Solana’s 17-Hour Outage Was Sad And Frustrating, Says FTX’s Sam Bankman-Fried

Sam Bankman-Fried – CEO of the cryptocurrency exchange FTX – opined that the 17-hour network outage which Solana (SOL) experienced last week was due to its rapid growth. He also said stablecoins are an essential part of the ecosystem and urged the US regulators not to ban them.

Solana Was Down Because It Grows Too Quickly

In a recent interview for Bloomberg, the Founder and CEO of FTX – Sam Bankman-Fried – shared his stance on hot topics such as Solana’s disruption and regulations of the digital asset industry.

Being a supporter of the blockchain project, the 29-year-old crypto billionaire described the 17-hour collapse of Solana’s network as “sad and frustrating:”

“It’s always sad when these happen, it’s always frustrating.”

Bankman-Fried explained what caused SOL’s outage. According to him, its network has rapidly expanded in a short period of time. As such, it was not able to cope with the increased activity. However, FTX’s CEO opined that Solana has already solved its issues.

“What this is really focused on is as you try to massively scale up a blockchain, eventually you test its current limits.”

The executive also gave his two cents regarding stablecoins and their involvement in the cryptocurrency space. He believes they “add a lot of value to the system, and they make it easier to interact with everything.” Keeping that in mind, banning them would not be a good idea. Instead, US watchdogs should regulate them so they can continue playing a crucial role in the digital asset industry.


Sam Bankman-Fried, Source: Bloomberg

Solana’s Turbulent Last Few Months

The decentralized blockchain project Solana (SOL) has grabbed the attention of the crypto public lately. This has become even more accurate with the explosive growth of the NFT sector, a large portion of which uses Solana’s blockchain.

However, the impressive expansion led to some network issues, such as the aforementioned one. In the middle of September, Solana went down for hours as users were unable to process transactions. According to its CEO – Anatoly Yakovenko – the disruption was caused by “Raydium IDO bots trying to snipe the tokens at launch.” After more than 17 hours, Solana resumed operations after the validators restarted and upgraded to the current version.

Aside from this one-day network inconvenience, the project’s native currency has surged in value in the past few months. It skyrocketed by a factor of ten from mid-July to September 9th, when it registered its all-time high of over $210. Now, though, the market-wide correction has driven it down to $140.

Featured Image Courtesy of Yahoo


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Tagged : / / / / / / / /

Giving Bitcoin To A City With Mayor Jayson Stewart

Jayson Stewart, mayor of Cool Valley, Missouri, discusses giving bitcoin to his constituents and why Bitcoin is fundamentally American.

Watch This Episode On YouTube

Listen To This Episode:

As someone whose political agenda involves righting past wrongs and enabling citizens to have freedom, Bitcoin perfectly fits all of Jayson’s Stewart’s objectives.

Stewart is an environmentalist, entrepreneur and, as of 2020, he is the mayor of Cool Valley, Missouri. You may have heard of him: He went viral when he announced that he would AirDrop all Cool Valley citizens $500 of bitcoin.

In this episode of the “Bitcoin Magazine Podcast,” Stewart shared why he felt called to run for mayor in his birthplace and the fascinating projects that he has implemented thus far, including exposing everyone to some bitcoin. Stewart explained what went on behind the scenes and the logistics around giving over 1,000 people access to bitcoin. For Stewart, the most important piece is ensuring that Bitcoin is tied to a pursuit of social change and improving his community, while uplifting people along the way.

“It’s given me a new way of thinking about humanity in the future,” Stewart said. “It’s given me a hope, and an optimism that we can overcome some of the worst parts of the system that we’re born into, and actually create a future exactly how we want it to be. There’s a certain level of hope and optimism that I get from Bitcoin.”

Our wide-ranging conversation also touched on the problems with governmental power at the moment, why Bitcoin is fundamentally American, and how other cities in Missouri are reacting to Stewart’s idea.

“Bitcoin is fundamentally American,” Stewart said. “It is the most American thing. Our government is built on freedom and personal liberty, and rights and self-sovereignty, and all of the things that Bitcoin really is. I think it’s a natural marriage that Bitcoin in America will thrive.”

Tune in to hear it all!


Tagged : / / / / / / / / /

Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

Smart contracts have been in the crypto space for quite a while now, most recently debuting on Cardano. With the rise of decentralized finance (DeFi), smart contracts have become even more important to the entire industry. This is because they are required to build the protocols on which these decentralized applications (DApps) run on. As they have grown in popularity, smart contracts platforms like Ethereum and Solana have recorded great success with them.

Cardano has been working on bringing smart contracts to its network for a while and on September 12th, that dream became a reality with the final launch of the Alonzo Hard Fork Combinator (HFC). The arrival of smart contracts capability on the network was widely celebrated in the industry. But now, Founder Charles Hoskinson does not believe the term does justice to what Cardano actually does.

Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The disagreement with the term smart contracts comes after a user pointed out that what Cardano does is actually very different from smart contracts. The user, @_KtorZ_, pointed out that the network deviates from what established smart contracts platforms do, referring to the network as “atypical.”

Cardano Does Not Have Smart Contracts

Hoskinson posted a tweet wherein he agreed with the user pointing out that the term smart contracts do not do justice to what the platform does. Instead agreeing that a new term is needed instead of smart contracts to describe the network’s capabilities. This new term which the founder had agreed with is programmable validators. Agreeing with the user who pointed it out, this term better describes Cardano’s programmability.

Get 110 USDT Futures Bonus for FREE!

Related Reading | Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents

Cardano price chart from

Cardano price chart from

ADA price falls to $2.1 range | Source: ADUSD on

Explaining further, the user pointed out that unlike existing platforms like Ethereum and Solana, one could not just deploy a smart contract on Cardano. “Instead, validators are implicitly referred to by hashes prior to their use, and they are disclosed upon activation,” the user said. Meaning that the validators do not produce anything on the network. All they actually do is “just validate.”

In closing, KtorZ explained that the term “smart contracts” felt like an imprecise term. “I’d prefer more specific terms such as ‘on-chain validators’ and ‘off-chain code.’ If anything, ‘smart-validators’ sounds already much better to me,” they added.

Featured image from Coingape, chart from


Tagged : / / / / / /

Bitcoin Slides 6% as Ethereum Sinks Below $3,000 to Hit Near Two-Month Low

Bitcoin, Ethereum, and the wider cryptocurrency market continued to slide today after taking a big hit Monday. In the last 24 hours alone, Bitcoin was down 6.4%, trading at $40,835.76, according to CoinGecko data. 

While Ethereum, the second largest digital asset by market cap, was valued at $2,763, down 8.6%. It’s the first time it has dipped below the $3,000 mark since August 6. 

Big altcoins also took a beating. Solana, the sixth biggest cryptocurrency by market cap, was trading at $122.20, down 13% on the day and 35% from its all-time high of $189 it hit just two weeks ago. Cardano was worth $1.96 at the time of writing—a 6.6% 24 hour dip. 

Virtually every other altcoin was in the red too. In fact, the entire crypto market is wobbling: over $1.2 billion-worth of crypto futures got liquidated in one day. “Futures” refers to a massive market where investors place bets on the future price of crypto. Positions are often automatically liquidated—especially when they are overleveraged—when the market takes a nosedive. This is because traders won’t be able to pay back what they have borrowed to take a position.   

The crypto crash is partly related to concerns over a global financial fallout because of a huge Chinese company called Evergrande. The Shenzhen-based real estate giant has a lot of debt—$305 billion-worth. 

Some are worried that China’s second biggest property developer won’t be able to pay back what it owes and this could lead to its collapse. Regulators have warned the country’s financial system may be in trouble if Evergrande doesn’t find a solution. And the U.S. market could feel a potential Chinese economic mess because there are plenty of international asset managers and banks holding Evergrande’s dollar-denominated bonds. 

The S&P 500, the Dow Jones Industrial Average, and global equity markets yesterday appeared to take a hit because of the uncertainty. Investors tend to flog riskier assets—this includes equities—when there is global economic uncertainty. 

Bitcoin seems to be no exception. 

But the biggest crypto by market cap had been struggling before yesterday: last week, the asset was struggling to make gains—despite El Salvador making it legal tender. The currency has not touched above the $50k mark since September 7. 


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


Tagged : / / / / / /

Curve, ICON, Serum and Three More Altcoins Ready for Bullish Continuation: Crypto Trader Michaël van de Poppe

Cryptocurrency strategist and trader Michaël van de Poppe thinks a handful of altcoins are potentially primed for bullish price movements.

The analyst tells his 413,500 Twitter followers that Curve (CRV), the governance token of the stablecoin decentralized exchange Curve Finance, is gearing up for a bullish continuation after it dips to support around $2.40.



“I think that CRV is ready for continuation here as we’re making a bullish S/R [resistance to support] flip here.”

Source: Van de Poppe/Twitter

Van de Poppe also says FET, the native asset for the decentralized machine learning network (FET), is demonstrating a “bullish structure.”

“How beautiful. Shared this one a month ago in the requests. Did hit target point beautifully and retraced. Might be looking at 0.0000125 BTC ($0.53) – 0.0000135 BTC ($0.58) as a potential entry zone.”

Source: Van de Poppe/Twitter

Next on the analyst’s list is SRM, the governance token for Serum, a decentralized exchange and ecosystem. Van de Poppe says the asset is trading close to his area of interest against Bitcoin (SRM/BTC) at 0.0001888 BTC or $8.07.

“This one is at a point of interest here, might be a great S/R flip for bullish continuation to be happening.”

Source: Van de Poppe/Twitter



Van de Poppe is also hopeful for gains from ICX, the native asset for ICON, a hybrid blockchain platform that allows enterprise blockchains to interact with public blockchains and vice versa. The crypto strategist says he is now looking at key levels for ICON against Bitcoin (ICX/BTC) where the pair might continue its ascent.

“Slightly messy chart here, but it followed the path. Now at resistance. Looking at 0.0000325 BTC ($1.39) for a potential play, if it gets there. Breaking above 0.000053 BTC ($2.27) = 0.00008 BTC ($3.42) next.”

Van de Poppe also says HOT, the native asset for the distributed web protocol Holochain, could be about to launch a 100% surge.

“Looking at a structure like this with a potential 2x run if a flip happens on HOT.”

Source: Van de Poppe/Twitter

Last on the analyst’s list is COTI, an enterprise-grade digital fintech platform centered on payments. COTI is trading at $0.29 at time of writing, down from an all-time high of $0.57. Van de Poppe says the asset could be ready to exceed that latter number.

“This one played out nicely here, massive run since the low. Flipping green and we’re ready for all-time highs.” 

Source: Van de Poppe/Twitter

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Quardia


Tagged : / / /

This Mid-Cap Altcoin Is Surging As Most of the Crypto Market Crashes

As the cryptocurrency market experiences an overall drawdown, one mid-cap altcoin is defying the trend.

The two bellwether cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), are down by around 5% and 10%, respectively, over the past seven days.



But Celo (CELO), a mobile-first platform focused on crypto payments and financial dApps (decentralized applications), has gone against the trend and is up by around 30% over the past week, according to CoinGecko.

CELO’s rise amid a market meltdown coincides with the Celo Foundation’s head of ecosystem growth Xochitl Cazador revealing that the Celo blockchain is recording approximately 500,000 daily transactions.

Cazador also said that the Celo ecosystem now has over 2,000 builders spread across 113 countries.

In late August, leading decentralized finance (DeFi) projects built on Ethereum announced an initiative aimed at taking DeFi to mobile smart devices by incentivizing building on Celo.

The Ethereum DeFi projects in the initiative include Aave (AAVE), Curve (CRV), and Sushi (SUSHI). Over $100 million in “educational initiatives, grants, and incentives” was also announced.



CELO’s recent surge follows another big 2021 milestone. In June, cryptocurrency exchange Coinbase listed CELO on its trading platforms.

At the time, CELO was ranked 122nd by market cap according to CoinGecko. CELO is currently ranked 65th.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/coka


Tagged : / / /

Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Bitcoin kicked off this week on the red, and the rest of the crypto market followed. In the top 10 cryptocurrencies by market cap, BTC and Ethereum are amongst the most resilient for the weekly chart.

In that time, the market has been hit by a succession of “buy the rumor, sell the news” events, and one major macro factor with the potential default of Chinese real state giant, Evergrande. Thus, the levels of uncertainty have been on the rise.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In the middle of this storm impacting Bitcoin and other major cryptocurrencies, there is a select group that has managed to stay in the green. According to a recent report by Arcane Research, the assets that comprised their middle-cap altcoins index recorded some profits as the bearish trend unfolded.

For the 30 days chart, the Mid Cap Index comprised of cryptocurrencies such as Tezos, Algorand, and Avalanche showed small profits. These tokens have seen a massive rally during Q3, 2021, and were amongst the biggest losers during this week’s bearish trend, but they are still up 5% in the monthly chart, as seen below.


In opposition, Bitcoin records a 9% loss in the 30-day chart with similar losses for Ethereum, Cardano, Solana, Binance Coin, and other major cryptocurrencies. Smaller assets experienced the highest losses for this period with a 14% loss by September 21. Arcane Research noted:

Get 110 USDT Futures Bonus for FREE!

As often happens during market turmoil, the Bitcoin dominance increases, as altcoins often act as high beta play on the crypto sector. The last week, bitcoin’s market share increased by 1.14% grabbing market share from the other big coins like ETH, ADA, and SOL.

Bitcoin Reacts To Macro Factors, What’s Next?

In a separate report, investment firm QCP Capital analyzed the bigger picture for Bitcoin and the crypto market. Although mid-caps preserved part of their gains in higher timeframes, they will most likely follow BTC’s price trajectory in the short term despite their fundamentals.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?

The first cryptocurrency by market cap faces September, a month that has historically been bearish for the asset, and potential complications from regulators in the U.S. and the performance on the Asia markets due to Evergrande.

As QCP Capital noted, tomorrow September 22, will be crucial to determine the trend in the short term. Bitcoin must hold the $40,200 support in case of more downside pressure when the market re-open after a long weekend.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The firm expect some government intervention to rescue the real estate company. This could result in the best-case scenario for Bitcoin and the crypto market, but there is a lot of fear and uncertainty about China’s approach. QCP Capital said:

(…) the lack of guidance so far from Chinese regulators is scaring the market. The fear here is that President Xi could allow. Evergrande to fail as an example to the other real estate players ahead of the 100th anniversary of Chinese Communist Party (CCP) in 2022. He has already taken draconian steps with Big Tech and Education. At this point, the market has already priced in Evergrande’s equity as worthless (…).

At the time of writing, Bitcoin trades at $42,814 with a 2.6% loss in the daily chart.



Tagged : / / / / / /

SEC Could Approve a Bitcoin Futures ETF by October, Says Bloomberg Strategist

The US Securities and Exchange Commission could greenlight a Bitcoin futures ETF as early as October this year, said Bloomberg’s Senior Commodity Strategist – Mike McGlone.

He also doubled down on his $100,000 price prediction for BTC by the end of the year, adding that the cryptocurrency is on its way to replace gold, similarly to how the car outplaced the horse as the most utilized transportation tool.

Bitcoin Futures ETF Coming Soon?

The topic of whether the US securities regulator will approve a Bitcoin ETF has been going on for years, with the watchdog refusing to greenlight even one of the countless applications. At the same time, Canada, among other nations, already has such products live.

Consequently, the northern neighbor of the US has attracted investors, such as Cathie Wood’s ARK Invest, who want exposure to a BTC ETF, said McGlone in a recent interview. This will push the SEC to finally approve an exchange-traded fund tracking the performance of bitcoin, even if it is a futures one.

In fact, he predicted that such a “baby step” development could be right around the corner – by the end of October.


Thus, Bloomberg’s strategist added this potential approval to his list of reasons why he believes BTC could skyrocket to $100,000 by the end of the year.

Earlier in September, Fidelity Investments – a company that has filed a few applications with the SEC to have its own BTC ETF – urged the regulator to approve such a product, which could boost the asset’s legitimacy among certain investors.

Bitcoin Vs. Gold

Another debate widely discussed within and outside of the cryptocurrency industry sees the duel between gold – regarded as the best store of value asset for centuries, and bitcoin – perceived by some as the (better) digital version of the metal.

McGlone joined the BTC camp, indicating that Bloomberg’s research department has observed a substantial outflow of gold-related funds into such with exposure to bitcoin or directly into the cryptocurrency.

Thus, the analyst advised investors who already have exposure to bonds and gold to take even a small portion of their allocation and put it into bitcoin. Otherwise, they risk being “left out” of significant gains, which are more likely to occur for BTC.

He outlined one major difference between the two assets that will benefit bitcoin – the cryptocurrency works digitally, while gold doesn’t. In a world rapidly migrating to the online space, this is the critical feature that will eventually help BTC to succeed.

“I fear that people that keep pointing out how gold has been a hedge forever – I agree with you. But, I will leave you with this – before the automobile, the horse was the best form of transformation. Every day that bitcoin doesn’t fail, it is moving into gold’s space.”

Ray Dalio is Wrong

McGlone also touched upon the topic of regulations, which has been a hot one lately. Ray Dalio, the billionaire hedge fund legend, noted earlier this month that if bitcoin is to become a success, US watchdogs will step up and stop it. He believes they can do so because they have all the necessary tools.

However, Bloomberg’s strategist disagreed with Dalio. Just the opposite, he classified such a development as “almost impossible.”

“I have gone through those iterations numerous times. And, how do you stop bitcoin unless you change the laws of this country? The only way I see that really stops bitcoin is to ban the internet.”


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Tagged : / / / / / / / / / /

AMC Is Considering Dogecoin Alongside Other Cryptos

Share this article

Adam Aron, CEO of AMC Entertainment, polled his Twitter audience today on the possibility of accepting Dogecoin.

80% of Respondents Support Dogecoin

Aron posted a poll on his Twitter feed today:

Within hours, more than 50,000 users had replied. 75% of respondents voted in favor of the chain adding Dogecoin payments, while an additional 8.4% were in favor of adding the coin even though they were unlikely to use it personally.

Aron confirmed that AMC theaters would accept four other cryptocurrencies—BTC, LTC, ETH, and BCH—as payments for concessions and online ticket sales.

Crypto Payments by End of Year

AMC’s crypto plans were originally announced during an investor call in early August. The decision was part of its larger plan to revamp its digital payments systems, as it will also add support for Google Pay and Apple Pay transactions.

Though a launch date has not been announced, Aron has said that this will be implemented by the end of the year.

SIMETRI Research
Sanctor Turbo Demo Day

AMC operates the largest theater chain in the world, with over 11,000 screens and over 1000 venues. Alongside other companies like Gamestop, it has gained recognition among retail investors as a “meme stock” frequently discussed on social media.

If AMC does accept Dogecoin, it will join other notable groups that have done so in recent months, including Newegg, the Dallas Mavericks store, and the American Cancer Society.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

This news was brought to you by Phemex, our preferred Derivatives Partner.


Share this article


Tagged : / / /

CFTC commissioner: agency doesn’t have enforcement resources without Congress

Dan Berkovitz, one of three commissioners currently serving at the U.S. Commodity Futures Trading Commission, said while the agency is suited to futures contracts, swaps, and options trading, it would need additional resources to handle the cash market for crypto assets.

Speaking at the Managed Funds Association Digital Assets Conference on Tuesday, Berkovitz said the Commodity Futures Trading Commission, or CFTC, enforcement actions in the crypto space have been “aggressive,” citing a $100 million civil monetary penalty against derivatives exchange BitMEX. Though he said the agency had the “capability and the expertise” to further regulate crypto assets, it was currently unable to do so due to a “resource issue.”

“If congress were to determine that our jurisdiction should be expanded to somehow regulate the cash market, we would really need additional resources to do that,” said Berkovitz. “Cryptocurrency markets, we’re not necessarily looking for more authority without more resources. We’re staying in our lane.”

Berkovitz noted there was “a lot of coordination” between the agency, the Securities and Exchange Commission, Financial Crimes Enforcement Network, Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Department of the Treasury. The CFTC worked with the Financial Crimes Enforcement Network to settle the case against BitMEX, and has coordinated with the SEC to investigate trading apps dealing in crypto.

“We’re all pretty familiar with the lanes that we go in,” said Berkovitz, referring to the jurisdictions of the respective agencies. “I think coordination is actually excellent.”

The CFTC commissioner also doubled down on his comments from June that decentralized finance platforms were likely illegal under the Commodity Exchange Act. According to Berkovitz, there was a “spectrum of centralization” around projects in the DeFi space that could make them subject to registration at the CFTC.

Related: CFTC renewed: What Biden’s new agency picks hold for crypto regulation

Five commissioners normally serve at the CFTC, but the agency has been shaken up by the departure of former chair Heath Tarbert in January and Brian Quintenz on Aug. 31. Berkovitz has also announced he plans to leave the commission on Oct. 15, leaving only acting chair Rostin Behnam and Dawn Stump.

Earlier this month, President Joe Biden said he planned to nominate Behnam to assume his position on a permanent basis in addition to filling the remaining seats with law professor Kristin Johnson and former SEC enforcement division senior counsel Christy Goldsmith Romero. All must be confirmed by the Democrat-controlled Senate, but the White House has not yet announced a possible replacement for Berkovitz.