatory approval. Bullish demand could prevail if the ETFs are approved.

By Audy Castaneda

US Stocks Rally as Inflation Numbers Come Below Expectations

Marina Meza
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US Stocks Rally as Inflation Numbers Come Below Expectations

The Federal Reserve is expected to raise interest rates at its July meeting, according to market estimates

The US stock market saw a notable rise earlier in the day, as traders welcomed the release of new data indicating that inflation had risen less than expected, as compared to the previous month.

The Dow Jones Industrial Average (INDEXDJX: .DJI) reportedly rose 282 points, or 0.8%, showing strong market momentum. Meanwhile, the S&P 500 Index (INDEXSP: .INX) experienced a rise of 0.7%, adding 31 points to 4,470.32, a figure that represents its new maximum of 2023 and its highest level since April 2022.

Known for its high-tech composition, the Nasdaq Composite (INDEXNASDAQ: .IXIC) outperformed its peers with a notable 1.1% gain, adding to the overall positive market outlook.

Positive Outlook Driven by Inflation Data

The market revival can be largely attributed to released inflation data that revealed a milder-than-expected price increase. This positive result appears to be allaying concerns about inflationary pressures and rejuvenating investor confidence in the US stock market.

As revealed in the report, the most recent June Consumer Price Index (CPI) rose up 3% year-over-year, slightly below economists’ expectations for a 3.1% rise. Also, on a monthly basis, the index rose a modest 0.2%, below forecast.

In addition, investors were encouraged by the fact that core inflation, which excludes volatile food and energy prices, also rose less than expected. These figures suggest a more subdued inflationary environment than initially anticipated, offering relief to both consumers and investors.

Following the release of the CPI data for June, attention is now focused on the upcoming announcement of the Producer Price Index (PPI). As a well-watched indicator of inflation, the PPI provides valuable information about price movements at the wholesale level.

With rising concerns about inflationary pressures, market participants are eagerly awaiting the release of the June PPI figures, which are due to be released on Thursday. As the economy progresses, monitoring inflationary trends will continue to be crucial in assessing the economic recovery and financial markets.

US Stock Market Prices on a Possible Interest Rate Hike

The Federal Reserve is expected to raise interest rates at its July meeting, according to market estimates. The US stock market is pricing in a 92% chance of a rate hike, according to CME’s FedWatch tool.

The anticipation surrounding the Fed’s decision adds to market volatility, as investors scrutinize economic data for clues about the central bank’s future course of action. While market participants eagerly await the release of the PPI data, the impact on interest rate expectations and investor sentiment remains uncertain.

Despite the fact that the US economy showed a general increase in its activity since the end of May, the Fed warns that a period of deceleration is coming, according to the institution commented in the publication of the Beige Book.

“General economic activity has increased slightly since late May,” the Fed announced Wednesday in the report, released two weeks before each policy-setting Federal Open Market Committee meeting. “Economic expectations for the coming months generally continued to be for slower growth.”

In addition, most Fed top officials expect interest rates to rise this year to cope with a slower-than-expected cooling off of price pressures and a stubbornly strong labor market.

The interplay between inflationary pressures, the Federal Reserve’s decision-making process, and market reactions will continue to shape the trajectory of stocks. However, investors should closely monitor economic indicators, central bank communications, and market sentiment to navigate potential market volatility and adjust their investment strategies accordingly.

By Marina Meza

Argentina at a Crossroads: Dollarization, Bitcoin or Both?

Audy Castañeda
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Argentina at a Crossroads: Dollarization, Bitcoin or Both?

The debate on the Argentine economy dollarization continues: dollars or Argentine pesos. Bitcoin has now entered the discussion, and many believe that the cryptocurrency could be a better alternative.

As Argentina approaches the PASO elections, political candidates are rolling out their proposals to combat rampant inflation, which is estimated at an alarming 142% according to a recent Reuters poll. Among the most outstanding proposals is that of the candidate Javier Milei, who advocates the dollarization of the country.

Dollarization and Trust

Dollarization is a proposal that has generated an intense debate in Argentina. However, before considering this option, it is crucial to restore confidence in the economy and improve wages in pesos, which are currently heavily devalued in US dollar terms.

The official dollar is trading at 275 Argentine pesos (ARS), while the blue dollar, which can be bought freely but illegally, is trading at 503 ARS. The big question is: if the dollar is released, what would it be worth? This is a question that no politician can answer with certainty, since only the market can determine it.

Bitcoin: A Viable Alternative?

In this context, a disruptive proposal arises: Bitcoin. Despite its volatility, Bitcoin has proven to be an asset that preserves value much better than the Argentine peso. In addition, Bitcoin is a dollarized asset, which could be the perfect combination to try to get out of the country’s economic crisis.

However, as mentioned above, the priority is to restore trust, as without it, not even Bitcoin could save the economy.

From BAG, a Blockchain technology company that offers tools designed for art and culture, CEO Martín González points out that the Bitcoin-Dollar dilemma is not very relevant.

“The traditional conception considers that money should serve as a medium of exchange, a unit of account and a store of value. The volatility of Bitcoin generates doubts and debates about compliance with these requirements,” he says.

González assures that it does not make much sense to question whether Bitcoin is money or not, “because its main attribute is that of safeguarding value and the incentives of the protocol go in that direction and not in using it in a daily transactional way.” In fact, he opines, “I think it’s much more powerful as a credit asset than it is as money.”

In the same vein, Leo Elduayén, CEO of Koibanx, a financial tokenization company using Blockchain technology, maintains that “although it can be considered as a means of exchange”, it is important to take into account the significant differences of BTC with fiat currencies.

“We bitcoiners define ourselves as ‘holders’, that is, we do not sell our bitcoins. We have a very big tendency to take refuge in this cryptocurrency and more and more people do so”, he assures.

From this conceptualization, added to the evolution of other technologies that have surpassed Bitcoin when it comes to scaling and scheduling transactions, “BTC will occupy this space of ‘Fly to quality’ in the financial world for many more years, not only crypto, but traditional. This is particularly true and useful for the Argentine market, but equally valid for the world market”, the specialist develops.

Currently, Bitcoin is trading at 15,579,695 ARS. This value, although fluctuating, has proven to be more stable than the Argentine peso in the long term. Therefore, Bitcoin could be a viable option for Argentines looking to protect their savings from inflation.

By Audy Castaneda

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