How do different types of stablecoins work? 🟡
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🇻🇦 Just in case, let us remind you that Stablecoins are cryptocurrencies with a stable price, which is not subject to volatility and remains unchanged.
There are three types of stablecoins in particular:
➡️ Secured by fiat currencies (fiat-collateralized)
In this approach, each steblycoin coin is tied to one unit of fiat currency - USDC, Tether (USDT), TrueUSD (TUSD), Binance USD (BUSD);
↪️ Secured by cryptocurrencies (crypto-collateralized)
Stablecoin creator creates a reserve in collateralized cryptocurrency, the estimated value of which exceeds the value of the stablecoin. Even if the market experiences a significant drop in the price of the cryptocurrency with which the stabelcoin is collateralized, the latter will retain its value due to overcollateralization - DAI;
➡️ Non-collateralized
They are based on such an economic process as senorage. In simple words: if the value of one stabelcoin exceeds $1, the supply increases (i.e. new coins are issued), and when the value is less than $1, the supply decreases (i.e. coins are "burned") - Basecoin, Carbon, Havven.
➡️Each type has its own set of advantages and disadvantages, but the largest capitalization is still with stablcoins backed by fiat currencies.
Zooming out and looking at aggregated volumes, crypto volume’s look encouraging, particularly when grouping by quarter. Q1 2023 was the second highest volume quarter ever.
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BTC derivatives gain traction after months of stagnation
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📣 Lawyer Do Kwon: SEC Accusations Of Do Kwon And Terra Fraud Are Baseless.
🥇🔵 Telegram users can now buy, withdraw, and make P2P transactions with Bitcoin via the wallet interface on web.
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#BTC approaches key local support level
Globally, my plan remains the same, I believe that the current pullback will not lead to a medium-term decline. You may have to hang out a bit at current levels, but the upside (potential growth) is worth it)
My medium term goals:
• 34000$
• 40856$
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Today I want to talk to you about Psychology in trading. I will try to write as briefly and usefully as possible)) In general, this is a very voluminous topic.
Trading is not only the analysis of charts, indicators and news, but also a psychological component. Let's see why psychology is so important and how to take it into account when trading.
1. Emotional control:
Trading is an emotional rollercoaster. There is the joy of success and the bitterness of defeat. The main thing is not to let emotions take over. After all, a trader who makes decisions based on emotions often loses money.
Tip: Learn to control your emotions and stay calm while trading. This skill only comes with practice.
2. Discipline and strategy:
For successful trading, it is important to have a clear strategy and follow it. Define your goals, risk and return, and stick to your plan.
Tip: Write down your strategy so you always have it in front of you. This will help you.
3. Fight Greed and Fear:
Greed and fear are two sides of the same coin. Greed can cause you to invest too much, and fear can lead to premature sales. Avoid these extremes for successful trading.
Tip: Set realistic expectations and don't let your emotions dictate your terms.
4. Risk management:
It is important to understand that risk is an integral part of crypto trading. Learn to manage risk and use tools like stop loss and take profit.
Tip: Never risk an amount you can't afford to lose.
5. Training and adaptation:
The crypto market is constantly changing. Learn new strategies, analyze your mistakes and adapt to the current market situation.
Tip: Constantly improve your skills and stay up to date with news and trends.
Conclusion:
Understanding the psychology of cryptocurrency trading and managing your emotions are key factors for the success of newcomers to the market.
To become a successful trader, learn, analyze your mistakes, and, most importantly, control your emotions. Don't forget the importance of discipline, strategy, and risk management. Good luck on your journey to financial freedom! 🚀💰
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📊 a16z launched an index of the state of the crypt
a16z is one of the largest crypto funds, which has a great influence not only in crypto, but also in the traditional market.
They recently launched the State of #Crypto index, which evaluates crypto from a technological, not a financial, point of view.
Here are some indicators that form the index: activity of developers, activity of users, volume of transactions on various platforms, interest in blockchain professions, and the like.
It can be said that this index shows the fundamental value of the crypto, and not just follows the prices of various coins.
This approach looks more correct, because the crypto is very volatile and does not always reflect the real value of the technology.
📝 Here are some conclusions that can be drawn from this index:
• The number of active users is growing. Last month, the number of active addresses reached a record high of 15 million, having doubled over the past two years.
• Web3 games are gaining popularity. Last year, 700 new blockchain games were launched. The gaming sector now generates 23 times more transactions in the network than DeFi.
• The number of active developers remains stable. Now there are about 30,000 of them. No one left, despite the difficult 2022. Recently, developers are especially interested in zero-disclosure (ZK) protocols.
• The US is losing its crypto-dominance. Since 2018, the share of crypto developers in the US compared to the rest of the world has fallen by 26%.
This index can be used in combination with others to form an idea of the current state of the crypt. For example, the "fear and greed" or "bulls and bears" index.
#nostr #nostrich #nostriches #nostrichs #web3 #amethyst #plebs #pleb #plebchain #coffee #coffeechain
The OI in CME's Ether futures has grown by a whopping 39% since Shanghai upgrade, while BTC activity reigns stale.
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🥇 Elon Musk's Tesla hodls 9,720 bitcoin on their balance sheet for another quarter.
'A credit crunch has started'
The dollar's dominance as a reserve currency eroded last year at 10 times the pace seen in the past 2 decades
Users bridging tokens to layer 2s grew 44% Q/Q compared to Q4 2022, and saw a 518% increase Y/Y compared to Q1 2022
Since inception, Gitcoin Grants have become a pivotal platform for funding open-source projects, with more than $30M distributed.
#Gitcoin
#nostr #nostrich #nostriches #nostrichs #amethyst #plebs #pleb #plebchain #coffee #coffeechain
🔒 Popular myth: you cannot withdraw crypto from a cold wallet without confirming the transaction
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When you exchange tokens through a decentralized exchange (DEX) or simply interact with smart contracts, you automatically give them access to some tokens in your wallet. This is necessary in order for the smog smart contract to exchange your tokens.
For example, if you exchanged USDT for ETH via DEX, the exchange's smart contract will access your USDT in the wallet. Often this access is unlimited.
If the smart contracts of this exchange are hacked, hackers will be able to withdraw all your USDT from the wallet, even if you use a cold wallet and are not connected to the site.
Something similar recently happened with the SushiSwap protocol: the smart contracts of this exchange were hacked and hackers were able to withdraw crypto from the wallets of users who issued unlimited permissions to the contracts.
🛡 How to protect your wallet?
The main thing you should know: if you periodically use different DEXs in different networks and exchange tokens there, then you should check, just in case, whether you have given various contracts unlimited access to your tokens.
This can be done on these sites: revoke.cash, Etherscan, de.fi.
To revoke permission, it is enough to connect the desired wallet to the site, find contracts with unlimited permission and revoke with the Revoke button.
The main disadvantage of this method: you will have to spend a commission to sign the review transaction. And if there are too many contracts, then it is easier to create a new wallet and transfer the crypto there so that it is not spent on commissions.
For prevention in the future, you can simply not give unlimited permissions to contracts when exchanging tokens. Many wallets have such a function. For example, after the hacking of SushiSwap contracts in Metamask, when signing a transaction, a new window appeared where you can set limits.
We remind you once again that disconnecting the wallet from the site (Disconnect) or having a cold wallet will not protect you from this type of attack.
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Guys, hello. On the chart of Bitcoin, a HyP was formed. The nearest targets are $29,400. Extreme selection $29,000.
You can buy from this level because it is the upper limit of the global ascending channel.
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Hong Kong court recognizes 🥇 Bitcoin and crypto as property 🇭🇰
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