Crypto Market Overview May 18th | Dex-Trade

Crypto Market Overview May 18th | Dex-Trade

Trader Who Predicted Collapse of LUNA Foretolds That the Next One Will Collapse…

STEPN (GMT) — exactly this crypto, according to the crypto-trader @AlgodTrading (Algod) that will follow the example of LUNA and go into oblivion. It’s important to understand that Algod is a longtime and consistent critic of Terra and has repeatedly argued that the UST/LUNA algorithmic ecosystem is highly unstable. He was so sure of his position that he even argued with Terra CEO Do Kwon about whether LUNA would cost more than $88 in March 2023. It’s not difficult to guess who made what bet here, but something else is interesting: after the collapse of the coin, Algod urged Kwon to withdraw from the bet, but the businessman's response has not yet been received. As for GMT, the trader talks about the uselessness of the token, which, in his opinion, should be ousted from the market. The coin was created on the Solana blockchain and works according to the classic play-to-earn (play and earn) scenario in combination with move-to-earn (move and earn), which is done by linking the wallet to a fitness tracker. “People making hundreds of dollars with walking on the expense of clueless buyers, it’s absurd.” — Algod tweeted. He also stated that he’s going to open a short position with leverage in GMT, while warning other market players against investing in the token in the medium and long term. According to a "predictor trader", STEPN will repeat the fate of infamous Axie Infinity (AXS) gaming token.


The Founder of FTX Does Not Consider Bitcoin a Promising Payment Currency

The founder of the FTX crypto exchange, Sam Bankman-Fried, in an interview with the Financial Times expressed the opinion that the Bitcoin blockchain infrastructure will never be able to work as an everyday payment system and its deployment in this context is futile. The first of a key reasons for Bankman-Fried's pessimistic attitude towards BTC is the alleged lack of scalability of the cryptocurrency blockchain. The second is related to the energy and environmental implications of such a hypothetical scaling, compared to alternative coins. According to the entrepreneur, using Bitcoin for payments is like paying in stores with real gold — ridiculous, absurd and impractical. “Things that you’re doing millions of transactions a second with (will) have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.” — Bankman-Fried said. But it looks like the businessman forgot to consider the presence of the Lightning Network (LN) and Layer 2 (L2) extension protocol for Bitcoin, which provide low transaction costs and are already effectively solutions to some of the scaling issues that first-generation blockchains face when overloaded. So don't jump to conclusions.


Phishers Stole 4 Collectible NFTs from Seth Green

A group of phishing criminals stole several expensive NFTs belonging to the collections of @opensea @doodles @yugalabs @BoredApeYC from the cryptocurrency wallet of Hollywood actor Seth Green, as twitted actor. According to price history data from OpenSea, Green lost a total of $173,000 as a result of the theft. It’s noteworthy that this type of phishing attack has become especially popular since February this year, and similar incidents have occurred at least a dozen times. The actor asked his Twitter audience to refrain from buying stolen tokens if they notice that the attackers have placed them on sites for resale or else where. Green also said he was willing to discuss with the future owners of his NFTs for the return of the collectibles. However, the OpenSea marketplace has already classified Green's tokens and account as suspicious and potentially compromised. By the way, recently Green joined the ranks of Web3 ambassadors and even released his own NFT collection "PizzaBots" in collaboration with Heavy Metal magazine.