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Dogecoin (DOGE) Deflates By 22%, But Hype Still Remains

Dogecoin, the well-known meme cryptocurrency that has swept across the web, has had an absolutely stellar week, with the price of the asset skyrocketing in value to the surprise of many investors.

As reported by Ethereum World News on Thursday, the price of the asset surged by 20% to $0.00313 as a result of the positive news surrounding a blockchain bridge between the Dogecoin and Ethereum chains. But in the days that followed, the asset continued even higher upwards, rising to a weekly high of $0.0065, as DOGE doubled in dollar values within a matter of a week.

Many analysts, commentators, and traders caught wind of this crypto asset’s absurd price action, with some jokingly noting that DOGE’s move was a precursor to “altcoin season” or the next bear market. But as the saying goes, “good things don’t last forever,” with the price of the asset seeing a pullback on Sunday morning. At the time of writing Dogecoin is down 20% on the day and has pulled back to ‘only’ 1/2 of a cent ($0.005).

Chart Courtesy of TradingView.com

Price action aside, the development and adoption of this asset still is a hot topic, with a variety of topics only making DOGE look like an even more attractive investment.

Yahoo Finance Adds Doge Trading Support

In an unexpected move, Yahoo Finance, one of the world’s most popular finance-centric sites, revealed that it was adding support for DOGE trading in its ecosystem. Yahoo Finance will introduce support for Dogecoin via its partnership with TradeIt, allowing IOS devices with its app installed to trade BTC, ETH, LTC, and DOGE right on their mobile device.

Many were surprised by the mention of Dogecoin, but as reported previously, this move makes sense, as the ‘memecoin’ holds roots as a fork of Litecoin, which is a relatively simple cryptocurrency when it comes to integration into services.

Yahoo Finance Brings BTC, ETH, LTC Trading Support To Mobile Phones

Following the IOS release, the New York-based Yahoo subsidiary noted that it will eventually add the same support for Android and desktop in the weeks, or months to come.

Many are hopeful that this new feature, which is available to a majority of Yahoo Finance’s gargantuan userbase, will introduce millions of new individuals to the cryptosphere, which will spark an influx of buying pressure.

“Doge4Amazon” Petition Garners 8,000 Signatures

In some circles, Dogecoin has become the currency of choice for microtransactions, p2p tips, and more, as it is easy-to-use, fast (1 minute blocks), cheap (under a cent fee) and relatively stable.

As such, many proponents of the project noted that it would make for a great payment method for Amazon, which is publicly valued at nearly $1 trillion. To make their dreams a reality, a user by the name of Mark started a petition, asking for Jeff Bezos and other Amazon executives to “accept dogecoin as a payment method.”

The petition reads:

Currently, Amazon does not accept crypto-currencies as a payment method alienating many people who do not have a traditional bank account… It’s time for Amazon.com to be one of the first major companies to see the power of Dogecoin and to accept it as a payment method.

This infection hope has evidently spread across the crypto community, with over 8,000 individuals signing their name on the change.org petition. Although this may seem like an unachievable dream for now, many expect that Amazon will accept cryptocurrencies one day, but whether it will be Dogecoin, Bitcoin or any variety of altcoins remains to be seen.

Dogethereum 

What also drove this move seemed to be the development of Dogethereum, a sort of link between the Dogecoin and Ethereum blockchains that aims to introduce interoperability via a smart contract system and code integration. But as pointed out on the official Dogecoin Twitter page, for now, this bridge is only in its demo phase and will undoubtedly require more work before the eventual full release.

Although the project may just look like a meme to some, Dogecoin is still backed by a strong community of over 100k strong, with roots that go back years on end. And no matter how the price of the asset fluctuates in the years to come, as many in the Doge community like to note, “1 Doge = 1 Doge.”

Photo by Luiza Sayfullina on Unsplash
Girl in a jacket

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Dogecoin (DOGE) Founder Weighs In On Alleged AT&T Linked $23.8 million Crypto Theft

Dogecoin (DOGE) founder, Jackson Palmer, has weighed in on an alleged cryptocurrency theft linked to internationally recognized telecommunications company AT&T, saying it is surprising cryptocurrency millionaires are falling prey to the same technology they are advocating.

Palmer and other cryptocurrency enthusiasts are disturbed over the $23.8 million stolen fund of U.S. entrepreneur and cryptocurrency investor Michael Terpin.

Commenting on the incident, Palmer said service providers needs to stop SMS 2FA.

“Don’t get me wrong, SIM jacking is ridiculous and 1) cell providers need to get their act together + 2) services need to stop supporting SMS 2FA.”

Furthermore, he said, the problem is not cryptocurrency’s but that of anyone who keeps huge amount in a centralized wallet.

“This isn’t a dig at cryptocurrency, it’s a dig at anybody who keeps $24M worth of cryptocurrency on a centralized exchange, defeating the entire purpose of said cryptocurrency.”

He, however, clarified that he’s not mocking anyone, but feels sorry for anyone whose fund is carted away through SIM hacking.

“Note so journalists don’t misquote me: I obviously feel sorry for the people who get hacked via SIM hacking, it’s a terrible thing that I’m glad is getting eyes on it. At the same time, actually use cryptocurrency as intended would mitigate these attacks entirely.”

Terpin, whose fund was stolen, has filed a $224 million lawsuit on Wednesday against AT&T, accusing the firm of fraud and gross negligence in connection with his stolen cryptocurrency in his personal account.

Terpin made known in a 69-page lawsuit filed before the U.S. District Court in Los Angeles that on January 7, 2018, his funds were carted away through what he branded a “digital identity theft” of his cellphone account. He mentioned AT&T as his service provider.

According to Terpin, the token was stolen through a SIM card swap fraud.  This is done when service providers are tricked to transfer ownership of a SIM to another SIM card controlled by someone else.

Through this phone number, password and One time tokens sent to a SIM card can be used to reset accounts.

Terpin is an early investor in cryptocurrency. He cofounded BitAngels in 2013 and the first digital currency fund, the BitAngels/Dapps Fund around 2014.

Image Credit: Bitcoin Exchange Guide.

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Win 2 ETH by Disguising a Cat as a Doge

The use of blockchain technologies and cryptocurrencies has immense potential to revolutionize the industry and the whole economic system. From identity management to macroeconomic applications such as CBDCs, ever since the birth of DLTs, many have their eye on the evolution of this technological innovation.

However, every technology has some level of relationship with the lifestyle of those it affects, and just as blockchain has had interesting cases of application, so too can be seen uses that are somewhat peculiar in the absence of another word to describe them.

Kleros: Using a Social Experiment To Achieve Technological Development

Kleros is a company that has focused on using blockchain technologies to build a dispute resolution layer that allows interested parties to access a justice protocol that guarantees them a fraud-free transaction.

To achieve their goal, they have already launched their first crypto-economic experiment on the Ethereum Network. The company intends to create a curated list of objects whose authenticity is certified through its dispute resolution technology.

The technical explanation sounds quite impressive until the moment in which it is explained using everyday words: They expect to separate images of kittens from those of dogs… Doges, to be specific.

The team encourages users to “camouflage” images of kittens to make them look like Doges. The image is then carefully reviewed and cataloged within the database as a kitten or doge. In case they manage to fool the system, the owner of the cat passed as Doge gets $800 in Ether (ETH).

However, it is important to note that each user who wishes to test the protocol must put in a small amount of Ethereum at stake which they will lose in the event of cheating.

On the Official Kleros Blog, they explain that there are two parties: “The arbitrators that rule on disputes and the arbitrable parties (we like this word) that create the disputes in the first place.”

Regardless of the player’s decision. Cryptobriefing offers an excellent explanation of the game concept.

“Both sides have financial incentives. Kleros has a reserve of one million Doge (~$3,000 USD) to divide among everyone who submits a picture of a real-live pupper, and Jurors are rewarded for correctly knowing who’s a good boye. To prevent spam, all players must stake a small amount of crypto, which they lose if they break the rules.

For cheaters, there’s a much bigger prize. If you can sneak a feline past the sharp-eyed jurors, Kleros will give you two ether and a Cryptokitty.”

So if you are one of those who fantasize about the idea of beating the house, Dogesontrial is for you. 2 Ether is a juicy reward for just dressing up a kitten as a doge and putting him in the strange world of the world wide web.

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Here Is How Bitcoin (BTC), ETH, XRP, LTC and more Would Look Like If They Were Cold Hard Cash

It is said that old habits are hard to break. Many of us are so used to the concept of carrying cold hard cash in our wallets, handbags and pockets that the concept of cryptocurrencies takes a while to fathom. For the proverbial newbie, it takes a while to grasp blockchain technology and cryptography. Then comes the task of blending the two concepts to create our favorite coins of Bitcoin (BTC), Ethereum (ETH), XRP and more.

So let us explore how our favorite cryptocurrencies would look like if they were cold hard cash.

1. Bitcoin (BTC)

Created in 2009 by the anonymous Satoshi Nakamoto, many of us did not get to consider Bitcoin (BTC) as an investment option up until mid last year when mainstream media was all over the place talking about it. To note is the golden color scheme of the note that correlates to how BTC is viewed as the digital gold of our times.

2. Ethereum (ETH)

Founded by Vitalik Buterin in 2015, the Ethereum (ETH) coin and platform has introduced us to Decentralized Applications and ICOs that have been made possible through the smart contract capability of the network. The name Ethereum was derived from the word ‘ether’ which refers to the hypothetical invisible medium that permeates the universe and allows light to travel.

3. XRP (XRP)

XRP was introduced to the cryptoverse in 2012 by Chris Larsen and Jed McCaleb. The digital asset was once referred to as Ripple due to the fact that it was created to power the Ripple ledger. But due to 3 pending lawsuits and SEC scrutiny, the Ripple company has decided to clarify that the two entities are entirely different. This design of its paper currency could then be a collectors edition.

4. Litecoin (LTC)

Sometimes referred to as ‘the little brother’ of Bitcoin, Litecoin (LTC) was created by Charlie Lee in 2011 to be a lighter and more efficient version of the King of Crypto. LTC is intended for smaller payments and faster transactions. The Litecoin Foundation has recently acquired a stake at Germany’s WEB Bank further pushing the possibility of LTC supported debit cards.

5. IOTA (MIOTA)

The IOTA Tangle plans on revolutionizing the Internet of Things as well as transactions on the blockchain since it has zero fees. IOTA was founded in 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener and Dr. Serguei Popov for the sole purpose of making IOTA the currency for the Internet of things.

6. Monero (XMR)

Founded in 2014 by a programmer with the online name of thankful_for_today – best known by the pseudonym Nicolas Van Saberhagen – Monero (XMR) has become the fan favorite for crypto-enthusiasts who value anonymity. It uses what is known as ring signatures to keep sender and recipient identities anonymous during a transaction. It has received some flack from governments who accuse it of being used for criminal activities. But privacy is a right in the many constitutions around the world.

7. Dash (DASH)

Dash is short for Digital Cash. The digital asset has faster transaction speeds and anonymity. It was created in 2014 by Evan Duffield.

8. Dogecoin (DOGE)

Dogecoin (DOGE) started off as ‘an internet joke’ and has gained mainstream popularity and acceptance. The coin has its roots in the ‘Doge’ Internet meme and has the Shiba Inu breed of dog as its mascot. Developed in 2013 by programmer Billy Markus and marketer Jackson Palmer, DOGE has appealed to a lot of crypto-enthusiasts and is primarily used for tipping on the internet.

9. Stellar (XLM) 

Developed in 2014 by Jed McCaleb and Joyce Kim, the Stellar foundation is run as a non-profit and aims at connecting banks, payment systems and people in a manner that accelerates the movement of money in a fast, reliable and cheap manner. One of its chief goals is to fight poverty and develop individual potential around the world.

10. ZCash (ZEC)

Zcash was created in 2016 and is also known for its privacy characteristic. Users have two choices when making transactions: to use the public blockchain or to make the transaction anonymous. ZCash has been popularized by Edward Snowden who admitted to being a user as well as the Winklevoss Twins who added ZEC to their Gemini exchange.

In conclusion, it is good to muse about the possibilities of our favorite digital assets being cold hard cash. The designs featured herein are a tip of the iceberg for the crypto-community is bound to come up with more wonderful designs that would probably undergo a voting process before any minting. This is due to the decentralized nature of the crypto-verse.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available

[All images courtesy of neomam.com]

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Cardano (ADA) Listed on The Cryptopia Exchange and Encourages Registration For Shelly Testnet

The markets are all in the red, but there is some good news for the Cardano (ADA) community. ADA was just listed by the Cryptopia Exchange that hails from New Zealand. Cardano (ADA) is now available for trading and will be paired against Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE).

The Cryptopia exchange made the announcement via twitter and had this to say:

We’re happy to announce the listing of Cardano $ADA! Welcome to the Cryptopia family @CardanoStiftung! See more info on our Help Centre Listings page

The aforementioned Cryptopia listing page echoes similar statements and goes on to add that deposits and trading are available immediately.

Dear Cryptopians

Cardano (ADA) is now available on Cryptopia for trading. The following trade pairs are currently available – ADA/BTCADA/LTC & ADA/DOGE. You can start depositing and trading ADA from today.

Also to note, and with respect to the Cardano project, is the ongoing registration for parties interested in running a stake pool in the Cardano Shelly testnet. Cardano is progressing from the current centralized development phase, to a decentralized one in the mentioned Shelley phase. The development team at IOHK will be constantly preparing and communicating what the Cardano community needs to do in terms of being part of the staking and delegation on the Testnet. Once registration is complete on the 31st of May, decentralized features will be tested starting from the third quarter of this year.

ADA is holding strong in the markets in the number 7 spot according to coinmarketcap.com. The coin is currently valued at $0.20 and down 15.30% in 24 hours. The current depreciation in value is a market wide phenomena with Bitcoin (BTC) also seeing red and below $8,000. The King of crypto is currently trading at $7,688 and down 6.86% in 24 hours and at the moment of writing this. Ethereum (ETH) is also down 13.23% and currently trading at $592.

Seasoned traders know that there are only three options when the markets behave this way: cash out, HODL or buy some more of your favorite coins and tokens.