crypto digest

Bitcoin Ordinals: censorship script offered, critics unimpressed

Happy holidays, cryptians!

Check out the latest highlights from the past week in our Good Crypto digest. For real-time updates, follow us on Twitter or Telegram.

quick weekly news

KyberSwap cuts staff after $48 million exploit, focusing on reimbursement and core functions

KyberSwap, a decentralized finance protocol, made painful cuts this week, reducing its workforce by 50% following a $48.8 million exploit in November.

CEO Victor Tran expressed the emotional weight of the decision, calling it “heart-wrenching” to let go of so many talented individuals. To ease the transition, Kyber Network is offering a “voluntary database” to help departing employees find new opportunities within the Web3 space.

To weather the storm, Kyber Network is temporarily putting the brakes on its liquidity protocol initiatives and KyberAI project. This aims to conserve resources and prioritize essential operations. Despite the challenges, Tran assures users that KyberSwap’s core functions remain unaffected, including the Aggregator and Limit Order services. Additionally, the upcoming Zap API launch promises to improve DeFi accessibility for apps and wallets.

Kyber Network is committed to repaying users impacted by the November exploit. Through its Treasury Grants Program, the company will distribute reimbursements in USD stablecoins on February 1st, 2024. All the affected users can register for compensation between January 11th and 23rd, 2024.

Tether mints $1 billion USDT in advance of expected demand

While eyes were on holiday festivities, Tether, the operator of the world’s largest stablecoin, has minted 1 billion USDT on the Ethereum blockchain. But before you assume a sudden market surge, CEO Paolo Ardoino clarified that these tokens are being held in reserve for future use.

Like a business pre-ordering stock to anticipate customer demand, Tether has created additional stablecoins as “authorized but not issued.” While the company holds assets in its treasury for upcoming USDT issuance or chain swaps, these reserves won’t have an immediate impact on the current market capitalization.

Paolo likened this strategic move to an “inventory replenish,” ensuring Tether is well-prepared to meet future demand and facilitate efficient chain swaps. As of December 26th, Tether’s Transparency page indicates $807 million in USDT on Ethereum is in this “authorized but not issued” state.

Mt. Gox double payment fiasco: some creditors get (and return) unexpected Christmas bonus

The ghost of Christmas past, or perhaps a glitch in the present, has come to haunt Mt. Gox. The long-defunct exchange, infamous for its 2014 Bitcoin hack, has made a bizarre blunder: accidentally paying some creditors twice.

Emails from Mt. Gox’s Rehabilitation Trustee, shared on Reddit, confirmed the error. The message politely requested the duplicate payments be returned, a request met with mixed reactions. Some, like u/PPvotersPostingLs, saw it as a simple mistake and promptly refunded the extra cash. Others, like u/JALEW, weren’t so forgiving, suggesting a lengthy wait and KYC completion before returning their “Christmas present.”

The situation has ignited a flurry of speculation and humor on Reddit. Jokes about a belated Christmas bonus abound, while some users express frustration with the ongoing Mt. Gox saga. The full scope of the double payment remains unclear, but it’s certain to add another layer of complexity to the already tangled history of the exchange.

Bitcoin Ordinals: censorship script offered, critics unimpressed

In a surprising twist to the ongoing debate about Bitcoin Ordinals, Taproot Wizards, a project featuring art inscribed on the Bitcoin blockchain, has offered a controversial “gift” to Ordinals critics: a script to remove inscriptions from their nodes.

The script, created by Taproot Wizards’ CTO Rijndael, allows node operators to reject any blocks containing Ordinals inscriptions. This, he argues, could pressure miners to avoid Ordinals and effectively censor them from the Bitcoin network.

Rijndael, known for his bold pronouncements, challenged critics to either run the script or accept inscriptions. “Merry Christmas, ord disrespectoors!” he declared, “If you choose not to use it, you have nobody to blame but yourself.”

However, the offer is unlikely to find many takers. Analysts like Checkmate, lead analyst at Glassnode, believe it’s purely a stunt to highlight the minority position of Ordinals critics. Running the script would effectively isolate a node from the rest of the network, invalidating its transactions. Rijndael himself admits the script is easily bypassed and likely a temporary solution. 

supertrend indicator

supertrend trading indicator

When utilizing the supertrend indicator, you will see two lines separating two zones — one green and one red. The line’s color changes as the trend swings and flips from bullish to bearish or vice versa. The crossing point serves as a buy/sell signal indication:

  • A sell signal is generated when the line changes from green to red.
  • A purchase signal appears when the line changes from red to green.

Setting your stop loss at the supertrend line offers a straightforward way to manage risk, as it marks the potential trend reversals.

While this approach stands as the simplest method for trading the supertrend signal, its complexity doesn’t extend beyond this point. Recognizing the supertrend as a dependable trend indicator is essential. However, it’s important to note that when the price remains within a range (not exhibiting a clear trend), the supertrend might generate misleading signals.

Discover how to effectively blend the supertrend indicator with complementary tools to mitigate these misleading signals in our in-depth article below!

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top crypto meme of the week

crypto trading meme

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December 28, 2023

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