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Biden rejects debt deal that safeguards cryptocurrency traders

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

‘Moving America Forward’ is a nationwide crypto campaign that Coinbase will launch

Coinbase, the US-based cryptocurrency exchange, is launching a new national ad campaign titled “Moving America Forward” to emphasize the crucial role of crypto in modernizing the global financial system.

The campaign, outlined in a blog post on May 22, features four advertisements with Coinbase CEO Brian Armstrong. These ads will primarily air during popular Sunday US TV shows and during the NBA Finals series ad breaks.

According to Coinbase, the campaign aims to explain how crypto is an underlying technology that will update the global financial system.

The campaign also highlights the importance of the global adoption of crypto and blockchain, particularly in countries like China. Finally, Coinbase emphasizes that the US risks its global economic leadership and national security if it relinquishes its role in developing technology integral to the world’s financial infrastructure.

The four ads in the campaign are titled The History of Money Initiative, Stand With Crypto Day, Real People Using Crypto for Real Needs, and The State of Crypto Summit. Each ad will premiere over four separate weeks.

Solana increases the awards fund to $10 million and combines AI with blockchain

The Solana Foundation, dedicated to developing the Solana blockchain, has announced the integration of artificial intelligence (AI) through a ChatGPT plugin developed by Solana Labs.

According to developers, the ChatGPT plugin, available for download on GitHub, aims to enhance the understanding of Solana data and protocols, and provide information about Solana’s computing infrastructure and DeFi projects.

The plugin currently offers various functions such as NFT purchases, token transfers, transaction inspections, interpretation of public account data, and finding NFT collections based on floor prices on Solana.

The Solana Foundation has increased its grant funding from $1 million to $10 million to explore the intersection of the Solana blockchain and AI. The rolling grants program has already received 50 applications.

Additionally, the foundation has initiated a three-month-long accelerator program for university students, allowing them to experiment with blockchain and AI. As part of this program, an “ask Solana U chatbot” has been developed.

After a failed hard fork, the Dash blockchain was offline for many hours

According to a tweet from Samuel Westrich, the chief technical officer of Dash, the Dash blockchain experienced a stall during the activation of its Dash Core v19 hard fork on the morning of May 21. Developers later released a v19.1.0 fix approximately 13 hours after the issue was identified.

During the blockchain downtime, Dash developers cautioned that blocks and transactions without ChainLock and InstantSend locks should not be assumed to have proper finality. This is because ChainLock and InstantSend are specific security features unique to Dash.

In response to the blockchain stall, Binance temporarily halted the distribution of Dash mining rewards.

The v19.1.0 update, initially announced on April 10, aimed to enhance security with BLS signatures and implement improvements to master node functionality and wallets. These changes were intended to prepare for the release of the Dash Platform on the mainnet.

The v19.1.0 release description states that it will address bugs, while the v19.0.0 release has been delayed until June 14. The developers explained that the chain stall should be resolved once a sufficient number of masternodes and miners have upgraded. They advised users to take note of the known issues mentioned in the release announcement and suggested that a reindex may be necessary.

As of the time of writing, a Dash blockchain explorer indicated that the last Dash block was processed approximately 26 hours ago.

Biden rejects debt deal that safeguards cryptocurrency traders

During a press conference at the G7 Summit in Hiroshima, Japan, President Joe Biden expressed his opposition to a debt ceiling agreement proposed by Republican leaders. He criticized the terms, stating that he would not agree to a deal that protects wealthy tax cheats and crypto traders while jeopardizing food assistance for millions of Americans.

Biden specifically mentioned his concerns about the alleged protections for crypto traders,  related to tax-loss harvesting. This mechanism allows investors to offset capital gains from cryptocurrency profits by selling cryptocurrencies at a loss. The discussion between the White House and Republican leaders revolves around potentially blocking this strategy for cryptocurrency transactions.

Tax-loss harvesting is a common strategy investors use to lower their overall tax liabilities, not limited to cryptocurrencies. It involves selling assets at a loss and reinvesting the proceeds in similar assets within a specific timeframe.

Basics of Infinity Trailing Bot

bot

The Infinity Trailing bot simplifies executing Trailing Stop Buy and Sell orders through automation. Setting up the bot involves specifying the desired Trailing Distance for entering and exiting positions based on observed volatility. Once configured, the trading algorithm takes control, continuously sending Buy and Sell Trailing Orders until the Profit and Loss (PnL) target is achieved or the algorithm is manually stopped.

GoodCrypto provides two variations of the Infinity Trailing Bots. The first type sends a Trailing order to exit the position immediately after it is opened. At the same time, the second type waits for the market price to improve to ensure an exit at a profit before initiating the exit order. Although the setup of these bots differs only in activating the “only exit at a profit” option, it effectively results in two distinct algorithms. Additionally, a third type of bot that enters and exits based on technical signals is currently under development and holds great potential, although it has yet to be released.

Dive deeper into the workings of the Infinity Trailing algorithm with the “only exit at a profit” mode deactivated.

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Top Crypto Meme of the Week

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May 25, 2023

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