http://ddw.cx/Photo Untold Stories: exhibition curated by Peter Lindbergh himself soon before his tragic death in 2019, is launching today in A Coruña, Galicia, and will run through February 28, 2022. 🎨🧑‍🎨🙏

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Crypto Check | Squid Game Scammers & The Rise Of The Altcoin

Are we entering the age of the ‘Altcoin’?

Welcome to DDW’s Crypto Check, a new weekly feature designed to give you a rundown of the latest and most pressing updates within the world of cryptocurrency. It’s an economy that never stops moving and sometimes it can be hard to keep up – take a breather and check out the latest developments here.

This week, we’re looking at the stratospheric rise of Bitcoin’s biggest rivals Ethereum and Solana, the Squid Game-inspired crypto scam and the subscription service set to change the game for Coinbase users. 

Ethereum And Solana Boost Crypto Market To All-Time High

Between the Bitcoin boom and the rise of so-called Memecoins sits Ethereum and Solana, neither at the forefront of the market nor at the centre of investor scepticism – all that, however, could be about to change. 

Following last week’s Bitcoin ‘Flash Crash’, investors into alternative cryptocurrencies such as Ethereum and Solana are sitting confidently as their chosen crypto investments soar in popularity. 

Previously seen as a market underdog, Ethereum hit an all-time high this morning, as its price passed $4,600 for the first time following a surge in use of its blockchain network. Even more delighted were investors in Solana, as its price rose over 18% to $16,215. 

Also soaring over 18% in price was Polkadot, a seemingly rising star on the market that bypassed its peak of $53 for the first time – could its rise be set to continue?

‘Memecoins’ Shiba Inu and Dogecoin were also able to hold onto gains made following last week’s market fluctuations, with both currencies set to rise in popularity. Once both simply an internet joke that made it into the crypto mainstream, it seems more and more as though the two could be very solid lower-risk investments for those looking to get onto the market at a more affordable price. As of publication (11.4.21), Dogecoin sits at $21, whilst Shiba Inu sits at a miniscule $0.0000640, making it well suited to those looking to secure multiple investments in a single coin, especially following its recent surge in use. 

As for market leader Bitcoin, it’s been rising steadily following a chaotic last week, largely due to new investors attracted by its recent reduction in price. 

‘Squid Game’ Coin Reportedly Exposed As Scam

As more and more options are added to the market, it’s increasingly easy for inexperienced crypto investors to find themselves at the receiving end of a scam. 

It now seems that this is the fate of anyone who took a chance on Squid, the self-proclaimed ‘play-to-earn’ cryptocurrency inspired by the hit South Korean Netflix series Squid Game.

The currency was marketed with the understanding that it could also be used within an upcoming online game following a similar premise to the series. For those yet to catch up, Squid Game follows a group of citizens forced to play a series of children’s games for money, hence the ‘play-to-earn’ tagline of Squid developers. 

In the series, the losers of these challenges pay with their lives. Whilst this is, of course, not the case when it comes to this crypto tribute, it’s come to light that investing in Squid wasn’t without its consequences.

Following its first appearance within the crypto market on Tuesday 26th October, Squid was trading at just 1¢, soaring to $2,856 over the following week. However, there have been early warnings from crypto experts since the beginning that all may not be as it seemed – the biggest tell-tale sign being that Squid investors were unable to sell tokens after purchasing. 

The accompanying game was due to go live this month, but it’s clear that this is no longer the case – the value of the coin has dropped 99.9% following the Squid website and all social media accounts promoting it being removed from the internet. 

As this is yet another example of crypto scams taking advantage of the lack of regulations within the market in order to exploit inexperienced investors, the incident has led to renewed calls for crypto developers to be more tightly monitored and for a crackdown on so-called ‘pump and dump’ schemes.

Whether or not new regulations will come into place remains to be seen. In the meantime, prospective investors are advised to look more carefully at crypto opportunities before they take a risk – check the website thoroughly, ensure your information is coming from reliable sources (not paid sponsors who have not personally invested) and never invest money that you can’t afford to lose.

A Look At The New Coinbase Subscription Service

One of the most popular platforms within the crypto market, Coinbase has long been favoured by a majority of investors and traders – 68 million of them, in fact. 

It looks as though those 68 million are about to get their hands on some new features, too, as Coinbase is reportedly preparing to launch a subscription service to enhance the experience of investors across the world. 

With the rumoured name Coinbase One, it’s expected that the service will be rolled out gradually, offered to just a handful of users at first. Subscriber benefits will reportedly include zero-fee trading, increased customer support (including priority support on holidays and weekends) and, perhaps most importantly, added account protection with reimbursement of up to $1 million if your account is compromised. 

“Coinbase has started testing a subscription product for our customers,” a Coinbase spokesperson said.

“Customers in the test group will have the ability to buy, sell, and convert digital currencies on the Coinbase platform without a Coinbase fee for each trade (spread fees still apply). We’re always looking to learn more about how we can best serve our customers in different ways. Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users.”

Even users who don’t wish to take advantage of this new service will likely benefit in the long run. Right now, Coinbase makes most of its revenue from trading fees – this new subscription service will likely allow the company to diversify and develop some exciting new features. 

There’s no word yet on when the service will be opened up to all users. Will you be getting involved once the opportunity arises?

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