Discontinuation Of The Silvergate Exchange Network, What Does It Mean To Burn Crypto?
Aa
Share
The constant development and increase in popularity of the cryptocurrency market causes many changes. Changes in the cryptocurrency market appear as quickly as they disappear.
In this article:
- The end of Silvergate Exchange Network
- A bad manager
- Burning cryptocurrencies
The end of Silvergate Exchange Network
Silvergate Exchange Network, one of the bank's most popular offerings, enabled 24/7 transfers between investors and crypto exchanges, unlike traditional wire transfers, which can often take days to clear.
Silvergate Capital Corp said on Friday it had made a risk-based decision to discontinue the Silvergate Exchange Network, two days after the digital asset-focused bank expressed doubts about its viability.
Coinbase Global Inc and Galaxy Digital have dropped Silvergate as their banking partner. Stablecoin issuers Paxos and Circle, digital asset exchange Cboe, and cryptocurrency exchanges Bitstamp and Gemini have also suspended cooperation with Silvergate.
Bitcoin and other cryptocurrencies plummeted, one day after a crisis arose around Silvergate Capital, one of the most influential banks in the digital asset industry https://t.co/pYGv8ZKSA3 pic.twitter.com/sQ30lzXs83
— Reuters Business (@ReutersBiz) March 5, 2023
A bad manager
Many factors influence whether we want to work in a given company or not. The main factor is earnings, then working conditions and the composition of the team is also included in the working conditions.
A Gallup survey of over 7,000 American adults found that 50 percent of people leave their jobs to get away from their boss to improve their overall life at some point in their careers. The same study found that for most employees, managers fail at developing their employees' strengths, providing consistent feedback, and setting clear performance goals.
Many employees have been in this situation before: the projects are addictive and the co-workers are great, but the relationship with the boss makes you miss 5:00
So what behaviors of managers evoke the greatest ire of employees?
The cardinal sin, according to their subordinates, is playing favorites.
Staff were also keen to leave the bullying to the schoolyard. Bosses who informally threatened to fire employees were deemed as bad as those who chose favorites
Bosses who exploit their position for monetary or sexual rewards are also highly disliked.
50% of people have quit because of a bad manager — here are the 10 boss behaviors workers hate most. (via @CNBCMakeIt) https://t.co/CzK6SO9buT
— CNBC (@CNBC) March 5, 2023
Burning cryptocurrencies
The cryptocurrency market is evolving and with it new methods and concepts will appear.
Burning cryptocurrencies involves destroying project tokens or coins by sending them to the burning address. Destroyed tokens are usually removed from circulation and cannot be used or traded in the future. There are different ways to burn tokens, depending on the project's technology and community decisions.
Burning tokens can increase the value of a cryptocurrency by reducing the supply of tokens in circulation. In general, when there are fewer tokens in circulation and the demand remains the same, the price per token is likely to increase. This is one of many reasons, but it may be the main one.
Token burning is a popular mechanism used by cryptocurrencies to manage their supply and increase their value. The process consists in permanently removing part of the cryptocurrency tokens from circulation. While burning coins can have several advantages, including reducing inflation and increasing the value of the remaining tokens, it also has its disadvantages, such as permanently deleting assets and needing multiple tokens to make an impact.
What does it mean to burn #crypto? 🔥
— CoinGecko (@coingecko) March 5, 2023
Here's a beginner-friendly guide on how it works, the pros and cons of burning tokens, and examples of token burns ⤵ï¸https://t.co/3aUay2yFZ3
