Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Kraken users demand refunds over flash-crash liquidations

Margin traders on Kraken are outraged after a flash-crash triggered wholesale liquidations while the exchange was inaccessible to users.

Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22.

Feb. 22 saw the single largest daily candle in the history of both Bitcoin and Ethereum by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase.

However, it appears that a combination of weak buy support and cascading liquidations resulted in particularly heavy losses on Kraken — with BTC falling 22% to less than $45,000 while ETH declined 64% to find support at just $700.

The public reaction on subreddit r/Krakensupport has seen many traders voice their frustrations. Some traders are even threatening to organize legal action against the exchange, with Reddit-user “dtk6802” claiming to have lost the majority of their life savings amid the flash-crash:

“I lost most of my life savings and haven't received a response from a human. I'd think they would refund or they would lose all their customers. I'm sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded.” 

However, the fallout appears for some has extended beyond losses and into debt, with Reddit-user “GoEers304” claiming their balance indicates they now owe Kraken money as a result of the flash-crash.

“Somehow I now owe them 120 dollars. How does an account go into the negative? I had plenty in margin to cover all the other platform drops, but who can cover a 90 percent bogus drop?” they said.

Despite calls for compensation for the flash-crashes from Kraken’s users, social media commentary suggests the exchange will not be refunding traders for their losses.

To protect against wholesale liquidations in the event of sudden and localized flash-crashes, many crypto derivatives platforms have long used an index price to determine margin calls.

While other platforms similarly suffered sharp flash crashes, with Ether in particular falling on Nexo, The trading platform has indicated on Twitter they will refund users for losses incurred during the dip:

Liquidations have not been rare amid the recent crypto price volatility. On Feb. 15, a roughly 11% drop in the price of Ether caused $1.89 billion worth of liquidations across the broader crypto markets. The majority of sa liquidations took place on Binance, with $336 million worth of Ether and $55 million worth of BTC being wiped from users' balances. 

https://ift.tt/3aLDsyO
Labels:

Comments

Post a Comment

Popular posts from this blog

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

The Congolese Mountain of Gold: Surprise Discovery in Africa Shows Metal’s Scarcity Is Hard to Prove

A myriad of gold bugs like to compliment the yellow precious metal for its ostensible scarcity, as estimates say only 2,500 to 3,000 tons of new gold is produced annually. While new gold discoveries have seemingly slowed, investigative studies also show that in some areas, gold is being smuggled into the economy by the ton, and often never accounted for as far as per annum issuance estimates. Recently, reports show a whole mountain of gold was discovered in the Congo, as the Democratic Republic of the Congo is well known for being a region that sees tons of smuggled gold filtered into the global financial system unreported. Surprise Gold Deposits Continue to Crack the Precious Metal’s Scarcity Proposition It has always been said that the precious metal gold (Au) is scarce, and some reports even say that gold mining on earth will end by the year 2050 . Additionally, estimates also show that there’s roughly 2,500 to 3,000 tons of new gold that is accounted for and enters into the fin...
Post a Comment
Read more

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more